# EDGAR Filing Document

**Accession Number:** 0000353905
**File Stem:** 0001398344-26-004144
**Filing Date:** 2026-3
**Character Count:** 5565208
**Document Hash:** 23b70dd2dfd15bbe77eac1fff34206ed
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-004144.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0001398344-26-004144

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 185

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**EFFECTIVENESS DATE**: 20260302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NATIONWIDE VARIABLE INSURANCE TRUST
- **CENTRAL INDEX KEY:** 0000353905

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03213
- **FILM NUMBER:** 26706846

**BUSINESS ADDRESS:**
- **STREET 1:** ONE NATIONWIDE PLAZA
- **STREET 2:** MAIL CODE 5-02-210
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43215
- **BUSINESS PHONE:** 614-435-5749

**MAIL ADDRESS:**
- **STREET 1:** ONE NATIONWIDE PLAZA
- **STREET 2:** MAIL CODE 5-02-210
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43215

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GARTMORE VARIABLE INSURANCE TRUST
- **DATE OF NAME CHANGE:** 20020125

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NATIONWIDE SEPARATE ACCOUNT TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NATIONWIDE SEPARATE ACCOUNT MONEY MARKET TRUST
- **DATE OF NAME CHANGE:** 19860226

## Series and Classes Contracts Data

### NVIT Government Bond Fund (Series ID: S000005400)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014696 | Class I      |  |
| C000014697 | Class II     |  |
| C000014699 | Class IV     |  |
| C000139942 | Class Y      |  |

### NVIT International Equity Fund (Series ID: S000005402)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014702 | Class I      |  |
| C000033125 | Class II     |  |

### NVIT Investor Destinations Aggressive Fund (Series ID: S000005403)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014704 | Class II     |  |
| C000112221 | Class P      |  |

### NVIT Investor Destinations Conservative Fund (Series ID: S000005404)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014706 | Class II     |  |
| C000112222 | Class P      |  |

### NVIT Investor Destinations Moderate Fund (Series ID: S000005405)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014708 | Class II     |  |
| C000112223 | Class P      |  |

### NVIT Investor Destinations Moderately Aggressive Fund (Series ID: S000005406)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014710 | Class II     |  |
| C000112224 | Class P      |  |

### NVIT Investor Destinations Moderately Conservative Fund (Series ID: S000005407)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014712 | Class II     |  |
| C000112225 | Class P      |  |

### NVIT Government Money Market Fund (Series ID: S000005409)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014718 | Class I      |  |
| C000014719 | Class IV     |  |
| C000014720 | Class V      |  |
| C000079439 | Class II     |  |
| C000204950 | Class Y      |  |

### NVIT Mid Cap Index Fund (Series ID: S000005410)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014721 | Class I      |  |
| C000014722 | Class II     |  |
| C000034093 | Class Y      |  |

### NVIT J.P. Morgan Equity and Options Total Return Fund (Series ID: S000005412)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014724 | Class I      |  |
| C000014725 | Class II     |  |
| C000014727 | Class IV     |  |

### NVIT S&P 500 Index Fund (Series ID: S000005416)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014735 | Class IV     |  |
| C000033129 | Class I      |  |
| C000033130 | Class II     |  |
| C000034094 | Class Y      |  |

### NVIT Invesco Small Cap Growth Fund (Series ID: S000005417)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014736 | Class I      |  |
| C000014737 | Class II     |  |

### NVIT Multi-Manager Small Cap Value Fund (Series ID: S000005418)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014739 | Class I      |  |
| C000014740 | Class II     |  |
| C000014742 | Class IV     |  |

### NVIT Multi-Manager Small Company Fund (Series ID: S000005419)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014743 | Class I      |  |
| C000014744 | Class II     |  |
| C000014746 | Class IV     |  |

### NVIT Loomis Short Term High Yield Fund (Series ID: S000005421)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014749 | Class I      |  |

### NVIT BlackRock Equity Dividend Fund (Series ID: S000005422)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014751 | Class I      |  |
| C000014752 | Class II     |  |
| C000014753 | Class IV     |  |

### NVIT Strategic Income Fund (Series ID: S000005423)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014754 | Class I      |  |

### NVIT Fidelity Institutional AM Emerging Markets Fund (Series ID: S000005425)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000014756 | Class I      |  |
| C000014757 | Class II     |  |
| C000075321 | Class Y      |  |
| C000168057 | Class D      |  |

### NVIT American Funds Growth Fund (Series ID: S000012213)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000033344 | Class II     |  |

### NVIT American Funds Global Growth Fund (Series ID: S000012214)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000033346 | Class II     |  |

### NVIT American Funds Asset Allocation Fund (Series ID: S000012215)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000033348 | Class II     |  |

### NVIT American Funds Bond Fund (Series ID: S000012216)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000033350 | Class II     |  |

### NVIT Bond Index Fund (Series ID: S000012312)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000033502 | Class Y      |  |
| C000139944 | Class I      |  |

### NVIT International Index Fund (Series ID: S000012313)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000033505 | Class Y      |  |
| C000033506 | Class II     |  |
| C000033509 | Class VIII   |  |
| C000139945 | Class I      |  |

### NVIT Small Cap Index Fund (Series ID: S000012314)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000033510 | Class II     |  |
| C000033512 | Class Y      |  |

### NVIT American Funds Growth-Income Fund (Series ID: S000016867)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000046995 | Class II     |  |

### NVIT Loomis Core Bond Fund (Series ID: S000021031)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000059797 | Class I      |  |
| C000059798 | Class II     |  |
| C000059799 | Class Y      |  |
| C000112229 | Class P      |  |

### NVIT GQG US Quality Equity Fund (Series ID: S000021032)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000059800 | Class I      |  |
| C000059801 | Class II     |  |

### NVIT Jacobs Levy Large Cap Growth Fund (Series ID: S000021035)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000059811 | Class I      |  |
| C000059812 | Class II     |  |

### NVIT Allspring Discovery Fund (Series ID: S000021036)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000059814 | Class I      |  |
| C000059815 | Class II     |  |

### NVIT Victory Mid Cap Value Fund (Series ID: S000021037)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000059817 | Class I      |  |
| C000059818 | Class II     |  |

### NVIT Jacobs Levy Large Cap Core Fund (Series ID: S000021038)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000059820 | Class I      |  |
| C000059821 | Class II     |  |

### NVIT Real Estate Fund (Series ID: S000021039)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000059822 | Class I      |  |
| C000059823 | Class II     |  |

### NVIT Loomis Short Term Bond Fund (Series ID: S000021040)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000059825 | Class I      |  |
| C000059826 | Class II     |  |
| C000059827 | Class Y      |  |

### NVIT Blueprint Aggressive Fund (Series ID: S000021213)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060396 | Class I      |  |
| C000060397 | Class II     |  |
| C000244891 | Class Y      |  |

### NVIT Blueprint Moderately Aggressive Fund (Series ID: S000021214)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060398 | Class I      |  |
| C000060399 | Class II     |  |
| C000244892 | Class Y      |  |

### NVIT Blueprint Capital Appreciation Fund (Series ID: S000021215)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060400 | Class I      |  |
| C000060401 | Class II     |  |
| C000244893 | Class Y      |  |

### NVIT Blueprint Moderate Fund (Series ID: S000021216)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060402 | Class I      |  |
| C000060403 | Class II     |  |
| C000244894 | Class Y      |  |

### NVIT Blueprint Balanced Fund (Series ID: S000021217)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060404 | Class II     |  |
| C000060405 | Class I      |  |
| C000244895 | Class Y      |  |

### NVIT Blueprint Moderately Conservative Fund (Series ID: S000021218)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060406 | Class I      |  |
| C000060407 | Class II     |  |
| C000244896 | Class Y      |  |

### NVIT Blueprint Conservative Fund (Series ID: S000021219)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000060408 | Class I      |  |
| C000060409 | Class II     |  |
| C000244897 | Class Y      |  |

### NVIT BNY Mellon Dynamic U.S. Equity Income Fund (Series ID: S000025032)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000074469 | Class I      |  |
| C000074470 | Class II     |  |
| C000220661 | Class Z      |  |
| C000220662 | Class X      |  |

### NVIT BNY Mellon Dynamic U.S. Core Fund (Series ID: S000025033)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000074472 | Class II     |  |
| C000074474 | Class I      |  |

### NVIT Putnam International Value Fund (Series ID: S000025034)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000074475 | Class I      |  |
| C000220663 | Class Z      |  |
| C000220664 | Class X      |  |

### NVIT Investor Destinations Capital Appreciation Fund (Series ID: S000025035)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000074480 | Class II     |  |
| C000112233 | Class P      |  |

### NVIT Investor Destinations Balanced Fund (Series ID: S000025036)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000074482 | Class II     |  |
| C000112234 | Class P      |  |

### NVIT Blueprint Managed Growth Fund (Series ID: S000040616)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000125904 | Class II     |  |
| C000139946 | Class I      |  |

### NVIT Blueprint Managed Growth & Income Fund (Series ID: S000040617)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000125905 | Class II     |  |
| C000139947 | Class I      |  |

### NVIT Investor Destinations Managed Growth Fund (Series ID: S000040618)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000125906 | Class II     |  |
| C000139948 | Class I      |  |

### NVIT Investor Destinations Managed Growth & Income Fund (Series ID: S000040619)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000125907 | Class II     |  |
| C000139949 | Class I      |  |

### NVIT Managed American Funds Asset Allocation Fund (Series ID: S000044581)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000138646 | Class II     |  |

### NVIT Managed American Funds Growth-Income Fund (Series ID: S000044582)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000138647 | Class II     |  |

### NVIT BlackRock Managed Global Allocation Fund (Series ID: S000049097)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000154836 | Class II     |  |

### NVIT DoubleLine Total Return Tactical Fund (Series ID: S000058808)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000192909 | Class I      |  |
| C000192910 | Class II     |  |
| C000192911 | Class Y      |  |

### NVIT iShares Global Equity ETF Fund (Series ID: S000062667)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000203211 | Class II     |  |
| C000203212 | Class Y      |  |

### NVIT iShares Fixed Income ETF Fund (Series ID: S000062668)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000203213 | Class II     |  |
| C000203214 | Class Y      |  |

### NVIT J.P. Morgan U.S. Equity Fund (Series ID: S000065085)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000210766 | Class II     |  |
| C000210767 | Class Y      |  |

### NVIT GS Emerging Markets Equity Insights Fund (Series ID: S000066679)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000214896 | Class Y      |  |

### NVIT GS International Equity Insights Fund (Series ID: S000066680)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000214897 | Class Y      |  |

### NVIT GS Large Cap Equity Fund (Series ID: S000066681)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000214898 | Class Y      |  |

### NVIT GS Small Cap Equity Insights Fund (Series ID: S000066682)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000214899 | Class Y      |  |

### NVIT U.S. 130/30 Equity Fund (Series ID: S000067312)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000216457 | Class Y      |  |

### NVIT J.P. Morgan Digital Evolution Strategy Fund (Series ID: S000075637)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000234864 | Class Y      |  |
| C000258195 | Class II     |  |

### NVIT J.P. Morgan Innovators Fund (Series ID: S000075638)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000234865 | Class Y      |  |

### NVIT J.P. Morgan Large Cap Growth Fund (Series ID: S000075639)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000234866 | Class Y      |  |
| C000258196 | Class II     |  |
| C000258197 | Class I      |  |

### NVIT J.P. Morgan US Technology Leaders Fund (Series ID: S000075640)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000234867 | Class Y      |  |
| C000258198 | Class II     |  |

### NVIT Fidelity Institutional AM Worldwide Fund (Series ID: S000090751)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000258081 | Class II     |  |
| C000258083 | Class I      |  |

### NVIT NASDAQ-100 Index Fund (Series ID: S000090752)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000258085 | Class II     |  |
| C000258086 | Class I      |  |

### NVIT J.P. Morgan Inflation Managed Fund (Series ID: S000090753)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000258088 | Class I      |  |
| C000258089 | Class II     |  |

?xml version='1.0' encoding='ASCII'?

### **UNITED STATES** 
**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D. C. 20549**

# FORM N-CSR
**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File Number: &nbsp;&nbsp;&nbsp;&nbsp; **811-03213**

**NATIONWIDE VARIABLE INSURANCE TRUST** 

(Exact name of registrant as specified in charter)

**One Nationwide Plaza: Mail Code: 1-18-102 Columbus, OH 43215**

(Address of principal executive offices) (Zip code)

**Stephen R. Rimes, Esq.**

One Nationwide Plaza

Mail Code: 1-18-102

Columbus, OH 43215

(Name and address of agent for service)

Registrant's telephone number, including area code: **(614) 435-3820**

Date of fiscal year end: **December 31**

Date of reporting period: **January 1, 2025 through December 31, 2025**

**Item 1. Reports to Stockholders.**

(a) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended ("1940 Act").

&nbsp;&nbsp;&nbsp;&nbsp; (b) Not applicable.

# NVIT Allspring Discovery Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Allspring Discovery Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $85 | 0.82% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Artificial intelligence (AI) seized the spotlight in 2025. A super cycle of AI investments continued unabated, and the arms race for computing power drove historically high index concentration. Despite the excitement, the year ended with intense focus on AI capital commitments, prompting concerns about eventual monetization and a potential AI bubble. Sparked largely by policy stimulus, 2025 also brought broadening risk appetites. Smaller cap, value-oriented, and cyclically sensitive sectors benefited from this trend. More noteworthy was sharp leadership from unprofitable companies. Lower quality businesses, some with speculative fundamentals, benefited from a surge in momentum.

**Top Contributors to Performance**

* Stock selection in financials, communication services, and consumer discretionary contributed to performance. 

* Robinhood Markets, TKO Group Holdings, Inc. and Dutch Bros Inc. are the top contributors. 

**Top Detractors from Performance**

* Industrials, information technology, and health care detracted from returns. 

* Bloom Energy, Globant SA and Option Care Health are the top detractors. 

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i28c626584db78161836bbabf.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell 2500<sup>®</sup> Growth Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10647 | $11268 | $10973 |
| **Dec 17** | $13600 | $13649 | $13657 |
| **Dec 18** | $12668 | $12937 | $12637 |
| **Dec 19** | $17387 | $16932 | $16763 |
| **Dec 20** | $27976 | $20439 | $23547 |
| **Dec 21** | $26660 | $25661 | $24733 |
| **Dec 22** | $16633 | $20733 | $18251 |
| **Dec 23** | $20056 | $26114 | $21706 |
| **Dec 24** | $23767 | $32332 | $23757 |
| **Dec 25** | $25172 | $37877 | $26206 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 5.91% | -2.09% | 9.67% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2500<sup>®</sup> Growth Index | 10.31% | 2.98% | 10.55% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $431616409 |
| Number of Portfolio Holdings | 75 |
| Portfolio Turnover Rate | 72.91% |
| Advisory Fees - net of reimbursement & waiver, if any | $3029704 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 98.4% |
| Repurchase Agreements | 8.2% |
| Other liabilities in excess of assets | -6.6% |

---

---

| | |
|:---|:---|
| Software | 9.3% |
| Health Care Providers & Services | 7.7% |
| Aerospace & Defense | 6.7% |
| Biotechnology | 6.4% |
| Hotels, Restaurants & Leisure | 5.5% |
| Health Care Equipment & Supplies | 5.3% |
| Semiconductors & Semiconductor Equipment | 5.3% |
| Construction & Engineering | 4.9% |
| Electronic Equipment, Instruments & Components | 4.7% |
| Financial Services | 3.9% |
| Other Industries<sup>Footnote Reference#</sup> | 40.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Allspring Discovery Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-DIS-I (12-25)

# NVIT Allspring Discovery Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Allspring Discovery Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $110 | 1.07% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Artificial intelligence (AI) seized the spotlight in 2025. A super cycle of AI investments continued unabated, and the arms race for computing power drove historically high index concentration. Despite the excitement, the year ended with intense focus on AI capital commitments, prompting concerns about eventual monetization and a potential AI bubble. Sparked largely by policy stimulus, 2025 also brought broadening risk appetites. Smaller cap, value-oriented, and cyclically sensitive sectors benefited from this trend. More noteworthy was sharp leadership from unprofitable companies. Lower quality businesses, some with speculative fundamentals, benefited from a surge in momentum.

**Top Contributors to Performance**

* Stock selection in financials, communication services, and consumer discretionary contributed to performance. 

* Robinhood Markets, TKO Group Holdings, Inc. and Dutch Bros Inc. are the top contributors. 

**Top Detractors from Performance**

* Industrials, information technology, and health care detracted from returns. 

* Bloom Energy, Globant SA and Option Care Health are the top detractors. 

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](id359a90b822ca332ba5f28e0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **Russell 3000<sup>®</sup> Index** | **Russell 2500<sup>®</sup> Growth Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10606 | $11268 | $10973 |
| **Dec 17** | $13524 | $13649 | $13657 |
| **Dec 18** | $12571 | $12937 | $12637 |
| **Dec 19** | $17202 | $16932 | $16763 |
| **Dec 20** | $27609 | $20439 | $23547 |
| **Dec 21** | $26247 | $25661 | $24733 |
| **Dec 22** | $16321 | $20733 | $18251 |
| **Dec 23** | $19658 | $26114 | $21706 |
| **Dec 24** | $23212 | $32332 | $23757 |
| **Dec 25** | $24516 | $37877 | $26206 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 5.62% | -2.35% | 9.38% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2500<sup>®</sup> Growth Index | 10.31% | 2.98% | 10.55% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $431616409 |
| Number of Portfolio Holdings | 75 |
| Portfolio Turnover Rate | 72.91% |
| Advisory Fees - net of reimbursement & waiver, if any | $3029704 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 98.4% |
| Repurchase Agreements | 8.2% |
| Other liabilities in excess of assets | -6.6% |

---

---

| | |
|:---|:---|
| Software | 9.3% |
| Health Care Providers & Services | 7.7% |
| Aerospace & Defense | 6.7% |
| Biotechnology | 6.4% |
| Hotels, Restaurants & Leisure | 5.5% |
| Health Care Equipment & Supplies | 5.3% |
| Semiconductors & Semiconductor Equipment | 5.3% |
| Construction & Engineering | 4.9% |
| Electronic Equipment, Instruments & Components | 4.7% |
| Financial Services | 3.9% |
| Other Industries<sup>Footnote Reference#</sup> | 40.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Allspring Discovery Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-DIS-II (12-25)

# NVIT American Funds Asset Allocation Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT American Funds Asset Allocation Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment<sup>Footnote Reference†</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†,</sup><sup>Footnote Reference\*</sup>** |
| Class II | $100 | 0.93% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;The table above reflects the expenses of both the Fund and its associated American Funds Master Fund. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Below is the 2025 annual report commentary from the American Funds Insurance Series <sup>®</sup> American Funds Asset Allocation Fund, which is the sole investment of the Fund.

U.S. equities saw strong gains, with the S&P 500<sup>®</sup> Index hitting record highs as corporate earnings beat expectations. At the same time, the U.S. fixed income market delivered solid returns as corporate bond yields hovered near the upper end of their 15-year range. Although inflation rose slightly on the lingering effect of tariffs, signs of labor market weakness and economic uncertainty prompted the Federal Reserve to cut interest rates three times in 2025.

Within the Fund, most equity sectors produced positive returns, with information technology being particularly additive to results. The materials, industrial and consumer staples sectors also saw returns surpassing those of the overall portfolio. Conversely, the fund's holdings in the financial, energy and utilities sectors detracted from the broader portfolio's returns.

Fixed income returns lagged equities but continued to help fulfill their roles of serving as a ballast and generating income. Corporate bonds and securitized debt were among the top contributors, though securitized debt lagged the total portfolio return. A modest allocation to high-yield bonds also supported returns.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i713ec878f46feea49ea49076.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class II** | **S&P 500<sup>®</sup> Index** | **Blended Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Dec 15** | $10000 | $10000 | $10000 | $10000 |
| **Dec 16** | $10900 | $11196 | $10821 | $10265 |
| **Dec 17** | $12621 | $13640 | $12364 | $10628 |
| **Dec 18** | $11993 | $13043 | $12085 | $10629 |
| **Dec 19** | $14485 | $17150 | $14757 | $11556 |
| **Dec 20** | $16223 | $20305 | $17025 | $12424 |
| **Dec 21** | $18609 | $26135 | $19742 | $12233 |
| **Dec 22** | $16052 | $21402 | $16601 | $10641 |
| **Dec 23** | $18273 | $27029 | $19541 | $11230 |
| **Dec 24** | $21196 | $33791 | $22497 | $11370 |
| **Dec 25** | $24462 | $39833 | $25593 | $12200 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 15.41% | 8.56% | 9.36% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Blended Index<sup>Footnote Reference1</sup> | 13.76% | 8.49% | 9.85% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Blended Index comprises 60% S&P 500<sup>®</sup> Index and 40% Bloomberg U.S. Aggregate Bond Index. |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $6388020428 |
| Number of Portfolio Holdings | 1 |
| Portfolio Turnover Rate | 9.54% |
| Advisory Fees - net of reimbursement & waiver, if any | $- |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Investment Company | 100.1% |
| Other liabilities in excess of assets | -0.1% |

---

---

| | |
|:---|:---|
| American Funds Asset Allocation Fund, Class 1 | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html](i8e6dba8faf97aae847f0eb86.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT American Funds Asset Allocation Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-AM-AA-II (12-25)

# NVIT American Funds Bond Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT American Funds Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment<sup>Footnote Reference†</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†,</sup><sup>Footnote Reference\*</sup>** |
| Class II | $90 | 0.87% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;The table above reflects the expenses of both the Fund and its associated American Funds Master Fund. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Below is the 2025 annual report commentary from the American Funds Insurance Series <sup>®</sup> The Bond Fund of America Fund, which is the sole investment of the Fund

During the fund's fiscal year, the U.S. bond market posted strong returns. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and broader economic uncertainty, helping to push short term yields lower. Meanwhile, long-term yields remained relatively high and supported a steepening of the yield curve. Yields on corporate bonds declined but remained elevated relative to their levels over the past 15 years.

Within the fund, an underweight to Treasuries in favor of other sectors including agency mortgage-backed securities and emerging markets debt contributed positively to relative results. The fund's overweight to duration for much of the year was also additive.

In terms of detractors, the fund was positioned for a steepening of the yield curve by having an overweight position to the front-end of the curve and an underweight to the long-end. The steepening of the yield curve added to results, however, this was more than offset by the cost of maintaining the position. Security selection within asset-backed securities also detracted from returns.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](if02827fdee412c069d9509ae.jpg)

---

| | | |
|:---|:---|:---|
| | **Class II** | **Bloomberg U.S. Aggregate Bond Index** |
| **Dec 15** | $10000 | $10000 |
| **Dec 16** | $10265 | $10265 |
| **Dec 17** | $10595 | $10628 |
| **Dec 18** | $10481 | $10629 |
| **Dec 19** | $11422 | $11556 |
| **Dec 20** | $12474 | $12424 |
| **Dec 21** | $12385 | $12233 |
| **Dec 22** | $10799 | $10641 |
| **Dec 23** | $11285 | $11230 |
| **Dec 24** | $11378 | $11370 |
| **Dec 25** | $12144 | $12200 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 6.73% | -0.54% | 1.96% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $3263804911 |
| Number of Portfolio Holdings | 1 |
| Portfolio Turnover Rate | 16.01% |
| Advisory Fees - net of reimbursement & waiver, if any | $- |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Investment Company | 100.1% |
| Other liabilities in excess of assets | -0.1% |

---

---

| | |
|:---|:---|
| American Funds The Bond Fund of America, Class 1 | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html](i8e6dba8faf97aae847f0eb86.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT American Funds Bond Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-AM-BD-II (12-25)

# NVIT American Funds Global Growth Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT American Funds Global Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment<sup>Footnote Reference†</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†,</sup><sup>Footnote Reference\*</sup>** |
| Class II | $117 | 1.06% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;The table above reflects the expenses of both the Fund and its associated American Funds Master Fund. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Below is the 2025 annual report commentary from the American Funds Insurance Series <sup>®</sup> American Funds Global Growth Fund, which is the sole investment of the Fund.

Global equity markets delivered strong gains in 2025, overcoming trade tensions and geopolitical volatility. U.S. equities advanced on strong large-cap technology growth, though lost momentum later in the year. Stocks in the U.K. and Japan benefited from accommodative monetary policies and fiscal stimulus measures. Emerging markets drove the rally, with strong returns from South Korea, Taiwan and China, while India remained relatively flat despite solid macroeconomic fundamentals.

Most sectors posted gains for the fund, with information technology, industrials, financials and consumer staples contributing most significantly. Returns from the communication services and consumer discretionary sectors were also positive, though below the portfolio's overall returns. Companies based in the U.S., France and Taiwan made meaningful contributions to investment results.

Conversely, the health care and real estate sectors were the largest detractors from overall results. Country-wise, holdings in Denmark and Australia were among the most notable detractors for the fund.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ifbe41414465864ed903f585b.jpg)

---

| | | |
|:---|:---|:---|
| | **Class II** | **MSCI ACWI** |
| **Dec 15** | $10000 | $10000 |
| **Dec 16** | $10019 | $10786 |
| **Dec 17** | $13121 | $13371 |
| **Dec 18** | $11885 | $12112 |
| **Dec 19** | $16018 | $15334 |
| **Dec 20** | $20812 | $17825 |
| **Dec 21** | $24143 | $21130 |
| **Dec 22** | $18094 | $17251 |
| **Dec 23** | $22100 | $21080 |
| **Dec 24** | $25024 | $24767 |
| **Dec 25** | $30331 | $30300 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 21.21% | 7.82% | 11.73% |
| MSCI ACWI | 22.34% | 11.19% | 11.72% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $688420125 |
| Number of Portfolio Holdings | 1 |
| Portfolio Turnover Rate | 7.74% |
| Advisory Fees - net of reimbursement & waiver, if any | $- |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Investment Company | 100.1% |
| Other liabilities in excess of assets | -0.1% |

---

---

| | |
|:---|:---|
| American Funds Global Growth Fund, Class 1 | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html](i8e6dba8faf97aae847f0eb86.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT American Funds Global Growth Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-AM-GG-II (12-25)

# NVIT American Funds Growth Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT American Funds Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment<sup>Footnote Reference†</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†,</sup><sup>Footnote Reference\*</sup>** |
| Class II | $107 | 0.97% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;The table above reflects the expenses of both the Fund and its associated American Funds Master Fund. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Below is the 2025 annual report commentary from the American Funds Insurance Series <sup>®</sup> American Funds Growth Fund, which is the sole investment of the Fund.

U.S. equities delivered solid returns in 2025, as strong gains from growth sectors supported performance. Resilient consumer spending and moderating inflation drove the S&P 500<sup>®</sup> Index to record highs. Strong consumer spending boosted the U.S. economy, especially in the third quarter. However, persistent softness in the labor market prompted the U.S. Federal Reserve to deliver three 25-basis-point rate cuts during the year.

Most sectors posted gains for the fund, with information technology and communication services contributing significantly. The industrials and materials sectors also delivered positive returns. U.S.-based holdings, representing the majority of the portfolio, contributed most of the fund's performance.

Conversely, the financial and energy sectors were detractors from overall results.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i504607607bdc912fb7427131.jpg)

---

| | | |
|:---|:---|:---|
| | **Class II** | **S&P 500<sup>®</sup> Index** |
| **Dec 15** | $10000 | $10000 |
| **Dec 16** | $10906 | $11196 |
| **Dec 17** | $13938 | $13640 |
| **Dec 18** | $13846 | $13043 |
| **Dec 19** | $18040 | $17150 |
| **Dec 20** | $27329 | $20305 |
| **Dec 21** | $33214 | $26135 |
| **Dec 22** | $23178 | $21402 |
| **Dec 23** | $31975 | $27029 |
| **Dec 24** | $41935 | $33791 |
| **Dec 25** | $50228 | $39833 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 19.78% | 12.94% | 17.52% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2514714479 |
| Number of Portfolio Holdings | 1 |
| Portfolio Turnover Rate | 9.70% |
| Advisory Fees - net of reimbursement & waiver, if any | $- |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Investment Company | 100.1% |
| Other liabilities in excess of assets | -0.1% |

---

---

| | |
|:---|:---|
| American Funds Growth Fund, Class 1 | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html](i8e6dba8faf97aae847f0eb86.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT American Funds Growth Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-AM-GR-II (12-25)

# NVIT American Funds Growth-Income Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT American Funds Growth-Income Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment<sup>Footnote Reference†</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†,</sup><sup>Footnote Reference\*</sup>** |
| Class II | $99 | 0.91% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;The table above reflects the expenses of both the Fund and its associated American Funds Master Fund. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Below is the 2025 annual report commentary from the American Funds Insurance Series <sup>®</sup> American Funds Growth-Income Fund, which is the sole investment of the Fund.

U.S. equities delivered solid returns in 2025, supported by strong gains from growth sectors. The S&P 500<sup>®</sup> Index reached record highs as solid corporate earnings from large-cap technology companies outweighed concerns about the economic impact of tariffs. Consumer spending remained resilient, fueling economic growth. However, persistent labor market softness led the U.S. Federal Reserve to implement three 25-basis-point rate cuts during the year.

Most sectors contributed positively to fund results, with information technology, industrials and communication services being particularly impactful. Financials posted positive returns, although they lagged the overall portfolio. Consumer staples also added to absolute returns but represented a relatively small portion of fund holdings.

Conversely, the materials and utilities sectors had negative returns and detracted from overall results.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i6a3a4cdba71a6b789b5639d7.jpg)

---

| | | |
|:---|:---|:---|
| | **Class II** | **S&P 500<sup>®</sup> Index** |
| **Dec 15** | $10000 | $10000 |
| **Dec 16** | $11109 | $11196 |
| **Dec 17** | $13544 | $13640 |
| **Dec 18** | $13248 | $13043 |
| **Dec 19** | $16649 | $17150 |
| **Dec 20** | $18826 | $20305 |
| **Dec 21** | $23278 | $26135 |
| **Dec 22** | $19363 | $21402 |
| **Dec 23** | $24336 | $27029 |
| **Dec 24** | $30117 | $33791 |
| **Dec 25** | $35429 | $39833 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 17.64% | 13.48% | 13.48% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $4177862451 |
| Number of Portfolio Holdings | 1 |
| Portfolio Turnover Rate | 18.60% |
| Advisory Fees - net of reimbursement & waiver, if any | $- |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Investment Company | 100.1% |
| Other liabilities in excess of assets | -0.1% |

---

---

| | |
|:---|:---|
| American Funds Growth-Income Fund, Class 1 | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html](i8e6dba8faf97aae847f0eb86.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT American Funds Growth-Income Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-AM-GI-II (12-25)

# NVIT BlackRock Equity Dividend Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT BlackRock Equity Dividend Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $89 | 0.80% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
U.S. equities finished 2025 on stable ground, with major indices posting solid gains. Steady Treasury yields supported risk assets. For the strategy, healthcare and technology led on strong earnings and artificial intelligence (AI) momentum, whereas communication services and utilities lagged. Economic data reflected a mixed backdrop: strong third quarter GDP driven by consumers and AI investment contrasted with weakening labor trends and moderating inflation, complicated by distortions from a prolonged government shutdown. Policy remained the central driver as the Federal Reserve issued its third straight 25 basis points cut. Investors favored quality and cashflow visibility amid ongoing uncertainty and a resilient U.S. dollar.

**Top Contributors to Performance**

* The largest contributor to relative performance was stock selection in health care. Within this sector, the decision to overweight Cardinal Health proved to be a tailwind for the strategy.

* Investment decisions in Information technology also added value. In particular, allocation decisions in Samsung Electronics were beneficial to the strategy.

* The allocation and selection decisions in consumer Discretionary benefited the strategy. Within this sector, the decision to hold Sony Group added value.

**Top Detractors from Performance**

* The largest detractor from relative performance was stock selections in communication services. Due to the negative performance of WPP PLC, overweighting this position relative to the benchmark weighed on the strategy.

* Security selection in utilities also detracted from the Fund's performance. Within this sector, allocation decisions in PG&E were a headwind for the strategy.

* Stock selection in materials was a headwind to the strategy. Specifically, the decision to overweight PPG Industries detracted from performance.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ib202795b9cf15c0b36f1c7ce.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 1000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $11789 | $11200 | $11734 |
| **Dec 17** | $13910 | $13630 | $13337 |
| **Dec 18** | $12901 | $12980 | $12234 |
| **Dec 19** | $16424 | $17041 | $15481 |
| **Dec 20** | $17020 | $20584 | $15914 |
| **Dec 21** | $20474 | $26006 | $19918 |
| **Dec 22** | $19657 | $21032 | $18416 |
| **Dec 23** | $22013 | $26611 | $20527 |
| **Dec 24** | $24183 | $33133 | $23477 |
| **Dec 25** | $29366 | $38889 | $27212 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 21.44% | 11.53% | 11.37% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $588354726 |
| Number of Portfolio Holdings | 99 |
| Portfolio Turnover Rate | 57.78% |
| Advisory Fees - net of reimbursement & waiver, if any | $3302444 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 94.8% |
| Repurchase Agreements | 4.6% |
| Master Limited Partnership | 1.2% |
| Other liabilities in excess of assets | -0.6% |

---

---

| | |
|:---|:---|
| Banks | 12.1% |
| Health Care Equipment & Supplies | 6.4% |
| Health Care Providers & Services | 5.4% |
| Technology Hardware, Storage & Peripherals | 5.3% |
| Oil, Gas & Consumable Fuels | 4.8% |
| Capital Markets | 4.1% |
| Chemicals | 3.2% |
| Professional Services | 3.1% |
| Interactive Media & Services | 3.0% |
| Aerospace & Defense | 3.0% |
| Other Industries<sup>Footnote Reference#</sup> | 49.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT BlackRock Equity Dividend Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-BR-EQD-I (12-25)

# NVIT BlackRock Equity Dividend Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT BlackRock Equity Dividend Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $116 | 1.05% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
U.S. equities finished 2025 on stable ground, with major indices posting solid gains. Steady Treasury yields supported risk assets. For the strategy, healthcare and technology led on strong earnings and artificial intelligence (AI) momentum, whereas communication services and utilities lagged. Economic data reflected a mixed backdrop: strong third quarter GDP driven by consumers and AI investment contrasted with weakening labor trends and moderating inflation, complicated by distortions from a prolonged government shutdown. Policy remained the central driver as the Federal Reserve issued its third straight 25 basis points cut. Investors favored quality and cashflow visibility amid ongoing uncertainty and a resilient U.S. dollar.

**Top Contributors to Performance**

* The largest contributor to relative performance was stock selection in health care. Within this sector, the decision to overweight Cardinal Health proved to be a tailwind for the strategy.

* Investment decisions in Information technology also added value. In particular, allocation decisions in Samsung Electronics were beneficial to the strategy.

* The allocation and selection decisions in consumer Discretionary benefited the strategy. Within this sector, the decision to hold Sony Group added value.

**Top Detractors from Performance**

* The largest detractor from relative performance was stock selections in communication services. Due to the negative performance of WPP PLC, overweighting this position relative to the benchmark weighed on the strategy.

* Security selection in utilities also detracted from the Fund's performance. Within this sector, allocation decisions in PG&E were a headwind for the strategy.

* Stock selection in materials was a headwind to the strategy. Specifically, the decision to overweight PPG Industries detracted from performance.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i502f91e8a8e8cdd11b8529e9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **Russell 1000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $11757 | $11200 | $11734 |
| **Dec 17** | $13837 | $13630 | $13337 |
| **Dec 18** | $12805 | $12980 | $12234 |
| **Dec 19** | $16263 | $17041 | $15481 |
| **Dec 20** | $16807 | $20584 | $15914 |
| **Dec 21** | $20168 | $26006 | $19918 |
| **Dec 22** | $19302 | $21032 | $18416 |
| **Dec 23** | $21574 | $26611 | $20527 |
| **Dec 24** | $23639 | $33133 | $23477 |
| **Dec 25** | $28627 | $38889 | $27212 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 21.10% | 11.24% | 11.09% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $588354726 |
| Number of Portfolio Holdings | 99 |
| Portfolio Turnover Rate | 57.78% |
| Advisory Fees - net of reimbursement & waiver, if any | $3302444 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 94.8% |
| Repurchase Agreements | 4.6% |
| Master Limited Partnership | 1.2% |
| Other liabilities in excess of assets | -0.6% |

---

---

| | |
|:---|:---|
| Banks | 12.1% |
| Health Care Equipment & Supplies | 6.4% |
| Health Care Providers & Services | 5.4% |
| Technology Hardware, Storage & Peripherals | 5.3% |
| Oil, Gas & Consumable Fuels | 4.8% |
| Capital Markets | 4.1% |
| Chemicals | 3.2% |
| Professional Services | 3.1% |
| Interactive Media & Services | 3.0% |
| Aerospace & Defense | 3.0% |
| Other Industries<sup>Footnote Reference#</sup> | 49.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT BlackRock Equity Dividend Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-BR-EQD-II (12-25)

# NVIT BlackRock Equity Dividend Fund

# Class IV

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT BlackRock Equity Dividend Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class IV | $89 | 0.80% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
U.S. equities finished 2025 on stable ground, with major indices posting solid gains. Steady Treasury yields supported risk assets. For the strategy, healthcare and technology led on strong earnings and artificial intelligence (AI) momentum, whereas communication services and utilities lagged. Economic data reflected a mixed backdrop: strong third quarter GDP driven by consumers and AI investment contrasted with weakening labor trends and moderating inflation, complicated by distortions from a prolonged government shutdown. Policy remained the central driver as the Federal Reserve issued its third straight 25 basis points cut. Investors favored quality and cashflow visibility amid ongoing uncertainty and a resilient U.S. dollar.

**Top Contributors to Performance**

* The largest contributor to relative performance was stock selection in health care. Within this sector, the decision to overweight Cardinal Health proved to be a tailwind for the strategy.

* Investment decisions in Information technology also added value. In particular, allocation decisions in Samsung Electronics were beneficial to the strategy.

* The allocation and selection decisions in consumer Discretionary benefited the strategy. Within this sector, the decision to hold Sony Group added value.

**Top Detractors from Performance**

* The largest detractor from relative performance was stock selections in communication services. Due to the negative performance of WPP PLC, overweighting this position relative to the benchmark weighed on the strategy.

* Security selection in utilities also detracted from the Fund's performance. Within this sector, allocation decisions in PG&E were a headwind for the strategy.

* Stock selection in materials was a headwind to the strategy. Specifically, the decision to overweight PPG Industries detracted from performance.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i685abe6ac0a78e50ec57b5f8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class IV** | **Russell 1000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $11789 | $11200 | $11734 |
| **Dec 17** | $13909 | $13630 | $13337 |
| **Dec 18** | $12900 | $12980 | $12234 |
| **Dec 19** | $16421 | $17041 | $15481 |
| **Dec 20** | $17018 | $20584 | $15914 |
| **Dec 21** | $20468 | $26006 | $19918 |
| **Dec 22** | $19652 | $21032 | $18416 |
| **Dec 23** | $22017 | $26611 | $20527 |
| **Dec 24** | $24174 | $33133 | $23477 |
| **Dec 25** | $29353 | $38889 | $27212 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class IV | 21.42% | 11.52% | 11.37% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $588354726 |
| Number of Portfolio Holdings | 99 |
| Portfolio Turnover Rate | 57.78% |
| Advisory Fees - net of reimbursement & waiver, if any | $3302444 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 94.8% |
| Repurchase Agreements | 4.6% |
| Master Limited Partnership | 1.2% |
| Other liabilities in excess of assets | -0.6% |

---

---

| | |
|:---|:---|
| Banks | 12.1% |
| Health Care Equipment & Supplies | 6.4% |
| Health Care Providers & Services | 5.4% |
| Technology Hardware, Storage & Peripherals | 5.3% |
| Oil, Gas & Consumable Fuels | 4.8% |
| Capital Markets | 4.1% |
| Chemicals | 3.2% |
| Professional Services | 3.1% |
| Interactive Media & Services | 3.0% |
| Aerospace & Defense | 3.0% |
| Other Industries<sup>Footnote Reference#</sup> | 49.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT BlackRock Equity Dividend Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-BR-EQD-IV (12-25)

# NVIT BlackRock Managed Global Allocation Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT BlackRock Managed Global Allocation Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $48 | 0.45% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025, the S&P 500<sup>®</sup> Index delivered a total return of 17.88%, despite notable early-year volatility, including a near-19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and artificial intelligence (AI) companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return near 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

In addition to the underlying funds, a volatility management process determines whether the Fund should increase or decrease equity exposure by buying or selling futures contracts. The volatility overlay was a detractor during the year.

**Top Contributors to Performance**

* Exposure to commodities, notably gold related securities, contributed to performance.

* An underweight to and security selection within consumer staples contributed to performance.

* An overweight to and security selection within financials contributed to performance.

**Top Detractors from Performance**

* Exposure to cash and cash equivalents detracted from performance.

* An overweight to and security selection within consumer discretionary detracted from performance.

* Security selection within healthcare, partially offset by an overweight to the sector detracted from performance.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ib2117e45dd75b9df00447f4c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **FTSE World Index** | **Blended Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10298 | $10865 | $10589 |
| **Dec 17** | $12196 | $13482 | $12257 |
| **Dec 18** | $11163 | $12300 | $11698 |
| **Dec 19** | $12831 | $15712 | $13890 |
| **Dec 20** | $14697 | $18278 | $15850 |
| **Dec 21** | $15348 | $22107 | $17471 |
| **Dec 22** | $13070 | $18229 | $14739 |
| **Dec 23** | $14614 | $22637 | $17050 |
| **Dec 24** | $15689 | $26704 | $18622 |
| **Dec 25** | $18017 | $32974 | $21942 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 14.84% | 4.16% | 6.06% |
| FTSE World Index | 23.48% | 12.52% | 12.67% |
| Blended Index<sup>Footnote Reference1</sup> | 17.83% | 6.72% | 8.19% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Blended Index comprises 36% S&P 500<sup>®</sup> Index; 24% FTSE World ex US Index; 24% ICE BofA Merrill Lynch Current 5-Year US Treasury Index; and 16% Citigroup Non-US Dollar World Government Bond Index. |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $325834508 |
| Number of Portfolio Holdings | 5 |
| Portfolio Turnover Rate | 12.71% |
| Advisory Fees - net of reimbursement & waiver, if any | $484839 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Alternative Assets | 94.0% |
| Other assets in excess of liabilities | 6.0% |

---

---

| | |
|:---|:---|
| BlackRock Global Allocation VI Fund, Class I | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT BlackRock Managed Global Allocation Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-BR-MGA-II (12-25)

# NVIT Blueprint℠ Aggressive Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Blueprint℠ Aggressive Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $33 | 0.31% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

**Top Contributors to Performance**

* NVIT GS International Equity Insights Fund

* NVIT J.P. Morgan U.S. Equity Fund

* NVIT GS Large Cap Equity Fund

**Top Detractors from Performance**

* iShares Core S&P 500 ETF

* iShares Core MSCI EAFE ETF

* JPMorgan Equity Premium Income ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i5f25d6c33e4519a16731de77.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **MSCI ACWI** | **Morningstar<sup>®</sup> Aggressive Target Risk Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10833 | $10786 | $11131 |
| **Dec 17** | $12998 | $13371 | $13576 |
| **Dec 18** | $11605 | $12112 | $12467 |
| **Dec 19** | $14407 | $15334 | $15700 |
| **Dec 20** | $16242 | $17825 | $17777 |
| **Dec 21** | $19521 | $21130 | $20854 |
| **Dec 22** | $16547 | $17251 | $17532 |
| **Dec 23** | $19813 | $21080 | $20741 |
| **Dec 24** | $22873 | $24767 | $23334 |
| **Dec 25** | $27114 | $30300 | $28101 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 18.61%<sup>Footnote Reference\*</sup> | 10.79% | 10.49% |
| MSCI ACWI | 22.34% | 11.19% | 11.72% |
| Morningstar<sup>®</sup> Aggressive Target Risk Index | 20.43% | 9.59% | 10.89% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please see the Fund's Financial Highlights for additional information. |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $300073101 |
| Number of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 50.75% |
| Advisory Fees - net of reimbursement & waiver, if any | $268327 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 90.9% |
| Fixed Income Fund | 9.1% |
| Other liabilities in excess of assets<sup>Footnote Reference†</sup> | 0.0% |

---

---

| | |
|:---|:---|
| NVIT GS Large Cap Equity Fund, Class Y | 17.6% |
| NVIT U.S. 130/30 Equity Fund, Class Y | 17.3% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 16.2% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 16.2% |
| NVIT GS International Equity Insights Fund, Class Y | 9.9% |
| NVIT Loomis Core Bond Fund, Class Y | 8.1% |
| NVIT GS Small Cap Equity Insights Fund, Class Y | 4.8% |
| NVIT GS Emerging Markets Equity Insights Fund, Class Y | 3.5% |
| iShares Core S&P 500 ETF | 3.0% |
| JPMorgan Equity Premium Income ETF | 2.0% |
| Other Holdings | 1.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount rounds to less than 0.1%. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Blueprint℠ Aggressive Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-BP-AG-I (12-25)

# NVIT Blueprint℠ Aggressive Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Blueprint℠ Aggressive Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $43 | 0.40% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

**Top Contributors to Performance**

* NVIT GS International Equity Insights Fund

* NVIT J.P. Morgan U.S. Equity Fund

* NVIT GS Large Cap Equity Fund

**Top Detractors from Performance**

* iShares Core S&P 500 ETF

* iShares Core MSCI EAFE ETF

* JPMorgan Equity Premium Income ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i3bbd8730d9d933043f1587c3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **MSCI ACWI** | **Morningstar<sup>®</sup> Aggressive Target Risk Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10836 | $10786 | $11131 |
| **Dec 17** | $12982 | $13371 | $13576 |
| **Dec 18** | $11587 | $12112 | $12467 |
| **Dec 19** | $14363 | $15334 | $15700 |
| **Dec 20** | $16167 | $17825 | $17777 |
| **Dec 21** | $19416 | $21130 | $20854 |
| **Dec 22** | $16462 | $17251 | $17532 |
| **Dec 23** | $19678 | $21080 | $20741 |
| **Dec 24** | $22702 | $24767 | $23334 |
| **Dec 25** | $26890 | $30300 | $28101 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 18.45% | 10.71% | 10.40% |
| MSCI ACWI | 22.34% | 11.19% | 11.72% |
| Morningstar<sup>®</sup> Aggressive Target Risk Index | 20.43% | 9.59% | 10.89% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $300073101 |
| Number of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 50.75% |
| Advisory Fees - net of reimbursement & waiver, if any | $268327 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 90.9% |
| Fixed Income Fund | 9.1% |
| Other liabilities in excess of assets<sup>Footnote Reference†</sup> | 0.0% |

---

---

| | |
|:---|:---|
| NVIT GS Large Cap Equity Fund, Class Y | 17.6% |
| NVIT U.S. 130/30 Equity Fund, Class Y | 17.3% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 16.2% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 16.2% |
| NVIT GS International Equity Insights Fund, Class Y | 9.9% |
| NVIT Loomis Core Bond Fund, Class Y | 8.1% |
| NVIT GS Small Cap Equity Insights Fund, Class Y | 4.8% |
| NVIT GS Emerging Markets Equity Insights Fund, Class Y | 3.5% |
| iShares Core S&P 500 ETF | 3.0% |
| JPMorgan Equity Premium Income ETF | 2.0% |
| Other Holdings | 1.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount rounds to less than 0.1%. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Blueprint℠ Aggressive Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-BP-AG-II (12-25)

# NVIT Blueprint℠ Aggressive Fund

# Class Y

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Blueprint℠ Aggressive Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class Y | $17 | 0.15% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

**Top Contributors to Performance**

* NVIT GS International Equity Insights Fund

* NVIT J.P. Morgan U.S. Equity Fund

* NVIT GS Large Cap Equity Fund

**Top Detractors from Performance**

* iShares Core S&P 500 ETF

* iShares Core MSCI EAFE ETF

* JPMorgan Equity Premium Income ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i94a934dd550ea95de8f57338.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Y** | **MSCI ACWI** | **Morningstar<sup>®</sup> Aggressive Target Risk Index** |
| **Sep 23** | $10000 | $10000 | $10000 |
| **Dec 23** | $10724 | $10769 | $10796 |
| **Dec 24** | $12403 | $12652 | $12146 |
| **Dec 25** | $14732 | $15479 | $14627 |

---

# Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since inception** |
| Class Y - (Inception 09/11/2023) | 18.78% | 18.31% |
| MSCI ACWI | 22.34% | 20.84% |
| Morningstar<sup>®</sup> Aggressive Target Risk Index | 20.43% | 17.91% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $300073101 |
| Number of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 50.75% |
| Advisory Fees - net of reimbursement & waiver, if any | $268327 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 90.9% |
| Fixed Income Fund | 9.1% |
| Other liabilities in excess of assets<sup>Footnote Reference†</sup> | 0.0% |

---

---

| | |
|:---|:---|
| NVIT GS Large Cap Equity Fund, Class Y | 17.6% |
| NVIT U.S. 130/30 Equity Fund, Class Y | 17.3% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 16.2% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 16.2% |
| NVIT GS International Equity Insights Fund, Class Y | 9.9% |
| NVIT Loomis Core Bond Fund, Class Y | 8.1% |
| NVIT GS Small Cap Equity Insights Fund, Class Y | 4.8% |
| NVIT GS Emerging Markets Equity Insights Fund, Class Y | 3.5% |
| iShares Core S&P 500 ETF | 3.0% |
| JPMorgan Equity Premium Income ETF | 2.0% |
| Other Holdings | 1.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount rounds to less than 0.1%. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Blueprint℠ Aggressive Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-BP-AG-Y (12-25)

# NVIT Blueprint℠ Balanced Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Blueprint℠ Balanced Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $31 | 0.29% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

**Top Contributors to Performance**

* NVIT Loomis Core Bond Fund

* NVIT GS International Equity Insights Fund 

* NVIT U.S. 130/30 Equity Fund

**Top Detractors from Performance**

* NVIT GS Small Cap Equity Insights Fund

* iShares Core MSCI EAFE ETF

* JPMorgan Equity Premium Income ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i6f24e5b59a12f179ca9ff816.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **MSCI ACWI** | **Morningstar<sup>®</sup> Moderate Target Risk Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10628 | $10786 | $10855 |
| **Dec 17** | $11905 | $13371 | $12447 |
| **Dec 18** | $11185 | $12112 | $11855 |
| **Dec 19** | $13008 | $15334 | $14112 |
| **Dec 20** | $14271 | $17825 | $15917 |
| **Dec 21** | $15858 | $21130 | $17541 |
| **Dec 22** | $13701 | $17251 | $14950 |
| **Dec 23** | $15537 | $21080 | $16926 |
| **Dec 24** | $16989 | $24767 | $18326 |
| **Dec 25** | $19127 | $30300 | $21248 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 12.59% | 6.03% | 6.70% |
| MSCI ACWI | 22.34% | 11.19% | 11.72% |
| Morningstar<sup>®</sup> Moderate Target Risk Index | 15.95% | 5.95% | 7.83% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1455817355 |
| Number of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 32.29% |
| Advisory Fees - net of reimbursement & waiver, if any | $1471037 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 50.2% |
| Fixed Income Fund | 49.8% |
| Other liabilities in excess of assets<sup>Footnote Reference†</sup> | 0.0% |

---

---

| | |
|:---|:---|
| NVIT Loomis Core Bond Fund, Class Y | 37.3% |
| NVIT U.S. 130/30 Equity Fund, Class Y | 10.4% |
| NVIT GS Large Cap Equity Fund, Class Y | 9.3% |
| NVIT Loomis Short Term Bond Fund, Class Y | 9.0% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 8.3% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 8.2% |
| NVIT GS International Equity Insights Fund, Class Y | 4.2% |
| Nationwide Loomis Core Bond Fund, Class R6 | 3.5% |
| iShares Core S&P 500 ETF | 3.0% |
| NVIT GS Emerging Markets Equity Insights Fund, Class Y | 2.0% |
| Other Holdings | 4.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount rounds to less than 0.1%. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Blueprint℠ Balanced Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-BP-BAL-I (12-25)

# NVIT Blueprint℠ Balanced Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Blueprint℠ Balanced Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $40 | 0.38% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

**Top Contributors to Performance**

* NVIT Loomis Core Bond Fund

* NVIT GS International Equity Insights Fund 

* NVIT U.S. 130/30 Equity Fund

**Top Detractors from Performance**

* NVIT GS Small Cap Equity Insights Fund

* iShares Core MSCI EAFE ETF

* JPMorgan Equity Premium Income ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i60a941a87090f38e8c4b0616.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **MSCI ACWI** | **Morningstar<sup>®</sup> Moderate Target Risk Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10611 | $10786 | $10855 |
| **Dec 17** | $11889 | $13371 | $12447 |
| **Dec 18** | $11148 | $12112 | $11855 |
| **Dec 19** | $12952 | $15334 | $14112 |
| **Dec 20** | $14206 | $17825 | $15917 |
| **Dec 21** | $15768 | $21130 | $17541 |
| **Dec 22** | $13607 | $17251 | $14950 |
| **Dec 23** | $15420 | $21080 | $16926 |
| **Dec 24** | $16847 | $24767 | $18326 |
| **Dec 25** | $18949 | $30300 | $21248 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 12.47% | 5.93% | 6.60% |
| MSCI ACWI | 22.34% | 11.19% | 11.72% |
| Morningstar<sup>®</sup> Moderate Target Risk Index | 15.95% | 5.95% | 7.83% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1455817355 |
| Number of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 32.29% |
| Advisory Fees - net of reimbursement & waiver, if any | $1471037 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 50.2% |
| Fixed Income Fund | 49.8% |
| Other liabilities in excess of assets<sup>Footnote Reference†</sup> | 0.0% |

---

---

| | |
|:---|:---|
| NVIT Loomis Core Bond Fund, Class Y | 37.3% |
| NVIT U.S. 130/30 Equity Fund, Class Y | 10.4% |
| NVIT GS Large Cap Equity Fund, Class Y | 9.3% |
| NVIT Loomis Short Term Bond Fund, Class Y | 9.0% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 8.3% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 8.2% |
| NVIT GS International Equity Insights Fund, Class Y | 4.2% |
| Nationwide Loomis Core Bond Fund, Class R6 | 3.5% |
| iShares Core S&P 500 ETF | 3.0% |
| NVIT GS Emerging Markets Equity Insights Fund, Class Y | 2.0% |
| Other Holdings | 4.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount rounds to less than 0.1%. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Blueprint℠ Balanced Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-BP-BAL-II (12-25)

# NVIT Blueprint℠ Balanced Fund

# Class Y

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Blueprint℠ Balanced Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class Y | $15 | 0.14% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

**Top Contributors to Performance**

* NVIT Loomis Core Bond Fund

* NVIT GS International Equity Insights Fund 

* NVIT U.S. 130/30 Equity Fund

**Top Detractors from Performance**

* NVIT GS Small Cap Equity Insights Fund

* iShares Core MSCI EAFE ETF

* JPMorgan Equity Premium Income ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i7513b2fae5023c20e00e5424.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Y** | **MSCI ACWI** | **Morningstar<sup>®</sup> Moderate Target Risk Index** |
| **Sep 23** | $10000 | $10000 | $10000 |
| **Dec 23** | $10611 | $10769 | $10676 |
| **Dec 24** | $11616 | $12652 | $11559 |
| **Dec 25** | $13103 | $15479 | $13402 |

---

# Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since inception** |
| Class Y - (Inception 09/11/2023) | 12.80% | 12.44% |
| MSCI ACWI | 22.34% | 20.84% |
| Morningstar<sup>®</sup> Moderate Target Risk Index | 15.95% | 13.53% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1455817355 |
| Number of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 32.29% |
| Advisory Fees - net of reimbursement & waiver, if any | $1471037 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 50.2% |
| Fixed Income Fund | 49.8% |
| Other liabilities in excess of assets<sup>Footnote Reference†</sup> | 0.0% |

---

---

| | |
|:---|:---|
| NVIT Loomis Core Bond Fund, Class Y | 37.3% |
| NVIT U.S. 130/30 Equity Fund, Class Y | 10.4% |
| NVIT GS Large Cap Equity Fund, Class Y | 9.3% |
| NVIT Loomis Short Term Bond Fund, Class Y | 9.0% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 8.3% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 8.2% |
| NVIT GS International Equity Insights Fund, Class Y | 4.2% |
| Nationwide Loomis Core Bond Fund, Class R6 | 3.5% |
| iShares Core S&P 500 ETF | 3.0% |
| NVIT GS Emerging Markets Equity Insights Fund, Class Y | 2.0% |
| Other Holdings | 4.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount rounds to less than 0.1%. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Blueprint℠ Balanced Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-BP-BAL-Y (12-25)

# NVIT Blueprint℠ Capital Appreciation Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Blueprint℠ Capital Appreciation Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $31 | 0.28% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

**Top Contributors to Performance**

* NVIT Loomis Core Bond Fund

* NVIT J.P. Morgan U.S. Equity Fund

* NVIT GS Large Cap Equity Fund

**Top Detractors from Performance**

* NVIT Loomis Short Term High Yield Fund

* iShares Core MSCI EAFE ETF

* JPMorgan Equity Premium Income ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i397d3ddf0a7569834c8df2f6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **MSCI ACWI** | **Morningstar<sup>®</sup> Moderate Target Risk Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10732 | $10786 | $10855 |
| **Dec 17** | $12450 | $13371 | $12447 |
| **Dec 18** | $11449 | $12112 | $11855 |
| **Dec 19** | $13763 | $15334 | $14112 |
| **Dec 20** | $15370 | $17825 | $15917 |
| **Dec 21** | $17790 | $21130 | $17541 |
| **Dec 22** | $15130 | $17251 | $14950 |
| **Dec 23** | $17620 | $21080 | $16926 |
| **Dec 24** | $19836 | $24767 | $18326 |
| **Dec 25** | $22822 | $30300 | $21248 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 15.05% | 8.23% | 8.60% |
| MSCI ACWI | 22.34% | 11.19% | 11.72% |
| Morningstar<sup>®</sup> Moderate Target Risk Index | 15.95% | 5.95% | 7.83% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1848998042 |
| Number of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 47.66% |
| Advisory Fees - net of reimbursement & waiver, if any | $1805765 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 70.3% |
| Fixed Income Fund | 29.7% |
| Other liabilities in excess of assets<sup>Footnote Reference†</sup> | 0.0% |

---

---

| | |
|:---|:---|
| NVIT Loomis Core Bond Fund, Class Y | 24.7% |
| NVIT GS Large Cap Equity Fund, Class Y | 14.2% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 14.0% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 13.9% |
| NVIT U.S. 130/30 Equity Fund, Class Y | 12.6% |
| NVIT GS International Equity Insights Fund, Class Y | 4.1% |
| NVIT GS Small Cap Equity Insights Fund, Class Y | 3.2% |
| iShares Core S&P 500 ETF | 3.0% |
| NVIT Loomis Short Term Bond Fund, Class Y | 3.0% |
| NVIT GS Emerging Markets Equity Insights Fund, Class Y | 2.3% |
| Other Holdings | 5.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount rounds to less than 0.1%. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Blueprint℠ Capital Appreciation Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-BP-CAP-I (12-25)

# NVIT Blueprint℠ Capital Appreciation Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Blueprint℠ Capital Appreciation Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $40 | 0.37% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

**Top Contributors to Performance**

* NVIT Loomis Core Bond Fund

* NVIT J.P. Morgan U.S. Equity Fund

* NVIT GS Large Cap Equity Fund

**Top Detractors from Performance**

* NVIT Loomis Short Term High Yield Fund

* iShares Core MSCI EAFE ETF

* JPMorgan Equity Premium Income ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ic523315cdb7d7f8c6df91686.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **MSCI ACWI** | **Morningstar<sup>®</sup> Moderate Target Risk Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10732 | $10786 | $10855 |
| **Dec 17** | $12428 | $13371 | $12447 |
| **Dec 18** | $11414 | $12112 | $11855 |
| **Dec 19** | $13725 | $15334 | $14112 |
| **Dec 20** | $15298 | $17825 | $15917 |
| **Dec 21** | $17709 | $21130 | $17541 |
| **Dec 22** | $15043 | $17251 | $14950 |
| **Dec 23** | $17493 | $21080 | $16926 |
| **Dec 24** | $19685 | $24767 | $18326 |
| **Dec 25** | $22627 | $30300 | $21248 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 15.03%<sup>Footnote Reference\*</sup> | 8.14% | 8.51% |
| MSCI ACWI | 22.34% | 11.19% | 11.72% |
| Morningstar<sup>®</sup> Moderate Target Risk Index | 15.95% | 5.95% | 7.83% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please see the Fund's Financial Highlights for additional information. |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1848998042 |
| Number of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 47.66% |
| Advisory Fees - net of reimbursement & waiver, if any | $1805765 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 70.3% |
| Fixed Income Fund | 29.7% |
| Other liabilities in excess of assets<sup>Footnote Reference†</sup> | 0.0% |

---

---

| | |
|:---|:---|
| NVIT Loomis Core Bond Fund, Class Y | 24.7% |
| NVIT GS Large Cap Equity Fund, Class Y | 14.2% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 14.0% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 13.9% |
| NVIT U.S. 130/30 Equity Fund, Class Y | 12.6% |
| NVIT GS International Equity Insights Fund, Class Y | 4.1% |
| NVIT GS Small Cap Equity Insights Fund, Class Y | 3.2% |
| iShares Core S&P 500 ETF | 3.0% |
| NVIT Loomis Short Term Bond Fund, Class Y | 3.0% |
| NVIT GS Emerging Markets Equity Insights Fund, Class Y | 2.3% |
| Other Holdings | 5.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount rounds to less than 0.1%. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Blueprint℠ Capital Appreciation Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-BP-CAP-II (12-25)

# NVIT Blueprint℠ Capital Appreciation Fund

# Class Y

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Blueprint℠ Capital Appreciation Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class Y | $14 | 0.13% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

**Top Contributors to Performance**

* NVIT Loomis Core Bond Fund

* NVIT J.P. Morgan U.S. Equity Fund

* NVIT GS Large Cap Equity Fund

**Top Detractors from Performance**

* NVIT Loomis Short Term High Yield Fund

* iShares Core MSCI EAFE ETF

* JPMorgan Equity Premium Income ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i6a879c8857a89eca336b2e4d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Y** | **MSCI ACWI** | **Morningstar<sup>®</sup> Moderate Target Risk Index** |
| **Sep 23** | $10000 | $10000 | $10000 |
| **Dec 23** | $10672 | $10769 | $10676 |
| **Dec 24** | $12026 | $12652 | $11559 |
| **Dec 25** | $13868 | $15479 | $13402 |

---

# Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since inception** |
| Class Y - (Inception 09/11/2023) | 15.32% | 15.25% |
| MSCI ACWI | 22.34% | 20.84% |
| Morningstar<sup>®</sup> Moderate Target Risk Index | 15.95% | 13.53% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1848998042 |
| Number of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 47.66% |
| Advisory Fees - net of reimbursement & waiver, if any | $1805765 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 70.3% |
| Fixed Income Fund | 29.7% |
| Other liabilities in excess of assets<sup>Footnote Reference†</sup> | 0.0% |

---

---

| | |
|:---|:---|
| NVIT Loomis Core Bond Fund, Class Y | 24.7% |
| NVIT GS Large Cap Equity Fund, Class Y | 14.2% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 14.0% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 13.9% |
| NVIT U.S. 130/30 Equity Fund, Class Y | 12.6% |
| NVIT GS International Equity Insights Fund, Class Y | 4.1% |
| NVIT GS Small Cap Equity Insights Fund, Class Y | 3.2% |
| iShares Core S&P 500 ETF | 3.0% |
| NVIT Loomis Short Term Bond Fund, Class Y | 3.0% |
| NVIT GS Emerging Markets Equity Insights Fund, Class Y | 2.3% |
| Other Holdings | 5.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount rounds to less than 0.1%. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Blueprint℠ Capital Appreciation Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-BP-CAP-Y (12-25)

# NVIT Blueprint℠ Conservative Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Blueprint℠ Conservative Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $31 | 0.30% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

**Top Contributors to Performance**

* NVIT Loomis Core Bond Fund

* NVIT Loomis Short Term High Yield Fund

* NVIT U.S. 130/30 Equity Fund

**Top Detractors from Performance**

* Nationwide Inflation-Protected Securities Fund

* NVIT GS Small Cap Equity Insights Fund

* JPMorgan Equity Premium Income ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ic3200fb8c47f36759f39f2e4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar<sup>®</sup> Conservative Target Risk Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10481 | $10265 | $10466 |
| **Dec 17** | $11147 | $10628 | $11199 |
| **Dec 18** | $10868 | $10629 | $11064 |
| **Dec 19** | $12039 | $11556 | $12307 |
| **Dec 20** | $12965 | $12424 | $13503 |
| **Dec 21** | $13546 | $12233 | $13808 |
| **Dec 22** | $11925 | $10641 | $11992 |
| **Dec 23** | $12987 | $11230 | $12921 |
| **Dec 24** | $13660 | $11370 | $13381 |
| **Dec 25** | $14857 | $12200 | $14773 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 8.76% | 2.76% | 4.04% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Morningstar<sup>®</sup> Conservative Target Risk Index | 10.40% | 1.81% | 3.98% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $435680700 |
| Number of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | 22.73% |
| Advisory Fees - net of reimbursement & waiver, if any | $453200 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Fixed Income Fund | 77.1% |
| Equity Fund | 22.9% |
| Other liabilities in excess of assets<sup>Footnote Reference†</sup> | 0.0% |

---

---

| | |
|:---|:---|
| NVIT Loomis Core Bond Fund, Class Y | 54.5% |
| NVIT Loomis Short Term Bond Fund, Class Y | 13.0% |
| NVIT U.S. 130/30 Equity Fund, Class Y | 5.6% |
| Nationwide Loomis Core Bond Fund, Class R6 | 5.5% |
| Nationwide Inflation-Protected Securities Fund, Class R6 | 4.0% |
| NVIT GS Large Cap Equity Fund, Class Y | 3.1% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 3.0% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 3.0% |
| iShares Core S&P 500 ETF | 2.6% |
| JPMorgan Equity Premium Income ETF | 2.0% |
| Other Holdings | 3.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount rounds to less than 0.1%. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Blueprint℠ Conservative Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-BP-CON-I (12-25)

# NVIT Blueprint℠ Conservative Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Blueprint℠ Conservative Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $40 | 0.39% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

**Top Contributors to Performance**

* NVIT Loomis Core Bond Fund

* NVIT Loomis Short Term High Yield Fund

* NVIT U.S. 130/30 Equity Fund

**Top Detractors from Performance**

* Nationwide Inflation-Protected Securities Fund

* NVIT GS Small Cap Equity Insights Fund

* JPMorgan Equity Premium Income ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i64ab33aaca3659920b9616a0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar<sup>®</sup> Conservative Target Risk Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10461 | $10265 | $10466 |
| **Dec 17** | $11126 | $10628 | $11199 |
| **Dec 18** | $10837 | $10629 | $11064 |
| **Dec 19** | $11993 | $11556 | $12307 |
| **Dec 20** | $12903 | $12424 | $13503 |
| **Dec 21** | $13469 | $12233 | $13808 |
| **Dec 22** | $11843 | $10641 | $11992 |
| **Dec 23** | $12889 | $11230 | $12921 |
| **Dec 24** | $13546 | $11370 | $13381 |
| **Dec 25** | $14725 | $12200 | $14773 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 8.70% | 2.68% | 3.95% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Morningstar<sup>®</sup> Conservative Target Risk Index | 10.40% | 1.81% | 3.98% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $435680700 |
| Number of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | 22.73% |
| Advisory Fees - net of reimbursement & waiver, if any | $453200 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Fixed Income Fund | 77.1% |
| Equity Fund | 22.9% |
| Other liabilities in excess of assets<sup>Footnote Reference†</sup> | 0.0% |

---

---

| | |
|:---|:---|
| NVIT Loomis Core Bond Fund, Class Y | 54.5% |
| NVIT Loomis Short Term Bond Fund, Class Y | 13.0% |
| NVIT U.S. 130/30 Equity Fund, Class Y | 5.6% |
| Nationwide Loomis Core Bond Fund, Class R6 | 5.5% |
| Nationwide Inflation-Protected Securities Fund, Class R6 | 4.0% |
| NVIT GS Large Cap Equity Fund, Class Y | 3.1% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 3.0% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 3.0% |
| iShares Core S&P 500 ETF | 2.6% |
| JPMorgan Equity Premium Income ETF | 2.0% |
| Other Holdings | 3.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount rounds to less than 0.1%. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Blueprint℠ Conservative Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-BP-CON-II (12-25)

# NVIT Blueprint℠ Conservative Fund

# Class Y

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Blueprint℠ Conservative Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class Y | $15 | 0.15% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

**Top Contributors to Performance**

* NVIT Loomis Core Bond Fund

* NVIT Loomis Short Term High Yield Fund

* NVIT U.S. 130/30 Equity Fund

**Top Detractors from Performance**

* Nationwide Inflation-Protected Securities Fund

* NVIT GS Small Cap Equity Insights Fund

* JPMorgan Equity Premium Income ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i8fb185ef8630e2ae58243442.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Y** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar<sup>®</sup> Conservative Target Risk Index** |
| **Sep 23** | $10000 | $10000 | $10000 |
| **Dec 23** | $10514 | $10491 | $10535 |
| **Dec 24** | $11077 | $10622 | $10911 |
| **Dec 25** | $12075 | $11398 | $12045 |

---

# Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since inception** |
| Class Y - (Inception 09/11/2023) | 9.01% | 8.53% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | 5.83% |
| Morningstar<sup>®</sup> Conservative Target Risk Index | 10.40% | 8.40% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $435680700 |
| Number of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | 22.73% |
| Advisory Fees - net of reimbursement & waiver, if any | $453200 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Fixed Income Fund | 77.1% |
| Equity Fund | 22.9% |
| Other liabilities in excess of assets<sup>Footnote Reference†</sup> | 0.0% |

---

---

| | |
|:---|:---|
| NVIT Loomis Core Bond Fund, Class Y | 54.5% |
| NVIT Loomis Short Term Bond Fund, Class Y | 13.0% |
| NVIT U.S. 130/30 Equity Fund, Class Y | 5.6% |
| Nationwide Loomis Core Bond Fund, Class R6 | 5.5% |
| Nationwide Inflation-Protected Securities Fund, Class R6 | 4.0% |
| NVIT GS Large Cap Equity Fund, Class Y | 3.1% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 3.0% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 3.0% |
| iShares Core S&P 500 ETF | 2.6% |
| JPMorgan Equity Premium Income ETF | 2.0% |
| Other Holdings | 3.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount rounds to less than 0.1%. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Blueprint℠ Conservative Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-BP-CON-Y (12-25)

# NVIT Blueprint℠ Managed Growth & Income Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Blueprint℠ Managed Growth & Income Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $26 | 0.25% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

In addition to the underlying funds, a volatility management process determines whether the Fund should increase or decrease equity exposure by buying or selling futures contracts. The volatility overlay was a detractor during the year.

**Top Contributors to Performance**

* NVIT Loomis Core Bond Fund

* NVIT GS International Equity Insights Fund 

* NVIT U.S. 130/30 Equity Fund

**Top Detractors from Performance**

* NVIT GS Small Cap Equity Insights Fund

* iShares Core MSCI EAFE ETF

* JPMorgan Equity Premium Income ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ice58291ffb750bf16a5d7249.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **MSCI ACWI** | **Morningstar<sup>®</sup> Moderate Target Risk Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10574 | $10786 | $10855 |
| **Dec 17** | $12156 | $13371 | $12447 |
| **Dec 18** | $11329 | $12112 | $11855 |
| **Dec 19** | $12920 | $15334 | $14112 |
| **Dec 20** | $13608 | $17825 | $15917 |
| **Dec 21** | $15001 | $21130 | $17541 |
| **Dec 22** | $12959 | $17251 | $14950 |
| **Dec 23** | $14605 | $21080 | $16926 |
| **Dec 24** | $15905 | $24767 | $18326 |
| **Dec 25** | $17399 | $30300 | $21248 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 9.39% | 5.04% | 5.69% |
| MSCI ACWI | 22.34% | 11.19% | 11.72% |
| Morningstar<sup>®</sup> Moderate Target Risk Index | 15.95% | 5.95% | 7.83% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $480767926 |
| Number of Portfolio Holdings | 17 |
| Portfolio Turnover Rate | 44.49% |
| Advisory Fees - net of reimbursement & waiver, if any | $249873 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 47.9% |
| Fixed Income Fund | 46.3% |
| Other assets in excess of liabilities | 5.8% |

---

---

| | |
|:---|:---|
| NVIT Loomis Core Bond Fund, Class Y | 36.8% |
| NVIT U.S. 130/30 Equity Fund, Class Y | 10.7% |
| NVIT GS Large Cap Equity Fund, Class Y | 9.4% |
| NVIT Loomis Short Term Bond Fund, Class Y | 8.9% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 8.3% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 8.3% |
| NVIT GS International Equity Insights Fund, Class Y | 4.3% |
| Nationwide Loomis Core Bond Fund, Class R6 | 3.5% |
| iShares Core S&P 500 ETF | 3.0% |
| NVIT GS Emerging Markets Equity Insights Fund, Class Y | 2.0% |
| Other Holdings | 4.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

On November 14, 2025, the Fund entered into a new expense limitation agreement. The expense limitation for the Class I is 0.88%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Blueprint℠ Managed Growth & Income Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-BP-MGI-I (12-25)

# NVIT Blueprint℠ Managed Growth & Income Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Blueprint℠ Managed Growth & Income Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $47 | 0.45% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

In addition to the underlying funds, a volatility management process determines whether the Fund should increase or decrease equity exposure by buying or selling futures contracts. The volatility overlay was a detractor during the year.

**Top Contributors to Performance**

* NVIT Loomis Core Bond Fund

* NVIT GS International Equity Insights Fund 

* NVIT U.S. 130/30 Equity Fund

**Top Detractors from Performance**

* NVIT GS Small Cap Equity Insights Fund

* iShares Core MSCI EAFE ETF

* JPMorgan Equity Premium Income ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i92f0b7dd62fb302b7ccb03e9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **MSCI ACWI** | **Morningstar<sup>®</sup> Moderate Target Risk Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10556 | $10786 | $10855 |
| **Dec 17** | $12114 | $13371 | $12447 |
| **Dec 18** | $11265 | $12112 | $11855 |
| **Dec 19** | $12825 | $15334 | $14112 |
| **Dec 20** | $13472 | $17825 | $15917 |
| **Dec 21** | $14829 | $21130 | $17541 |
| **Dec 22** | $12779 | $17251 | $14950 |
| **Dec 23** | $14375 | $21080 | $16926 |
| **Dec 24** | $15627 | $24767 | $18326 |
| **Dec 25** | $17060 | $30300 | $21248 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 9.17% | 4.84% | 5.49% |
| MSCI ACWI | 22.34% | 11.19% | 11.72% |
| Morningstar<sup>®</sup> Moderate Target Risk Index | 15.95% | 5.95% | 7.83% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $480767926 |
| Number of Portfolio Holdings | 17 |
| Portfolio Turnover Rate | 44.49% |
| Advisory Fees - net of reimbursement & waiver, if any | $249873 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 47.9% |
| Fixed Income Fund | 46.3% |
| Other assets in excess of liabilities | 5.8% |

---

---

| | |
|:---|:---|
| NVIT Loomis Core Bond Fund, Class Y | 36.8% |
| NVIT U.S. 130/30 Equity Fund, Class Y | 10.7% |
| NVIT GS Large Cap Equity Fund, Class Y | 9.4% |
| NVIT Loomis Short Term Bond Fund, Class Y | 8.9% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 8.3% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 8.3% |
| NVIT GS International Equity Insights Fund, Class Y | 4.3% |
| Nationwide Loomis Core Bond Fund, Class R6 | 3.5% |
| iShares Core S&P 500 ETF | 3.0% |
| NVIT GS Emerging Markets Equity Insights Fund, Class Y | 2.0% |
| Other Holdings | 4.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Blueprint℠ Managed Growth & Income Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-BP-MGI-II (12-25)

# NVIT Blueprint℠ Managed Growth Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Blueprint℠ Managed Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $23 | 0.22% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

In addition to the underlying funds, a volatility management process determines whether the Fund should increase or decrease equity exposure by buying or selling futures contracts. The volatility overlay was a detractor during the year.

**Top Contributors to Performance**

* NVIT Loomis Core Bond Fund

* NVIT GS International Equity Insights Fund 

* NVIT GS Large Cap Equity Fund

**Top Detractors from Performance**

* NVIT Loomis Short Term High Yield Fund

* iShares Core MSCI EAFE ETF

* JPMorgan Equity Premium Income ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ie430dddab98c5368065767ac.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **MSCI ACWI** | **Morningstar<sup>®</sup> Moderate Target Risk Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10640 | $10786 | $10855 |
| **Dec 17** | $12553 | $13371 | $12447 |
| **Dec 18** | $11701 | $12112 | $11855 |
| **Dec 19** | $13526 | $15334 | $14112 |
| **Dec 20** | $14545 | $17825 | $15917 |
| **Dec 21** | $16831 | $21130 | $17541 |
| **Dec 22** | $14292 | $17251 | $14950 |
| **Dec 23** | $16095 | $21080 | $16926 |
| **Dec 24** | $17917 | $24767 | $18326 |
| **Dec 25** | $19760 | $30300 | $21248 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 10.28% | 6.32% | 7.05% |
| MSCI ACWI | 22.34% | 11.19% | 11.72% |
| Morningstar<sup>®</sup> Moderate Target Risk Index | 15.95% | 5.95% | 7.83% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1062652730 |
| Number of Portfolio Holdings | 17 |
| Portfolio Turnover Rate | 40.90% |
| Advisory Fees - net of reimbursement & waiver, if any | $333249 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 57.6% |
| Fixed Income Fund | 35.5% |
| Other assets in excess of liabilities | 6.9% |

---

---

| | |
|:---|:---|
| NVIT Loomis Core Bond Fund, Class Y | 29.8% |
| NVIT U.S. 130/30 Equity Fund, Class Y | 12.7% |
| NVIT GS Large Cap Equity Fund, Class Y | 12.5% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 11.0% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 10.9% |
| NVIT Loomis Short Term Bond Fund, Class Y | 5.9% |
| NVIT GS International Equity Insights Fund, Class Y | 4.8% |
| iShares Core S&P 500 ETF | 3.0% |
| Nationwide Loomis Core Bond Fund, Class R6 | 2.5% |
| NVIT GS Small Cap Equity Insights Fund, Class Y | 2.3% |
| Other Holdings | 4.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Blueprint℠ Managed Growth Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-BP-MGR-I (12-25)

# NVIT Blueprint℠ Managed Growth Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Blueprint℠ Managed Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $44 | 0.42% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

In addition to the underlying funds, a volatility management process determines whether the Fund should increase or decrease equity exposure by buying or selling futures contracts. The volatility overlay was a detractor during the year.

**Top Contributors to Performance**

* NVIT Loomis Core Bond Fund

* NVIT GS International Equity Insights Fund 

* NVIT GS Large Cap Equity Fund

**Top Detractors from Performance**

* NVIT Loomis Short Term High Yield Fund

* iShares Core MSCI EAFE ETF

* JPMorgan Equity Premium Income ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i42c8e972b8501763aa0dedc9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **MSCI ACWI** | **Morningstar<sup>®</sup> Moderate Target Risk Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10621 | $10786 | $10855 |
| **Dec 17** | $12511 | $13371 | $12447 |
| **Dec 18** | $11626 | $12112 | $11855 |
| **Dec 19** | $13418 | $15334 | $14112 |
| **Dec 20** | $14405 | $17825 | $15917 |
| **Dec 21** | $16626 | $21130 | $17541 |
| **Dec 22** | $14093 | $17251 | $14950 |
| **Dec 23** | $15844 | $21080 | $16926 |
| **Dec 24** | $17600 | $24767 | $18326 |
| **Dec 25** | $19363 | $30300 | $21248 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 10.09%<sup>Footnote Reference\*</sup> | 6.09% | 6.83% |
| MSCI ACWI | 22.34% | 11.19% | 11.72% |
| Morningstar<sup>®</sup> Moderate Target Risk Index | 15.95% | 5.95% | 7.83% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please see the Fund's Financial Highlights for additional information. |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1062652730 |
| Number of Portfolio Holdings | 17 |
| Portfolio Turnover Rate | 40.90% |
| Advisory Fees - net of reimbursement & waiver, if any | $333249 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 57.6% |
| Fixed Income Fund | 35.5% |
| Other assets in excess of liabilities | 6.9% |

---

---

| | |
|:---|:---|
| NVIT Loomis Core Bond Fund, Class Y | 29.8% |
| NVIT U.S. 130/30 Equity Fund, Class Y | 12.7% |
| NVIT GS Large Cap Equity Fund, Class Y | 12.5% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 11.0% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 10.9% |
| NVIT Loomis Short Term Bond Fund, Class Y | 5.9% |
| NVIT GS International Equity Insights Fund, Class Y | 4.8% |
| iShares Core S&P 500 ETF | 3.0% |
| Nationwide Loomis Core Bond Fund, Class R6 | 2.5% |
| NVIT GS Small Cap Equity Insights Fund, Class Y | 2.3% |
| Other Holdings | 4.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Blueprint℠ Managed Growth Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-BP-MGR-II (12-25)

# NVIT Blueprint℠ Moderate Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Blueprint℠ Moderate Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $30 | 0.28% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

**Top Contributors to Performance**

* NVIT Loomis Core Bond Fund

* NVIT GS International Equity Insights Fund 

* NVIT GS Large Cap Equity Fund

**Top Detractors from Performance**

* NVIT Loomis Short Term High Yield Fund

* iShares Core MSCI EAFE ETF

* JPMorgan Equity Premium Income ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i899e63a0fbf947a341979334.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **MSCI ACWI** | **Morningstar<sup>®</sup> Moderate Target Risk Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10682 | $10786 | $10855 |
| **Dec 17** | $12183 | $13371 | $12447 |
| **Dec 18** | $11322 | $12112 | $11855 |
| **Dec 19** | $13397 | $15334 | $14112 |
| **Dec 20** | $14839 | $17825 | $15917 |
| **Dec 21** | $16863 | $21130 | $17541 |
| **Dec 22** | $14489 | $17251 | $14950 |
| **Dec 23** | $16655 | $21080 | $16926 |
| **Dec 24** | $18517 | $24767 | $18326 |
| **Dec 25** | $21035 | $30300 | $21248 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 13.60% | 7.23% | 7.72% |
| MSCI ACWI | 22.34% | 11.19% | 11.72% |
| Morningstar<sup>®</sup> Moderate Target Risk Index | 15.95% | 5.95% | 7.83% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1803209738 |
| Number of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 40.03% |
| Advisory Fees - net of reimbursement & waiver, if any | $1776465 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 61.2% |
| Fixed Income Fund | 38.8% |
| Other liabilities in excess of assets<sup>Footnote Reference†</sup> | 0.0% |

---

---

| | |
|:---|:---|
| NVIT Loomis Core Bond Fund, Class Y | 30.3% |
| NVIT U.S. 130/30 Equity Fund, Class Y | 12.4% |
| NVIT GS Large Cap Equity Fund, Class Y | 12.4% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 10.9% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 10.9% |
| NVIT Loomis Short Term Bond Fund, Class Y | 6.0% |
| NVIT GS International Equity Insights Fund, Class Y | 4.7% |
| iShares Core S&P 500 ETF | 3.0% |
| Nationwide Loomis Core Bond Fund, Class R6 | 2.5% |
| NVIT GS Small Cap Equity Insights Fund, Class Y | 2.3% |
| Other Holdings | 4.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount rounds to less than 0.1%. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Blueprint℠ Moderate Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-BP-MOD-I (12-25)

# NVIT Blueprint℠ Moderate Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Blueprint℠ Moderate Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $40 | 0.37% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

**Top Contributors to Performance**

* NVIT Loomis Core Bond Fund

* NVIT GS International Equity Insights Fund 

* NVIT GS Large Cap Equity Fund

**Top Detractors from Performance**

* NVIT Loomis Short Term High Yield Fund

* iShares Core MSCI EAFE ETF

* JPMorgan Equity Premium Income ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i437347c6557e32d820a5d0c4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **MSCI ACWI** | **Morningstar<sup>®</sup> Moderate Target Risk Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10674 | $10786 | $10855 |
| **Dec 17** | $12165 | $13371 | $12447 |
| **Dec 18** | $11303 | $12112 | $11855 |
| **Dec 19** | $13354 | $15334 | $14112 |
| **Dec 20** | $14781 | $17825 | $15917 |
| **Dec 21** | $16771 | $21130 | $17541 |
| **Dec 22** | $14402 | $17251 | $14950 |
| **Dec 23** | $16550 | $21080 | $16926 |
| **Dec 24** | $18364 | $24767 | $18326 |
| **Dec 25** | $20846 | $30300 | $21248 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 13.52% | 7.12% | 7.62% |
| MSCI ACWI | 22.34% | 11.19% | 11.72% |
| Morningstar<sup>®</sup> Moderate Target Risk Index | 15.95% | 5.95% | 7.83% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1803209738 |
| Number of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 40.03% |
| Advisory Fees - net of reimbursement & waiver, if any | $1776465 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 61.2% |
| Fixed Income Fund | 38.8% |
| Other liabilities in excess of assets<sup>Footnote Reference†</sup> | 0.0% |

---

---

| | |
|:---|:---|
| NVIT Loomis Core Bond Fund, Class Y | 30.3% |
| NVIT U.S. 130/30 Equity Fund, Class Y | 12.4% |
| NVIT GS Large Cap Equity Fund, Class Y | 12.4% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 10.9% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 10.9% |
| NVIT Loomis Short Term Bond Fund, Class Y | 6.0% |
| NVIT GS International Equity Insights Fund, Class Y | 4.7% |
| iShares Core S&P 500 ETF | 3.0% |
| Nationwide Loomis Core Bond Fund, Class R6 | 2.5% |
| NVIT GS Small Cap Equity Insights Fund, Class Y | 2.3% |
| Other Holdings | 4.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount rounds to less than 0.1%. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Blueprint℠ Moderate Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-BP-MOD-II (12-25)

# NVIT Blueprint℠ Moderate Fund

# Class Y

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Blueprint℠ Moderate Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class Y | $14 | 0.13% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

**Top Contributors to Performance**

* NVIT Loomis Core Bond Fund

* NVIT GS International Equity Insights Fund 

* NVIT GS Large Cap Equity Fund

**Top Detractors from Performance**

* NVIT Loomis Short Term High Yield Fund

* iShares Core MSCI EAFE ETF

* JPMorgan Equity Premium Income ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i5222a237b486366613257e39.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Y** | **MSCI ACWI** | **Morningstar<sup>®</sup> Moderate Target Risk Index** |
| **Sep 23** | $10000 | $10000 | $10000 |
| **Dec 23** | $10640 | $10769 | $10676 |
| **Dec 24** | $11843 | $12652 | $11559 |
| **Dec 25** | $13475 | $15479 | $13402 |

---

# Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since inception** |
| Class Y - (Inception 09/11/2023) | 13.77% | 13.82% |
| MSCI ACWI | 22.34% | 20.84% |
| Morningstar<sup>®</sup> Moderate Target Risk Index | 15.95% | 13.53% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1803209738 |
| Number of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 40.03% |
| Advisory Fees - net of reimbursement & waiver, if any | $1776465 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 61.2% |
| Fixed Income Fund | 38.8% |
| Other liabilities in excess of assets<sup>Footnote Reference†</sup> | 0.0% |

---

---

| | |
|:---|:---|
| NVIT Loomis Core Bond Fund, Class Y | 30.3% |
| NVIT U.S. 130/30 Equity Fund, Class Y | 12.4% |
| NVIT GS Large Cap Equity Fund, Class Y | 12.4% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 10.9% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 10.9% |
| NVIT Loomis Short Term Bond Fund, Class Y | 6.0% |
| NVIT GS International Equity Insights Fund, Class Y | 4.7% |
| iShares Core S&P 500 ETF | 3.0% |
| Nationwide Loomis Core Bond Fund, Class R6 | 2.5% |
| NVIT GS Small Cap Equity Insights Fund, Class Y | 2.3% |
| Other Holdings | 4.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount rounds to less than 0.1%. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Blueprint℠ Moderate Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-BP-MOD-Y (12-25)

# NVIT Blueprint℠ Moderately Aggressive Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Blueprint℠ Moderately Aggressive Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $32 | 0.30% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

**Top Contributors to Performance**

* NVIT GS International Equity Insights Fund

* NVIT J.P. Morgan U.S. Equity Fund

* NVIT GS Large Cap Equity Fund

**Top Detractors from Performance**

* NVIT Loomis Short Term High Yield Fund

* iShares Core MSCI EAFE ETF

* JPMorgan Equity Premium Income ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i36f1c1c5d66dc0b88ff34c48.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **MSCI ACWI** | **Morningstar<sup>®</sup> Moderately Aggressive Target Risk Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10769 | $10786 | $11019 |
| **Dec 17** | $12724 | $13371 | $13102 |
| **Dec 18** | $11529 | $12112 | $12219 |
| **Dec 19** | $14103 | $15334 | $15025 |
| **Dec 20** | $15846 | $17825 | $17051 |
| **Dec 21** | $18717 | $21130 | $19446 |
| **Dec 22** | $15907 | $17251 | $16436 |
| **Dec 23** | $18781 | $21080 | $19062 |
| **Dec 24** | $21361 | $24767 | $21094 |
| **Dec 25** | $24888 | $30300 | $24986 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 16.51% | 9.45% | 9.55% |
| MSCI ACWI | 22.34% | 11.19% | 11.72% |
| Morningstar<sup>®</sup> Moderately Aggressive Target Risk Index | 18.45% | 7.94% | 9.59% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $493090067 |
| Number of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 47.96% |
| Advisory Fees - net of reimbursement & waiver, if any | $469639 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 78.1% |
| Fixed Income Fund | 21.9% |
| Other liabilities in excess of assets<sup>Footnote Reference†</sup> | 0.0% |

---

---

| | |
|:---|:---|
| NVIT Loomis Core Bond Fund, Class Y | 18.0% |
| NVIT U.S. 130/30 Equity Fund, Class Y | 15.2% |
| NVIT GS Large Cap Equity Fund, Class Y | 14.9% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 13.8% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 13.6% |
| NVIT GS International Equity Insights Fund, Class Y | 8.3% |
| NVIT GS Small Cap Equity Insights Fund, Class Y | 4.1% |
| iShares Core S&P 500 ETF | 3.0% |
| NVIT GS Emerging Markets Equity Insights Fund, Class Y | 2.8% |
| JPMorgan Equity Premium Income ETF | 2.0% |
| Other Holdings | 4.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount rounds to less than 0.1%. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Blueprint℠ Moderately Aggressive Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-BP-MAG-I (12-25)

# NVIT Blueprint℠ Moderately Aggressive Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Blueprint℠ Moderately Aggressive Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $42 | 0.39% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

**Top Contributors to Performance**

* NVIT GS International Equity Insights Fund

* NVIT J.P. Morgan U.S. Equity Fund

* NVIT GS Large Cap Equity Fund

**Top Detractors from Performance**

* NVIT Loomis Short Term High Yield Fund

* iShares Core MSCI EAFE ETF

* JPMorgan Equity Premium Income ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](iceeb31b68d2a87f9727da334.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **MSCI ACWI** | **Morningstar<sup>®</sup> Moderately Aggressive Target Risk Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10759 | $10786 | $11019 |
| **Dec 17** | $12703 | $13371 | $13102 |
| **Dec 18** | $11496 | $12112 | $12219 |
| **Dec 19** | $14052 | $15334 | $15025 |
| **Dec 20** | $15774 | $17825 | $17051 |
| **Dec 21** | $18623 | $21130 | $19446 |
| **Dec 22** | $15806 | $17251 | $16436 |
| **Dec 23** | $18636 | $21080 | $19062 |
| **Dec 24** | $21190 | $24767 | $21094 |
| **Dec 25** | $24671 | $30300 | $24986 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 16.43% | 9.36% | 9.45% |
| MSCI ACWI | 22.34% | 11.19% | 11.72% |
| Morningstar<sup>®</sup> Moderately Aggressive Target Risk Index | 18.45% | 7.94% | 9.59% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $493090067 |
| Number of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 47.96% |
| Advisory Fees - net of reimbursement & waiver, if any | $469639 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 78.1% |
| Fixed Income Fund | 21.9% |
| Other liabilities in excess of assets<sup>Footnote Reference†</sup> | 0.0% |

---

---

| | |
|:---|:---|
| NVIT Loomis Core Bond Fund, Class Y | 18.0% |
| NVIT U.S. 130/30 Equity Fund, Class Y | 15.2% |
| NVIT GS Large Cap Equity Fund, Class Y | 14.9% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 13.8% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 13.6% |
| NVIT GS International Equity Insights Fund, Class Y | 8.3% |
| NVIT GS Small Cap Equity Insights Fund, Class Y | 4.1% |
| iShares Core S&P 500 ETF | 3.0% |
| NVIT GS Emerging Markets Equity Insights Fund, Class Y | 2.8% |
| JPMorgan Equity Premium Income ETF | 2.0% |
| Other Holdings | 4.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount rounds to less than 0.1%. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Blueprint℠ Moderately Aggressive Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-BP-MAG-II (12-25)

# NVIT Blueprint℠ Moderately Aggressive Fund

# Class Y

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Blueprint℠ Moderately Aggressive Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class Y | $16 | 0.15% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

**Top Contributors to Performance**

* NVIT GS International Equity Insights Fund

* NVIT J.P. Morgan U.S. Equity Fund

* NVIT GS Large Cap Equity Fund

**Top Detractors from Performance**

* NVIT Loomis Short Term High Yield Fund

* iShares Core MSCI EAFE ETF

* JPMorgan Equity Premium Income ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i0def0850cc5b6da0ee51cf9c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Y** | **MSCI ACWI** | **Morningstar<sup>®</sup> Moderately Aggressive Target Risk Index** |
| **Sep 23** | $10000 | $10000 | $10000 |
| **Dec 23** | $10707 | $10769 | $10744 |
| **Dec 24** | $12199 | $12652 | $11889 |
| **Dec 25** | $14237 | $15479 | $14083 |

---

# Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since inception** |
| Class Y - (Inception 09/11/2023) | 16.70% | 16.57% |
| MSCI ACWI | 22.34% | 20.84% |
| Morningstar<sup>®</sup> Moderately Aggressive Target Risk Index | 18.45% | 15.99% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $493090067 |
| Number of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 47.96% |
| Advisory Fees - net of reimbursement & waiver, if any | $469639 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 78.1% |
| Fixed Income Fund | 21.9% |
| Other liabilities in excess of assets<sup>Footnote Reference†</sup> | 0.0% |

---

---

| | |
|:---|:---|
| NVIT Loomis Core Bond Fund, Class Y | 18.0% |
| NVIT U.S. 130/30 Equity Fund, Class Y | 15.2% |
| NVIT GS Large Cap Equity Fund, Class Y | 14.9% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 13.8% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 13.6% |
| NVIT GS International Equity Insights Fund, Class Y | 8.3% |
| NVIT GS Small Cap Equity Insights Fund, Class Y | 4.1% |
| iShares Core S&P 500 ETF | 3.0% |
| NVIT GS Emerging Markets Equity Insights Fund, Class Y | 2.8% |
| JPMorgan Equity Premium Income ETF | 2.0% |
| Other Holdings | 4.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount rounds to less than 0.1%. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Blueprint℠ Moderately Aggressive Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-BP-MAG-Y (12-25)

# NVIT Blueprint℠ Moderately Conservative Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Blueprint℠ Moderately Conservative Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $31 | 0.30% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

**Top Contributors to Performance**

* NVIT Loomis Core Bond Fund

* NVIT GS International Equity Insights Fund 

* NVIT U.S. 130/30 Equity Fund

**Top Detractors from Performance**

* NVIT GS Small Cap Equity Insights Fund

* iShares Core MSCI EAFE ETF

* JPMorgan Equity Premium Income ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i86f0b903a4e8db368e0338d8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar<sup>®</sup> Moderately Conservative Target Risk Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10600 | $10265 | $10665 |
| **Dec 17** | $11668 | $10628 | $11824 |
| **Dec 18** | $11122 | $10629 | $11485 |
| **Dec 19** | $12710 | $11556 | $13238 |
| **Dec 20** | $13873 | $12424 | $14804 |
| **Dec 21** | $15153 | $12233 | $15747 |
| **Dec 22** | $13176 | $10641 | $13566 |
| **Dec 23** | $14740 | $11230 | $15043 |
| **Dec 24** | $15889 | $11370 | $16006 |
| **Dec 25** | $17687 | $12200 | $18066 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 11.32% | 4.98% | 5.87% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Morningstar<sup>®</sup> Moderately Conservative Target Risk Index | 12.87% | 4.06% | 6.10% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $463242964 |
| Number of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | 26.08% |
| Advisory Fees - net of reimbursement & waiver, if any | $469225 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Fixed Income Fund | 58.1% |
| Equity Fund | 41.9% |
| Other liabilities in excess of assets<sup>Footnote Reference†</sup> | 0.0% |

---

---

| | |
|:---|:---|
| NVIT Loomis Core Bond Fund, Class Y | 41.0% |
| NVIT Loomis Short Term Bond Fund, Class Y | 11.0% |
| NVIT U.S. 130/30 Equity Fund, Class Y | 9.0% |
| NVIT GS Large Cap Equity Fund, Class Y | 7.6% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 6.0% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 6.0% |
| NVIT GS International Equity Insights Fund, Class Y | 4.3% |
| Nationwide Loomis Core Bond Fund, Class R6 | 4.0% |
| iShares Core S&P 500 ETF | 3.0% |
| JPMorgan Equity Premium Income ETF | 2.0% |
| Other Holdings | 6.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount rounds to less than 0.1%. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Blueprint℠ Moderately Conservative Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-BP-MCON-I (12-25)

# NVIT Blueprint℠ Moderately Conservative Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Blueprint℠ Moderately Conservative Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $41 | 0.39% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

**Top Contributors to Performance**

* NVIT Loomis Core Bond Fund

* NVIT GS International Equity Insights Fund 

* NVIT U.S. 130/30 Equity Fund

**Top Detractors from Performance**

* NVIT GS Small Cap Equity Insights Fund

* iShares Core MSCI EAFE ETF

* JPMorgan Equity Premium Income ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i76983206bc4d74f1070e6131.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar<sup>®</sup> Moderately Conservative Target Risk Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10600 | $10265 | $10665 |
| **Dec 17** | $11648 | $10628 | $11824 |
| **Dec 18** | $11093 | $10629 | $11485 |
| **Dec 19** | $12679 | $11556 | $13238 |
| **Dec 20** | $13827 | $12424 | $14804 |
| **Dec 21** | $15076 | $12233 | $15747 |
| **Dec 22** | $13105 | $10641 | $13566 |
| **Dec 23** | $14638 | $11230 | $15043 |
| **Dec 24** | $15783 | $11370 | $16006 |
| **Dec 25** | $17534 | $12200 | $18066 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 11.10% | 4.86% | 5.78% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Morningstar<sup>®</sup> Moderately Conservative Target Risk Index | 12.87% | 4.06% | 6.10% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $463242964 |
| Number of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | 26.08% |
| Advisory Fees - net of reimbursement & waiver, if any | $469225 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Fixed Income Fund | 58.1% |
| Equity Fund | 41.9% |
| Other liabilities in excess of assets<sup>Footnote Reference†</sup> | 0.0% |

---

---

| | |
|:---|:---|
| NVIT Loomis Core Bond Fund, Class Y | 41.0% |
| NVIT Loomis Short Term Bond Fund, Class Y | 11.0% |
| NVIT U.S. 130/30 Equity Fund, Class Y | 9.0% |
| NVIT GS Large Cap Equity Fund, Class Y | 7.6% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 6.0% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 6.0% |
| NVIT GS International Equity Insights Fund, Class Y | 4.3% |
| Nationwide Loomis Core Bond Fund, Class R6 | 4.0% |
| iShares Core S&P 500 ETF | 3.0% |
| JPMorgan Equity Premium Income ETF | 2.0% |
| Other Holdings | 6.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount rounds to less than 0.1%. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Blueprint℠ Moderately Conservative Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-BP-MCON-II (12-25)

# NVIT Blueprint℠ Moderately Conservative Fund

# Class Y

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Blueprint℠ Moderately Conservative Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class Y | $13 | 0.12% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

**Top Contributors to Performance**

* NVIT Loomis Core Bond Fund

* NVIT GS International Equity Insights Fund 

* NVIT U.S. 130/30 Equity Fund

**Top Detractors from Performance**

* NVIT GS Small Cap Equity Insights Fund

* iShares Core MSCI EAFE ETF

* JPMorgan Equity Premium Income ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i53ed29df044f2f0ceb1295dd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Y** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar<sup>®</sup> Moderately Conservative Target Risk Index** |
| **Sep 23** | $10000 | $10000 | $10000 |
| **Dec 23** | $10575 | $10491 | $10600 |
| **Dec 24** | $11422 | $10622 | $11278 |
| **Dec 25** | $12731 | $11398 | $12730 |

---

# Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since inception** |
| Class Y - (Inception 09/11/2023) | 11.38%<sup>Footnote Reference\*</sup> | 11.05% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | 5.83% |
| Morningstar<sup>®</sup> Moderately Conservative Target Risk Index | 12.87% | 11.02% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please see the Fund's Financial Highlights for additional information. |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $463242964 |
| Number of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | 26.08% |
| Advisory Fees - net of reimbursement & waiver, if any | $469225 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Fixed Income Fund | 58.1% |
| Equity Fund | 41.9% |
| Other liabilities in excess of assets<sup>Footnote Reference†</sup> | 0.0% |

---

---

| | |
|:---|:---|
| NVIT Loomis Core Bond Fund, Class Y | 41.0% |
| NVIT Loomis Short Term Bond Fund, Class Y | 11.0% |
| NVIT U.S. 130/30 Equity Fund, Class Y | 9.0% |
| NVIT GS Large Cap Equity Fund, Class Y | 7.6% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 6.0% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 6.0% |
| NVIT GS International Equity Insights Fund, Class Y | 4.3% |
| Nationwide Loomis Core Bond Fund, Class R6 | 4.0% |
| iShares Core S&P 500 ETF | 3.0% |
| JPMorgan Equity Premium Income ETF | 2.0% |
| Other Holdings | 6.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Amount rounds to less than 0.1%. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Blueprint℠ Moderately Conservative Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-BP-MCON-Y (12-25)

# NVIT BNY Mellon Dynamic U.S. Core Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT BNY Mellon Dynamic U.S. Core Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $66 | 0.61% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund modestly underperformed the benchmark, due mainly to the underweight equity position relative to the benchmark, where the varying actual equity exposure and option premiums cost return. US equity market performance was positive during 2025. The S&P 500<sup>®</sup> Index advanced by 17.88% during the year. Within the Index, ten of the 11 Global Industry Classification Standard (GICS) equity sectors finished in positive territory, led by communication services and information technology, while real estate was the only detractor. Growth stocks outperformed value stocks. US markets navigated a period of policy change in early 2025, including spending and tariff-related measures that contributed to market volatility. Economic activity softened early in the year, with first-quarter gross domestic product (GDP) contracting 0.3% amid a surge in pre-tariff imports. Growth later rebounded, highlighted by 4.3% annualized GDP expansion in the third quarter. Inflation remained elevated but eased modestly in the second half, with the core personal-consumption expenditures price index slowing to 2.7% in November from 2.9% in December 2024. The labor market cooled gradually, with unemployment rising to 4.6% in November from 4.2% a year earlier. Against this backdrop, the Federal Reserve (Fed) held the rates steady in the first half but lowered the fed funds rate by 75 basis points in the second half of the year, entering 2026 with a data-dependent approach aimed at sustaining disinflation while preserving labor market stability. The Bloomberg Long US Treasury Index rose by 5.59% as the feared tariff-driven inflation spike failed to materialize and the fed's rate cuts supported bond returns.

**Top Contributors to Performance**

* The Fund's relative performance is influenced by the following factors: allocation to U.S. equities, U.S. Treasury Bonds, and cash.

* An allocation to long US Treasury bonds, which averaged 8.1% over the period, contributed to return. The bond exposure was driven by an improvement in the term premium, carry and our tactical bond macro signal.

**Top Detractors from Performance**

* The fund maintained its defensive equity target allocation of 90% throughout the period. 

* The use of long call options once again added convexity to the equity position, resulting in an average implemented exposure of 100.5% over the period. 

* Gains from the equity allocation were offset by the options premium and detracted from excess returns. The negative cash position (average of -10%) also detracted.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ib942358662dac3b55d10698b.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **S&P 500<sup>®</sup> Index** |
| **Dec 15** | $10000 | $10000 |
| **Dec 16** | $10363 | $11196 |
| **Dec 17** | $13194 | $13640 |
| **Dec 18** | $13026 | $13043 |
| **Dec 19** | $17925 | $17150 |
| **Dec 20** | $21313 | $20305 |
| **Dec 21** | $27758 | $26135 |
| **Dec 22** | $21623 | $21402 |
| **Dec 23** | $26786 | $27029 |
| **Dec 24** | $32893 | $33791 |
| **Dec 25** | $38545 | $39833 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 17.18% | 12.58% | 14.44% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2486615226 |
| Number of Portfolio Holdings | 514 |
| Portfolio Turnover Rate | 8.40% |
| Advisory Fees - net of reimbursement & waiver, if any | $10034164 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 91.7% |
| Short-Term Investment | 2.9% |
| Repurchase Agreements | 2.4% |
| Other assets in excess of liabilities | 3.0% |

---

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 13.4% |
| Software | 9.7% |
| Interactive Media & Services | 7.6% |
| Technology Hardware, Storage & Peripherals | 6.9% |
| Broadline Retail | 3.7% |
| Financial Services | 3.7% |
| Banks | 3.4% |
| Capital Markets | 3.3% |
| Pharmaceuticals | 3.1% |
| Oil, Gas & Consumable Fuels | 2.5% |
| Other Industries<sup>Footnote Reference#</sup> | 42.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

On November 14, 2025, the Fund entered into a new expense limitation agreement. The expense limitation for the Class I is 0.67%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT BNY Mellon Dynamic U.S. Core Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-USC-I (12-25)

# NVIT BNY Mellon Dynamic U.S. Core Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT BNY Mellon Dynamic U.S. Core Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $94 | 0.86% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund modestly underperformed the benchmark, due mainly to the underweight equity position relative to the benchmark, where the varying actual equity exposure and option premiums cost return. US equity market performance was positive during 2025. The S&P 500<sup>®</sup> Index advanced by 17.88% during the year. Within the Index, ten of the 11 Global Industry Classification Standard (GICS) equity sectors finished in positive territory, led by communication services and information technology, while real estate was the only detractor. Growth stocks outperformed value stocks. US markets navigated a period of policy change in early 2025, including spending and tariff-related measures that contributed to market volatility. Economic activity softened early in the year, with first-quarter gross domestic product (GDP) contracting 0.3% amid a surge in pre-tariff imports. Growth later rebounded, highlighted by 4.3% annualized GDP expansion in the third quarter. Inflation remained elevated but eased modestly in the second half, with the core personal-consumption expenditures price index slowing to 2.7% in November from 2.9% in December 2024. The labor market cooled gradually, with unemployment rising to 4.6% in November from 4.2% a year earlier. Against this backdrop, the Federal Reserve (Fed) held the rates steady in the first half but lowered the fed funds rate by 75 basis points in the second half of the year, entering 2026 with a data-dependent approach aimed at sustaining disinflation while preserving labor market stability. The Bloomberg Long US Treasury Index rose by 5.59% as the feared tariff-driven inflation spike failed to materialize and the fed's rate cuts supported bond returns.

**Top Contributors to Performance**

* The Fund's relative performance is influenced by the following factors: allocation to U.S. equities, U.S. Treasury Bonds, and cash.

* An allocation to long US Treasury bonds, which averaged 8.1% over the period, contributed to return. The bond exposure was driven by an improvement in the term premium, carry and our tactical bond macro signal.

**Top Detractors from Performance**

* The fund maintained its defensive equity target allocation of 90% throughout the period. 

* The use of long call options once again added convexity to the equity position, resulting in an average implemented exposure of 100.5% over the period. 

* Gains from the equity allocation were offset by the options premium and detracted from excess returns. The negative cash position (average of -10%) also detracted.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i0a9c98025fe28ae09163e06e.jpg)

---

| | | |
|:---|:---|:---|
| | **Class II** | **S&P 500<sup>®</sup> Index** |
| **Dec 15** | $10000 | $10000 |
| **Dec 16** | $10332 | $11196 |
| **Dec 17** | $13129 | $13640 |
| **Dec 18** | $12927 | $13043 |
| **Dec 19** | $17753 | $17150 |
| **Dec 20** | $21042 | $20305 |
| **Dec 21** | $27336 | $26135 |
| **Dec 22** | $21251 | $21402 |
| **Dec 23** | $26257 | $27029 |
| **Dec 24** | $32164 | $33791 |
| **Dec 25** | $37603 | $39833 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 16.91% | 12.31% | 14.16% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2486615226 |
| Number of Portfolio Holdings | 514 |
| Portfolio Turnover Rate | 8.40% |
| Advisory Fees - net of reimbursement & waiver, if any | $10034164 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 91.7% |
| Short-Term Investment | 2.9% |
| Repurchase Agreements | 2.4% |
| Other assets in excess of liabilities | 3.0% |

---

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 13.4% |
| Software | 9.7% |
| Interactive Media & Services | 7.6% |
| Technology Hardware, Storage & Peripherals | 6.9% |
| Broadline Retail | 3.7% |
| Financial Services | 3.7% |
| Banks | 3.4% |
| Capital Markets | 3.3% |
| Pharmaceuticals | 3.1% |
| Oil, Gas & Consumable Fuels | 2.5% |
| Other Industries<sup>Footnote Reference#</sup> | 42.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT BNY Mellon Dynamic U.S. Core Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-USC-II (12-25)

# NVIT BNY Mellon Dynamic U.S. Equity Income Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT BNY Mellon Dynamic U.S. Equity Income Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $83 | 0.76% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund outperformed its benchmark in 2025. US equity market performance was positive during 2025. The S&P 500<sup>®</sup> Index advanced by 17.88% during the year. Within the index, ten of the 11 Global Industry Classification Standard (GICS) equity sectors finished in positive territory, led by communication services and information technology, while real estate was the only detractor. Growth stocks outperformed value stocks. US markets navigated a period of policy change in early 2025, including spending and tariff-related measures that contributed to market volatility. Economic activity softened early in the year, with first-quarter gross domestic product (GDP) contracting 0.3% amid a surge in pre-tariff imports. Growth later rebounded, highlighted by 4.3% annualized GDP expansion in the third quarter. Inflation remained elevated but eased modestly in the second half, with the core personal-consumption expenditures price index slowing to 2.7% in November from 2.9% in December 2024. The labor market cooled gradually, with unemployment rising to 4.6% in November from 4.2% a year earlier. Against this backdrop, the Federal Reserve (Fed) held the rates steady in the first half but lowered the fed funds rate by 75 basis points in the second half of the year, entering 2026 with a data-dependent approach aimed at sustaining disinflation while preserving labor market stability. The Bloomberg Long US Treasury Index rose by 5.59% as the feared tariff-driven inflation spike failed to materialize and the fed's rate cuts supported bond returns.

**Top Contributors to Performance**

- The top 2 sectors that contributed to performance were materials and financials.

- The top 2 individual investments that contributed to performance were Newmont Corporation, and CRH public limited.

**Top Detractors from Performance**

- The top 2 sectors that detracted from performance were services and health care.

- The top 2 individual investments that detracted from performance were Omnicom Group Inc, and UnitedHealth Group Incorporated.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ib5eccfc32a18caeed0c1d9d2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 1000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $12044 | $11200 | $11734 |
| **Dec 17** | $13089 | $13630 | $13337 |
| **Dec 18** | $11865 | $12980 | $12234 |
| **Dec 19** | $15063 | $17041 | $15481 |
| **Dec 20** | $15288 | $20584 | $15914 |
| **Dec 21** | $20567 | $26006 | $19918 |
| **Dec 22** | $20335 | $21031 | $18416 |
| **Dec 23** | $22133 | $26611 | $20527 |
| **Dec 24** | $25522 | $33133 | $23477 |
| **Dec 25** | $30277 | $38888 | $26850 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 18.63% | 14.64% | 11.72% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1067918101 |
| Number of Portfolio Holdings | 83 |
| Portfolio Turnover Rate | 83.60% |
| Advisory Fees - net of reimbursement & waiver, if any | $2780486 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 90.1% |
| Short-Term Investment | 2.5% |
| Repurchase Agreements | 1.5% |
| Other assets in excess of liabilities | 5.9% |

---

---

| | |
|:---|:---|
| Banks | 11.9% |
| Oil, Gas & Consumable Fuels | 7.9% |
| Insurance | 7.0% |
| Pharmaceuticals | 6.2% |
| Financial Services | 4.8% |
| Health Care Providers & Services | 4.6% |
| Communications Equipment | 4.0% |
| Capital Markets | 3.9% |
| Aerospace & Defense | 3.5% |
| Semiconductors & Semiconductor Equipment | 3.4% |
| Other Industries<sup>Footnote Reference#</sup> | 42.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT BNY Mellon Dynamic U.S. Equity Income Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-DUSE-I (12-25)

# NVIT BNY Mellon Dynamic U.S. Equity Income Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT BNY Mellon Dynamic U.S. Equity Income Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $102 | 0.93% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund outperformed its benchmark in 2025. US equity market performance was positive during 2025. The S&P 500<sup>®</sup> Index advanced by 17.88% during the year. Within the index, ten of the 11 Global Industry Classification Standard (GICS) equity sectors finished in positive territory, led by communication services and information technology, while real estate was the only detractor. Growth stocks outperformed value stocks. US markets navigated a period of policy change in early 2025, including spending and tariff-related measures that contributed to market volatility. Economic activity softened early in the year, with first-quarter gross domestic product (GDP) contracting 0.3% amid a surge in pre-tariff imports. Growth later rebounded, highlighted by 4.3% annualized GDP expansion in the third quarter. Inflation remained elevated but eased modestly in the second half, with the core personal-consumption expenditures price index slowing to 2.7% in November from 2.9% in December 2024. The labor market cooled gradually, with unemployment rising to 4.6% in November from 4.2% a year earlier. Against this backdrop, the Federal Reserve (Fed) held the rates steady in the first half but lowered the fed funds rate by 75 basis points in the second half of the year, entering 2026 with a data-dependent approach aimed at sustaining disinflation while preserving labor market stability. The Bloomberg Long US Treasury Index rose by 5.59% as the feared tariff-driven inflation spike failed to materialize and the fed's rate cuts supported bond returns.

**Top Contributors to Performance**

- The top 2 sectors that contributed to performance were materials and financials.

- The top 2 individual investments that contributed to performance were Newmont Corporation, and CRH public limited.

**Top Detractors from Performance**

- The top 2 sectors that detracted from performance were services and health care.

- The top 2 individual investments that detracted from performance were Omnicom Group Inc, and UnitedHealth Group Incorporated.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i05faf1b8343171578e103da2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **Russell 1000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $12021 | $11200 | $11734 |
| **Dec 17** | $13035 | $13630 | $13337 |
| **Dec 18** | $11801 | $12980 | $12234 |
| **Dec 19** | $14950 | $17041 | $15481 |
| **Dec 20** | $15158 | $20584 | $15914 |
| **Dec 21** | $20361 | $26006 | $19918 |
| **Dec 22** | $20097 | $21031 | $18416 |
| **Dec 23** | $21836 | $26611 | $20527 |
| **Dec 24** | $25138 | $33133 | $23477 |
| **Dec 25** | $29772 | $38888 | $26850 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 18.43% | 14.45% | 11.53% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1067918101 |
| Number of Portfolio Holdings | 83 |
| Portfolio Turnover Rate | 83.60% |
| Advisory Fees - net of reimbursement & waiver, if any | $2780486 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 90.1% |
| Short-Term Investment | 2.5% |
| Repurchase Agreements | 1.5% |
| Other assets in excess of liabilities | 5.9% |

---

---

| | |
|:---|:---|
| Banks | 11.9% |
| Oil, Gas & Consumable Fuels | 7.9% |
| Insurance | 7.0% |
| Pharmaceuticals | 6.2% |
| Financial Services | 4.8% |
| Health Care Providers & Services | 4.6% |
| Communications Equipment | 4.0% |
| Capital Markets | 3.9% |
| Aerospace & Defense | 3.5% |
| Semiconductors & Semiconductor Equipment | 3.4% |
| Other Industries<sup>Footnote Reference#</sup> | 42.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT BNY Mellon Dynamic U.S. Equity Income Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-DUSE-II (12-25)

# NVIT BNY Mellon Dynamic U.S. Equity Income Fund

# Class X

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT BNY Mellon Dynamic U.S. Equity Income Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class X | $69 | 0.63% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund outperformed its benchmark in 2025. US equity market performance was positive during 2025. The S&P 500<sup>®</sup> Index advanced by 17.88% during the year. Within the index, ten of the 11 Global Industry Classification Standard (GICS) equity sectors finished in positive territory, led by communication services and information technology, while real estate was the only detractor. Growth stocks outperformed value stocks. US markets navigated a period of policy change in early 2025, including spending and tariff-related measures that contributed to market volatility. Economic activity softened early in the year, with first-quarter gross domestic product (GDP) contracting 0.3% amid a surge in pre-tariff imports. Growth later rebounded, highlighted by 4.3% annualized GDP expansion in the third quarter. Inflation remained elevated but eased modestly in the second half, with the core personal-consumption expenditures price index slowing to 2.7% in November from 2.9% in December 2024. The labor market cooled gradually, with unemployment rising to 4.6% in November from 4.2% a year earlier. Against this backdrop, the Federal Reserve (Fed) held the rates steady in the first half but lowered the fed funds rate by 75 basis points in the second half of the year, entering 2026 with a data-dependent approach aimed at sustaining disinflation while preserving labor market stability. The Bloomberg Long US Treasury Index rose by 5.59% as the feared tariff-driven inflation spike failed to materialize and the fed's rate cuts supported bond returns.

**Top Contributors to Performance**

- The top 2 sectors that contributed to performance were materials and financials.

- The top 2 individual investments that contributed to performance were Newmont Corporation, and CRH public limited.

**Top Detractors from Performance**

- The top 2 sectors that detracted from performance were services and health care.

- The top 2 individual investments that detracted from performance were Omnicom Group Inc, and UnitedHealth Group Incorporated.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i4e3f2fd63ae984974418b6e2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class X** | **Russell 1000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **Sep 20** | $10000 | $10000 | $10000 |
| **Dec 20** | $11646 | $11117 | $11370 |
| **Dec 21** | $15688 | $14057 | $14231 |
| **Dec 22** | $15528 | $11368 | $13158 |
| **Dec 23** | $16925 | $14384 | $14666 |
| **Dec 24** | $19546 | $17910 | $16773 |
| **Dec 25** | $23223 | $21021 | $19183 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since inception** |
| Class X - (Inception 09/04/2020) | 18.81% | 14.80% | 17.15% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.97% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 13.30% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1067918101 |
| Number of Portfolio Holdings | 83 |
| Portfolio Turnover Rate | 83.60% |
| Advisory Fees - net of reimbursement & waiver, if any | $2780486 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 90.1% |
| Short-Term Investment | 2.5% |
| Repurchase Agreements | 1.5% |
| Other assets in excess of liabilities | 5.9% |

---

---

| | |
|:---|:---|
| Banks | 11.9% |
| Oil, Gas & Consumable Fuels | 7.9% |
| Insurance | 7.0% |
| Pharmaceuticals | 6.2% |
| Financial Services | 4.8% |
| Health Care Providers & Services | 4.6% |
| Communications Equipment | 4.0% |
| Capital Markets | 3.9% |
| Aerospace & Defense | 3.5% |
| Semiconductors & Semiconductor Equipment | 3.4% |
| Other Industries<sup>Footnote Reference#</sup> | 42.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

On November 14, 2025, the Fund entered into a new expense limitation agreement. The expense limitation for the Class X is 0.68%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT BNY Mellon Dynamic U.S. Equity Income Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-DUSE-X (12-25)

# NVIT BNY Mellon Dynamic U.S. Equity Income Fund

# Class Z

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT BNY Mellon Dynamic U.S. Equity Income Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class Z | $96 | 0.88% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund outperformed its benchmark in 2025. US equity market performance was positive during 2025. The S&P 500<sup>®</sup> Index advanced by 17.88% during the year. Within the index, ten of the 11 Global Industry Classification Standard (GICS) equity sectors finished in positive territory, led by communication services and information technology, while real estate was the only detractor. Growth stocks outperformed value stocks. US markets navigated a period of policy change in early 2025, including spending and tariff-related measures that contributed to market volatility. Economic activity softened early in the year, with first-quarter gross domestic product (GDP) contracting 0.3% amid a surge in pre-tariff imports. Growth later rebounded, highlighted by 4.3% annualized GDP expansion in the third quarter. Inflation remained elevated but eased modestly in the second half, with the core personal-consumption expenditures price index slowing to 2.7% in November from 2.9% in December 2024. The labor market cooled gradually, with unemployment rising to 4.6% in November from 4.2% a year earlier. Against this backdrop, the Federal Reserve (Fed) held the rates steady in the first half but lowered the fed funds rate by 75 basis points in the second half of the year, entering 2026 with a data-dependent approach aimed at sustaining disinflation while preserving labor market stability. The Bloomberg Long US Treasury Index rose by 5.59% as the feared tariff-driven inflation spike failed to materialize and the fed's rate cuts supported bond returns.

**Top Contributors to Performance**

- The top 2 sectors that contributed to performance were materials and financials.

- The top 2 individual investments that contributed to performance were Newmont Corporation, and CRH public limited.

**Top Detractors from Performance**

- The top 2 sectors that detracted from performance were services and health care.

- The top 2 individual investments that detracted from performance were Omnicom Group Inc, and UnitedHealth Group Incorporated.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i9c2c61cff4dea075f3b00e84.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Z** | **Russell 1000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Value Index** |
| **Sep 20** | $10000 | $10000 | $10000 |
| **Dec 20** | $11641 | $11117 | $11370 |
| **Dec 21** | $15640 | $14057 | $14231 |
| **Dec 22** | $15436 | $11368 | $13158 |
| **Dec 23** | $16792 | $14384 | $14666 |
| **Dec 24** | $19333 | $17910 | $16773 |
| **Dec 25** | $22918 | $21021 | $19183 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since inception** |
| Class Z - (Inception 09/04/2020) | 18.55% | 14.51% | 16.86% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.97% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 13.30% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1067918101 |
| Number of Portfolio Holdings | 83 |
| Portfolio Turnover Rate | 83.60% |
| Advisory Fees - net of reimbursement & waiver, if any | $2780486 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 90.1% |
| Short-Term Investment | 2.5% |
| Repurchase Agreements | 1.5% |
| Other assets in excess of liabilities | 5.9% |

---

---

| | |
|:---|:---|
| Banks | 11.9% |
| Oil, Gas & Consumable Fuels | 7.9% |
| Insurance | 7.0% |
| Pharmaceuticals | 6.2% |
| Financial Services | 4.8% |
| Health Care Providers & Services | 4.6% |
| Communications Equipment | 4.0% |
| Capital Markets | 3.9% |
| Aerospace & Defense | 3.5% |
| Semiconductors & Semiconductor Equipment | 3.4% |
| Other Industries<sup>Footnote Reference#</sup> | 42.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

On November 14, 2025, the Fund entered into a new expense limitation agreement. The expense limitation for the Class Z is 0.92%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT BNY Mellon Dynamic U.S. Equity Income Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-DUSE-Z (12-25)

# NVIT Bond Index Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Bond Index Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $41 | 0.39% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
As the Fund seeks to match the performance of the Bloomberg U.S. Aggregate Bond Index, factors affecting the Index's composition and performance also impact the Fund. Despite policy and geopolitical uncertainty in 2025, economic data and Federal Reserve communication supported expectations for gradual easing. The FOMC held rates at 4.25%–4.50% through midyear as growth moderated, inflation trended lower, and the labor market cooled modestly. Treasury yields declined as rate cuts were priced in, with 25bp cuts in September and December. The year ended with strong returns for bonds and equities amid resilient investor sentiment globally.

**Top Contributors to Performance**

* The top 2 sectors that contributed to performance are treasuries and corporates. 

**Top Detractors from Performance**

* The 2 sectors that detracted from performance most are securitized and government related. 

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i43f3562cfd551be88985b3e5.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** |
| **Dec 15** | $10000 | $10000 |
| **Dec 16** | $10226 | $10265 |
| **Dec 17** | $10545 | $10628 |
| **Dec 18** | $10507 | $10629 |
| **Dec 19** | $11389 | $11556 |
| **Dec 20** | $12209 | $12424 |
| **Dec 21** | $11955 | $12233 |
| **Dec 22** | $10354 | $10641 |
| **Dec 23** | $10892 | $11230 |
| **Dec 24** | $11010 | $11370 |
| **Dec 25** | $11758 | $12200 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 6.80% | -0.75% | 1.63% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1184122709 |
| Number of Portfolio Holdings | 4834 |
| Portfolio Turnover Rate | 73.41% |
| Advisory Fees - net of reimbursement & waiver, if any | $3929175 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 45.1% |
| Mortgage-Backed Securities | 24.0% |
| Corporate Bonds | 23.8% |
| Repurchase Agreements | 4.4% |
| Foreign Government Securities | 1.5% |
| Commercial Mortgage-Backed Securities | 1.4% |
| Supranational | 1.3% |
| U.S. Government Agency Securities | 0.6% |
| Other liabilities in excess of assets | -2.1% |

---

---

| | |
|:---|:---|
| Banks | 4.0% |
| Electric Utilities | 1.8% |
| Oil, Gas & Consumable Fuels | 1.6% |
| Capital Markets | 1.5% |
| Health Care Providers & Services | 1.0% |
| Consumer Finance | 0.8% |
| Pharmaceuticals | 0.8% |
| Insurance | 0.6% |
| Semiconductors & Semiconductor Equipment | 0.6% |
| Diversified Telecommunication Services | 0.6% |
| Other Industries<sup>Footnote Reference#</sup> | 86.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Bond Index Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-BDX-I (12-25)

# NVIT Bond Index Fund

# Class Y

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Bond Index Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class Y | $25 | 0.24% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
As the Fund seeks to match the performance of the Bloomberg U.S. Aggregate Bond Index, factors affecting the Index's composition and performance also impact the Fund. Despite policy and geopolitical uncertainty in 2025, economic data and Federal Reserve communication supported expectations for gradual easing. The FOMC held rates at 4.25%–4.50% through midyear as growth moderated, inflation trended lower, and the labor market cooled modestly. Treasury yields declined as rate cuts were priced in, with 25bp cuts in September and December. The year ended with strong returns for bonds and equities amid resilient investor sentiment globally.

**Top Contributors to Performance**

* The top 2 sectors that contributed to performance are treasuries and corporates. 

**Top Detractors from Performance**

* The 2 sectors that detracted from performance most are securitized and government related. 

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i7850fc8ff5be4d5b6158477a.jpg)

---

| | | |
|:---|:---|:---|
| | **Class Y** | **Bloomberg U.S. Aggregate Bond Index** |
| **Dec 15** | $10000 | $10000 |
| **Dec 16** | $10240 | $10265 |
| **Dec 17** | $10581 | $10628 |
| **Dec 18** | $10549 | $10629 |
| **Dec 19** | $11459 | $11556 |
| **Dec 20** | $12299 | $12424 |
| **Dec 21** | $12062 | $12233 |
| **Dec 22** | $10466 | $10641 |
| **Dec 23** | $11029 | $11230 |
| **Dec 24** | $11155 | $11370 |
| **Dec 25** | $11942 | $12200 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 7.06% | -0.59% | 1.79% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1184122709 |
| Number of Portfolio Holdings | 4834 |
| Portfolio Turnover Rate | 73.41% |
| Advisory Fees - net of reimbursement & waiver, if any | $3929175 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 45.1% |
| Mortgage-Backed Securities | 24.0% |
| Corporate Bonds | 23.8% |
| Repurchase Agreements | 4.4% |
| Foreign Government Securities | 1.5% |
| Commercial Mortgage-Backed Securities | 1.4% |
| Supranational | 1.3% |
| U.S. Government Agency Securities | 0.6% |
| Other liabilities in excess of assets | -2.1% |

---

---

| | |
|:---|:---|
| Banks | 4.0% |
| Electric Utilities | 1.8% |
| Oil, Gas & Consumable Fuels | 1.6% |
| Capital Markets | 1.5% |
| Health Care Providers & Services | 1.0% |
| Consumer Finance | 0.8% |
| Pharmaceuticals | 0.8% |
| Insurance | 0.6% |
| Semiconductors & Semiconductor Equipment | 0.6% |
| Diversified Telecommunication Services | 0.6% |
| Other Industries<sup>Footnote Reference#</sup> | 86.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Bond Index Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-BDX-Y (12-25)

# NVIT DoubleLine Total Return Tactical Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT DoubleLine Total Return Tactical Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $58 | 0.56% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund outperformed the benchmark during the 2025 calendar year. This was a relatively favorable environment for short and intermediate U.S. fixed income assets as the Federal Reserve delivered three policy rate cuts totaling 75 basis points during the period. Credit spreads generally tightened despite a significant volatility episode in April when sweeping new tariff policy was announced by the White House. The portfolio handled the market volatility well and benefited from its diversified mix of government, agency, and credit holdings.

**Top Contributors to Performance**

* The top 3 contributors in order were Agency mortgage-backed securities ("MBS"), U.S. Treasuries, and Non-Agency MBS. 

* The MBS enjoyed strong credit spread tightening during the year, and the U.S. Treasuries drove performance via actively managed duration and yield curve exposure

**Top Detractors from Performance**

* No sectors generated a negative return during the year, but the smallest contributors to performance were collateralized loan obligations, asset-backed securities, and bank loans. 

* These sectors still generated strong gains but did not benefit as much as the broader market from duration-related price increases or credit spread tightening.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ib0b178f39641aed67ab76209.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** |
| **Oct 17** | $10000 | $10000 |
| **Dec 17** | $10003 | $10006 |
| **Dec 18** | $10034 | $10007 |
| **Dec 19** | $10723 | $10880 |
| **Dec 20** | $11134 | $11697 |
| **Dec 21** | $11129 | $11517 |
| **Dec 22** | $9699 | $10018 |
| **Dec 23** | $10284 | $10572 |
| **Dec 24** | $10662 | $10704 |
| **Dec 25** | $11473 | $11486 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since inception** |
| Class I - (Inception 10/16/2017) | 7.72%<sup>Footnote Reference\*</sup> | 0.60% | 1.69% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 1.70% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please see the Fund's Financial Highlights for additional information. |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $104281629 |
| Number of Portfolio Holdings | 569 |
| Portfolio Turnover Rate | 34.94% |
| Advisory Fees - net of reimbursement & waiver, if any | $376595 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Collateralized Mortgage Obligations | 20.9% |
| U.S. Treasury Obligations | 20.3% |
| Mortgage-Backed Securities | 15.8% |
| Corporate Bonds | 12.2% |
| Asset-Backed Securities | 12.1% |
| Commercial Mortgage-Backed Securities | 7.7% |
| Short-Term Investment | 6.2% |
| Investment Company | 1.0% |
| Foreign Government Securities | 0.5% |
| Other assets in excess of liabilities | 3.3% |

---

---

| | |
|:---|:---|
| Banks | 1.2% |
| Oil, Gas & Consumable Fuels | 1.1% |
| Electric Utilities | 0.9% |
| Ground Transportation | 0.6% |
| Hotels, Restaurants & Leisure | 0.6% |
| Other Industries | 95.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT DoubleLine Total Return Tactical Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-TRT-I (12-25)

# NVIT DoubleLine Total Return Tactical Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT DoubleLine Total Return Tactical Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $102 | 0.98% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund outperformed the benchmark during the 2025 calendar year. This was a relatively favorable environment for short and intermediate U.S. fixed income assets as the Federal Reserve delivered three policy rate cuts totaling 75 basis points during the period. Credit spreads generally tightened despite a significant volatility episode in April when sweeping new tariff policy was announced by the White House. The portfolio handled the market volatility well and benefited from its diversified mix of government, agency, and credit holdings.

**Top Contributors to Performance**

* The top 3 contributors in order were Agency mortgage-backed securities ("MBS"), U.S. Treasuries, and Non-Agency MBS. 

* The MBS enjoyed strong credit spread tightening during the year, and the U.S. Treasuries drove performance via actively managed duration and yield curve exposure

**Top Detractors from Performance**

* No sectors generated a negative return during the year, but the smallest contributors to performance were collateralized loan obligations, asset-backed securities, and bank loans. 

* These sectors still generated strong gains but did not benefit as much as the broader market from duration-related price increases or credit spread tightening.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i4bc9ddcdd14ea670e015af95.jpg)

---

| | | |
|:---|:---|:---|
| | **Class II** | **Bloomberg U.S. Aggregate Bond Index** |
| **Oct 17** | $10000 | $10000 |
| **Dec 17** | $10001 | $10006 |
| **Dec 18** | $10031 | $10007 |
| **Dec 19** | $10692 | $10880 |
| **Dec 20** | $11092 | $11697 |
| **Dec 21** | $11042 | $11517 |
| **Dec 22** | $9583 | $10018 |
| **Dec 23** | $10126 | $10572 |
| **Dec 24** | $10448 | $10704 |
| **Dec 25** | $11212 | $11486 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since inception** |
| Class II - (Inception 10/16/2017) | 7.31% | 0.22% | 1.40% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 1.70% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $104281629 |
| Number of Portfolio Holdings | 569 |
| Portfolio Turnover Rate | 34.94% |
| Advisory Fees - net of reimbursement & waiver, if any | $376595 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Collateralized Mortgage Obligations | 20.9% |
| U.S. Treasury Obligations | 20.3% |
| Mortgage-Backed Securities | 15.8% |
| Corporate Bonds | 12.2% |
| Asset-Backed Securities | 12.1% |
| Commercial Mortgage-Backed Securities | 7.7% |
| Short-Term Investment | 6.2% |
| Investment Company | 1.0% |
| Foreign Government Securities | 0.5% |
| Other assets in excess of liabilities | 3.3% |

---

---

| | |
|:---|:---|
| Banks | 1.2% |
| Oil, Gas & Consumable Fuels | 1.1% |
| Electric Utilities | 0.9% |
| Ground Transportation | 0.6% |
| Hotels, Restaurants & Leisure | 0.6% |
| Other Industries | 95.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT DoubleLine Total Return Tactical Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-TRT-II (12-25)

# NVIT DoubleLine Total Return Tactical Fund

# Class Y

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT DoubleLine Total Return Tactical Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class Y | $60 | 0.58% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund outperformed the benchmark during the 2025 calendar year. This was a relatively favorable environment for short and intermediate U.S. fixed income assets as the Federal Reserve delivered three policy rate cuts totaling 75 basis points during the period. Credit spreads generally tightened despite a significant volatility episode in April when sweeping new tariff policy was announced by the White House. The portfolio handled the market volatility well and benefited from its diversified mix of government, agency, and credit holdings.

**Top Contributors to Performance**

* The top 3 contributors in order were Agency mortgage-backed securities ("MBS"), U.S. Treasuries, and Non-Agency MBS. 

* The MBS enjoyed strong credit spread tightening during the year, and the U.S. Treasuries drove performance via actively managed duration and yield curve exposure

**Top Detractors from Performance**

* No sectors generated a negative return during the year, but the smallest contributors to performance were collateralized loan obligations, asset-backed securities, and bank loans. 

* These sectors still generated strong gains but did not benefit as much as the broader market from duration-related price increases or credit spread tightening.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ib0f2acd0fb8c8f08d3cffe81.jpg)

---

| | | |
|:---|:---|:---|
| | **Class Y** | **Bloomberg U.S. Aggregate Bond Index** |
| **Oct 17** | $10000 | $10000 |
| **Dec 17** | $10009 | $10006 |
| **Dec 18** | $10061 | $10007 |
| **Dec 19** | $10770 | $10880 |
| **Dec 20** | $11211 | $11697 |
| **Dec 21** | $11211 | $11517 |
| **Dec 22** | $9772 | $10018 |
| **Dec 23** | $10363 | $10572 |
| **Dec 24** | $10739 | $10704 |
| **Dec 25** | $11565 | $11486 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since inception** |
| Class Y - (Inception 10/16/2017) | 7.69% | 0.62% | 1.79% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 1.70% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $104281629 |
| Number of Portfolio Holdings | 569 |
| Portfolio Turnover Rate | 34.94% |
| Advisory Fees - net of reimbursement & waiver, if any | $376595 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Collateralized Mortgage Obligations | 20.9% |
| U.S. Treasury Obligations | 20.3% |
| Mortgage-Backed Securities | 15.8% |
| Corporate Bonds | 12.2% |
| Asset-Backed Securities | 12.1% |
| Commercial Mortgage-Backed Securities | 7.7% |
| Short-Term Investment | 6.2% |
| Investment Company | 1.0% |
| Foreign Government Securities | 0.5% |
| Other assets in excess of liabilities | 3.3% |

---

---

| | |
|:---|:---|
| Banks | 1.2% |
| Oil, Gas & Consumable Fuels | 1.1% |
| Electric Utilities | 0.9% |
| Ground Transportation | 0.6% |
| Hotels, Restaurants & Leisure | 0.6% |
| Other Industries | 95.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT DoubleLine Total Return Tactical Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-TRT-Y (12-25)

# NVIT Fidelity Institutional AM<sup>®</sup> Emerging Markets Fund

# Class D

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Fidelity Institutional AM<sup>®</sup> Emerging Markets Fund (the "Fund") (formerly known as NVIT Emerging Markets Fund) for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class D | $168 | 1.43% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
For the year ending December 31, 2025, the Fund gained 40.1% and outperformed the benchmark. Since inception in March 2025, the portfolio gained 34.5%, outperforming the 28.6% return of the benchmark. This result was driven by strong security selection, though the Fund also faced some headwinds.

Turning to individual stocks, an overweight investment in Samsung Electronics (+134%), from the information technology sector, was the biggest contributor to relative performance. An overweight position in Impala Platinum Holdings (+244%), a security in the materials sector, contributed to relative performance. From the financials sector, overweight positions in China Life Insurance (+92%) and National Bank of Greece (+102%) helped the portfolio's relative performance. Lastly, an overweight position in Hansoh Pharmaceutical (+108%), within the health care sector, also helped the portfolio's relative performance. Conversely, in the information technology sector, not owning SK Hynix (+286%) was the biggest detractor from relative performance. Also in the information technology sector, an overweight position in Tata Consultancy Services (-24%) detracted from relative performance. An underweight position in Alibaba (+4%) and an overweight position in Eclat Textile (-18%), within the consumer discretionary sector, hurt the portfolio's relative performance. Lastly, an investment in Hiwin Technologies (-38%), from the industrials sector, also hurt.

**Top Contributors to Performance**

* The top sectors contributing to performance were financials, materials, and healthcare. 

* The top countries contributing to performance were South Africa, India and Greece. 

* The top individual investments contributing to performance were Robinhood Markets Inc., Taiwan Semiconductor Manufacturing Co., and Eli Lilly. 

**Top Detractors from Performance**

* The top sectors detracting from performance were consumer discretionary, industrials and energy. 

* The top countries detracting from performance were Taiwan, China and Mexico. 

* The top individual investments detracting from performance were DraftKings Holdings, Apple Inc., and Meta Platforms.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ie6220d476eba0e30ac7531e8.jpg)

---

| | | |
|:---|:---|:---|
| | **Class D** | **MSCI Emerging Markets<sup>®</sup> Index** |
| **Jul 16** | $10000 | $10000 |
| **Dec 16** | $9825 | $9926 |
| **Dec 17** | $13862 | $13626 |
| **Dec 18** | $11407 | $11640 |
| **Dec 19** | $13983 | $13784 |
| **Dec 20** | $15790 | $16308 |
| **Dec 21** | $14592 | $15893 |
| **Dec 22** | $10945 | $12700 |
| **Dec 23** | $11361 | $13949 |
| **Dec 24** | $12041 | $14995 |
| **Dec 25** | $16348 | $20029 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since inception** |
| Class D - (Inception 07/29/2016) | 35.77% | 0.70% | 5.35% |
| MSCI Emerging Markets<sup>®</sup> Index | 33.57% | 4.20% | 7.65% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $526590315 |
| Number of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 99.34% |
| Advisory Fees - net of reimbursement & waiver, if any | $1545604 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 99.7% |
| Other assets in excess of liabilities | 0.3% |

---

---

| | |
|:---|:---|
| China | 29.9% |
| Taiwan | 14.9% |
| South Korea | 11.9% |
| India | 8.1% |
| Mexico | 7.5% |
| South Africa | 4.0% |
| Greece | 3.6% |
| Brazil | 3.1% |
| Hungary | 2.9% |
| Saudi Arabia | 2.5% |
| Other Countries | 11.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

1. Effective end of business February 28, 2025, the NVIT Emerging Markets Fund was renamed "NVIT Fidelity Institutional AM<sup>®</sup> Emerging Markets Fund".

2. Effective end of business February 28, 2025, the subadviser was changed from NS Partners Ltd. to FIAM LLC.

3. Effective July 1, 2025, the expense limitation rate changed from 1.20% to 0.97%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Fidelity Institutional AM<sup>®</sup> Emerging Markets Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-EM-D (12-25)

# NVIT Fidelity Institutional AM<sup>®</sup> Emerging Markets Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Fidelity Institutional AM<sup>®</sup> Emerging Markets Fund (the "Fund") (formerly known as NVIT Emerging Markets Fund) for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $126 | 1.06% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
For the year ending December 31, 2025, the Fund gained 40.1% and outperformed the benchmark. Since inception in March 2025, the portfolio gained 34.5%, outperforming the 28.6% return of the benchmark. This result was driven by strong security selection, though the Fund also faced some headwinds.

Turning to individual stocks, an overweight investment in Samsung Electronics (+134%), from the information technology sector, was the biggest contributor to relative performance. An overweight position in Impala Platinum Holdings (+244%), a security in the materials sector, contributed to relative performance. From the financials sector, overweight positions in China Life Insurance (+92%) and National Bank of Greece (+102%) helped the portfolio's relative performance. Lastly, an overweight position in Hansoh Pharmaceutical (+108%), within the health care sector, also helped the portfolio's relative performance. Conversely, in the information technology sector, not owning SK Hynix (+286%) was the biggest detractor from relative performance. Also in the information technology sector, an overweight position in Tata Consultancy Services (-24%) detracted from relative performance. An underweight position in Alibaba (+4%) and an overweight position in Eclat Textile (-18%), within the consumer discretionary sector, hurt the portfolio's relative performance. Lastly, an investment in Hiwin Technologies (-38%), from the industrials sector, also hurt.

**Top Contributors to Performance**

* The top sectors contributing to performance were financials, materials, and healthcare. 

* The top countries contributing to performance were South Africa, India and Greece. 

* The top individual investments contributing to performance were Robinhood Markets Inc., Taiwan Semiconductor Manufacturing Co., and Eli Lilly. 

**Top Detractors from Performance**

* The top sectors detracting from performance were consumer discretionary, industrials and energy. 

* The top countries detracting from performance were Taiwan, China and Mexico. 

* The top individual investments detracting from performance were DraftKings Holdings, Apple Inc., and Meta Platforms.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i99b2029ff7daf7f9ce368b49.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI Emerging Markets<sup>®</sup> Index** |
| **Dec 15** | $10000 | $10000 |
| **Dec 16** | $10772 | $11119 |
| **Dec 17** | $15242 | $15264 |
| **Dec 18** | $12587 | $13039 |
| **Dec 19** | $15476 | $15440 |
| **Dec 20** | $17534 | $18267 |
| **Dec 21** | $16258 | $17804 |
| **Dec 22** | $12235 | $14227 |
| **Dec 23** | $12744 | $15625 |
| **Dec 24** | $13545 | $16797 |
| **Dec 25** | $18441 | $22436 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 36.15% | 1.01% | 6.31% |
| MSCI Emerging Markets<sup>®</sup> Index | 33.57% | 4.20% | 8.42% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $526590315 |
| Number of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 99.34% |
| Advisory Fees - net of reimbursement & waiver, if any | $1545604 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 99.7% |
| Other assets in excess of liabilities | 0.3% |

---

---

| | |
|:---|:---|
| China | 29.9% |
| Taiwan | 14.9% |
| South Korea | 11.9% |
| India | 8.1% |
| Mexico | 7.5% |
| South Africa | 4.0% |
| Greece | 3.6% |
| Brazil | 3.1% |
| Hungary | 2.9% |
| Saudi Arabia | 2.5% |
| Other Countries | 11.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

1. Effective end of business February 28, 2025, the NVIT Emerging Markets Fund was renamed "NVIT Fidelity Institutional AM<sup>®</sup> Emerging Markets Fund".

2. Effective end of business February 28, 2025, the subadviser was changed from NS Partners Ltd. to FIAM LLC.

3. Effective July 1, 2025, the expense limitation rate changed from 1.20% to 0.97%.

4. On November 14, 2025, the Fund entered into a new expense limitation agreement. The expense limitation for the Class I is 1.13%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Fidelity Institutional AM<sup>®</sup> Emerging Markets Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-EM-I (12-25)

# NVIT Fidelity Institutional AM<sup>®</sup> Emerging Markets Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Fidelity Institutional AM<sup>®</sup> Emerging Markets Fund (the "Fund") (formerly known as NVIT Emerging Markets Fund) for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $159 | 1.35% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
For the year ending December 31, 2025, the Fund gained 40.1% and outperformed the benchmark. Since inception in March 2025, the portfolio gained 34.5%, outperforming the 28.6% return of the benchmark. This result was driven by strong security selection, though the Fund also faced some headwinds.

Turning to individual stocks, an overweight investment in Samsung Electronics (+134%), from the information technology sector, was the biggest contributor to relative performance. An overweight position in Impala Platinum Holdings (+244%), a security in the materials sector, contributed to relative performance. From the financials sector, overweight positions in China Life Insurance (+92%) and National Bank of Greece (+102%) helped the portfolio's relative performance. Lastly, an overweight position in Hansoh Pharmaceutical (+108%), within the health care sector, also helped the portfolio's relative performance. Conversely, in the information technology sector, not owning SK Hynix (+286%) was the biggest detractor from relative performance. Also in the information technology sector, an overweight position in Tata Consultancy Services (-24%) detracted from relative performance. An underweight position in Alibaba (+4%) and an overweight position in Eclat Textile (-18%), within the consumer discretionary sector, hurt the portfolio's relative performance. Lastly, an investment in Hiwin Technologies (-38%), from the industrials sector, also hurt.

**Top Contributors to Performance**

* The top sectors contributing to performance were financials, materials, and healthcare. 

* The top countries contributing to performance were South Africa, India and Greece. 

* The top individual investments contributing to performance were Robinhood Markets Inc., Taiwan Semiconductor Manufacturing Co., and Eli Lilly. 

**Top Detractors from Performance**

* The top sectors detracting from performance were consumer discretionary, industrials and energy. 

* The top countries detracting from performance were Taiwan, China and Mexico. 

* The top individual investments detracting from performance were DraftKings Holdings, Apple Inc., and Meta Platforms.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](iee12b418455699b1f8b83c02.jpg)

---

| | | |
|:---|:---|:---|
| | **Class II** | **MSCI Emerging Markets<sup>®</sup> Index** |
| **Dec 15** | $10000 | $10000 |
| **Dec 16** | $10748 | $11119 |
| **Dec 17** | $15178 | $15264 |
| **Dec 18** | $12498 | $13039 |
| **Dec 19** | $15331 | $15440 |
| **Dec 20** | $17324 | $18267 |
| **Dec 21** | $16023 | $17804 |
| **Dec 22** | $12030 | $14227 |
| **Dec 23** | $12495 | $15625 |
| **Dec 24** | $13244 | $16797 |
| **Dec 25** | $17983 | $22436 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 35.78% | 0.75% | 6.04% |
| MSCI Emerging Markets<sup>®</sup> Index | 33.57% | 4.20% | 8.42% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $526590315 |
| Number of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 99.34% |
| Advisory Fees - net of reimbursement & waiver, if any | $1545604 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 99.7% |
| Other assets in excess of liabilities | 0.3% |

---

---

| | |
|:---|:---|
| China | 29.9% |
| Taiwan | 14.9% |
| South Korea | 11.9% |
| India | 8.1% |
| Mexico | 7.5% |
| South Africa | 4.0% |
| Greece | 3.6% |
| Brazil | 3.1% |
| Hungary | 2.9% |
| Saudi Arabia | 2.5% |
| Other Countries | 11.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

1. Effective end of business February 28, 2025, the NVIT Emerging Markets Fund was renamed "NVIT Fidelity Institutional AM<sup>®</sup> Emerging Markets Fund".

2. Effective end of business February 28, 2025, the subadviser was changed from NS Partners Ltd. to FIAM LLC.

3. Effective July 1, 2025, the expense limitation rate changed from 1.20% to 0.97%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Fidelity Institutional AM<sup>®</sup> Emerging Markets Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-EM-II (12-25)

# NVIT Fidelity Institutional AM<sup>®</sup> Emerging Markets Fund

# Class Y

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Fidelity Institutional AM<sup>®</sup> Emerging Markets Fund (the "Fund") (formerly known as NVIT Emerging Markets Fund) for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class Y | $104 | 0.88% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
For the year ending December 31, 2025, the Fund gained 40.1% and outperformed the benchmark. Since inception in March 2025, the portfolio gained 34.5%, outperforming the 28.6% return of the benchmark. This result was driven by strong security selection, though the Fund also faced some headwinds.

Turning to individual stocks, an overweight investment in Samsung Electronics (+134%), from the information technology sector, was the biggest contributor to relative performance. An overweight position in Impala Platinum Holdings (+244%), a security in the materials sector, contributed to relative performance. From the financials sector, overweight positions in China Life Insurance (+92%) and National Bank of Greece (+102%) helped the portfolio's relative performance. Lastly, an overweight position in Hansoh Pharmaceutical (+108%), within the health care sector, also helped the portfolio's relative performance. Conversely, in the information technology sector, not owning SK Hynix (+286%) was the biggest detractor from relative performance. Also in the information technology sector, an overweight position in Tata Consultancy Services (-24%) detracted from relative performance. An underweight position in Alibaba (+4%) and an overweight position in Eclat Textile (-18%), within the consumer discretionary sector, hurt the portfolio's relative performance. Lastly, an investment in Hiwin Technologies (-38%), from the industrials sector, also hurt.

**Top Contributors to Performance**

* The top sectors contributing to performance were financials, materials, and healthcare. 

* The top countries contributing to performance were South Africa, India and Greece. 

* The top individual investments contributing to performance were Robinhood Markets Inc., Taiwan Semiconductor Manufacturing Co., and Eli Lilly. 

**Top Detractors from Performance**

* The top sectors detracting from performance were consumer discretionary, industrials and energy. 

* The top countries detracting from performance were Taiwan, China and Mexico. 

* The top individual investments detracting from performance were DraftKings Holdings, Apple Inc., and Meta Platforms.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i1cf78045e3a237eaaf2e460a.jpg)

---

| | | |
|:---|:---|:---|
| | **Class Y** | **MSCI Emerging Markets<sup>®</sup> Index** |
| **Dec 15** | $10000 | $10000 |
| **Dec 16** | $10794 | $11119 |
| **Dec 17** | $15295 | $15264 |
| **Dec 18** | $12642 | $13039 |
| **Dec 19** | $15580 | $15440 |
| **Dec 20** | $17664 | $18267 |
| **Dec 21** | $16401 | $17804 |
| **Dec 22** | $12367 | $14227 |
| **Dec 23** | $12902 | $15625 |
| **Dec 24** | $13726 | $16797 |
| **Dec 25** | $18718 | $22436 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 36.61%<sup>Footnote Reference\*</sup> | 1.17% | 6.47% |
| MSCI Emerging Markets<sup>®</sup> Index | 33.57% | 4.20% | 8.42% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please see the Fund's Financial Highlights for additional information. |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $526590315 |
| Number of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 99.34% |
| Advisory Fees - net of reimbursement & waiver, if any | $1545604 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 99.7% |
| Other assets in excess of liabilities | 0.3% |

---

---

| | |
|:---|:---|
| China | 29.9% |
| Taiwan | 14.9% |
| South Korea | 11.9% |
| India | 8.1% |
| Mexico | 7.5% |
| South Africa | 4.0% |
| Greece | 3.6% |
| Brazil | 3.1% |
| Hungary | 2.9% |
| Saudi Arabia | 2.5% |
| Other Countries | 11.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

1. Effective end of business February 28, 2025, the NVIT Emerging Markets Fund was renamed "NVIT Fidelity Institutional AM<sup>®</sup> Emerging Markets Fund".

2. Effective end of business February 28, 2025, the subadviser was changed from NS Partners Ltd. to FIAM LLC.

3. Effective July 1, 2025, the expense limitation rate changed from 1.20% to 0.97%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Fidelity Institutional AM<sup>®</sup> Emerging Markets Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-EM-Y (12-25)

# NVIT Fidelity Institutional AM<sup>®</sup> Worldwide Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Fidelity Institutional AM<sup>®</sup> Worldwide Fund (the "Fund") for the period of April 28, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $61 | 0.78% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund outperformed the benchmark during the period since inception in April 2025. Security selection drove positive performance, primarily with selection within the Financials sector. Conversely, selection within Communication Services detracted from performance. Additionally, sector allocation was additive to performance. The underweight in the Consumer Staples and Health Care sectors contributed to relative performance, while the overweight in Consumer Discretionary detracted.

**Top Contributors to Performance**

* The top sectors that contributed to performance are Financials and Consumer Staples, and Health Care.

* The top countries that contributed to performance are Switzerland, Spain, and Taiwan.

* The top contributors included overweight positions in Robinhood Markets, Semiconductor Manufacturing, and Eli Lilly. 

**Top Detractors from Performance**

* The top sectors that detracted from performance are Consumer Discretionary, Information Technology and Communication Services.

* The top countries that detracted from performance are Sweden, Denmark and China. 

* The main individual detractors were DraftKings, Apple, and Meta Platforms. 

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i79ca4af2c097f26f72936859.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **MSCI ACWI** | **MSCI World Index - Net Return** |
| **Apr 25** | $10000 | $10000 | $10000 |
| **Dec 25** | $12866 | $12234 | $12109 |

---

# Average Annual Total Returns

---

| | |
|:---|:---|
| | **Since inception<sup>Footnote Reference^</sup>** |
| Class I - (Inception 04/25/2025) | 28.66% |
| MSCI ACWI | 24.92% |
| MSCI World Index - Net Return | 24.27% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Not annualized. |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $232823913 |
| Number of Portfolio Holdings | 161 |
| Portfolio Turnover Rate | 90.45% |
| Advisory Fees - net of reimbursement & waiver, if any | $68458 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 99.6% |
| Repurchase Agreements | 3.1% |
| Other liabilities in excess of assets | -2.7% |

---

---

| | |
|:---|:---|
| United States | 64.1% |
| United Kingdom | 4.9% |
| Japan | 4.0% |
| Taiwan | 3.6% |
| Switzerland | 2.0% |
| Sweden | 2.0% |
| Spain | 1.9% |
| Canada | 1.8% |
| China | 1.7% |
| Italy | 1.6% |
| Other Countries<sup>Footnote Reference#</sup> | 12.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top countries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

1. Effective July 1, 2025, the expense limitation rate changed from 0.62% to 0.55%.

2. On November 14, 2025, the Fund entered into a new expense limitation agreement. The expense limitation for the Class I is 0.81%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Fidelity Institutional AM<sup>®</sup> Worldwide Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-WW-I (12-25)

# NVIT Fidelity Institutional AM<sup>®</sup> Worldwide Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Fidelity Institutional AM<sup>®</sup> Worldwide Fund (the "Fund") for the period of April 28, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $82 | 1.04% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund outperformed the benchmark during the period since inception in April 2025. Security selection drove positive performance, primarily with selection within the Financials sector. Conversely, selection within Communication Services detracted from performance. Additionally, sector allocation was additive to performance. The underweight in the Consumer Staples and Health Care sectors contributed to relative performance, while the overweight in Consumer Discretionary detracted.

**Top Contributors to Performance**

* The top sectors that contributed to performance are Financials and Consumer Staples, and Health Care.

* The top countries that contributed to performance are Switzerland, Spain, and Taiwan.

* The top contributors included overweight positions in Robinhood Markets, Semiconductor Manufacturing, and Eli Lilly. 

**Top Detractors from Performance**

* The top sectors that detracted from performance are Consumer Discretionary, Information Technology and Communication Services.

* The top countries that detracted from performance are Sweden, Denmark and China. 

* The main individual detractors were DraftKings, Apple, and Meta Platforms. 

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](id6304317158b37e8fd92f1f5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **MSCI ACWI** | **MSCI World Index - Net Return** |
| **Apr 25** | $10000 | $10000 | $10000 |
| **Dec 25** | $12849 | $12234 | $12109 |

---

# Average Annual Total Returns

---

| | |
|:---|:---|
| | **Since inception<sup>Footnote Reference^</sup>** |
| Class II - (Inception 04/25/2025) | 28.49% |
| MSCI ACWI | 24.92% |
| MSCI World Index - Net Return | 24.27% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Not annualized. |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $232823913 |
| Number of Portfolio Holdings | 161 |
| Portfolio Turnover Rate | 90.45% |
| Advisory Fees - net of reimbursement & waiver, if any | $68458 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 99.6% |
| Repurchase Agreements | 3.1% |
| Other liabilities in excess of assets | -2.7% |

---

---

| | |
|:---|:---|
| United States | 64.1% |
| United Kingdom | 4.9% |
| Japan | 4.0% |
| Taiwan | 3.6% |
| Switzerland | 2.0% |
| Sweden | 2.0% |
| Spain | 1.9% |
| Canada | 1.8% |
| China | 1.7% |
| Italy | 1.6% |
| Other Countries<sup>Footnote Reference#</sup> | 12.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top countries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

1. Effective July 1, 2025, the expense limitation rate changed from 0.62% to 0.55%.

2. On November 14, 2025, the Fund entered into a new expense limitation agreement. The expense limitation for the Class II is 1.06%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Fidelity Institutional AM<sup>®</sup> Worldwide Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-WW-II (12-25)

# NVIT Government Bond Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Government Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $72 | 0.70% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Fixed income markets enjoyed strong performance in 2025 due to a combination of lower short and intermediate Treasury yields and tighter credit spreads. 30-year Treasury yields, on the other hand, moved slightly higher, resulting in a significant steepening of the yield curve. We expect this steepening trend to continue as the Fed continues to reduce short-term rates in 2026. Agency mortgage-backed securities ("MBS") had a stellar year, significantly outperforming Treasuries. Agency collateralized mortgage-backed securities ("CMBS"), Non-Agency MBS, Agency Debt and asset-backed securities ("ABS") also outperformed on the year.

**Top Contributors to Performance**

* Overweight Agency MBS contributed to the performance .

* Overweight Agency CMBS contributed to the performance.

* Overweight Non-Agency MBS contributed to the performance.

**Top Detractors from Performance**

* Underweight Treasuries detracted from performance. 

* Allocation to longer-dated Treasuries as the curve steepened detracted from performance.

* Cash allocation detracted from performance.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i52ac27807e9704011fa0ec70.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Government/Mortgage Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10074 | $10265 | $10131 |
| **Dec 17** | $10284 | $10628 | $10371 |
| **Dec 18** | $10279 | $10629 | $10468 |
| **Dec 19** | $10924 | $11556 | $11162 |
| **Dec 20** | $11588 | $12424 | $11871 |
| **Dec 21** | $11347 | $12233 | $11661 |
| **Dec 22** | $9923 | $10641 | $10248 |
| **Dec 23** | $10389 | $11230 | $10704 |
| **Dec 24** | $10496 | $11370 | $10793 |
| **Dec 25** | $11231 | $12200 | $11558 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 7.00% | -0.62% | 1.17% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Bloomberg U.S. Government/Mortgage Index | 7.09% | -0.53% | 1.46% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $270342748 |
| Number of Portfolio Holdings | 119 |
| Portfolio Turnover Rate | 39.79% |
| Advisory Fees - net of reimbursement & waiver, if any | $1308653 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Mortgage-Backed Security | 58.9% |
| U.S. Government Agency Security | 12.7% |
| U.S. Treasury Obligation | 12.3% |
| Collateralized Mortgage Obligation | 6.3% |
| Asset-Backed Security | 4.4% |
| Commercial Mortgage-Backed Security | 3.7% |
| Other assets in excess of liabilities | 1.7% |

---

---

| | |
|:---|:---|
| Tennessee Valley Authority, 4.88%, 5/15/2035 | 5.1% |
| Resolution Funding Corp., 1/15/2030 | 4.8% |
| FNMA UMBS, 2.00%, 4/1/2052 | 3.5% |
| FHLMC Multifamily Structured Pass-Through Certificates, 4.20%, 5/25/2033 | 2.7% |
| FNMA UMBS, 3.00%, 12/1/2047 | 2.5% |
| FNMA, 4.04%, 10/1/2030 | 2.3% |
| Tennessee Valley Authority, 4.38%, 8/1/2034 | 2.2% |
| FNMA, 2.50%, 9/25/2042 | 2.1% |
| FHLMC UMBS, 3.50%, 12/1/2052 | 2.0% |
| FNMA UMBS, 6.00%, 8/1/2054 | 2.0% |
| Other Holdings | 70.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

The written contract waiving the investment advisory fees for the Fund ended on April 1, 2025.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Government Bond Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-GB-I (12-25)

# NVIT Government Bond Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Government Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $98 | 0.95% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Fixed income markets enjoyed strong performance in 2025 due to a combination of lower short and intermediate Treasury yields and tighter credit spreads. 30-year Treasury yields, on the other hand, moved slightly higher, resulting in a significant steepening of the yield curve. We expect this steepening trend to continue as the Fed continues to reduce short-term rates in 2026. Agency mortgage-backed securities ("MBS") had a stellar year, significantly outperforming Treasuries. Agency collateralized mortgage-backed securities ("CMBS"), Non-Agency MBS, Agency Debt and asset-backed securities ("ABS") also outperformed on the year.

**Top Contributors to Performance**

* Overweight Agency MBS contributed to the performance .

* Overweight Agency CMBS contributed to the performance.

* Overweight Non-Agency MBS contributed to the performance.

**Top Detractors from Performance**

* Underweight Treasuries detracted from performance. 

* Allocation to longer-dated Treasuries as the curve steepened detracted from performance.

* Cash allocation detracted from performance.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i7870092bfce4bb411509ab9f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Government/Mortgage Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10048 | $10265 | $10131 |
| **Dec 17** | $10232 | $10628 | $10371 |
| **Dec 18** | $10206 | $10629 | $10468 |
| **Dec 19** | $10819 | $11556 | $11162 |
| **Dec 20** | $11446 | $12424 | $11871 |
| **Dec 21** | $11176 | $12233 | $11661 |
| **Dec 22** | $9752 | $10641 | $10248 |
| **Dec 23** | $10185 | $11230 | $10704 |
| **Dec 24** | $10267 | $11370 | $10793 |
| **Dec 25** | $10965 | $12200 | $11558 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 6.80% | -0.85% | 0.93% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Bloomberg U.S. Government/Mortgage Index | 7.09% | -0.53% | 1.46% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $270342748 |
| Number of Portfolio Holdings | 119 |
| Portfolio Turnover Rate | 39.79% |
| Advisory Fees - net of reimbursement & waiver, if any | $1308653 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Mortgage-Backed Security | 58.9% |
| U.S. Government Agency Security | 12.7% |
| U.S. Treasury Obligation | 12.3% |
| Collateralized Mortgage Obligation | 6.3% |
| Asset-Backed Security | 4.4% |
| Commercial Mortgage-Backed Security | 3.7% |
| Other assets in excess of liabilities | 1.7% |

---

---

| | |
|:---|:---|
| Tennessee Valley Authority, 4.88%, 5/15/2035 | 5.1% |
| Resolution Funding Corp., 1/15/2030 | 4.8% |
| FNMA UMBS, 2.00%, 4/1/2052 | 3.5% |
| FHLMC Multifamily Structured Pass-Through Certificates, 4.20%, 5/25/2033 | 2.7% |
| FNMA UMBS, 3.00%, 12/1/2047 | 2.5% |
| FNMA, 4.04%, 10/1/2030 | 2.3% |
| Tennessee Valley Authority, 4.38%, 8/1/2034 | 2.2% |
| FNMA, 2.50%, 9/25/2042 | 2.1% |
| FHLMC UMBS, 3.50%, 12/1/2052 | 2.0% |
| FNMA UMBS, 6.00%, 8/1/2054 | 2.0% |
| Other Holdings | 70.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

The written contract waiving the investment advisory fees for the Fund ended on April 1, 2025.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Government Bond Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-GB-II (12-25)

# NVIT Government Bond Fund

# Class IV

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Government Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class IV | $72 | 0.70% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Fixed income markets enjoyed strong performance in 2025 due to a combination of lower short and intermediate Treasury yields and tighter credit spreads. 30-year Treasury yields, on the other hand, moved slightly higher, resulting in a significant steepening of the yield curve. We expect this steepening trend to continue as the Fed continues to reduce short-term rates in 2026. Agency mortgage-backed securities ("MBS") had a stellar year, significantly outperforming Treasuries. Agency collateralized mortgage-backed securities ("CMBS"), Non-Agency MBS, Agency Debt and asset-backed securities ("ABS") also outperformed on the year.

**Top Contributors to Performance**

* Overweight Agency MBS contributed to the performance .

* Overweight Agency CMBS contributed to the performance.

* Overweight Non-Agency MBS contributed to the performance.

**Top Detractors from Performance**

* Underweight Treasuries detracted from performance. 

* Allocation to longer-dated Treasuries as the curve steepened detracted from performance.

* Cash allocation detracted from performance.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i5667a190bdc1e6fc3049e0f5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class IV** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Government/Mortgage Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10074 | $10265 | $10131 |
| **Dec 17** | $10284 | $10628 | $10371 |
| **Dec 18** | $10288 | $10629 | $10468 |
| **Dec 19** | $10924 | $11556 | $11162 |
| **Dec 20** | $11589 | $12424 | $11871 |
| **Dec 21** | $11348 | $12233 | $11661 |
| **Dec 22** | $9923 | $10641 | $10248 |
| **Dec 23** | $10390 | $11230 | $10704 |
| **Dec 24** | $10497 | $11370 | $10793 |
| **Dec 25** | $11245 | $12200 | $11558 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class IV | 7.13% | -0.60% | 1.18% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Bloomberg U.S. Government/Mortgage Index | 7.09% | -0.53% | 1.46% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $270342748 |
| Number of Portfolio Holdings | 119 |
| Portfolio Turnover Rate | 39.79% |
| Advisory Fees - net of reimbursement & waiver, if any | $1308653 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Mortgage-Backed Security | 58.9% |
| U.S. Government Agency Security | 12.7% |
| U.S. Treasury Obligation | 12.3% |
| Collateralized Mortgage Obligation | 6.3% |
| Asset-Backed Security | 4.4% |
| Commercial Mortgage-Backed Security | 3.7% |
| Other assets in excess of liabilities | 1.7% |

---

---

| | |
|:---|:---|
| Tennessee Valley Authority, 4.88%, 5/15/2035 | 5.1% |
| Resolution Funding Corp., 1/15/2030 | 4.8% |
| FNMA UMBS, 2.00%, 4/1/2052 | 3.5% |
| FHLMC Multifamily Structured Pass-Through Certificates, 4.20%, 5/25/2033 | 2.7% |
| FNMA UMBS, 3.00%, 12/1/2047 | 2.5% |
| FNMA, 4.04%, 10/1/2030 | 2.3% |
| Tennessee Valley Authority, 4.38%, 8/1/2034 | 2.2% |
| FNMA, 2.50%, 9/25/2042 | 2.1% |
| FHLMC UMBS, 3.50%, 12/1/2052 | 2.0% |
| FNMA UMBS, 6.00%, 8/1/2054 | 2.0% |
| Other Holdings | 70.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

The written contract waiving the investment advisory fees for the Fund ended on April 1, 2025.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Government Bond Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-GB-IV (12-25)

# NVIT Government Bond Fund

# Class Y

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Government Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class Y | $57 | 0.55% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Fixed income markets enjoyed strong performance in 2025 due to a combination of lower short and intermediate Treasury yields and tighter credit spreads. 30-year Treasury yields, on the other hand, moved slightly higher, resulting in a significant steepening of the yield curve. We expect this steepening trend to continue as the Fed continues to reduce short-term rates in 2026. Agency mortgage-backed securities ("MBS") had a stellar year, significantly outperforming Treasuries. Agency collateralized mortgage-backed securities ("CMBS"), Non-Agency MBS, Agency Debt and asset-backed securities ("ABS") also outperformed on the year.

**Top Contributors to Performance**

* Overweight Agency MBS contributed to the performance .

* Overweight Agency CMBS contributed to the performance.

* Overweight Non-Agency MBS contributed to the performance.

**Top Detractors from Performance**

* Underweight Treasuries detracted from performance. 

* Allocation to longer-dated Treasuries as the curve steepened detracted from performance.

* Cash allocation detracted from performance.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](if17ba84409652ae51a4c0ee7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Y** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Government/Mortgage Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10091 | $10265 | $10131 |
| **Dec 17** | $10307 | $10628 | $10371 |
| **Dec 18** | $10327 | $10629 | $10468 |
| **Dec 19** | $10992 | $11556 | $11162 |
| **Dec 20** | $11668 | $12424 | $11871 |
| **Dec 21** | $11443 | $12233 | $11661 |
| **Dec 22** | $10022 | $10641 | $10248 |
| **Dec 23** | $10509 | $11230 | $10704 |
| **Dec 24** | $10634 | $11370 | $10793 |
| **Dec 25** | $11398 | $12200 | $11558 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 7.30%<sup>Footnote Reference\*</sup> | -0.47% | 1.32% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Bloomberg U.S. Government/Mortgage Index | 7.09% | -0.53% | 1.46% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please see the Fund's Financial Highlights for additional information. |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $270342748 |
| Number of Portfolio Holdings | 119 |
| Portfolio Turnover Rate | 39.79% |
| Advisory Fees - net of reimbursement & waiver, if any | $1308653 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Mortgage-Backed Security | 58.9% |
| U.S. Government Agency Security | 12.7% |
| U.S. Treasury Obligation | 12.3% |
| Collateralized Mortgage Obligation | 6.3% |
| Asset-Backed Security | 4.4% |
| Commercial Mortgage-Backed Security | 3.7% |
| Other assets in excess of liabilities | 1.7% |

---

---

| | |
|:---|:---|
| Tennessee Valley Authority, 4.88%, 5/15/2035 | 5.1% |
| Resolution Funding Corp., 1/15/2030 | 4.8% |
| FNMA UMBS, 2.00%, 4/1/2052 | 3.5% |
| FHLMC Multifamily Structured Pass-Through Certificates, 4.20%, 5/25/2033 | 2.7% |
| FNMA UMBS, 3.00%, 12/1/2047 | 2.5% |
| FNMA, 4.04%, 10/1/2030 | 2.3% |
| Tennessee Valley Authority, 4.38%, 8/1/2034 | 2.2% |
| FNMA, 2.50%, 9/25/2042 | 2.1% |
| FHLMC UMBS, 3.50%, 12/1/2052 | 2.0% |
| FNMA UMBS, 6.00%, 8/1/2054 | 2.0% |
| Other Holdings | 70.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

The written contract waiving the investment advisory fees for the Fund ended on April 1, 2025.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Government Bond Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-GB-Y (12-25)

# NVIT Government Money Market Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Government Money Market Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $45 | 0.44% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i0562d9697e348ef9c4c8b864.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **iMoneyNet Money Fund Average™ Government All** |
| **Dec 15** | $10000 | $10000 |
| **Dec 16** | $10001 | $10008 |
| **Dec 17** | $10043 | $10055 |
| **Dec 18** | $10183 | $10197 |
| **Dec 19** | $10364 | $10379 |
| **Dec 20** | $10389 | $10408 |
| **Dec 21** | $10389 | $10410 |
| **Dec 22** | $10524 | $10549 |
| **Dec 23** | $11023 | $11051 |
| **Dec 24** | $11562 | $11595 |
| **Dec 25** | $12014 | $12054 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 3.91% | 2.95% | 1.85% |
| iMoneyNet Money Fund Average™ Government All | 3.96% | 2.98% | 1.89% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $3474862885 |
| Number of Portfolio Holdings | 120 |
| Portfolio Turnover Rate | -% |
| Advisory Fees - net of reimbursement & waiver, if any | $8481612 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Repurchase Agreements | 44.2% |
| U.S. Treasury Obligations | 41.3% |
| U.S. Government Agency Securities | 15.5% |
| Other liabilities in excess of assets | -1.0% |

---

---

| | |
|:---|:---|
| U.S. Treasury Bills, 4.07%, 1/22/2026 | 2.4% |
| U.S. Treasury Notes, 3.75%, 4/30/2026 | 2.0% |
| U.S. Treasury Notes, 3.70%, 1/31/2027 | 1.9% |
| U.S. Treasury Bills, 3.76%, 2/17/2026 | 1.8% |
| U.S. Treasury Bills, 3.96%, 1/2/2026 | 1.7% |
| U.S. Treasury Bills, 3.70%, 6/4/2026 | 1.5% |
| U.S. Treasury Bills, 4.13%, 2/19/2026 | 1.5% |
| U.S. Treasury Notes, 3.78%, 7/31/2026 | 1.3% |
| U.S. Treasury Notes, 3.81%, 10/31/2026 | 1.2% |
| U.S. Treasury Bills, 3.87%, 1/20/2026 | 1.2% |
| Other Holdings<sup>Footnote Reference#</sup> | 83.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top holdings, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Government Money Market Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-MMKT-I (12-25)

# NVIT Government Money Market Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Government Money Market Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $70 | 0.69% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](idcaf00f3e98cf7f1ab683b11.jpg)

---

| | | |
|:---|:---|:---|
| | **Class II** | **iMoneyNet Money Fund Average™ Government All** |
| **Dec 15** | $10000 | $10000 |
| **Dec 16** | $10000 | $10008 |
| **Dec 17** | $10022 | $10055 |
| **Dec 18** | $10136 | $10197 |
| **Dec 19** | $10291 | $10379 |
| **Dec 20** | $10309 | $10408 |
| **Dec 21** | $10309 | $10410 |
| **Dec 22** | $10426 | $10549 |
| **Dec 23** | $10894 | $11051 |
| **Dec 24** | $11397 | $11595 |
| **Dec 25** | $11813 | $12054 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 3.65% | 2.76% | 1.68% |
| iMoneyNet Money Fund Average™ Government All | 3.96% | 2.98% | 1.89% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $3474862885 |
| Number of Portfolio Holdings | 120 |
| Portfolio Turnover Rate | -% |
| Advisory Fees - net of reimbursement & waiver, if any | $8481612 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Repurchase Agreements | 44.2% |
| U.S. Treasury Obligations | 41.3% |
| U.S. Government Agency Securities | 15.5% |
| Other liabilities in excess of assets | -1.0% |

---

---

| | |
|:---|:---|
| U.S. Treasury Bills, 4.07%, 1/22/2026 | 2.4% |
| U.S. Treasury Notes, 3.75%, 4/30/2026 | 2.0% |
| U.S. Treasury Notes, 3.70%, 1/31/2027 | 1.9% |
| U.S. Treasury Bills, 3.76%, 2/17/2026 | 1.8% |
| U.S. Treasury Bills, 3.96%, 1/2/2026 | 1.7% |
| U.S. Treasury Bills, 3.70%, 6/4/2026 | 1.5% |
| U.S. Treasury Bills, 4.13%, 2/19/2026 | 1.5% |
| U.S. Treasury Notes, 3.78%, 7/31/2026 | 1.3% |
| U.S. Treasury Notes, 3.81%, 10/31/2026 | 1.2% |
| U.S. Treasury Bills, 3.87%, 1/20/2026 | 1.2% |
| Other Holdings<sup>Footnote Reference#</sup> | 83.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top holdings, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Government Money Market Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-MMKT-II (12-25)

# NVIT Government Money Market Fund

# Class IV

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Government Money Market Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class IV | $45 | 0.44% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](iab31223f802f92a2049cee9b.jpg)

---

| | | |
|:---|:---|:---|
| | **Class IV** | **iMoneyNet Money Fund Average™ Government All** |
| **Dec 15** | $10000 | $10000 |
| **Dec 16** | $10001 | $10008 |
| **Dec 17** | $10043 | $10055 |
| **Dec 18** | $10183 | $10197 |
| **Dec 19** | $10364 | $10379 |
| **Dec 20** | $10389 | $10408 |
| **Dec 21** | $10389 | $10410 |
| **Dec 22** | $10524 | $10549 |
| **Dec 23** | $11023 | $11051 |
| **Dec 24** | $11562 | $11595 |
| **Dec 25** | $12014 | $12054 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class IV | 3.91% | 2.95% | 1.85% |
| iMoneyNet Money Fund Average™ Government All | 3.96% | 2.98% | 1.89% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $3474862885 |
| Number of Portfolio Holdings | 120 |
| Portfolio Turnover Rate | -% |
| Advisory Fees - net of reimbursement & waiver, if any | $8481612 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Repurchase Agreements | 44.2% |
| U.S. Treasury Obligations | 41.3% |
| U.S. Government Agency Securities | 15.5% |
| Other liabilities in excess of assets | -1.0% |

---

---

| | |
|:---|:---|
| U.S. Treasury Bills, 4.07%, 1/22/2026 | 2.4% |
| U.S. Treasury Notes, 3.75%, 4/30/2026 | 2.0% |
| U.S. Treasury Notes, 3.70%, 1/31/2027 | 1.9% |
| U.S. Treasury Bills, 3.76%, 2/17/2026 | 1.8% |
| U.S. Treasury Bills, 3.96%, 1/2/2026 | 1.7% |
| U.S. Treasury Bills, 3.70%, 6/4/2026 | 1.5% |
| U.S. Treasury Bills, 4.13%, 2/19/2026 | 1.5% |
| U.S. Treasury Notes, 3.78%, 7/31/2026 | 1.3% |
| U.S. Treasury Notes, 3.81%, 10/31/2026 | 1.2% |
| U.S. Treasury Bills, 3.87%, 1/20/2026 | 1.2% |
| Other Holdings<sup>Footnote Reference#</sup> | 83.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top holdings, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Government Money Market Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-MMKT-IV (12-25)

# NVIT Government Money Market Fund

# Class V

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Government Money Market Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class V | $40 | 0.39% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i73978a1bdff386e15962b144.jpg)

---

| | | |
|:---|:---|:---|
| | **Class V** | **iMoneyNet Money Fund Average™ Government All** |
| **Dec 15** | $10000 | $10000 |
| **Dec 16** | $10003 | $10008 |
| **Dec 17** | $10050 | $10055 |
| **Dec 18** | $10195 | $10197 |
| **Dec 19** | $10382 | $10379 |
| **Dec 20** | $10409 | $10408 |
| **Dec 21** | $10409 | $10410 |
| **Dec 22** | $10547 | $10549 |
| **Dec 23** | $11053 | $11051 |
| **Dec 24** | $11599 | $11595 |
| **Dec 25** | $12059 | $12054 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class V | 3.96% | 2.99% | 1.89% |
| iMoneyNet Money Fund Average™ Government All | 3.96% | 2.98% | 1.89% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $3474862885 |
| Number of Portfolio Holdings | 120 |
| Portfolio Turnover Rate | -% |
| Advisory Fees - net of reimbursement & waiver, if any | $8481612 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Repurchase Agreements | 44.2% |
| U.S. Treasury Obligations | 41.3% |
| U.S. Government Agency Securities | 15.5% |
| Other liabilities in excess of assets | -1.0% |

---

---

| | |
|:---|:---|
| U.S. Treasury Bills, 4.07%, 1/22/2026 | 2.4% |
| U.S. Treasury Notes, 3.75%, 4/30/2026 | 2.0% |
| U.S. Treasury Notes, 3.70%, 1/31/2027 | 1.9% |
| U.S. Treasury Bills, 3.76%, 2/17/2026 | 1.8% |
| U.S. Treasury Bills, 3.96%, 1/2/2026 | 1.7% |
| U.S. Treasury Bills, 3.70%, 6/4/2026 | 1.5% |
| U.S. Treasury Bills, 4.13%, 2/19/2026 | 1.5% |
| U.S. Treasury Notes, 3.78%, 7/31/2026 | 1.3% |
| U.S. Treasury Notes, 3.81%, 10/31/2026 | 1.2% |
| U.S. Treasury Bills, 3.87%, 1/20/2026 | 1.2% |
| Other Holdings<sup>Footnote Reference#</sup> | 83.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top holdings, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Government Money Market Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-MMKT-V (12-25)

# NVIT Government Money Market Fund

# Class Y

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Government Money Market Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class Y | $30 | 0.29% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i52e4cd6ff6d49bb55355b83c.jpg)

---

| | | |
|:---|:---|:---|
| | **Class Y** | **iMoneyNet Money Fund Average™ Government All** |
| **Sep 18** | $10000 | $10000 |
| **Dec 18** | $10049 | $10047 |
| **Dec 19** | $10243 | $10227 |
| **Dec 20** | $10273 | $10255 |
| **Dec 21** | $10273 | $10257 |
| **Dec 22** | $10417 | $10394 |
| **Dec 23** | $10928 | $10889 |
| **Dec 24** | $11479 | $11424 |
| **Dec 25** | $11946 | $11877 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since inception** |
| Class Y - (Inception 09/28/2018) | 4.07% | 3.06% | 2.48% |
| iMoneyNet Money Fund Average™ Government All | 3.96% | 2.98% | 2.39% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $3474862885 |
| Number of Portfolio Holdings | 120 |
| Portfolio Turnover Rate | -% |
| Advisory Fees - net of reimbursement & waiver, if any | $8481612 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Repurchase Agreements | 44.2% |
| U.S. Treasury Obligations | 41.3% |
| U.S. Government Agency Securities | 15.5% |
| Other liabilities in excess of assets | -1.0% |

---

---

| | |
|:---|:---|
| U.S. Treasury Bills, 4.07%, 1/22/2026 | 2.4% |
| U.S. Treasury Notes, 3.75%, 4/30/2026 | 2.0% |
| U.S. Treasury Notes, 3.70%, 1/31/2027 | 1.9% |
| U.S. Treasury Bills, 3.76%, 2/17/2026 | 1.8% |
| U.S. Treasury Bills, 3.96%, 1/2/2026 | 1.7% |
| U.S. Treasury Bills, 3.70%, 6/4/2026 | 1.5% |
| U.S. Treasury Bills, 4.13%, 2/19/2026 | 1.5% |
| U.S. Treasury Notes, 3.78%, 7/31/2026 | 1.3% |
| U.S. Treasury Notes, 3.81%, 10/31/2026 | 1.2% |
| U.S. Treasury Bills, 3.87%, 1/20/2026 | 1.2% |
| Other Holdings<sup>Footnote Reference#</sup> | 83.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top holdings, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since October 31, 2024. You can request this information by contacting us at 1-800-848-0920. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nmffunds/index.html.

On November 14, 2025, the Fund entered into a new expense limitation agreement. The expense limitation for the Class Y is 0.36%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Government Money Market Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-MMKT-Y (12-25)

# NVIT GQG US Quality Equity Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT GQG US Quality Equity Fund (the "Fund") (formerly known as NVIT Calvert Equity Fund) for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $79 | 0.78% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The S&P 500<sup>®</sup> Index experienced strong performance over the period, with nine of the eleven sectors exhibiting positive returns. The robust performance was largely driven during the latter half of the period, following "Liberation Day." The main driver of market performance has been investor optimism related to the artificial intelligence (AI) trade, including the acceleration of AI-related capital expenditures by cloud service providers as they construct data centers to meet expected demand from developers of large language models. During the period after GQG became Sub-advisor, the fund was underweight to the AI trade and overweight to areas like Insurance and Utilities.

**Top Contributors to Performance**

* By sector, the portfolio was helped on a relative basis by an underweight to Industrials, an overweight to Communication Services for a portion of the period, and an underweight to Real Estate. 

* By company, top absolute contributors to total return were Johnson & Johnson (Health Care sector), American Electric Power Company, Inc. (Utilities sector) and Novartis AG (Health Care sector). 

**Top Detractors from Performance**

* By sector, the portfolio's relative performance was negatively impacted by stock selection in Communication Services, an overweight to Consumer Staples, and stock selection in Health Care.

* By company, top absolute detractors to total return were Philip Morris International Inc. (Consumer Staples sector), UnitedHealth Group Incorporated (Health Care sector), and AT&T Inc. (Communication Services sector).

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i76031e18538f4f0c71e4a846.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 1000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $11011 | $11200 | $11196 |
| **Dec 17** | $13061 | $13630 | $13640 |
| **Dec 18** | $12305 | $12980 | $13043 |
| **Dec 19** | $15505 | $17041 | $17150 |
| **Dec 20** | $17577 | $20584 | $20305 |
| **Dec 21** | $22289 | $26006 | $26135 |
| **Dec 22** | $17181 | $21032 | $21402 |
| **Dec 23** | $20719 | $26611 | $27029 |
| **Dec 24** | $22508 | $33133 | $30569 |
| **Dec 25** | $22989 | $38889 | $36035 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 2.14% | 5.52% | 8.68% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $91848713 |
| Number of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 140.61% |
| Advisory Fees - net of reimbursement & waiver, if any | $573052 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 99.4% |
| Repurchase Agreement | 5.5% |
| Other liabilities in excess of assets | -4.9% |

---

---

| | |
|:---|:---|
| Insurance | 17.9% |
| Electric Utilities | 15.3% |
| Tobacco | 12.3% |
| Diversified Telecommunication Services | 9.1% |
| Pharmaceuticals | 7.9% |
| Oil, Gas & Consumable Fuels | 7.6% |
| Health Care Providers & Services | 4.8% |
| Beverages | 4.3% |
| Financial Services | 2.9% |
| Water Utilities | 2.7% |
| Other Industries<sup>Footnote Reference#</sup> | 15.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreement is included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

1. Effective end of business June 18, 2025, the NVIT Calvert Equity Fund was renamed "NVIT GQG US Quality Equity Fund".

2. Effective end of business June 17, 2025, the subadviser was changed from Atlanta Capital Management Company, LLC to GQG Partners LLC.

3. On June 18, 2025, the shareholders approved a change in the classification of the Fund from diversified to non-diversified as defined in the 1940 Act.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT GQG US Quality Equity Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-QE-I (12-25)

# NVIT GQG US Quality Equity Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT GQG US Quality Equity Fund (the "Fund") (formerly known as NVIT Calvert Equity Fund) for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $88 | 0.87% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The S&P 500<sup>®</sup> Index experienced strong performance over the period, with nine of the eleven sectors exhibiting positive returns. The robust performance was largely driven during the latter half of the period, following "Liberation Day." The main driver of market performance has been investor optimism related to the artificial intelligence (AI) trade, including the acceleration of AI-related capital expenditures by cloud service providers as they construct data centers to meet expected demand from developers of large language models. During the period after GQG became Sub-advisor, the fund was underweight to the AI trade and overweight to areas like Insurance and Utilities.

**Top Contributors to Performance**

* By sector, the portfolio was helped on a relative basis by an underweight to Industrials, an overweight to Communication Services for a portion of the period, and an underweight to Real Estate. 

* By company, top absolute contributors to total return were Johnson & Johnson (Health Care sector), American Electric Power Company, Inc. (Utilities sector) and Novartis AG (Health Care sector). 

**Top Detractors from Performance**

* By sector, the portfolio's relative performance was negatively impacted by stock selection in Communication Services, an overweight to Consumer Staples, and stock selection in Health Care.

* By company, top absolute detractors to total return were Philip Morris International Inc. (Consumer Staples sector), UnitedHealth Group Incorporated (Health Care sector), and AT&T Inc. (Communication Services sector).

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i2d0b868357ed07e42985fb13.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **Russell 1000<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $11011 | $11200 | $11196 |
| **Dec 17** | $13033 | $13630 | $13640 |
| **Dec 18** | $12267 | $12980 | $13043 |
| **Dec 19** | $15462 | $17041 | $17150 |
| **Dec 20** | $17525 | $20584 | $20305 |
| **Dec 21** | $22213 | $26006 | $26135 |
| **Dec 22** | $17115 | $21032 | $21402 |
| **Dec 23** | $20655 | $26611 | $27029 |
| **Dec 24** | $22405 | $33133 | $30569 |
| **Dec 25** | $22862 | $38889 | $36035 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 2.04% | 5.46% | 8.62% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $91848713 |
| Number of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 140.61% |
| Advisory Fees - net of reimbursement & waiver, if any | $573052 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 99.4% |
| Repurchase Agreement | 5.5% |
| Other liabilities in excess of assets | -4.9% |

---

---

| | |
|:---|:---|
| Insurance | 17.9% |
| Electric Utilities | 15.3% |
| Tobacco | 12.3% |
| Diversified Telecommunication Services | 9.1% |
| Pharmaceuticals | 7.9% |
| Oil, Gas & Consumable Fuels | 7.6% |
| Health Care Providers & Services | 4.8% |
| Beverages | 4.3% |
| Financial Services | 2.9% |
| Water Utilities | 2.7% |
| Other Industries<sup>Footnote Reference#</sup> | 15.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreement is included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

1. Effective end of business June 18, 2025, the NVIT Calvert Equity Fund was renamed "NVIT GQG US Quality Equity Fund".

2. Effective end of business June 17, 2025, the subadviser was changed from Atlanta Capital Management Company, LLC to GQG Partners LLC.

3. On June 18, 2025, the shareholders approved a change in the classification of the Fund from diversified to non-diversified as defined in the 1940 Act.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT GQG US Quality Equity Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-QE-II (12-25)

# NVIT GS Emerging Markets Equity Insights Fund

# Class Y

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT GS Emerging Markets Equity Insights Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class Y | $117 | 1.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The MSCI Emerging Markets<sup>®</sup> Index gained 33.57% in the calendar year 2025. Among countries, on a relative basis, stocks in Korea and China contributed most positively to benchmark returns, primarily driven by gains from Information Technology and Communication Services sectors. On the flip side, stocks in Indonesia and Saudi Arabia contributed most negatively to benchmark returns, primarily driven by challenged performance in Utilities and Consumer Staples sectors. In terms of size factor, large caps outperformed small caps significantly, while in terms of style factors, Value remained flat with respect to Growth.

**Top Contributors to Performance**

* Sector allocation to Industrials, Consumer Staples and Materials contributed the most to relative performance.

* An overweight position in Zijin Mining Group Co Ltd. helped performance, particularly due to contributions from our Themes and Trends pillar.

* An overweight position in Charoen Pokphand Foods PCL helped performance, particularly due to contributions from our High-Quality Business Models pillar.

* An underweight position in BYD Co. Ltd. helped performance, particularly due to contributions from our Themes and Trends pillar.

**Top Detractors from Performance**

* Sector allocation to Healthcare, Financials and Information Technology detracted the most from relative performance

* An overweight position in Asustek Computer Inc. detracted from performance, particularly due to challenges from our Themes and Trends pillar.

* An overweight position in HCL Technologies Ltd. detracted from performance, particularly due to challenges from our Themes and Trends pillar.

* An underweight position in Delta Electronics Inc. detracted from performance, particularly due to challenges from our Themes and Trends pillar.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ie3581e0bf14c305de64186c2.jpg)

---

| | | |
|:---|:---|:---|
| | **Class Y** | **MSCI Emerging Markets<sup>®</sup> Index** |
| **Jul 20** | $10000 | $10000 |
| **Dec 20** | $12540 | $12193 |
| **Dec 21** | $12582 | $11883 |
| **Dec 22** | $10209 | $9496 |
| **Dec 23** | $11580 | $10429 |
| **Dec 24** | $12713 | $11212 |
| **Dec 25** | $16944 | $14975 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since inception** |
| Class Y - (Inception 07/16/2020) | 33.28% | 6.20% | 10.14% |
| MSCI Emerging Markets<sup>®</sup> Index | 33.57% | 4.20% | 7.67% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $401787023 |
| Number of Portfolio Holdings | 305 |
| Portfolio Turnover Rate | 150.11% |
| Advisory Fees - net of reimbursement & waiver, if any | $4972199 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Countries<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 99.3% |
| Repurchase Agreements | 0.8% |
| Other liabilities in excess of assets | -0.1% |

---

---

| | |
|:---|:---|
| China | 26.6% |
| Taiwan | 20.3% |
| India | 15.3% |
| South Korea | 14.2% |
| Brazil | 4.2% |
| Saudi Arabia | 3.4% |
| South Africa | 3.1% |
| Mexico | 1.9% |
| Thailand | 1.6% |
| United Arab Emirates | 1.4% |
| Other Countries<sup>Footnote Reference#</sup> | 8.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top countries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT GS Emerging Markets Equity Insights Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-EMEI-Y (12-25)

# NVIT GS International Equity Insights Fund

# Class Y

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT GS International Equity Insights Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class Y | $99 | 0.82% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The MSCI EAFE<sup>®</sup> Index gained 31.22% in the calendar year 2025. Among countries, on a relative basis, stocks in Japan and the UK contributed most positively to benchmark returns, primarily driven by gains from Financials and Industrials sectors. On the flip side, stocks in Denmark contributed most negatively to benchmark returns, primarily driven by challenged performance in Health Care and Consumer Discretionary sectors. In terms of size factor, large caps remained relatively flat with respect to small caps, during the period under consideration, while in terms of style factors, Value outperformed Growth significantly.

**Top Contributors to Performance**

* Sector allocation to Consumer Discretionary, Information Technology and Industrials contributed the most to relative performance.

* Anoverweight position in Sumitomo Electric Industries Ltd. helped performance, particularly due to contributions from our Themes and Trends pillar.

* An overweight position in E.ON SE helped performance, particularly due to contributions from our Sentiment Analysis pillar.

* An overweight position in Yamaichi Electronics Co. Ltd. helped performance, particularly due to contributions from our Fundamental Mispricings pillar.

**Top Detractors from Performance**

* Real Estate, Communication Services and Utilities provided the lowest contribution to excess returns.

* An underweight position in Banco Santander SA detracted from performance, particularly due to challenges from our High-Quality Business Models pillar.

* An overweight position in Henkel AG & Co. KGaA detracted from performance, particularly due to challenges from our Sentiment Analysis pillar.

* An underweight position in SoftBank Group Corp. detracted from performance, particularly due to challenges from our Themes and Trends pillar.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i0b035da3d766a9c3036297eb.jpg)

---

| | | |
|:---|:---|:---|
| | **Class Y** | **MSCI EAFE<sup>®</sup> Index** |
| **Nov 19** | $10000 | $10000 |
| **Dec 19** | $10300 | $10346 |
| **Dec 20** | $10815 | $11155 |
| **Dec 21** | $12074 | $12411 |
| **Dec 22** | $10349 | $10618 |
| **Dec 23** | $12369 | $12554 |
| **Dec 24** | $13246 | $13034 |
| **Dec 25** | $18736 | $17103 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since inception** |
| Class Y - (Inception 11/14/2019) | 41.44% | 11.62% | 10.79% |
| MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 9.14% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $732418617 |
| Number of Portfolio Holdings | 357 |
| Portfolio Turnover Rate | 148.53% |
| Advisory Fees - net of reimbursement & waiver, if any | $5746900 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Countries<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 99.5% |
| Repurchase Agreements | 4.3% |
| Other liabilities in excess of assets | -3.8% |

---

---

| | |
|:---|:---|
| Japan | 23.0% |
| Germany | 11.0% |
| United States | 10.4% |
| France | 10.1% |
| United Kingdom | 9.4% |
| Australia | 6.0% |
| Netherlands | 4.6% |
| Switzerland | 4.1% |
| Spain | 3.0% |
| Denmark | 2.5% |
| Other Countries<sup>Footnote Reference#</sup> | 15.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top countries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT GS International Equity Insights Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-INEI-Y (12-25)

# NVIT GS Large Cap Equity Fund

# Class Y

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT GS Large Cap Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class Y | $61 | 0.57% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The S&P 500<sup>®</sup> Index gained 17.43% in the calendar year 2025. Among sectors, on a relative basis, stocks in Information Technology and Communication Services sectors contributed most positively to benchmark returns, primarily driven by gains from Semiconductors & Semiconductor Equipment and Interactive Media & Services industries. In terms of size factor, large caps outperformed small caps significantly, while in terms of style factors, Value underperformed Growth moderately.

**Top Contributors to Performance**

* Sector allocation to Industrials, Financials and Materials contributed the most to relative performance.

* An underweight position in UnitedHealth Group Inc. helped performance, particularly due to contributions from our Sentiment Analysis pillar.

* An overweight position in Southern Copper Corp. helped performance, particularly due to contributions from our High-Quality Business Models pillar.

* An overweight position in Comfort Systems USA Inc. helped performance, particularly due to contributions from our Sentiment Analysis pillar.

**Top Detractors from Performance**

* Sector allocation to Information Technology, Real Estate and Consumer Discretionary detracted the most from relative performance.

* An overweight position in Oracle Corp. detracted from performance, particularly due to challenges from our High-Quality Business Models pillar.

* An overweight position in United Parcel Service Inc. detracted from performance, particularly due to challenges from our High-Quality Business Models pillar.

* An overweight position in Zoetis Inc. detracted from performance, particularly due to challenges from our Sentiment Analysis pillar.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i08f7689f6776532145d45465.jpg)

---

| | | |
|:---|:---|:---|
| | **Class Y** | **Russell 1000<sup>®</sup> Index** |
| **Oct 19** | $10000 | $10000 |
| **Dec 19** | $10619 | $10775 |
| **Dec 20** | $12447 | $13015 |
| **Dec 21** | $16178 | $16443 |
| **Dec 22** | $13010 | $13298 |
| **Dec 23** | $16042 | $16826 |
| **Dec 24** | $20112 | $20950 |
| **Dec 25** | $22952 | $24589 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since inception** |
| Class Y - (Inception 10/24/2019) | 14.12% | 13.02% | 14.37% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 15.74% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $964338113 |
| Number of Portfolio Holdings | 144 |
| Portfolio Turnover Rate | 148.19% |
| Advisory Fees - net of reimbursement & waiver, if any | $9859577 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 99.9% |
| Other assets in excess of liabilities | 0.1% |

---

---

| | |
|:---|:---|
| Software | 12.9% |
| Semiconductors & Semiconductor Equipment | 11.8% |
| Interactive Media & Services | 7.4% |
| Technology Hardware, Storage & Peripherals | 6.5% |
| Financial Services | 4.2% |
| Hotels, Restaurants & Leisure | 4.0% |
| Pharmaceuticals | 3.9% |
| Broadline Retail | 3.4% |
| Aerospace & Defense | 3.1% |
| Capital Markets | 3.1% |
| Other Industries | 39.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT GS Large Cap Equity Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-LCE-Y (12-25)

# NVIT GS Small Cap Equity Insights Fund

# Class Y

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT GS Small Cap Equity Insights Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class Y | $84 | 0.78% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Russell 2000<sup>®</sup> Index gained 12.38% in the calendar year 2025. Among sectors, on a relative basis, stocks in Health Care and Industrials sectors contributed most positively to benchmark returns, primarily driven by gains from Biotechnology and Electrical Equipment industries. On the flip side, stocks in Consumer Staples sectors contributed most negatively to benchmark returns, primarily driven by challenged performance in Food Products and Household Products industries.

**Top Contributors to Performance**

* Sector allocation to Health Care, Industrials and Information Technology contributed the most to relative performance 

* An overweight position in Hecla Mining Co. helped performance, particularly due to contributions from our Themes and Trends pillar.

* An overweight position in Praxis Precision Medicines Inc. helped performance, particularly due to contributions from our High-Quality Business Models pillar.

* An overweight position in CommScope Holding Co. Inc. helped performance, particularly due to contributions from our Sentiment Analysis pillar.

**Top Detractors from Performance**

* Sector allocation to Communications, Energy and Real Estate detracted the most from relative performance

* An overweight position in Alight Inc. detracted from performance, particularly due to challenges from our High-Quality Business Models pillar.

* An underweight position in EchoStar Corp. detracted from performance, particularly due to challenges from our High-Quality Business Models pillar.

* An overweight position in LGI Homes Inc. detracted from performance, particularly due to challenges from our Sentiment Analysis pillar.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i3021871afeab7c6b4bfe2305.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Y** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **Oct 19** | $10000 | $10000 | $10000 |
| **Dec 19** | $11134 | $11123 | $11318 |
| **Dec 20** | $12004 | $13427 | $13577 |
| **Dec 21** | $14767 | $16858 | $15589 |
| **Dec 22** | $11861 | $13620 | $12403 |
| **Dec 23** | $14213 | $17155 | $14503 |
| **Dec 24** | $16939 | $21240 | $16176 |
| **Dec 25** | $19566 | $24882 | $12870 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since inception** |
| Class Y - (Inception 10/10/2019) | 15.51% | 10.27% | 11.39% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 15.80% |
| Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 10.14% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $199339160 |
| Number of Portfolio Holdings | 512 |
| Portfolio Turnover Rate | 155.51% |
| Advisory Fees - net of reimbursement & waiver, if any | $1353888 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 99.4% |
| Repurchase Agreements | 15.8% |
| Other liabilities in excess of assets | -15.2% |

---

---

| | |
|:---|:---|
| Biotechnology | 7.8% |
| Banks | 7.1% |
| Software | 4.6% |
| Health Care Equipment & Supplies | 4.0% |
| Electronic Equipment, Instruments & Components | 3.5% |
| Health Care Providers & Services | 2.9% |
| Semiconductors & Semiconductor Equipment | 2.9% |
| Specialty Retail | 2.6% |
| Metals & Mining | 2.5% |
| Consumer Finance | 2.2% |
| Other Industries<sup>Footnote Reference#</sup> | 59.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT GS Small Cap Equity Insights Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-SCEI-Y (12-25)

# NVIT International Equity Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT International Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $112 | 0.94% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund's performance was affected by strong corporate earnings, AI-driven optimism, a weakening U.S. dollar, and divergent central bank and U.S. tariff policies. The year was led by non-U.S. markets, notably emerging markets and Europe, which were the standout performers. Gold and precious metal prices moved steadily higher throughout the year, benefiting commodity-based stocks. Materials and communication services led the market for the year. Real estate and consumer staple stocks lagged, and small-cap stocks also underperformed. Additionally, India's IT services sector became one of 2025's weakest segments.

**Top Contributors to Performance**

* Germany announced a fiscal stimulus plan which was well received by the markets. China announced the DeepSeek AI tool, which promised less expensive AI applications than those currently in production, rattling many of the Magnificent Seven stocks.

* Materials and communication services led the market for the year. Gold and precious metal prices moved steadily higher throughout the year, benefiting the commodity-based stocks.

* Mitsubishi Electric, Delta Electronics and Deutsche Bank contributed to performance. 

**Top Detractors from Performance**

* The year began on a downward note as the promise of a US tariff announcement, higher inflation, and expectations of weaker economic growth sent the market to a modest loss.

* Real estate and consumer staple stocks have lagged. Small cap stocks, however, lagged for the year. 

* Wolters Kluwer, HCL Technologies and Wix detracted from performance. 

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ia8267d4c0bc3771e7d88cb6f.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI ACWI<sup>®</sup> ex USA** |
| **Dec 15** | $10000 | $10000 |
| **Dec 16** | $10087 | $10450 |
| **Dec 17** | $12856 | $13291 |
| **Dec 18** | $10988 | $11404 |
| **Dec 19** | $13089 | $13857 |
| **Dec 20** | $14129 | $15333 |
| **Dec 21** | $15918 | $16532 |
| **Dec 22** | $13670 | $13887 |
| **Dec 23** | $16636 | $16056 |
| **Dec 24** | $18517 | $16944 |
| **Dec 25** | $25792 | $22432 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 39.29% | 12.79% | 9.94% |
| MSCI ACWI<sup>®</sup> ex USA | 32.39% | 7.91% | 8.41% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $439554447 |
| Number of Portfolio Holdings | 238 |
| Portfolio Turnover Rate | 70.12% |
| Advisory Fees - net of reimbursement & waiver, if any | $1290619 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 98.7% |
| Repurchase Agreements | 1.1% |
| Other assets in excess of liabilities | 0.2% |

---

---

| | |
|:---|:---|
| Japan | 13.0% |
| United Kingdom | 9.4% |
| China | 8.5% |
| Canada | 8.2% |
| France | 6.5% |
| United States | 6.4% |
| Taiwan | 6.4% |
| Germany | 4.8% |
| India | 4.8% |
| South Korea | 4.3% |
| Other Countries<sup>Footnote Reference#</sup> | 27.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top countries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

1. Effective October 1, 2025, the management fee changed from 0.80% on assets up to $500 million, 0.75% on assets of $500 million up to $2 billion and 0.70% on assets of $2 billion and more to 0.725% on assets up to $50 million and 0.675% on assets of $50 million and more, respectively.

2. Effective October 1, 2025, the expense limitation rate changed from 0.83% to 0.73%.

3. At the end of business October 24, 2025, NVIT International Equity Fund acquired all of the net assets of NVIT NS Partners International Focused Growth Fund.

4. On November 14, 2025, the Fund entered into a new expense limitation agreement. The expense limitation for the Class I is 1.10%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT International Equity Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-IEQ-I (12-25)

# NVIT International Equity Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT International Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $141 | 1.18% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund's performance was affected by strong corporate earnings, AI-driven optimism, a weakening U.S. dollar, and divergent central bank and U.S. tariff policies. The year was led by non-U.S. markets, notably emerging markets and Europe, which were the standout performers. Gold and precious metal prices moved steadily higher throughout the year, benefiting commodity-based stocks. Materials and communication services led the market for the year. Real estate and consumer staple stocks lagged, and small-cap stocks also underperformed. Additionally, India's IT services sector became one of 2025's weakest segments.

**Top Contributors to Performance**

* Germany announced a fiscal stimulus plan which was well received by the markets. China announced the DeepSeek AI tool, which promised less expensive AI applications than those currently in production, rattling many of the Magnificent Seven stocks.

* Materials and communication services led the market for the year. Gold and precious metal prices moved steadily higher throughout the year, benefiting the commodity-based stocks.

* Mitsubishi Electric, Delta Electronics and Deutsche Bank contributed to performance. 

**Top Detractors from Performance**

* The year began on a downward note as the promise of a US tariff announcement, higher inflation, and expectations of weaker economic growth sent the market to a modest loss.

* Real estate and consumer staple stocks have lagged. Small cap stocks, however, lagged for the year. 

* Wolters Kluwer, HCL Technologies and Wix detracted from performance. 

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i97ef5cd7da7b368f685f45d2.jpg)

---

| | | |
|:---|:---|:---|
| | **Class II** | **MSCI ACWI<sup>®</sup> ex USA** |
| **Dec 15** | $10000 | $10000 |
| **Dec 16** | $10063 | $10450 |
| **Dec 17** | $12788 | $13291 |
| **Dec 18** | $10895 | $11404 |
| **Dec 19** | $12956 | $13857 |
| **Dec 20** | $13951 | $15333 |
| **Dec 21** | $15681 | $16532 |
| **Dec 22** | $13427 | $13887 |
| **Dec 23** | $16308 | $16056 |
| **Dec 24** | $18104 | $16944 |
| **Dec 25** | $25158 | $22432 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 38.97% | 12.52% | 9.67% |
| MSCI ACWI<sup>®</sup> ex USA | 32.39% | 7.91% | 8.41% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $439554447 |
| Number of Portfolio Holdings | 238 |
| Portfolio Turnover Rate | 70.12% |
| Advisory Fees - net of reimbursement & waiver, if any | $1290619 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 98.7% |
| Repurchase Agreements | 1.1% |
| Other assets in excess of liabilities | 0.2% |

---

---

| | |
|:---|:---|
| Japan | 13.0% |
| United Kingdom | 9.4% |
| China | 8.5% |
| Canada | 8.2% |
| France | 6.5% |
| United States | 6.4% |
| Taiwan | 6.4% |
| Germany | 4.8% |
| India | 4.8% |
| South Korea | 4.3% |
| Other Countries<sup>Footnote Reference#</sup> | 27.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top countries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

1. Effective October 1, 2025, the management fee changed from 0.80% on assets up to $500 million, 0.75% on assets of $500 million up to $2 billion and 0.70% on assets of $2 billion and more to 0.725% on assets up to $50 million and 0.675% on assets of $50 million and more, respectively.

2. Effective October 1, 2025, the expense limitation rate changed from 0.83% to 0.73%.

3. At the end of business October 24, 2025, NVIT International Equity Fund acquired all of the net assets of NVIT NS Partners International Focused Growth Fund.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT International Equity Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-IEQ-II (12-25)

# NVIT International Index Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT International Index Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $55 | 0.47% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
As the Fund seeks to match the performance of the MSCI EAFE<sup>®</sup> Index, factors affecting the Index's composition and performance also impact the Fund. EAFE markets were resilient in 2025 despite persistent U.S. tariff pressures and global uncertainty. Europe advanced as the European Central Bank (ECB) cut rates early in the year and later held policy steady at 2.0%, with domestic demand, labor market strength, and inflation near target supporting performance. Japan saw early volatility but rebounded sharply in Q2 on stimulus and a stable yen, then continued climbing through year end on easing trade tensions, strong wage growth, above target inflation, a weak yen, and artificial intelligence (AI) driven investor interest. The Bank of Japan (BOJ) held rates steady for most of the year before a December hike to 0.75%.

**Top Contributors to Performance**

* Financials, Utilities, and Industrials were the best performers.

**Top Detractors from Performance**

* Consumer Staples, Consumer Discretionary, and Health Care were the top laggards. 

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](id96e2e3c0b8f22c5e7d101a1.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI EAFE<sup>®</sup> Index** |
| **Dec 15** | $10000 | $10000 |
| **Dec 16** | $10092 | $10100 |
| **Dec 17** | $12604 | $12628 |
| **Dec 18** | $10863 | $10887 |
| **Dec 19** | $13228 | $13283 |
| **Dec 20** | $14225 | $14321 |
| **Dec 21** | $15767 | $15934 |
| **Dec 22** | $13513 | $13632 |
| **Dec 23** | $15889 | $16118 |
| **Dec 24** | $16383 | $16734 |
| **Dec 25** | $21402 | $21958 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 30.64% | 8.51% | 7.91% |
| MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $806624400 |
| Number of Portfolio Holdings | 704 |
| Portfolio Turnover Rate | 23.98% |
| Advisory Fees - net of reimbursement & waiver, if any | $2176334 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Countries<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 97.7% |
| Repurchase Agreements | 2.6% |
| Other liabilities in excess of assets | -0.3% |

---

---

| | |
|:---|:---|
| Japan | 21.6% |
| United Kingdom | 11.0% |
| Germany | 9.4% |
| United States | 9.2% |
| France | 8.9% |
| Australia | 6.9% |
| Switzerland | 4.8% |
| Netherlands | 4.4% |
| Spain | 3.7% |
| Italy | 3.2% |
| Other Countries<sup>Footnote Reference#</sup> | 16.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top countries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT International Index Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-INTX-I (12-25)

# NVIT International Index Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT International Index Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $81 | 0.70% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
As the Fund seeks to match the performance of the MSCI EAFE<sup>®</sup> Index, factors affecting the Index's composition and performance also impact the Fund. EAFE markets were resilient in 2025 despite persistent U.S. tariff pressures and global uncertainty. Europe advanced as the European Central Bank (ECB) cut rates early in the year and later held policy steady at 2.0%, with domestic demand, labor market strength, and inflation near target supporting performance. Japan saw early volatility but rebounded sharply in Q2 on stimulus and a stable yen, then continued climbing through year end on easing trade tensions, strong wage growth, above target inflation, a weak yen, and artificial intelligence (AI) driven investor interest. The Bank of Japan (BOJ) held rates steady for most of the year before a December hike to 0.75%.

**Top Contributors to Performance**

* Financials, Utilities, and Industrials were the best performers.

**Top Detractors from Performance**

* Consumer Staples, Consumer Discretionary, and Health Care were the top laggards. 

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ib73c72d03883ca2113c38d8c.jpg)

---

| | | |
|:---|:---|:---|
| | **Class II** | **MSCI EAFE<sup>®</sup> Index** |
| **Dec 15** | $10000 | $10000 |
| **Dec 16** | $10075 | $10100 |
| **Dec 17** | $12549 | $12628 |
| **Dec 18** | $10805 | $10887 |
| **Dec 19** | $13119 | $13283 |
| **Dec 20** | $14082 | $14321 |
| **Dec 21** | $15564 | $15934 |
| **Dec 22** | $13306 | $13632 |
| **Dec 23** | $15609 | $16118 |
| **Dec 24** | $16060 | $16734 |
| **Dec 25** | $20939 | $21958 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 30.38% | 8.26% | 7.67% |
| MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $806624400 |
| Number of Portfolio Holdings | 704 |
| Portfolio Turnover Rate | 23.98% |
| Advisory Fees - net of reimbursement & waiver, if any | $2176334 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Countries<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 97.7% |
| Repurchase Agreements | 2.6% |
| Other liabilities in excess of assets | -0.3% |

---

---

| | |
|:---|:---|
| Japan | 21.6% |
| United Kingdom | 11.0% |
| Germany | 9.4% |
| United States | 9.2% |
| France | 8.9% |
| Australia | 6.9% |
| Switzerland | 4.8% |
| Netherlands | 4.4% |
| Spain | 3.7% |
| Italy | 3.2% |
| Other Countries<sup>Footnote Reference#</sup> | 16.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top countries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT International Index Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-INTX-II (12-25)

# NVIT International Index Fund

# Class VIII

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT International Index Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class VIII | $95 | 0.82% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
As the Fund seeks to match the performance of the MSCI EAFE<sup>®</sup> Index, factors affecting the Index's composition and performance also impact the Fund. EAFE markets were resilient in 2025 despite persistent U.S. tariff pressures and global uncertainty. Europe advanced as the European Central Bank (ECB) cut rates early in the year and later held policy steady at 2.0%, with domestic demand, labor market strength, and inflation near target supporting performance. Japan saw early volatility but rebounded sharply in Q2 on stimulus and a stable yen, then continued climbing through year end on easing trade tensions, strong wage growth, above target inflation, a weak yen, and artificial intelligence (AI) driven investor interest. The Bank of Japan (BOJ) held rates steady for most of the year before a December hike to 0.75%.

**Top Contributors to Performance**

* Financials, Utilities, and Industrials were the best performers.

**Top Detractors from Performance**

* Consumer Staples, Consumer Discretionary, and Health Care were the top laggards. 

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](icfdc611e5fbf74ef722909f2.jpg)

---

| | | |
|:---|:---|:---|
| | **Class VIII** | **MSCI EAFE<sup>®</sup> Index** |
| **Dec 15** | $10000 | $10000 |
| **Dec 16** | $10052 | $10100 |
| **Dec 17** | $12511 | $12628 |
| **Dec 18** | $10743 | $10887 |
| **Dec 19** | $13021 | $13283 |
| **Dec 20** | $13949 | $14321 |
| **Dec 21** | $15392 | $15934 |
| **Dec 22** | $13145 | $13632 |
| **Dec 23** | $15409 | $16118 |
| **Dec 24** | $15822 | $16734 |
| **Dec 25** | $20614 | $21958 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class VIII | 30.28% | 8.12% | 7.50% |
| MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $806624400 |
| Number of Portfolio Holdings | 704 |
| Portfolio Turnover Rate | 23.98% |
| Advisory Fees - net of reimbursement & waiver, if any | $2176334 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Countries<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 97.7% |
| Repurchase Agreements | 2.6% |
| Other liabilities in excess of assets | -0.3% |

---

---

| | |
|:---|:---|
| Japan | 21.6% |
| United Kingdom | 11.0% |
| Germany | 9.4% |
| United States | 9.2% |
| France | 8.9% |
| Australia | 6.9% |
| Switzerland | 4.8% |
| Netherlands | 4.4% |
| Spain | 3.7% |
| Italy | 3.2% |
| Other Countries<sup>Footnote Reference#</sup> | 16.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top countries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

On November 14, 2025, the Fund entered into a new expense limitation agreement. The expense limitation for the Class VIII is 1.14%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT International Index Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-INTX-VIII (12-25)

# NVIT International Index Fund

# Class Y

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT International Index Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class Y | $38 | 0.32% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
As the Fund seeks to match the performance of the MSCI EAFE<sup>®</sup> Index, factors affecting the Index's composition and performance also impact the Fund. EAFE markets were resilient in 2025 despite persistent U.S. tariff pressures and global uncertainty. Europe advanced as the European Central Bank (ECB) cut rates early in the year and later held policy steady at 2.0%, with domestic demand, labor market strength, and inflation near target supporting performance. Japan saw early volatility but rebounded sharply in Q2 on stimulus and a stable yen, then continued climbing through year end on easing trade tensions, strong wage growth, above target inflation, a weak yen, and artificial intelligence (AI) driven investor interest. The Bank of Japan (BOJ) held rates steady for most of the year before a December hike to 0.75%.

**Top Contributors to Performance**

* Financials, Utilities, and Industrials were the best performers.

**Top Detractors from Performance**

* Consumer Staples, Consumer Discretionary, and Health Care were the top laggards. 

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i944431c5a786ec005d30cd05.jpg)

---

| | | |
|:---|:---|:---|
| | **Class Y** | **MSCI EAFE<sup>®</sup> Index** |
| **Dec 15** | $10000 | $10000 |
| **Dec 16** | $10103 | $10100 |
| **Dec 17** | $12642 | $12628 |
| **Dec 18** | $10918 | $10887 |
| **Dec 19** | $13308 | $13283 |
| **Dec 20** | $14327 | $14321 |
| **Dec 21** | $15901 | $15934 |
| **Dec 22** | $13652 | $13632 |
| **Dec 23** | $16069 | $16118 |
| **Dec 24** | $16592 | $16734 |
| **Dec 25** | $21725 | $21958 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 30.94% | 8.68% | 8.07% |
| MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $806624400 |
| Number of Portfolio Holdings | 704 |
| Portfolio Turnover Rate | 23.98% |
| Advisory Fees - net of reimbursement & waiver, if any | $2176334 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Countries<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 97.7% |
| Repurchase Agreements | 2.6% |
| Other liabilities in excess of assets | -0.3% |

---

---

| | |
|:---|:---|
| Japan | 21.6% |
| United Kingdom | 11.0% |
| Germany | 9.4% |
| United States | 9.2% |
| France | 8.9% |
| Australia | 6.9% |
| Switzerland | 4.8% |
| Netherlands | 4.4% |
| Spain | 3.7% |
| Italy | 3.2% |
| Other Countries<sup>Footnote Reference#</sup> | 16.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top countries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT International Index Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-INTX-Y (12-25)

# NVIT Invesco Small Cap Growth Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Invesco Small Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $116 | 1.07% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
During the reporting period, the Fund outperformed the benchmark. Outperformance was primarily driven by strong stock selection in the information technology and industrials sectors. These results were partially offset by weaker stock selection in the consumer discretionary and staples sectors.

**Top Contributors to Performance**

* Celestica, Rocket Lab and Carpenter contributed most to absolute Fund performance during the reporting period. The Fund holds positions in Rocket Lab and Carpenter but sold Celestica.

* Celestica is an electronics manufacturing services company providing supply chain solutions. The company has continued to win market share in the AI networking segment.

* Rocket Lab manufactures small and medium-class rockets and satellite spacecraft components. In December, the company secured its largest single award to date. 

* Carpenter distributes premium specialty alloys to end markets such as aerospace & defense, and medical markets. The stock rose as its quarterly earnings beat analysts' expectations

**Top Detractors from Performance**

* Clearwater Analytics, Freshpet and Glaukos detracted most from absolute Fund performance during the reporting period. The Fund sold Clearwater Analytics and Freshpet but still holds Glaukos.

* Clearwater Analytics provides investment accounting software. We believe investors were waiting to see how two large acquisitions the company made are to be integrated.

* Freshpet is the leading manufacturer of fresh dog and cat food in the US. The stock underperformed due to slowing sales trends.

* Glaukos makes therapies to treat glaucoma, corneal disorders and retinal diseases. Management reported mixed 2025 guidance driven by slowing demand for the company's glaucoma device. 

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i3ce303cdf9ef844e6055cf8d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10830 | $11268 | $11132 |
| **Dec 17** | $13530 | $13649 | $13600 |
| **Dec 18** | $12456 | $12937 | $12334 |
| **Dec 19** | $16904 | $16932 | $15846 |
| **Dec 20** | $23816 | $20439 | $21334 |
| **Dec 21** | $26270 | $25661 | $21938 |
| **Dec 22** | $18293 | $20733 | $16155 |
| **Dec 23** | $21488 | $26114 | $19170 |
| **Dec 24** | $26046 | $32332 | $20720 |
| **Dec 25** | $30306 | $37877 | $23416 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 16.36% | 4.94% | 11.73% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Growth Index | 13.01% | 3.18% | 9.57% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $245387869 |
| Number of Portfolio Holdings | 101 |
| Portfolio Turnover Rate | 86.94% |
| Advisory Fees - net of reimbursement & waiver, if any | $1706671 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 97.3% |
| Repurchase Agreements | 9.9% |
| Other liabilities in excess of assets | -7.2% |

---

---

| | |
|:---|:---|
| Aerospace & Defense | 13.2% |
| Semiconductors & Semiconductor Equipment | 11.0% |
| Health Care Providers & Services | 8.0% |
| Capital Markets | 6.3% |
| Biotechnology | 6.2% |
| Electronic Equipment, Instruments & Components | 6.1% |
| Construction & Engineering | 5.6% |
| Machinery | 4.9% |
| Software | 4.7% |
| Hotels, Restaurants & Leisure | 2.4% |
| Other Industries<sup>Footnote Reference#</sup> | 31.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

On November 14, 2025, the Fund entered into a new expense limitation agreement. The expense limitation for the Class I is 1.17%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Invesco Small Cap Growth Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-SCG-I (12-25)

# NVIT Invesco Small Cap Growth Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Invesco Small Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $143 | 1.32% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
During the reporting period, the Fund outperformed the benchmark. Outperformance was primarily driven by strong stock selection in the information technology and industrials sectors. These results were partially offset by weaker stock selection in the consumer discretionary and staples sectors.

**Top Contributors to Performance**

* Celestica, Rocket Lab and Carpenter contributed most to absolute Fund performance during the reporting period. The Fund holds positions in Rocket Lab and Carpenter but sold Celestica.

* Celestica is an electronics manufacturing services company providing supply chain solutions. The company has continued to win market share in the AI networking segment.

* Rocket Lab manufactures small and medium-class rockets and satellite spacecraft components. In December, the company secured its largest single award to date. 

* Carpenter distributes premium specialty alloys to end markets such as aerospace & defense, and medical markets. The stock rose as its quarterly earnings beat analysts' expectations

**Top Detractors from Performance**

* Clearwater Analytics, Freshpet and Glaukos detracted most from absolute Fund performance during the reporting period. The Fund sold Clearwater Analytics and Freshpet but still holds Glaukos.

* Clearwater Analytics provides investment accounting software. We believe investors were waiting to see how two large acquisitions the company made are to be integrated.

* Freshpet is the leading manufacturer of fresh dog and cat food in the US. The stock underperformed due to slowing sales trends.

* Glaukos makes therapies to treat glaucoma, corneal disorders and retinal diseases. Management reported mixed 2025 guidance driven by slowing demand for the company's glaucoma device. 

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i74760eecc06c507627cd2dfc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10806 | $11268 | $11132 |
| **Dec 17** | $13469 | $13649 | $13600 |
| **Dec 18** | $12362 | $12937 | $12334 |
| **Dec 19** | $16736 | $16932 | $15846 |
| **Dec 20** | $23516 | $20439 | $21334 |
| **Dec 21** | $25878 | $25661 | $21938 |
| **Dec 22** | $17984 | $20733 | $16155 |
| **Dec 23** | $21070 | $26114 | $19170 |
| **Dec 24** | $25479 | $32332 | $20720 |
| **Dec 25** | $29575 | $37877 | $23416 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 16.08% | 4.69% | 11.45% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Growth Index | 13.01% | 3.18% | 9.57% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $245387869 |
| Number of Portfolio Holdings | 101 |
| Portfolio Turnover Rate | 86.94% |
| Advisory Fees - net of reimbursement & waiver, if any | $1706671 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 97.3% |
| Repurchase Agreements | 9.9% |
| Other liabilities in excess of assets | -7.2% |

---

---

| | |
|:---|:---|
| Aerospace & Defense | 13.2% |
| Semiconductors & Semiconductor Equipment | 11.0% |
| Health Care Providers & Services | 8.0% |
| Capital Markets | 6.3% |
| Biotechnology | 6.2% |
| Electronic Equipment, Instruments & Components | 6.1% |
| Construction & Engineering | 5.6% |
| Machinery | 4.9% |
| Software | 4.7% |
| Hotels, Restaurants & Leisure | 2.4% |
| Other Industries<sup>Footnote Reference#</sup> | 31.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Invesco Small Cap Growth Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-SCG-II (12-25)

# NVIT Investor Destinations Aggressive Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Investor Destinations Aggressive Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $63 | 0.58% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P 500<sup>®</sup> Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

**Top Contributors to Performance**

* NVIT GS International Equity Insights Fund

* Nationwide Fundamental All Cap Equity Portfolio

* Nationwide International Equity Portfolio

**Top Detractors from Performance**

* JPMorgan Equity Premium Income ETF

* Nationwide Bond Portfolio

* NVIT Loomis Core Bond Fund

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](if40b62152ce09b7b080da48e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **MSCI ACWI** | **Morningstar<sup>®</sup> Aggressive Target Risk Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10947 | $10786 | $11131 |
| **Dec 17** | $12964 | $13371 | $13576 |
| **Dec 18** | $11816 | $12112 | $12467 |
| **Dec 19** | $14620 | $15334 | $15700 |
| **Dec 20** | $16494 | $17825 | $17777 |
| **Dec 21** | $19051 | $21130 | $20854 |
| **Dec 22** | $15453 | $17251 | $17532 |
| **Dec 23** | $18448 | $21080 | $20741 |
| **Dec 24** | $20779 | $24767 | $23333 |
| **Dec 25** | $24780 | $30300 | $28100 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 19.26% | 8.48% | 9.50% |
| MSCI ACWI | 22.34% | 11.19% | 11.72% |
| Morningstar<sup>®</sup> Aggressive Target Risk Index | 20.43% | 9.59% | 10.89% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $445588735 |
| Number of Portfolio Holdings | 21 |
| Portfolio Turnover Rate | 58.61% |
| Advisory Fees - net of reimbursement & waiver, if any | $537367 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 91.2% |
| Fixed Income Fund | 8.8% |
| Repurchase Agreement | 7.4% |
| Other liabilities in excess of assets | -7.4% |

---

---

| | |
|:---|:---|
| Nationwide Fundamental All Cap Equity Portfolio, Class R6 | 15.6% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 15.5% |
| Nationwide International Equity Portfolio, Class R6 | 12.8% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 12.1% |
| NVIT GS International Equity Insights Fund, Class Y | 6.9% |
| iShares Core S&P Small-Cap ETF | 5.7% |
| NVIT GS Emerging Markets Equity Insights Fund, Class Y | 4.9% |
| NVIT Emerging Markets Fund, Class Y | 4.9% |
| NVIT Bond Index Fund, Class Y | 4.6% |
| iShares Core S&P 500 ETF | 2.8% |
| Other Holdings<sup>Footnote Reference#</sup> | 14.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top holdings, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Investor Destinations Aggressive Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-ID-AG-II (12-25)

# NVIT Investor Destinations Aggressive Fund

# Class P

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Investor Destinations Aggressive Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class P | $47 | 0.43% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P 500<sup>®</sup> Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

**Top Contributors to Performance**

* NVIT GS International Equity Insights Fund

* Nationwide Fundamental All Cap Equity Portfolio

* Nationwide International Equity Portfolio

**Top Detractors from Performance**

* JPMorgan Equity Premium Income ETF

* Nationwide Bond Portfolio

* NVIT Loomis Core Bond Fund

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i30f3fb3df7dda4a2a9a72d54.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **MSCI ACWI** | **Morningstar<sup>®</sup> Aggressive Target Risk Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10952 | $10786 | $11131 |
| **Dec 17** | $12995 | $13371 | $13576 |
| **Dec 18** | $11870 | $12112 | $12467 |
| **Dec 19** | $14696 | $15334 | $15700 |
| **Dec 20** | $16606 | $17825 | $17777 |
| **Dec 21** | $19220 | $21130 | $20854 |
| **Dec 22** | $15612 | $17251 | $17532 |
| **Dec 23** | $18659 | $21080 | $20741 |
| **Dec 24** | $21049 | $24767 | $23333 |
| **Dec 25** | $25157 | $30300 | $28100 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class P | 19.52% | 8.66% | 9.66% |
| MSCI ACWI | 22.34% | 11.19% | 11.72% |
| Morningstar<sup>®</sup> Aggressive Target Risk Index | 20.43% | 9.59% | 10.89% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $445588735 |
| Number of Portfolio Holdings | 21 |
| Portfolio Turnover Rate | 58.61% |
| Advisory Fees - net of reimbursement & waiver, if any | $537367 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 91.2% |
| Fixed Income Fund | 8.8% |
| Repurchase Agreement | 7.4% |
| Other liabilities in excess of assets | -7.4% |

---

---

| | |
|:---|:---|
| Nationwide Fundamental All Cap Equity Portfolio, Class R6 | 15.6% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 15.5% |
| Nationwide International Equity Portfolio, Class R6 | 12.8% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 12.1% |
| NVIT GS International Equity Insights Fund, Class Y | 6.9% |
| iShares Core S&P Small-Cap ETF | 5.7% |
| NVIT GS Emerging Markets Equity Insights Fund, Class Y | 4.9% |
| NVIT Emerging Markets Fund, Class Y | 4.9% |
| NVIT Bond Index Fund, Class Y | 4.6% |
| iShares Core S&P 500 ETF | 2.8% |
| Other Holdings<sup>Footnote Reference#</sup> | 14.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top holdings, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Investor Destinations Aggressive Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-ID-AG-P (12-25)

# NVIT Investor Destinations Balanced Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Investor Destinations Balanced Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $60 | 0.57% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

**Top Contributors to Performance**

* NVIT GS International Equity Insights Fund

* Nationwide Fundamental All Cap Equity Portfolio

* Nationwide International Equity Portfolio

**Top Detractors from Performance**

* Nationwide Strategic Income Fund

* iShares Core S&P Small-Cap ETF

* Nationwide Inflation-Protected Securities Fund

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i10484cef10427827565767e5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **MSCI ACWI** | **Morningstar<sup>®</sup> Moderate Target Risk Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10630 | $10786 | $10855 |
| **Dec 17** | $11813 | $13371 | $12447 |
| **Dec 18** | $11241 | $12112 | $11855 |
| **Dec 19** | $12965 | $15334 | $14112 |
| **Dec 20** | $14184 | $17825 | $15917 |
| **Dec 21** | $15354 | $21130 | $17541 |
| **Dec 22** | $13052 | $17251 | $14950 |
| **Dec 23** | $14754 | $21080 | $16926 |
| **Dec 24** | $15904 | $24767 | $18326 |
| **Dec 25** | $17966 | $30300 | $21249 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 12.97% | 4.84% | 6.03% |
| MSCI ACWI | 22.34% | 11.19% | 11.72% |
| Morningstar<sup>®</sup> Moderate Target Risk Index | 15.95% | 5.95% | 7.83% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1050901526 |
| Number of Portfolio Holdings | 24 |
| Portfolio Turnover Rate | 58.45% |
| Advisory Fees - net of reimbursement & waiver, if any | $1382364 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 52.7% |
| Fixed Income Fund | 45.3% |
| Repurchase Agreement | 2.6% |
| Alternative Assets | 2.0% |
| Other liabilities in excess of assets | -2.6% |

---

---

| | |
|:---|:---|
| Nationwide Fundamental All Cap Equity Portfolio, Class R6 | 11.2% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 11.2% |
| NVIT Bond Index Fund, Class Y | 11.0% |
| Nationwide Bond Portfolio, Class R6 | 9.6% |
| NVIT Loomis Core Bond Fund, Class Y | 7.7% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 6.6% |
| Nationwide International Equity Portfolio, Class R6 | 6.0% |
| NVIT Loomis Short Term Bond Fund, Class Y | 5.8% |
| iShares Core International Aggregate Bond ETF | 5.8% |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 3.9% |
| Other Holdings<sup>Footnote Reference#</sup> | 21.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top holdings, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Investor Destinations Balanced Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-ID-BAL-II (12-25)

# NVIT Investor Destinations Balanced Fund

# Class P

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Investor Destinations Balanced Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class P | $45 | 0.42% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

**Top Contributors to Performance**

* NVIT GS International Equity Insights Fund

* Nationwide Fundamental All Cap Equity Portfolio

* Nationwide International Equity Portfolio

**Top Detractors from Performance**

* Nationwide Strategic Income Fund

* iShares Core S&P Small-Cap ETF

* Nationwide Inflation-Protected Securities Fund

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i939a97b39e7930d12d0f3f8f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **MSCI ACWI** | **Morningstar<sup>®</sup> Moderate Target Risk Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10642 | $10786 | $10855 |
| **Dec 17** | $11841 | $13371 | $12447 |
| **Dec 18** | $11292 | $12112 | $11855 |
| **Dec 19** | $13044 | $15334 | $14112 |
| **Dec 20** | $14283 | $17825 | $15917 |
| **Dec 21** | $15490 | $21130 | $17541 |
| **Dec 22** | $13192 | $17251 | $14950 |
| **Dec 23** | $14925 | $21080 | $16926 |
| **Dec 24** | $16111 | $24767 | $18326 |
| **Dec 25** | $18232 | $30300 | $21249 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class P | 13.16% | 5.00% | 6.19% |
| MSCI ACWI | 22.34% | 11.19% | 11.72% |
| Morningstar<sup>®</sup> Moderate Target Risk Index | 15.95% | 5.95% | 7.83% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1050901526 |
| Number of Portfolio Holdings | 24 |
| Portfolio Turnover Rate | 58.45% |
| Advisory Fees - net of reimbursement & waiver, if any | $1382364 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 52.7% |
| Fixed Income Fund | 45.3% |
| Repurchase Agreement | 2.6% |
| Alternative Assets | 2.0% |
| Other liabilities in excess of assets | -2.6% |

---

---

| | |
|:---|:---|
| Nationwide Fundamental All Cap Equity Portfolio, Class R6 | 11.2% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 11.2% |
| NVIT Bond Index Fund, Class Y | 11.0% |
| Nationwide Bond Portfolio, Class R6 | 9.6% |
| NVIT Loomis Core Bond Fund, Class Y | 7.7% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 6.6% |
| Nationwide International Equity Portfolio, Class R6 | 6.0% |
| NVIT Loomis Short Term Bond Fund, Class Y | 5.8% |
| iShares Core International Aggregate Bond ETF | 5.8% |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 3.9% |
| Other Holdings<sup>Footnote Reference#</sup> | 21.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top holdings, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Investor Destinations Balanced Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-ID-BAL-P (12-25)

# NVIT Investor Destinations Capital Appreciation Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Investor Destinations Capital Appreciation Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $60 | 0.56% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

**Top Contributors to Performance**

* NVIT J.P. Morgan U.S. Equity Fund

* Nationwide Fundamental All Cap Equity Portfolio

* Nationwide International Equity Portfolio

**Top Detractors from Performance**

* Nationwide Strategic Income Fund

* NVIT Loomis Short Term High Yield Fund

* iShares Core International Aggregate Bond ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i540a9aea5bf9125e559be8b5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **MSCI ACWI** | **Morningstar<sup>®</sup> Moderate Target Risk Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10774 | $10786 | $10855 |
| **Dec 17** | $12369 | $13371 | $12447 |
| **Dec 18** | $11569 | $12112 | $11855 |
| **Dec 19** | $13876 | $15334 | $14112 |
| **Dec 20** | $15488 | $17825 | $15917 |
| **Dec 21** | $17372 | $21130 | $17541 |
| **Dec 22** | $14320 | $17251 | $14950 |
| **Dec 23** | $16665 | $21080 | $16926 |
| **Dec 24** | $18410 | $24767 | $18326 |
| **Dec 25** | $21300 | $30300 | $21249 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 15.70% | 6.58% | 7.85% |
| MSCI ACWI | 22.34% | 11.19% | 11.72% |
| Morningstar<sup>®</sup> Moderate Target Risk Index | 15.95% | 5.95% | 7.83% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1464334387 |
| Number of Portfolio Holdings | 25 |
| Portfolio Turnover Rate | 50.71% |
| Advisory Fees - net of reimbursement & waiver, if any | $1324011 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 70.2% |
| Fixed Income Fund | 28.8% |
| Repurchase Agreement | 2.8% |
| Alternative Assets | 1.0% |
| Other liabilities in excess of assets | -2.8% |

---

---

| | |
|:---|:---|
| Nationwide Fundamental All Cap Equity Portfolio, Class R6 | 15.1% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 15.1% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 9.6% |
| NVIT Bond Index Fund, Class Y | 8.9% |
| Nationwide International Equity Portfolio, Class R6 | 8.7% |
| Nationwide Bond Portfolio, Class R6 | 6.5% |
| NVIT Loomis Core Bond Fund, Class Y | 5.3% |
| NVIT GS International Equity Insights Fund, Class Y | 4.2% |
| NVIT Loomis Short Term Bond Fund, Class Y | 3.0% |
| NVIT Emerging Markets Fund, Class Y | 3.0% |
| Other Holdings<sup>Footnote Reference#</sup> | 20.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top holdings, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

On November 14, 2025, the Fund entered into a new expense limitation agreement. The expense limitation for the Class II is 0.90%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Investor Destinations Capital Appreciation Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-ID-CAP-II (12-25)

# NVIT Investor Destinations Capital Appreciation Fund

# Class P

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Investor Destinations Capital Appreciation Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class P | $45 | 0.42% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

**Top Contributors to Performance**

* NVIT J.P. Morgan U.S. Equity Fund

* Nationwide Fundamental All Cap Equity Portfolio

* Nationwide International Equity Portfolio

**Top Detractors from Performance**

* Nationwide Strategic Income Fund

* NVIT Loomis Short Term High Yield Fund

* iShares Core International Aggregate Bond ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](iad3ff8ad7136c13bd5fddfb7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **MSCI ACWI** | **Morningstar<sup>®</sup> Moderate Target Risk Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10795 | $10786 | $10855 |
| **Dec 17** | $12413 | $13371 | $12447 |
| **Dec 18** | $11624 | $12112 | $11855 |
| **Dec 19** | $13961 | $15334 | $14112 |
| **Dec 20** | $15609 | $17825 | $15917 |
| **Dec 21** | $17541 | $21130 | $17541 |
| **Dec 22** | $14472 | $17251 | $14950 |
| **Dec 23** | $16869 | $21080 | $16926 |
| **Dec 24** | $18669 | $24767 | $18326 |
| **Dec 25** | $21634 | $30300 | $21249 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class P | 15.88% | 6.75% | 8.02% |
| MSCI ACWI | 22.34% | 11.19% | 11.72% |
| Morningstar<sup>®</sup> Moderate Target Risk Index | 15.95% | 5.95% | 7.83% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1464334387 |
| Number of Portfolio Holdings | 25 |
| Portfolio Turnover Rate | 50.71% |
| Advisory Fees - net of reimbursement & waiver, if any | $1324011 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 70.2% |
| Fixed Income Fund | 28.8% |
| Repurchase Agreement | 2.8% |
| Alternative Assets | 1.0% |
| Other liabilities in excess of assets | -2.8% |

---

---

| | |
|:---|:---|
| Nationwide Fundamental All Cap Equity Portfolio, Class R6 | 15.1% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 15.1% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 9.6% |
| NVIT Bond Index Fund, Class Y | 8.9% |
| Nationwide International Equity Portfolio, Class R6 | 8.7% |
| Nationwide Bond Portfolio, Class R6 | 6.5% |
| NVIT Loomis Core Bond Fund, Class Y | 5.3% |
| NVIT GS International Equity Insights Fund, Class Y | 4.2% |
| NVIT Loomis Short Term Bond Fund, Class Y | 3.0% |
| NVIT Emerging Markets Fund, Class Y | 3.0% |
| Other Holdings<sup>Footnote Reference#</sup> | 20.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top holdings, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Investor Destinations Capital Appreciation Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-ID-CAP-P (12-25)

# NVIT Investor Destinations Conservative Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Investor Destinations Conservative Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $60 | 0.58% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

**Top Contributors to Performance**

* Nationwide Bond Portfolio

* iShares JP Morgan USD EM Markets Bond ETF

* Nationwide International Equity Portfolio

**Top Detractors from Performance**

* Nationwide Strategic Income Fund

* iShares Core S&P Small-Cap ETF

* JPMorgan Equity Premium Income ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i8a1f40955ae4c2afda76eed2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar<sup>®</sup> Conservative Target Risk Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10426 | $10265 | $10466 |
| **Dec 17** | $11019 | $10628 | $11199 |
| **Dec 18** | $10820 | $10629 | $11064 |
| **Dec 19** | $11852 | $11556 | $12307 |
| **Dec 20** | $12647 | $12424 | $13503 |
| **Dec 21** | $12995 | $12233 | $13808 |
| **Dec 22** | $11411 | $10641 | $11992 |
| **Dec 23** | $12327 | $11230 | $12921 |
| **Dec 24** | $12798 | $11370 | $13382 |
| **Dec 25** | $13936 | $12200 | $14774 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 8.90% | 1.96% | 3.37% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Morningstar<sup>®</sup> Conservative Target Risk Index | 10.40% | 1.81% | 3.98% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $424609970 |
| Number of Portfolio Holdings | 24 |
| Portfolio Turnover Rate | 65.77% |
| Advisory Fees - net of reimbursement & waiver, if any | $562129 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Fixed Income Fund | 74.1% |
| Equity Fund | 23.0% |
| Repurchase Agreement | 6.2% |
| Alternative Assets | 3.0% |
| Other liabilities in excess of assets | -6.3% |

---

---

| | |
|:---|:---|
| Nationwide Bond Portfolio, Class R6 | 14.4% |
| NVIT Bond Index Fund, Class Y | 12.3% |
| NVIT Loomis Short Term Bond Fund, Class Y | 12.2% |
| NVIT Loomis Core Bond Fund, Class Y | 11.8% |
| iShares Core International Aggregate Bond ETF | 7.6% |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 6.6% |
| Nationwide Inflation-Protected Securities Fund, Class R6 | 4.7% |
| Nationwide Fundamental All Cap Equity Portfolio, Class R6 | 4.1% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 4.1% |
| Nationwide Strategic Income Fund, Class R6 | 2.8% |
| Other Holdings<sup>Footnote Reference#</sup> | 19.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top holdings, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Investor Destinations Conservative Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-ID-CON-II (12-25)

# NVIT Investor Destinations Conservative Fund

# Class P

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Investor Destinations Conservative Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class P | $44 | 0.43% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

**Top Contributors to Performance**

* Nationwide Bond Portfolio

* iShares JP Morgan USD EM Markets Bond ETF

* Nationwide International Equity Portfolio

**Top Detractors from Performance**

* Nationwide Strategic Income Fund

* iShares Core S&P Small-Cap ETF

* JPMorgan Equity Premium Income ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i9a9ffa84ad08f9a73de8f44b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar<sup>®</sup> Conservative Target Risk Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10435 | $10265 | $10466 |
| **Dec 17** | $11050 | $10628 | $11199 |
| **Dec 18** | $10870 | $10629 | $11064 |
| **Dec 19** | $11918 | $11556 | $12307 |
| **Dec 20** | $12747 | $12424 | $13503 |
| **Dec 21** | $13110 | $12233 | $13808 |
| **Dec 22** | $11531 | $10641 | $11992 |
| **Dec 23** | $12472 | $11230 | $12921 |
| **Dec 24** | $12975 | $11370 | $13382 |
| **Dec 25** | $14142 | $12200 | $14774 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class P | 8.99% | 2.10% | 3.53% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Morningstar<sup>®</sup> Conservative Target Risk Index | 10.40% | 1.81% | 3.98% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $424609970 |
| Number of Portfolio Holdings | 24 |
| Portfolio Turnover Rate | 65.77% |
| Advisory Fees - net of reimbursement & waiver, if any | $562129 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Fixed Income Fund | 74.1% |
| Equity Fund | 23.0% |
| Repurchase Agreement | 6.2% |
| Alternative Assets | 3.0% |
| Other liabilities in excess of assets | -6.3% |

---

---

| | |
|:---|:---|
| Nationwide Bond Portfolio, Class R6 | 14.4% |
| NVIT Bond Index Fund, Class Y | 12.3% |
| NVIT Loomis Short Term Bond Fund, Class Y | 12.2% |
| NVIT Loomis Core Bond Fund, Class Y | 11.8% |
| iShares Core International Aggregate Bond ETF | 7.6% |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 6.6% |
| Nationwide Inflation-Protected Securities Fund, Class R6 | 4.7% |
| Nationwide Fundamental All Cap Equity Portfolio, Class R6 | 4.1% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 4.1% |
| Nationwide Strategic Income Fund, Class R6 | 2.8% |
| Other Holdings<sup>Footnote Reference#</sup> | 19.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top holdings, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Investor Destinations Conservative Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-ID-CON-P (12-25)

# NVIT Investor Destinations Managed Growth & Income Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Investor Destinations Managed Growth & Income Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $31 | 0.30% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

In addition to the underlying funds, a volatility management process determines whether the Fund should increase or decrease equity exposure by buying or selling futures contracts. The volatility overlay was a detractor during the year.

**Top Contributors to Performance**

* NVIT GS International Equity Insights Fund

* Nationwide Fundamental All Cap Equity Portfolio

* Nationwide International Equity Portfolio

**Top Detractors from Performance**

* Nationwide Strategic Income Fund

* iShares Core S&P Small-Cap ETF

* Nationwide Inflation-Protected Securities Fund

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i481baa488934a55b9d0d8dc6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **MSCI ACWI** | **Morningstar<sup>®</sup> Moderate Target Risk Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10594 | $10786 | $10855 |
| **Dec 17** | $12109 | $13371 | $12447 |
| **Dec 18** | $11458 | $12112 | $11855 |
| **Dec 19** | $12990 | $15334 | $14112 |
| **Dec 20** | $13617 | $17825 | $15917 |
| **Dec 21** | $14668 | $21130 | $17541 |
| **Dec 22** | $12634 | $17251 | $14950 |
| **Dec 23** | $14198 | $21080 | $16926 |
| **Dec 24** | $15309 | $24767 | $18326 |
| **Dec 25** | $16804 | $30300 | $21249 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 9.77% | 4.30% | 5.33% |
| MSCI ACWI | 22.34% | 11.19% | 11.72% |
| Morningstar<sup>®</sup> Moderate Target Risk Index | 15.95% | 5.95% | 7.83% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $390375237 |
| Number of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 61.00% |
| Advisory Fees - net of reimbursement & waiver, if any | $401848 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 51.0% |
| Fixed Income Fund | 42.7% |
| Repurchase Agreement | 5.1% |
| Alternative Assets | 1.9% |
| Other liabilities in excess of assets | -0.7% |

---

---

| | |
|:---|:---|
| Nationwide Fundamental All Cap Equity Portfolio, Class R6 | 11.0% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 10.9% |
| NVIT Bond Index Fund, Class Y | 10.6% |
| Nationwide Bond Portfolio, Class R6 | 9.2% |
| NVIT Loomis Core Bond Fund, Class Y | 7.4% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 6.5% |
| Nationwide International Equity Portfolio, Class R6 | 6.0% |
| NVIT Loomis Short Term Bond Fund, Class Y | 5.6% |
| iShares Core International Aggregate Bond ETF | 5.6% |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 3.8% |
| Other Holdings<sup>Footnote Reference#</sup> | 23.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top holdings, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Investor Destinations Managed Growth & Income Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-ID-MGI-I (12-25)

# NVIT Investor Destinations Managed Growth & Income Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Investor Destinations Managed Growth & Income Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $58 | 0.55% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

In addition to the underlying funds, a volatility management process determines whether the Fund should increase or decrease equity exposure by buying or selling futures contracts. The volatility overlay was a detractor during the year.

**Top Contributors to Performance**

* NVIT GS International Equity Insights Fund

* Nationwide Fundamental All Cap Equity Portfolio

* Nationwide International Equity Portfolio

**Top Detractors from Performance**

* Nationwide Strategic Income Fund

* iShares Core S&P Small-Cap ETF

* Nationwide Inflation-Protected Securities Fund

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i10873832074ebbde006bf726.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **MSCI ACWI** | **Morningstar<sup>®</sup> Moderate Target Risk Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10571 | $10786 | $10855 |
| **Dec 17** | $12054 | $13371 | $12447 |
| **Dec 18** | $11376 | $12112 | $11855 |
| **Dec 19** | $12854 | $15334 | $14112 |
| **Dec 20** | $13441 | $17825 | $15917 |
| **Dec 21** | $14458 | $21130 | $17541 |
| **Dec 22** | $12410 | $17251 | $14950 |
| **Dec 23** | $13916 | $21080 | $16926 |
| **Dec 24** | $14974 | $24767 | $18326 |
| **Dec 25** | $16384 | $30300 | $21249 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 9.42% | 4.04% | 5.06% |
| MSCI ACWI | 22.34% | 11.19% | 11.72% |
| Morningstar<sup>®</sup> Moderate Target Risk Index | 15.95% | 5.95% | 7.83% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $390375237 |
| Number of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 61.00% |
| Advisory Fees - net of reimbursement & waiver, if any | $401848 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 51.0% |
| Fixed Income Fund | 42.7% |
| Repurchase Agreement | 5.1% |
| Alternative Assets | 1.9% |
| Other liabilities in excess of assets | -0.7% |

---

---

| | |
|:---|:---|
| Nationwide Fundamental All Cap Equity Portfolio, Class R6 | 11.0% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 10.9% |
| NVIT Bond Index Fund, Class Y | 10.6% |
| Nationwide Bond Portfolio, Class R6 | 9.2% |
| NVIT Loomis Core Bond Fund, Class Y | 7.4% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 6.5% |
| Nationwide International Equity Portfolio, Class R6 | 6.0% |
| NVIT Loomis Short Term Bond Fund, Class Y | 5.6% |
| iShares Core International Aggregate Bond ETF | 5.6% |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 3.8% |
| Other Holdings<sup>Footnote Reference#</sup> | 23.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top holdings, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Investor Destinations Managed Growth & Income Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-ID-MGI-II (12-25)

# NVIT Investor Destinations Managed Growth Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Investor Destinations Managed Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $33 | 0.31% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

In addition to the underlying funds, a volatility management process determines whether the Fund should increase or decrease equity exposure by buying or selling futures contracts. The volatility overlay was a detractor during the year.

**Top Contributors to Performance**

* NVIT J.P. Morgan U.S. Equity Fund

* Nationwide Fundamental All Cap Equity Portfolio

* Nationwide International Equity Portfolio

**Top Detractors from Performance**

* Nationwide Strategic Income Fund

* Nationwide Inflation-Protected Securities Fund

* iShares Core International Aggregate Bond ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i90f0df549f9fbdde52cb498d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **MSCI ACWI** | **Morningstar<sup>®</sup> Moderate Target Risk Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10723 | $10786 | $10855 |
| **Dec 17** | $12571 | $13371 | $12447 |
| **Dec 18** | $11839 | $12112 | $11855 |
| **Dec 19** | $13676 | $15334 | $14112 |
| **Dec 20** | $14578 | $17825 | $15917 |
| **Dec 21** | $16376 | $21130 | $17541 |
| **Dec 22** | $13927 | $17251 | $14950 |
| **Dec 23** | $15766 | $21080 | $16926 |
| **Dec 24** | $17252 | $24767 | $18326 |
| **Dec 25** | $19136 | $30300 | $21249 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 10.92% | 5.59% | 6.71% |
| MSCI ACWI | 22.34% | 11.19% | 11.72% |
| Morningstar<sup>®</sup> Moderate Target Risk Index | 15.95% | 5.95% | 7.83% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $910034350 |
| Number of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 58.64% |
| Advisory Fees - net of reimbursement & waiver, if any | $1117900 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 58.4% |
| Fixed Income Fund | 34.7% |
| Alternative Assets | 1.4% |
| Repurchase Agreement | 1.0% |
| Other assets in excess of liabilities | 4.5% |

---

---

| | |
|:---|:---|
| Nationwide Fundamental All Cap Equity Portfolio, Class R6 | 12.4% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 12.3% |
| NVIT Bond Index Fund, Class Y | 9.8% |
| Nationwide Bond Portfolio, Class R6 | 9.4% |
| Nationwide International Equity Portfolio, Class R6 | 8.8% |
| NVIT Loomis Core Bond Fund, Class Y | 8.5% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 8.3% |
| NVIT GS International Equity Insights Fund, Class Y | 4.4% |
| NVIT Loomis Short Term Bond Fund, Class Y | 3.4% |
| iShares Core S&P 500 ETF | 3.0% |
| Other Holdings<sup>Footnote Reference#</sup> | 19.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top holdings, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Investor Destinations Managed Growth Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-ID-MGR-I (12-25)

# NVIT Investor Destinations Managed Growth Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Investor Destinations Managed Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $59 | 0.56% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

In addition to the underlying funds, a volatility management process determines whether the Fund should increase or decrease equity exposure by buying or selling futures contracts. The volatility overlay was a detractor during the year.

**Top Contributors to Performance**

* NVIT J.P. Morgan U.S. Equity Fund

* Nationwide Fundamental All Cap Equity Portfolio

* Nationwide International Equity Portfolio

**Top Detractors from Performance**

* Nationwide Strategic Income Fund

* Nationwide Inflation-Protected Securities Fund

* iShares Core International Aggregate Bond ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](iafb65294e3275723601bbda8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **MSCI ACWI** | **Morningstar<sup>®</sup> Moderate Target Risk Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10695 | $10786 | $10855 |
| **Dec 17** | $12509 | $13371 | $12447 |
| **Dec 18** | $11752 | $12112 | $11855 |
| **Dec 19** | $13544 | $15334 | $14112 |
| **Dec 20** | $14401 | $17825 | $15917 |
| **Dec 21** | $16130 | $21130 | $17541 |
| **Dec 22** | $13685 | $17251 | $14950 |
| **Dec 23** | $15458 | $21080 | $16926 |
| **Dec 24** | $16868 | $24767 | $18326 |
| **Dec 25** | $18671 | $30300 | $21249 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 10.69% | 5.33% | 6.44% |
| MSCI ACWI | 22.34% | 11.19% | 11.72% |
| Morningstar<sup>®</sup> Moderate Target Risk Index | 15.95% | 5.95% | 7.83% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $910034350 |
| Number of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 58.64% |
| Advisory Fees - net of reimbursement & waiver, if any | $1117900 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 58.4% |
| Fixed Income Fund | 34.7% |
| Alternative Assets | 1.4% |
| Repurchase Agreement | 1.0% |
| Other assets in excess of liabilities | 4.5% |

---

---

| | |
|:---|:---|
| Nationwide Fundamental All Cap Equity Portfolio, Class R6 | 12.4% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 12.3% |
| NVIT Bond Index Fund, Class Y | 9.8% |
| Nationwide Bond Portfolio, Class R6 | 9.4% |
| Nationwide International Equity Portfolio, Class R6 | 8.8% |
| NVIT Loomis Core Bond Fund, Class Y | 8.5% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 8.3% |
| NVIT GS International Equity Insights Fund, Class Y | 4.4% |
| NVIT Loomis Short Term Bond Fund, Class Y | 3.4% |
| iShares Core S&P 500 ETF | 3.0% |
| Other Holdings<sup>Footnote Reference#</sup> | 19.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top holdings, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Investor Destinations Managed Growth Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-ID-MGR-II (12-25)

# NVIT Investor Destinations Moderate Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Investor Destinations Moderate Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $61 | 0.57% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

**Top Contributors to Performance**

* NVIT J.P. Morgan U.S. Equity Fund

* Nationwide Fundamental All Cap Equity Portfolio

* Nationwide International Equity Portfolio

**Top Detractors from Performance**

* Nationwide Strategic Income Fund

* Nationwide Inflation-Protected Securities Fund

* iShares Core International Aggregate Bond ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i95a8d347a3e8d648f292cb0b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **MSCI ACWI** | **Morningstar<sup>®</sup> Moderate Target Risk Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10714 | $10786 | $10855 |
| **Dec 17** | $12099 | $13371 | $12447 |
| **Dec 18** | $11412 | $12112 | $11855 |
| **Dec 19** | $13437 | $15334 | $14112 |
| **Dec 20** | $14827 | $17825 | $15917 |
| **Dec 21** | $16356 | $21130 | $17541 |
| **Dec 22** | $13649 | $17251 | $14950 |
| **Dec 23** | $15658 | $21080 | $16926 |
| **Dec 24** | $17070 | $24767 | $18326 |
| **Dec 25** | $19532 | $30300 | $21249 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 14.42% | 5.67% | 6.92% |
| MSCI ACWI | 22.34% | 11.19% | 11.72% |
| Morningstar<sup>®</sup> Moderate Target Risk Index | 15.95% | 5.95% | 7.83% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1748350464 |
| Number of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 58.67% |
| Advisory Fees - net of reimbursement & waiver, if any | $2258600 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 61.3% |
| Fixed Income Fund | 37.3% |
| Repurchase Agreement | 5.4% |
| Alternative Assets | 1.5% |
| Other liabilities in excess of assets | -5.5% |

---

---

| | |
|:---|:---|
| Nationwide Fundamental All Cap Equity Portfolio, Class R6 | 11.9% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 11.9% |
| NVIT Bond Index Fund, Class Y | 9.6% |
| Nationwide Bond Portfolio, Class R6 | 9.2% |
| NVIT Loomis Core Bond Fund, Class Y | 8.2% |
| Nationwide International Equity Portfolio, Class R6 | 8.2% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 7.9% |
| NVIT GS International Equity Insights Fund, Class Y | 4.1% |
| NVIT Loomis Short Term Bond Fund, Class Y | 3.3% |
| iShares Core S&P 500 ETF | 2.9% |
| Other Holdings<sup>Footnote Reference#</sup> | 22.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top holdings, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Investor Destinations Moderate Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-ID-MOD-II (12-25)

# NVIT Investor Destinations Moderate Fund

# Class P

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Investor Destinations Moderate Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class P | $45 | 0.42% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

**Top Contributors to Performance**

* NVIT J.P. Morgan U.S. Equity Fund

* Nationwide Fundamental All Cap Equity Portfolio

* Nationwide International Equity Portfolio

**Top Detractors from Performance**

* Nationwide Strategic Income Fund

* Nationwide Inflation-Protected Securities Fund

* iShares Core International Aggregate Bond ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i1b305a4dbb207a1715c89b39.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **MSCI ACWI** | **Morningstar<sup>®</sup> Moderate Target Risk Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10728 | $10786 | $10855 |
| **Dec 17** | $12140 | $13371 | $12447 |
| **Dec 18** | $11469 | $12112 | $11855 |
| **Dec 19** | $13513 | $15334 | $14112 |
| **Dec 20** | $14944 | $17825 | $15917 |
| **Dec 21** | $16504 | $21130 | $17541 |
| **Dec 22** | $13783 | $17251 | $14950 |
| **Dec 23** | $15843 | $21080 | $16926 |
| **Dec 24** | $17297 | $24767 | $18326 |
| **Dec 25** | $19837 | $30300 | $21249 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class P | 14.68% | 5.83% | 7.09% |
| MSCI ACWI | 22.34% | 11.19% | 11.72% |
| Morningstar<sup>®</sup> Moderate Target Risk Index | 15.95% | 5.95% | 7.83% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1748350464 |
| Number of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 58.67% |
| Advisory Fees - net of reimbursement & waiver, if any | $2258600 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 61.3% |
| Fixed Income Fund | 37.3% |
| Repurchase Agreement | 5.4% |
| Alternative Assets | 1.5% |
| Other liabilities in excess of assets | -5.5% |

---

---

| | |
|:---|:---|
| Nationwide Fundamental All Cap Equity Portfolio, Class R6 | 11.9% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 11.9% |
| NVIT Bond Index Fund, Class Y | 9.6% |
| Nationwide Bond Portfolio, Class R6 | 9.2% |
| NVIT Loomis Core Bond Fund, Class Y | 8.2% |
| Nationwide International Equity Portfolio, Class R6 | 8.2% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 7.9% |
| NVIT GS International Equity Insights Fund, Class Y | 4.1% |
| NVIT Loomis Short Term Bond Fund, Class Y | 3.3% |
| iShares Core S&P 500 ETF | 2.9% |
| Other Holdings<sup>Footnote Reference#</sup> | 22.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top holdings, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Investor Destinations Moderate Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-ID-MOD-P (12-25)

# NVIT Investor Destinations Moderately Aggressive Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Investor Destinations Moderately Aggressive Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $62 | 0.57% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

**Top Contributors to Performance**

* NVIT GS International Equity Insights Fund

* Nationwide Fundamental All Cap Equity Portfolio

* Nationwide International Equity Portfolio

**Top Detractors from Performance**

* JPMorgan Equity Premium Income ETF

* NVIT Loomis Short Term Bond Fund

* iShares Core S&P Small-Cap ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](iee5a322eaa5fefbec3eba7ff.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **MSCI ACWI** | **Morningstar<sup>®</sup> Moderately Aggressive Target Risk Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10848 | $10786 | $11019 |
| **Dec 17** | $12657 | $13371 | $13102 |
| **Dec 18** | $11679 | $12112 | $12219 |
| **Dec 19** | $14229 | $15334 | $15025 |
| **Dec 20** | $15983 | $17825 | $17051 |
| **Dec 21** | $18161 | $21130 | $19446 |
| **Dec 22** | $14841 | $17251 | $16436 |
| **Dec 23** | $17502 | $21080 | $19062 |
| **Dec 24** | $19463 | $24767 | $21094 |
| **Dec 25** | $22845 | $30300 | $24986 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 17.38% | 7.41% | 8.61% |
| MSCI ACWI | 22.34% | 11.19% | 11.72% |
| Morningstar<sup>®</sup> Moderately Aggressive Target Risk Index | 18.45% | 7.94% | 9.59% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1048146481 |
| Number of Portfolio Holdings | 20 |
| Portfolio Turnover Rate | 59.75% |
| Advisory Fees - net of reimbursement & waiver, if any | $1303583 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 78.5% |
| Fixed Income Fund | 21.6% |
| Repurchase Agreement | 2.0% |
| Other liabilities in excess of assets | -2.1% |

---

---

| | |
|:---|:---|
| Nationwide International Equity Portfolio, Class R6 | 14.4% |
| Nationwide Fundamental All Cap Equity Portfolio, Class R6 | 13.3% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 13.2% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 11.1% |
| NVIT Bond Index Fund, Class Y | 8.6% |
| Nationwide Bond Portfolio, Class R6 | 7.0% |
| NVIT GS International Equity Insights Fund, Class Y | 6.9% |
| NVIT Loomis Core Bond Fund, Class Y | 5.3% |
| iShares Core S&P Small-Cap ETF | 4.2% |
| NVIT Emerging Markets Fund, Class Y | 3.9% |
| Other Holdings<sup>Footnote Reference#</sup> | 12.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top holdings, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Investor Destinations Moderately Aggressive Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-ID-MAG-II (12-25)

# NVIT Investor Destinations Moderately Aggressive Fund

# Class P

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Investor Destinations Moderately Aggressive Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class P | $46 | 0.42% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

**Top Contributors to Performance**

* NVIT GS International Equity Insights Fund

* Nationwide Fundamental All Cap Equity Portfolio

* Nationwide International Equity Portfolio

**Top Detractors from Performance**

* JPMorgan Equity Premium Income ETF

* NVIT Loomis Short Term Bond Fund

* iShares Core S&P Small-Cap ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i6c20b8d6baac35079b251fac.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **MSCI ACWI** | **Morningstar<sup>®</sup> Moderately Aggressive Target Risk Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10864 | $10786 | $11019 |
| **Dec 17** | $12692 | $13371 | $13102 |
| **Dec 18** | $11726 | $12112 | $12219 |
| **Dec 19** | $14311 | $15334 | $15025 |
| **Dec 20** | $16104 | $17825 | $17051 |
| **Dec 21** | $18332 | $21130 | $19446 |
| **Dec 22** | $14991 | $17251 | $16436 |
| **Dec 23** | $17710 | $21080 | $19062 |
| **Dec 24** | $19735 | $24767 | $21094 |
| **Dec 25** | $23211 | $30300 | $24986 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class P | 17.62% | 7.59% | 8.79% |
| MSCI ACWI | 22.34% | 11.19% | 11.72% |
| Morningstar<sup>®</sup> Moderately Aggressive Target Risk Index | 18.45% | 7.94% | 9.59% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1048146481 |
| Number of Portfolio Holdings | 20 |
| Portfolio Turnover Rate | 59.75% |
| Advisory Fees - net of reimbursement & waiver, if any | $1303583 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 78.5% |
| Fixed Income Fund | 21.6% |
| Repurchase Agreement | 2.0% |
| Other liabilities in excess of assets | -2.1% |

---

---

| | |
|:---|:---|
| Nationwide International Equity Portfolio, Class R6 | 14.4% |
| Nationwide Fundamental All Cap Equity Portfolio, Class R6 | 13.3% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 13.2% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 11.1% |
| NVIT Bond Index Fund, Class Y | 8.6% |
| Nationwide Bond Portfolio, Class R6 | 7.0% |
| NVIT GS International Equity Insights Fund, Class Y | 6.9% |
| NVIT Loomis Core Bond Fund, Class Y | 5.3% |
| iShares Core S&P Small-Cap ETF | 4.2% |
| NVIT Emerging Markets Fund, Class Y | 3.9% |
| Other Holdings<sup>Footnote Reference#</sup> | 12.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top holdings, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Investor Destinations Moderately Aggressive Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-ID-MAG-P (12-25)

# NVIT Investor Destinations Moderately Conservative Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Investor Destinations Moderately Conservative Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $61 | 0.57% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

**Top Contributors to Performance**

* NVIT GS International Equity Insights Fund

* Nationwide Fundamental All Cap Equity Portfolio

* Nationwide International Equity Portfolio

**Top Detractors from Performance**

* Nationwide Strategic Income Fund

* iShares Core S&P Small-Cap ETF

* JPMorgan Equity Premium Income ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i9afabffdc3635e618d154c67.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar<sup>®</sup> Moderately Conservative Target Risk Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10570 | $10265 | $10665 |
| **Dec 17** | $11544 | $10628 | $11824 |
| **Dec 18** | $11113 | $10629 | $11485 |
| **Dec 19** | $12611 | $11556 | $13238 |
| **Dec 20** | $13690 | $12424 | $14804 |
| **Dec 21** | $14608 | $12233 | $15747 |
| **Dec 22** | $12506 | $10641 | $13566 |
| **Dec 23** | $13913 | $11230 | $15043 |
| **Dec 24** | $14759 | $11370 | $16006 |
| **Dec 25** | $16483 | $12200 | $18066 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 11.68% | 3.78% | 5.12% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Morningstar<sup>®</sup> Moderately Conservative Target Risk Index | 12.87% | 4.06% | 6.10% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $485991246 |
| Number of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 61.56% |
| Advisory Fees - net of reimbursement & waiver, if any | $640679 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Fixed Income Fund | 55.5% |
| Equity Fund | 42.1% |
| Repurchase Agreement | 4.0% |
| Alternative Assets | 2.5% |
| Other liabilities in excess of assets | -4.1% |

---

---

| | |
|:---|:---|
| Nationwide Bond Portfolio, Class R6 | 12.2% |
| NVIT Bond Index Fund, Class Y | 12.2% |
| NVIT Loomis Core Bond Fund, Class Y | 9.0% |
| NVIT Loomis Short Term Bond Fund, Class Y | 7.5% |
| Nationwide Fundamental All Cap Equity Portfolio, Class R6 | 7.2% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 7.2% |
| iShares Core International Aggregate Bond ETF | 5.8% |
| Nationwide International Equity Portfolio, Class R6 | 5.5% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 4.7% |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 3.9% |
| Other Holdings<sup>Footnote Reference#</sup> | 24.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top holdings, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Investor Destinations Moderately Conservative Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-ID-MCON-II (12-25)

# NVIT Investor Destinations Moderately Conservative Fund

# Class P

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Investor Destinations Moderately Conservative Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class P | $45 | 0.42% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P<sup>®</sup> 500 Index delivered a total return of 17.88%, despite notable early-year volatility, including a nearly 19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return of 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

**Top Contributors to Performance**

* NVIT GS International Equity Insights Fund

* Nationwide Fundamental All Cap Equity Portfolio

* Nationwide International Equity Portfolio

**Top Detractors from Performance**

* Nationwide Strategic Income Fund

* iShares Core S&P Small-Cap ETF

* JPMorgan Equity Premium Income ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ieca59dc6774ade070c942d3d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Bloomberg U.S. Aggregate Bond Index** | **Morningstar<sup>®</sup> Moderately Conservative Target Risk Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10583 | $10265 | $10665 |
| **Dec 17** | $11571 | $10628 | $11824 |
| **Dec 18** | $11157 | $10629 | $11485 |
| **Dec 19** | $12682 | $11556 | $13238 |
| **Dec 20** | $13787 | $12424 | $14804 |
| **Dec 21** | $14734 | $12233 | $15747 |
| **Dec 22** | $12622 | $10641 | $13566 |
| **Dec 23** | $14067 | $11230 | $15043 |
| **Dec 24** | $14958 | $11370 | $16006 |
| **Dec 25** | $16726 | $12200 | $18066 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class P | 11.82% | 3.94% | 5.28% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Morningstar<sup>®</sup> Moderately Conservative Target Risk Index | 12.87% | 4.06% | 6.10% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $485991246 |
| Number of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 61.56% |
| Advisory Fees - net of reimbursement & waiver, if any | $640679 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Fixed Income Fund | 55.5% |
| Equity Fund | 42.1% |
| Repurchase Agreement | 4.0% |
| Alternative Assets | 2.5% |
| Other liabilities in excess of assets | -4.1% |

---

---

| | |
|:---|:---|
| Nationwide Bond Portfolio, Class R6 | 12.2% |
| NVIT Bond Index Fund, Class Y | 12.2% |
| NVIT Loomis Core Bond Fund, Class Y | 9.0% |
| NVIT Loomis Short Term Bond Fund, Class Y | 7.5% |
| Nationwide Fundamental All Cap Equity Portfolio, Class R6 | 7.2% |
| NVIT J.P. Morgan U.S. Equity Fund, Class Y | 7.2% |
| iShares Core International Aggregate Bond ETF | 5.8% |
| Nationwide International Equity Portfolio, Class R6 | 5.5% |
| Nationwide Large Cap Equity Portfolio, Class R6 | 4.7% |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 3.9% |
| Other Holdings<sup>Footnote Reference#</sup> | 24.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top holdings, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Investor Destinations Moderately Conservative Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-ID-MCON-P (12-25)

# NVIT iShares<sup>®</sup> Fixed Income ETF Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT iShares<sup>®</sup> Fixed Income ETF Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $69 | 0.67% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Public markets delivered strong, broad-based returns in 2025, supported by a weaker dollar, Fed rate cuts, and improving global growth. U.S. GDP rebounded sharply after a weak Q1, while international equities outperformed on multiple expansion and currency tailwinds. The S&P 500<sup>®</sup> Index rose 17.9% with gains across all sectors, reflecting broader participation despite continued mega-cap tech strength. Value and momentum factors led U.S. styles. Bonds recovered as easing policy lifted returns across credit and Treasuries.

**Top Contributors to Performance**

* iShares Core U.S. Aggregate Bond ETF had the largest positive impact. 

* iShares Core 1-5 Year USD Bond ETF contributed to performance. 

* iShares MBS ETF also contributed positively to performance. 

**Top Detractors from Performance**

* iShares U.S. Treasury Bond ETF detracted for the period. 

* iShares CORE 10+ Year USD Bond ETF also detracted from performance. 

* iShares Core Universal USD Bond ETF hindered performance for the period. 

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ic2213316e0d7d631d8ab2737.jpg)

---

| | | |
|:---|:---|:---|
| | **Class II** | **Bloomberg U.S. Aggregate Bond Index** |
| **Jan 19** | $10000 | $10000 |
| **Dec 19** | $10851 | $10844 |
| **Dec 20** | $11624 | $11658 |
| **Dec 21** | $11389 | $11479 |
| **Dec 22** | $9824 | $9985 |
| **Dec 23** | $10337 | $10538 |
| **Dec 24** | $10421 | $10669 |
| **Dec 25** | $11080 | $11448 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since inception** |
| Class II - (Inception 01/23/2019) | 6.33% | -0.95% | 1.49% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 1.97% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $98049458 |
| Number of Portfolio Holdings | 9 |
| Portfolio Turnover Rate | 7.80% |
| Advisory Fees - net of reimbursement & waiver, if any | $49346 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Fixed Income Fund | 99.9% |
| Repurchase Agreement | 11.2% |
| Other liabilities in excess of assets | -11.1% |

---

---

| | |
|:---|:---|
| iShares Core U.S. Aggregate Bond ETF | 44.9% |
| iShares Core 1-5 Year USD Bond ETF | 13.5% |
| iShares MBS ETF | 9.0% |
| iShares Core Universal USD Bond ETF | 9.0% |
| iShares Core 10+ Year USD Bond ETF | 9.0% |
| iShares U.S. Treasury Bond ETF | 4.5% |
| Cantor Fitzgerald & Co. | 8.7% |
| BofA Securities, Inc. | 0.9% |
| Citi Global Market, Inc. | 0.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT iShares<sup>®</sup> Fixed Income ETF Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-ISH-FX-II (12-25)

# NVIT iShares<sup>®</sup> Fixed Income ETF Fund

# Class Y

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT iShares<sup>®</sup> Fixed Income ETF Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class Y | $18 | 0.17% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Public markets delivered strong, broad-based returns in 2025, supported by a weaker dollar, Fed rate cuts, and improving global growth. U.S. GDP rebounded sharply after a weak Q1, while international equities outperformed on multiple expansion and currency tailwinds. The S&P 500<sup>®</sup> Index rose 17.9% with gains across all sectors, reflecting broader participation despite continued mega-cap tech strength. Value and momentum factors led U.S. styles. Bonds recovered as easing policy lifted returns across credit and Treasuries.

**Top Contributors to Performance**

* iShares Core U.S. Aggregate Bond ETF had the largest positive impact. 

* iShares Core 1-5 Year USD Bond ETF contributed to performance. 

* iShares MBS ETF also contributed positively to performance. 

**Top Detractors from Performance**

* iShares U.S. Treasury Bond ETF detracted for the period. 

* iShares CORE 10+ Year USD Bond ETF also detracted from performance. 

* iShares Core Universal USD Bond ETF hindered performance for the period. 

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i169298365dc3d79a318b1dec.jpg)

---

| | | |
|:---|:---|:---|
| | **Class Y** | **Bloomberg U.S. Aggregate Bond Index** |
| **Jan 19** | $10000 | $10000 |
| **Dec 19** | $10897 | $10844 |
| **Dec 20** | $11742 | $11658 |
| **Dec 21** | $11556 | $11479 |
| **Dec 22** | $10018 | $9985 |
| **Dec 23** | $10595 | $10538 |
| **Dec 24** | $10739 | $10669 |
| **Dec 25** | $11478 | $11448 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since inception** |
| Class Y - (Inception 01/23/2019) | 6.88% | -0.45% | 2.01% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 1.97% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $98049458 |
| Number of Portfolio Holdings | 9 |
| Portfolio Turnover Rate | 7.80% |
| Advisory Fees - net of reimbursement & waiver, if any | $49346 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Fixed Income Fund | 99.9% |
| Repurchase Agreement | 11.2% |
| Other liabilities in excess of assets | -11.1% |

---

---

| | |
|:---|:---|
| iShares Core U.S. Aggregate Bond ETF | 44.9% |
| iShares Core 1-5 Year USD Bond ETF | 13.5% |
| iShares MBS ETF | 9.0% |
| iShares Core Universal USD Bond ETF | 9.0% |
| iShares Core 10+ Year USD Bond ETF | 9.0% |
| iShares U.S. Treasury Bond ETF | 4.5% |
| Cantor Fitzgerald & Co. | 8.7% |
| BofA Securities, Inc. | 0.9% |
| Citi Global Market, Inc. | 0.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT iShares<sup>®</sup> Fixed Income ETF Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-ISH-FX-Y (12-25)

# NVIT iShares<sup>®</sup> Global Equity ETF Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT iShares<sup>®</sup> Global Equity ETF Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $73 | 0.67% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Public markets delivered strong, broad-based returns in 2025, supported by a weaker dollar, Fed rate cuts, and improving global growth. U.S. GDP rebounded sharply after a weak Q1, while international equities outperformed on multiple expansion and currency tailwinds. The S&P 500<sup>®</sup> Index rose 17.9% with gains across all sectors, reflecting broader participation despite continued mega-cap tech strength. Value and momentum factors led U.S. styles. Bonds recovered as easing policy lifted returns across credit and Treasuries. Looking ahead, we expect above-trend growth in 2026, driven by artificial intelligence (AI) investment, though labor market cooling remains a key risk.

**Top Contributors to Performance**

* iShares Core S&P Total U.S. Stock Market ETF

* iShares Core MSCI International Developed Markets ETF

* iShares Core MSCI EAFE ETF

**Top Detractors from Performance**

* iShares MSCI USA Size Factor ETF

* iShares U.S. Small-Cap Equity Factor ETF

* iShares MSCI USA Momentum Factor ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i882d5d924f155ef52b655226.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **MSCI ACWI** | **MSCI World Index - Net Return** |
| **Jan 19** | $10000 | $10000 | $10000 |
| **Dec 19** | $11923 | $12032 | $12147 |
| **Dec 20** | $13803 | $13987 | $14078 |
| **Dec 21** | $16821 | $16580 | $17150 |
| **Dec 22** | $14066 | $13536 | $14406 |
| **Dec 23** | $16947 | $16541 | $17833 |
| **Dec 24** | $19585 | $19434 | $21163 |
| **Dec 25** | $23110 | $23776 | $25626 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since inception** |
| Class II - (Inception 01/23/2019) | 18.00% | 10.86% | 12.83% |
| MSCI ACWI | 22.34% | 11.19% | 13.32% |
| MSCI World Index - Net Return | 21.09% | 12.15% | 14.10% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $108907748 |
| Number of Portfolio Holdings | 16 |
| Portfolio Turnover Rate | 16.94% |
| Advisory Fees - net of reimbursement & waiver, if any | $65528 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 100.0% |
| Repurchase Agreement | 13.6% |
| Other liabilities in excess of assets | -13.6% |

---

---

| | |
|:---|:---|
| iShares Core S&P Total U.S. Stock Market ETF | 24.8% |
| iShares Core S&P Mid-Cap ETF | 15.4% |
| iShares Core MSCI International Developed Markets ETF | 12.2% |
| iShares Core MSCI EAFE ETF | 10.3% |
| iShares U.S. Equity Factor ETF | 7.9% |
| iShares Core S&P 500 ETF | 6.2% |
| iShares Core S&P Small-Cap ETF | 2.5% |
| iShares MSCI USA Momentum Factor ETF | 1.9% |
| iShares MSCI USA Value Factor ETF | 1.8% |
| iShares MSCI USA Quality Factor ETF | 1.8% |
| Other Holdings<sup>Footnote Reference#</sup> | 15.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top holdings, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT iShares<sup>®</sup> Global Equity ETF Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-ISH-GEQ-II (12-25)

# NVIT iShares<sup>®</sup> Global Equity ETF Fund

# Class Y

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT iShares<sup>®</sup> Global Equity ETF Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class Y | $19 | 0.17% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Public markets delivered strong, broad-based returns in 2025, supported by a weaker dollar, Fed rate cuts, and improving global growth. U.S. GDP rebounded sharply after a weak Q1, while international equities outperformed on multiple expansion and currency tailwinds. The S&P 500<sup>®</sup> Index rose 17.9% with gains across all sectors, reflecting broader participation despite continued mega-cap tech strength. Value and momentum factors led U.S. styles. Bonds recovered as easing policy lifted returns across credit and Treasuries. Looking ahead, we expect above-trend growth in 2026, driven by artificial intelligence (AI) investment, though labor market cooling remains a key risk.

**Top Contributors to Performance**

* iShares Core S&P Total U.S. Stock Market ETF

* iShares Core MSCI International Developed Markets ETF

* iShares Core MSCI EAFE ETF

**Top Detractors from Performance**

* iShares MSCI USA Size Factor ETF

* iShares U.S. Small-Cap Equity Factor ETF

* iShares MSCI USA Momentum Factor ETF

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i9bce4e41e67923a84458ff75.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Y** | **MSCI ACWI** | **MSCI World Index - Net Return** |
| **Jan 19** | $10000 | $10000 | $10000 |
| **Dec 19** | $11982 | $12032 | $12147 |
| **Dec 20** | $13938 | $13987 | $14078 |
| **Dec 21** | $17062 | $16580 | $17150 |
| **Dec 22** | $14338 | $13536 | $14406 |
| **Dec 23** | $17357 | $16541 | $17833 |
| **Dec 24** | $20167 | $19434 | $21163 |
| **Dec 25** | $23911 | $23776 | $25626 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since inception** |
| Class Y - (Inception 01/23/2019) | 18.57% | 11.40% | 13.39% |
| MSCI ACWI | 22.34% | 11.19% | 13.32% |
| MSCI World Index - Net Return | 21.09% | 12.15% | 14.10% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $108907748 |
| Number of Portfolio Holdings | 16 |
| Portfolio Turnover Rate | 16.94% |
| Advisory Fees - net of reimbursement & waiver, if any | $65528 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 100.0% |
| Repurchase Agreement | 13.6% |
| Other liabilities in excess of assets | -13.6% |

---

---

| | |
|:---|:---|
| iShares Core S&P Total U.S. Stock Market ETF | 24.8% |
| iShares Core S&P Mid-Cap ETF | 15.4% |
| iShares Core MSCI International Developed Markets ETF | 12.2% |
| iShares Core MSCI EAFE ETF | 10.3% |
| iShares U.S. Equity Factor ETF | 7.9% |
| iShares Core S&P 500 ETF | 6.2% |
| iShares Core S&P Small-Cap ETF | 2.5% |
| iShares MSCI USA Momentum Factor ETF | 1.9% |
| iShares MSCI USA Value Factor ETF | 1.8% |
| iShares MSCI USA Quality Factor ETF | 1.8% |
| Other Holdings<sup>Footnote Reference#</sup> | 15.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top holdings, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT iShares<sup>®</sup> Global Equity ETF Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-ISH-GEQ-Y (12-25)

# NVIT J.P. Morgan Digital Evolution Strategy Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT J.P. Morgan Digital Evolution Strategy Fund (the "Fund") for the period of May 2, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $79 | 0.96% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund outperformed its benchmark during the trailing 1-year period. In 2025, the S&P 500 Index<sup>®</sup> achieved returns of +17.9%, despite early-year volatility from historic tariff hikes and shifting global dynamics. US equities were outpaced by other regions, marking the first time in 20 years that the S&P 500 was the weakest major equity market. Artificial intelligence remained the dominant market theme, with communication services and information technology sectors outperforming. However, only two of the "Magnificent Seven" tech giants surpassed the index return, while consumer-facing sectors lagged amid soft job growth and cautious spending.

**Top Contributors to Performance**

* The information technology services, technology hardware, storage & peripherals and semiconductors & semiconductor equipment sectors contributed to performance. 

* From an individual stock perspective, overweight positions in Micron Technology (MU) and Seagate Technology (STX) and underweight in Accenture (ACN) contributed to performance.

**Top Detractors from Performance**

* The interactive media & services, entertainment and financial services sectors detracted from performance. 

* From an individual stock perspective, an overweight position in Meta Platforms (META) and underweights in Palantir Technologies (PLTR) and Lam Research (LRCX) detracted from performance.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](iff57af6d07efd4c6d4bb01a0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **Russell 1000<sup>®</sup> Index** | **S&P North American Technology Sector Index™** |
| **May 25** | $10000 | $10000 | $10000 |
| **Dec 25** | $14648 | $12362 | $14179 |

---

# Average Annual Total Returns

---

| | |
|:---|:---|
| | **Since inception<sup>Footnote Reference^</sup>** |
| Class II - (Inception 05/01/2025) | 46.48% |
| Russell 1000<sup>®</sup> Index | 23.62% |
| S&P North American Technology Sector Index™ | 41.79% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Not annualized. |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $36741563 |
| Number of Portfolio Holdings | 43 |
| Portfolio Turnover Rate | 90.46% |
| Advisory Fees - net of reimbursement & waiver, if any | $- |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 69.4% |
| Other assets in excess of liabilities | 30.6% |

---

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 32.2% |
| Software | 27.9% |
| Interactive Media & Services | 13.8% |
| Technology Hardware, Storage & Peripherals | 7.6% |
| IT Services | 7.2% |
| Electronic Equipment, Instruments & Components | 3.0% |
| Entertainment | 3.0% |
| Broadline Retail | 2.0% |
| Communications Equipment | 2.0% |
| Financial Services | 1.3% |
| Other Industries | 0.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

Effective January 1, 2025, the expense limitation rate changed from 0.62% to 0.56%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT J.P. Morgan Digital Evolution Strategy Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-JPM-DES-II (12-25)

# NVIT J.P. Morgan Digital Evolution Strategy Fund

# Class Y

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT J.P. Morgan Digital Evolution Strategy Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class Y | $65 | 0.56% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund outperformed its benchmark during the trailing 1-year period. In 2025, the S&P 500 Index<sup>®</sup> achieved returns of +17.9%, despite early-year volatility from historic tariff hikes and shifting global dynamics. US equities were outpaced by other regions, marking the first time in 20 years that the S&P 500 was the weakest major equity market. Artificial intelligence remained the dominant market theme, with communication services and information technology sectors outperforming. However, only two of the "Magnificent Seven" tech giants surpassed the index return, while consumer-facing sectors lagged amid soft job growth and cautious spending.

**Top Contributors to Performance**

* The information technology services, technology hardware, storage & peripherals and semiconductors & semiconductor equipment sectors contributed to performance. 

* From an individual stock perspective, overweight positions in Micron Technology (MU) and Seagate Technology (STX) and underweight in Accenture (ACN) contributed to performance.

**Top Detractors from Performance**

* The interactive media & services, entertainment and financial services sectors detracted from performance. 

* From an individual stock perspective, an overweight position in Meta Platforms (META) and underweights in Palantir Technologies (PLTR) and Lam Research (LRCX) detracted from performance.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](idb4875113b0bcf4ad1f04a50.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Y** | **Russell 1000<sup>®</sup> Index** | **S&P North American Technology Sector Index™** |
| **Apr 22** | $10000 | $10000 | $10000 |
| **Dec 22** | $7760 | $9259 | $8400 |
| **Dec 23** | $13141 | $11715 | $13535 |
| **Dec 24** | $18067 | $14587 | $18418 |
| **Dec 25** | $24046 | $17121 | $25064 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **Since inception** |
| Class Y - (Inception 04/27/2022) | 33.10% | 45.79% | 26.93% |
| Russell 1000<sup>®</sup> Index | 17.37% | 22.74% | 15.72% |
| S&P North American Technology Sector Index™ | 27.82% | 40.99% | 26.17% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $36741563 |
| Number of Portfolio Holdings | 43 |
| Portfolio Turnover Rate | 90.46% |
| Advisory Fees - net of reimbursement & waiver, if any | $- |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 69.4% |
| Other assets in excess of liabilities | 30.6% |

---

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 32.2% |
| Software | 27.9% |
| Interactive Media & Services | 13.8% |
| Technology Hardware, Storage & Peripherals | 7.6% |
| IT Services | 7.2% |
| Electronic Equipment, Instruments & Components | 3.0% |
| Entertainment | 3.0% |
| Broadline Retail | 2.0% |
| Communications Equipment | 2.0% |
| Financial Services | 1.3% |
| Other Industries | 0.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

Effective January 1, 2025, the expense limitation rate changed from 0.62% to 0.56%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT J.P. Morgan Digital Evolution Strategy Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-JPM-DES-Y (12-25)

# NVIT J.P. Morgan Equity and Options Total Return Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT J.P. Morgan Equity and Options Total Return Fund (the "Fund")(formerly known as NVIT AQR Large Cap Defensive Style Fund) for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $86 | 0.79% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Since inception (9/25/2025), the Fund outperformed its benchmark, returning +6.28% (gross of fees) compared to +3.97% for the S&P 500<sup>®</sup> Index, with reduced volatility as compared to the S&P 500. This outperformance was driven by positive alpha from the underlying equity portfolio and higher volatility over this period, which benefited the options overlay. Over the long term, our objective remains to deliver a diversified stream of total returns with lower beta and volatility than the S&P 500.

**Top Contributors to Performance**

* Information technology, financials and industrials were the top contributing sectors.

* Overweights in Micron Technology and Wells Fargo and an underweight in Netflix were the top individual contributors.

**Top Detractors from Performance**

* Communication services, consumer staples and health care were the top detracting sectors.

* An overweight in Meta Platforms and underweights in Alphabet and Advanced Micro Devices were the top individual detractors.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i105ea7a10f2a51d31c031ed4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **S&P 500<sup>®</sup> Index** | **ICE BofA Merrill Lynch 3 Month U.S. Treasury Bill Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $11139 | $11196 | $10025 |
| **Dec 17** | $13425 | $13640 | $10107 |
| **Dec 18** | $13424 | $13043 | $10292 |
| **Dec 19** | $17359 | $17150 | $10520 |
| **Dec 20** | $19156 | $20305 | $10576 |
| **Dec 21** | $23348 | $26135 | $10582 |
| **Dec 22** | $21376 | $21402 | $10744 |
| **Dec 23** | $23145 | $27029 | $11292 |
| **Dec 24** | $26306 | $33791 | $11890 |
| **Dec 25** | $30643 | $39833 | $12399 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 16.49% | 9.85% | 11.85% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| ICE BofA Merrill Lynch 3 Month U.S. Treasury Bill Index | 4.28% | 3.23% | 2.17% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $710110348 |
| Number of Portfolio Holdings | 112 |
| Portfolio Turnover Rate | 91.00% |
| Advisory Fees - net of reimbursement & waiver, if any | $4037455 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 99.8% |
| Other assets in excess of liabilities | 0.2% |

---

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 15.0% |
| Software | 10.6% |
| Technology Hardware, Storage & Peripherals | 8.1% |
| Interactive Media & Services | 8.0% |
| Broadline Retail | 4.4% |
| Banks | 4.4% |
| Capital Markets | 3.8% |
| Financial Services | 3.2% |
| Aerospace & Defense | 3.1% |
| Pharmaceuticals | 3.0% |
| Other Industries | 36.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

1. Effective end of business September 19, 2025, the NVIT AQR Large Cap Defensive Style Fund was renamed "NVIT J.P. Morgan Equity and Options Total Return Fund".

2. Effective end of business September 19, 2025, the subadviser was changed from AQR Capital Management, LLC to J.P. Morgan Investment Management Inc.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT J.P. Morgan Equity and Options Total Return Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-LCD-I (12-25)

# NVIT J.P. Morgan Equity and Options Total Return Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT J.P. Morgan Equity and Options Total Return Fund (the "Fund")(formerly known as NVIT AQR Large Cap Defensive Style Fund) for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $113 | 1.04% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Since inception (9/25/2025), the Fund outperformed its benchmark, returning +6.28% (gross of fees) compared to +3.97% for the S&P 500<sup>®</sup> Index, with reduced volatility as compared to the S&P 500. This outperformance was driven by positive alpha from the underlying equity portfolio and higher volatility over this period, which benefited the options overlay. Over the long term, our objective remains to deliver a diversified stream of total returns with lower beta and volatility than the S&P 500.

**Top Contributors to Performance**

* Information technology, financials and industrials were the top contributing sectors.

* Overweights in Micron Technology and Wells Fargo and an underweight in Netflix were the top individual contributors.

**Top Detractors from Performance**

* Communication services, consumer staples and health care were the top detracting sectors.

* An overweight in Meta Platforms and underweights in Alphabet and Advanced Micro Devices were the top individual detractors.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i7038206ea9a7c0abb90685d2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **S&P 500<sup>®</sup> Index** | **ICE BofA Merrill Lynch 3 Month U.S. Treasury Bill Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $11116 | $11196 | $10025 |
| **Dec 17** | $13366 | $13640 | $10107 |
| **Dec 18** | $13329 | $13043 | $10292 |
| **Dec 19** | $17197 | $17150 | $10520 |
| **Dec 20** | $18926 | $20305 | $10576 |
| **Dec 21** | $23009 | $26135 | $10582 |
| **Dec 22** | $21016 | $21402 | $10744 |
| **Dec 23** | $22705 | $27029 | $11292 |
| **Dec 24** | $25732 | $33791 | $11890 |
| **Dec 25** | $29904 | $39833 | $12399 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 16.22% | 9.58% | 11.58% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| ICE BofA Merrill Lynch 3 Month U.S. Treasury Bill Index | 4.28% | 3.23% | 2.17% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $710110348 |
| Number of Portfolio Holdings | 112 |
| Portfolio Turnover Rate | 91.00% |
| Advisory Fees - net of reimbursement & waiver, if any | $4037455 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 99.8% |
| Other assets in excess of liabilities | 0.2% |

---

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 15.0% |
| Software | 10.6% |
| Technology Hardware, Storage & Peripherals | 8.1% |
| Interactive Media & Services | 8.0% |
| Broadline Retail | 4.4% |
| Banks | 4.4% |
| Capital Markets | 3.8% |
| Financial Services | 3.2% |
| Aerospace & Defense | 3.1% |
| Pharmaceuticals | 3.0% |
| Other Industries | 36.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

1. Effective end of business September 19, 2025, the NVIT AQR Large Cap Defensive Style Fund was renamed "NVIT J.P. Morgan Equity and Options Total Return Fund".

2. Effective end of business September 19, 2025, the subadviser was changed from AQR Capital Management, LLC to J.P. Morgan Investment Management Inc.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT J.P. Morgan Equity and Options Total Return Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-LCD-II (12-25)

# NVIT J.P. Morgan Equity and Options Total Return Fund

# Class IV

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT J.P. Morgan Equity and Options Total Return Fund (the "Fund")(formerly known as NVIT AQR Large Cap Defensive Style Fund) for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class IV | $86 | 0.79% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Since inception (9/25/2025), the Fund outperformed its benchmark, returning +6.28% (gross of fees) compared to +3.97% for the S&P 500<sup>®</sup> Index, with reduced volatility as compared to the S&P 500. This outperformance was driven by positive alpha from the underlying equity portfolio and higher volatility over this period, which benefited the options overlay. Over the long term, our objective remains to deliver a diversified stream of total returns with lower beta and volatility than the S&P 500.

**Top Contributors to Performance**

* Information technology, financials and industrials were the top contributing sectors.

* Overweights in Micron Technology and Wells Fargo and an underweight in Netflix were the top individual contributors.

**Top Detractors from Performance**

* Communication services, consumer staples and health care were the top detracting sectors.

* An overweight in Meta Platforms and underweights in Alphabet and Advanced Micro Devices were the top individual detractors.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](iea1f0d888b4b4547ea32b516.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class IV** | **S&P 500<sup>®</sup> Index** | **ICE BofA Merrill Lynch 3 Month U.S. Treasury Bill Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $11140 | $11196 | $10025 |
| **Dec 17** | $13428 | $13640 | $10107 |
| **Dec 18** | $13428 | $13043 | $10292 |
| **Dec 19** | $17368 | $17150 | $10520 |
| **Dec 20** | $19160 | $20305 | $10576 |
| **Dec 21** | $23357 | $26135 | $10582 |
| **Dec 22** | $21384 | $21402 | $10744 |
| **Dec 23** | $23156 | $27029 | $11292 |
| **Dec 24** | $26322 | $33791 | $11890 |
| **Dec 25** | $30656 | $39833 | $12399 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class IV | 16.47% | 9.86% | 11.85% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| ICE BofA Merrill Lynch 3 Month U.S. Treasury Bill Index | 4.28% | 3.23% | 2.17% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $710110348 |
| Number of Portfolio Holdings | 112 |
| Portfolio Turnover Rate | 91.00% |
| Advisory Fees - net of reimbursement & waiver, if any | $4037455 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 99.8% |
| Other assets in excess of liabilities | 0.2% |

---

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 15.0% |
| Software | 10.6% |
| Technology Hardware, Storage & Peripherals | 8.1% |
| Interactive Media & Services | 8.0% |
| Broadline Retail | 4.4% |
| Banks | 4.4% |
| Capital Markets | 3.8% |
| Financial Services | 3.2% |
| Aerospace & Defense | 3.1% |
| Pharmaceuticals | 3.0% |
| Other Industries | 36.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

1. Effective end of business September 19, 2025, the NVIT AQR Large Cap Defensive Style Fund was renamed "NVIT J.P. Morgan Equity and Options Total Return Fund".

2. Effective end of business September 19, 2025, the subadviser was changed from AQR Capital Management, LLC to J.P. Morgan Investment Management Inc.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT J.P. Morgan Equity and Options Total Return Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-LCD-IV (12-25)

# NVIT J.P. Morgan Inflation Managed Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT J.P. Morgan Inflation Managed Fund (the "Fund") for the period of April 28, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $33 | 0.47% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund has performed in line with strategy expectations since inception. As of December 31, 2025, the Fund has delivered a cumulative return of 3.02% gross of fees, outperforming its benchmark, the Bloomberg Treasury Inflation Notes: 1–10 Year Index, which returned 2.69% over the same period. This represents an excess return of 33 basis points, reflecting positive relative performance since the Fund's inception on May 1, 2025.

**Top Contributors to Performance**

* Allocation to Investment Grade credit contributed meaningfully to performance over the period.

* Performance was further supported by our positions in Agency Mortgage.

* Duration and Curve were positive contributors to performance during the period as well.

**Top Detractors from Performance**

* Allocation to Credit Default Swap Index detracted from performance over the period.

* Allocation to the 5 year Overnight Index Swap was a detractor from performance over the period.

* The narrowing of the inflation basis between CPI and Breakeven detracted from performance over the period.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ia553b81f20afde9c920ef6b1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg 1-10 Year U.S. TIPS Index** |
| **Apr 25** | $10000 | $10000 | $10000 |
| **Dec 25** | $10336 | $10486 | $10338 |

---

# Average Annual Total Returns

---

| | |
|:---|:---|
| | **Since inception<sup>Footnote Reference^</sup>** |
| Class I - (Inception 04/25/2025) | 3.36% |
| Bloomberg U.S. Aggregate Bond Index | 4.86% |
| Bloomberg 1-10 Year U.S. TIPS Index | 3.38% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Not annualized. |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $249795346 |
| Number of Portfolio Holdings | 369 |
| Portfolio Turnover Rate | 107.62% |
| Advisory Fees - net of reimbursement & waiver, if any | $- |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 53.4% |
| Corporate Bonds | 27.8% |
| Mortgage-Backed Securities | 14.6% |
| Asset-Backed Securities | 3.4% |
| Other assets in excess of liabilities | 0.8% |

---

---

| | |
|:---|:---|
| Banks | 9.0% |
| Electric Utilities | 2.8% |
| Capital Markets | 2.3% |
| Consumer Finance | 1.7% |
| Oil, Gas & Consumable Fuels | 1.6% |
| Aerospace & Defense | 0.7% |
| Health Care Providers & Services | 0.7% |
| Financial Services | 0.7% |
| Multi-Utilities | 0.6% |
| Semiconductors & Semiconductor Equipment | 0.6% |
| Other Industries | 79.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

On November 14, 2025, the Fund entered into a new expense limitation agreement. The expense limitation for the Class I is 0.52%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT J.P. Morgan Inflation Managed Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-INMG-I (12-25)

# NVIT J.P. Morgan Inflation Managed Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT J.P. Morgan Inflation Managed Fund (the "Fund") for the period of April 28, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $52 | 0.75% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund has performed in line with strategy expectations since inception. As of December 31, 2025, the Fund has delivered a cumulative return of 3.02% gross of fees, outperforming its benchmark, the Bloomberg Treasury Inflation Notes: 1–10 Year Index, which returned 2.69% over the same period. This represents an excess return of 33 basis points, reflecting positive relative performance since the Fund's inception on May 1, 2025.

**Top Contributors to Performance**

* Allocation to Investment Grade credit contributed meaningfully to performance over the period.

* Performance was further supported by our positions in Agency Mortgage.

* Duration and Curve were positive contributors to performance during the period as well.

**Top Detractors from Performance**

* Allocation to Credit Default Swap Index detracted from performance over the period.

* Allocation to the 5 year Overnight Index Swap was a detractor from performance over the period.

* The narrowing of the inflation basis between CPI and Breakeven detracted from performance over the period.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i3a9b92d11777df5d68f27ebb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg 1-10 Year U.S. TIPS Index** |
| **Apr 25** | $10000 | $10000 | $10000 |
| **Dec 25** | $10314 | $10486 | $10338 |

---

# Average Annual Total Returns

---

| | |
|:---|:---|
| | **Since inception<sup>Footnote Reference^</sup>** |
| Class II - (Inception 04/25/2025) | 3.14% |
| Bloomberg U.S. Aggregate Bond Index | 4.86% |
| Bloomberg 1-10 Year U.S. TIPS Index | 3.38% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Not annualized. |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $249795346 |
| Number of Portfolio Holdings | 369 |
| Portfolio Turnover Rate | 107.62% |
| Advisory Fees - net of reimbursement & waiver, if any | $- |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 53.4% |
| Corporate Bonds | 27.8% |
| Mortgage-Backed Securities | 14.6% |
| Asset-Backed Securities | 3.4% |
| Other assets in excess of liabilities | 0.8% |

---

---

| | |
|:---|:---|
| Banks | 9.0% |
| Electric Utilities | 2.8% |
| Capital Markets | 2.3% |
| Consumer Finance | 1.7% |
| Oil, Gas & Consumable Fuels | 1.6% |
| Aerospace & Defense | 0.7% |
| Health Care Providers & Services | 0.7% |
| Financial Services | 0.7% |
| Multi-Utilities | 0.6% |
| Semiconductors & Semiconductor Equipment | 0.6% |
| Other Industries | 79.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

On November 14, 2025, the Fund entered into a new expense limitation agreement. The expense limitation for the Class II is 0.77%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT J.P. Morgan Inflation Managed Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-INMG-II (12-25)

# NVIT J.P. Morgan Innovators Fund

# Class Y

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT J.P. Morgan Innovators Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class Y | $66 | 0.62% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund underperformed its benchmark during the trailing 1-year period. In 2025, the S&P 500<sup>®</sup> Index achieved returns of +17.9%, despite early-year volatility from historic tariff hikes and shifting global dynamics. US equities were outpaced by other regions, marking the first time in 20 years that the S&P 500 was the weakest major equity market. Artificial intelligence remained the dominant market theme, with communication services and information technology sectors outperforming. However, only two of the "Magnificent Seven" tech giants surpassed the index, while consumer-facing sectors lagged amid soft job growth and cautious spending.

**Top Contributors to Performance**

* The information technology, consumer staples and industrials sectors contributed to performance.

* From an individual stock perspective, overweight positions in Lumentum (LITE), Applovin (APP) and Unity Software (U) contributed to performance.

**Top Detractors from Performance**

* The financials, communication services and health care sectors detracted from performance. 

* From an individual stock perspective, overweight positions in Fiserv (FIV), Corpay (CPAY) and Reddit (RDDT) detracted from performance.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i6180b767961b4221f93f995f.jpg)

---

| | | |
|:---|:---|:---|
| | **Class Y** | **Russell 1000<sup>®</sup> Index** |
| **Apr 22** | $10000 | $10000 |
| **Dec 22** | $8670 | $9259 |
| **Dec 23** | $11633 | $11715 |
| **Dec 24** | $14315 | $14587 |
| **Dec 25** | $16386 | $17121 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **Since inception** |
| Class Y - (Inception 04/27/2022) | 14.47% | 23.64% | 14.36% |
| Russell 1000<sup>®</sup> Index | 17.37% | 22.74% | 15.72% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $9840298 |
| Number of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 92.22% |
| Advisory Fees - net of reimbursement & waiver, if any | $- |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 93.3% |
| Other assets in excess of liabilities | 6.7% |

---

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 15.1% |
| Software | 14.1% |
| Broadline Retail | 7.5% |
| Interactive Media & Services | 7.5% |
| Technology Hardware, Storage & Peripherals | 5.9% |
| Capital Markets | 4.4% |
| Health Care Equipment & Supplies | 4.0% |
| Biotechnology | 3.6% |
| Tobacco | 3.3% |
| Beverages | 3.1% |
| Other Industries | 31.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT J.P. Morgan Innovators Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-JPM-INNO-Y (12-25)

# NVIT J.P. Morgan Large Cap Growth Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT J.P. Morgan Large Cap Growth Fund (the "Fund") for the period of May 2, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $51 | 0.69% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund outperformed during the volatile start to the year due to a reduced weighting in high growth tech, where expectations were elevated after a prolonged period of strong performance. However, leadership in the market shifted post the April bottom. The sudden change and narrowing of leadership presented a headwind to the process. The magnificent 7 plus Broadcom and Palantir Technologies drove over 70% of the market's return from the April bottom through the end of the year. The underweight and stock selection within this cohort accounts for about two-thirds of the underperformance for the year.

**Top Contributors to Performance**

* Stock selection within consumer discretionary contributed to performance. Within consumer discretionary, overweight positions within Spotify and Netflix were the top contributors.

* Stock selection within financials contributed to performance. Within financials, an overweight position in Goldman Sachs was a top contributor.

* Our underweight exposure to real estate also contributed to performance.

**Top Detractors from Performance**

* Stock selection in technology was the largest detractor to performance. Within technology, an overweight position in Oracle was the top detractor. An underweight in NVIDIA also detracted.

* Stock selection in industrials detracted from performance. 

* Health care was a detractor from performance. An underweight position in Eli Lilly detracted from performance. 

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i3409981dba97fbd354a58df5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 1000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **May 25** | $10000 | $10000 | $10000 |
| **Dec 25** | $12096 | $12362 | $12939 |

---

# Average Annual Total Returns

---

| | |
|:---|:---|
| | **Since inception<sup>Footnote Reference^</sup>** |
| Class I - (Inception 05/01/2025) | 20.96% |
| Russell 1000<sup>®</sup> Index | 23.62% |
| Russell 1000<sup>®</sup> Growth Index | 29.39% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Not annualized. |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $354136457 |
| Number of Portfolio Holdings | 75 |
| Portfolio Turnover Rate | 45.48% |
| Advisory Fees - net of reimbursement & waiver, if any | $173661 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 98.5% |
| Other assets in excess of liabilities | 1.5% |

---

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 20.3% |
| Software | 15.5% |
| Interactive Media & Services | 8.4% |
| Technology Hardware, Storage & Peripherals | 8.1% |
| Broadline Retail | 4.9% |
| Biotechnology | 4.7% |
| IT Services | 4.2% |
| Automobiles | 4.0% |
| Capital Markets | 3.8% |
| Financial Services | 3.6% |
| Other Industries | 22.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

1. Effective January 1, 2025, the expense limitation rate changed from 0.62% to 0.44%.

2. On March 13, 2025, the shareholders approved a change in the classification of the Fund from diversified to non-diversified as defined in the 1940 Act.

3. On November 14, 2025, the Fund entered into a new expense limitation agreement. The expense limitation for the Class I is 0.76%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT J.P. Morgan Large Cap Growth Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-JPM-LCG-I (12-25)

# NVIT J.P. Morgan Large Cap Growth Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT J.P. Morgan Large Cap Growth Fund (the "Fund") for the period of May 2, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $58 | 0.79% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund outperformed during the volatile start to the year due to a reduced weighting in high growth tech, where expectations were elevated after a prolonged period of strong performance. However, leadership in the market shifted post the April bottom. The sudden change and narrowing of leadership presented a headwind to the process. The magnificent 7 plus Broadcom and Palantir Technologies drove over 70% of the market's return from the April bottom through the end of the year. The underweight and stock selection within this cohort accounts for about two-thirds of the underperformance for the year.

**Top Contributors to Performance**

* Stock selection within consumer discretionary contributed to performance. Within consumer discretionary, overweight positions within Spotify and Netflix were the top contributors.

* Stock selection within financials contributed to performance. Within financials, an overweight position in Goldman Sachs was a top contributor.

* Our underweight exposure to real estate also contributed to performance.

**Top Detractors from Performance**

* Stock selection in technology was the largest detractor to performance. Within technology, an overweight position in Oracle was the top detractor. An underweight in NVIDIA also detracted.

* Stock selection in industrials detracted from performance. 

* Health care was a detractor from performance. An underweight position in Eli Lilly detracted from performance. 

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ia52a4e2ec3669fd16b18c4f8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **Russell 1000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **May 25** | $10000 | $10000 | $10000 |
| **Dec 25** | $12089 | $12362 | $12939 |

---

# Average Annual Total Returns

---

| | |
|:---|:---|
| | **Since inception<sup>Footnote Reference^</sup>** |
| Class II - (Inception 05/01/2025) | 20.89% |
| Russell 1000<sup>®</sup> Index | 23.62% |
| Russell 1000<sup>®</sup> Growth Index | 29.39% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Not annualized. |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $354136457 |
| Number of Portfolio Holdings | 75 |
| Portfolio Turnover Rate | 45.48% |
| Advisory Fees - net of reimbursement & waiver, if any | $173661 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 98.5% |
| Other assets in excess of liabilities | 1.5% |

---

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 20.3% |
| Software | 15.5% |
| Interactive Media & Services | 8.4% |
| Technology Hardware, Storage & Peripherals | 8.1% |
| Broadline Retail | 4.9% |
| Biotechnology | 4.7% |
| IT Services | 4.2% |
| Automobiles | 4.0% |
| Capital Markets | 3.8% |
| Financial Services | 3.6% |
| Other Industries | 22.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

1. Effective January 1, 2025, the expense limitation rate changed from 0.62% to 0.44%.

2. On March 13, 2025, the shareholders approved a change in the classification of the Fund from diversified to non-diversified as defined in the 1940 Act.

3. On November 14, 2025, the Fund entered into a new expense limitation agreement. The expense limitation for the Class II is 0.83%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT J.P. Morgan Large Cap Growth Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-JPM-LCG-II (12-25)

# NVIT J.P. Morgan Large Cap Growth Fund

# Class Y

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT J.P. Morgan Large Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class Y | $47 | 0.44% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund outperformed during the volatile start to the year due to a reduced weighting in high growth tech, where expectations were elevated after a prolonged period of strong performance. However, leadership in the market shifted post the April bottom. The sudden change and narrowing of leadership presented a headwind to the process. The magnificent 7 plus Broadcom and Palantir Technologies drove over 70% of the market's return from the April bottom through the end of the year. The underweight and stock selection within this cohort accounts for about two-thirds of the underperformance for the year.

**Top Contributors to Performance**

* Stock selection within consumer discretionary contributed to performance. Within consumer discretionary, overweight positions within Spotify and Netflix were the top contributors.

* Stock selection within financials contributed to performance. Within financials, an overweight position in Goldman Sachs was a top contributor.

* Our underweight exposure to real estate also contributed to performance.

**Top Detractors from Performance**

* Stock selection in technology was the largest detractor to performance. Within technology, an overweight position in Oracle was the top detractor. An underweight in NVIDIA also detracted.

* Stock selection in industrials detracted from performance. 

* Health care was a detractor from performance. An underweight position in Eli Lilly detracted from performance. 

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](if923278ad53db61cac05c666.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Y** | **Russell 1000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **Apr 22** | $10000 | $10000 | $10000 |
| **Dec 22** | $9181 | $9259 | $8795 |
| **Dec 23** | $12408 | $11715 | $12549 |
| **Dec 24** | $16489 | $14587 | $16735 |
| **Dec 25** | $18866 | $17121 | $22318 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **Since inception** |
| Class Y - (Inception 04/27/2022) | 14.41% | 27.13% | 18.83% |
| Russell 1000<sup>®</sup> Index | 17.37% | 22.74% | 15.72% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 31.15% | 20.45% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $354136457 |
| Number of Portfolio Holdings | 75 |
| Portfolio Turnover Rate | 45.48% |
| Advisory Fees - net of reimbursement & waiver, if any | $173661 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 98.5% |
| Other assets in excess of liabilities | 1.5% |

---

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 20.3% |
| Software | 15.5% |
| Interactive Media & Services | 8.4% |
| Technology Hardware, Storage & Peripherals | 8.1% |
| Broadline Retail | 4.9% |
| Biotechnology | 4.7% |
| IT Services | 4.2% |
| Automobiles | 4.0% |
| Capital Markets | 3.8% |
| Financial Services | 3.6% |
| Other Industries | 22.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

1. Effective January 1, 2025, the expense limitation rate changed from 0.62% to 0.44%.

2. On March 13, 2025, the shareholders approved a change in the classification of the Fund from diversified to non-diversified as defined in the 1940 Act.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT J.P. Morgan Large Cap Growth Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-JPM-LCG-Y (12-25)

# NVIT J.P. Morgan U.S. Equity Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT J.P. Morgan U.S. Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $101 | 0.94% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund underperformed its benchmark during the trailing 1-year period. In 2025, the S&P 500<sup>®</sup> Index achieved returns of +17.9%, despite early-year volatility from historic tariff hikes and shifting global dynamics. US equities were outpaced by other regions, marking the first time in 20 years that the S&P 500 was the weakest major equity market. Artificial intelligence remained the dominant market theme, with communication services and information technology sectors outperforming. However, only two of the "Magnificent Seven" tech giants surpassed the index, while consumer-facing sectors lagged amid soft job growth and cautious spending.

**Top Contributors to Performance**

* The payments & business services, REITs and consumer staples sectors contributed to performance. 

* From an individual stock perspective, overweight positions in Howmet Aerospace (HWM) and Wells Fargo (WFC) and an underweight in Eli Lily (LLY) contributed to performance.

**Top Detractors from Performance**

* The semiconductors & hardware, health services & systems and non-bank financial sectors detracted from performance. 

* From an individual stock perspective, overweight positions in UnitedHealth (UNH), Chipotle Mexican Grill (CMG) and Arthur J. Gallagher (AJG) detracted from performance.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i92a04b728cb6d2d33701b5c1.jpg)

---

| | | |
|:---|:---|:---|
| | **Class II** | **S&P 500<sup>®</sup> Index** |
| **Oct 19** | $10000 | $10000 |
| **Dec 19** | $11051 | $10995 |
| **Dec 20** | $13923 | $13018 |
| **Dec 21** | $17811 | $16756 |
| **Dec 22** | $14359 | $13721 |
| **Dec 23** | $18197 | $17328 |
| **Dec 24** | $22503 | $21664 |
| **Dec 25** | $25674 | $25538 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since inception** |
| Class II - (Inception 10/04/2019) | 14.09% | 13.02% | 16.31% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 16.46% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2019424809 |
| Number of Portfolio Holdings | 52 |
| Portfolio Turnover Rate | 43.89% |
| Advisory Fees - net of reimbursement & waiver, if any | $4756827 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 99.8% |
| Other assets in excess of liabilities | 0.2% |

---

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 13.8% |
| Software | 12.2% |
| Interactive Media & Services | 8.4% |
| Technology Hardware, Storage & Peripherals | 7.6% |
| Broadline Retail | 4.4% |
| Health Care Equipment & Supplies | 4.1% |
| Banks | 3.8% |
| Capital Markets | 3.8% |
| Electric Utilities | 3.4% |
| Hotels, Restaurants & Leisure | 3.4% |
| Other Industries | 35.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT J.P. Morgan U.S. Equity Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-JPM-USEQ-II (12-25)

# NVIT J.P. Morgan U.S. Equity Fund

# Class Y

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT J.P. Morgan U.S. Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class Y | $47 | 0.44% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund underperformed its benchmark during the trailing 1-year period. In 2025, the S&P 500<sup>®</sup> Index achieved returns of +17.9%, despite early-year volatility from historic tariff hikes and shifting global dynamics. US equities were outpaced by other regions, marking the first time in 20 years that the S&P 500 was the weakest major equity market. Artificial intelligence remained the dominant market theme, with communication services and information technology sectors outperforming. However, only two of the "Magnificent Seven" tech giants surpassed the index, while consumer-facing sectors lagged amid soft job growth and cautious spending.

**Top Contributors to Performance**

* The payments & business services, REITs and consumer staples sectors contributed to performance. 

* From an individual stock perspective, overweight positions in Howmet Aerospace (HWM) and Wells Fargo (WFC) and an underweight in Eli Lily (LLY) contributed to performance.

**Top Detractors from Performance**

* The semiconductors & hardware, health services & systems and non-bank financial sectors detracted from performance. 

* From an individual stock perspective, overweight positions in UnitedHealth (UNH), Chipotle Mexican Grill (CMG) and Arthur J. Gallagher (AJG) detracted from performance.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i19e25bb8483822f3ace02860.jpg)

---

| | | |
|:---|:---|:---|
| | **Class Y** | **S&P 500<sup>®</sup> Index** |
| **Oct 19** | $10000 | $10000 |
| **Dec 19** | $11070 | $10995 |
| **Dec 20** | $14006 | $13018 |
| **Dec 21** | $18009 | $16756 |
| **Dec 22** | $14594 | $13721 |
| **Dec 23** | $18580 | $17328 |
| **Dec 24** | $23095 | $21664 |
| **Dec 25** | $26489 | $25538 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since inception** |
| Class Y - (Inception 10/04/2019) | 14.69% | 13.59% | 16.89% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 16.46% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2019424809 |
| Number of Portfolio Holdings | 52 |
| Portfolio Turnover Rate | 43.89% |
| Advisory Fees - net of reimbursement & waiver, if any | $4756827 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 99.8% |
| Other assets in excess of liabilities | 0.2% |

---

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 13.8% |
| Software | 12.2% |
| Interactive Media & Services | 8.4% |
| Technology Hardware, Storage & Peripherals | 7.6% |
| Broadline Retail | 4.4% |
| Health Care Equipment & Supplies | 4.1% |
| Banks | 3.8% |
| Capital Markets | 3.8% |
| Electric Utilities | 3.4% |
| Hotels, Restaurants & Leisure | 3.4% |
| Other Industries | 35.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT J.P. Morgan U.S. Equity Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-JPM-USEQ-Y (12-25)

# NVIT J.P. Morgan US Technology Leaders Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT J.P. Morgan US Technology Leaders Fund (the "Fund") for the period of May 2, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $71 | 0.93% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund outperformed the Russell 1000<sup>®</sup> Equal Weighted Technology Index in 2025. While the AI theme and the technology sector in general drove performance for broader U.S. equities, the flexibility to invest outside of technology provided a tailwind for the portfolio. Notably, Robinhood was the top contributor.

Investing across market capitalization also drove performance. None of the top 10 contributors were among the Magnificent Seven stocks, and the top three contributors all started the year with market capitalizations below $30 billion.

**Top Contributors to Performance**

* The financial sector was the top contributor. Robinhood was the top contributor within financials. 

* The telecom sector was a top contributor. Within telecom, an overweight position in Ciena was a top contributor.

* The Consumer Digital Services subsector was another top contributor to performance.

**Top Detractors from Performance**

* The Fund's underweight exposure to the computer hardware subsector was the top detractor. Within computer hardware, our underweight position in Sandisk was the top detractor.

* The Fund's underweight exposure to the production technology equipment subsector detracted from performance.

* The Fund's underweight exposure to the electronic components subsector detracted from performance.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i22d357da28fa9f137a6bbcf3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Equal Weight Technology Index** |
| **May 25** | $10000 | $10000 | $10000 |
| **Dec 25** | $12741 | $12303 | $12428 |

---

# Average Annual Total Returns

---

| | |
|:---|:---|
| | **Since inception<sup>Footnote Reference^</sup>** |
| Class II - (Inception 05/01/2025) | 27.60%<sup>Footnote Reference\*</sup> |
| Russell 3000<sup>®</sup> Index | 23.03% |
| Russell 1000<sup>®</sup> Equal Weight Technology Index | 24.28% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Not annualized. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please see the Fund's Financial Highlights for additional information. |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $24266400 |
| Number of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 62.33% |
| Advisory Fees - net of reimbursement & waiver, if any | $7262 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 98.5% |
| Other assets in excess of liabilities | 1.5% |

---

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 22.9% |
| Software | 19.6% |
| IT Services | 9.7% |
| Interactive Media & Services | 8.5% |
| Entertainment | 7.5% |
| Broadline Retail | 7.1% |
| Automobiles | 5.5% |
| Communications Equipment | 4.6% |
| Capital Markets | 4.2% |
| Hotels, Restaurants & Leisure | 2.3% |
| Other Industries | 8.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

Effective January 1, 2025, the expense limitation rate changed from 0.62% to 0.56%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT J.P. Morgan US Technology Leaders Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-JPM-TL-II (12-25)

# NVIT J.P. Morgan US Technology Leaders Fund

# Class Y

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT J.P. Morgan US Technology Leaders Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class Y | $61 | 0.56% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund outperformed the Russell 1000<sup>®</sup> Equal Weighted Technology Index in 2025. While the AI theme and the technology sector in general drove performance for broader U.S. equities, the flexibility to invest outside of technology provided a tailwind for the portfolio. Notably, Robinhood was the top contributor.

Investing across market capitalization also drove performance. None of the top 10 contributors were among the Magnificent Seven stocks, and the top three contributors all started the year with market capitalizations below $30 billion.

**Top Contributors to Performance**

* The financial sector was the top contributor. Robinhood was the top contributor within financials. 

* The telecom sector was a top contributor. Within telecom, an overweight position in Ciena was a top contributor.

* The Consumer Digital Services subsector was another top contributor to performance.

**Top Detractors from Performance**

* The Fund's underweight exposure to the computer hardware subsector was the top detractor. Within computer hardware, our underweight position in Sandisk was the top detractor.

* The Fund's underweight exposure to the production technology equipment subsector detracted from performance.

* The Fund's underweight exposure to the electronic components subsector detracted from performance.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ib73a5eaa5b891098ea3f17cf.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Y** | **Russell 3000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Equal Weight Technology Index** |
| **Apr 22** | $10000 | $10000 | $10000 |
| **Dec 22** | $8170 | $9269 | $8562 |
| **Dec 23** | $13470 | $11675 | $12462 |
| **Dec 24** | $17312 | $14455 | $14394 |
| **Dec 25** | $20626 | $16934 | $16625 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **Since inception** |
| Class Y - (Inception 04/27/2022) | 19.15% | 36.17% | 21.75% |
| Russell 3000<sup>®</sup> Index | 17.15% | 22.25% | 15.37% |
| Russell 1000<sup>®</sup> Equal Weight Technology Index | 13.13% | 23.90% | 14.16% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $24266400 |
| Number of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 62.33% |
| Advisory Fees - net of reimbursement & waiver, if any | $7262 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 98.5% |
| Other assets in excess of liabilities | 1.5% |

---

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 22.9% |
| Software | 19.6% |
| IT Services | 9.7% |
| Interactive Media & Services | 8.5% |
| Entertainment | 7.5% |
| Broadline Retail | 7.1% |
| Automobiles | 5.5% |
| Communications Equipment | 4.6% |
| Capital Markets | 4.2% |
| Hotels, Restaurants & Leisure | 2.3% |
| Other Industries | 8.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

Effective January 1, 2025, the expense limitation rate changed from 0.62% to 0.56%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT J.P. Morgan US Technology Leaders Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-JPM-TL-Y (12-25)

# NVIT Jacobs Levy Large Cap Core Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Jacobs Levy Large Cap Core Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $81 | 0.77% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
U.S. equities plummeted and then surged in 2025, and the broad equity market rose more than 17% for the year. Stocks advanced on artificial intelligence (AI) hype, FOMC rate cuts, and a general speculative fervor, despite a laundry list of risks, including tariffs, the government shutdown, and potential stock overvaluation. For the year, large caps outperformed mid and small caps, while returns for growth and value varied across the capitalization spectrum. Dynamic stocks outperformed defensive stocks by about 10 percentage points.

**Top Contributors to Performance**

* Financials, healthcare, and real estate contributed positively to relative performance.

* Security selection in financials, consumer discretionary, and energy contributed to performance.

* Overweight to industrials and underweights to healthcare and real estate helped.

* Top stock contributors included General Motors Company, Comfort Systems USA, Inc., and Bank of New York Mellon Corp.

**Top Detractors from Performance**

* Information technology, communication services, and industrials contributed negatively to relative performance.

* Security selection in information technology, industrials, and communication services detracted from performance.

* Overweight to consumer discretionary and underweights to communication services and energy hurt.

* Top stock detractors included Alphabet, Inc., Broadcom, Inc., and Fortinet, Inc.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i17c6708d673f2e64b3d96a6e.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **S&P 500<sup>®</sup> Index** |
| **Dec 15** | $10000 | $10000 |
| **Dec 16** | $11360 | $11196 |
| **Dec 17** | $14184 | $13640 |
| **Dec 18** | $13508 | $13043 |
| **Dec 19** | $17300 | $17150 |
| **Dec 20** | $19644 | $20305 |
| **Dec 21** | $24863 | $26135 |
| **Dec 22** | $20621 | $21402 |
| **Dec 23** | $25445 | $27029 |
| **Dec 24** | $30910 | $33791 |
| **Dec 25** | $34583 | $39833 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 11.88% | 11.98% | 13.21% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $244347748 |
| Number of Portfolio Holdings | 124 |
| Portfolio Turnover Rate | 89.97% |
| Advisory Fees - net of reimbursement & waiver, if any | $1307280 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 99.6% |
| Repurchase Agreement | 2.4% |
| Other liabilities in excess of assets | -2.0% |

---

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 14.1% |
| Software | 13.2% |
| Interactive Media & Services | 6.8% |
| Technology Hardware, Storage & Peripherals | 6.5% |
| Specialty Retail | 4.6% |
| Capital Markets | 4.5% |
| Insurance | 3.7% |
| Banks | 2.9% |
| Hotels, Restaurants & Leisure | 2.8% |
| Biotechnology | 2.6% |
| Other Industries<sup>Footnote Reference#</sup> | 38.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreement is included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Jacobs Levy Large Cap Core Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-LCC-I (12-25)

# NVIT Jacobs Levy Large Cap Core Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Jacobs Levy Large Cap Core Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $92 | 0.87% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
U.S. equities plummeted and then surged in 2025, and the broad equity market rose more than 17% for the year. Stocks advanced on artificial intelligence (AI) hype, FOMC rate cuts, and a general speculative fervor, despite a laundry list of risks, including tariffs, the government shutdown, and potential stock overvaluation. For the year, large caps outperformed mid and small caps, while returns for growth and value varied across the capitalization spectrum. Dynamic stocks outperformed defensive stocks by about 10 percentage points.

**Top Contributors to Performance**

* Financials, healthcare, and real estate contributed positively to relative performance.

* Security selection in financials, consumer discretionary, and energy contributed to performance.

* Overweight to industrials and underweights to healthcare and real estate helped.

* Top stock contributors included General Motors Company, Comfort Systems USA, Inc., and Bank of New York Mellon Corp.

**Top Detractors from Performance**

* Information technology, communication services, and industrials contributed negatively to relative performance.

* Security selection in information technology, industrials, and communication services detracted from performance.

* Overweight to consumer discretionary and underweights to communication services and energy hurt.

* Top stock detractors included Alphabet, Inc., Broadcom, Inc., and Fortinet, Inc.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ib48d53724a5a1ec0d2d79c36.jpg)

---

| | | |
|:---|:---|:---|
| | **Class II** | **S&P 500<sup>®</sup> Index** |
| **Dec 15** | $10000 | $10000 |
| **Dec 16** | $11354 | $11196 |
| **Dec 17** | $14165 | $13640 |
| **Dec 18** | $13456 | $13043 |
| **Dec 19** | $17236 | $17150 |
| **Dec 20** | $19545 | $20305 |
| **Dec 21** | $24710 | $26135 |
| **Dec 22** | $20482 | $21402 |
| **Dec 23** | $25233 | $27029 |
| **Dec 24** | $30653 | $33791 |
| **Dec 25** | $34228 | $39833 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 11.66% | 11.86% | 13.09% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $244347748 |
| Number of Portfolio Holdings | 124 |
| Portfolio Turnover Rate | 89.97% |
| Advisory Fees - net of reimbursement & waiver, if any | $1307280 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 99.6% |
| Repurchase Agreement | 2.4% |
| Other liabilities in excess of assets | -2.0% |

---

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 14.1% |
| Software | 13.2% |
| Interactive Media & Services | 6.8% |
| Technology Hardware, Storage & Peripherals | 6.5% |
| Specialty Retail | 4.6% |
| Capital Markets | 4.5% |
| Insurance | 3.7% |
| Banks | 2.9% |
| Hotels, Restaurants & Leisure | 2.8% |
| Biotechnology | 2.6% |
| Other Industries<sup>Footnote Reference#</sup> | 38.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreement is included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Jacobs Levy Large Cap Core Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-LCC-II (12-25)

# NVIT Jacobs Levy Large Cap Growth Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Jacobs Levy Large Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $75 | 0.70% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
U.S. equities plummeted and then surged in 2025, and the broad equity market rose more than 17% for the year. Stocks advanced on artificial intelligence (AI) hype, Federal Open Market Commission rate cuts, and a general speculative fervor, despite a laundry list of risks, including tariffs, the government shutdown, and potential stock overvaluation. For the year, large caps outperformed mid and small caps, while returns to growth and value varied across the capitalization spectrum. Dynamic stocks outperformed defensive stocks by about 10 percentage points. Overweights to information technology and consumer discretionary and an underweight to energy helped. However, overweights to utilities, communication services, and financials hurt.

**Top Contributors to Performance**

* Security selection in financials, healthcare, and real estate contributed to performance.

* Top stock contributors included Lam Research Corporation, Comfort Systems USA, Inc., and Corcept Therapeutics Inc.

**Top Detractors from Performance**

• Security selection in information technology, consumer discretionary, and industrials detracted from performance.

* Top stock detractors included Deckers Outdoor Corporation, Trade Desk, Inc. Class A, and Kratos Defense & Security Solutions, Inc.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i12d571c60d15436b9d839fbc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 1000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10219 | $11200 | $10708 |
| **Dec 17** | $13305 | $13630 | $13943 |
| **Dec 18** | $12896 | $12980 | $13732 |
| **Dec 19** | $16833 | $17041 | $18730 |
| **Dec 20** | $21898 | $20584 | $25939 |
| **Dec 21** | $30756 | $26006 | $33098 |
| **Dec 22** | $26915 | $21032 | $23453 |
| **Dec 23** | $36431 | $26611 | $33463 |
| **Dec 24** | $45925 | $33133 | $39078 |
| **Dec 25** | $52448 | $38889 | $46331 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 14.20% | 19.09% | 18.02% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $499781652 |
| Number of Portfolio Holdings | 248 |
| Portfolio Turnover Rate | 97.60% |
| Advisory Fees - net of reimbursement & waiver, if any | $1737227 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 100.4% |
| Repurchase Agreements | 2.6% |
| Other liabilities in excess of assets | -3.0% |

---

---

| | |
|:---|:---|
| Software | 16.6% |
| Semiconductors & Semiconductor Equipment | 11.1% |
| Technology Hardware, Storage & Peripherals | 10.5% |
| Interactive Media & Services | 6.7% |
| Entertainment | 5.1% |
| Construction & Engineering | 5.0% |
| Hotels, Restaurants & Leisure | 4.7% |
| Capital Markets | 3.9% |
| Broadline Retail | 3.7% |
| Biotechnology | 3.1% |
| Other Industries<sup>Footnote Reference#</sup> | 29.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

On November 14, 2025, the Fund entered into a new expense limitation agreement. The expense limitation for the Class I is 0.72%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Jacobs Levy Large Cap Growth Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-LCG-I (12-25)

# NVIT Jacobs Levy Large Cap Growth Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Jacobs Levy Large Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $102 | 0.95% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
U.S. equities plummeted and then surged in 2025, and the broad equity market rose more than 17% for the year. Stocks advanced on artificial intelligence (AI) hype, Federal Open Market Commission rate cuts, and a general speculative fervor, despite a laundry list of risks, including tariffs, the government shutdown, and potential stock overvaluation. For the year, large caps outperformed mid and small caps, while returns to growth and value varied across the capitalization spectrum. Dynamic stocks outperformed defensive stocks by about 10 percentage points. Overweights to information technology and consumer discretionary and an underweight to energy helped. However, overweights to utilities, communication services, and financials hurt.

**Top Contributors to Performance**

* Security selection in financials, healthcare, and real estate contributed to performance.

* Top stock contributors included Lam Research Corporation, Comfort Systems USA, Inc., and Corcept Therapeutics Inc.

**Top Detractors from Performance**

• Security selection in information technology, consumer discretionary, and industrials detracted from performance.

* Top stock detractors included Deckers Outdoor Corporation, Trade Desk, Inc. Class A, and Kratos Defense & Security Solutions, Inc.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](idb555343594d6526d189ac80.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **Russell 1000<sup>®</sup> Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10199 | $11200 | $10708 |
| **Dec 17** | $13246 | $13630 | $13943 |
| **Dec 18** | $12802 | $12980 | $13732 |
| **Dec 19** | $16671 | $17041 | $18730 |
| **Dec 20** | $21658 | $20584 | $25939 |
| **Dec 21** | $30294 | $26006 | $33098 |
| **Dec 22** | $26463 | $21032 | $23453 |
| **Dec 23** | $35722 | $26611 | $33463 |
| **Dec 24** | $44958 | $33133 | $39078 |
| **Dec 25** | $51173 | $38889 | $46331 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 13.82% | 18.76% | 17.73% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $499781652 |
| Number of Portfolio Holdings | 248 |
| Portfolio Turnover Rate | 97.60% |
| Advisory Fees - net of reimbursement & waiver, if any | $1737227 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 100.4% |
| Repurchase Agreements | 2.6% |
| Other liabilities in excess of assets | -3.0% |

---

---

| | |
|:---|:---|
| Software | 16.6% |
| Semiconductors & Semiconductor Equipment | 11.1% |
| Technology Hardware, Storage & Peripherals | 10.5% |
| Interactive Media & Services | 6.7% |
| Entertainment | 5.1% |
| Construction & Engineering | 5.0% |
| Hotels, Restaurants & Leisure | 4.7% |
| Capital Markets | 3.9% |
| Broadline Retail | 3.7% |
| Biotechnology | 3.1% |
| Other Industries<sup>Footnote Reference#</sup> | 29.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

On November 14, 2025, the Fund entered into a new expense limitation agreement. The expense limitation for the Class II is 0.97%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Jacobs Levy Large Cap Growth Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-LCG-II (12-25)

# NVIT Loomis Core Bond Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Loomis Core Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $60 | 0.58% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund outperformed the benchmark during the period. The bond market delivered a solid total return with low volatility, closing out a generally positive year for the asset class, as the Bloomberg US Aggregate Bond Index posted a return of +7.03%. Fixed-income assets were supported by a backdrop of slow but positive economic growth, an annualized inflation rate that largely remained below 3%, and accommodative policy from the US Federal Reserve. Yields declined when the Fed resumed easing in September. The Fed enacted two quarter-point interest rate cuts and announced the end of its multi-year effort to reduce the size of its balance sheet.

**Top Contributors to Performance**

* Investment Grade Corporate bonds contributed the most to performance via allocation as the portfolio remained titled towards risk.

* Overweight position in Securitized Credit aided performance.

* The allocation to Securitized Agency was beneficial, particularly due to issue selection; an underweight in the sector was also beneficial.

**Top Detractors from Performance**

* Security selection within investment grade corporates was the largest detractor.

* The underweight allocation to Government-related names hindered performance for the period. 

* High yield corporate bond exposure slightly dragged on performance.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ic142e663b58e24c849e149a7.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** |
| **Dec 15** | $10000 | $10000 |
| **Dec 16** | $10535 | $10265 |
| **Dec 17** | $10998 | $10628 |
| **Dec 18** | $10952 | $10629 |
| **Dec 19** | $11931 | $11556 |
| **Dec 20** | $12768 | $12424 |
| **Dec 21** | $12636 | $12233 |
| **Dec 22** | $10780 | $10641 |
| **Dec 23** | $11339 | $11230 |
| **Dec 24** | $11494 | $11370 |
| **Dec 25** | $12286 | $12200 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 6.88% | -0.77% | 2.08% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $3649674880 |
| Number of Portfolio Holdings | 700 |
| Portfolio Turnover Rate | 137.16% |
| Advisory Fees - net of reimbursement & waiver, if any | $12518847 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Corporate Bonds | 34.7% |
| U.S. Treasury Obligations | 24.9% |
| Mortgage-Backed Securities | 23.6% |
| Asset-Backed Securities | 12.2% |
| Repurchase Agreements | 4.1% |
| Commercial Mortgage-Backed Securities | 1.7% |
| Other liabilities in excess of assets | -1.2% |

---

---

| | |
|:---|:---|
| Banks | 5.8% |
| Insurance | 4.1% |
| Capital Markets | 3.9% |
| Electric Utilities | 2.6% |
| Oil, Gas & Consumable Fuels | 1.7% |
| Consumer Finance | 1.6% |
| Chemicals | 0.8% |
| Health Care Providers & Services | 0.8% |
| Financial Services | 0.7% |
| Machinery | 0.6% |
| Other Industries<sup>Footnote Reference#</sup> | 77.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

At the end of business February 28, 2025, NVIT Loomis Core Bond Fund acquired all of the net assets of NVIT BNY Mellon Core Plus Bond Fund.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Loomis Core Bond Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-LCB-I (12-25)

# NVIT Loomis Core Bond Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Loomis Core Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $86 | 0.83% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund outperformed the benchmark during the period. The bond market delivered a solid total return with low volatility, closing out a generally positive year for the asset class, as the Bloomberg US Aggregate Bond Index posted a return of +7.03%. Fixed-income assets were supported by a backdrop of slow but positive economic growth, an annualized inflation rate that largely remained below 3%, and accommodative policy from the US Federal Reserve. Yields declined when the Fed resumed easing in September. The Fed enacted two quarter-point interest rate cuts and announced the end of its multi-year effort to reduce the size of its balance sheet.

**Top Contributors to Performance**

* Investment Grade Corporate bonds contributed the most to performance via allocation as the portfolio remained titled towards risk.

* Overweight position in Securitized Credit aided performance.

* The allocation to Securitized Agency was beneficial, particularly due to issue selection; an underweight in the sector was also beneficial.

**Top Detractors from Performance**

* Security selection within investment grade corporates was the largest detractor.

* The underweight allocation to Government-related names hindered performance for the period. 

* High yield corporate bond exposure slightly dragged on performance.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i0ae83dba948feafc72569ac7.jpg)

---

| | | |
|:---|:---|:---|
| | **Class II** | **Bloomberg U.S. Aggregate Bond Index** |
| **Dec 15** | $10000 | $10000 |
| **Dec 16** | $10500 | $10265 |
| **Dec 17** | $10939 | $10628 |
| **Dec 18** | $10864 | $10629 |
| **Dec 19** | $11809 | $11556 |
| **Dec 20** | $12609 | $12424 |
| **Dec 21** | $12451 | $12233 |
| **Dec 22** | $10586 | $10641 |
| **Dec 23** | $11120 | $11230 |
| **Dec 24** | $11245 | $11370 |
| **Dec 25** | $11983 | $12200 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 6.56% | -1.01% | 1.83% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $3649674880 |
| Number of Portfolio Holdings | 700 |
| Portfolio Turnover Rate | 137.16% |
| Advisory Fees - net of reimbursement & waiver, if any | $12518847 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Corporate Bonds | 34.7% |
| U.S. Treasury Obligations | 24.9% |
| Mortgage-Backed Securities | 23.6% |
| Asset-Backed Securities | 12.2% |
| Repurchase Agreements | 4.1% |
| Commercial Mortgage-Backed Securities | 1.7% |
| Other liabilities in excess of assets | -1.2% |

---

---

| | |
|:---|:---|
| Banks | 5.8% |
| Insurance | 4.1% |
| Capital Markets | 3.9% |
| Electric Utilities | 2.6% |
| Oil, Gas & Consumable Fuels | 1.7% |
| Consumer Finance | 1.6% |
| Chemicals | 0.8% |
| Health Care Providers & Services | 0.8% |
| Financial Services | 0.7% |
| Machinery | 0.6% |
| Other Industries<sup>Footnote Reference#</sup> | 77.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

At the end of business February 28, 2025, NVIT Loomis Core Bond Fund acquired all of the net assets of NVIT BNY Mellon Core Plus Bond Fund.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Loomis Core Bond Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-LCB-II (12-25)

# NVIT Loomis Core Bond Fund

# Class P

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Loomis Core Bond Fund (the "Fund") for the period of January 22, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class P | $66 | 0.68% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund outperformed the benchmark during the period. The bond market delivered a solid total return with low volatility, closing out a generally positive year for the asset class, as the Bloomberg US Aggregate Bond Index posted a return of +7.03%. Fixed-income assets were supported by a backdrop of slow but positive economic growth, an annualized inflation rate that largely remained below 3%, and accommodative policy from the US Federal Reserve. Yields declined when the Fed resumed easing in September. The Fed enacted two quarter-point interest rate cuts and announced the end of its multi-year effort to reduce the size of its balance sheet.

**Top Contributors to Performance**

* Investment Grade Corporate bonds contributed the most to performance via allocation as the portfolio remained titled towards risk.

* Overweight position in Securitized Credit aided performance.

* The allocation to Securitized Agency was beneficial, particularly due to issue selection; an underweight in the sector was also beneficial.

**Top Detractors from Performance**

* Security selection within investment grade corporates was the largest detractor.

* The underweight allocation to Government-related names hindered performance for the period. 

* High yield corporate bond exposure slightly dragged on performance.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i4a9dd6f38e215fafc0cc98b6.jpg)

---

| | | |
|:---|:---|:---|
| | **Class P** | **Bloomberg U.S. Aggregate Bond Index** |
| **Jan 25** | $10000 | $10000 |
| **Dec 25** | $10645 | $10733 |

---

# Average Annual Total Returns

---

| | |
|:---|:---|
| | **Since inception<sup>Footnote Reference^</sup>** |
| Class P - (Inception 01/21/2025) | 6.45% |
| Bloomberg U.S. Aggregate Bond Index | 7.33% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Not annualized. |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $3649674880 |
| Number of Portfolio Holdings | 700 |
| Portfolio Turnover Rate | 137.16% |
| Advisory Fees - net of reimbursement & waiver, if any | $12518847 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Corporate Bonds | 34.7% |
| U.S. Treasury Obligations | 24.9% |
| Mortgage-Backed Securities | 23.6% |
| Asset-Backed Securities | 12.2% |
| Repurchase Agreements | 4.1% |
| Commercial Mortgage-Backed Securities | 1.7% |
| Other liabilities in excess of assets | -1.2% |

---

---

| | |
|:---|:---|
| Banks | 5.8% |
| Insurance | 4.1% |
| Capital Markets | 3.9% |
| Electric Utilities | 2.6% |
| Oil, Gas & Consumable Fuels | 1.7% |
| Consumer Finance | 1.6% |
| Chemicals | 0.8% |
| Health Care Providers & Services | 0.8% |
| Financial Services | 0.7% |
| Machinery | 0.6% |
| Other Industries<sup>Footnote Reference#</sup> | 77.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

At the end of business February 28, 2025, NVIT Loomis Core Bond Fund acquired all of the net assets of NVIT BNY Mellon Core Plus Bond Fund.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Loomis Core Bond Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-LCB-P (12-25)

# NVIT Loomis Core Bond Fund

# Class Y

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Loomis Core Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class Y | $45 | 0.43% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund outperformed the benchmark during the period. The bond market delivered a solid total return with low volatility, closing out a generally positive year for the asset class, as the Bloomberg US Aggregate Bond Index posted a return of +7.03%. Fixed-income assets were supported by a backdrop of slow but positive economic growth, an annualized inflation rate that largely remained below 3%, and accommodative policy from the US Federal Reserve. Yields declined when the Fed resumed easing in September. The Fed enacted two quarter-point interest rate cuts and announced the end of its multi-year effort to reduce the size of its balance sheet.

**Top Contributors to Performance**

* Investment Grade Corporate bonds contributed the most to performance via allocation as the portfolio remained titled towards risk.

* Overweight position in Securitized Credit aided performance.

* The allocation to Securitized Agency was beneficial, particularly due to issue selection; an underweight in the sector was also beneficial.

**Top Detractors from Performance**

* Security selection within investment grade corporates was the largest detractor.

* The underweight allocation to Government-related names hindered performance for the period. 

* High yield corporate bond exposure slightly dragged on performance.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i26666f4af73b2764a5ef89c5.jpg)

---

| | | |
|:---|:---|:---|
| | **Class Y** | **Bloomberg U.S. Aggregate Bond Index** |
| **Dec 15** | $10000 | $10000 |
| **Dec 16** | $10551 | $10265 |
| **Dec 17** | $11032 | $10628 |
| **Dec 18** | $11003 | $10629 |
| **Dec 19** | $12003 | $11556 |
| **Dec 20** | $12863 | $12424 |
| **Dec 21** | $12750 | $12233 |
| **Dec 22** | $10891 | $10641 |
| **Dec 23** | $11475 | $11230 |
| **Dec 24** | $11650 | $11370 |
| **Dec 25** | $12470 | $12200 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 7.03% | -0.62% | 2.23% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $3649674880 |
| Number of Portfolio Holdings | 700 |
| Portfolio Turnover Rate | 137.16% |
| Advisory Fees - net of reimbursement & waiver, if any | $12518847 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Corporate Bonds | 34.7% |
| U.S. Treasury Obligations | 24.9% |
| Mortgage-Backed Securities | 23.6% |
| Asset-Backed Securities | 12.2% |
| Repurchase Agreements | 4.1% |
| Commercial Mortgage-Backed Securities | 1.7% |
| Other liabilities in excess of assets | -1.2% |

---

---

| | |
|:---|:---|
| Banks | 5.8% |
| Insurance | 4.1% |
| Capital Markets | 3.9% |
| Electric Utilities | 2.6% |
| Oil, Gas & Consumable Fuels | 1.7% |
| Consumer Finance | 1.6% |
| Chemicals | 0.8% |
| Health Care Providers & Services | 0.8% |
| Financial Services | 0.7% |
| Machinery | 0.6% |
| Other Industries<sup>Footnote Reference#</sup> | 77.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

At the end of business February 28, 2025, NVIT Loomis Core Bond Fund acquired all of the net assets of NVIT BNY Mellon Core Plus Bond Fund.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Loomis Core Bond Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-LCB-Y (12-25)

# NVIT Loomis Short Term Bond Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Loomis Short Term Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $56 | 0.54% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund outperformed its benchmark during the period. The bond market delivered a solid total return with low volatility, closing out a generally positive year for the asset class, as the Bloomberg US Aggregate Bond Index posted a gain of 7.03%. Fixed-income assets remained supported by a backdrop of slow but positive economic growth, an annualized inflation rate that largely stayed below 3%, and an accommodative US Federal Reserve policy. Yields declined as the Fed resumed easing in September. The Fed enacted two quarter-point interest rate cuts and announced the end of its multi-year effort to reduce the size of its balance sheet.

**Top Contributors to Performance**

* The overweight allocation to investment grade corporate names had the largest impact. 

* Allocation to Securitized Credit was also positive for the period.

* Our allocation to high yield was additive to performance for the year. 

**Top Detractors from Performance**

* Despite the overweight allocation to securitized credit being positive, security selection within the sector weighed on performance. 

* The issue of selection within government related securities hindered performance. 

* Security selection within investment grade corporates slightly detracted for the period. 

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ia5d8e35ff268bba9dd8c3ff5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Government/Credit Bond 1-3 Year Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10275 | $10265 | $10128 |
| **Dec 17** | $10475 | $10628 | $10213 |
| **Dec 18** | $10578 | $10629 | $10376 |
| **Dec 19** | $11036 | $11556 | $10795 |
| **Dec 20** | $11389 | $12424 | $11154 |
| **Dec 21** | $11339 | $12233 | $11102 |
| **Dec 22** | $10728 | $10641 | $10692 |
| **Dec 23** | $11367 | $11230 | $11185 |
| **Dec 24** | $11974 | $11370 | $11673 |
| **Dec 25** | $12656 | $12200 | $12297 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 5.70% | 2.13% | 2.38% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Bloomberg U.S. Government/Credit Bond 1-3 Year Index | 5.35% | 1.97% | 2.09% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1272246897 |
| Number of Portfolio Holdings | 500 |
| Portfolio Turnover Rate | 194.73% |
| Advisory Fees - net of reimbursement & waiver, if any | $3994085 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Corporate Bond | 47.9% |
| U.S. Treasury Obligation | 24.3% |
| Asset-Backed Security | 23.3% |
| Repurchase Agreement | 6.1% |
| Commercial Mortgage-Backed Security | 2.6% |
| Mortgage-Backed Security | 0.8% |
| Other liabilities in excess of assets | -5.0% |

---

---

| | |
|:---|:---|
| Banks | 8.8% |
| Insurance | 5.1% |
| Capital Markets | 4.4% |
| Electric Utilities | 3.1% |
| Consumer Finance | 2.2% |
| Oil, Gas & Consumable Fuels | 2.1% |
| Financial Services | 1.5% |
| Hotels, Restaurants & Leisure | 1.4% |
| Automobiles | 1.2% |
| Chemicals | 1.1% |
| Other Industries<sup>Footnote Reference#</sup> | 69.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

On November 14, 2025, the Fund entered into a new expense limitation agreement. The expense limitation for the Class I is 0.67%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Loomis Short Term Bond Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-STB-I (12-25)

# NVIT Loomis Short Term Bond Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Loomis Short Term Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $81 | 0.79% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund outperformed its benchmark during the period. The bond market delivered a solid total return with low volatility, closing out a generally positive year for the asset class, as the Bloomberg US Aggregate Bond Index posted a gain of 7.03%. Fixed-income assets remained supported by a backdrop of slow but positive economic growth, an annualized inflation rate that largely stayed below 3%, and an accommodative US Federal Reserve policy. Yields declined as the Fed resumed easing in September. The Fed enacted two quarter-point interest rate cuts and announced the end of its multi-year effort to reduce the size of its balance sheet.

**Top Contributors to Performance**

* The overweight allocation to investment grade corporate names had the largest impact. 

* Allocation to Securitized Credit was also positive for the period.

* Our allocation to high yield was additive to performance for the year. 

**Top Detractors from Performance**

* Despite the overweight allocation to securitized credit being positive, security selection within the sector weighed on performance. 

* The issue of selection within government related securities hindered performance. 

* Security selection within investment grade corporates slightly detracted for the period. 

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i4675bf10e33dbda9cd2583ca.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Government/Credit Bond 1-3 Year Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10249 | $10265 | $10128 |
| **Dec 17** | $10411 | $10628 | $10213 |
| **Dec 18** | $10496 | $10629 | $10376 |
| **Dec 19** | $10925 | $11556 | $10795 |
| **Dec 20** | $11235 | $12424 | $11154 |
| **Dec 21** | $11169 | $12233 | $11102 |
| **Dec 22** | $10536 | $10641 | $10692 |
| **Dec 23** | $11135 | $11230 | $11185 |
| **Dec 24** | $11698 | $11370 | $11673 |
| **Dec 25** | $12334 | $12200 | $12297 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 5.43% | 1.88% | 2.12% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Bloomberg U.S. Government/Credit Bond 1-3 Year Index | 5.35% | 1.97% | 2.09% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1272246897 |
| Number of Portfolio Holdings | 500 |
| Portfolio Turnover Rate | 194.73% |
| Advisory Fees - net of reimbursement & waiver, if any | $3994085 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Corporate Bond | 47.9% |
| U.S. Treasury Obligation | 24.3% |
| Asset-Backed Security | 23.3% |
| Repurchase Agreement | 6.1% |
| Commercial Mortgage-Backed Security | 2.6% |
| Mortgage-Backed Security | 0.8% |
| Other liabilities in excess of assets | -5.0% |

---

---

| | |
|:---|:---|
| Banks | 8.8% |
| Insurance | 5.1% |
| Capital Markets | 4.4% |
| Electric Utilities | 3.1% |
| Consumer Finance | 2.2% |
| Oil, Gas & Consumable Fuels | 2.1% |
| Financial Services | 1.5% |
| Hotels, Restaurants & Leisure | 1.4% |
| Automobiles | 1.2% |
| Chemicals | 1.1% |
| Other Industries<sup>Footnote Reference#</sup> | 69.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Loomis Short Term Bond Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-STB-II (12-25)

# NVIT Loomis Short Term Bond Fund

# Class Y

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Loomis Short Term Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class Y | $40 | 0.39% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund outperformed its benchmark during the period. The bond market delivered a solid total return with low volatility, closing out a generally positive year for the asset class, as the Bloomberg US Aggregate Bond Index posted a gain of 7.03%. Fixed-income assets remained supported by a backdrop of slow but positive economic growth, an annualized inflation rate that largely stayed below 3%, and an accommodative US Federal Reserve policy. Yields declined as the Fed resumed easing in September. The Fed enacted two quarter-point interest rate cuts and announced the end of its multi-year effort to reduce the size of its balance sheet.

**Top Contributors to Performance**

* The overweight allocation to investment grade corporate names had the largest impact. 

* Allocation to Securitized Credit was also positive for the period.

* Our allocation to high yield was additive to performance for the year. 

**Top Detractors from Performance**

* Despite the overweight allocation to securitized credit being positive, security selection within the sector weighed on performance. 

* The issue of selection within government related securities hindered performance. 

* Security selection within investment grade corporates slightly detracted for the period. 

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i2fe0fb356bb20ebb55d2ba19.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Y** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Government/Credit Bond 1-3 Year Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10297 | $10265 | $10128 |
| **Dec 17** | $10511 | $10628 | $10213 |
| **Dec 18** | $10627 | $10629 | $10376 |
| **Dec 19** | $11103 | $11556 | $10795 |
| **Dec 20** | $11472 | $12424 | $11154 |
| **Dec 21** | $11449 | $12233 | $11102 |
| **Dec 22** | $10840 | $10641 | $10692 |
| **Dec 23** | $11502 | $11230 | $11185 |
| **Dec 24** | $12133 | $11370 | $11673 |
| **Dec 25** | $12855 | $12200 | $12297 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 5.95% | 2.30% | 2.54% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Bloomberg U.S. Government/Credit Bond 1-3 Year Index | 5.35% | 1.97% | 2.09% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1272246897 |
| Number of Portfolio Holdings | 500 |
| Portfolio Turnover Rate | 194.73% |
| Advisory Fees - net of reimbursement & waiver, if any | $3994085 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Corporate Bond | 47.9% |
| U.S. Treasury Obligation | 24.3% |
| Asset-Backed Security | 23.3% |
| Repurchase Agreement | 6.1% |
| Commercial Mortgage-Backed Security | 2.6% |
| Mortgage-Backed Security | 0.8% |
| Other liabilities in excess of assets | -5.0% |

---

---

| | |
|:---|:---|
| Banks | 8.8% |
| Insurance | 5.1% |
| Capital Markets | 4.4% |
| Electric Utilities | 3.1% |
| Consumer Finance | 2.2% |
| Oil, Gas & Consumable Fuels | 2.1% |
| Financial Services | 1.5% |
| Hotels, Restaurants & Leisure | 1.4% |
| Automobiles | 1.2% |
| Chemicals | 1.1% |
| Other Industries<sup>Footnote Reference#</sup> | 69.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Loomis Short Term Bond Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-STB-Y (12-25)

# NVIT Loomis Short Term High Yield Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Loomis Short Term High Yield Fund (the "Fund") (formerly known as NVIT Federated High Income Bond Fund) for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $91 | 0.88% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund outperformed the benchmark for the period. The bond market delivered a solid total return with low volatility, closing out a generally positive year for the asset class. Fixed-income assets remained supported by a backdrop of slow but positive economic growth, an annualized inflation rate that largely held below 3%, and accommodative US Federal Reserve policy. Yields declined as the Fed resumed easing in September.

**Top Contributors to Performance**

* High Yield credit had the largest positive impact. 

* An overweight allocation to Emerging Market Credit was also positive.

* Investment Grade Credit was also positive. 

**Top Detractors from Performance**

* The allocation to utility names detracted for the period. 

* A slightly underweight allocation to industrials also detracted. 

* More conservative positions within cash and equivalents hindered performance for the period. 

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i6473422c41912a41f3988323.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA 1-3 Year BB-B US Cash Pay High Yield Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $11416 | $10265 | $11056 |
| **Dec 17** | $12187 | $10628 | $11577 |
| **Dec 18** | $11821 | $10629 | $11833 |
| **Dec 19** | $13564 | $11556 | $12877 |
| **Dec 20** | $14380 | $12424 | $13202 |
| **Dec 21** | $15094 | $12233 | $13766 |
| **Dec 22** | $13293 | $10641 | $13415 |
| **Dec 23** | $15038 | $11230 | $14816 |
| **Dec 24** | $15982 | $11370 | $15905 |
| **Dec 25** | $16886 | $12200 | $17092 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 5.66% | 3.26% | 5.38% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| ICE BofA 1-3 Year BB-B US Cash Pay High Yield Index | 7.46% | 5.30% | 5.51% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $83822329 |
| Number of Portfolio Holdings | 147 |
| Portfolio Turnover Rate | 164.67% |
| Advisory Fees - net of reimbursement & waiver, if any | $485466 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Corporate Bonds | 74.6% |
| Asset-Backed Securities | 13.2% |
| Loan Participations | 6.5% |
| Commercial Mortgage-Backed Securities | 1.0% |
| Short-Term Investments | 0.7% |
| Collateralized Mortgage Obligations | 0.7% |
| Other assets in excess of liabilities | 3.3% |

---

---

| | |
|:---|:---|
| Oil, Gas & Consumable Fuels | 9.6% |
| Hotels, Restaurants & Leisure | 8.9% |
| Media | 6.8% |
| Insurance | 6.0% |
| Software | 4.9% |
| Financial Services | 4.0% |
| Health Care Providers & Services | 3.4% |
| Diversified Telecommunication Services | 3.0% |
| Trading Companies & Distributors | 2.6% |
| Health Care Equipment & Supplies | 2.4% |
| Other Industries | 48.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

1. Effective end of business April 11, 2025, the NVIT Federated High Income Bond Fund was renamed "NVIT Loomis Short Term High Yield Fund".

2. Effective end of business April 11, 2025, the subadviser was changed from Federated Investment Management Company to Loomis, Sayles & Company, L.P.

3. Effective April 14, 2025, the expense limitation rate changed from 0.76% to 0.72%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Loomis Short Term High Yield Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-STHY-I (12-25)

# NVIT Managed American Funds Asset Allocation Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Managed American Funds Asset Allocation Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $72 | 0.68% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
For the annual period ended December 31, 2025, the Fund's class II returned 11.27% versus 17.88% for its benchmark, the S&P 500<sup>®</sup> Total Return Index USD.

Over the past year ending December 2025, the S&P 500<sup>®</sup> Index delivered a total return of 17.88%, despite notable early-year volatility, including a near-19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and AI companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return near 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

In addition to the underlying funds, a volatility management process determines whether the Fund should increase or decrease equity exposure by buying or selling futures contracts. The volatility overlay was a detractor during the year.

**Top Contributors to Performance**

* American Funds IS Growth Fund

* American Funds American Balanced Fund

**Top Detractors from Performance**

* American Funds Bond Fund of America

* American Funds IS US Government Securities Fund

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](iabf886c5b5f7d479535f8dd2.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class II** | **S&P 500<sup>®</sup> Index** | **Blended Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Dec 15** | $10000 | $10000 | $10000 | $10000 |
| **Dec 16** | $10855 | $11196 | $10821 | $10265 |
| **Dec 17** | $12760 | $13640 | $12364 | $10628 |
| **Dec 18** | $12145 | $13043 | $12085 | $10629 |
| **Dec 19** | $14449 | $17150 | $14757 | $11556 |
| **Dec 20** | $15473 | $20305 | $17025 | $12424 |
| **Dec 21** | $17440 | $26135 | $19742 | $12233 |
| **Dec 22** | $14947 | $21402 | $16601 | $10641 |
| **Dec 23** | $17520 | $27029 | $19541 | $11230 |
| **Dec 24** | $20346 | $33791 | $22498 | $11370 |
| **Dec 25** | $22639 | $39833 | $25594 | $12200 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 11.27% | 7.91% | 8.51% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Blended Index<sup>Footnote Reference1</sup> | 13.76% | 8.49% | 9.85% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Blended Index comprises 60% S&P 500<sup>®</sup> Index and 40% Bloomberg U.S. Aggregate Bond Index. |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $2697911763 |
| Number of Portfolio Holdings | 9 |
| Portfolio Turnover Rate | 17.55% |
| Advisory Fees - net of reimbursement & waiver, if any | $4020549 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 46.3% |
| Balanced Fund | 29.5% |
| Fixed Income Fund | 18.5% |
| Other assets in excess of liabilities | 5.7% |

---

---

| | |
|:---|:---|
| American Balanced Fund, Class R6 | 31.3% |
| American Funds Growth Fund, Class 1 | 29.6% |
| American Funds Washington Mutual Investors Fund, Class 1 | 19.5% |
| Bond Fund of America (The), Class R6 | 14.7% |
| American Funds U.S. Government Securities Fund, Class 1 | 4.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Managed American Funds Asset Allocation Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-AM-MGAA-II (12-25)

# NVIT Managed American Funds Growth-Income Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Managed American Funds Growth-Income Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $73 | 0.69% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Over the past year ending December 2025 the S&P 500<sup>®</sup> Index delivered a total return of 17.88%, despite notable early-year volatility, including a near-19% drawdown in April due to tariffs. This growth was driven by strong consumer spending and robust earnings growth, particularly in technology and artifcial intelligence (AI) companies. The Bloomberg U.S. Aggregate Bond Index posted a solid total return of 7.3%, benefiting from declining yields in the latter half of the year as the Federal Reserve began cutting rates. Internationally, developed-market equities tracked by the MSCI EAFE<sup>®</sup> Index outperformed, delivering a total return near 31.22%, fueled by cyclical recovery in Europe and Japan, along with a modest pullback in the U.S. dollar. The Fund's allocation to fixed income and domestic markets was a headwind as both trailed international equities.

In addition to the underlying funds, a volatility management process determines whether the Fund should increase or decrease equity exposure by buying or selling futures contracts. The volatility overlay was a detractor during the year.

**Top Contributors to Performance**

* An underweight to and security selection in consumer staples

* An overweight to and security selection in industrials

* Security selection in energy

**Top Detractors from Performance**

* An overweight to and security selection in healthcare

* Security selection in materials

* An underweight to and security selection in communications services

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i3df0aff91aea757e5aa14598.jpg)

---

| | | |
|:---|:---|:---|
| | **Class II** | **S&P 500<sup>®</sup> Index** |
| **Dec 15** | $10000 | $10000 |
| **Dec 16** | $11004 | $11196 |
| **Dec 17** | $13392 | $13640 |
| **Dec 18** | $13047 | $13043 |
| **Dec 19** | $15915 | $17150 |
| **Dec 20** | $17026 | $20305 |
| **Dec 21** | $20850 | $26135 |
| **Dec 22** | $17636 | $21402 |
| **Dec 23** | $21924 | $27029 |
| **Dec 24** | $26601 | $33791 |
| **Dec 25** | $29437 | $39833 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 10.66% | 11.57% | 11.40% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $713597634 |
| Number of Portfolio Holdings | 4 |
| Portfolio Turnover Rate | 21.80% |
| Advisory Fees - net of reimbursement & waiver, if any | $1065560 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Equity Fund | 94.9% |
| Other assets in excess of liabilities | 5.1% |

---

---

| | |
|:---|:---|
| American Funds Growth-Income Fund, Class 1 | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Managed American Funds Growth-Income Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-AM-MGI-II (12-25)

# NVIT Mid Cap Index Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Mid Cap Index Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $42 | 0.40% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
As the Fund seeks to match the performance of the S&P MidCap 400<sup>®</sup> Index, factors affecting the Index's composition and performance also impact the Fund. U.S. equities were volatile in 2025 as sweeping tariff actions drove a Q1 selloff and a mid-March correction. Volatility peaked in April before easing after a 90 day pause on new tariffs, while China related tariffs remained on hold. Artificial intelligence (AI) enthusiasm and strong earnings supported markets, though uncertainty around long term tariff impacts persisted. The Fed held rates steady through midyear, then cut in September as hiring weakened, followed by two additional cuts in Q4 as unemployment rose and inflation stayed above target. Despite AI bubble fears and a record 43-day government shutdown, equities ended the year with modest gains.

**Top Contributors to Performance**

* From a sector perspective, Communication Services, Utilities, and Information Technology were the best performers

**Top Detractors from Performance**

* The Consumer Discretionary, Consumer Staples, and Materials sectors were the top laggards. 

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ia9074a8a36d55dd74f9f6953.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **S&P MidCap 400<sup>®</sup> Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $12029 | $11268 | $12074 |
| **Dec 17** | $13927 | $13649 | $14035 |
| **Dec 18** | $12341 | $12937 | $12480 |
| **Dec 19** | $15507 | $16932 | $15749 |
| **Dec 20** | $17541 | $20439 | $17901 |
| **Dec 21** | $21796 | $25661 | $22333 |
| **Dec 22** | $18876 | $20733 | $19416 |
| **Dec 23** | $21907 | $26114 | $22608 |
| **Dec 24** | $24863 | $32332 | $25758 |
| **Dec 25** | $26616 | $37877 | $27690 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 7.05% | 8.70% | 10.28% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| S&P MidCap 400<sup>®</sup> Index | 7.50% | 9.12% | 10.72% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1110523290 |
| Number of Portfolio Holdings | 410 |
| Portfolio Turnover Rate | 15.61% |
| Advisory Fees - net of reimbursement & waiver, if any | $2474724 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 100.2% |
| Repurchase Agreements | 7.8% |
| Other liabilities in excess of assets | -8.0% |

---

---

| | |
|:---|:---|
| Banks | 6.1% |
| Machinery | 5.1% |
| Insurance | 3.8% |
| Electronic Equipment, Instruments & Components | 3.5% |
| Software | 3.4% |
| Aerospace & Defense | 3.3% |
| Specialty Retail | 3.2% |
| Capital Markets | 2.8% |
| Oil, Gas & Consumable Fuels | 2.7% |
| Professional Services | 2.7% |
| Other Industries<sup>Footnote Reference#</sup> | 63.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Mid Cap Index Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-MCX-I (12-25)

# NVIT Mid Cap Index Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Mid Cap Index Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $67 | 0.65% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
As the Fund seeks to match the performance of the S&P MidCap 400<sup>®</sup> Index, factors affecting the Index's composition and performance also impact the Fund. U.S. equities were volatile in 2025 as sweeping tariff actions drove a Q1 selloff and a mid-March correction. Volatility peaked in April before easing after a 90 day pause on new tariffs, while China related tariffs remained on hold. Artificial intelligence (AI) enthusiasm and strong earnings supported markets, though uncertainty around long term tariff impacts persisted. The Fed held rates steady through midyear, then cut in September as hiring weakened, followed by two additional cuts in Q4 as unemployment rose and inflation stayed above target. Despite AI bubble fears and a record 43-day government shutdown, equities ended the year with modest gains.

**Top Contributors to Performance**

* From a sector perspective, Communication Services, Utilities, and Information Technology were the best performers

**Top Detractors from Performance**

* The Consumer Discretionary, Consumer Staples, and Materials sectors were the top laggards. 

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i80f97452ca8560c861f60bf2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **Russell 3000<sup>®</sup> Index** | **S&P MidCap 400<sup>®</sup> Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $12001 | $11268 | $12074 |
| **Dec 17** | $13870 | $13649 | $14035 |
| **Dec 18** | $12266 | $12937 | $12480 |
| **Dec 19** | $15383 | $16932 | $15749 |
| **Dec 20** | $17357 | $20439 | $17901 |
| **Dec 21** | $21523 | $25661 | $22333 |
| **Dec 22** | $18607 | $20733 | $19416 |
| **Dec 23** | $21550 | $26114 | $22608 |
| **Dec 24** | $24404 | $32332 | $25758 |
| **Dec 25** | $26068 | $37877 | $27690 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 6.82% | 8.47% | 10.06% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| S&P MidCap 400<sup>®</sup> Index | 7.50% | 9.12% | 10.72% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1110523290 |
| Number of Portfolio Holdings | 410 |
| Portfolio Turnover Rate | 15.61% |
| Advisory Fees - net of reimbursement & waiver, if any | $2474724 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 100.2% |
| Repurchase Agreements | 7.8% |
| Other liabilities in excess of assets | -8.0% |

---

---

| | |
|:---|:---|
| Banks | 6.1% |
| Machinery | 5.1% |
| Insurance | 3.8% |
| Electronic Equipment, Instruments & Components | 3.5% |
| Software | 3.4% |
| Aerospace & Defense | 3.3% |
| Specialty Retail | 3.2% |
| Capital Markets | 2.8% |
| Oil, Gas & Consumable Fuels | 2.7% |
| Professional Services | 2.7% |
| Other Industries<sup>Footnote Reference#</sup> | 63.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Mid Cap Index Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-MCX-II (12-25)

# NVIT Mid Cap Index Fund

# Class Y

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Mid Cap Index Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class Y | $26 | 0.25% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
As the Fund seeks to match the performance of the S&P MidCap 400<sup>®</sup> Index, factors affecting the Index's composition and performance also impact the Fund. U.S. equities were volatile in 2025 as sweeping tariff actions drove a Q1 selloff and a mid-March correction. Volatility peaked in April before easing after a 90 day pause on new tariffs, while China related tariffs remained on hold. Artificial intelligence (AI) enthusiasm and strong earnings supported markets, though uncertainty around long term tariff impacts persisted. The Fed held rates steady through midyear, then cut in September as hiring weakened, followed by two additional cuts in Q4 as unemployment rose and inflation stayed above target. Despite AI bubble fears and a record 43-day government shutdown, equities ended the year with modest gains.

**Top Contributors to Performance**

* From a sector perspective, Communication Services, Utilities, and Information Technology were the best performers

**Top Detractors from Performance**

* The Consumer Discretionary, Consumer Staples, and Materials sectors were the top laggards. 

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i8fd67e906808f589eb1e099d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Y** | **Russell 3000<sup>®</sup> Index** | **S&P MidCap 400<sup>®</sup> Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $12047 | $11268 | $12074 |
| **Dec 17** | $13971 | $13649 | $14035 |
| **Dec 18** | $12394 | $12937 | $12480 |
| **Dec 19** | $15603 | $16932 | $15749 |
| **Dec 20** | $17676 | $20439 | $17901 |
| **Dec 21** | $21994 | $25661 | $22333 |
| **Dec 22** | $19075 | $20733 | $19416 |
| **Dec 23** | $22172 | $26114 | $22608 |
| **Dec 24** | $25199 | $32332 | $25758 |
| **Dec 25** | $27031 | $37877 | $27690 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 7.27% | 8.87% | 10.46% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| S&P MidCap 400<sup>®</sup> Index | 7.50% | 9.12% | 10.72% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1110523290 |
| Number of Portfolio Holdings | 410 |
| Portfolio Turnover Rate | 15.61% |
| Advisory Fees - net of reimbursement & waiver, if any | $2474724 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 100.2% |
| Repurchase Agreements | 7.8% |
| Other liabilities in excess of assets | -8.0% |

---

---

| | |
|:---|:---|
| Banks | 6.1% |
| Machinery | 5.1% |
| Insurance | 3.8% |
| Electronic Equipment, Instruments & Components | 3.5% |
| Software | 3.4% |
| Aerospace & Defense | 3.3% |
| Specialty Retail | 3.2% |
| Capital Markets | 2.8% |
| Oil, Gas & Consumable Fuels | 2.7% |
| Professional Services | 2.7% |
| Other Industries<sup>Footnote Reference#</sup> | 63.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Mid Cap Index Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-MCX-Y (12-25)

# NVIT Multi-Manager Small Cap Value Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Multi-Manager Small Cap Value Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $107 | 1.06% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund is managed by WCM and Jacobs Levy in two separate sleeves, and the commentary below provides a discussion of the performance of each of those sleeves.

The following commentary was provided by subadviser, WCM

Over the last twelve months, U.S. investors have experienced a macro-driven, highly speculative environment. The Fund's high-quality focus has underperformed significantly as certain parts of the market moved into bubble-territory. The past year saw heightened speculation in U.S. small caps, with rallies driven by retail enthusiasm for lower quality, high-beta names, particularly in technology and AI. While defensive sectors led early in the period, speculative momentum returned in force during the spring, leaving quality portfolios behind.

**Top Contributors to Performance**

Overall, allocation decisions positively impacted the Fund's performance, primarily due to overweight positions in Materials and Health Care and the avoidance of the Energy sector. Additional benefits came from underweighting Real Estate and holding an overweight position in Technology. Notably, Real Estate was the only sector to contribute through selection effect. Key holdings that contributed to performance included Ensign Group (hold), ePlus Inc. (hold), and Cushman & Wakefield (hold).

**Top Detractors from Performance**

The Fund's underperformance during the reporting period was primarily the result of unfavorable stock selection, particularly within the Industrials, Health Care, Technology, and Materials sectors. Additional negative impacts came from selection in Staples, Financials, Discretionary, and Communications, all of which contributed meaningfully to the decline. Furthermore, the Fund's overweight exposure to Industrials and its avoidance of Communications sectors hindered relative performance. Notably, individual stocks such as Insight Enterprises (hold), DocGo (sold), and America's CarMart (sold) were among the key detractors from performance.

The following commentary was provided by subadviser, Jacobs Levy.

U.S. equities plummeted and then surged in 2025, and the broad equity market rose more than 17% for the year. Stocks advanced on AI hype, FOMC rate cuts, and a general speculative fervor, despite a laundry list of risks, including tariffs, the government shutdown, and potential stock overvaluation. For the year, large caps outperformed mid and small caps, while returns to growth and value varied across the capitalization spectrum. Dynamic stocks outperformed defensive stocks by about 10 percentage points.

**Top Contributors to Performance**

During the period, financials, consumer staples, and healthcare sectors made positive contributions to the Fund's relative performance. The selection of securities within financials, consumer staples, and industrials further supported these gains. Additionally, maintaining underweight positions in real estate, energy, and healthcare sectors proved beneficial. Notable individual stock contributors included Tutor Perini Corporation, Dana Incorporated, and Verve Therapeutics, Inc.

**Top Detractors from Performance**

During the reporting period, the Fund's relative performance was negatively impacted by the information technology, materials, and communication services sectors. Security selection within information technology, materials, and real estate further detracted from results. Additionally, having overweight positions in consumer discretionary and consumer staples, as well as an underweight in utilities, proved disadvantageous. Among the individual stock detractors, EchoStar Corporation Class A, Comstock Resources, Inc., and Hecla Mining Company were the most notable.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](iee5365ef1dd35fd98c733d2a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $12593 | $11268 | $13174 |
| **Dec 17** | $13734 | $13649 | $14207 |
| **Dec 18** | $11406 | $12937 | $12380 |
| **Dec 19** | $13573 | $16932 | $15152 |
| **Dec 20** | $14273 | $20439 | $15853 |
| **Dec 21** | $18846 | $25661 | $20335 |
| **Dec 22** | $16412 | $20733 | $17390 |
| **Dec 23** | $19276 | $26114 | $19938 |
| **Dec 24** | $20535 | $32332 | $21362 |
| **Dec 25** | $20980 | $37877 | $24051 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 2.17% | 8.01% | 7.69% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Value Index | 12.59% | 8.88% | 9.27% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $196221571 |
| Number of Portfolio Holdings | 383 |
| Portfolio Turnover Rate | 63.49% |
| Advisory Fees - net of reimbursement & waiver, if any | $1587008 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 98.2% |
| Repurchase Agreements | 6.3% |
| Other liabilities in excess of assets | -4.5% |

---

---

| | |
|:---|:---|
| Banks | 10.0% |
| Insurance | 7.6% |
| Electronic Equipment, Instruments & Components | 4.9% |
| Professional Services | 4.7% |
| Health Care Providers & Services | 4.5% |
| Chemicals | 3.9% |
| Oil, Gas & Consumable Fuels | 3.1% |
| Household Durables | 2.9% |
| Automobile Components | 2.9% |
| Ground Transportation | 2.8% |
| Other Industries<sup>Footnote Reference#</sup> | 52.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Multi-Manager Small Cap Value Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-MM-SCV-I (12-25)

# NVIT Multi-Manager Small Cap Value Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Multi-Manager Small Cap Value Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $132 | 1.31% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund is managed by WCM and Jacobs Levy in two separate sleeves, and the commentary below provides a discussion of the performance of each of those sleeves.

The following commentary was provided by subadviser, WCM

Over the last twelve months, U.S. investors have experienced a macro-driven, highly speculative environment. The Fund's high-quality focus has underperformed significantly as certain parts of the market moved into bubble-territory. The past year saw heightened speculation in U.S. small caps, with rallies driven by retail enthusiasm for lower quality, high-beta names, particularly in technology and AI. While defensive sectors led early in the period, speculative momentum returned in force during the spring, leaving quality portfolios behind.

**Top Contributors to Performance**

Overall, allocation decisions positively impacted the Fund's performance, primarily due to overweight positions in Materials and Health Care and the avoidance of the Energy sector. Additional benefits came from underweighting Real Estate and holding an overweight position in Technology. Notably, Real Estate was the only sector to contribute through selection effect. Key holdings that contributed to performance included Ensign Group (hold), ePlus Inc. (hold), and Cushman & Wakefield (hold).

**Top Detractors from Performance**

The Fund's underperformance during the reporting period was primarily the result of unfavorable stock selection, particularly within the Industrials, Health Care, Technology, and Materials sectors. Additional negative impacts came from selection in Staples, Financials, Discretionary, and Communications, all of which contributed meaningfully to the decline. Furthermore, the Fund's overweight exposure to Industrials and its avoidance of Communications sectors hindered relative performance. Notably, individual stocks such as Insight Enterprises (hold), DocGo (sold), and America's CarMart (sold) were among the key detractors from performance.

The following commentary was provided by subadviser, Jacobs Levy.

U.S. equities plummeted and then surged in 2025, and the broad equity market rose more than 17% for the year. Stocks advanced on AI hype, FOMC rate cuts, and a general speculative fervor, despite a laundry list of risks, including tariffs, the government shutdown, and potential stock overvaluation. For the year, large caps outperformed mid and small caps, while returns to growth and value varied across the capitalization spectrum. Dynamic stocks outperformed defensive stocks by about 10 percentage points.

**Top Contributors to Performance**

During the period, financials, consumer staples, and healthcare sectors made positive contributions to the Fund's relative performance. The selection of securities within financials, consumer staples, and industrials further supported these gains. Additionally, maintaining underweight positions in real estate, energy, and healthcare sectors proved beneficial. Notable individual stock contributors included Tutor Perini Corporation, Dana Incorporated, and Verve Therapeutics, Inc.

**Top Detractors from Performance**

During the reporting period, the Fund's relative performance was negatively impacted by the information technology, materials, and communication services sectors. Security selection within information technology, materials, and real estate further detracted from results. Additionally, having overweight positions in consumer discretionary and consumer staples, as well as an underweight in utilities, proved disadvantageous. Among the individual stock detractors, EchoStar Corporation Class A, Comstock Resources, Inc., and Hecla Mining Company were the most notable.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ia770f94f8c4a590db495620e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $12561 | $11268 | $13174 |
| **Dec 17** | $13661 | $13649 | $14207 |
| **Dec 18** | $11322 | $12937 | $12380 |
| **Dec 19** | $13438 | $16932 | $15152 |
| **Dec 20** | $14103 | $20439 | $15853 |
| **Dec 21** | $18557 | $25661 | $20335 |
| **Dec 22** | $16114 | $20733 | $17390 |
| **Dec 23** | $18878 | $26114 | $19938 |
| **Dec 24** | $20067 | $32332 | $21362 |
| **Dec 25** | $20442 | $37877 | $24051 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 1.87% | 7.71% | 7.41% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Value Index | 12.59% | 8.88% | 9.27% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $196221571 |
| Number of Portfolio Holdings | 383 |
| Portfolio Turnover Rate | 63.49% |
| Advisory Fees - net of reimbursement & waiver, if any | $1587008 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 98.2% |
| Repurchase Agreements | 6.3% |
| Other liabilities in excess of assets | -4.5% |

---

---

| | |
|:---|:---|
| Banks | 10.0% |
| Insurance | 7.6% |
| Electronic Equipment, Instruments & Components | 4.9% |
| Professional Services | 4.7% |
| Health Care Providers & Services | 4.5% |
| Chemicals | 3.9% |
| Oil, Gas & Consumable Fuels | 3.1% |
| Household Durables | 2.9% |
| Automobile Components | 2.9% |
| Ground Transportation | 2.8% |
| Other Industries<sup>Footnote Reference#</sup> | 52.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Multi-Manager Small Cap Value Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-MM-SCV-II (12-25)

# NVIT Multi-Manager Small Cap Value Fund

# Class IV

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Multi-Manager Small Cap Value Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class IV | $107 | 1.06% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund is managed by WCM and Jacobs Levy in two separate sleeves, and the commentary below provides a discussion of the performance of each of those sleeves.

The following commentary was provided by subadviser, WCM

Over the last twelve months, U.S. investors have experienced a macro-driven, highly speculative environment. The Fund's high-quality focus has underperformed significantly as certain parts of the market moved into bubble-territory. The past year saw heightened speculation in U.S. small caps, with rallies driven by retail enthusiasm for lower quality, high-beta names, particularly in technology and AI. While defensive sectors led early in the period, speculative momentum returned in force during the spring, leaving quality portfolios behind.

**Top Contributors to Performance**

Overall, allocation decisions positively impacted the Fund's performance, primarily due to overweight positions in Materials and Health Care and the avoidance of the Energy sector. Additional benefits came from underweighting Real Estate and holding an overweight position in Technology. Notably, Real Estate was the only sector to contribute through selection effect. Key holdings that contributed to performance included Ensign Group (hold), ePlus Inc. (hold), and Cushman & Wakefield (hold).

**Top Detractors from Performance**

The Fund's underperformance during the reporting period was primarily the result of unfavorable stock selection, particularly within the Industrials, Health Care, Technology, and Materials sectors. Additional negative impacts came from selection in Staples, Financials, Discretionary, and Communications, all of which contributed meaningfully to the decline. Furthermore, the Fund's overweight exposure to Industrials and its avoidance of Communications sectors hindered relative performance. Notably, individual stocks such as Insight Enterprises (hold), DocGo (sold), and America's CarMart (sold) were among the key detractors from performance.

The following commentary was provided by subadviser, Jacobs Levy.

U.S. equities plummeted and then surged in 2025, and the broad equity market rose more than 17% for the year. Stocks advanced on AI hype, FOMC rate cuts, and a general speculative fervor, despite a laundry list of risks, including tariffs, the government shutdown, and potential stock overvaluation. For the year, large caps outperformed mid and small caps, while returns to growth and value varied across the capitalization spectrum. Dynamic stocks outperformed defensive stocks by about 10 percentage points.

**Top Contributors to Performance**

During the period, financials, consumer staples, and healthcare sectors made positive contributions to the Fund's relative performance. The selection of securities within financials, consumer staples, and industrials further supported these gains. Additionally, maintaining underweight positions in real estate, energy, and healthcare sectors proved beneficial. Notable individual stock contributors included Tutor Perini Corporation, Dana Incorporated, and Verve Therapeutics, Inc.

**Top Detractors from Performance**

During the reporting period, the Fund's relative performance was negatively impacted by the information technology, materials, and communication services sectors. Security selection within information technology, materials, and real estate further detracted from results. Additionally, having overweight positions in consumer discretionary and consumer staples, as well as an underweight in utilities, proved disadvantageous. Among the individual stock detractors, EchoStar Corporation Class A, Comstock Resources, Inc., and Hecla Mining Company were the most notable.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i2608259e515de25acdaca6e9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class IV** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $12603 | $11268 | $13174 |
| **Dec 17** | $13745 | $13649 | $14207 |
| **Dec 18** | $11416 | $12937 | $12380 |
| **Dec 19** | $13585 | $16932 | $15152 |
| **Dec 20** | $14285 | $20439 | $15853 |
| **Dec 21** | $18846 | $25661 | $20335 |
| **Dec 22** | $16407 | $20733 | $17390 |
| **Dec 23** | $19293 | $26114 | $19938 |
| **Dec 24** | $20532 | $32332 | $21362 |
| **Dec 25** | $20976 | $37877 | $24051 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class IV | 2.16% | 7.99% | 7.69% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Value Index | 12.59% | 8.88% | 9.27% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $196221571 |
| Number of Portfolio Holdings | 383 |
| Portfolio Turnover Rate | 63.49% |
| Advisory Fees - net of reimbursement & waiver, if any | $1587008 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 98.2% |
| Repurchase Agreements | 6.3% |
| Other liabilities in excess of assets | -4.5% |

---

---

| | |
|:---|:---|
| Banks | 10.0% |
| Insurance | 7.6% |
| Electronic Equipment, Instruments & Components | 4.9% |
| Professional Services | 4.7% |
| Health Care Providers & Services | 4.5% |
| Chemicals | 3.9% |
| Oil, Gas & Consumable Fuels | 3.1% |
| Household Durables | 2.9% |
| Automobile Components | 2.9% |
| Ground Transportation | 2.8% |
| Other Industries<sup>Footnote Reference#</sup> | 52.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Multi-Manager Small Cap Value Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-MM-SCV-IV (12-25)

# NVIT Multi-Manager Small Company Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Multi-Manager Small Company Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $110 | 1.04% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund is managed by Invesco and Jacobs Levy in two separate sleeves, and the commentary below provides a discussion of the performance of each of those sleeves.

The following commentary was provided by subadviser, Invesco.

During the reporting period, the Fund outperformed the benchmark. Outperformance was primarily driven by strong stock selection in the information technology and industrials sectors. These results were partially offset by weaker stock selection in the consumer discretionary and staples sectors.

**Top Contributors to Performance**

Celestica, Rocket Lab, and Carpenter were the primary contributors to the Fund's absolute performance during the reporting period. While the Fund continues to hold positions in Rocket Lab and Carpenter, it sold its stake in Celestica. Celestica, an electronics manufacturing services company, has strengthened its market presence by gaining share in the AI networking segment. Rocket Lab, which produces small and medium-class rockets as well as satellite spacecraft components, achieved a milestone in December by securing its largest single award to date. Carpenter, a distributor of premium specialty alloys to markets such as aerospace, defense, and medical industries, saw its stock price rise following quarterly earnings that exceeded analysts' expectations.

**Top Detractors from Performance**

Clearwater Analytics, Freshpet, and Sweetgreen were the largest detractors from the Fund's absolute performance during the reporting period, with all three positions being sold. Clearwater Analytics, a provider of investment accounting software, faced investor uncertainty as the market awaited the integration of its two significant acquisitions. Freshpet, the leading producer of fresh dog and cat food in the U.S., saw its stock underperform amid slowing sales trends. Sweetgreen, a fast casual restaurant specializing in salads, bowls, and protein plates, experienced sluggish comparable store sales due to challenging weather in the first quarter and recent menu changes.

The following commentary was provided by subadviser, Jacobs Levy.

U.S. equities plummeted and then surged in 2025, and the broad equity market rose more than 17% for the year. Stocks advanced on AI hype, FOMC rate cuts, and a general speculative fervor, despite a laundry list of risks, including tariffs, the government shutdown, and potential stock overvaluation. For the year, large caps outperformed mid and small caps, while returns to growth and value varied across the capitalization spectrum. Dynamic stocks outperformed defensive stocks by about 10 percentage points.

**Top Contributors to Performance**

During the period, financials, consumer staples, and healthcare sectors made positive contributions to the Fund's relative performance. In particular, security selection within these areas supported overall results. Additionally, maintaining underweight positions in real estate, energy, and healthcare provided further benefit. Among individual stocks, Tutor Perini Corporation, Dana Incorporated, and Opendoor Technologies, Inc. stood out as top contributors.

**Top Detractors to Performance**

Over the reporting period, the Fund's relative performance was negatively affected by the information technology, materials, and communication services sectors. Security selection within these areas detracted from overall results. Additionally, having overweight positions in consumer discretionary and consumer staples, as well as an underweight position in utilities, proved detrimental. Among individual holdings, EchoStar Corporation Class A, Comstock Resources, Inc., and Hecla Mining Company were the most significant detractors.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i2a9caf505ae3025c7f1ed4c4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $12283 | $11268 | $12131 |
| **Dec 17** | $13940 | $13649 | $13908 |
| **Dec 18** | $12179 | $12937 | $12377 |
| **Dec 19** | $15302 | $16932 | $15535 |
| **Dec 20** | $18774 | $20439 | $18636 |
| **Dec 21** | $24563 | $25661 | $21398 |
| **Dec 22** | $19954 | $20733 | $17024 |
| **Dec 23** | $22745 | $26114 | $19907 |
| **Dec 24** | $25721 | $32332 | $22204 |
| **Dec 25** | $28382 | $37877 | $25048 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 10.35% | 8.62% | 11.00% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.62% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $354744566 |
| Number of Portfolio Holdings | 436 |
| Portfolio Turnover Rate | 75.06% |
| Advisory Fees - net of reimbursement & waiver, if any | $2900950 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 99.4% |
| Repurchase Agreements | 10.4% |
| Other liabilities in excess of assets | -9.8% |

---

---

| | |
|:---|:---|
| Banks | 9.3% |
| Aerospace & Defense | 5.6% |
| Biotechnology | 4.9% |
| Semiconductors & Semiconductor Equipment | 4.6% |
| Insurance | 4.2% |
| Construction & Engineering | 3.4% |
| Specialty Retail | 3.4% |
| Health Care Providers & Services | 3.3% |
| Electronic Equipment, Instruments & Components | 3.3% |
| Software | 3.2% |
| Other Industries<sup>Footnote Reference#</sup> | 54.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Multi-Manager Small Company Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-MM-SCO-I (12-25)

# NVIT Multi-Manager Small Company Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Multi-Manager Small Company Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $136 | 1.29% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund is managed by Invesco and Jacobs Levy in two separate sleeves, and the commentary below provides a discussion of the performance of each of those sleeves.

The following commentary was provided by subadviser, Invesco.

During the reporting period, the Fund outperformed the benchmark. Outperformance was primarily driven by strong stock selection in the information technology and industrials sectors. These results were partially offset by weaker stock selection in the consumer discretionary and staples sectors.

**Top Contributors to Performance**

Celestica, Rocket Lab, and Carpenter were the primary contributors to the Fund's absolute performance during the reporting period. While the Fund continues to hold positions in Rocket Lab and Carpenter, it sold its stake in Celestica. Celestica, an electronics manufacturing services company, has strengthened its market presence by gaining share in the AI networking segment. Rocket Lab, which produces small and medium-class rockets as well as satellite spacecraft components, achieved a milestone in December by securing its largest single award to date. Carpenter, a distributor of premium specialty alloys to markets such as aerospace, defense, and medical industries, saw its stock price rise following quarterly earnings that exceeded analysts' expectations.

**Top Detractors from Performance**

Clearwater Analytics, Freshpet, and Sweetgreen were the largest detractors from the Fund's absolute performance during the reporting period, with all three positions being sold. Clearwater Analytics, a provider of investment accounting software, faced investor uncertainty as the market awaited the integration of its two significant acquisitions. Freshpet, the leading producer of fresh dog and cat food in the U.S., saw its stock underperform amid slowing sales trends. Sweetgreen, a fast casual restaurant specializing in salads, bowls, and protein plates, experienced sluggish comparable store sales due to challenging weather in the first quarter and recent menu changes.

The following commentary was provided by subadviser, Jacobs Levy.

U.S. equities plummeted and then surged in 2025, and the broad equity market rose more than 17% for the year. Stocks advanced on AI hype, FOMC rate cuts, and a general speculative fervor, despite a laundry list of risks, including tariffs, the government shutdown, and potential stock overvaluation. For the year, large caps outperformed mid and small caps, while returns to growth and value varied across the capitalization spectrum. Dynamic stocks outperformed defensive stocks by about 10 percentage points.

**Top Contributors to Performance**

During the period, financials, consumer staples, and healthcare sectors made positive contributions to the Fund's relative performance. In particular, security selection within these areas supported overall results. Additionally, maintaining underweight positions in real estate, energy, and healthcare provided further benefit. Among individual stocks, Tutor Perini Corporation, Dana Incorporated, and Opendoor Technologies, Inc. stood out as top contributors.

**Top Detractors to Performance**

Over the reporting period, the Fund's relative performance was negatively affected by the information technology, materials, and communication services sectors. Security selection within these areas detracted from overall results. Additionally, having overweight positions in consumer discretionary and consumer staples, as well as an underweight position in utilities, proved detrimental. Among individual holdings, EchoStar Corporation Class A, Comstock Resources, Inc., and Hecla Mining Company were the most significant detractors.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i35a22008f25b3b2f505f31d9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $12254 | $11268 | $12131 |
| **Dec 17** | $13872 | $13649 | $13908 |
| **Dec 18** | $12092 | $12937 | $12377 |
| **Dec 19** | $15157 | $16932 | $15535 |
| **Dec 20** | $18546 | $20439 | $18636 |
| **Dec 21** | $24204 | $25661 | $21398 |
| **Dec 22** | $19609 | $20733 | $17024 |
| **Dec 23** | $22294 | $26114 | $19907 |
| **Dec 24** | $25155 | $32332 | $22204 |
| **Dec 25** | $27684 | $37877 | $25048 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 10.05% | 8.34% | 10.72% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.62% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $354744566 |
| Number of Portfolio Holdings | 436 |
| Portfolio Turnover Rate | 75.06% |
| Advisory Fees - net of reimbursement & waiver, if any | $2900950 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 99.4% |
| Repurchase Agreements | 10.4% |
| Other liabilities in excess of assets | -9.8% |

---

---

| | |
|:---|:---|
| Banks | 9.3% |
| Aerospace & Defense | 5.6% |
| Biotechnology | 4.9% |
| Semiconductors & Semiconductor Equipment | 4.6% |
| Insurance | 4.2% |
| Construction & Engineering | 3.4% |
| Specialty Retail | 3.4% |
| Health Care Providers & Services | 3.3% |
| Electronic Equipment, Instruments & Components | 3.3% |
| Software | 3.2% |
| Other Industries<sup>Footnote Reference#</sup> | 54.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Multi-Manager Small Company Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-MM-SCO-II (12-25)

# NVIT Multi-Manager Small Company Fund

# Class IV

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Multi-Manager Small Company Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class IV | $110 | 1.04% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund is managed by Invesco and Jacobs Levy in two separate sleeves, and the commentary below provides a discussion of the performance of each of those sleeves.

The following commentary was provided by subadviser, Invesco.

During the reporting period, the Fund outperformed the benchmark. Outperformance was primarily driven by strong stock selection in the information technology and industrials sectors. These results were partially offset by weaker stock selection in the consumer discretionary and staples sectors.

**Top Contributors to Performance**

Celestica, Rocket Lab, and Carpenter were the primary contributors to the Fund's absolute performance during the reporting period. While the Fund continues to hold positions in Rocket Lab and Carpenter, it sold its stake in Celestica. Celestica, an electronics manufacturing services company, has strengthened its market presence by gaining share in the AI networking segment. Rocket Lab, which produces small and medium-class rockets as well as satellite spacecraft components, achieved a milestone in December by securing its largest single award to date. Carpenter, a distributor of premium specialty alloys to markets such as aerospace, defense, and medical industries, saw its stock price rise following quarterly earnings that exceeded analysts' expectations.

**Top Detractors from Performance**

Clearwater Analytics, Freshpet, and Sweetgreen were the largest detractors from the Fund's absolute performance during the reporting period, with all three positions being sold. Clearwater Analytics, a provider of investment accounting software, faced investor uncertainty as the market awaited the integration of its two significant acquisitions. Freshpet, the leading producer of fresh dog and cat food in the U.S., saw its stock underperform amid slowing sales trends. Sweetgreen, a fast casual restaurant specializing in salads, bowls, and protein plates, experienced sluggish comparable store sales due to challenging weather in the first quarter and recent menu changes.

The following commentary was provided by subadviser, Jacobs Levy.

U.S. equities plummeted and then surged in 2025, and the broad equity market rose more than 17% for the year. Stocks advanced on AI hype, FOMC rate cuts, and a general speculative fervor, despite a laundry list of risks, including tariffs, the government shutdown, and potential stock overvaluation. For the year, large caps outperformed mid and small caps, while returns to growth and value varied across the capitalization spectrum. Dynamic stocks outperformed defensive stocks by about 10 percentage points.

**Top Contributors to Performance**

During the period, financials, consumer staples, and healthcare sectors made positive contributions to the Fund's relative performance. In particular, security selection within these areas supported overall results. Additionally, maintaining underweight positions in real estate, energy, and healthcare provided further benefit. Among individual stocks, Tutor Perini Corporation, Dana Incorporated, and Opendoor Technologies, Inc. stood out as top contributors.

**Top Detractors to Performance**

Over the reporting period, the Fund's relative performance was negatively affected by the information technology, materials, and communication services sectors. Security selection within these areas detracted from overall results. Additionally, having overweight positions in consumer discretionary and consumer staples, as well as an underweight position in utilities, proved detrimental. Among individual holdings, EchoStar Corporation Class A, Comstock Resources, Inc., and Hecla Mining Company were the most significant detractors.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ib318276b758b781bd7c41551.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class IV** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $12279 | $11268 | $12131 |
| **Dec 17** | $13937 | $13649 | $13908 |
| **Dec 18** | $12175 | $12937 | $12377 |
| **Dec 19** | $15302 | $16932 | $15535 |
| **Dec 20** | $18778 | $20439 | $18636 |
| **Dec 21** | $24556 | $25661 | $21398 |
| **Dec 22** | $19950 | $20733 | $17024 |
| **Dec 23** | $22735 | $26114 | $19907 |
| **Dec 24** | $25717 | $32332 | $22204 |
| **Dec 25** | $28385 | $37877 | $25048 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class IV | 10.37% | 8.61% | 11.00% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.62% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $354744566 |
| Number of Portfolio Holdings | 436 |
| Portfolio Turnover Rate | 75.06% |
| Advisory Fees - net of reimbursement & waiver, if any | $2900950 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 99.4% |
| Repurchase Agreements | 10.4% |
| Other liabilities in excess of assets | -9.8% |

---

---

| | |
|:---|:---|
| Banks | 9.3% |
| Aerospace & Defense | 5.6% |
| Biotechnology | 4.9% |
| Semiconductors & Semiconductor Equipment | 4.6% |
| Insurance | 4.2% |
| Construction & Engineering | 3.4% |
| Specialty Retail | 3.4% |
| Health Care Providers & Services | 3.3% |
| Electronic Equipment, Instruments & Components | 3.3% |
| Software | 3.2% |
| Other Industries<sup>Footnote Reference#</sup> | 54.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Multi-Manager Small Company Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-MM-SCO-IV (12-25)

# NVIT NASDAQ-100 Index Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT NASDAQ-100 Index Fund (the "Fund") for the period of April 28, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $36 | 0.46% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
As the Fund seeks to match the performance of the Russell 1000<sup>®</sup> Index, factors affecting the Index's composition and performance also impact the Fund. U.S. equities were volatile in 2025 as sweeping tariff actions drove a Q1 selloff and a mid-March correction. Volatility peaked in April before easing after a 90 day pause on new tariffs, while China related tariffs remained on hold. Artificial intelligence (AI) enthusiasm and strong earnings supported markets, though uncertainty around long-term tariff impacts persisted. The Fed held rates steady through mid-year, then cut in September as hiring weakened, followed by two additional cuts in Q4 as unemployment rose and inflation stayed above target. Despite AI bubble fears and a record 43 day government shutdown, equities ended the year with modest gains.

**Top Contributors to Performance**

* Utilities, Information Technology and Communication Services were the best performers

**Top Detractors from Performance**

* Financials, Industrials, and Real Estate were the top laggards. 

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i0f250380cc2662a8c6b84b31.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 1000<sup>®</sup> Index** | **NASDAQ-100<sup>®</sup> Index** |
| **Apr 25** | $10000 | $10000 | $10000 |
| **Dec 25** | $12832 | $11737 | $12102 |

---

# Average Annual Total Returns

---

| | |
|:---|:---|
| | **Since inception<sup>Footnote Reference^</sup>** |
| Class I - (Inception 04/25/2025) | 28.32% |
| Russell 1000<sup>®</sup> Index | 25.49% |
| NASDAQ-100<sup>®</sup> Index | 32.06% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Not annualized. |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $268110051 |
| Number of Portfolio Holdings | 103 |
| Portfolio Turnover Rate | 50.00% |
| Advisory Fees - net of reimbursement & waiver, if any | $14721 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 98.9% |
| Repurchase Agreement | 0.7% |
| Other assets in excess of liabilities | 0.4% |

---

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 24.3% |
| Software | 16.6% |
| Interactive Media & Services | 10.8% |
| Technology Hardware, Storage & Peripherals | 8.6% |
| Broadline Retail | 5.9% |
| Automobiles | 3.9% |
| Biotechnology | 3.4% |
| Entertainment | 3.1% |
| Hotels, Restaurants & Leisure | 2.8% |
| Consumer Staples Distribution & Retail | 2.1% |
| Other Industries<sup>Footnote Reference#</sup> | 18.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreement is included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

On November 14, 2025, the Fund entered into a new expense limitation agreement. The expense limitation for the Class I is 0.49%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT NASDAQ-100 Index Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-NASDX-I (12-25)

# NVIT NASDAQ-100 Index Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT NASDAQ-100 Index Fund (the "Fund") for the period of April 28, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $56 | 0.71% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
As the Fund seeks to match the performance of the Russell 1000<sup>®</sup> Index, factors affecting the Index's composition and performance also impact the Fund. U.S. equities were volatile in 2025 as sweeping tariff actions drove a Q1 selloff and a mid-March correction. Volatility peaked in April before easing after a 90 day pause on new tariffs, while China related tariffs remained on hold. Artificial intelligence (AI) enthusiasm and strong earnings supported markets, though uncertainty around long-term tariff impacts persisted. The Fed held rates steady through mid-year, then cut in September as hiring weakened, followed by two additional cuts in Q4 as unemployment rose and inflation stayed above target. Despite AI bubble fears and a record 43 day government shutdown, equities ended the year with modest gains.

**Top Contributors to Performance**

* Utilities, Information Technology and Communication Services were the best performers

**Top Detractors from Performance**

* Financials, Industrials, and Real Estate were the top laggards. 

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ibb6cee44f3946c90975e3eb1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **Russell 1000<sup>®</sup> Index** | **NASDAQ-100<sup>®</sup> Index** |
| **Apr 25** | $10000 | $10000 | $10000 |
| **Dec 25** | $12818 | $11737 | $12102 |

---

# Average Annual Total Returns

---

| | |
|:---|:---|
| | **Since inception<sup>Footnote Reference^</sup>** |
| Class II - (Inception 04/25/2025) | 28.18% |
| Russell 1000<sup>®</sup> Index | 25.49% |
| NASDAQ-100<sup>®</sup> Index | 32.06% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Not annualized. |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $268110051 |
| Number of Portfolio Holdings | 103 |
| Portfolio Turnover Rate | 50.00% |
| Advisory Fees - net of reimbursement & waiver, if any | $14721 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 98.9% |
| Repurchase Agreement | 0.7% |
| Other assets in excess of liabilities | 0.4% |

---

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 24.3% |
| Software | 16.6% |
| Interactive Media & Services | 10.8% |
| Technology Hardware, Storage & Peripherals | 8.6% |
| Broadline Retail | 5.9% |
| Automobiles | 3.9% |
| Biotechnology | 3.4% |
| Entertainment | 3.1% |
| Hotels, Restaurants & Leisure | 2.8% |
| Consumer Staples Distribution & Retail | 2.1% |
| Other Industries<sup>Footnote Reference#</sup> | 18.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreement is included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

On November 14, 2025, the Fund entered into a new expense limitation agreement. The expense limitation for the Class II is 0.73%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT NASDAQ-100 Index Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-NASDX-II (12-25)

# NVIT Putnam International Value Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Putnam International Value Fund (the "Fund") (formerly known as NVIT Columbia Overseas Value Fund) for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $112 | 0.95% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Non-US equities rose 20.6% in 2025, as measured by the MSCI EAFE<sup>®</sup> Index. Early volatility from artificial intelligence (AI) spending concerns and tariff threats gave way to optimism as Europe boosted fiscal spending and China cut rates to support growth. By year-end, trade progress and strong tech—especially AI in Asia—drove markets higher. The strategy delivered positive returns but underperformed its benchmark, the MSCI EAFE<sup>®</sup> Value Index. While sector allocation decisions had a positive impact, weak stock selection and a small cash balance during a strong market offset those strengths.

**Top Contributors to Performance**

* Underweighting the materials sector and effective stock selection in energy and consumer staples contributed to performance.

* Overweight in Netherlands, Sweden and Ireland contributed to performance. 

* Overweight in AIB Group, CaixBank and ING Groep contributed to performance. 

**Top Detractors from Performance**

* Consumer discretionary, financials and health care sectors detracted from performance. 

* Underweight in Japan, Germany and Italy detracted from performance. 

* Overweight in Sanofi, not holding Banco Strander and holding UBS Group out-of-benchmark, also detracted from performance. 

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](iaefb2188cad3757e9522d83f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **MSCI EAFE<sup>®</sup> Index** | **MSCI EAFE<sup>®</sup> Value Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10112 | $10100 | $10502 |
| **Dec 17** | $12409 | $12628 | $12754 |
| **Dec 18** | $10462 | $10887 | $10869 |
| **Dec 19** | $11768 | $13283 | $12617 |
| **Dec 20** | $12378 | $14321 | $12286 |
| **Dec 21** | $13665 | $15934 | $13623 |
| **Dec 22** | $12846 | $13632 | $12863 |
| **Dec 23** | $14845 | $16118 | $15301 |
| **Dec 24** | $15476 | $16734 | $16170 |
| **Dec 25** | $20891 | $21958 | $23002 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 34.99% | 11.04% | 7.65% |
| MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |
| MSCI EAFE<sup>®</sup> Value Index | 42.25% | 13.36% | 8.69% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $305061488 |
| Number of Portfolio Holdings | 149 |
| Portfolio Turnover Rate | 107.86% |
| Advisory Fees - net of reimbursement & waiver, if any | $1801027 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 98.5% |
| Repurchase Agreements | 0.7% |
| Other assets in excess of liabilities | 0.8% |

---

---

| | |
|:---|:---|
| United Kingdom | 19.1% |
| Japan | 18.8% |
| France | 11.1% |
| United States | 10.7% |
| Germany | 9.3% |
| Australia | 8.2% |
| Netherlands | 6.7% |
| Ireland | 3.0% |
| Spain | 2.3% |
| Switzerland | 2.3% |
| Other Countries<sup>Footnote Reference#</sup> | 8.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top countries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

1. Effective end of business January 31, 2025, the subadviser was changed from Columbia Management Investment Advisers, LLC to Putnam Investment Management, LLC.

2. Effective February 3, 2025, the management fee changed from 0.75% on assets up to $1 billion and 0.70% on assets of $1 billion and more to 0.73% on assets up to $1 billion and 0.68% on assets of $1 billion and more, respectively.

3. Effective end of business February 3, 2025, the NVIT Columbia Overseas Value Fund was renamed "NVIT Putnam International Value Fund".

4. Effective February 3, 2025, the expense limitation rate changed from 0.87% to 0.82%.

5. Effective July 1, 2025, the expense limitation rate changed from 0.82% to 0.78%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Putnam International Value Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-IV-I (12-25)

# NVIT Putnam International Value Fund

# Class X

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Putnam International Value Fund (the "Fund") (formerly known as NVIT Columbia Overseas Value Fund) for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class X | $96 | 0.81% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Non-US equities rose 20.6% in 2025, as measured by the MSCI EAFE<sup>®</sup> Index. Early volatility from artificial intelligence (AI) spending concerns and tariff threats gave way to optimism as Europe boosted fiscal spending and China cut rates to support growth. By year-end, trade progress and strong tech—especially AI in Asia—drove markets higher. The strategy delivered positive returns but underperformed its benchmark, the MSCI EAFE<sup>®</sup> Value Index. While sector allocation decisions had a positive impact, weak stock selection and a small cash balance during a strong market offset those strengths.

**Top Contributors to Performance**

* Underweighting the materials sector and effective stock selection in energy and consumer staples contributed to performance.

* Overweight in Netherlands, Sweden and Ireland contributed to performance. 

* Overweight in AIB Group, CaixBank and ING Groep contributed to performance. 

**Top Detractors from Performance**

* Consumer discretionary, financials and health care sectors detracted from performance. 

* Underweight in Japan, Germany and Italy detracted from performance. 

* Overweight in Sanofi, not holding Banco Strander and holding UBS Group out-of-benchmark, also detracted from performance. 

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i9bac9aebd01cb04a7252fa20.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class X** | **MSCI EAFE<sup>®</sup> Index** | **MSCI EAFE<sup>®</sup> Value Index** |
| **Oct 20** | $10000 | $10000 | $10000 |
| **Dec 20** | $11483 | $11349 | $11567 |
| **Dec 21** | $12698 | $12627 | $12827 |
| **Dec 22** | $11954 | $10802 | $12111 |
| **Dec 23** | $13827 | $12773 | $14406 |
| **Dec 24** | $14441 | $13261 | $15224 |
| **Dec 25** | $19525 | $17401 | $21656 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since inception** |
| Class X - (Inception 10/09/2020) | 35.21% | 11.20% | 13.66% |
| MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 11.17% |
| MSCI EAFE<sup>®</sup> Value Index | 42.25% | 13.36% | 15.92% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $305061488 |
| Number of Portfolio Holdings | 149 |
| Portfolio Turnover Rate | 107.86% |
| Advisory Fees - net of reimbursement & waiver, if any | $1801027 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 98.5% |
| Repurchase Agreements | 0.7% |
| Other assets in excess of liabilities | 0.8% |

---

---

| | |
|:---|:---|
| United Kingdom | 19.1% |
| Japan | 18.8% |
| France | 11.1% |
| United States | 10.7% |
| Germany | 9.3% |
| Australia | 8.2% |
| Netherlands | 6.7% |
| Ireland | 3.0% |
| Spain | 2.3% |
| Switzerland | 2.3% |
| Other Countries<sup>Footnote Reference#</sup> | 8.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top countries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

1. Effective end of business January 31, 2025, the subadviser was changed from Columbia Management Investment Advisers, LLC to Putnam Investment Management, LLC.

2. Effective February 3, 2025, the management fee changed from 0.75% on assets up to $1 billion and 0.70% on assets of $1 billion and more to 0.73% on assets up to $1 billion and 0.68% on assets of $1 billion and more, respectively.

3. Effective end of business February 3, 2025, the NVIT Columbia Overseas Value Fund was renamed "NVIT Putnam International Value Fund".

4. Effective February 3, 2025, the expense limitation rate changed from 0.87% to 0.82%.

5. Effective July 1, 2025, the expense limitation rate changed from 0.82% to 0.78%.

6. On November 14, 2025, the Fund entered into a new expense limitation agreement. The expense limitation for the Class X is 0.82%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Putnam International Value Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-IV-X (12-25)

# NVIT Putnam International Value Fund

# Class Z

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Putnam International Value Fund (the "Fund") (formerly known as NVIT Columbia Overseas Value Fund) for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class Z | $125 | 1.06% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
Non-US equities rose 20.6% in 2025, as measured by the MSCI EAFE<sup>®</sup> Index. Early volatility from artificial intelligence (AI) spending concerns and tariff threats gave way to optimism as Europe boosted fiscal spending and China cut rates to support growth. By year-end, trade progress and strong tech—especially AI in Asia—drove markets higher. The strategy delivered positive returns but underperformed its benchmark, the MSCI EAFE<sup>®</sup> Value Index. While sector allocation decisions had a positive impact, weak stock selection and a small cash balance during a strong market offset those strengths.

**Top Contributors to Performance**

* Underweighting the materials sector and effective stock selection in energy and consumer staples contributed to performance.

* Overweight in Netherlands, Sweden and Ireland contributed to performance. 

* Overweight in AIB Group, CaixBank and ING Groep contributed to performance. 

**Top Detractors from Performance**

* Consumer discretionary, financials and health care sectors detracted from performance. 

* Underweight in Japan, Germany and Italy detracted from performance. 

* Overweight in Sanofi, not holding Banco Strander and holding UBS Group out-of-benchmark, also detracted from performance. 

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i96ad622a9199983c387588f3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Z** | **MSCI EAFE<sup>®</sup> Index** | **MSCI EAFE<sup>®</sup> Value Index** |
| **Oct 20** | $10000 | $10000 | $10000 |
| **Dec 20** | $11483 | $11349 | $11567 |
| **Dec 21** | $12664 | $12627 | $12827 |
| **Dec 22** | $11888 | $10802 | $12111 |
| **Dec 23** | $13715 | $12773 | $14406 |
| **Dec 24** | $14277 | $13261 | $15224 |
| **Dec 25** | $19266 | $17401 | $21656 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since inception** |
| Class Z - (Inception 10/09/2020) | 34.95% | 10.90% | 13.37% |
| MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 11.17% |
| MSCI EAFE<sup>®</sup> Value Index | 42.25% | 13.36% | 15.92% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $305061488 |
| Number of Portfolio Holdings | 149 |
| Portfolio Turnover Rate | 107.86% |
| Advisory Fees - net of reimbursement & waiver, if any | $1801027 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 98.5% |
| Repurchase Agreements | 0.7% |
| Other assets in excess of liabilities | 0.8% |

---

---

| | |
|:---|:---|
| United Kingdom | 19.1% |
| Japan | 18.8% |
| France | 11.1% |
| United States | 10.7% |
| Germany | 9.3% |
| Australia | 8.2% |
| Netherlands | 6.7% |
| Ireland | 3.0% |
| Spain | 2.3% |
| Switzerland | 2.3% |
| Other Countries<sup>Footnote Reference#</sup> | 8.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top countries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

1. Effective end of business January 31, 2025, the subadviser was changed from Columbia Management Investment Advisers, LLC to Putnam Investment Management, LLC.

2. Effective February 3, 2025, the management fee changed from 0.75% on assets up to $1 billion and 0.70% on assets of $1 billion and more to 0.73% on assets up to $1 billion and 0.68% on assets of $1 billion and more, respectively.

3. Effective end of business February 3, 2025, the NVIT Columbia Overseas Value Fund was renamed "NVIT Putnam International Value Fund".

4. Effective February 3, 2025, the expense limitation rate changed from 0.87% to 0.82%.

5. Effective July 1, 2025, the expense limitation rate changed from 0.82% to 0.78%.

6. On November 14, 2025, the Fund entered into a new expense limitation agreement. The expense limitation for the Class Z is 1.07%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Putnam International Value Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-IV-Z (12-25)

# NVIT Real Estate Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Real Estate Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $84 | 0.84% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
US equities rose over the twelve-month period ending December 31, 2025, buoyed by easing inflation, robust corporate earnings, improved trade sentiment, and above-trend GDP growth. Volatility, initially sparked by tariff escalations, later compounded by artificial intelligence (AI) valuation concerns, Federal Reserve policy uncertainty, and a prolonged government shutdown, gradually subsided as trade tensions eased, earnings beat expectations, and consumer spending remained resilient. The Federal Reserve lowered rates to bolster a cooling labor market yet maintained caution amid uneven inflation and lingering data gaps following the shutdown.

The Fund underperformed the benchmark during the reporting period. Underperformance was driven by weak selection within real estate technology, multifamily, and specialty finance, partially offset by strong selection in healthcare real estate, warehouse/logistics, and lodging.

**Top Contributors to Performance**

* Top contributors to relative performance during the period included an out-of-benchmark position in Brookdale Senior Living (healthcare real estate), an overweight position in American Healthcare REIT (healthcare real estate) and an underweight position in Alexandria (healthcare real estate).

**Top Detractors from Performance**

* Top detractors from relative performance during the period included an overweight position in SL Green Realty (office), an out-of-benchmark position in Iron Mountain (real estate technology), and an underweight position in Ventas (healthcare real estate).

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ib9652948004859b53d96e6ed.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 1000<sup>®</sup> Index** | **Dow Jones U.S. Select Real Estate Securities Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10735 | $11200 | $10665 |
| **Dec 17** | $11432 | $13630 | $11066 |
| **Dec 18** | $10984 | $12980 | $10599 |
| **Dec 19** | $14356 | $17041 | $13047 |
| **Dec 20** | $13583 | $20584 | $11586 |
| **Dec 21** | $19932 | $26006 | $16905 |
| **Dec 22** | $14248 | $21032 | $12505 |
| **Dec 23** | $16083 | $26611 | $14259 |
| **Dec 24** | $17807 | $33133 | $14954 |
| **Dec 25** | $17911 | $38889 | $15502 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 0.58% | 5.69% | 6.00% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Dow Jones U.S. Select Real Estate Securities Index | 3.67% | 6.62% | 4.79% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $194580015 |
| Number of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 111.04% |
| Advisory Fees - net of reimbursement & waiver, if any | $1222163 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 98.5% |
| Other assets in excess of liabilities | 1.5% |

---

---

| | |
|:---|:---|
| Health Care REITs | 20.9% |
| Industrial REITs | 16.3% |
| Specialized REITs | 15.9% |
| Retail REITs | 14.5% |
| Residential REITs | 13.3% |
| Diversified REITs | 6.1% |
| Office REITs | 3.6% |
| Hotels, Restaurants & Leisure | 2.8% |
| Real Estate Management & Development | 1.8% |
| Health Care Providers & Services | 1.6% |
| Other Industries | 3.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Real Estate Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-RE-I (12-25)

# NVIT Real Estate Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Real Estate Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $109 | 1.09% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
US equities rose over the twelve-month period ending December 31, 2025, buoyed by easing inflation, robust corporate earnings, improved trade sentiment, and above-trend GDP growth. Volatility, initially sparked by tariff escalations, later compounded by artificial intelligence (AI) valuation concerns, Federal Reserve policy uncertainty, and a prolonged government shutdown, gradually subsided as trade tensions eased, earnings beat expectations, and consumer spending remained resilient. The Federal Reserve lowered rates to bolster a cooling labor market yet maintained caution amid uneven inflation and lingering data gaps following the shutdown.

The Fund underperformed the benchmark during the reporting period. Underperformance was driven by weak selection within real estate technology, multifamily, and specialty finance, partially offset by strong selection in healthcare real estate, warehouse/logistics, and lodging.

**Top Contributors to Performance**

* Top contributors to relative performance during the period included an out-of-benchmark position in Brookdale Senior Living (healthcare real estate), an overweight position in American Healthcare REIT (healthcare real estate) and an underweight position in Alexandria (healthcare real estate).

**Top Detractors from Performance**

* Top detractors from relative performance during the period included an overweight position in SL Green Realty (office), an out-of-benchmark position in Iron Mountain (real estate technology), and an underweight position in Ventas (healthcare real estate).

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i90c35e095230ea2cb9e6db5b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **Russell 1000<sup>®</sup> Index** | **Dow Jones U.S. Select Real Estate Securities Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $10718 | $11200 | $10665 |
| **Dec 17** | $11376 | $13630 | $11066 |
| **Dec 18** | $10914 | $12980 | $10599 |
| **Dec 19** | $14237 | $17041 | $13047 |
| **Dec 20** | $13426 | $20584 | $11586 |
| **Dec 21** | $19646 | $26006 | $16905 |
| **Dec 22** | $14004 | $21032 | $12505 |
| **Dec 23** | $15775 | $26611 | $14259 |
| **Dec 24** | $17430 | $33133 | $14954 |
| **Dec 25** | $17487 | $38889 | $15502 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 0.33% | 5.43% | 5.75% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Dow Jones U.S. Select Real Estate Securities Index | 3.67% | 6.62% | 4.79% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $194580015 |
| Number of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 111.04% |
| Advisory Fees - net of reimbursement & waiver, if any | $1222163 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 98.5% |
| Other assets in excess of liabilities | 1.5% |

---

---

| | |
|:---|:---|
| Health Care REITs | 20.9% |
| Industrial REITs | 16.3% |
| Specialized REITs | 15.9% |
| Retail REITs | 14.5% |
| Residential REITs | 13.3% |
| Diversified REITs | 6.1% |
| Office REITs | 3.6% |
| Hotels, Restaurants & Leisure | 2.8% |
| Real Estate Management & Development | 1.8% |
| Health Care Providers & Services | 1.6% |
| Other Industries | 3.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Real Estate Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-RE-II (12-25)

# NVIT S&P 500 Index Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT S&P 500 Index Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $26 | 0.24% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
As the Fund seeks to match the performance of the S&P 500<sup>®</sup> Index, factors affecting the Index's composition and performance also impact the Fund.

U.S. equities were volatile in 2025 as sweeping tariff actions drove a Q1 selloff and a mid-March correction. Volatility peaked in April before easing after a 90 day pause on new tariffs, while China related tariffs remained on hold. Artificial intelligence (AI) enthusiasm and strong earnings supported markets, though uncertainty around long-term tariff impacts persisted. The Fed held rates steady through mid-year, then cut in September as hiring weakened, followed by two additional cuts in Q4 as unemployment rose and inflation stayed above target. Despite AI bubble fears and a record 43 day government shutdown, equities ended the year with modest gains.

**Top Contributors to Performance**

* Communication Services, Information Technology, and Industrials were the best performers.

**Top Detractors from Performance**

* Real Estate, Consumer Staples, and Consumer Discretionary were the top laggards.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i71fe5792f5d489b8bdb851ce.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **S&P 500<sup>®</sup> Index** |
| **Dec 15** | $10000 | $10000 |
| **Dec 16** | $11166 | $11196 |
| **Dec 17** | $13570 | $13640 |
| **Dec 18** | $12944 | $13043 |
| **Dec 19** | $16977 | $17150 |
| **Dec 20** | $20065 | $20305 |
| **Dec 21** | $25757 | $26135 |
| **Dec 22** | $21040 | $21402 |
| **Dec 23** | $26501 | $27029 |
| **Dec 24** | $33063 | $33791 |
| **Dec 25** | $38883 | $39833 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 17.60% | 14.15% | 14.54% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $5699765169 |
| Number of Portfolio Holdings | 513 |
| Portfolio Turnover Rate | 1.72% |
| Advisory Fees - net of reimbursement & waiver, if any | $5032469 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 99.0% |
| Repurchase Agreements | 1.7% |
| Other liabilities in excess of assets | -0.7% |

---

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 13.9% |
| Software | 10.1% |
| Interactive Media & Services | 8.0% |
| Technology Hardware, Storage & Peripherals | 7.2% |
| Broadline Retail | 3.8% |
| Financial Services | 3.8% |
| Banks | 3.5% |
| Capital Markets | 3.4% |
| Pharmaceuticals | 3.3% |
| Oil, Gas & Consumable Fuels | 2.6% |
| Other Industries<sup>Footnote Reference#</sup> | 40.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

On November 14, 2025, the Fund entered into a new expense limitation agreement. The expense limitation for the Class I is 0.27%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT S&P 500 Index Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-SPX-I (12-25)

# NVIT S&P 500 Index Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT S&P 500 Index Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $53 | 0.49% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
As the Fund seeks to match the performance of the S&P 500<sup>®</sup> Index, factors affecting the Index's composition and performance also impact the Fund.

U.S. equities were volatile in 2025 as sweeping tariff actions drove a Q1 selloff and a mid-March correction. Volatility peaked in April before easing after a 90 day pause on new tariffs, while China related tariffs remained on hold. Artificial intelligence (AI) enthusiasm and strong earnings supported markets, though uncertainty around long-term tariff impacts persisted. The Fed held rates steady through mid-year, then cut in September as hiring weakened, followed by two additional cuts in Q4 as unemployment rose and inflation stayed above target. Despite AI bubble fears and a record 43 day government shutdown, equities ended the year with modest gains.

**Top Contributors to Performance**

* Communication Services, Information Technology, and Industrials were the best performers.

**Top Detractors from Performance**

* Real Estate, Consumer Staples, and Consumer Discretionary were the top laggards.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ie913efb54863d9e2869af313.jpg)

---

| | | |
|:---|:---|:---|
| | **Class II** | **S&P 500<sup>®</sup> Index** |
| **Dec 15** | $10000 | $10000 |
| **Dec 16** | $11140 | $11196 |
| **Dec 17** | $13504 | $13640 |
| **Dec 18** | $12846 | $13043 |
| **Dec 19** | $16807 | $17150 |
| **Dec 20** | $19807 | $20305 |
| **Dec 21** | $25372 | $26135 |
| **Dec 22** | $20662 | $21402 |
| **Dec 23** | $25993 | $27029 |
| **Dec 24** | $32320 | $33791 |
| **Dec 25** | $37929 | $39833 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 17.35% | 13.87% | 14.26% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $5699765169 |
| Number of Portfolio Holdings | 513 |
| Portfolio Turnover Rate | 1.72% |
| Advisory Fees - net of reimbursement & waiver, if any | $5032469 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 99.0% |
| Repurchase Agreements | 1.7% |
| Other liabilities in excess of assets | -0.7% |

---

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 13.9% |
| Software | 10.1% |
| Interactive Media & Services | 8.0% |
| Technology Hardware, Storage & Peripherals | 7.2% |
| Broadline Retail | 3.8% |
| Financial Services | 3.8% |
| Banks | 3.5% |
| Capital Markets | 3.4% |
| Pharmaceuticals | 3.3% |
| Oil, Gas & Consumable Fuels | 2.6% |
| Other Industries<sup>Footnote Reference#</sup> | 40.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

On November 14, 2025, the Fund entered into a new expense limitation agreement. The expense limitation for the Class II is 0.52%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT S&P 500 Index Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-SPX-II (12-25)

# NVIT S&P 500 Index Fund

# Class IV

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT S&P 500 Index Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class IV | $28 | 0.26% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
As the Fund seeks to match the performance of the S&P 500<sup>®</sup> Index, factors affecting the Index's composition and performance also impact the Fund.

U.S. equities were volatile in 2025 as sweeping tariff actions drove a Q1 selloff and a mid-March correction. Volatility peaked in April before easing after a 90 day pause on new tariffs, while China related tariffs remained on hold. Artificial intelligence (AI) enthusiasm and strong earnings supported markets, though uncertainty around long-term tariff impacts persisted. The Fed held rates steady through mid-year, then cut in September as hiring weakened, followed by two additional cuts in Q4 as unemployment rose and inflation stayed above target. Despite AI bubble fears and a record 43 day government shutdown, equities ended the year with modest gains.

**Top Contributors to Performance**

* Communication Services, Information Technology, and Industrials were the best performers.

**Top Detractors from Performance**

* Real Estate, Consumer Staples, and Consumer Discretionary were the top laggards.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ib10cae0bc4f294c94a8ceabf.jpg)

---

| | | |
|:---|:---|:---|
| | **Class IV** | **S&P 500<sup>®</sup> Index** |
| **Dec 15** | $10000 | $10000 |
| **Dec 16** | $11159 | $11196 |
| **Dec 17** | $13562 | $13640 |
| **Dec 18** | $12933 | $13043 |
| **Dec 19** | $16966 | $17150 |
| **Dec 20** | $20041 | $20305 |
| **Dec 21** | $25725 | $26135 |
| **Dec 22** | $21013 | $21402 |
| **Dec 23** | $26474 | $27029 |
| **Dec 24** | $32995 | $33791 |
| **Dec 25** | $38799 | $39833 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class IV | 17.59% | 14.12% | 14.52% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $5699765169 |
| Number of Portfolio Holdings | 513 |
| Portfolio Turnover Rate | 1.72% |
| Advisory Fees - net of reimbursement & waiver, if any | $5032469 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 99.0% |
| Repurchase Agreements | 1.7% |
| Other liabilities in excess of assets | -0.7% |

---

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 13.9% |
| Software | 10.1% |
| Interactive Media & Services | 8.0% |
| Technology Hardware, Storage & Peripherals | 7.2% |
| Broadline Retail | 3.8% |
| Financial Services | 3.8% |
| Banks | 3.5% |
| Capital Markets | 3.4% |
| Pharmaceuticals | 3.3% |
| Oil, Gas & Consumable Fuels | 2.6% |
| Other Industries<sup>Footnote Reference#</sup> | 40.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT S&P 500 Index Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-SPX-IV (12-25)

# NVIT S&P 500 Index Fund

# Class Y

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT S&P 500 Index Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class Y | $17 | 0.16% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
As the Fund seeks to match the performance of the S&P 500<sup>®</sup> Index, factors affecting the Index's composition and performance also impact the Fund.

U.S. equities were volatile in 2025 as sweeping tariff actions drove a Q1 selloff and a mid-March correction. Volatility peaked in April before easing after a 90 day pause on new tariffs, while China related tariffs remained on hold. Artificial intelligence (AI) enthusiasm and strong earnings supported markets, though uncertainty around long-term tariff impacts persisted. The Fed held rates steady through mid-year, then cut in September as hiring weakened, followed by two additional cuts in Q4 as unemployment rose and inflation stayed above target. Despite AI bubble fears and a record 43 day government shutdown, equities ended the year with modest gains.

**Top Contributors to Performance**

* Communication Services, Information Technology, and Industrials were the best performers.

**Top Detractors from Performance**

* Real Estate, Consumer Staples, and Consumer Discretionary were the top laggards.

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i6d35b0dc0b647765e8522f38.jpg)

---

| | | |
|:---|:---|:---|
| | **Class Y** | **S&P 500<sup>®</sup> Index** |
| **Dec 15** | $10000 | $10000 |
| **Dec 16** | $11178 | $11196 |
| **Dec 17** | $13589 | $13640 |
| **Dec 18** | $12972 | $13043 |
| **Dec 19** | $17036 | $17150 |
| **Dec 20** | $20143 | $20305 |
| **Dec 21** | $25883 | $26135 |
| **Dec 22** | $21172 | $21402 |
| **Dec 23** | $26672 | $27029 |
| **Dec 24** | $33307 | $33791 |
| **Dec 25** | $39203 | $39833 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 17.70% | 14.25% | 14.64% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $5699765169 |
| Number of Portfolio Holdings | 513 |
| Portfolio Turnover Rate | 1.72% |
| Advisory Fees - net of reimbursement & waiver, if any | $5032469 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 99.0% |
| Repurchase Agreements | 1.7% |
| Other liabilities in excess of assets | -0.7% |

---

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 13.9% |
| Software | 10.1% |
| Interactive Media & Services | 8.0% |
| Technology Hardware, Storage & Peripherals | 7.2% |
| Broadline Retail | 3.8% |
| Financial Services | 3.8% |
| Banks | 3.5% |
| Capital Markets | 3.4% |
| Pharmaceuticals | 3.3% |
| Oil, Gas & Consumable Fuels | 2.6% |
| Other Industries<sup>Footnote Reference#</sup> | 40.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT S&P 500 Index Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-SPX-Y (12-25)

# NVIT Small Cap Index Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Small Cap Index Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $61 | 0.58% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
As the Fund seeks to match the performance of the Russell 2000<sup>®</sup> Index, factors affecting the Index's composition and performance also impact the Fund. U.S. equities were volatile in 2025 as sweeping tariff actions drove a Q1 selloff and a mid-March correction. Volatility peaked in April before easing after a 90 day pause on new tariffs, while China related tariffs remained on hold. Artificial intelligence (AI) enthusiasm and strong earnings supported markets, though uncertainty around long-term tariff impacts persisted. The Fed held rates steady through mid-year, then cut in September as hiring weakened, followed by two additional cuts in Q4 as unemployment rose and inflation stayed above target. Despite AI bubble fears and a record 43 day government shutdown, equities ended the year with modest gains.

**Top Contributors to Performance**

* Materials, Health Care, and Industrials were the best performers.

**Top Detractors from Performance**

* Consumer Staples, Consumer Discretionary, and Energy were the top laggards. 

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](iabfcca75c32bf8c7a2d07db6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $12087 | $11268 | $12131 |
| **Dec 17** | $13801 | $13649 | $13908 |
| **Dec 18** | $12236 | $12937 | $12377 |
| **Dec 19** | $15290 | $16932 | $15535 |
| **Dec 20** | $18243 | $20439 | $18636 |
| **Dec 21** | $20834 | $25661 | $21398 |
| **Dec 22** | $16516 | $20733 | $17024 |
| **Dec 23** | $19217 | $26114 | $19907 |
| **Dec 24** | $21306 | $32332 | $22204 |
| **Dec 25** | $23893 | $37877 | $25048 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 12.14% | 5.54% | 9.10% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.62% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $574918638 |
| Number of Portfolio Holdings | 1965 |
| Portfolio Turnover Rate | 18.08% |
| Advisory Fees - net of reimbursement & waiver, if any | $952642 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 100.2% |
| Repurchase Agreements | 12.7% |
| Other liabilities in excess of assets | -12.9% |

---

---

| | |
|:---|:---|
| Banks | 8.8% |
| Biotechnology | 8.3% |
| Software | 5.0% |
| Machinery | 3.4% |
| Electronic Equipment, Instruments & Components | 3.1% |
| Semiconductors & Semiconductor Equipment | 3.0% |
| Health Care Providers & Services | 2.9% |
| Oil, Gas & Consumable Fuels | 2.7% |
| Health Care Equipment & Supplies | 2.4% |
| Pharmaceuticals | 2.3% |
| Other Industries<sup>Footnote Reference#</sup> | 58.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Small Cap Index Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-SCX-II (12-25)

# NVIT Small Cap Index Fund

# Class Y

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Small Cap Index Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class Y | $26 | 0.25% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
As the Fund seeks to match the performance of the Russell 2000<sup>®</sup> Index, factors affecting the Index's composition and performance also impact the Fund. U.S. equities were volatile in 2025 as sweeping tariff actions drove a Q1 selloff and a mid-March correction. Volatility peaked in April before easing after a 90 day pause on new tariffs, while China related tariffs remained on hold. Artificial intelligence (AI) enthusiasm and strong earnings supported markets, though uncertainty around long-term tariff impacts persisted. The Fed held rates steady through mid-year, then cut in September as hiring weakened, followed by two additional cuts in Q4 as unemployment rose and inflation stayed above target. Despite AI bubble fears and a record 43 day government shutdown, equities ended the year with modest gains.

**Top Contributors to Performance**

* Materials, Health Care, and Industrials were the best performers.

**Top Detractors from Performance**

* Consumer Staples, Consumer Discretionary, and Energy were the top laggards. 

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i1551d54856f0517ead15600b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class Y** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $12122 | $11268 | $12131 |
| **Dec 17** | $13887 | $13649 | $13908 |
| **Dec 18** | $12347 | $12937 | $12377 |
| **Dec 19** | $15484 | $16932 | $15535 |
| **Dec 20** | $18536 | $20439 | $18636 |
| **Dec 21** | $21232 | $25661 | $21398 |
| **Dec 22** | $16888 | $20733 | $17024 |
| **Dec 23** | $19708 | $26114 | $19907 |
| **Dec 24** | $21945 | $32332 | $22204 |
| **Dec 25** | $24698 | $37877 | $25048 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class Y | 12.54% | 5.91% | 9.46% |
| Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.62% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $574918638 |
| Number of Portfolio Holdings | 1965 |
| Portfolio Turnover Rate | 18.08% |
| Advisory Fees - net of reimbursement & waiver, if any | $952642 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 100.2% |
| Repurchase Agreements | 12.7% |
| Other liabilities in excess of assets | -12.9% |

---

---

| | |
|:---|:---|
| Banks | 8.8% |
| Biotechnology | 8.3% |
| Software | 5.0% |
| Machinery | 3.4% |
| Electronic Equipment, Instruments & Components | 3.1% |
| Semiconductors & Semiconductor Equipment | 3.0% |
| Health Care Providers & Services | 2.9% |
| Oil, Gas & Consumable Fuels | 2.7% |
| Health Care Equipment & Supplies | 2.4% |
| Pharmaceuticals | 2.3% |
| Other Industries<sup>Footnote Reference#</sup> | 58.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Small Cap Index Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-SCX-Y (12-25)

# NVIT Strategic Income Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Strategic Income Fund (the "Fund") (formerly known as NVIT Amundi Multi Sector Bond Fund) for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $82 | 0.79% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund outperformed the Bloomberg US Aggregate Bond Index during the period and achieved so with lower volatility. While primarily all credit sectors outperformed like-duration treasuries during the year, the Fund's diversified approach to credit investing benefited its risk-return profile as intra-sector spread movements differed month-to-month. The Fund received positive contributions from its corporate credit, securitized credit, opportunistic credit, agency MBS, and sovereign bond allocations while receiving less-than-benchmark positive contribution from falling interest rates.

**Top Contributors to Performance**

* Top Sector Contributors to Performance are high yield corporate credit, investment grade corporate credit and residential MBS credit.

* Top Country Contributors to Performance are United States, Mexico and Japan.

**Top Detractors from Performance** 

* Top Sector Detractors from Performance are underweight duration (relative basis), corporate credit hedges (short market) and Convertible Bonds.

* Top Country Detractors from Performance are Luxembourg, Singapore and Hong Kong (flat performance). 

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i56f68ff2db3eec9b8f329940.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **Bloomberg U.S. Aggregate Bond Index** |
| **Dec 15** | $10000 | $10000 |
| **Dec 16** | $10865 | $10265 |
| **Dec 17** | $11552 | $10628 |
| **Dec 18** | $11282 | $10629 |
| **Dec 19** | $12316 | $11556 |
| **Dec 20** | $12816 | $12424 |
| **Dec 21** | $13487 | $12233 |
| **Dec 22** | $13178 | $10641 |
| **Dec 23** | $14324 | $11230 |
| **Dec 24** | $15805 | $11370 |
| **Dec 25** | $17000 | $12200 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 7.56% | 5.81% | 5.45% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $463884638 |
| Number of Portfolio Holdings | 421 |
| Portfolio Turnover Rate | 284.63% |
| Advisory Fees - net of reimbursement & waiver, if any | $1801290 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Industries<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Corporate Bonds | 58.8% |
| Asset-Backed Securities | 14.6% |
| Repurchase Agreements | 12.2% |
| Mortgage-Backed Securities | 9.9% |
| Collateralized Mortgage Obligations | 8.8% |
| Commercial Mortgage-Backed Securities | 4.0% |
| U.S. Treasury Obligation | 2.8% |
| Foreign Government Securities | 2.2% |
| Loan Participations | 1.7% |
| Preferred Stocks | 0.7% |
| Supranational | 0.7% |
| Other liabilities in excess of assets | -16.4% |

---

---

| | |
|:---|:---|
| Insurance | 11.4% |
| Oil, Gas & Consumable Fuels | 5.8% |
| Banks | 5.6% |
| Capital Markets | 4.2% |
| Hotels, Restaurants & Leisure | 2.9% |
| Consumer Finance | 2.7% |
| Financial Services | 2.2% |
| Metals & Mining | 1.5% |
| Passenger Airlines | 1.4% |
| Pharmaceuticals | 1.3% |
| Other Industries<sup>Footnote Reference#</sup> | 61.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

1. The sub-adviser is formerly known as Amundi Asset Management US, Inc.

2. Effective end of business June 26, 2025, the NVIT Amundi Multi Sector Bond Fund was renamed "NVIT Strategic Income Fund".

3. On November 14, 2025, the Fund entered into a new expense limitation agreement. The expense limitation for the Class I is 0.89%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Strategic Income Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-SI-I (12-25)

# NVIT U.S. 130/30 Equity Fund

# Class Y

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT U.S. 130/30 Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class Y | $85 | 0.80% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
U.S. equities plummeted and then surged in 2025, and the broad equity market rose more than 17% for the year. Stocks advanced on artificial intelligence (AI) hype, FOMC rate cuts, and a general speculative fervor, despite a laundry list of risks, including tariffs, the government shutdown, and potential stock overvaluation. For the year, large caps outperformed mid and small caps, while returns in growth and value varied across the capitalization spectrum. Dynamic stocks outperformed defensive stocks by about 10 percentage points.

**Top Contributors to Performance**

* Financials, healthcare, and industrials contributed positively to relative performance.

* Security selection in financials, healthcare, and industrials contributed to performance.

* Overweight to information technology and underweights to utilities and financials helped.

* Top stock contributors included Lam Research Corporation, GE Vernova Inc., and Comfort Systems USA, Inc.

**Top Detractors from Performance**

* Information technology, communication services, and materials contributed negatively to relative performance.

* Security selection in information technology, communication services, and materials detracted from performance.

* Overweights to materials and consumer staples, and an underweight to communication services hurt performance.

* Top stock detractors included Deckers Outdoor Corporation, Lumentum Holdings, Inc., and EchoStar Corporation Class A

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ibe4e3e951058e69a065984ce.jpg)

---

| | | |
|:---|:---|:---|
| | **Class Y** | **S&P 500<sup>®</sup> Index** |
| **Oct 19** | $10000 | $10000 |
| **Dec 19** | $10505 | $10795 |
| **Dec 20** | $12238 | $12781 |
| **Dec 21** | $16654 | $16451 |
| **Dec 22** | $16927 | $13472 |
| **Dec 23** | $21358 | $17013 |
| **Dec 24** | $25980 | $21270 |
| **Dec 25** | $29249 | $25073 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since inception** |
| Class Y - (Inception 10/24/2019) | 12.68%<sup>Footnote Reference\*</sup> | 19.04% | 18.94% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 16.01% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Please see the Fund's Financial Highlights for additional information. |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $976433012 |
| Number of Portfolio Holdings | 260 |
| Portfolio Turnover Rate | 95.81% |
| Advisory Fees - net of reimbursement & waiver, if any | $7589381 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 97.5% |
| Other assets in excess of liabilities | 2.5% |

---

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 12.8% |
| Software | 11.5% |
| Interactive Media & Services | 7.2% |
| Hotels, Restaurants & Leisure | 4.5% |
| Specialty Retail | 4.3% |
| Technology Hardware, Storage & Peripherals | 4.0% |
| Health Care Equipment & Supplies | 4.0% |
| Insurance | 3.9% |
| Capital Markets | 3.5% |
| Construction & Engineering | 3.1% |
| Other Industries | 41.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT U.S. 130/30 Equity Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-130-30-Y (12-25)

# NVIT Victory Mid Cap Value Fund

# Class I

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Victory Mid Cap Value Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $86 | 0.85% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund underperformed the benchmark during the reporting period. Stock selection and sector allocation were unfavorable, with stock selection having a larger impact on relative underperformance. Stock selection in Information Technology, Industrials, Materials, Health Care and Financials detracted from relative performance. No exposure in Communication Services and an overweight in Materials detracted from relative return. Cash position during the year was a drag on performance. Conversely, stock selection in Consumer Staples and Real Estate contributed to relative return for the year. An underweight in Real Estate was beneficial.

**Top Contributors to Performance**

* Franco-Nevada Corp, one of the world's largest royalty and streaming businesses, provides investors with leverage to rising gold prices. With gold appreciating over 64% in 2025, this investment was a clear beneficiary.

* MKS Inc rallied following strong Q2 and Q3 results driven by a NAND memory upgrade cycle and strength in its Electronics and Packaging business. MKS Inc benefits from leading market share in recovering semiconductor and electronics markets.

* Expedia Group Inc experienced strong improvement in bookings for both VRBO and Hotels.com, despite subdued expectations for U.S. travel; this, combined with effective cost management and increased operating leverage, led to an expansion in EBITDA margins and prompted management to raise their full-year guidance once again.

**Top Detractors from Performance**

* Globant declined amid macro, tariff, and geopolitical uncertainty that weighed on Latin America–exposed equities, compounded by rising concerns that generative AI would pressure demand, shorten project durations, and weigh on margins for Globant's IT services.

* Westlake Corp underperformed as both Housing & Infrastructure Products and Performance & Essential Materials segments faced margin pressures from unfavorable mix, global oversupply, and weak demand, leaving shares pressured despite cost actions and attractive valuation.

* Zebra Technologies Corp, despite having solid fundamentals, lagged due to tariff impacts, cautious customer spending, and disappointing guidance reflecting weakening core business demand. 

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i2d3a7334d29f9c48910b0688.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class I** | **Russell 1000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Value Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $11772 | $11200 | $12000 |
| **Dec 17** | $13414 | $13630 | $13601 |
| **Dec 18** | $11655 | $12980 | $11929 |
| **Dec 19** | $14448 | $17041 | $15157 |
| **Dec 20** | $14294 | $20584 | $15909 |
| **Dec 21** | $17753 | $26006 | $20418 |
| **Dec 22** | $17293 | $21032 | $17962 |
| **Dec 23** | $18817 | $26611 | $20244 |
| **Dec 24** | $20425 | $33133 | $21884 |
| **Dec 25** | $20913 | $38889 | $24302 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class I | 2.39% | 7.91% | 7.66% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Russell Midcap<sup>®</sup> Value Index | 11.05% | 9.83% | 9.78% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $440838210 |
| Number of Portfolio Holdings | 80 |
| Portfolio Turnover Rate | 62.79% |
| Advisory Fees - net of reimbursement & waiver, if any | $2062555 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 96.7% |
| Repurchase Agreements | 8.6% |
| Other liabilities in excess of assets | -5.3% |

---

---

| | |
|:---|:---|
| Insurance | 7.6% |
| Specialty Retail | 5.5% |
| Machinery | 5.1% |
| Oil, Gas & Consumable Fuels | 4.5% |
| Health Care Providers & Services | 4.4% |
| Consumer Staples Distribution & Retail | 4.4% |
| Containers & Packaging | 4.2% |
| Electronic Equipment, Instruments & Components | 4.1% |
| Ground Transportation | 3.7% |
| Hotels, Restaurants & Leisure | 3.3% |
| Other Industries<sup>Footnote Reference#</sup> | 53.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

1. Effective January 1, 2025, the expense limitation rate changed from 0.79% to 0.73%.

2. On November 14, 2025, the Fund entered into a new expense limitation agreement. The expense limitation for the Class I is 0.86%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Victory Mid Cap Value Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-MCV-I (12-25)

# NVIT Victory Mid Cap Value Fund

# Class II

## Annual Shareholder Report - December 31, 2025
![Image](ic3c020f49b96009984da8ce1.jpg)

This annual shareholder report contains important information about the NVIT Victory Mid Cap Value Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### This report describes changes to the Fund that occurred during the reporting period.

# What were the Fund costs for the past year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class II | $97 | 0.95% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized for periods less than 1 year. |

---

# What affected the Fund's performance during the reporting period?
The Fund underperformed the benchmark during the reporting period. Stock selection and sector allocation were unfavorable, with stock selection having a larger impact on relative underperformance. Stock selection in Information Technology, Industrials, Materials, Health Care and Financials detracted from relative performance. No exposure in Communication Services and an overweight in Materials detracted from relative return. Cash position during the year was a drag on performance. Conversely, stock selection in Consumer Staples and Real Estate contributed to relative return for the year. An underweight in Real Estate was beneficial.

**Top Contributors to Performance**

* Franco-Nevada Corp, one of the world's largest royalty and streaming businesses, provides investors with leverage to rising gold prices. With gold appreciating over 64% in 2025, this investment was a clear beneficiary.

* MKS Inc rallied following strong Q2 and Q3 results driven by a NAND memory upgrade cycle and strength in its Electronics and Packaging business. MKS Inc benefits from leading market share in recovering semiconductor and electronics markets.

* Expedia Group Inc experienced strong improvement in bookings for both VRBO and Hotels.com, despite subdued expectations for U.S. travel; this, combined with effective cost management and increased operating leverage, led to an expansion in EBITDA margins and prompted management to raise their full-year guidance once again.

**Top Detractors from Performance**

* Globant declined amid macro, tariff, and geopolitical uncertainty that weighed on Latin America–exposed equities, compounded by rising concerns that generative AI would pressure demand, shorten project durations, and weigh on margins for Globant's IT services.

* Westlake Corp underperformed as both Housing & Infrastructure Products and Performance & Essential Materials segments faced margin pressures from unfavorable mix, global oversupply, and weak demand, leaving shares pressured despite cost actions and attractive valuation.

* Zebra Technologies Corp, despite having solid fundamentals, lagged due to tariff impacts, cautious customer spending, and disappointing guidance reflecting weakening core business demand. 

#### Fund Performance
**The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 1-800-848-6331 or visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html for current performance questions.** 

# Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ida3b453525d824d2ee2e4383.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class II** | **Russell 1000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Value Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Dec 16** | $11759 | $11200 | $12000 |
| **Dec 17** | $13387 | $13630 | $13601 |
| **Dec 18** | $11626 | $12980 | $11929 |
| **Dec 19** | $14398 | $17041 | $15157 |
| **Dec 20** | $14233 | $20584 | $15909 |
| **Dec 21** | $17651 | $26006 | $20418 |
| **Dec 22** | $17181 | $21032 | $17962 |
| **Dec 23** | $18664 | $26611 | $20244 |
| **Dec 24** | $20248 | $33133 | $21884 |
| **Dec 25** | $20714 | $38889 | $24302 |

---

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class II | 2.30% | 7.79% | 7.55% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| Russell Midcap<sup>®</sup> Value Index | 11.05% | 9.83% | 9.78% |

---

# Fund Information

# Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $440838210 |
| Number of Portfolio Holdings | 80 |
| Portfolio Turnover Rate | 62.79% |
| Advisory Fees - net of reimbursement & waiver, if any | $2062555 |

---

#### Fund Holdings

#### Asset Class Weightings<sup>Footnote Reference 1</sup>

#### Top Ten Holdings<sup>Footnote Reference 2</sup>

---

| | |
|:---|:---|
| Common Stocks | 96.7% |
| Repurchase Agreements | 8.6% |
| Other liabilities in excess of assets | -5.3% |

---

---

| | |
|:---|:---|
| Insurance | 7.6% |
| Specialty Retail | 5.5% |
| Machinery | 5.1% |
| Oil, Gas & Consumable Fuels | 4.5% |
| Health Care Providers & Services | 4.4% |
| Consumer Staples Distribution & Retail | 4.4% |
| Containers & Packaging | 4.2% |
| Electronic Equipment, Instruments & Components | 4.1% |
| Ground Transportation | 3.7% |
| Hotels, Restaurants & Leisure | 3.3% |
| Other Industries<sup>Footnote Reference#</sup> | 53.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;For purposes of listing top industries, the repurchase agreements are included as part of Other. |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Percentages indicated are based upon net assets as of December 31, 2025. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Percentages indicated are based upon total investments as of December 31, 2025. |

---

# Material Fund Changes
This is a summary of certain changes of the Fund since December 31, 2024. You can request this information by contacting us at 1-800-848-6331. You can also find additional information about the Fund at https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

1. Effective January 1, 2025, the expense limitation rate changed from 0.79% to 0.73%.

2. On November 14, 2025, the Fund entered into a new expense limitation agreement. The expense limitation for the Class II is 1.01%.

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/](ic414528f6186c921e6679ff9.jpg)

If you wish to view additional information about the Fund; including, as applicable the fund's prospectus, financial statements, quarterly portfolio schedule, and proxy voting record, please visit https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html.

#### Contact Us

#### Phone: 1-800-848-6331
NVIT Victory Mid Cap Value Fund

Annual Shareholder Report - December 31, 2025

![Image](ic3c020f49b96009984da8ce1.jpg)

NAR-MCV-II (12-25)

**Item 2. Code of Ethics.**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. This code of ethics is included as Exhibit 19 (a)(1).

During the period covered by the report, with respect to the registrant's Code of Ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, *except as may be noted hereinbelow*, there have been no amendments to, nor any waivers granted from, a provision that relates to any element of the Code of Ethics definition enumerated in paragraph (b) of this Item 2.

**Item 3. Audit Committee Financial Expert.**

3(a)(1) The registrant's board of trustees has determined that the registrant has at least one audit committee financial expert serving on the board's audit and operations committee.

3(a)(2) The audit committee financial expert of the registrant's board of trustees is *David E. Wezdenko*, who, for purposes of this Item 3 of Form N-CSR, is an "independent" trustee of the registrant.

**Item 4. Principal Accountant Fees and Services.** 

(a) Audit Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $1,754,700 in 2024 and $$1,791,000 in 2025.

Tax Fees. Tax fee amount represents tax compliance for federal, state and international matters, general consulting as well as consulting as it relates to foreign tax reclaims. This information is provided with respect to non-audit services that directly relate to the registrant's operations and financial reporting and that were rendered by PwC to the registrant's investment adviser, Nationwide Fund Advisors ("NFA"), and any service provider to the registrant controlling, controlled by, or under common control with NFA that provided ongoing services to the registrant (hereinafter referred to collectively as the "Covered Services Provider"). The aggregate fees billed for the Reporting Periods were $0 in 2024 and $0 in 2025.

(b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $82,200 in 2024 and $95,900 in 2025. These services consisted of security counts required by Rule 17f-2 under the Investment Company Act of 1940, as amended.

(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice, and tax planning ("Tax Services") were $87,616 in 2024 and $78,925 in 2025. These services consisted of U.S. federal, state and local tax assistance related to the tax treatment of passive foreign income companies.

(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) of this Item, were $0 in 2024 and $0 in 2025. When applicable, these services consist of the Auditor reviewing the post-effective amendment to the registration statement on Form N-1A and providing a consent, and/or the Auditor reviewing the unaudited semi-annual financial information.

 

4(e)(1) <u>Pre-Approval Policies and Procedures</u>. The Audit and Operations Committee (the "Committee") of the registrant is responsible for pre-approving (i) all audit and permissible non-audit services to be provided by the independent auditors to the registrant and (ii) all permissible non-audit services to be provided by the independent auditors to NFA and any Covered Services Provider if the engagement relates directly to the operations and financial reporting of the registrant. The Committee may delegate the Committee's responsibility to pre-approve any such audit and permissible non-audit services to the Chairperson of the Committee, and the Chairperson shall report to the Committee, at the Committee's next regularly-scheduled meeting after the Chairperson's pre-approval of such services, his or her decision(s).

The Committee also may establish detailed pre-approval policies and procedures for pre-approval of these services in accordance with applicable laws, including the delegation of some or all of the Committee's pre-approval responsibilities to other persons (other than NFA or the registrant's officers). Pre-approval by the Committee of any permissible non-audit services shall not be required so long as: (i) the aggregate amount of all said permissible non-audit services provided to the registrant, NFA, and any Covered Services Provider constitutes not more than five percent (5%) of the total amount of revenues paid by the registrant to the registrant's independent auditors during the fiscal year in which the permissible non-audit services are provided; (ii) the permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (iii) these services are promptly brought to the attention of the Committee and approved by the Committee (or the Committee's delegate(s)) prior to the completion of the audit.

4(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

4(f) Not Applicable: The percentage of hours expended to audit the registrant's financial statements for the fiscal year ended October 31, 2025, that were attributed to work performed by persons other than PwC's full-time, permanent employees was not over fifty percent (50%).

4(g) The aggregate fees billed by PwC for non-audit services rendered to the registrant and service affiliates for the fiscal years ended October 31, 2024 and October 31, 2025, were $2,088,405 and $1,025,000, respectively.

4(h) The registrant's Audit and Operations Committee has considered whether the provision by PwC of non-audit services to NFA and covered Services Providers, that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X because these services did not directly relate to the registrant's operations and financial reporting, is compatible with maintaining PwC's independence.

4(i) Not applicable.

4(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

5(a) Not Applicable.

5(b) Not Applicable.

**Item 6. Investments.**

6(a) The complete schedule of investments is included in Item 7 of this Form N-CSR.

6(b) Not Applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

#### Annual

#### Financial

#### Statements
December

31,

2025

Nationwide

Variable

Insurance

Trust

Investor

Destinations

Funds

NVIT

Investor

Destinations

Aggressive

Fund

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

NVIT

Investor

Destinations

Moderate

Fund

NVIT

Investor

Destinations

Moderately

Conservative

Fund

NVIT

Investor

Destinations

Conservative

Fund

NVIT

Investor

Destinations

Balanced

Fund

NVIT

Investor

Destinations

Capital

Appreciation

Fund

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

NVIT

Investor

Destinations

Managed

Growth

Fund

#### IMPORTANT

#### INFORMATION
If

you

wish

to

receive

reports

and

other

Fund

documents

via

eDelivery

you

may

choose

this

option

by:

-

Calling

1-800-848-6331

-

Logging

into

your

account

at

https://www.nationwide.com/personal/investing/mutual-funds/

and

choosing

'Log

in',

or

by

contacting

your

financial

intermediary

(such

as

a

broker-dealer

or

bank).

You

can

access

the

full

report

and

other

details

online

at

https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html

Nationwide

Funds®

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.

Copies

of

the

first

and

third-quarter

holdings

are

available

with

the

Fund's

regulatory

documents

at

https://www.nationwide.com/mutual-funds-prospectuses.jsp.

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

N-MFP

are

available

on

the

SEC's

website

at

http://www.sec.gov

.

Forms

N-PORT

and

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

1-800-SEC-0330.

The

Trust

also

makes

this

information

available

to

investors

on

https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html

or

upon

request

without

charge.

Statement

Regarding

Availability

of

Proxy

Voting

Record

Federal

law

requires

the

Trust

and

each

of

its

investment

advisers

and

subadvisers

to

adopt

procedures

for

voting

proxies

(the

"Proxy

Voting

Guidelines")

and

to

provide

a

summary

of

those

Proxy

Voting

Guidelines

used

to

vote

the

securities

held

by

a

Fund.

The

Funds'

proxy

voting

policies

and

procedures,

as

well

as

information

regarding

how

the

Funds

voted

for

proxies

relating

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

is

available:

-

By

calling

1-800-848-0920

-

On

the

Fund's

website

at

https://www.nationwide.com/personal/investing/mutual-funds/proxy-voting/

-

On

the

SEC's

website

at

http://www.sec.gov

Funds

are

required

to

disclose

proxy

votes

using

the

issuer's

proxy

card

language

and

order,

categorize

votes

by

topic,

and

report

shares

voted

versus

shares

loaned

but

not

recalled.

#### Before

#### purchasing

#### a

#### variable

#### annuity,

#### 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

#### 1-800-848-6331.

#### Read

#### the

#### prospectus

#### carefully

#### before

#### making

#### a

#### purchase.
Variable

annuities

are

issued

by

Nationwide

Life

Insurance

Company,

Columbus,

Ohio.

The

Nationwide

Variable

Insurance

Trust

(NVIT)

Funds

are

distributed

by

Nationwide

Fund

Distributors

LLC

(NFD),

member

FINRA,

Columbus,

Ohio.

NFD

is

not

affiliated

with

any

subadviser

contracted

by

Nationwide

Fund

Advisors,

except

for

Nationwide

Asset

Management,

LLC,

and

is

not

affiliated

with

Morningstar,

Inc.

Nationwide,

the

Nationwide

N

and

Eagle,

and

Nationwide

is

on

your

side

are

service

marks

of

Nationwide

Mutual

Insurance

Company.©2026

Nationwide

Table

of

Contents

#### Statements

#### of

#### Investments

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Statements

#### of

#### Operations

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets

#### Financial

#### Highlights

#### Notes

#### to

#### Financial

#### Statements

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

#### Supplemental

#### Information

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Investor

Destinations

Aggressive

Fund

#### Investment

#### Companies

#### 86

#### .9

#### %

#### Shares

#### Value

#### ($)

#### Equity

#### Funds

#### 78.1%
Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

5,747,754

74,490,890

Nationwide

International

Equity

Portfolio,

Class

R6(a)

4,685,128

61,187,773

Nationwide

Large

Cap

Equity

Portfolio,

Class

R6(a)

5,462,989

57,962,313

NVIT

Emerging

Markets

Fund,

Class

Y(a)

1,581,699

23,535,674

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

2,158,178

23,632,053

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

2,391,373

32,929,201

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y(a)

3,126,999

74,141,143

#### Total

#### Equity

#### Funds

#### (cost

#### $302,384,670)

#### 347,879,047

#### Fixed

#### Income

#### Funds

#### 8.8%
Nationwide

Bond

Portfolio,

Class

R6(a)

1,011,713

8,690,614

NVIT

Bond

Index

Fund,

Class

Y(a)

2,419,916

21,924,437

NVIT

Loomis

Core

Bond

Fund,

Class

Y(a)

934,965

8,667,127

#### Total

#### Fixed

#### Income

#### Funds

#### (cost

#### $39,894,644)

#### 39,282,178

#### Total

#### Investment

#### Companies

#### (cost

#### $342,279,314)

#### 387,161,225

#### Exchange

#### Traded

#### Funds

#### 13

#### .1

#### %

#### Equity

#### Funds

#### 13.1%
iShares

Core

MSCI

EAFE

ETF(b)

101,981

9,123,220

iShares

Core

S&P

500

ETF

19,503

13,358,385

iShares

Core

S&P

Small-Cap

ETF(b)

226,639

27,237,475

JPMorgan

Equity

Premium

Income

ETF(b)

154,185

8,825,549

#### Total

#### Exchange

#### Traded

#### Funds

#### (cost

#### $53,590,210)

#### 58,544,629

#### Short-Term

#### Investment

#### 0

#### .0

#### %

#### †

#### Money

#### Market

#### Fund

#### 0.0%

#### †
Fidelity

Investments

Money

Market

Government

Portfolio

–

Institutional

Class,

3.71%

(c) 50,384

50,384

#### Total

#### Short-Term

#### Investment

#### (cost

#### $50,384)

#### 50,384

#### Repurchase

#### Agreements

#### 7

#### .4

#### %

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Bank

of

America

NA,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$10,002,139,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.50%,

maturing

5/1/2049

-

9/1/2050;

total

market

value

$10,200,000.

(d)(e) 10,000,000

10,000,000

BofA

Securities,

Inc.,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$1,000,214,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.34%

-

5.25%,

maturing

10/20/2034

-

2/20/2073;

total

market

value

$1,020,000.(d)(e)

1,000,000

1,000,000

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$867,867,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$885,035.(d)(e)

867,681

867,681

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$1,000,213,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$1,020,000.(d)(e)

1,000,000

1,000,000

CF

Secured,

LLC,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$10,002,133,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.13%

-

7.50%,

maturing

3/31/2026

-

4/20/2071;

total

market

value

$10,202,176.(d)(e)

10,000,000

10,000,000

NVIT

Investor

Destinations

Aggressive

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### &nbsp;&nbsp;&nbsp;&nbsp; Repurchase

#### Agreements

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Citi

Global

Market,

Inc.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$10,002,117,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.38%

-

4.25%,

maturing

2/15/2028

-

10/31/2029;

total

market

value

$10,200,003.(d)(e)

10,000,000

10,000,000

#### Total

#### Repurchase

#### Agreements

#### (cost

#### $32,867,681)

#### 32,867,681

#### Total

#### Investments

#### (cost

#### $428,787,589)

#### —

#### 107.4%

#### 478,623,919

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (7.4)%

#### (#### 33,035,184

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 445,588,735
†

Amount

rounds

to

less

than

0.1%.

(a) Investment

in

affiliate.

(b) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$33,150,646,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$32,867,681

and

by

$1,409,836

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.25%

-

4.63%,

and

maturity

dates

ranging

from

5/31/2027

-

2/15/2052,

a

total

value

of

$34,277,517.

(c) Represents

7-day

effective

yield

as

of

December

31,

2025. (d) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$32,867,681.

(e) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

ETF

Exchange

Traded

Fund

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

#### Investment

#### Companies

#### 89

#### .7

#### %

#### Shares

#### Value

#### ($)

#### Equity

#### Funds

#### 68.1%
Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

10,953,098

141,952,153

Nationwide

International

Equity

Portfolio,

Class

R6(a)

11,794,696

154,038,730

Nationwide

Large

Cap

Equity

Portfolio,

Class

R6(a)

11,146,515

118,264,527

NVIT

Emerging

Markets

Fund,

Class

Y(a)

2,805,342

41,743,494

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

3,800,718

41,617,861

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

5,391,957

74,247,250

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y(a)

5,963,879

141,403,573

#### Total

#### Equity

#### Funds

#### (cost

#### $622,366,732)

#### 713,267,588

#### Fixed

#### Income

#### Funds

#### 21.6%
Nationwide

Bond

Portfolio,

Class

R6(a)

8,715,248

74,863,977

NVIT

Bond

Index

Fund,

Class

Y(a)

10,120,782

91,694,287

NVIT

Loomis

Core

Bond

Fund,

Class

Y(a)

6,102,637

56,571,447

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

313,850

3,094,558

#### Total

#### Fixed

#### Income

#### Funds

#### (cost

#### $230,081,782)

#### 226,224,269

#### Total

#### Investment

#### Companies

#### (cost

#### $852,448,514)

#### 939,491,857

#### Exchange

#### Traded

#### Funds

#### 10

#### .4

#### %

#### Equity

#### Funds

#### 10.4%
iShares

Core

MSCI

EAFE

ETF(b)

242,053

21,654,061

iShares

Core

S&P

500

ETF

30,859

21,136,563

iShares

Core

S&P

Small-Cap

ETF(b)

376,755

45,278,416

JPMorgan

Equity

Premium

Income

ETF(b)

365,957

20,947,379

#### Total

#### Exchange

#### Traded

#### Funds

#### (cost

#### $99,801,053)

#### 109,016,419

#### Short-Term

#### Investment

#### 0

#### .0

#### %

#### †

#### Money

#### Market

#### Fund

#### 0.0%

#### †
Fidelity

Investments

Money

Market

Government

Portfolio

–

Institutional

Class,

3.71%

(c) 10,749

10,749

#### Total

#### Short-Term

#### Investment

#### (cost

#### $10,749)

#### 10,749

#### Repurchase

#### Agreements

#### 2

#### .0

#### %

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Bank

of

America

NA,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$5,001,069,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.50%,

maturing

5/1/2049

-

9/1/2050;

total

market

value

$5,100,000.

(d)(e) 5,000,000

5,000,000

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$1,296,110,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$1,321,750.(d)(e)

1,295,833

1,295,833

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$10,002,133,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$10,200,001.(d)(e)

10,000,000

10,000,000

CF

Secured,

LLC,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$5,001,067,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.13%

-

7.50%,

maturing

3/31/2026

-

4/20/2071;

total

market

value

$5,101,088.(d)(e)

5,000,000

5,000,000

#### Total

#### Repurchase

#### Agreements

#### (cost

#### $21,295,833)

#### 21,295,833

#### Total

#### Investments

#### (cost

#### $973,556,149)

#### —

#### 102.1%

#### 1,069,814,858

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (2.1)%

#### (#### 21,668,377

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 1,048,146,481
NVIT

Investor

Destinations

Moderately

Aggressive

Fund

-

December

31,

2025

-

Statement

of

Investments

-

†

Amount

rounds

to

less

than

0.1%.

(a) Investment

in

affiliate.

(b) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$60,626,981,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$21,295,833

and

by

$41,694,752

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.25%

-

4.63%,

and

maturity

dates

ranging

from

12/31/2026

-

8/15/2054,

a

total

value

of

$62,990,585.

(c) Represents

7-day

effective

yield

as

of

December

31,

2025. (d) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$21,295,833.

(e) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

ETF

Exchange

Traded

Fund

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Investor

Destinations

Moderate

Fund

#### Investment

#### Companies

#### 86

#### .0

#### %

#### Shares

#### Value

#### ($)

#### Alternative

#### Assets

#### 1.5%
Nationwide

Strategic

Income

Fund,

Class

R6(a)

2,574,861

26,186,335

#### Total

#### Alternative

#### Assets

#### (cost

#### $26,262,027)

#### 26,186,335

#### Equity

#### Funds

#### 52.2%
Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

16,880,834

218,775,614

Nationwide

International

Equity

Portfolio,

Class

R6(a)

11,567,138

151,066,820

Nationwide

Large

Cap

Equity

Portfolio,

Class

R6(a)

13,676,172

145,104,181

NVIT

Emerging

Markets

Fund,

Class

Y(a)

3,452,869

51,378,686

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

4,692,117

51,378,687

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

5,509,331

75,863,491

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y(a)

9,220,259

218,612,340

#### Total

#### Equity

#### Funds

#### (cost

#### $787,958,803)

#### 912,179,819

#### Fixed

#### Income

#### Funds

#### 32.3%
Nationwide

Bond

Portfolio,

Class

R6(a)

19,663,324

168,907,952

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

765,785

6,930,357

NVIT

Bond

Index

Fund,

Class

Y(a)

19,468,177

176,381,687

NVIT

Loomis

Core

Bond

Fund,

Class

Y(a)

16,404,284

152,067,711

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

6,198,466

61,116,878

#### Total

#### Fixed

#### Income

#### Funds

#### (cost

#### $576,904,646)

#### 565,404,585

#### Total

#### Investment

#### Companies

#### (cost

#### $1,391,125,476)

#### 1,503,770,739

#### Exchange

#### Traded

#### Funds

#### 14

#### .1

#### %

#### Equity

#### Funds

#### 9.1%
iShares

Core

MSCI

EAFE

ETF(b)

399,180

35,710,643

iShares

Core

S&P

500

ETF

77,293

52,941,067

iShares

Core

S&P

Small-Cap

ETF(b)

289,782

34,826,001

JPMorgan

Equity

Premium

Income

ETF(b)

614,130

35,152,801

#### Total

#### Equity

#### Funds

#### (cost

#### $142,285,883)

#### 158,630,512

#### Fixed

#### Income

#### Funds

#### 5.0%
iShares

Core

International

Aggregate

Bond

ETF(b)

1,030,706

51,545,607

#### Exchange

#### Traded

#### Funds

#### Shares

#### Value

#### ($)
iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF(b)

363,938

35,039,951

#### Total

#### Fixed

#### Income

#### Funds

#### (cost

#### $88,084,123)

#### 86,585,558

#### Total

#### Exchange

#### Traded

#### Funds

#### (cost

#### $230,370,006)

#### 245,216,070

#### Short-Term

#### Investment

#### 0

#### .0

#### %

#### †

#### Money

#### Market

#### Fund

#### 0.0%

#### †
Fidelity

Investments

Money

Market

Government

Portfolio

–

Institutional

Class,

3.71%

(c) 71,679

71,679

#### Total

#### Short-Term

#### Investment

#### (cost

#### $71,679)

#### 71,679

#### Repurchase

#### Agreements

#### 5

#### .4

#### %

#### Principal

#### Amount

#### ($)
Bank

of

America

NA,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$2,000,428,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.50%,

maturing

5/1/2049

-

9/1/2050;

total

market

value

$2,040,000.

(d)(e) 2,000,000

2,000,000

Barclays

Capital,

Inc,

3.45%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$10,001,917,

collateralized

by

U.S.

Government

Treasury

Securities,

4.38%,

maturing

1/31/2032;

total

market

value

$10,200,010.

(d)(e) 10,000,000

10,000,000

BofA

Securities,

Inc.,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$7,001,497,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.34%

-

5.25%,

maturing

10/20/2034

-

2/20/2073;

total

market

value

$7,140,000.(d)(e)

7,000,000

7,000,000

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$740,709,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$755,362.(d)(e)

740,551

740,551

NVIT

Investor

Destinations

Moderate

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### &nbsp;&nbsp;&nbsp;&nbsp; Repurchase

#### Agreements

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$25,505,440,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$26,010,002.(d)(e)

25,500,000

25,500,000

CF

Secured,

LLC,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$8,001,707,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.13%

-

7.50%,

maturing

3/31/2026

-

4/20/2071;

total

market

value

$8,161,741.(d)(e)

8,000,000

8,000,000

Citi

Global

Market,

Inc.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$15,003,175,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.38%

-

4.25%,

maturing

2/15/2028

-

10/31/2029;

total

market

value

$15,300,004.(d)(e)

15,000,000

15,000,000

MetLife,

Inc.,

3.83%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$2,000,426,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$2,041,034.

(d)(e) 2,000,000

2,000,000

Pershing

LLC,

3.72%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$25,005,167,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

2/15/2026

-

12/20/2075;

total

market

value

$25,500,001.(d)(e)

25,000,000

25,000,000

#### Total

#### Repurchase

#### Agreements

#### (cost

#### $95,240,551)

#### 95,240,551

#### Total

#### Investments

#### (cost

#### $1,716,807,712)

#### —

#### 105.5%

#### 1,844,299,039

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (5.5)%

#### (#### 95,948,575

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 1,748,350,464
†

Amount

rounds

to

less

than

0.1%.

(a) Investment

in

affiliate.

(b) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$119,365,761,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$95,240,551

and

by

$27,681,075

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

-

6.25%,

and

maturity

dates

ranging

from

1/15/2026

-

8/15/2054,

a

total

value

of

$122,921,626.

(c) Represents

7-day

effective

yield

as

of

December

31,

2025. (d) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$95,240,551.

(e) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

ETF

Exchange

Traded

Fund

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Investor

Destinations

Moderately

Conservative

Fund

#### Investment

#### Companies

#### 80

#### .4

#### %

#### Shares

#### Value

#### ($)

#### Alternative

#### Assets

#### 2.5%
Nationwide

Strategic

Income

Fund,

Class

R6(a)

1,201,527

12,219,525

#### Total

#### Alternative

#### Assets

#### (cost

#### $12,254,845)

#### 12,219,525

#### Equity

#### Funds

#### 32.4%
Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

2,809,185

36,407,041

Nationwide

International

Equity

Portfolio,

Class

R6(a)

2,115,676

27,630,733

Nationwide

Large

Cap

Equity

Portfolio,

Class

R6(a)

2,260,722

23,986,262

NVIT

Emerging

Markets

Fund,

Class

Y(a)

530,425

7,892,718

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

1,071,540

11,733,367

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

958,013

13,191,841

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y(a)

1,533,807

36,366,555

#### Total

#### Equity

#### Funds

#### (cost

#### $135,583,591)

#### 157,208,517

#### Fixed

#### Income

#### Funds

#### 45.5%
Nationwide

Bond

Portfolio,

Class

R6(a)

7,179,950

61,675,768

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,612,505

14,593,174

NVIT

Bond

Index

Fund,

Class

Y(a)

6,798,976

61,598,720

NVIT

Loomis

Core

Bond

Fund,

Class

Y(a)

4,910,971

45,524,699

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

3,823,653

37,701,219

#### Total

#### Fixed

#### Income

#### Funds

#### (cost

#### $224,733,345)

#### 221,093,580

#### Total

#### Investment

#### Companies

#### (cost

#### $372,571,781)

#### 390,521,622

#### Exchange

#### Traded

#### Funds

#### 19

#### .7

#### %

#### Equity

#### Funds

#### 9.7%
iShares

Core

MSCI

EAFE

ETF(b)

163,932

14,665,357

iShares

Core

S&P

500

ETF

21,290

14,582,372

iShares

Core

S&P

Small-Cap

ETF(b)

66,866

8,035,956

JPMorgan

Equity

Premium

Income

ETF(b)

170,495

9,759,134

#### Total

#### Equity

#### Funds

#### (cost

#### $42,440,291)

#### 47,042,819

#### Fixed

#### Income

#### Funds

#### 10.0%
iShares

Core

International

Aggregate

Bond

ETF(b)

581,818

29,096,718

#### Exchange

#### Traded

#### Funds

#### Shares

#### Value

#### ($)
iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

202,834

19,528,858

#### Total

#### Fixed

#### Income

#### Funds

#### (cost

#### $49,471,627)

#### 48,625,576

#### Total

#### Exchange

#### Traded

#### Funds

#### (cost

#### $91,911,918)

#### 95,668,395

#### Repurchase

#### Agreements

#### 4

#### .0

#### %

#### Principal

#### Amount

#### ($)
Bank

of

America

NA,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$4,000,856,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.50%,

maturing

5/1/2049

-

9/1/2050;

total

market

value

$4,080,000.

(c)(d) 4,000,000

4,000,000

BofA

Securities,

Inc.,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$1,000,214,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.34%

-

5.25%,

maturing

10/20/2034

-

2/20/2073;

total

market

value

$1,020,000.(c)(d)

1,000,000

1,000,000

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$2,458,659,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$2,507,297.(c)(d)

2,458,134

2,458,134

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$5,001,067,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$5,100,000.(c)(d)

5,000,000

5,000,000

NVIT

Investor

Destinations

Moderately

Conservative

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### &nbsp;&nbsp;&nbsp;&nbsp; Repurchase

#### Agreements

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
CF

Secured,

LLC,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$200,043,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.13%

-

7.50%,

maturing

3/31/2026

-

4/20/2071;

total

market

value

$204,044.(c)(d)

200,000

200,000

Citi

Global

Market,

Inc.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$5,001,058,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.38%

-

4.25%,

maturing

2/15/2028

-

10/31/2029;

total

market

value

$5,100,001.(c)(d)

5,000,000

5,000,000

Pershing

LLC,

3.72%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$2,000,413,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

2/15/2026

-

12/20/2075;

total

market

value

$2,040,000.(c)(d)

2,000,000

2,000,000

#### Total

#### Repurchase

#### Agreements

#### (cost

#### $19,658,134)

#### 19,658,134

#### Total

#### Investments

#### (cost

#### $484,141,833)

#### —

#### 104.1%

#### 505,848,151

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (4.1)%

#### (#### 19,856,905

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 485,991,246
(a) Investment

in

affiliate.

(b) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$30,955,082,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$19,658,134

and

by

$12,509,141

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.75%,

and

maturity

dates

ranging

from

1/29/2026

-

8/15/2055,

a

total

value

of

$32,167,275.

(c) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$19,658,134.

(d) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

ETF

Exchange

Traded

Fund

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Investor

Destinations

Conservative

Fund

#### Investment

#### Companies

#### 78

#### .8

#### %

#### Shares

#### Value

#### ($)

#### Alternative

#### Assets

#### 3.0%
Nationwide

Strategic

Income

Fund,

Class

R6(a)

1,255,045

12,763,807

#### Total

#### Alternative

#### Assets

#### (cost

#### $12,800,691)

#### 12,763,807

#### Equity

#### Funds

#### 16.8%
Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

1,435,948

18,609,884

Nationwide

International

Equity

Portfolio,

Class

R6(a)

950,333

12,411,345

Nationwide

Large

Cap

Equity

Portfolio,

Class

R6(a)

770,050

8,170,235

NVIT

Emerging

Markets

Fund,

Class

Y(a)

171,795

2,556,305

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

467,426

5,118,310

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

432,461

5,954,985

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y(a)

784,428

18,598,785

#### Total

#### Equity

#### Funds

#### (cost

#### $61,284,063)

#### 71,419,849

#### Fixed

#### Income

#### Funds

#### 59.0%
Nationwide

Bond

Portfolio,

Class

R6(a)

7,567,874

65,008,036

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

2,349,039

21,258,803

NVIT

Bond

Index

Fund,

Class

Y(a)

6,148,567

55,706,014

NVIT

Loomis

Core

Bond

Fund,

Class

Y(a)

5,738,942

53,199,990

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

5,602,311

55,238,789

#### Total

#### Fixed

#### Income

#### Funds

#### (cost

#### $253,642,854)

#### 250,411,632

#### Total

#### Investment

#### Companies

#### (cost

#### $327,727,608)

#### 334,595,288

#### Exchange

#### Traded

#### Funds

#### 21

#### .3

#### %

#### Equity

#### Funds

#### 6.2%
iShares

Core

MSCI

EAFE

ETF(b)

59,514

5,324,122

iShares

Core

S&P

500

ETF

16,374

11,215,208

iShares

Core

S&P

Small-Cap

ETF(b)

11,429

1,373,537

JPMorgan

Equity

Premium

Income

ETF(b)

148,263

8,486,574

#### Total

#### Equity

#### Funds

#### (cost

#### $23,699,016)

#### 26,399,441

#### Fixed

#### Income

#### Funds

#### 15.1%
iShares

Core

International

Aggregate

Bond

ETF(b)

682,927

34,153,180

#### Exchange

#### Traded

#### Funds

#### Shares

#### Value

#### ($)
iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

310,265

29,872,314

#### Total

#### Fixed

#### Income

#### Funds

#### (cost

#### $65,005,991)

#### 64,025,494

#### Total

#### Exchange

#### Traded

#### Funds

#### (cost

#### $88,705,007)

#### 90,424,935

#### Repurchase

#### Agreements

#### 6

#### .2

#### %

#### Principal

#### Amount

#### ($)
Bank

of

America

NA,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$3,000,642,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.50%,

maturing

5/1/2049

-

9/1/2050;

total

market

value

$3,060,000.

(c)(d) 3,000,000

3,000,000

BofA

Securities,

Inc.,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$3,000,642,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.34%

-

5.25%,

maturing

10/20/2034

-

2/20/2073;

total

market

value

$3,060,000.(c)(d)

3,000,000

3,000,000

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$3,294,964,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$3,360,147.(c)(d)

3,294,262

3,294,262

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$5,001,067,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$5,100,000.(c)(d)

5,000,000

5,000,000

NVIT

Investor

Destinations

Conservative

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### &nbsp;&nbsp;&nbsp;&nbsp; Repurchase

#### Agreements

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Citi

Global

Market,

Inc.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$12,002,540,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.38%

-

4.25%,

maturing

2/15/2028

-

10/31/2029;

total

market

value

$12,240,003.(c)(d)

12,000,000

12,000,000

#### Total

#### Repurchase

#### Agreements

#### (cost

#### $26,294,262)

#### 26,294,262

#### Total

#### Investments

#### (cost

#### $442,726,877)

#### —

#### 106.3%

#### 451,314,485

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (6.3)%

#### (#### 26,704,515

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 424,609,970
(a) Investment

in

affiliate.

(b) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$33,466,900,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$26,294,262

and

by

$8,578,143

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

-

6.25%,

and

maturity

dates

ranging

from

1/15/2026

-

5/15/2054,

a

total

value

of

$34,872,405.

(c) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$26,294,262.

(d) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

ETF

Exchange

Traded

Fund

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Investor

Destinations

Balanced

Fund

#### Investment

#### Companies

#### 81

#### .2

#### %

#### Shares

#### Value

#### ($)

#### Alternative

#### Assets

#### 2.0%
Nationwide

Strategic

Income

Fund,

Class

R6(a)

2,072,824

21,080,619

#### Total

#### Alternative

#### Assets

#### (cost

#### $21,141,553)

#### 21,080,619

#### Equity

#### Funds

#### 43.8%
Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

9,330,733

120,926,297

Nationwide

International

Equity

Portfolio,

Class

R6(a)

4,923,123

64,295,987

Nationwide

Large

Cap

Equity

Portfolio,

Class

R6(a)

6,678,068

70,854,305

NVIT

Emerging

Markets

Fund,

Class

Y(a)

1,714,101

25,505,822

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

2,338,899

25,610,944

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

2,310,324

31,813,166

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y(a)

5,098,837

120,893,435

#### Total

#### Equity

#### Funds

#### (cost

#### $395,705,479)

#### 459,899,956

#### Fixed

#### Income

#### Funds

#### 35.4%
Nationwide

Bond

Portfolio,

Class

R6(a)

12,096,044

103,905,014

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

462,356

4,184,326

NVIT

Bond

Index

Fund,

Class

Y(a)

13,073,217

118,443,350

NVIT

Loomis

Core

Bond

Fund,

Class

Y(a)

8,936,114

82,837,780

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

6,392,738

63,032,398

#### Total

#### Fixed

#### Income

#### Funds

#### (cost

#### $379,103,497)

#### 372,402,868

#### Total

#### Investment

#### Companies

#### (cost

#### $795,950,529)

#### 853,383,443

#### Exchange

#### Traded

#### Funds

#### 18

#### .8

#### %

#### Equity

#### Funds

#### 8.9%
iShares

Core

MSCI

EAFE

ETF(b)

239,991

21,469,595

iShares

Core

S&P

500

ETF

46,448

31,814,093

iShares

Core

S&P

Small-Cap

ETF(b)

159,526

19,171,835

JPMorgan

Equity

Premium

Income

ETF(b)

369,112

21,127,971

#### Total

#### Equity

#### Funds

#### (cost

#### $83,837,036)

#### 93,583,494

#### Fixed

#### Income

#### Funds

#### 9.9%
iShares

Core

International

Aggregate

Bond

ETF

1,244,617

62,243,296

#### Exchange

#### Traded

#### Funds

#### Shares

#### Value

#### ($)
iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

438,132

42,183,349

#### Total

#### Fixed

#### Income

#### Funds

#### (cost

#### $106,236,081)

#### 104,426,645

#### Total

#### Exchange

#### Traded

#### Funds

#### (cost

#### $190,073,117)

#### 198,010,139

#### Repurchase

#### Agreements

#### 2

#### .6

#### %

#### Principal

#### Amount

#### ($)
BofA

Securities,

Inc.,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$6,501,390,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.34%

-

5.25%,

maturing

10/20/2034

-

2/20/2073;

total

market

value

$6,630,000.(c)(d)

6,500,000

6,500,000

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$838,299,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$854,883.(c)(d)

838,121

838,121

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$1,000,213,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$1,020,000.(c)(d)

1,000,000

1,000,000

CF

Secured,

LLC,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$8,001,707,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.13%

-

7.50%,

maturing

3/31/2026

-

4/20/2071;

total

market

value

$8,161,741.(c)(d)

8,000,000

8,000,000

NVIT

Investor

Destinations

Balanced

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### &nbsp;&nbsp;&nbsp;&nbsp; Repurchase

#### Agreements

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Citi

Global

Market,

Inc.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$11,002,328,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.38%

-

4.25%,

maturing

2/15/2028

-

10/31/2029;

total

market

value

$11,220,003.(c)(d)

11,000,000

11,000,000

#### Total

#### Repurchase

#### Agreements

#### (cost

#### $27,338,121)

#### 27,338,121

#### Total

#### Investments

#### (cost

#### $1,013,361,767)

#### —

#### 102.6%

#### 1,078,731,703

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (2.6)%

#### (#### 27,830,177

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 1,050,901,526
(a) Investment

in

affiliate.

(b) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$49,138,614,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$27,338,121

and

by

$23,899,182

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

-

6.25%,

and

maturity

dates

ranging

from

1/15/2026

-

8/15/2054,

a

total

value

of

$51,237,303.

(c) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$27,338,121.

(d) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

ETF

Exchange

Traded

Fund

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Investor

Destinations

Capital

Appreciation

Fund

#### Investment

#### Companies

#### 85

#### .7

#### %

#### Shares

#### Value

#### ($)

#### Alternative

#### Assets

#### 1.0%
Nationwide

Strategic

Income

Fund,

Class

R6(a)

1,438,273

14,627,239

#### Total

#### Alternative

#### Assets

#### (cost

#### $14,688,319)

#### 14,627,239

#### Equity

#### Funds

#### 60.4%
Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

17,554,171

227,502,061

Nationwide

International

Equity

Portfolio,

Class

R6(a)

10,065,226

131,451,850

Nationwide

Large

Cap

Equity

Portfolio,

Class

R6(a)

13,629,652

144,610,606

NVIT

Emerging

Markets

Fund,

Class

Y(a)

2,996,932

44,594,348

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

4,072,543

44,594,348

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

4,621,323

63,635,621

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y(a)

9,585,225

227,265,690

#### Total

#### Equity

#### Funds

#### (cost

#### $791,011,888)

#### 883,654,524

#### Fixed

#### Income

#### Funds

#### 24.3%
Nationwide

Bond

Portfolio,

Class

R6(a)

11,397,809

97,907,182

NVIT

Bond

Index

Fund,

Class

Y(a)

14,717,476

133,340,331

NVIT

Loomis

Core

Bond

Fund,

Class

Y(a)

8,598,327

79,706,491

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

4,599,989

45,355,891

#### Total

#### Fixed

#### Income

#### Funds

#### (cost

#### $367,485,384)

#### 356,309,895

#### Total

#### Investment

#### Companies

#### (cost

#### $1,173,185,591)

#### 1,254,591,658

#### Exchange

#### Traded

#### Funds

#### 14

#### .3

#### %

#### Equity

#### Funds

#### 9.8%
iShares

Core

MSCI

EAFE

ETF(b)

333,921

29,872,573

iShares

Core

S&P

500

ETF

64,685

44,305,344

iShares

Core

S&P

Small-Cap

ETF(b)

341,411

41,030,774

JPMorgan

Equity

Premium

Income

ETF(b)

512,998

29,364,005

#### Total

#### Equity

#### Funds

#### (cost

#### $133,628,494)

#### 144,572,696

#### Fixed

#### Income

#### Funds

#### 4.5%
iShares

Core

International

Aggregate

Bond

ETF(b)

870,972

43,557,310

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

228,414

21,991,700

#### Total

#### Fixed

#### Income

#### Funds

#### (cost

#### $66,864,137)

#### 65,549,010

#### Total

#### Exchange

#### Traded

#### Funds

#### (cost

#### $200,492,631)

#### 210,121,706

#### Short-Term

#### Investment

#### 0

#### .0

#### %

#### †

#### Shares

#### Value

#### ($)

#### Money

#### Market

#### Fund

#### 0.0%

#### †
Fidelity

Investments

Money

Market

Government

Portfolio

–

Institutional

Class,

3.71%

(c) 27,328

27,328

#### Total

#### Short-Term

#### Investment

#### (cost

#### $27,328)

#### 27,328

#### Repurchase

#### Agreements

#### 2

#### .8

#### %

#### Principal

#### Amount

#### ($)
Bank

of

America

NA,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$1,000,214,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.50%,

maturing

5/1/2049

-

9/1/2050;

total

market

value

$1,020,000.

(d)(e) 1,000,000

1,000,000

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$997,817,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$1,017,556.(d)(e)

997,604

997,604

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$13,002,773,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$13,260,001.(d)(e)

13,000,000

13,000,000

CF

Secured,

LLC,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$20,004,267,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.13%

-

7.50%,

maturing

3/31/2026

-

4/20/2071;

total

market

value

$20,404,353.(d)(e)

20,000,000

20,000,000

NVIT

Investor

Destinations

Capital

Appreciation

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### &nbsp;&nbsp;&nbsp;&nbsp; Repurchase

#### Agreements

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Citi

Global

Market,

Inc.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$1,000,212,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.38%

-

4.25%,

maturing

2/15/2028

-

10/31/2029;

total

market

value

$1,020,000.(d)(e)

1,000,000

1,000,000

MetLife,

Inc.,

3.83%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$5,001,064,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$5,102,584.

(d)(e) 5,000,000

5,000,000

#### Total

#### Repurchase

#### Agreements

#### (cost

#### $40,997,604)

#### 40,997,604

#### Total

#### Investments

#### (cost

#### $1,414,703,154)

#### —

#### 102.8%

#### 1,505,738,296

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (2.8)%

#### (#### 41,403,909

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 1,464,334,387
†

Amount

rounds

to

less

than

0.1%.

(a) Investment

in

affiliate.

(b) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$90,704,173,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$40,997,604

and

by

$53,331,692

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

-

6.25%,

and

maturity

dates

ranging

from

1/15/2026

-

8/15/2054,

a

total

value

of

$94,329,296.

(c) Represents

7-day

effective

yield

as

of

December

31,

2025. (d) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$40,997,604.

(e) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

ETF

Exchange

Traded

Fund

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

#### Investment

#### Companies

#### 77

#### .5

#### %

#### Shares

#### Value

#### ($)

#### Alternative

#### Assets

#### 1.9%
Nationwide

Strategic

Income

Fund,

Class

R6(a)

721,310

7,335,727

#### Total

#### Alternative

#### Assets

#### (cost

#### $7,356,929)

#### 7,335,727

#### Equity

#### Funds

#### 42.3%
Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

3,338,213

43,263,241

Nationwide

International

Equity

Portfolio,

Class

R6(a)

1,805,827

23,584,102

Nationwide

Large

Cap

Equity

Portfolio,

Class

R6(a)

2,390,965

25,368,140

NVIT

Emerging

Markets

Fund,

Class

Y(a)

614,230

9,139,737

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

835,473

9,148,427

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

843,296

11,612,190

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y(a)

1,812,059

42,963,916

#### Total

#### Equity

#### Funds

#### (cost

#### $142,727,114)

#### 165,079,753

#### Fixed

#### Income

#### Funds

#### 33.3%
Nationwide

Bond

Portfolio,

Class

R6(a)

4,227,611

36,315,177

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

160,888

1,456,038

NVIT

Bond

Index

Fund,

Class

Y(a)

4,585,953

41,548,734

NVIT

Loomis

Core

Bond

Fund,

Class

Y(a)

3,117,713

28,901,201

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

2,232,572

22,013,157

#### Total

#### Fixed

#### Income

#### Funds

#### (cost

#### $131,823,882)

#### 130,234,307

#### Total

#### Investment

#### Companies

#### (cost

#### $281,907,925)

#### 302,649,787

#### Exchange

#### Traded

#### Funds

#### 18

#### .1

#### %

#### Equity

#### Funds

#### 8.7%
iShares

Core

MSCI

EAFE

ETF(b)

86,756

7,761,192

iShares

Core

S&P

500

ETF

16,560

11,342,607

iShares

Core

S&P

Small-Cap

ETF(b)

59,080

7,100,234

JPMorgan

Equity

Premium

Income

ETF(b)

131,633

7,534,673

#### Total

#### Equity

#### Funds

#### (cost

#### $30,253,749)

#### 33,738,706

#### Fixed

#### Income

#### Funds

#### 9.4%
iShares

Core

International

Aggregate

Bond

ETF(b)

437,665

21,887,626

#### Exchange

#### Traded

#### Funds

#### Shares

#### Value

#### ($)
iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

154,360

14,861,781

#### Total

#### Fixed

#### Income

#### Funds

#### (cost

#### $37,385,582)

#### 36,749,407

#### Total

#### Exchange

#### Traded

#### Funds

#### (cost

#### $67,639,331)

#### 70,488,113

#### Short-Term

#### Investment

#### 0

#### .0

#### %

#### †

#### Money

#### Market

#### Fund

#### 0.0%

#### †
Fidelity

Investments

Money

Market

Government

Portfolio

–

Institutional

Class,

3.71%

(c) 16,801

16,801

#### Total

#### Short-Term

#### Investment

#### (cost

#### $16,801)

#### 16,801

#### Repurchase

#### Agreements

#### 5

#### .1

#### %

#### Principal

#### Amount

#### ($)
Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$3,563,924,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$3,634,428.(d)(e)

3,563,164

3,563,164

CF

Secured,

LLC,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$13,202,816,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.13%

-

7.50%,

maturing

3/31/2026

-

4/20/2071;

total

market

value

$13,466,873.(d)(e)

13,200,000

13,200,000

Pershing

LLC,

3.72%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$3,000,620,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

2/15/2026

-

12/20/2075;

total

market

value

$3,060,000.(d)(e)

3,000,000

3,000,000

#### Total

#### Repurchase

#### Agreements

#### (cost

#### $19,763,164)

#### 19,763,164

#### Total

#### Investments

#### (cost

#### $369,327,221)

#### —

#### 100.7%

#### 392,917,865

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (0.7)%

#### (#### 2,542,628

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 390,375,237
NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

-

December

31,

2025

-

Statement

of

Investments

-

†

Amount

rounds

to

less

than

0.1%.

(a) Investment

in

affiliate.

(b) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$22,293,802,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$19,763,164

and

by

$3,320,994

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.13%

-

6.25%,

and

maturity

dates

ranging

from

1/15/2026

-

5/15/2054,

a

total

value

of

$23,084,158.

(c) Represents

7-day

effective

yield

as

of

December

31,

2025. (d) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$19,763,164.

(e) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

ETF

Exchange

Traded

Fund

#### Futures

#### contracts

#### outstanding

#### as

#### of

#### December

#### 31,

#### 2025:

#### Description

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### ($)

#### Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Long

#### Contracts
MSCI

EAFE

E-Mini

Index

3/2026

USD

16,977,285

17,845

Russell

2000

E-Mini

Index

3/2026

USD

1,498,800

(40,815)

S&P

500

E-Mini

Index

3/2026

USD

35,496,375

(25,126)

S&P

Midcap

E-Mini

Index

3/2026

USD

1,995,120

(31,420)

#### Net

#### contracts
(79,516)

#### Currency:
USD

United

States

Dollar

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Investor

Destinations

Managed

Growth

Fund

#### Investment

#### Companies

#### 81

#### .1

#### %

#### Shares

#### Value

#### ($)

#### Alternative

#### Assets

#### 1.4%
Nationwide

Strategic

Income

Fund,

Class

R6(a)

1,242,453

12,635,745

#### Total

#### Alternative

#### Assets

#### (cost

#### $12,672,264)

#### 12,635,745

#### Equity

#### Funds

#### 49.7%
Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6(a)

8,339,418

108,078,863

Nationwide

International

Equity

Portfolio,

Class

R6(a)

5,858,435

76,511,160

Nationwide

Large

Cap

Equity

Portfolio,

Class

R6(a)

6,767,922

71,807,648

NVIT

Emerging

Markets

Fund,

Class

Y(a)

1,704,826

25,367,811

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

2,309,126

25,284,935

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

2,776,869

38,237,489

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y(a)

4,524,276

107,270,580

#### Total

#### Equity

#### Funds

#### (cost

#### $391,059,657)

#### 452,558,486

#### Fixed

#### Income

#### Funds

#### 30.0%
Nationwide

Bond

Portfolio,

Class

R6(a)

9,513,438

81,720,428

Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

369,496

3,343,939

NVIT

Bond

Index

Fund,

Class

Y(a)

9,427,214

85,410,561

NVIT

Loomis

Core

Bond

Fund,

Class

Y(a)

7,930,720

73,517,776

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

2,991,031

29,491,565

#### Total

#### Fixed

#### Income

#### Funds

#### (cost

#### $277,679,403)

#### 273,484,269

#### Total

#### Investment

#### Companies

#### (cost

#### $681,411,324)

#### 738,678,500

#### Exchange

#### Traded

#### Funds

#### 13

#### .4

#### %

#### Equity

#### Funds

#### 8.7%
iShares

Core

MSCI

EAFE

ETF(b)

200,684

17,953,191

iShares

Core

S&P

500

ETF

38,203

26,166,763

iShares

Core

S&P

Small-Cap

ETF(b)

149,468

17,963,064

JPMorgan

Equity

Premium

Income

ETF(b)

304,079

17,405,482

#### Total

#### Equity

#### Funds

#### (cost

#### $71,267,022)

#### 79,488,500

#### Fixed

#### Income

#### Funds

#### 4.7%
iShares

Core

International

Aggregate

Bond

ETF(b)

506,713

25,340,717

#### Exchange

#### Traded

#### Funds

#### Shares

#### Value

#### ($)
iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

178,447

17,180,877

#### Total

#### Fixed

#### Income

#### Funds

#### (cost

#### $43,258,376)

#### 42,521,594

#### Total

#### Exchange

#### Traded

#### Funds

#### (cost

#### $114,525,398)

#### 122,010,094

#### Short-Term

#### Investment

#### 0

#### .0

#### %

#### †

#### Money

#### Market

#### Fund

#### 0.0%

#### †
Fidelity

Investments

Money

Market

Government

Portfolio

–

Institutional

Class,

3.71%

(c) 56,819

56,819

#### Total

#### Short-Term

#### Investment

#### (cost

#### $56,819)

#### 56,819

#### Repurchase

#### Agreements

#### 1

#### .0

#### %

#### Principal

#### Amount

#### ($)
Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$669,790,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$683,040.(d)(e)

669,647

669,647

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$1,000,213,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$1,020,000.(d)(e)

1,000,000

1,000,000

CF

Secured,

LLC,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$7,001,493,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.13%

-

7.50%,

maturing

3/31/2026

-

4/20/2071;

total

market

value

$7,141,523.(d)(e)

7,000,000

7,000,000

#### Total

#### Repurchase

#### Agreements

#### (cost

#### $8,669,647)

#### 8,669,647

#### Total

#### Investments

#### (cost

#### $804,663,188)

#### —

#### 95.5%

#### 869,415,060

#### Other

#### assets

#### in

#### excess

#### of

#### liabilities

#### —

#### 4.5%

#### 40,619,290

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 910,034,350
NVIT

Investor

Destinations

Managed

Growth

Fund

-

December

31,

2025

-

Statement

of

Investments

-

†

Amount

rounds

to

less

than

0.1%.

(a) Investment

in

affiliate.

(b) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$40,157,735,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$8,669,647

and

by

$32,690,435

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.25%

-

4.63%,

and

maturity

dates

ranging

from

12/31/2026

-

8/15/2054,

a

total

value

of

$41,360,082.

(c) Represents

7-day

effective

yield

as

of

December

31,

2025. (d) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$8,669,647.

(e) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

ETF

Exchange

Traded

Fund

#### Futures

#### contracts

#### outstanding

#### as

#### of

#### December

#### 31,

#### 2025:

#### Description

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### ($)

#### Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Long

#### Contracts
MSCI

EAFE

E-Mini

Index

3/2026

USD

66,167,880

103,208

Russell

2000

E-Mini

Index

3/2026

USD

5,120,900

(150,134)

S&P

500

E-Mini

Index

3/2026

USD

116,827,875

82,433

S&P

Midcap

E-Mini

Index

3/2026

USD

6,317,880

(94,489)

#### Net

#### contracts
(58,982)

#### Currency:
USD

United

States

Dollar

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Assets

and

Liabilities

-

December

31,

2025

-

Investor

Destinations

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Investor

#### Destinations

#### Aggressive

#### Fund

#### Assets:
Investment

securities

of

affiliated

issuers,

at

value

$

387,161,225

Investment

securities

of

unaffiliated

issuers,

at

value

\*

58,595,013

Repurchase

agreements,

at

value

32,867,681

Interest

and

dividends

receivable

66,070

Security

lending

income

receivable

4,933

Receivable

for

investments

sold

—

Receivable

for

capital

shares

issued

165,503

Reclaims

receivable

—

Prepaid

expenses

Total

Assets

478,860,856

#### Liabilities:
Payable

for

investments

purchased

120,838

Payable

for

capital

shares

redeemed

44,664

Cash

overdraft

(Note

2)

—

Payable

upon

return

of

securities

loaned

(Note

2)

32,867,681

Accrued

expenses

and

other

payables:

Investment

advisory

fees

49,159

Fund

administration

fees

19,522

Distribution

fees

94,600

Administrative

servicing

fees

54,667

Accounting

and

transfer

agent

fees

691

Trustee

fees

Custodian

fees

1,296

Compliance

program

costs

(Note

3)

Professional

fees

9,141

Printing

fees

8,200

Other

1,107

Total

Liabilities

33,272,121

#### Net

#### Assets
$

445,588,735

\*

Includes

value

of

securities

on

loan

(Note

2)

33,150,646

Cost

of

investment

securities

of

affiliated

issuers

342,279,314

Cost

of

investment

securities

of

unaffiliated

issuers

53,640,594

Cost

of

repurchase

agreements

32,867,681

#### Represented

#### by:
Capital

$

347,870,491

Total

distributable

earnings

(loss)

97,718,244

#### Net

#### Assets
$

445,588,735

Investor

Destinations

Funds

-

December

31,

2025

-

Statements

of

Assets

and

Liabilities

-

#### NVIT

#### Investor

#### Destinations

#### Moderately

#### Aggressive

#### Fund

#### NVIT

#### Investor

#### Destinations

#### Moderate

#### Fund

#### NVIT

#### Investor

#### Destinations

#### Moderately

#### Conservative

#### Fund

#### NVIT

#### Investor

#### Destinations

#### Conservative

#### Fund

#### NVIT

#### Investor

#### Destinations

#### Balanced

#### Fund
$

939,491,857

$

1,503,770,739

$

390,521,622

$

334,595,288

$

853,383,443

109,027,168

245,287,749

95,668,395

90,424,935

198,010,139

21,295,833

95,240,551

19,658,134

26,294,262

27,338,121

156,542

263,069

73,152

63,669

158,331

15,386

23,065

6,187

5,501

10,254

304,722

893,014

126,452

565,047

587,343

215,231

65,263

113,028

5,187

—

1,141

—

—

—

730

756

1,070,507,469

1,845,545,347

506,167,066

451,953,983

1,079,488,202

—

—

—

—

—

519,953

1,030,465

223,694

597,711

659,032

—

—

19,149

211,252

42,797

21,295,833

95,240,551

19,658,134

26,294,262

27,338,121

115,828

193,944

53,969

47,196

116,617

30,812

44,033

20,355

19,209

30,956

222,935

373,004

103,878

90,865

224,286

140,296

252,055

67,605

55,950

135,253

1,490

2,530

799

716

1,525

3,250

5,581

2,047

2,393

3,419

1,131

1,910

535

1,153

12,247

16,481

9,950

9,644

13,110

13,147

23,745

11,835

10,025

12,837

4,051

10,568

3,839

4,249

7,525

22,360,988

97,194,883

20,175,820

27,344,013

28,586,676

$

1,048,146,481

$

1,748,350,464

$

485,991,246

$

424,609,970

$

1,050,901,526

60,626,981

119,365,761

30,955,082

33,466,900

49,138,614

852,448,514

1,391,125,476

372,571,781

327,727,608

795,950,529

99,811,802

230,441,685

91,911,918

88,705,007

190,073,117

21,295,833

95,240,551

19,658,134

26,294,262

27,338,121

$

849,434,227

$

1,543,403,379

$

465,914,871

$

441,314,890

$

957,712,049

198,712,254

204,947,085

20,076,375

(16,704,920)

93,189,477

$

1,048,146,481

$

1,748,350,464

$

485,991,246

$

424,609,970

$

1,050,901,526

-

Statements

of

Assets

and

Liabilities

-

December

31,

2025

-

Investor

Destinations

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Investor

#### Destinations

#### Aggressive

#### Fund

#### Net

#### Assets:
Class

II

Shares

$

377,369,832

Class

P

Shares

68,218,903

Total

$

445,588,735

#### Shares

#### Outstanding
(unlimited

number

of

shares

authorized):

Class

II

Shares

27,945,538

Class

P

Shares

5,066,024

Total

33,011,562

#### Net

#### asset

#### value

#### and

#### offering

#### price

#### per

#### share
(Net

assets

by

class

divided

by

shares

outstanding

by

class,

respectively):

Class

II

Shares

$

.50

Class

P

Shares

$

.47

Investor

Destinations

Funds

-

December

31,

2025

-

Statements

of

Assets

and

Liabilities

-

#### NVIT

#### Investor

#### Destinations

#### Moderately

#### Aggressive

#### Fund

#### NVIT

#### Investor

#### Destinations

#### Moderate

#### Fund

#### NVIT

#### Investor

#### Destinations

#### Moderately

#### Conservative

#### Fund

#### NVIT

#### Investor

#### Destinations

#### Conservative

#### Fund

#### NVIT

#### Investor

#### Destinations

#### Balanced

#### Fund
$

902,465,558

$

1,690,943,086

$

482,432,175

$

420,012,379

$

1,039,308,412

145,680,923

57,407,378

3,559,071

4,597,591

11,593,114

$

1,048,146,481

$

1,748,350,464

$

485,991,246

$

424,609,970

$

1,050,901,526

76,643,040

156,684,081

44,261,692

39,446,739

65,196,853

12,456,150

5,327,356

327,167

430,871

724,872

89,099,190

162,011,437

44,588,859

39,877,610

65,921,725

$

.77

$

.79

$

.90

$

.65

$

.94

$

.70

$

.78

$

.88

$

.67

$

.99

-

Statements

of

Assets

and

Liabilities

-

December

31,

2025

-

Investor

Destinations

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Investor

#### Destinations

#### Capital

#### Appreciation

#### Fund

#### Assets:
Investment

securities

of

affiliated

issuers,

at

value

$

1,254,591,658

Investment

securities

of

unaffiliated

issuers,

at

value

\*

210,149,034

Repurchase

agreements,

at

value

40,997,604

Cash

—

Deposits

with

broker

for

futures

contracts

—

Interest

and

dividends

receivable

219,697

Security

lending

income

receivable

13,266

Receivable

for

investments

sold

305,907

Receivable

for

capital

shares

issued

—

Receivable

for

reimbursement

from

investment

adviser

(Note

3)

92,788

Prepaid

expenses

530

Total

Assets

1,506,370,484

#### Liabilities:
Payable

for

capital

shares

redeemed

305,907

Payable

for

variation

margin

on

futures

contracts

—

Payable

upon

return

of

securities

loaned

(Note

2)

40,997,604

Accrued

expenses

and

other

payables:

Investment

advisory

fees

162,545

Fund

administration

fees

38,539

Distribution

fees

312,609

Administrative

servicing

fees

184,874

Accounting

and

transfer

agent

fees

1,494

Trustee

fees

Custodian

fees

3,364

Compliance

program

costs

(Note

3)

1,144

Professional

fees

12,129

Printing

fees

9,736

Other

6,151

Total

Liabilities

42,036,097

Commitments

and

contingencies

(Note

3)

—

#### Net

#### Assets
$

1,464,334,387

\*

Includes

value

of

securities

on

loan

(Note

2)

90,704,173

Cost

of

investment

securities

of

affiliated

issuers

1,173,185,591

Cost

of

investment

securities

of

unaffiliated

issuers

200,519,959

Cost

of

repurchase

agreements

40,997,604

#### Represented

#### by:
Capital

$

1,279,839,873

Total

distributable

earnings

(loss)

184,494,514

#### Net

#### Assets
$

1,464,334,387

Investor

Destinations

Funds

-

December

31,

2025

-

Statements

of

Assets

and

Liabilities

-

#### NVIT

#### Investor

#### Destinations

#### Managed

#### Growth

#### &

#### Income

#### Fund

#### NVIT

#### Investor

#### Destinations

#### Managed

#### Growth

#### Fund
$

302,649,787

$

738,678,500

70,504,914

122,066,913

19,763,164

8,669,647

14,393,434

39,691,712

3,335,553

11,317,359

90,843

215,223

4,991

12,889

98,219

1,263,303

—

15,307

22,404

620

410,856,458

921,938,815

99,270

1,391,874

395,663

1,358,348

19,763,164

8,669,647

49,874

116,427

18,524

28,304

82,433

192,475

49,550

114,444

582

1,291

1,208

2,867

995

9,413

12,591

8,803

9,496

2,220

5,649

20,481,221

11,904,465

—

—

$

390,375,237

$

910,034,350

22,293,802

40,157,735

281,907,925

681,411,324

67,656,132

114,582,217

19,763,164

8,669,647

$

375,366,998

$

851,992,457

15,008,239

58,041,893

$

390,375,237

$

910,034,350

-

Statements

of

Assets

and

Liabilities

-

December

31,

2025

-

Investor

Destinations

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Investor

#### Destinations

#### Capital

#### Appreciation

#### Fund

#### Net

#### Assets:
Class

I

Shares

$

—

Class

II

Shares

1,445,732,322

Class

P

Shares

18,602,065

Total

$

1,464,334,387

#### Shares

#### Outstanding
(unlimited

number

of

shares

authorized):

Class

I

Shares

—

Class

II

Shares

91,715,937

Class

P

Shares

1,181,159

Total

92,897,096

#### Net

#### asset

#### value

#### and

#### offering

#### price

#### per

#### share
(Net

assets

by

class

divided

by

shares

outstanding

by

class,

respectively):

Class

I

Shares

$

—

Class

II

Shares

$

.76

Class

P

Shares

$

.75

Investor

Destinations

Funds

-

December

31,

2025

-

Statements

of

Assets

and

Liabilities

-

#### NVIT

#### Investor

#### Destinations

#### Managed

#### Growth

#### &

#### Income

#### Fund

#### NVIT

#### Investor

#### Destinations

#### Managed

#### Growth

#### Fund
$

3,247,128

$

8,230,830

387,128,109

901,803,520

—

—

$

390,375,237

$

910,034,350

265,112

658,749

32,045,557

73,211,406

—

—

32,310,669

73,870,155

$

.25

$

.49

$

.08

$

.32

$

—

$

—

-

Statements

of

Operations

-

For

the

Year

Ended

December

31,

2025

-

Investor

Destinations

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Investor

#### Destinations

#### Aggressive

#### Fund

#### INVESTMENT

#### INCOME:
Dividend

income

from

affiliated

issuers

$

10,792,805

Dividend

income

from

unaffiliated

issuers

1,330,605

Income

from

securities

lending

(net

of

fees)

(Note

2)

16,749

Interest

income

(unaffiliated)

Total

Income

12,140,249

#### EXPENSES:
Investment

advisory

fees

537,367

Fund

administration

fees

135,174

Distribution

fees

Class

II

Shares

882,503

Distribution

fees

Class

P

Shares

150,906

Administrative

servicing

fees

Class

II

Shares

529,504

Professional

fees

25,506

Printing

fees

2,106

Trustee

fees

16,181

Custodian

fees

6,178

Accounting

and

transfer

agent

fees

2,742

Compliance

program

costs

(Note

3)

1,828

Other

3,631

Total

Expenses

2,293,626

#### NET

#### INVESTMENT

#### INCOME
9,846,623

#### REALIZED/UNREALIZED

#### GAINS
(LOSSES)

#### FROM

#### INVESTMENTS:
Net

realized

gains

distributions

from

affiliated

Underlying

Funds

11,595,776

Net

realized

gains

(losses)

from:

Transactions

in

investment

securities

of

affiliated

issuers

33,380,631

Transactions

in

investment

securities

of

unaffiliated

issuers

(395,361)

Net

realized

gains

(losses)

44,581,046

Net

change

in

unrealized

appreciation/depreciation

in

the

value

of:

Investment

securities

of

affiliated

issuers

14,208,648

Investment

securities

of

unaffiliated

issuers

5,483,337

Net

change

in

unrealized

appreciation/depreciation

19,691,985

Net

realized/unrealized

gains

(losses)

64,273,031

#### CHANGE

#### IN

#### NET

#### ASSETS

#### RESULTING

#### FROM

#### OPERATIONS
$

74,119,654

Investor

Destinations

Funds

-

For

the

Year

Ended

December

31,

2025

-

Statements

of

Operations

-

#### NVIT

#### Investor

#### Destinations

#### Moderately

#### Aggressive

#### Fund

#### NVIT

#### Investor

#### Destinations

#### Moderate

#### Fund

#### NVIT

#### Investor

#### Destinations

#### Moderately

#### Conservative

#### Fund

#### NVIT

#### Investor

#### Destinations

#### Conservative

#### Fund

#### NVIT

#### Investor

#### Destinations

#### Balanced

#### Fund
$

30,428,147

$

48,286,653

$

14,530,550

$

13,354,459

$

28,097,949

3,103,441

8,990,139

3,321,589

3,447,206

6,514,696

41,875

73,028

22,241

19,240

40,269

1,689

637

780

1,367

33,573,826

57,351,509

17,875,017

16,821,685

34,654,281

1,303,583

2,258,600

640,679

562,129

1,382,364

262,283

420,726

152,326

139,297

275,369

2,175,436

4,210,323

1,223,841

1,069,962

2,631,090

331,479

133,182

8,246

11,066

27,328

1,305,268

2,526,206

734,308

641,981

1,578,662

41,804

62,879

28,391

26,746

44,448

18,651

31,856

6,130

5,697

22,092

38,886

67,138

19,032

16,684

40,988

8,692

5,283

—

—

2,091

5,959

10,146

3,183

2,856

6,097

4,435

7,690

2,180

1,919

4,709

9,709

17,637

5,112

4,478

11,099

5,506,185

9,751,666

2,823,428

2,482,815

6,026,337

28,067,641

47,599,843

15,051,589

14,338,870

28,627,944

22,134,845

29,822,158

5,142,191

2,395,995

16,119,803

80,554,637

69,007,837

4,757,408

(5,412,473)

15,926,305

(2,933,924)

(24,206,474)

(10,010,356)

(10,988,343)

(13,224,781)

99,755,558

74,623,521

(110,757)

(14,004,821)

18,821,327

21,839,176

70,921,278

24,954,773

22,747,573

59,542,970

12,575,041

41,353,149

14,272,489

13,421,644

22,569,769

34,414,217

112,274,427

39,227,262

36,169,217

82,112,739

134,169,775

186,897,948

39,116,505

22,164,396

100,934,066

$

162,237,416

$

234,497,791

$

54,168,094

$

36,503,266

$

129,562,010

-

Statements

of

Operations

-

For

the

Year

Ended

December

31,

2025

-

Investor

Destinations

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Investor

#### Destinations

#### Capital

#### Appreciation

#### Fund

#### INVESTMENT

#### INCOME:
Dividend

income

from

affiliated

issuers

$

35,201,562

Dividend

income

from

unaffiliated

issuers

5,390,265

Income

from

securities

lending

(net

of

fees)

(Note

2)

41,873

Interest

income

(unaffiliated)

768

Total

Income

40,634,468

#### EXPENSES:
Investment

advisory

fees

1,416,799

Fund

administration

fees

281,011

Distribution

fees

Class

II

Shares

2,682,136

Distribution

fees

Class

P

Shares

42,504

Administrative

servicing

fees

Class

I

Shares

—

Administrative

servicing

fees

Class

II

Shares

1,609,290

Professional

fees

44,455

Printing

fees

20,196

Trustee

fees

44,786

Custodian

fees

4,075

Accounting

and

transfer

agent

fees

5,983

Compliance

program

costs

(Note

3)

4,595

Other

10,604

Total

expenses

before

expenses

reimbursed

6,166,434

Expenses

reimbursed

by

adviser

(Note

3)

(92,788)

Net

Expenses

6,073,646

#### NET

#### INVESTMENT

#### INCOME
34,560,822

#### REALIZED/UNREALIZED

#### GAINS
(LOSSES)

#### FROM

#### INVESTMENTS:
Net

realized

gains

distributions

from

affiliated

Underlying

Funds

29,505,540

Net

realized

gains

(losses)

from:

Transactions

in

investment

securities

of

affiliated

issuers

47,777,663

Transactions

in

investment

securities

of

unaffiliated

issuers

(13,332,086)

Expiration

or

closing

of

futures

contracts

(Note

2)

—

Net

realized

gains

(losses)

63,951,117

Net

change

in

unrealized

appreciation/depreciation

in

the

value

of:

Investment

securities

of

affiliated

issuers

36,152,119

Investment

securities

of

unaffiliated

issuers

23,950,606

Futures

contracts

(Note

2)

—

Net

change

in

unrealized

appreciation/depreciation

60,102,725

Net

realized/unrealized

gains

(losses)

124,053,842

#### CHANGE

#### IN

#### NET

#### ASSETS

#### RESULTING

#### FROM

#### OPERATIONS
$

158,614,664

Investor

Destinations

Funds

-

For

the

Year

Ended

December

31,

2025

-

Statements

of

Operations

-

#### NVIT

#### Investor

#### Destinations

#### Managed

#### Growth

#### &

#### Income

#### Fund

#### NVIT

#### Investor

#### Destinations

#### Managed

#### Growth

#### Fund
$

9,934,060

$

23,901,188

2,282,038

4,515,730

16,274

39,196

620,762

1,606,440

12,853,134

30,062,554

586,365

1,390,920

130,342

246,017

969,873

2,299,230

—

—

4,439

11,375

581,927

1,379,545

25,499

40,917

3,753

20,229

15,080

35,751

2,723

5,874

2,357

5,157

1,731

4,107

3,890

9,802

2,327,979

5,448,924

(184,517)

(273,020)

2,143,462

5,175,904

10,709,672

24,886,650

5,779,187

14,830,156

9,724,381

39,226,802

(4,064,663)

(12,007,554)

(11,061,025)

(28,760,413)

377,880

13,288,991

16,574,681

31,712,773

7,345,856

20,725,729

251,717

1,924,852

24,172,254

54,363,354

24,550,134

67,652,345

$

35,259,806

$

92,538,995

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

Investor

Destinations

Funds

#### NVIT

#### Investor

#### Destinations

#### Aggressive

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### OPERATIONS:
Net

investment

income

$

9,846,623

$

4,219,739

Net

realized

gains

44,581,046

30,885,272

Net

change

in

unrealized

appreciation/depreciation

19,691,985

11,598,965

Change

in

net

assets

resulting

from

operations

74,119,654

46,703,976

#### Distributions

#### to

#### Shareholders

#### From:
Distributable

earnings:

Class

II

(5,789,498)

—

Class

P

(995,533)

—

Change

in

net

assets

from

shareholder

distributions

(6,785,031)

—

Change

in

net

assets

from

capital

transactions

(13,156,332)

(25,466,075)

Change

in

net

assets

54,178,291

21,237,901

#### Net

#### Assets:
Beginning

of

year

391,410,444

370,172,543

End

of

year

$

445,588,735

$

391,410,444

#### CAPITAL

#### TRANSACTIONS:

#### Class

#### II

#### Shares
Proceeds

from

shares

issued

$

25,615,443

$

23,771,344

Dividends

reinvested

5,789,498

—

Cost

of

shares

redeemed

(47,199,731)

(50,765,189)

Total

Class

II

Shares

(15,794,790)

(26,993,845)

#### Class

#### P

#### Shares
Proceeds

from

shares

issued

5,035,398

4,087,844

Dividends

reinvested

995,533

—

Cost

of

shares

redeemed

(3,392,473)

(2,560,074)

Total

Class

P

Shares

2,638,458

1,527,770

Change

in

net

assets

from

capital

transactions

$

(13,156,332)

$

(25,466,075)

#### SHARE

#### TRANSACTIONS:

#### Class

#### II

#### Shares
Issued

2,118,905

2,164,767

Reinvested

448,451

—

Redeemed

(3,809,218)

(4,538,572)

Total

Class

II

Shares

(1,241,862)

(2,373,805)

#### Class

#### P

#### Shares
Issued

405,059

365,873

Reinvested

77,353

—

Redeemed

(282,950)

(232,555)

Total

Class

P

Shares

199,462

133,318

Total

change

in

shares

(1,042,400)

(2,240,487)

Investor

Destinations

Funds

-

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### Investor

#### Destinations

#### Moderately

#### Aggressive

#### Fund

#### NVIT

#### Investor

#### Destinations

#### Moderate

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
$

28,067,641

$

13,526,942

$

47,599,843

$

32,728,782

99,755,558

69,577,658

74,623,521

99,950,604

34,414,217

24,213,032

112,274,427

28,349,705

162,237,416

107,317,632

234,497,791

161,029,091

(8,170,040)

—

—

—

(1,283,563)

—

—

—

(9,453,603)

—

—

—

(89,723,033)

(109,887,659)

(241,018,410)

(268,253,259)

63,060,780

(2,570,027)

(6,520,619)

(107,224,168)

985,085,701

987,655,728

1,754,871,083

1,862,095,251

$

1,048,146,481

$

985,085,701

$

1,748,350,464

$

1,754,871,083

$

17,997,593

$

19,435,329

$

22,411,687

$

15,086,181

8,170,040

—

—

—

(118,339,139)

(131,229,593)

(263,257,041)

(283,835,043)

(92,171,506)

(111,794,264)

(240,845,354)

(268,748,862)

4,862,428

5,206,063

3,451,497

3,464,360

1,283,563

—

—

—

(3,697,518)

(3,299,458)

(3,624,553)

(2,968,757)

2,448,473

1,906,605

(173,056)

495,603

$

(89,723,033)

$

(109,887,659)

$

(241,018,410)

$

(268,253,259)

1,721,253

1,993,225

2,288,770

1,666,449

723,012

—

—

—

(10,973,854)

(13,484,052)

(26,332,646)

(30,999,859)

(8,529,589)

(11,490,827)

(24,043,876)

(29,333,410)

454,068

533,494

349,586

378,871

114,400

—

—

—

(339,092)

(339,188)

(371,638)

(328,148)

229,376

194,306

(22,052)

50,723

(8,300,213)

(11,296,521)

(24,065,928)

(29,282,687)

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

Investor

Destinations

Funds

#### NVIT

#### Investor

#### Destinations

#### Moderately

#### Conservative

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### OPERATIONS:
Net

investment

income

$

15,051,589

$

12,417,446

Net

realized

gains

(losses)

(110,757)

19,726,724

Net

change

in

unrealized

appreciation/depreciation

39,227,262

313,526

Change

in

net

assets

resulting

from

operations

54,168,094

32,457,696

Change

in

net

assets

from

capital

transactions

(70,786,961)

(80,994,484)

Change

in

net

assets

(16,618,867)

(48,536,788)

#### Net

#### Assets:
Beginning

of

year

502,610,113

551,146,901

End

of

year

$

485,991,246

$

502,610,113

#### CAPITAL

#### TRANSACTIONS:

#### Class

#### II

#### Shares
Proceeds

from

shares

issued

$

15,801,786

$

10,509,619

Dividends

reinvested

—

—

Cost

of

shares

redeemed

(86,637,345)

(91,555,641)

Total

Class

II

Shares

(70,835,559)

(81,046,022)

#### Class

#### P

#### Shares
Proceeds

from

shares

issued

378,045

351,071

Dividends

reinvested

—

—

Cost

of

shares

redeemed

(329,447)

(299,533)

Total

Class

P

Shares

48,598

51,538

Change

in

net

assets

from

capital

transactions

$

(70,786,961)

$

(80,994,484)

#### SHARE

#### TRANSACTIONS:

#### Class

#### II

#### Shares
Issued

1,572,763

1,094,927

Reinvested

—

—

Redeemed

(8,460,630)

(9,555,860)

Total

Class

II

Shares

(6,887,867)

(8,460,933)

#### Class

#### P

#### Shares
Issued

36,565

36,594

Reinvested

—

—

Redeemed

(31,908)

(31,809)

Total

Class

P

Shares

4,657

4,785

Total

change

in

shares

(6,883,210)

(8,456,148)

Investor

Destinations

Funds

-

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### Investor

#### Destinations

#### Conservative

#### Fund

#### NVIT

#### Investor

#### Destinations

#### Balanced

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
$

14,338,870

$

13,515,953

$

28,627,944

$

23,523,985

(14,004,821)

6,929,923

18,821,327

53,843,753

36,169,217

(2,151,291)

82,112,739

11,179,068

36,503,266

18,294,585

129,562,010

88,546,806

(55,881,478)

(77,694,584)

(171,770,573)

(207,719,598)

(19,378,212)

(59,399,999)

(42,208,563)

(119,172,792)

443,988,182

503,388,181

1,093,110,089

1,212,282,881

$

424,609,970

$

443,988,182

$

1,050,901,526

$

1,093,110,089

$

45,828,039

$

38,923,030

$

4,353,833

$

3,023,774

—

—

—

—

(101,667,717)

(116,524,814)

(175,539,855)

(209,696,100)

(55,839,678)

(77,601,784)

(171,186,022)

(206,672,326)

220,661

262,931

914,868

1,142,784

—

—

—

—

(262,461)

(355,731)

(1,499,419)

(2,190,056)

(41,800)

(92,800)

(584,551)

(1,047,272)

$

(55,881,478)

$

(77,694,584)

$

(171,770,573)

$

(207,719,598)

4,485,449

4,015,205

290,629

220,953

—

—

—

—

(9,990,630)

(12,069,420)

(11,801,065)

(15,283,098)

(5,505,181)

(8,054,215)

(11,510,436)

(15,062,145)

21,745

27,396

60,780

81,900

—

—

—

—

(25,814)

(37,074)

(101,451)

(154,743)

(4,069)

(9,678)

(40,671)

(72,843)

(5,509,250)

(8,063,893)

(11,551,107)

(15,134,988)

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

Investor

Destinations

Funds

#### NVIT

#### Investor

#### Destinations

#### Capital

#### Appreciation

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### OPERATIONS:
Net

investment

income

$

34,560,822

$

16,351,558

Net

realized

gains

63,951,117

76,914,774

Net

change

in

unrealized

appreciation/depreciation

60,102,725

18,001,196

Change

in

net

assets

resulting

from

operations

158,614,664

111,267,528

#### Distributions

#### to

#### Shareholders

#### From:
Distributable

earnings:

Class

II

(14,915,881)

—

Class

P

(256,062)

—

Change

in

net

assets

from

shareholder

distributions

(15,171,943)

—

Change

in

net

assets

from

capital

transactions

268,846,693

(180,967,771)

Change

in

net

assets

412,289,414

(69,700,243)

#### Net

#### Assets:
Beginning

of

year

1,052,044,973

1,121,745,216

End

of

year

$

1,464,334,387

$

1,052,044,973

#### CAPITAL

#### TRANSACTIONS:

#### Class

#### I

#### Shares
Proceeds

from

shares

issued

$

—

$

—

Dividends

reinvested

—

—

Cost

of

shares

redeemed

—

—

Total

Class

I

Shares

—

—

#### Class

#### II

#### Shares
Proceeds

from

shares

issued

425,363,359

947,592

Dividends

reinvested

14,915,881

—

Cost

of

shares

redeemed

(171,869,584)

(179,794,950)

Total

Class

II

Shares

268,409,656

(178,847,358)

#### Class

#### P

#### Shares
Proceeds

from

shares

issued

2,542,865

883,235

Dividends

reinvested

256,062

—

Cost

of

shares

redeemed

(2,361,890)

(3,003,648)

Total

Class

P

Shares

437,037

(2,120,413)

Change

in

net

assets

from

capital

transactions

$

268,846,693

$

(180,967,771)

Investor

Destinations

Funds

-

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### Investor

#### Destinations

#### Managed

#### Growth

#### &

#### Income

#### Fund

#### NVIT

#### Investor

#### Destinations

#### Managed

#### Growth

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
$

10,709,672

$

9,096,313

$

24,886,650

$

19,423,204

377,880

22,118,707

13,288,991

69,742,396

24,172,254

(407,407)

54,363,354

3,573,903

35,259,806

30,807,613

92,538,995

92,739,503

—

—

—

—

—

—

—

—

—

—

—

—

(48,831,593)

(46,290,503)

(158,474,590)

(161,846,374)

(13,571,787)

(15,482,890)

(65,935,595)

(69,106,871)

403,947,024

419,429,914

975,969,945

1,045,076,816

$

390,375,237

$

403,947,024

$

910,034,350

$

975,969,945

$

450,122

$

522,928

$

748,978

$

965,311

—

—

—

—

(148,183)

(130,413)

(740,404)

(217,990)

301,939

392,515

8,574

747,321

6,971,115

7,390,735

4,778,217

6,390,916

—

—

—

—

(56,104,647)

(54,073,753)

(163,261,381)

(168,984,611)

(49,133,532)

(46,683,018)

(158,483,164)

(162,593,695)

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

$

(48,831,593)

$

(46,290,503)

$

(158,474,590)

$

(161,846,374)

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

Investor

Destinations

Funds

#### NVIT

#### Investor

#### Destinations

#### Capital

#### Appreciation

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### SHARE

#### TRANSACTIONS:

#### Class

#### I

#### Shares
Issued

—

—

Reinvested

—

—

Redeemed

—

—

Total

Class

I

Shares

—

—

#### Class

#### II

#### Shares
Issued

27,476,826

70,866

Reinvested

980,663

—

Redeemed

(11,693,690)

(13,470,150)

Total

Class

II

Shares

16,763,799

(13,399,284)

#### Class

#### P

#### Shares
Issued

175,644

65,916

Reinvested

16,857

—

Redeemed

(163,887)

(218,787)

Total

Class

P

Shares

28,614

(152,871)

Total

change

in

shares

16,792,413

(13,552,155)

Investor

Destinations

Funds

-

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### Investor

#### Destinations

#### Managed

#### Growth

#### &

#### Income

#### Fund

#### NVIT

#### Investor

#### Destinations

#### Managed

#### Growth

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
39,124

47,144

64,329

86,824

—

—

—

—

(12,856)

(11,872)

(63,525)

(19,827)

26,268

35,272

804

66,997

611,503

684,475

405,541

579,920

—

—

—

—

(4,929,922)

(4,998,082)

(14,191,975)

(15,490,218)

(4,318,419)

(4,313,607)

(13,786,434)

(14,910,298)

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

(4,292,151)

(4,278,335)

(13,785,630)

(14,843,301)

-

Financial

Highlights

-

December

31,

2025

-

Investor

Destinations

Fund

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Investor

#### Destinations

#### Aggressive

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### Portfolio

#### Turnover(b)(f)

#### Class

#### II

#### Shares
12/31/2025

$

11.50 $

0.29 $

1.92 $

2.21 $

—

$

(0.21)

$

(0.21)

$

13.50 19.26%

$

377,370

0.58%

2.34%

0.58%

58.61%

12/31/2024

10.21 0.12 1.17 1.29 —

—

—

11.50 12.63%

335,678

0.58%

1.05%

0.58%

65.50%

12/31/2023

8.65 0.07 1.60 1.67 —

(0.11)

(0.11)

10.21 19.38%

322,138

0.58%

0.71%

0.58%

32.02%

12/31/2022

14.81 0.08 (2.87)

(2.79)

—

(3.37)

(3.37)

8.65 (18.89)%

284,010

0.59%

0.67%

0.59%

21.13%

12/31/2021

13.05 0.43 1.59 2.02 (0.02)

(0.24)

(0.26)

14.81 15.50%

358,122

0.58%

2.99%

0.58%

61.15%

#### Class

#### P

#### Shares
12/31/2025

11.45 0.32 1.91 2.23 —

(0.21)

(0.21)

13.47 19.52%

68,219

0.43%

2.60%

0.43%

58.61%

12/31/2024

10.15 0.14 1.16 1.30 —

—

—

11.45 12.81%

55,732

0.43%

1.25%

0.43%

65.50%

12/31/2023

8.59 0.09 1.58 1.67 —

(0.11)

(0.11)

10.15 19.52%

48,034

0.43%

0.92%

0.43%

32.02%

12/31/2022

14.72 0.10 (2.86)

(2.76)

—

(3.37)

(3.37)

8.59 (18.77)%

37,279

0.44%

0.86%

0.44%

21.13%

12/31/2021

12.96 0.45 1.58 2.03 (0.03)

(0.24)

(0.27)

14.72 15.74%

40,988

0.43%

3.18%

0.43%

61.15%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

Investor

Destinations

Fund

-

December

31,

2025

-

Financial

Highlights

-

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Investor

#### Destinations

#### Moderately

#### Aggressive

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### Portfolio

#### Turnover(b)(f)

#### Class

#### II

#### Shares
12/31/2025

$

10.12 $

0.30 $

1.45 $

1.75 $

—

$

(0.10)

$

(0.10)

$

11.77 17.38%

$

902,466

0.57%

2.76%

0.57%

59.75%

12/31/2024

9.10 0.13 0.89 1.02 —

—

—

10.12 11.21%

862,310

0.57%

1.32%

0.57%

59.00%

12/31/2023

7.80 0.08 1.31 1.39 —

(0.09)

(0.09)

9.10 17.93%

879,263

0.57%

0.90%

0.57%

26.42%

12/31/2022

14.70 0.08 (2.75)

(2.67)

—

(4.23)

(4.23)

7.80 (18.28)%

827,408

0.57%

0.77%

0.57%

16.14%

12/31/2021

13.15 0.40 1.39 1.79 (0.02)

(0.22)

(0.24)

14.70 13.63%

1,099,938

0.57%

2.85%

0.57%

59.87%

#### Class

#### P

#### Shares
12/31/2025

10.04 0.33 1.43 1.76 —

(0.10)

(0.10)

11.70 17.62%

145,681

0.42%

3.05%

0.42%

59.75%

12/31/2024

9.01 0.15 0.88 1.03 —

—

—

10.04 11.43%

122,776

0.42%

1.55%

0.42%

59.00%

12/31/2023

7.71 0.09 1.30 1.39 —

(0.09)

(0.09)

9.01 18.14%

108,393

0.42%

1.12%

0.42%

26.42%

12/31/2022

14.58 0.11 (2.75)

(2.64)

—

(4.23)

(4.23)

7.71 (18.23)%

88,712

0.42%

0.98%

0.42%

16.14%

12/31/2021

13.04 0.44 1.36 1.80 (0.04)

(0.22)

(0.26)

14.58 13.84%

104,200

0.42%

3.14%

0.42%

59.87%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

-

Financial

Highlights

-

December

31,

2025

-

Investor

Destinations

Fund

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Investor

#### Destinations

#### Moderate

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### Portfolio

#### Turnover(b)(f)

#### Class

#### II

#### Shares
12/31/2025

$

9.43 $

0.27 $

1.09 $

1.36 $

—

$

—

$

—

$

10.79 14.42%

$

1,690,943

0.57%

2.73%

0.57%

58.67%

12/31/2024

8.65 0.16 0.62 0.78 —

—

—

9.43 9.02%

1,704,568

0.57%

1.78%

0.57%

51.63%

12/31/2023

7.54 0.11 1.00 1.11 —

—

—

8.65 14.72%

1,816,480

0.57%

1.31%

0.57%

18.91%

12/31/2022

13.14 0.10 (2.26)

(2.16)

—

(3.44)

(3.44)

7.54 (16.55)%

1,802,235

0.57%

1.01%

0.57%

12.51%

12/31/2021

12.07 0.33 0.91 1.24 (0.02)

(0.15)

(0.17)

13.14 10.31%

2,427,562

0.57%

2.61%

0.57%

50.07%

#### Class

#### P

#### Shares
12/31/2025

9.40 0.30 1.08 1.38 —

—

—

10.78 14.68%

57,407

0.42%

3.04%

0.42%

58.67%

12/31/2024

8.61 0.18 0.61 0.79 —

—

—

9.40 9.18%

50,303

0.42%

2.02%

0.42%

51.63%

12/31/2023

7.49 0.12 1.00 1.12 —

—

—

8.61 14.95%

45,615

0.42%

1.56%

0.42%

18.91%

12/31/2022

13.07 0.12 (2.26)

(2.14)

—

(3.44)

(3.44)

7.49 (16.49)%

39,031

0.42%

1.22%

0.42%

12.51%

12/31/2021

12.02 0.39 0.86 1.25 (0.05)

(0.15)

(0.20)

13.07 10.44%

45,364

0.42%

3.08%

0.42%

50.07%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

Investor

Destinations

Fund

-

December

31,

2025

-

Financial

Highlights

-

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Investor

#### Destinations

#### Moderately

#### Conservative

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### Portfolio

#### Turnover(b)(f)

#### Class

#### II

#### Shares
12/31/2025

$

9.76 $

0.31 $

0.83 $

1.14 $

—

$

—

$

—

$

10.90 11.68%

$

482,432

0.57%

3.05%

0.57%

61.56%

12/31/2024

9.20 0.22 0.34 0.56 —

—

—

9.76 6.09%

499,472

0.57%

2.32%

0.57%

40.85%

12/31/2023

8.27 0.16 0.77 0.93 —

—

—

9.20 11.25%

548,239

0.57%

1.88%

0.57%

14.63%

12/31/2022

11.88 0.14 (1.84)

(1.70)

—

(1.91)

(1.91)

8.27 (14.39)%

574,999

0.58%

1.42%

0.58%

13.53%

12/31/2021

11.25 0.26 0.49 0.75 (0.02)

(0.10)

(0.12)

11.88 6.71%

771,094

0.58%

2.24%

0.58%

34.00%

#### Class

#### P

#### Shares
12/31/2025

9.73 0.35 0.80 1.15 —

—

—

10.88 11.82%

3,559

0.42%

3.42%

0.42%

61.56%

12/31/2024

9.15 0.25 0.33 0.58 —

—

—

9.73 6.34%

3,138

0.42%

2.62%

0.42%

40.85%

12/31/2023

8.21 0.18 0.76 0.94 —

—

—

9.15 11.45%

2,908

0.42%

2.11%

0.42%

14.63%

12/31/2022

11.80 0.17 (1.85)

(1.68)

—

(1.91)

(1.91)

8.21 (14.34)%

2,709

0.43%

1.68%

0.43%

13.53%

12/31/2021

11.18 0.28 0.49 0.77 (0.05)

(0.10)

(0.15)

11.80 6.87%

2,985

0.43%

2.45%

0.43%

34.00%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

-

Financial

Highlights

-

December

31,

2025

-

Investor

Destinations

Fund

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Investor

#### Destinations

#### Conservative

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### Portfolio

#### Turnover(b)(f)

#### Class

#### II

#### Shares
12/31/2025

$

9.78 $

0.34 $

0.53 $

0.87 $

—

$

—

$

—

$

10.65 8.90%

$

420,012

0.58%

3.31%

0.58%

65.77%

12/31/2024

9.42 0.27 0.09 0.36 —

—

—

9.78 3.82%

439,731

0.57%

2.85%

0.57%

36.09%

12/31/2023

8.72 0.22 0.48 0.70 —

—

—

9.42 8.03%

499,205

0.58%

2.44%

0.58%

14.13%

12/31/2022

10.74 0.16 (1.46)

(1.30)

—

(0.72)

(0.72)

8.72 (12.19)%

542,037

0.58%

1.69%

0.58%

17.41%

12/31/2021

10.54 0.20 0.09 0.29 (0.02)

(0.07)

(0.09)

10.74 2.75%

698,366

0.58%

1.86%

0.58%

25.65%

#### Class

#### P

#### Shares
12/31/2025

9.79 0.37 0.51 0.88 —

—

—

10.67 8.99%

4,598

0.43%

3.60%

0.43%

65.77%

12/31/2024

9.41 0.30 0.08 0.38 —

—

—

9.79 4.04%

4,257

0.42%

3.10%

0.42%

36.09%

12/31/2023

8.70 0.25 0.46 0.71 —

—

—

9.41 8.16%

4,184

0.43%

2.79%

0.43%

14.13%

12/31/2022

10.70 0.18 (1.46)

(1.28)

—

(0.72)

(0.72)

8.70 (12.04)%

3,506

0.43%

1.84%

0.43%

17.41%

12/31/2021

10.51 0.21 0.09 0.30 (0.04)

(0.07)

(0.11)

10.70 2.85%

4,493

0.43%

2.02%

0.43%

25.65%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

Investor

Destinations

Fund

-

December

31,

2025

-

Financial

Highlights

-

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Investor

#### Destinations

#### Balanced

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### Portfolio

#### Turnover(b)(f)

#### Class

#### II

#### Shares
12/31/2025

$

14.11 $

0.40 $

1.43 $

1.83 $

—

$

—

$

—

$

15.94 12.97%

$

1,039,308

0.57%

2.69%

0.57%

58.45%

12/31/2024

13.09 0.28 0.74 1.02 —

—

—

14.11 7.79%

1,082,290

0.57%

2.02%

0.57%

46.21%

12/31/2023

11.58 0.20 1.31 1.51 —

—

—

13.09 13.04%

1,201,305

0.57%

1.60%

0.57%

16.90%

12/31/2022

17.34 0.17 (2.75)

(2.58)

—

(3.18)

(3.18)

11.58 (14.99)%

1,205,067

0.57%

1.19%

0.57%

13.14%

12/31/2021

16.20 0.38 0.95 1.33 (0.03)

(0.16)

(0.19)

17.34 8.24%

1,567,915

0.57%

2.26%

0.57%

41.04%

#### Class

#### P

#### Shares
12/31/2025

14.13 0.45 1.41 1.86 —

—

—

15.99 13.16%

11,593

0.42%

3.00%

0.42%

58.45%

12/31/2024

13.09 0.30 0.74 1.04 —

—

—

14.13 7.95%

10,820

0.42%

2.21%

0.42%

46.21%

12/31/2023

11.57 0.22 1.30 1.52 —

—

—

13.09 13.14%

10,977

0.42%

1.82%

0.42%

16.90%

12/31/2022

17.30 0.20 (2.75)

(2.55)

—

(3.18)

(3.18)

11.57 (14.84)%

10,818

0.42%

1.41%

0.42%

13.14%

12/31/2021

16.16 0.43 0.93 1.36 (0.06)

(0.16)

(0.22)

17.30 8.45%

12,255

0.42%

2.51%

0.42%

41.04%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

-

Financial

Highlights

-

December

31,

2025

-

Investor

Destinations

Fund

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Investor

#### Destinations

#### Capital

#### Appreciation

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)(f)

#### Portfolio

#### Turnover(b)(g)

#### Class

#### II

#### Shares
12/31/2025

$

13.82 $

0.47 $

1.69 $

2.16 $

—

$

(0.22)

$

(0.22)

$

15.76 15.70%

$

1,445,732

0.56%

3.18%

0.57%

50.71%

12/31/2024

12.51 0.20 1.11 1.31 —

—

—

13.82 10.47%

1,036,149

0.57%

1.48%

0.57%

55.20%

12/31/2023

10.76 0.12 1.64 1.76 —

(0.01)

(0.01)

12.51 16.38%

1,105,475

0.57%

1.04%

0.57%

19.54%

12/31/2022

20.21 0.13 (3.65)

(3.52)

—

(5.93)

(5.93)

10.76 (17.57)%

1,078,510

0.57%

0.89%

0.57%

12.44%

12/31/2021

18.32 0.51 1.71 2.22 (0.03)

(0.30)

(0.33)

20.21 12.16%

1,467,723

0.57%

2.60%

0.57%

55.36%

#### Class

#### P

#### Shares
12/31/2025

13.79 0.41 1.77 2.18 —

(0.22)

(0.22)

15.75 15.88%

18,602

0.42%

2.80%

0.42%

50.71%

12/31/2024

12.46 0.22 1.11 1.33 —

—

—

13.79 10.67%

15,896

0.42%

1.62%

0.42%

55.20%

12/31/2023

10.70 0.14 1.63 1.77 —

(0.01)

(0.01)

12.46 16.56%

16,271

0.42%

1.25%

0.42%

19.54%

12/31/2022

20.12 0.16 (3.65)

(3.49)

—

(5.93)

(5.93)

10.70 (17.50)%

14,549

0.42%

1.09%

0.42%

12.44%

12/31/2021

18.24 0.59 1.66 2.25 (0.07)

(0.30)

(0.37)

20.12 12.38%

17,656

0.42%

3.01%

0.42%

55.36%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(g) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

Investor

Destinations

Fund

-

December

31,

2025

-

Financial

Highlights

-

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Investor

#### Destinations

#### Managed

#### Growth

#### &

#### Income

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)(f)

#### Portfolio

#### Turnover(b)(g)

#### Class

#### I

#### Shares
12/31/2025

$

11.16 $

0.37 $

0.72 $

1.09 $

—

$

—

$

—

$

12.25 9.77%

$

3,247

0.30%

3.21%

0.35%

61.00%

12/31/2024

10.35 0.29 0.52 0.81 —

—

—

11.16 7.83%

2,666

0.30%

2.62%

0.35%

52.20%

12/31/2023

9.21 0.21 0.93 1.14 —

—

—

10.35 12.38%

2,107

0.30%

2.15%

0.35%

24.34%

12/31/2022

12.00 0.16 (1.81)

(1.65)

—

(1.14)

(1.14)

9.21 (13.87)%

1,763

0.30%

1.58%

0.35%

15.70%

12/31/2021

11.45 0.30 0.58 0.88 (0.05)

(0.28)

(0.33)

12.00 7.72%

1,673

0.30%

2.56%

0.35%

45.26%

#### Class

#### II

#### Shares
12/31/2025

11.04 0.31 0.73 1.04 —

—

—

12.08 9.42%

387,128

0.55%

2.74%

0.60%

61.00%

12/31/2024

10.26 0.23 0.55 0.78 —

—

—

11.04 7.60%

401,281

0.55%

2.17%

0.60%

52.20%

12/31/2023

9.15 0.17 0.94 1.11 —

—

—

10.26 12.13%

417,323

0.55%

1.77%

0.60%

24.34%

12/31/2022

11.97 0.13 (1.81)

(1.68)

—

(1.14)

(1.14)

9.15 (14.17)%

408,553

0.55%

1.23%

0.60%

15.70%

12/31/2021

11.41 0.26 0.60 0.86 (0.02)

(0.28)

(0.30)

11.97 7.57%

510,651

0.55%

2.23%

0.60%

45.26%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(g) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

-

Financial

Highlights

-

December

31,

2025

-

Investor

Destinations

Fund

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Investor

#### Destinations

#### Managed

#### Growth

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)(f)

#### Portfolio

#### Turnover(b)(g)

#### Class

#### I

#### Shares
12/31/2025

$

11.26 $

0.36 $

0.87 $

1.23 $

—

$

—

$

—

$

12.49 10.92%

$

8,231

0.31%

3.12%

0.34%

58.64%

12/31/2024

10.29 0.25 0.72 0.97 —

—

—

11.26 9.43%

7,412

0.31%

2.27%

0.34%

54.81%

12/31/2023

9.09 0.18 1.02 1.20 —

—

—

10.29 13.20%

6,081

0.31%

1.85%

0.34%

25.48%

12/31/2022

12.96 0.16 (2.06)

(1.90)

—

(1.97)

(1.97)

9.09 (14.96)%

4,883

0.31%

1.43%

0.34%

14.73%

12/31/2021

12.01 0.36 1.12 1.48 (0.06)

(0.47)

(0.53)

12.96 12.34%

4,793

0.31%

2.81%

0.34%

51.90%

#### Class

#### II

#### Shares
12/31/2025

11.13 0.31 0.88 1.19 —

—

—

12.32 10.69%

901,804

0.56%

2.68%

0.59%

58.64%

12/31/2024

10.20 0.20 0.73 0.93 —

—

—

11.13 9.12%

968,558

0.56%

1.87%

0.59%

54.81%

12/31/2023

9.03 0.14 1.03 1.17 —

—

—

10.20 12.96%

1,038,996

0.56%

1.50%

0.59%

25.48%

12/31/2022

12.92 0.12 (2.04)

(1.92)

—

(1.97)

(1.97)

9.03 (15.16)%

1,023,306

0.56%

1.06%

0.59%

14.73%

12/31/2021

11.98 0.30 1.13 1.43 (0.02)

(0.47)

(0.49)

12.92 12.01%

1,286,826

0.56%

2.38%

0.59%

51.90%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(g) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

Investor

Destinations

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

1. #### Organization
Nationwide

Variable

Insurance

Trust

("NVIT"

or

the

"Trust")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

management

investment

company,

organized

as

a

statutory

trust

under

the

laws

of

the

State

of

Delaware.

The

Trust

has

authorized

an

unlimited

number

of

shares

of

beneficial

interest

("shares"),

without

par

value.

The

Trust

currently

offers

shares

to

life

insurance

company

separate

accounts

to

fund

the

benefits

payable

under

variable

life

insurance

policies

and

variable

annuity

contracts.

As

of

December

31,

2025,

the

Trust

operates

sixty-nine

(69) separate

series,

or

mutual

funds,

each

with

its

own

objective(s)

and

investment

strategies.

This

report

contains

the

financial

statements

and

financial

highlights

for

the

nine

(9) series

listed

below

(each,

a

"Fund";

collectively,

the

"Funds").

Nationwide

Fund

Advisors

("NFA")

serves

as

investment

adviser

to

the

Funds.

NFA

is

a

wholly

owned

subsidiary

of

Nationwide

Financial

Services,

Inc.

("NFS"),

a

holding

company

which

is

a

direct

wholly

owned

subsidiary

of

Nationwide

Corporation.

Nationwide

Corporation,

in

turn,

is

owned

by

Nationwide

Mutual

Insurance

Company

and

Nationwide

Mutual

Fire

Insurance

Company.

NVIT

Investor

Destinations

Aggressive

Fund

("Investor

Destinations

Aggressive")

NVIT

Investor

Destinations

Moderately

Aggressive

Fund

("Investor

Destinations

Moderately

Aggressive")

NVIT

Investor

Destinations

Moderate

Fund

("Investor

Destinations

Moderate")

NVIT

Investor

Destinations

Moderately

Conservative

Fund

("Investor

Destinations

Moderately

Conservative")

NVIT

Investor

Destinations

Conservative

Fund

("Investor

Destinations

Conservative")

NVIT

Investor

Destinations

Balanced

Fund

("Investor

Destinations

Balanced")

NVIT

Investor

Destinations

Capital

Appreciation

Fund

("Investor

Destinations

Capital

Appreciation")

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

("Investor

Destinations

Managed

Growth

&

Income")

NVIT

Investor

Destinations

Managed

Growth

Fund

("Investor

Destinations

Managed

Growth")

Shares

of the

Funds are

held

by

separate

accounts

established

by

Nationwide

Life

Insurance

Company

("NLIC"),

a

wholly

owned

subsidiary

of

NFS,

and

Nationwide

Life

and

Annuity

Insurance

Company,

a

wholly

owned

subsidiary

of

NLIC.

Shares

of

Investor

Destinations

Moderate

and

Investor

Destinations

Capital

Appreciation

are

also

held

by

other

affiliated

insurance

companies.

Each Fund

operates

as

a

"fund-of-funds,"

which

means

that the

Fund

pursues

its

objective(s)

by

allocating

its

investments

primarily

among

other

affiliated

series

of

the

Trust

and affiliated

series

of

the

Nationwide

Mutual

Funds

("NMF") (together,

the

"Underlying

Funds"),

and

may

have

additional

investment

and

concentration

risk.

The

Underlying

Funds

typically

invest

in

stocks,

bonds,

and

other

securities.

The

Funds,

as

applicable,

currently

offer Class

I,

Class

II

and

Class

P shares.

Each

share

class

of

a

Fund

represents

interests

in

the

same

portfolio

of

investments

of

that

Fund

and

the

classes

are

identical

except

for

any

differences

in

the

distribution

or

service

fees,

administrative

services

fees,

class

specific

expenses,

certain

voting

rights,

and

class

names

or

designations.

Each

Fund

is

a

diversified

fund,

as

defined

in

the

1940

Act.

2. #### Summary

#### of

#### Significant

#### Accounting

#### Policies
The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Funds

in

the

accounting

and

the

preparation

of

their

financial

statements.

The

Funds

are

investment

companies

and

follow

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Codification

Topic

946

("ASC

946").

The

policies

are

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

("U.S.

GAAP"),

including,

but

not

limited

to,

ASC

946. The

preparation

of

financial

statements

requires

fund

management

to

make

estimates

and

assumptions

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

expenses

for

the

period.

The

Funds

utilize

various

methods

to

measure

the

value

of

their

investments

on

a

recurring

basis.

Amounts

received

upon

the

sale

of

such

investments

could

differ

from

those

estimated

values

and

those

differences

could

be

material.

(a) #### Security

#### Valuation
U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

Pursuant

to

procedures

approved

by

the

Board

of

Trustees

of

the

Trust

(the

"Board

of

Trustees"),

NFA

assigns

a

fair

value,

as

defined

by

U.S.

GAAP,

to

a

Fund's

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

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

measurements)

when

market

prices

are

not

readily

available

or

reliable.

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Investor

Destinations

Funds

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

—

Quoted

prices

in

active

markets

for

identical

assets

Level

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

—

Significant

unobservable

inputs

(including

a

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.

Shares

of

registered

open-end

Underlying

Funds

in

which

a

Fund

invests

are

valued

at

their

respective

net

asset

value

("NAV")

as

reported

by

such

Underlying

Fund.

Shares

of

exchange

traded

funds

("ETFs")

are

generally

valued

at

the

last

quoted

sale

price

or

official

closing

price,

or,

if

there

is

no

such

price,

the

last

quoted

bid

price

provided

by

an

independent

pricing

service.

Shares

of

registered

open-end

Underlying

Funds

and

shares

of

ETFs

valued

in

this

manner

are

generally

categorized

as

Level

investments

within

the

hierarchy.

Repurchase

agreements

are

valued

at

amortized

cost,

which

approximates

fair

value,

and

are

generally

categorized

as

Level

investments

within

the

hierarchy.

The

Funds

may

invest

in

other

series

of

the

Trust

and

other

series

of NMF

(together,

the

"series

of

the

Trusts"),

which

are

open-end

investment

companies

generally

available

to

the

public

and

other

investment

companies.

The

Funds'

Statements

of

Investments

list

each Underlying

Fund

held

as

of

period

end

as

an

investment

of

each

Fund,

but

do

not

include

the

underlying

holdings

of

each

Underlying

Fund.

As

an

investing

Fund,

each

Fund

indirectly

bears

its

proportionate

share

of

the

expenses

of

the

Underlying

Funds.

A

complete

unaudited

list

of

holdings

for

each

Underlying

Fund

is

available

upon

request

or

at

the

Securities

and

Exchange

Commission's

(the

"SEC")

website

at

www.sec.gov.

In

addition,

the

financial

statements

of

the

series

of

the

Trusts

are

available

on

the

SEC's

website

or

upon

request.

The

following

tables

provide

a

summary

of

the

inputs

used

to

value

the

Funds'

net

assets

as

of

December

31,

2025. Please

refer

to

the

Statements

of

Investments

for

additional

information

on

portfolio

holdings.

#### Investor

#### Destinations

#### Aggressive

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Exchange

Traded

Funds

$

58,544,629

$

–

$

–

$

58,544,629

Investment

Companies

387,161,225

–

–

387,161,225

Repurchase

Agreements

–

32,867,681

–

32,867,681

Short-Term

Investment

50,384

–

–

50,384

#### Total

#### $

#### 445,756,238

#### $

#### 32,867,681

#### $

#### –

#### $

#### 478,623,919

#### Investor

#### Destinations

#### Moderately

#### Aggressive

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Exchange

Traded

Funds

$

109,016,419

$

–

$

–

$

109,016,419

Investment

Companies

939,491,857

–

–

939,491,857

Repurchase

Agreements

–

21,295,833

–

21,295,833

Short-Term

Investment

10,749

–

–

10,749

#### Total

#### $

#### 1,048,519,025

#### $

#### 21,295,833

#### $

#### –

#### $

#### 1,069,814,858
Investor

Destinations

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

#### Investor

#### Destinations

#### Moderate

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Exchange

Traded

Funds

$

245,216,070

$

–

$

–

$

245,216,070

Investment

Companies

1,503,770,739

–

–

1,503,770,739

Repurchase

Agreements

–

95,240,551

–

95,240,551

Short-Term

Investment

71,679

–

–

71,679

#### Total

#### $

#### 1,749,058,488

#### $

#### 95,240,551

#### $

#### –

#### $

#### 1,844,299,039

#### Investor

#### Destinations

#### Moderately

#### Conservative

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Exchange

Traded

Funds

$

95,668,395

$

–

$

–

$

95,668,395

Investment

Companies

390,521,622

–

–

390,521,622

Repurchase

Agreements

–

19,658,134

–

19,658,134

#### Total

#### $

#### 486,190,017

#### $

#### 19,658,134

#### $

#### –

#### $

#### 505,848,151

#### Investor

#### Destinations

#### Conservative

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Exchange

Traded

Funds

$

90,424,935

$

–

$

–

$

90,424,935

Investment

Companies

334,595,288

–

–

334,595,288

Repurchase

Agreements

–

26,294,262

–

26,294,262

#### Total

#### $

#### 425,020,223

#### $

#### 26,294,262

#### $

#### –

#### $

#### 451,314,485

#### Investor

#### Destinations

#### Balanced

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Exchange

Traded

Funds

$

198,010,139

$

–

$

–

$

198,010,139

Investment

Companies

853,383,443

–

–

853,383,443

Repurchase

Agreements

–

27,338,121

–

27,338,121

#### Total

#### $

#### 1,051,393,582

#### $

#### 27,338,121

#### $

#### –

#### $

#### 1,078,731,703

#### Investor

#### Destinations

#### Capital

#### Appreciation

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Exchange

Traded

Funds

$

210,121,706

$

–

$

–

$

210,121,706

Investment

Companies

1,254,591,658

–

–

1,254,591,658

Repurchase

Agreements

–

40,997,604

–

40,997,604

Short-Term

Investment

27,328

–

–

27,328

#### Total

#### $

#### 1,464,740,692

#### $

#### 40,997,604

#### $

#### –

#### $

#### 1,505,738,296

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Investor

Destinations

Funds

For

additional

information

about

each

unaffiliated

Underlying

Fund's

valuation

policies,

please

refer

to

the

unaffiliated

Underlying

Fund's

most

recent

annual

or

semi-annual

report.

(b) #### Cash

#### Overdraft
Certain

Funds

may

have

overdrawn

U.S.

dollar

and/or

foreign

currency

balances

with

the Funds'

custodian

bank,

JPMorgan

Chase

Bank,

N.A.

("JPMorgan").

To

offset

the

overdraft,

JPMorgan

advanced

an

amount

equal

to

the

overdraft.

Consistent

with

the

Funds'

borrowing

policy,

the

advance

is

deemed

a

temporary

loan

to

the

Funds.

Such loans

are

payable

upon

demand

and

bear

interest

from

the

date

of

such

advance

to

the

date

of

payment

at

the

rate

agreed

upon

with

JPMorgan

under

the

custody

agreement.

These

advances

are

separate

from,

and

were

not

made

pursuant

to,

the

credit

agreement

discussed

in

Note

5. A

Fund

with

an

overdraft

is

subject

to

a

lien

by

JPMorgan

on

the

Fund's

account

and

JPMorgan

may

charge

the

Fund's

account

for

any

amounts

owed

to

JPMorgan.

JPMorgan

also

has

the

right

to

set

off

as

appropriate

and

apply

all

deposits

and

credits

held

by

or

owing

to

JPMorgan

against

such

amount,

subject

to

the

terms

of

the

custody

agreement.

As

of

December

31,

2025,

Funds

that

had

overdrawn

balances

were

as

follows:

(c) #### Futures

#### Contracts
Certain

Funds are

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

their

objectives. Certain Funds

entered

into

financial

futures

contracts

("futures

contracts")

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

#### Investor

#### Destinations

#### Managed

#### Growth

#### &

#### Income

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Exchange

Traded

Funds

$

70,488,113

$

–

$

–

$

70,488,113

Futures

Contracts#

17,845

–

–

17,845

Investment

Companies

302,649,787

–

–

302,649,787

Repurchase

Agreements

–

19,763,164

–

19,763,164

Short-Term

Investment

16,801

–

–

16,801

#### Total

#### Assets

#### $

#### 373,172,546

#### $

#### 19,763,164

#### $

#### –

#### $

#### 392,935,710

#### Liabilities:
Futures

Contracts#

$

(97,361)

$

–

$

–

$

(97,361)

#### Total

#### Liabilities

#### $

#### (97,361)

#### $

#### –

#### $

#### –

#### $

#### (97,361)

#### Total

#### $

#### 373,075,185

#### $

#### 19,763,164

#### $

#### –

#### $

#### 392,838,349

#### Investor

#### Destinations

#### Managed

#### Growth

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Exchange

Traded

Funds

$

122,010,094

$

–

$

–

$

122,010,094

Futures

Contracts#

185,641

–

–

185,641

Investment

Companies

738,678,500

–

–

738,678,500

Repurchase

Agreements

–

8,669,647

–

8,669,647

Short-Term

Investment

56,819

–

–

56,819

#### Total

#### Assets

#### $

#### 860,931,054

#### $

#### 8,669,647

#### $

#### –

#### $

#### 869,600,701

#### Liabilities:
Futures

Contracts#

$

(244,623)

$

–

$

–

$

(244,623)

#### Total

#### Liabilities

#### $

#### (244,623)

#### $

#### –

#### $

#### –

#### $

#### (244,623)

#### Total

#### $

#### 860,686,431

#### $

#### 8,669,647

#### $

#### –

#### $

#### 869,356,078
#

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

Assets

and

Liabilities.

#### Fund

#### U.S.

#### Dollar

#### Amount
Investor

Destinations

Moderately

Conservative

$

19,149

Investor

Destinations

Conservative

211,252

Investor

Destinations

Balanced

42,797

Investor

Destinations

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/

or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

each

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Financial

futures

contracts

("futures

contracts")

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Investor

Destinations

Managed

Growth

&

Income

and

Investor

Destinations

Managed

Growth

are

subject

to

equity

risk

in

the

normal

course

of

pursuing their

objective(s)

in

two

respects.

First,

each Fund

has

set

a

baseline

target

equity

exposure

of

60%,

which

is

represented

by

the

Fund's

allocations

to

underlying

equity

funds.

Second,

each Fund

enters

into

stock

index

futures

contracts

in

order

to

increase

or

decrease

the

baseline

equity

exposure

consistent

with

NFA's

view

of

current

equity

market

conditions.

Through

the

use

of

these

futures

contracts,

each

Fund

may

increase

its

equity

exposure

to

a

maximum

of

80%

or

to

a

minimum

of

0%

of

the

Fund's

assets.

Upon

entering

into

a

futures

contract, a

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, a

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 a

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

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, a

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, a

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. A

Fund's

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because a

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

Funds'

futures

contracts

are

reflected

in

the

Statements

of

Assets

and

Liabilities

under

"Receivable/Payable

for

variation

margin

on

futures

contracts,"

in

a

table

in

the

Statement

of

Investments

and

in

the

Statements

of

Operations

under

"Net

realized

gains

(losses)

from

expiration

or

closing

of

futures

contracts"

and

"Net

change

in

unrealized

appreciation/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

December

31,

2025:

#### Fair

#### Values

#### of

#### Derivatives

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### as

#### of

#### December

#### 31,

#### 2025:

#### Investor

#### Destinations

#### Managed

#### Growth

#### &

#### Income

#### Assets:

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value
Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

17,845

#### Total

#### $

#### 17,845

#### Liabilities:
Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

(97,361)

#### Total

#### $

#### (97,361)

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Investor

Destinations

Funds

#### The

#### Effect

#### of

#### Derivative

#### Instruments

#### on

#### the

#### Statements

#### of

#### Operations

#### for

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025:

#### Change

#### in

#### Unrealized

#### Appreciation/Depreciation

#### on

#### Derivatives

#### Recognized

#### in

#### the

#### Statements

#### of

#### Operations

#### for

#### the Year

#### Ended December

#### 31,

#### 2025:
The

following is

a

summary

of

the

Funds'

average

volume

of

derivative

instruments

held for

the year

ended December

31,

2025:

#### Investor

#### Destinations

#### Managed

#### Growth

#### Assets:

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value
Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

185,641

#### Total

#### $

#### 185,641

#### Liabilities:
Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

(244,623)

#### Total

#### $

#### (244,623)
#

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

Assets

and

Liabilities.

#### Investor

#### Destinations

#### Managed

#### Growth

#### &

#### Income

#### Realized

#### Gains

#### (Losses):

#### Total
Futures

Contracts

Equity

risk

$

(11,061,025)

#### $

#### (11,061,025)

#### Investor

#### Destinations

#### Managed

#### Growth

#### Realized

#### Gains

#### (Losses):

#### Total
Futures

Contracts

Equity

risk

$

(28,760,413)

#### $

#### (28,760,413)

#### Investor

#### Destinations

#### Managed

#### Growth

#### &

#### Income

#### Unrealized

#### Appreciation/Depreciation:

#### Total
Futures

Contracts

Equity

risk

$

251,717

#### $

#### 251,717

#### Investor

#### Destinations

#### Managed

#### Growth

#### Unrealized

#### Appreciation/Depreciation:

#### Total
Futures

Contracts

Equity

risk

$

1,924,852

#### $

#### 1,924,852

#### Investor

#### Destinations

#### Managed

#### Growth

#### &

#### Income

#### Futures

#### Contracts:
Average

Notional

Balance

Long

$

24,502,791

Average

Notional

Balance

Short

$

14,984,725

#### Investor

#### Destinations

#### Managed

#### Growth

#### Futures

#### Contracts:
Average

Notional

Balance

Long

$

122,143,288

Average

Notional

Balance

Short

$

36,012,024

Investor

Destinations

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

(d) #### Securities

#### Lending
During

the

year

ended

December

31,

2025, certain

Funds entered

into

securities

lending

transactions.

To

generate

additional

income,

the

Funds

lent

their

portfolio

securities,

up

to

1/3%

of

the

total

assets

of

a

Fund,

to

brokers,

dealers,

and

other

financial

institutions.

JPMorgan

serves

as

securities

lending

agent

for

the

securities

lending

program

for

the

Funds.

Securities

lending

transactions

are

considered

to

be

overnight

and

continuous

and

can

be

terminated

by

a

Fund

or

the

borrower

at

any

time.

The

Funds

receive

payments

from JPMorgan

equivalent

to

any

dividends

and/or

interest

while

on

loan,

in

lieu

of

income

which

is

included

as

"Dividend

income"

and/or

"Interest

income",

as

applicable,

on

the

Statements

of

Operations.

The

Funds

also

receive

interest

that

would

have

been

earned

on

the

securities

loaned

while

simultaneously

seeking

to

earn

income

on

the

investment

of

cash

collateral

or

receiving

a

fee

with

respect

to

the

receipt

of

non-cash

collateral.

Securities

lending

income

includes

any

fees

charged

to

borrowers

less

expenses

associated

with

the

loan.

Income

from

the

securities

lending

program

is

recorded

when

earned

from JPMorgan

and

reflected

in

the

Statements

of

Operations

under

"Income

from

securities

lending

(net

of

fees)".

There

may

be

risks

of

delay

or

restrictions

in

recovery

of

the

securities

or

disposal

of

collateral

should

the

borrower

of

the

securities

fail

financially.

Loans

are

made,

however,

only

to

borrowers

deemed

by JPMorgan

to

be

of

good

standing

and

creditworthy.

Loans

are

subject

to

termination

by

the

Funds

or

the

borrower

at

any

time,

and,

therefore,

are

not

considered

to

be

illiquid

investments.

For

Funds

to

which

JPMorgan

is

not

an

affiliate,

JPMorgan

receives

a

fee

based

on

a

percentage

of

earnings

(less

any

rebates

paid

to

the

borrower)

derived

from

the

investment

of

cash

collateral,

or

a

percentage

of

the

fee

paid

by

the

borrower

for

loans

collateralized

by

non-cash

collateral.

For

Funds

to

which

JPMorgan

is

an

affiliate,

JPMorgan

receives

a

flat

fee

based

on

a

percentage

of

the

market

value

of

loaned

securities.

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

December

31,

2025,

which

were

comprised

of

repurchase

agreements

purchased

with

cash

collateral,

as

shown

on each

Fund's

Statement

of

Investments,

were

as

follows:

The

Trust's

securities

lending

policies

and

procedures

require

that

the

borrower

(i) deliver

cash

or

U.S.

Government

securities

as

collateral

with

respect

to

each

new

loan

of

U.S.

securities,

equal

to

at

least

102%

of

the

value

of

the

portfolio

securities

loaned,

and

(ii) at

all

times

thereafter

mark-to-market

the

collateral

on

a

daily

basis

so

that

the

market

value

of

such

collateral

is

at

least

100%

of

the

value

of

securities

loaned.

Cash

collateral

received

is

generally

invested

in

joint

repurchase

agreements

and

shown

in

the

Statement

of

Investments

and

included

in

calculating

the

Fund's

total

assets.

U.S.

Government

securities

received

as

collateral,

if

any,

are

held

in

safekeeping

by

JPMorgan

or

The

Bank

of

New

York

Mellon

and

cannot

be

sold

or

repledged

by

the

Funds

and

accordingly

are

not

reflected

in

the

Fund's

total

assets.

For

additional

information

on

the

non-cash

collateral

received,

if

any,

please

refer

to

the

Statement

of

Investments.

The

Securities

Lending

Agency

Agreement

between

the

Trust

and

JPMorgan

provides

that

in

the

event

of

a

default

by

a

borrower

with

respect

to

any

loan,

the

Fund

may

terminate

the

loan

and

JPMorgan

will

exercise

any

and

all

remedies

provided

under

the

applicable

borrower

agreement

to

make

the

Fund

whole.

These

remedies

include

purchasing

replacement

securities

by

applying

the

collateral

held

from

the

defaulting

borrower

against

the

purchase

cost

of

the

replacement

securities.

If,

despite

such

efforts

by

JPMorgan

to

exercise

these

remedies,

the

collateral

is

less

than

the

purchase

cost

of

the

replacement

securities,

JPMorgan

is

responsible

for

such

shortfall,

subject

to

certain

limitations

which

are

set

forth

in

detail

in

the

Securities

Lending

Agency

Agreement.

As

of December

31,

2025,

the

Securities

Lending

Agency

Agreement

does

not

permit

the

Funds

to

enforce

a

netting

arrangement.

#### Fund

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities
Investor

Destinations

Aggressive

$

32,867,681

Investor

Destinations

Moderately

Aggressive

21,295,833

Investor

Destinations

Moderate

95,240,551

Investor

Destinations

Moderately

Conservative

19,658,134

Investor

Destinations

Conservative

26,294,262

Investor

Destinations

Balanced

27,338,121

Investor

Destinations

Capital

Appreciation

40,997,604

Investor

Destinations

Managed

Growth

&

Income

19,763,164

Investor

Destinations

Managed

Growth

8,669,647

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Investor

Destinations

Funds

(e) #### Joint

#### Repurchase

#### Agreements
During

the year

ended December

31,

2025,

certain

Funds,

along

with

other

series

of

the

Trust,

pursuant

to

procedures

adopted

by

the

Board

of

Trustees

and

applicable

guidance

from

the

SEC,

transferred

cash

collateral

received

from

securities

lending

transactions,

through

a

joint

account

at

JPMorgan,

the

Funds'

custodian,

the

daily

aggregate

balance

of

which

is

invested

in

one

or

more

joint

repurchase

agreements

("repo"

or

collectively

"repos")

collateralized

by

U.S.

Treasury

or

federal

agency

obligations.

For

repos,

each

Fund

participates

on

a

pro

rata

basis

with

other

clients

of

JPMorgan

in

its

share

of

the

underlying

collateral

under

such

repos

and

in

its

share

of

proceeds

from

any

repurchase

or

other

disposition

of

the

underlying

collateral.

In

repos,

the

seller

of

a

security

agrees

to

repurchase

the

security

at

a

mutually

agreed-upon

time

and

price,

which

reflects

the

effective

rate

of

return

for

the

term

of

the

agreement.

For

repos,

The

Bank

of

New

York

Mellon

or

JPMorgan

takes

possession

of

the

collateral

pledged

for

investments

in

such

repos.

The

underlying

collateral

is

valued

daily

on

a

mark-to-market

basis

to

ensure

that

the

value

is

equal

to

or

greater

than

the

repurchase

price,

including

accrued

interest.

In

the

event

of

default

of

the

obligation

to

repurchase,

the

Funds

have

the

right

to

liquidate

the

collateral

and

apply

the

proceeds

in

satisfaction

of

the

obligation.

If

the

seller

defaults

and

the

value

of

the

collateral

declines

or

if

bankruptcy

proceedings

are

commenced

with

respect

to

the

seller

of

the

security,

realization

of

the

collateral

by

the

Funds

may

be

delayed

or

limited.

As

of

December

31,

2025,

the

joint

repos

on

a

gross

basis

were

as

follows:

Bank

of

America

NA,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$98,020,961,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.50%,

maturing

5/1/2049

-

9/1/2050;

total

market

value

$99,960,000.

Barclays

Capital,

Inc,

3.45%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$50,009,583,

collateralized

by

U.S.

Government

Treasury

Securities,

4.38%,

maturing

1/31/2032;

total

market

value

$51,000,051.

BofA

Securities,

Inc.,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$50,010,694,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.34%

-

5.25%,

maturing

10/20/2034

-

2/20/2073;

total

market

value

$51,000,000.

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$131,688,142,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$134,293,264.

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$148,531,680,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$151,470,009.

CF

Secured,

LLC,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$215,045,867,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.13%

-

7.50%,

maturing

3/31/2026

-

4/20/2071;

total

market

value

$219,346,790.

Citi

Global

Market,

Inc.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$138,529,316,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.38%

-

4.25%,

maturing

2/15/2028

-

10/31/2029;

total

market

value

$141,270,038.

MetLife,

Inc.,

3.83%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$150,031,917,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$153,077,523.

Pershing

LLC,

3.72%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$215,044,433,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

2/15/2026

-

12/20/2075;

total

market

value

$219,300,007.

Investor

Destinations

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

As

of December

31,

2025, certain

Funds'

investment in

joint

repos

was

subject

to

an

enforceable

netting

arrangement.

The

Funds'

proportionate

holding

in

joint

repos

was

as

follows:

#### Investor

#### Destinations

#### Aggressive

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
Bank

of

America

NA

$

10,000,000

$

–

$

10,000,000

$

(10,000,000)

$

–

BofA

Securities,

Inc.

1,000,000

–

1,000,000

(1,000,000)

–

Cantor

Fitzgerald

&

Co.

867,681

–

867,681

(867,681)

–

Cantor

Fitzgerald

&

Co.

1,000,000

–

1,000,000

(1,000,000)

–

CF

Secured,

LLC

10,000,000

–

10,000,000

(10,000,000)

–

Citi

Global

Market,

Inc.

10,000,000

–

10,000,000

(10,000,000)

–

#### Total
$

32,867,681

$

–

$

32,867,681

$

(32,867,681)

$

–

#### Investor

#### Destinations

#### Moderately

#### Aggressive

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
Bank

of

America

NA

$

5,000,000

$

–

$

5,000,000

$

(5,000,000)

$

–

Cantor

Fitzgerald

&

Co.

1,295,833

–

1,295,833

(1,295,833)

–

Cantor

Fitzgerald

&

Co.

10,000,000

–

10,000,000

(10,000,000)

–

CF

Secured,

LLC

5,000,000

–

5,000,000

(5,000,000)

–

#### Total
$

21,295,833

$

–

$

21,295,833

$

(21,295,833)

$

–

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Investor

Destinations

Funds

#### Investor

#### Destinations

#### Moderate

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
Bank

of

America

NA

$

2,000,000

$

–

$

2,000,000

$

(2,000,000)

$

–

Barclays

Capital,

Inc

10,000,000

–

10,000,000

(10,000,000)

–

BofA

Securities,

Inc.

7,000,000

–

7,000,000

(7,000,000)

–

Cantor

Fitzgerald

&

Co.

740,551

–

740,551

(740,551)

–

Cantor

Fitzgerald

&

Co.

25,500,000

–

25,500,000

(25,500,000)

–

CF

Secured,

LLC

8,000,000

–

8,000,000

(8,000,000)

–

Citi

Global

Market,

Inc.

15,000,000

–

15,000,000

(15,000,000)

–

MetLife,

Inc.

2,000,000

–

2,000,000

(2,000,000)

–

Pershing

LLC

25,000,000

–

25,000,000

(25,000,000)

–

#### Total
$

95,240,551

$

–

$

95,240,551

$

(95,240,551)

$

–

#### Investor

#### Destinations

#### Moderately

#### Conservative

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
Bank

of

America

NA

$

4,000,000

$

–

$

4,000,000

$

(4,000,000)

$

–

BofA

Securities,

Inc.

1,000,000

–

1,000,000

(1,000,000)

–

Cantor

Fitzgerald

&

Co.

2,458,134

–

2,458,134

(2,458,134)

–

Cantor

Fitzgerald

&

Co.

5,000,000

–

5,000,000

(5,000,000)

–

CF

Secured,

LLC

200,000

–

200,000

(200,000)

–

Citi

Global

Market,

Inc.

5,000,000

–

5,000,000

(5,000,000)

–

Pershing

LLC

2,000,000

–

2,000,000

(2,000,000)

–

#### Total
$

19,658,134

$

–

$

19,658,134

$

(19,658,134)

$

–

Investor

Destinations

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

#### Investor

#### Destinations

#### Conservative

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
Bank

of

America

NA

$

3,000,000

$

–

$

3,000,000

$

(3,000,000)

$

–

BofA

Securities,

Inc.

3,000,000

–

3,000,000

(3,000,000)

–

Cantor

Fitzgerald

&

Co.

3,294,262

–

3,294,262

(3,294,262)

–

Cantor

Fitzgerald

&

Co.

5,000,000

–

5,000,000

(5,000,000)

–

Citi

Global

Market,

Inc.

12,000,000

–

12,000,000

(12,000,000)

–

#### Total
$

26,294,262

$

–

$

26,294,262

$

(26,294,262)

$

–

#### Investor

#### Destinations

#### Balanced

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
BofA

Securities,

Inc.

$

6,500,000

$

–

$

6,500,000

$

(6,500,000)

$

–

Cantor

Fitzgerald

&

Co.

838,121

–

838,121

(838,121)

–

Cantor

Fitzgerald

&

Co.

1,000,000

–

1,000,000

(1,000,000)

–

CF

Secured,

LLC

8,000,000

–

8,000,000

(8,000,000)

–

Citi

Global

Market,

Inc.

11,000,000

–

11,000,000

(11,000,000)

–

#### Total
$

27,338,121

$

–

$

27,338,121

$

(27,338,121)

$

–

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Investor

Destinations

Funds

#### Investor

#### Destinations

#### Capital

#### Appreciation

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
Bank

of

America

NA

$

1,000,000

$

–

$

1,000,000

$

(1,000,000)

$

–

Cantor

Fitzgerald

&

Co.

997,604

–

997,604

(997,604)

–

Cantor

Fitzgerald

&

Co.

13,000,000

–

13,000,000

(13,000,000)

–

CF

Secured,

LLC

20,000,000

–

20,000,000

(20,000,000)

–

Citi

Global

Market,

Inc.

1,000,000

–

1,000,000

(1,000,000)

–

MetLife,

Inc.

5,000,000

–

5,000,000

(5,000,000)

–

#### Total
$

40,997,604

$

–

$

40,997,604

$

(40,997,604)

$

–

#### Investor

#### Destinations

#### Managed

#### Growth

#### &

#### Income

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
Cantor

Fitzgerald

&

Co.

$

3,563,164

$

–

$

3,563,164

$

(3,563,164)

$

–

CF

Secured,

LLC

13,200,000

–

13,200,000

(13,200,000)

–

Pershing

LLC

3,000,000

–

3,000,000

(3,000,000)

–

#### Total
$

19,763,164

$

–

$

19,763,164

$

(19,763,164)

$

–

Investor

Destinations

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

(f) #### Security

#### Transactions

#### and

#### Investment

#### Income
Security

transactions

are

accounted

for

on

the

date

the

security

is

purchased

or

sold.

Security

gains

and

losses

are

calculated

on

the

identified

cost

basis.

Dividend

income

received

from

the

Underlying

Funds

is

recognized

on

the

ex-dividend

date

and

is

recorded

as

income

on

the

Statements

of

Operations.

Capital

gain

distributions

received

from

the

Underlying

Funds

are

recognized

on

the

ex-dividend

date

and

are

recorded

on

the

Statements

of

Operations

as

such.

Interest

income

is

recognized

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts,

and

is

recorded

as

such

on

a

Fund's

Statement

of

Operations.

Income

from

non-cash

dividends,

if

any,

is

recorded

at

the

fair

value

of

the

securities

and

is

recorded

as

such

on

a

Fund's

Statement

of

Operations.

(g) #### Distributions

#### to

#### Shareholders
Distributions

from

net

investment

income,

if

any,

are

declared

and

paid

quarterly.

Distributions

from

net

realized

capital

gains,

if

any,

are

declared

and

distributed

at

least

annually.

All

distributions

are

recorded

on

the

ex-dividend

date.

Dividends

and

distributions

to

shareholders

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

"book/tax"

differences

are

considered

either

permanent

or

temporary.

Permanent

differences

are

reclassified

within

the

capital

accounts

based

on

their

nature

for

federal

income

tax

purposes;

temporary

differences

do

not

require

reclassification.

The

permanent

differences

as

of

December

31,

2025

are

primarily

attributable

to

investments

in

regulated

investment

companies

and consent

dividends.

Temporary

differences

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

and

tax

purposes;

these

differences

will

reverse

at

some

time

in

the

future.

The

temporary

differences

as

of

December

31,

2025

may

primarily

be

attributable

to

outstanding

wash

sale

loss

deferrals

and

outstanding

straddle

loss

deferrals.

These

reclassifications

have

no

effect

upon

the

NAV

of a

Fund.

Any

distribution

in

excess

of

current

and

accumulated

earnings

and

profits

for

federal

income

tax

purposes

is

reported

as

a

return

of

capital

distribution.

#### Investor

#### Destinations

#### Managed

#### Growth

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
Cantor

Fitzgerald

&

Co.

$

669,647

$

–

$

669,647

$

(669,647)

$

–

Cantor

Fitzgerald

&

Co.

1,000,000

–

1,000,000

(1,000,000)

–

CF

Secured,

LLC

7,000,000

–

7,000,000

(7,000,000)

–

#### Total
$

8,669,647

$

–

$

8,669,647

$

(8,669,647)

$

–

\*

As

of

December

31,

2025,

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.

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Investor

Destinations

Funds

Reclassifications

for

the

year

ended

December

31,

2025

were

as

follows:

(h) #### Federal

#### Income

#### Taxes
Each Fund

elected

to

be

treated

as,

and

intends

to

qualify

each

year

as,

a

"regulated

investment

company"

("RIC")

by

complying

with

the

requirements

of

Subchapter

M

of

the

U.S.

Internal

Revenue

Code

of

1986

(the

"Code"),

as

amended,

and

to

make

distributions

of

net

investment

income

and

net

realized

capital

gains

sufficient

to

relieve

a

Fund

from

all,

or

substantially

all,

federal

income

taxes.

The

aforementioned

distributions

may

be

made

in

cash

or

via

consent

dividends.

Consent

dividends,

agreed

to

by

each

shareholder,

are

taxable

to

the

shareholders

as

if

they

were

paid

in

cash

during

their

current

tax

year.

As

of

December

31,

2025,

the

estimated

maximum

amounts

each

Fund

may

claim

as

consent

dividends

for

2025

are

as

follows:

A

Fund

recognizes

a

tax

benefit

from

an

uncertain

position

only

if

it

is

more

likely

than

not

that

the

position

is

sustainable,

based

solely

on

its

technical

merits

and

consideration

of

the

relevant

taxing

authorities'

widely

understood

administrative

practices

and

precedents.

Each

year,

a

Fund

undertakes

an

affirmative

evaluation

of

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

tax

returns

to

determine

whether

it

is

more

likely

than

not

(i.e.,

greater

than

percent)

that

each

tax

position

will

be

sustained

upon

examination

by

a

taxing

authority.

The

Funds

file

U.S.

federal

income

tax

returns

and,

if

applicable,

returns

in

various

foreign

jurisdictions

in

which

they

invest.

Generally,

a

Fund

is

subject

to

examinations

by

such

taxing

authorities

for

up

to

three

years

after

the

filing

of

the

return

for

the

tax

period.

The

Funds

adopted

FASB

Accounting

Standards

Update

2023-09,

Income

Taxes

(Topic

740)—Improvements

to

Income

Tax

Disclosures

("ASU

2023-09").

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disclosure

of

income

taxes

paid

by

jurisdiction.

During

the

year

ended

December

31,

2025,

the

Funds

did

not

pay

a

significant

amount

of

foreign

or

U.S.

federal,

state

or

local

income

taxes

and

therefore

did

not

include

any

additional

disclosures

in

these

financial

statements.

(i) #### Allocation

#### of

#### Expenses,

#### Income

#### and

#### Gains

#### and

#### Losses
Expenses

directly

attributable

to

a

Fund

are

charged

to

that

Fund.

Expenses

not

directly

attributable

to

a

Fund

are

allocated

proportionally

among

various

or

all

series

of

the

Trust.

Certain

non

asset-based

expenses

are

estimated

and

accrued

daily.

Expense

estimate

true-ups

are

recorded

routinely

and

could

result

in

negative

expenses

on

the

Statements

of

Operations,

as

applicable.

Income,

fund

level

expenses,

and

realized

and

unrealized

gains

or

losses

are

allocated

to

each

class

of

shares

of

a

Fund

based

on

the

value

of

the

outstanding

shares

of

that

class

relative

to

the

total

value

of

the

outstanding

shares

of

that

Fund.

Expenses

specific

to

a

class

(such

as

Rule

12b-1

and

administrative

services

fees)

are

charged

to

that

specific

class.

#### Fund

#### Capital

#### Total

#### Distributable

#### Earnings
(Loss)

Investor

Destinations

Aggressive

$

5,527,317

$

(5,527,317)

Investor

Destinations

Moderately

Aggressive

16,468,131

(16,468,131)

Investor

Destinations

Moderate

36,885,312

(36,885,312)

Investor

Destinations

Moderately

Conservative

13,144,878

(13,144,878)

Investor

Destinations

Conservative

13,837,989

(13,837,989)

Investor

Destinations

Balanced

25,601,633

(25,601,633)

Investor

Destinations

Capital

Appreciation

19,280,047

(19,280,047)

Investor

Destinations

Managed

Growth

&

Income

9,822,878

(9,822,878)

Investor

Destinations

Managed

Growth

21,612,745

(21,612,745)

#### Fund

#### Ordinary

#### Distribution

#### Available

#### for

#### Consent

#### Dividend
Investor

Destinations

Aggressive

$

13,916,326

Investor

Destinations

Moderately

Aggressive

36,473,484

Investor

Destinations

Moderate

58,360,512

Investor

Destinations

Moderately

Conservative

16,938,295

Investor

Destinations

Conservative

15,236,791

Investor

Destinations

Balanced

34,238,481

Investor

Destinations

Capital

Appreciation

44,580,209

Investor

Destinations

Managed

Growth

&

Income

12,728,805

Investor

Destinations

Managed

Growth

30,269,672

Investor

Destinations

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

(j) #### Reportable

#### Segment

#### Disclosure
The

Principal

Executive

Officer

acts

as

the

Funds'

Chief

Operating

Decision

Maker

("CODM')

and

is

responsible

for

assessing

performance

and

allocating

resources

with

respect

to

the

Funds.

The

CODM

has

concluded

that

each

Fund

operates

as

a

single

operating

segment

since

the

Funds

each

have

a

single

investment

strategy

as

disclosed

in

its

prospectus,

against

which

the

CODM

assesses

performance.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

presented

within

the

Funds'

financial

statements.

3. #### Transactions

#### with

#### Affiliates
Under

the

terms

of

the

Trust's

Investment

Advisory

Agreement,

NFA

manages

the

investment

of

the

assets

and

supervises

the

daily

business

affairs

of

the

Funds

in

accordance

with

policies

and

procedures

established

by

the

Board

of

Trustees.

NFA

has

selected

Nationwide

Asset

Management,

LLC

(the

"Subadviser")

as

subadviser

for Investor

Destinations

Managed

Growth

&

Income

and

Investor

Destinations

Managed

Growth,

and

provides

investment

management

evaluation

services

in

monitoring,

on

an

ongoing

basis,

the

performance

of

the

Subadviser.

Under

the

terms

of

the

Investment

Advisory

Agreement,

each

Fund

pays

NFA

an

investment

advisory

fee

based

on

that

Fund's

average

daily

net

assets.

During

the

year

ended

December

31,

2025,

the

Funds

paid

investment

advisory

fees

to

NFA

according

to

the

following

schedule.

For

the

year

ended

December

31,

2025,

the

effective

advisory

fee

rates

before

and

after

expense

reimbursements,

due

to

the

expense

limitation

agreement

described

below,

were

as

follows:

From

these

fees,

pursuant

to

the

subadvisory

agreements,

NFA

pays

fees

to

the

affiliated

and

unaffiliated

subadvisers.

NFA

paid

the

affiliated

subadviser

$52,226

during

the

year

ended

December

31,

2025. #### Fund

#### Fee

#### Schedule

#### Advisory

#### Fee

#### (annual

#### rate)
Investor

Destinations

Aggressive

All

assets

0.13%

Investor

Destinations

Moderately

Aggressive

All

assets

0.13%

Investor

Destinations

Moderate

All

assets

0.13%

Investor

Destinations

Moderately

Conservative

All

assets

0.13%

Investor

Destinations

Conservative

All

assets

0.13%

Investor

Destinations

Balanced

All

assets

0.13%

Investor

Destinations

Capital

Appreciation

All

assets

0.13%

Investor

Destinations

Managed

Growth

&

Income

All

assets

0.15%

Investor

Destinations

Managed

Growth

All

assets

0.15%

#### Fund

#### Effective

#### Advisory

#### Fee

#### Rate

#### Before

#### Expense

#### Reimbursements

#### Effective

#### Advisory

#### Fee

#### Rate

#### After

#### Expense

#### Reimbursements
Investor

Destinations

Aggressive

0.13 %

0.13 %

Investor

Destinations

Moderately

Aggressive

0.13 0.13 Investor

Destinations

Moderate

0.13 0.13 Investor

Destinations

Moderately

Conservative

0.13 0.13 Investor

Destinations

Conservative

0.13 0.13 Investor

Destinations

Balanced

0.13 0.13 Investor

Destinations

Capital

Appreciation

0.13 0.12 Investor

Destinations

Managed

Growth

&

Income

0.15 0.10 Investor

Destinations

Managed

Growth

0.15 0.12 64

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Investor

Destinations

Funds

The

Trust

and

NFA

have

entered

into

a

written

Expense

Limitation

Agreement

that

limits

certain

Funds'

operating

expenses,

(excluding

any

taxes,

interest,

compensation

payable

to

parties

not

affiliated

with

the

Adviser

for

the

recovery

of

tax

reclaims,

brokerage

commissions,

Rule

12b-1

fees,

acquired

fund

fees

and

expenses,

short-sale

dividend

expenses,

administrative

services

fees,

other

expenses

which

are

capitalized

in

accordance

with

generally

accepted

accounting

principles

and

expenses

incurred

by a

Fund

in

connection

with

any

merger

or

reorganization,

and

may

exclude

other

nonroutine

expenses

not

incurred

in

the

ordinary

course

of a

Fund's

business)

from

exceeding

the

amounts

listed

in

the

following

table

until

at

least

April

30,

2026. On

November

14,

2025,

the

Trust

and

NFA

have

entered

into

a

written

Expense

Limitation

Agreement

that

limits

certain

Funds'

operating

expenses,

(excluding

any

interest,

taxes,

fees

paid

to

non-affiliated

parties

in

connection

with

the

recovery

of

tax

reclaims,

brokerage

commissions

and

other

costs

incurred

in

connection

with

the

purchase

and

sales

of

portfolio

securities,

short

sale

dividend

expenses,

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),

including

the

effect

of

any

fees

waived

by

NFA

or

any

of

its

affiliates

pursuant

to

any

other

expense

limitation

agreement

or

fee

waiver

agreement

as

detailed

above,

from

exceeding

the

amounts

listed

in

the

following

table

until

November

14,

2027. NFA

may

request

and

receive

reimbursement

from

a

Fund

for

advisory

fees

waived

or

other

expenses

reimbursed

by

NFA

pursuant

to

the

Expense

Limitation

Agreement

at

a

date

not

to

exceed

three

years

from

the

date

on

which

the

corresponding

waiver

or

reimbursement

to

the

Fund

was

made.

However,

no

reimbursement

may

be

made

unless:

(i) the

Fund's

assets

exceed

$100

million

and

(ii) the

total

annual

expense

ratio

of

the

class

making

such

reimbursement

is

no

higher

than

the

amount

of

the

expense

limitation

that

was

in

place

at

the

time

NFA

waived

the

fees

or

reimbursed

the

expenses

and

does

not

cause

the

expense

ratio

to

exceed

the

current

expense

limitation.

Reimbursement

by

a

Fund

of

amounts

previously

waived

or

reimbursed

by

NFA

is

not

permitted

except

as

provided

for

in

the

Expense

Limitation

Agreement.

The

Expense

Limitation

Agreement

may

be

changed

or

eliminated

only

with

the

consent

of

the

Board

of

Trustees.

As

of

December

31,

2025,

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:

During

the

year

ended

December

31,

2025,

no

amounts

were

reimbursed

to

NFA

pursuant

to

the

Expense

Limitation

Agreement,

and

the

Funds

have

not

recorded

a

commitment

or

contingent

liability.

NFM,

a

wholly

owned

subsidiary

of

NFS

Distributors,

Inc.

("NFSDI")

(a

wholly

owned

subsidiary

of

NFS),

provides

various

administrative

and

accounting

services

for

the

Funds

and

serves

as

Transfer

and

Dividend

Disbursing

Agent

for

the

Funds.

NFM

has

entered

into

agreements

with

third-party

service

providers

to

provide

certain

sub-administration

and

sub-transfer

agency

services

to

the

Funds.

NFM

pays

the

service

providers

a

fee

for

these

services.

#### Fund

#### Classes

#### Amount

#### (annual

#### rate)
Investor

Destinations

Balanced

All

Classes

0.28%

Investor

Destinations

Capital

Appreciation

All

Classes

0.28 Investor

Destinations

Managed

Growth

&

Income

All

Classes

0.15 Investor

Destinations

Managed

Growth

All

Classes

0.16 #### Fund

#### Classes

#### Amount

#### (annual

#### rate)
Investor

Destinations

Capital

Appreciation

Class

II

0.90%

#### Fund

#### Fiscal

#### Year

#### 2023

#### Amount

#### Fiscal

#### Year

#### 2024

#### Amount

#### Fiscal

#### Year

#### 2025

#### Amount

#### Total
Investor

Destinations

Capital

Appreciation

$

—

$

—

$

92,788

$

92,788

Investor

Destinations

Managed

Growth

&

Income

195,830

190,333

184,517

570,680

Investor

Destinations

Managed

Growth

301,658

285,720

273,020

860,398

Investor

Destinations

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

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.

For

the

year

ended

December

31,

2025,

NFM

earned

an

aggregate

of

$2,042,545

in

fees

from

the

Funds

under

the

Joint

Fund

Administration

and

Transfer

Agency

Agreement.

Under

the

terms

of

the

Joint

Fund

Administration

and

Transfer

Agency

Agreement

and

a

letter

agreement

between

NFM

and

the

Trust,

the

Trust

has

agreed

to

reimburse

NFM

for

certain

costs

related

to

each

Fund's

portion

of

ongoing

administration,

monitoring

and

annual

(compliance

audit)

testing

of

the

Trust's

Rule

38a-1

Compliance

Program

subject

to

the

pre-approval

of

the

Trust's

Audit

Committee.

These

costs

are

allocated

among

the

series

of

the

Trust

based

upon

their

relative

net

assets.

For

the

year

ended

December

31,

2025,

the

Funds' aggregate

portion

of

such

costs

amounted

to

$33,194.

In

addition,

the

Trust

pays

out-of-pocket

expenses

reasonably

incurred

by

NFM

in

providing

services

to

the

Funds

and

the

Trust,

including,

but

not

limited

to,

the

cost

of

pricing

services

that

NFM

utilizes.

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

of

0.25%

for

Class

II

and

Class

P

shares

of

each

Fund.

Under

the

terms

of

an

Administrative

Services

Plan,

the

Funds

pay

fees

to

servicing

organizations,

such

as

broker-dealers,

including

NFS,

and

financial

institutions,

that

agree

to

provide

administrative

support

services

to

the

shareholders

of

certain

classes.

These

services

may

include,

but

are

not

limited

to,

the

following:

(i) establishing

and

maintaining

shareholder

accounts;

(ii) processing

purchase

and

redemption

transactions;

(iii) arranging

bank

wires;

(iv) performing

shareholder

sub-accounting;

(v) answering

inquiries

regarding

the

Funds;

and

(vi) other

such

services.

These

fees

are

calculated

at

an

annual

rate

of

up

to

0.25%

of

the

average

daily

net

assets

of

Class

I

and

Class

II

shares

of

each applicable

Fund.

For the

year

ended

December

31,

2025,

the

effective

rates

for

administrative

services

fees

were

as

follows:

N/A

-

Not

applicable.

For

the

year

ended

December

31,

2025,

each

Fund's

total

administrative

services

fees

were

as

follows:

#### Combined

#### Fee

#### Schedule
Up

to

$25

billion

0.025%

$25

billion

and

more

0.020 #### Fund

#### Class

#### I

#### Class

#### II
Investor

Destinations

Aggressive

N/A

0.15 %

Investor

Destinations

Moderately

Aggressive

N/A

0.15 Investor

Destinations

Moderate

N/A

0.15 Investor

Destinations

Moderately

Conservative

N/A

0.15 Investor

Destinations

Conservative

N/A

0.15 Investor

Destinations

Balanced

N/A

0.15 Investor

Destinations

Capital

Appreciation

N/A

0.15 Investor

Destinations

Managed

Growth

&

Income

0.15 %

0.15 Investor

Destinations

Managed

Growth

0.15 0.15 #### Fund

#### Amount
Investor

Destinations

Aggressive

$

529,504

Investor

Destinations

Moderately

Aggressive

1,305,268

Investor

Destinations

Moderate

2,526,206

Investor

Destinations

Moderately

Conservative

734,308

Investor

Destinations

Conservative

641,981

Investor

Destinations

Balanced

1,578,662

Investor

Destinations

Capital

Appreciation

1,609,290

Investor

Destinations

Managed

Growth

&

Income

586,366

Investor

Destinations

Managed

Growth

1,390,920

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Investor

Destinations

Funds

4. #### Investments

#### in

#### Affiliated

#### Issuers
Each Fund

invests

in

shares

of

the

affiliated

Underlying

Funds.

The

Funds'

transactions

in

the

shares

of

Underlying

Funds

during

the year

ended

December

31,

2025 were

as

follows:

#### Investor

#### Destinations

#### Aggressive

#### Security

#### Description

#### Shares/Principal

#### at

#### December

#### 31,

#### 2025

#### Market

#### Value

#### December

#### 31,

#### 2024

#### ($)

#### Purchases

#### at

#### Cost

#### \*

#### ($)

#### Proceeds

#### from

#### Sales

#### ($)

#### Net

#### Realized

#### Gains
(Losses)

#### ($)

#### Change

#### in

#### Unrealized

#### Appreciation/

#### Depreciation

#### ($)

#### Market

#### Value

#### December

#### 31,

#### 2025

#### ($)

#### Dividend/Interest

#### Income

#### ($)

#### Capital

#### Gain

#### Distributions

#### ($)
Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6

5,747,754

145,107,303

17,647,385

(97,640,951)

12,081,735

(2,704,582)

74,490,890

1,188,425

7,821,972

Nationwide

International

Equity

Portfolio,

Class

R6

4,685,128

38,422,452

23,338,668

(11,770,835)

1,297,049

9,900,439

61,187,773

4,730,166

922,792

Nationwide

Large

Cap

Equity

Portfolio,

Class

R6

5,462,989

—

56,877,027

(1,668,136)

59,395

2,694,027

57,962,313

711,781

170,074

NVIT

Emerging

Markets

Fund,

Class

Y

1,581,699

—

22,546,438

(14,926)

1,003,942

23,535,674

—

—

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

2,158,178

21,247,239

2,372,974

(5,748,324)

963,168

4,796,996

23,632,053

873,030

—

NVIT

GS

International

Equity

Insights

Fund,

Class

Y

2,391,373

—

32,503,986

(524,090)

10,164

939,141

32,929,201

272,410

—

NVIT

International

Index

Fund,

Class

Y

–

47,046,717

2,520,147

(58,439,296)

17,935,742

(9,063,310)

—

635,615

—

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y

3,126,999

62,356,085

10,001,936

(6,996,816)

15,208

8,764,730

74,141,143

298,059

611,145

NVIT

Mid

Cap

Index

Fund,

Class

Y

–

28,779,399

7,277,954

(34,647,341)

1,359,719

(2,769,731)

—

81,518

2,069,793

NVIT

Small

Cap

Index

Fund,

Class

Y

–

1,264,812

(1,285,232)

242,567

(222,375)

—

—

—

Nationwide

Bond

Portfolio,

Class

R6

1,011,713

—

8,904,833

—

—

(214,219)

8,690,614

277,112

—

NVIT

Bond

Index

Fund,

Class

Y

2,419,916

30,962,057

6,421,637

(16,184,219)

(584,336)

1,309,298

21,924,437

1,459,577

—

NVIT

Loomis

Core

Bond

Fund,

Class

Y

934,965

—

8,892,835

—

—

(225,708)

8,667,127

265,112

—

#### Total

#### 375,186,064

#### 199,306,048

#### (234,920,166)

#### 33,380,631

#### 14,208,648

#### 387,161,225

#### 10,792,805

#### 11,595,776

#### Investor

#### Destinations

#### Moderately

#### Aggressive

#### Security

#### Description

#### Shares/Principal

#### at

#### December

#### 31,

#### 2025

#### Market

#### Value

#### December

#### 31,

#### 2024

#### ($)

#### Purchases

#### at

#### Cost

#### \*

#### ($)

#### Proceeds

#### from

#### Sales

#### ($)

#### Net

#### Realized

#### Gains
(Losses)

#### ($)

#### Change

#### in

#### Unrealized

#### Appreciation/

#### Depreciation

#### ($)

#### Market

#### Value

#### December

#### 31,

#### 2025

#### ($)

#### Dividend/Interest

#### Income

#### ($)

#### Capital

#### Gain

#### Distributions

#### ($)
Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6

10,953,098

327,727,425

38,551,002

(246,483,528)

31,211,949

(9,054,695)

141,952,153

2,563,828

14,899,153

Nationwide

International

Equity

Portfolio,

Class

R6

11,794,696

80,146,564

80,236,889

(28,011,215)

3,210,868

18,455,624

154,038,730

11,933,175

2,343,185

Nationwide

Large

Cap

Equity

Portfolio,

Class

R6

11,146,515

—

116,068,580

(3,892,128)

154,400

5,933,675

118,264,527

1,460,027

348,861

NVIT

Emerging

Markets

Fund,

Class

Y

2,805,342

—

39,931,922

(3,936)

1,815,337

41,743,494

—

—

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

3,800,718

47,489,906

2,610,347

(20,894,870)

4,978,549

7,433,929

41,617,861

1,797,365

—

NVIT

GS

International

Equity

Insights

Fund,

Class

Y

5,391,957

—

73,977,807

(1,887,429)

39,659

2,117,213

74,247,250

619,608

—

NVIT

International

Index

Fund,

Class

Y

–

98,301,604

913,472

(113,303,210)

42,977,715

(28,889,581)

—

752,855

—

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y

5,963,879

145,747,213

28,331,597

(53,101,409)

3,266,650

17,159,522

141,403,573

600,161

1,449,802

NVIT

Mid

Cap

Index

Fund,

Class

Y

–

44,596,630

6,878,416

(49,358,025)

4,026,474

(6,143,495)

—

121,850

3,093,844

NVIT

Small

Cap

Index

Fund,

Class

Y

–

1,202,428

—

(1,221,668)

231,144

(211,904)

—

—

—

Investor

Destinations

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

#### Security

#### Description

#### Shares/Principal

#### at

#### December

#### 31,

#### 2025

#### Market

#### Value

#### December

#### 31,

#### 2024

#### ($)

#### Purchases

#### at

#### Cost\*

#### ($)

#### Proceeds

#### from

#### Sales

#### ($)

#### Net

#### Realized

#### Gains
(Losses)

#### ($)

#### Change

#### in

#### Unrealized

#### Appreciation/

#### Depreciation

#### ($)

#### Market

#### Value

#### December

#### 31,

#### 2025

#### ($)

#### Dividend/Interest

#### Income

#### ($)

#### Capital

#### Gain

#### Distributions

#### ($)
Nationwide

Bond

Portfolio,

Class

R6

8,715,248

—

76,492,917

(780,583)

7,053

(855,410)

74,863,977

2,387,138

—

NVIT

Bond

Index

Fund,

Class

Y

10,120,782

176,148,447

10,240,720

(99,587,507)

(9,511,793)

14,404,420

91,694,287

6,275,716

—

NVIT

Loomis

Core

Bond

Fund,

Class

Y

6,102,637

20,056,419

37,843,000

(1,048,694)

(38,202)

(241,076)

56,571,447

1,809,642

—

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

313,850

—

3,178,941

—

—

(84,383)

3,094,558

106,782

—

#### Total

#### 941,416,636

#### 515,255,610

#### (619,574,202)

#### 80,554,637

#### 21,839,176

#### 939,491,857

#### 30,428,147

#### 22,134,845

#### Investor

#### Destinations

#### Moderate

#### Security

#### Description

#### Shares/Principal

#### at

#### December

#### 31,

#### 2025

#### Market

#### Value

#### December

#### 31,

#### 2024

#### ($)

#### Purchases

#### at

#### Cost

#### \*

#### ($)

#### Proceeds

#### from

#### Sales

#### ($)

#### Net

#### Realized

#### Gains
(Losses)

#### ($)

#### Change

#### in

#### Unrealized

#### Appreciation/

#### Depreciation

#### ($)

#### Market

#### Value

#### December

#### 31,

#### 2025

#### ($)

#### Dividend/Interest

#### Income

#### ($)

#### Capital

#### Gain

#### Distributions

#### ($)
Nationwide

Strategic

Income

Fund,

Class

R6

2,574,861

—

26,262,027

—

—

(75,692)

26,186,335

262,670

—

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6

16,880,834

468,015,596

54,460,052

(331,360,734)

39,391,837

(11,731,137)

218,775,614

3,626,818

23,045,757

Nationwide

International

Equity

Portfolio,

Class

R6

11,567,138

88,780,530

75,264,444

(37,125,302)

4,418,293

19,728,855

151,066,820

11,728,603

2,297,107

Nationwide

Large

Cap

Equity

Portfolio,

Class

R6

13,676,172

—

147,689,219

(10,624,194)

349,223

7,689,933

145,104,181

1,802,576

430,710

NVIT

Emerging

Markets

Fund,

Class

Y

3,452,869

—

50,265,423

(1,172,501)

51,413

2,234,351

51,378,686

—

—

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

4,692,117

63,353,607

3,094,971

(31,102,250)

7,150,285

8,882,074

51,378,687

2,277,874

—

NVIT

GS

International

Equity

Insights

Fund,

Class

Y

5,509,331

—

76,923,668

(3,275,584)

50,239

2,165,168

75,863,491

641,118

—

NVIT

International

Index

Fund,

Class

Y

–

108,835,577

1,085,594

(126,558,637)

50,006,734

(33,369,268)

—

962,026

—

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y

9,220,259

220,199,225

38,484,342

(69,433,648)

2,987,381

26,375,040

218,612,340

912,528

2,080,973

NVIT

Mid

Cap

Index

Fund,

Class

Y

–

29,470,407

4,307,483

(32,418,540)

1,445,778

(2,805,128)

—

77,493

1,967,611

Nationwide

Bond

Portfolio,

Class

R6

19,663,324

—

173,761,253

(2,652,955)

42,482

(2,242,828)

168,907,952

5,385,856

—

Nationwide

Inflation-

Protected

Securities

Fund,

Class

R6

765,785

7,099,779

319,752

(643,616)

(136,301)

290,743

6,930,357

302,996

—

NVIT

Bond

Index

Fund,

Class

Y

19,468,177

459,515,689

42,057,601

(342,622,844)

(36,489,431)

53,920,672

176,381,687

12,963,504

—

NVIT

Loomis

Core

Bond

Fund,

Class

Y

16,404,284

53,385,898

104,254,500

(5,393,397)

(151,110)

(28,180)

152,067,711

4,909,188

—

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

6,198,466

35,625,743

28,138,523

(2,425,077)

(108,986)

(113,325)

61,116,878

2,433,403

—

#### Total

#### 1,534,282,051

#### 826,368,852

#### (996,809,279)

#### 69,007,837

#### 70,921,278

#### 1,503,770,739

#### 48,286,653

#### 29,822,158

#### Investor

#### Destinations

#### Moderately

#### Conservative

#### Security

#### Description

#### Shares/Principal

#### at

#### December

#### 31,

#### 2025

#### Market

#### Value

#### December

#### 31,

#### 2024

#### ($)

#### Purchases

#### at

#### Cost

#### \*

#### ($)

#### Proceeds

#### from

#### Sales

#### ($)

#### Net

#### Realized

#### Gains
(Losses)

#### ($)

#### Change

#### in

#### Unrealized

#### Appreciation/

#### Depreciation

#### ($)

#### Market

#### Value

#### December

#### 31,

#### 2025

#### ($)

#### Dividend/Interest

#### Income

#### ($)

#### Capital

#### Gain

#### Distributions

#### ($)
Nationwide

Strategic

Income

Fund,

Class

R6

1,201,527

—

12,288,497

(33,767)

(35,321)

12,219,525

122,595

—

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6

2,809,185

81,986,545

11,014,955

(60,913,699)

6,497,278

(2,178,038)

36,407,041

605,937

3,834,117

Nationwide

International

Equity

Portfolio,

Class

R6

2,115,676

15,329,729

15,373,925

(7,200,346)

859,344

3,268,081

27,630,733

2,151,000

421,982

Nationwide

Large

Cap

Equity

Portfolio,

Class

R6

2,260,722

—

25,142,626

(2,440,156)

55,692

1,228,100

23,986,262

299,632

71,594

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Investor

Destinations

Funds

#### Security

#### Description

#### Shares/Principal

#### at

#### December

#### 31,

#### 2025

#### Market

#### Value

#### December

#### 31,

#### 2024

#### ($)

#### Purchases

#### at

#### Cost\*

#### ($)

#### Proceeds

#### from

#### Sales

#### ($)

#### Net

#### Realized

#### Gains
(Losses)

#### ($)

#### Change

#### in

#### Unrealized

#### Appreciation/

#### Depreciation

#### ($)

#### Market

#### Value

#### December

#### 31,

#### 2025

#### ($)

#### Dividend/Interest

#### Income

#### ($)

#### Capital

#### Gain

#### Distributions

#### ($)
NVIT

Emerging

Markets

Fund,

Class

Y

530,425

—

7,834,840

(297,024)

11,664

343,238

7,892,718

—

—

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

1,071,540

12,078,214

759,722

(4,117,723)

224,515

2,788,639

11,733,367

449,263

—

NVIT

GS

International

Equity

Insights

Fund,

Class

Y

958,013

—

13,558,980

(758,595)

13,929

377,527

13,191,841

112,113

—

NVIT

International

Index

Fund,

Class

Y

–

19,009,158

427,467

(23,423,689)

9,673,989

(5,686,925)

—

302,421

—

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y

1,533,807

44,227,409

4,117,766

(17,352,243)

793,558

4,580,065

36,366,555

155,901

378,085

NVIT

Mid

Cap

Index

Fund,

Class

Y

–

6,642,611

1,204,610

(7,547,116)

413,149

(713,254)

—

17,188

436,413

NVIT

Small

Cap

Index

Fund,

Class

Y

–

2,125,380

—

(2,159,332)

406,031

(372,079)

—

—

—

Nationwide

Bond

Portfolio,

Class

R6

7,179,950

—

64,136,776

(1,892,032)

25,142

(594,118)

61,675,768

1,966,614

—

Nationwide

Inflation-

Protected

Securities

Fund,

Class

R6

1,612,505

15,259,380

751,758

(1,746,575)

(110,844)

439,455

14,593,174

641,551

—

NVIT

Bond

Index

Fund,

Class

Y

6,798,976

165,388,163

23,602,055

(134,061,868)

(13,852,350)

20,522,720

61,598,720

4,624,019

—

NVIT

Loomis

Core

Bond

Fund,

Class

Y

4,910,971

25,365,533

22,840,709

(3,322,506)

(80,560)

721,523

45,524,699

1,521,428

—

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

3,823,653

27,862,928

12,689,173

(2,942,797)

(173,245)

265,160

37,701,219

1,560,888

—

#### Total

#### 415,275,050

#### 215,743,859

#### (270,209,468)

#### 4,757,408

#### 24,954,773

#### 390,521,622

#### 14,530,550

#### 5,142,191

#### Investor

#### Destinations

#### Conservative

#### Security

#### Description

#### Shares/Principal

#### at

#### December

#### 31,

#### 2025

#### Market

#### Value

#### December

#### 31,

#### 2024

#### ($)

#### Purchases

#### at

#### Cost

#### \*

#### ($)

#### Proceeds

#### from

#### Sales

#### ($)

#### Net

#### Realized

#### Gains
(Losses)

#### ($)

#### Change

#### in

#### Unrealized

#### Appreciation/

#### Depreciation

#### ($)

#### Market

#### Value

#### December

#### 31,

#### 2025

#### ($)

#### Dividend/Interest

#### Income

#### ($)

#### Capital

#### Gain

#### Distributions

#### ($)
Nationwide

Strategic

Income

Fund,

Class

R6

1,255,045

—

13,124,762

(323,594)

(476) (36,885)

12,763,807

129,574

—

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6

1,435,948

36,512,080

6,174,203

(25,069,374)

1,731,367

(738,392)

18,609,884

251,703

1,946,192

Nationwide

International

Equity

Portfolio,

Class

R6

950,333

6,268,142

8,136,967

(3,641,473)

346,629

1,301,080

12,411,345

966,027

189,983

Nationwide

Large

Cap

Equity

Portfolio,

Class

R6

770,050

—

8,614,638

(922,934)

26,780

451,751

8,170,235

101,993

24,370

NVIT

Emerging

Markets

Fund,

Class

Y

171,795

—

2,599,657

(159,252)

4,732

111,168

2,556,305

—

—

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

467,426

5,320,548

527,776

(2,049,023)

322,387

996,622

5,118,310

195,865

—

NVIT

GS

International

Equity

Insights

Fund,

Class

Y

432,461

—

6,223,242

(444,557)

5,569

170,731

5,954,985

50,161

—

NVIT

International

Index

Fund,

Class

Y

–

7,515,135

347,963

(9,102,513)

3,352,550

(2,113,135)

—

75,208

—

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y

784,428

26,162,908

3,628,433

(14,340,736)

653,082

2,495,098

18,598,785

82,027

214,766

NVIT

Mid

Cap

Index

Fund,

Class

Y

–

309,826

45,436

(341,307)

82,149

(96,104)

—

815

20,684

NVIT

Small

Cap

Index

Fund,

Class

Y

–

346,642

—

(352,198)

145,247

(139,691)

—

—

—

Nationwide

Bond

Portfolio,

Class

R6

7,567,874

—

69,356,692

(3,512,165)

10,941

(847,432)

65,008,036

2,085,289

—

Nationwide

Inflation-

Protected

Securities

Fund,

Class

R6

2,349,039

22,349,631

2,340,953

(3,899,920)

(215,335)

683,474

21,258,803

936,980

—

NVIT

Bond

Index

Fund,

Class

Y

6,148,567

171,589,653

25,254,140

(147,896,266)

(11,387,273)

18,145,760

55,706,014

4,281,681

—

Investor

Destinations

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

#### Security

#### Description

#### Shares/Principal

#### at

#### December

#### 31,

#### 2025

#### Market

#### Value

#### December

#### 31,

#### 2024

#### ($)

#### Purchases

#### at

#### Cost\*

#### ($)

#### Proceeds

#### from

#### Sales

#### ($)

#### Net

#### Realized

#### Gains
(Losses)

#### ($)

#### Change

#### in

#### Unrealized

#### Appreciation/

#### Depreciation

#### ($)

#### Market

#### Value

#### December

#### 31,

#### 2025

#### ($)

#### Dividend/Interest

#### Income

#### ($)

#### Capital

#### Gain

#### Distributions

#### ($)
NVIT

Loomis

Core

Bond

Fund,

Class

Y

5,738,942

35,703,360

25,344,956

(9,460,869)

(209,544)

1,822,087

53,199,990

1,862,106

—

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

5,602,311

44,569,425

18,397,031

(7,987,830)

(281,278)

541,441

55,238,789

2,335,030

—

#### Total

#### 356,647,350

#### 190,116,849

#### (229,504,011)

#### (5,412,473)

#### 22,747,573

#### 334,595,288

#### 13,354,459

#### 2,395,995

#### Investor

#### Destinations

#### Balanced

#### Security

#### Description

#### Shares/Principal

#### at

#### December

#### 31,

#### 2025

#### Market

#### Value

#### December

#### 31,

#### 2024

#### ($)

#### Purchases

#### at

#### Cost

#### \*

#### ($)

#### Proceeds

#### from

#### Sales

#### ($)

#### Net

#### Realized

#### Gains
(Losses)

#### ($)

#### Change

#### in

#### Unrealized

#### Appreciation/

#### Depreciation

#### ($)

#### Market

#### Value

#### December

#### 31,

#### 2025

#### ($)

#### Dividend/Interest

#### Income

#### ($)

#### Capital

#### Gain

#### Distributions

#### ($)
Nationwide

Strategic

Income

Fund,

Class

R6

2,072,824

—

21,141,552

—

—

(60,933)

21,080,619

211,456

—

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6

9,330,733

234,439,687

34,798,225

(160,532,141)

17,002,329

(4,781,803)

120,926,297

1,852,008

12,718,718

Nationwide

International

Equity

Portfolio,

Class

R6

4,923,123

44,831,554

26,641,446

(19,590,756)

2,434,081

9,979,662

64,295,987

5,011,947

976,966

Nationwide

Large

Cap

Equity

Portfolio,

Class

R6

6,678,068

—

72,994,206

(6,064,197)

172,863

3,751,433

70,854,305

877,261

209,614

NVIT

Emerging

Markets

Fund,

Class

Y

1,714,101

—

25,116,117

(751,328)

31,838

1,109,195

25,505,822

—

—

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

2,338,899

32,927,821

1,566,767

(17,036,137)

3,861,494

4,290,999

25,610,944

1,147,888

—

NVIT

GS

International

Equity

Insights

Fund,

Class

Y

2,310,324

—

32,402,591

(1,524,137)

26,491

908,221

31,813,166

270,081

—

NVIT

International

Index

Fund,

Class

Y

–

54,540,430

515,852

(63,500,173)

19,609,899

(11,166,008)

—

492,600

—

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y

5,098,837

116,491,691

28,520,015

(39,865,290)

1,302,144

14,444,875

120,893,435

503,330

1,135,602

NVIT

Mid

Cap

Index

Fund,

Class

Y

–

16,586,849

2,298,101

(18,131,006)

842,238

(1,596,182)

—

42,492

1,078,903

Nationwide

Bond

Portfolio,

Class

R6

12,096,044

—

107,798,394

(3,013,675)

58,685

(938,390)

103,905,014

3,313,150

—

Nationwide

Inflation-

Protected

Securities

Fund,

Class

R6

462,356

4,409,497

189,289

(511,226)

(107,518)

204,284

4,184,326

185,569

—

NVIT

Bond

Index

Fund,

Class

Y

13,073,217

327,739,180

27,844,925

(249,826,482)

(28,884,043)

41,569,770

118,443,350

8,831,834

—

NVIT

Loomis

Core

Bond

Fund,

Class

Y

8,936,114

44,299,309

43,708,995

(6,525,817)

(162,897)

1,518,190

82,837,780

2,781,469

—

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

6,392,738

44,246,011

23,108,491

(4,370,462)

(261,299)

309,657

63,032,398

2,576,864

—

#### Total

#### 920,512,029

#### 448,644,966

#### (591,242,827)

#### 15,926,305

#### 59,542,970

#### 853,383,443

#### 28,097,949

#### 16,119,803

#### Investor

#### Destinations

#### Capital

#### Appreciation

#### Security

#### Description

#### Shares/Principal

#### at

#### December

#### 31,

#### 2025

#### Market

#### Value

#### December

#### 31,

#### 2024

#### ($)

#### Purchases

#### at

#### Cost

#### \*

#### ($)

#### Proceeds

#### from

#### Sales

#### ($)

#### Net

#### Realized

#### Gains
(Losses)

#### ($)

#### Change

#### in

#### Unrealized

#### Appreciation/

#### Depreciation

#### ($)

#### Market

#### Value

#### December

#### 31,

#### 2025

#### ($)

#### Dividend/Interest

#### Income

#### ($)

#### Capital

#### Gain

#### Distributions

#### ($)
Nationwide

Strategic

Income

Fund,

Class

R6

1,438,273

—

14,688,319

—

—

(61,080)

14,627,239

165,836

—

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6

17,554,171

329,456,040

50,936,942

(166,740,780)

15,886,467

(2,036,608)

227,502,061

2,849,845

24,020,757

Nationwide

International

Equity

Portfolio,

Class

R6

10,065,226

63,775,064

80,263,343

(27,579,546)

3,001,954

11,991,035

131,451,850

10,132,708

1,994,053

Nationwide

Large

Cap

Equity

Portfolio,

Class

R6

13,629,652

—

146,776,850

(8,146,256)

191,142

5,788,870

144,610,606

1,793,670

428,582

NVIT

Emerging

Markets

Fund,

Class

Y

2,996,932

—

44,163,275

(960,975)

25,096

1,366,952

44,594,348

—

—

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Investor

Destinations

Funds

#### Security

#### Description

#### Shares/Principal

#### at

#### December

#### 31,

#### 2025

#### Market

#### Value

#### December

#### 31,

#### 2024

#### ($)

#### Purchases

#### at

#### Cost\*

#### ($)

#### Proceeds

#### from

#### Sales

#### ($)

#### Net

#### Realized

#### Gains
(Losses)

#### ($)

#### Change

#### in

#### Unrealized

#### Appreciation/

#### Depreciation

#### ($)

#### Market

#### Value

#### December

#### 31,

#### 2025

#### ($)

#### Dividend/Interest

#### Income

#### ($)

#### Capital

#### Gain

#### Distributions

#### ($)
NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

4,072,543

44,406,470

14,731,333

(26,067,717)

6,283,603

5,240,659

44,594,348

1,666,325

—

NVIT

GS

International

Equity

Insights

Fund,

Class

Y

4,621,323

—

64,297,582

(2,671,237)

29,184

1,980,092

63,635,621

535,695

—

NVIT

International

Index

Fund,

Class

Y

–

77,533,697

676,285

(89,793,542)

35,339,914

(23,756,354)

—

651,523

—

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y

9,585,225

148,524,397

87,662,527

(29,150,491)

87,649

20,141,608

227,265,690

862,514

1,364,355

NVIT

Mid

Cap

Index

Fund,

Class

Y

–

25,510,151

3,678,383

(27,991,642)

1,405,928

(2,602,820)

—

66,867

1,697,793

Nationwide

Bond

Portfolio,

Class

R6

11,397,809

—

100,704,571

(1,063,887)

13,580

(1,747,082)

97,907,182

3,121,902

—

NVIT

Bond

Index

Fund,

Class

Y

14,717,476

234,610,626

12,030,763

(119,501,090)

(14,289,970)

20,490,002

133,340,331

9,006,869

—

NVIT

Loomis

Core

Bond

Fund,

Class

Y

8,598,327

10,768,545

71,889,662

(2,269,762)

(57,134)

(624,820)

79,706,491

2,539,559

—

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

4,599,989

26,730,862

21,059,753

(2,276,639)

(139,750)

(18,335)

45,355,891

1,808,249

—

#### Total

#### 961,315,852

#### 713,559,588

#### (504,213,564)

#### 47,777,663

#### 36,152,119

#### 1,254,591,658

#### 35,201,562

#### 29,505,540

#### Investor

#### Destinations

#### Managed

#### Growth

#### &

#### Income

#### Security

#### Description

#### Shares/Principal

#### at

#### December

#### 31,

#### 2025

#### Market

#### Value

#### December

#### 31,

#### 2024

#### ($)

#### Purchases

#### at

#### Cost

#### \*

#### ($)

#### Proceeds

#### from

#### Sales

#### ($)

#### Net

#### Realized

#### Gains
(Losses)

#### ($)

#### Change

#### in

#### Unrealized

#### Appreciation/

#### Depreciation

#### ($)

#### Market

#### Value

#### December

#### 31,

#### 2025

#### ($)

#### Dividend/Interest

#### Income

#### ($)

#### Capital

#### Gain

#### Distributions

#### ($)
Nationwide

Strategic

Income

Fund,

Class

R6

721,310

—

7,485,018

(128,050)

(39) (21,202)

7,335,727

73,904

—

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6

3,338,213

81,994,251

11,820,812

(54,842,237)

5,845,328

(1,554,913)

43,263,241

656,067

4,548,915

Nationwide

International

Equity

Portfolio,

Class

R6

1,805,827

16,021,208

9,281,267

(6,040,800)

722,438

3,599,989

23,584,102

1,827,035

356,645

Nationwide

Large

Cap

Equity

Portfolio,

Class

R6

2,390,965

—

25,395,529

(1,385,933)

21,380

1,337,164

25,368,140

312,661

74,708

NVIT

Emerging

Markets

Fund,

Class

Y

614,230

—

8,893,336

(153,660)

2,593

397,468

9,139,737

—

—

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

835,473

11,269,329

684,411

(5,681,836)

1,302,164

1,574,359

9,148,427

410,076

—

NVIT

GS

International

Equity

Insights

Fund,

Class

Y

843,296

—

11,529,384

(250,581)

860

332,527

11,612,190

95,277

—

NVIT

International

Index

Fund,

Class

Y

–

19,808,071

277,287

(23,104,716)

6,722,649

(3,703,291)

—

171,284

—

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y

1,812,059

37,460,672

13,222,129

(13,198,082)

423,105

5,056,092

42,963,916

180,178

412,740

NVIT

Mid

Cap

Index

Fund,

Class

Y

–

5,657,701

995,215

(6,380,470)

284,321

(556,767)

—

15,209

386,179

Nationwide

Bond

Portfolio,

Class

R6

4,227,611

—

38,627,199

(1,993,875)

37,907

(356,054)

36,315,177

1,162,919

—

Nationwide

Inflation-

Protected

Securities

Fund,

Class

R6

160,888

1,504,395

156,056

(236,983)

(48,769)

81,339

1,456,038

64,097

—

NVIT

Bond

Index

Fund,

Class

Y

4,585,953

112,854,903

11,701,475

(87,342,470)

(5,439,697)

9,774,523

41,548,734

3,091,278

—

NVIT

Loomis

Core

Bond

Fund,

Class

Y

3,117,713

15,146,090

16,760,219

(3,460,681)

(64,146)

519,719

28,901,201

974,057

—

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

2,232,572

15,225,331

9,349,978

(2,570,167)

(85,713)

93,728

22,013,157

900,018

—

#### Total

#### 316,941,951

#### 166,179,315

#### (206,770,541)

#### 9,724,381

#### 16,574,681

#### 302,649,787

#### 9,934,060

#### 5,779,187
Investor

Destinations

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

Further

information

about

each

affiliated

Underlying

Fund

may

be

found

in

such

affiliated

Underlying

Fund's

most

recent

annual

report

to

shareholders,

which

is

available

at

www.nationwide.com/mutualfundsnvit

for

series

of

the

Trust

and

at

www.nationwide.

com/mutualfunds

for

series

of

NMF.

5. #### Line

#### of

#### Credit

#### and

#### Interfund

#### Lending
The

Trust

and

NMF

(together,

the

"Trusts") renewed

the credit

agreement

with

JPMorgan,

The

Bank

of

New

York

Mellon,

and

Wells

Fargo

Bank

National

Association

(the

"Lenders"),

permitting

the

Trusts,

in

aggregate,

to

borrow

up

to

$100,000,000.

Advances

taken

by

a

Fund

under

this

arrangement

would

be

primarily

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

the

Fund's

borrowing

restrictions.

The

line

of

credit

requires

a

commitment

fee

of

0.15%

per

year

on

$100,000,000.

Such

commitment

fee

shall

be

payable

quarterly

in

arrears

on

the

last

business

day

of

each

March,

June,

September

and

December

and

on

the

termination

date.

Borrowings

under

this

arrangement

accrued

interest

at

the

Federal

Funds

Rate

plus

the

applicable

margin.

Interest

costs,

if

any,

would

be

shown

on

the

Statement

of

Operations.

No

compensating

balances

are

required

under

the

terms

of

the

line

of

credit.

In

addition,

a

Fund

may

not

draw

any

portion

of

the

line

of

credit

that

is

provided

by

a

bank

that

is

an

affiliate

of

the

Fund's

subadviser,

if

applicable.

In

addition

to

any

rights

and

remedies

of

the

Lenders

provided

by

law,

each

Lender

has

the

right,

upon

any

amount

becoming

due

and

payable

by

the

Fund,

to

set-off

as

appropriate

and

apply

all

deposits

and

credits

held

by

or

owing

to

such

Lender

against

such

amount,

subject

to

the

terms

of

the

credit

agreement.

The

line

of

credit

is

renewed

annually,

and

next

expires

on

July

1,

2026. During

the

year

ended December

31,

2025,

the

Funds

had

no

borrowings

under

the

line

of

credit.

Pursuant

to

an

exemptive

order

issued

by

the

SEC

(the

"Order"),

the

Funds

may

participate

in

an

interfund

lending

program

among

Funds

managed

by

NFA.

The

program

allows

the

participating

Funds

to

borrow

money

from

and

loan

money

to

each

other

for

temporary

purposes,

subject

to

the

conditions

in

the

Order.

A

loan

can

only

be

made

through

the

program

if

the

interfund

loan

rate

on

that

day

is

more

favorable

to

both

the

borrowing

and

lending

Funds

as

compared

to

rates

available

through

short-term

bank

#### Investor

#### Destinations

#### Managed

#### Growth

#### Security

#### Description

#### Shares/Principal

#### at

#### December

#### 31,

#### 2025

#### Market

#### Value

#### December

#### 31,

#### 2024

#### ($)

#### Purchases

#### at

#### Cost

#### \*

#### ($)

#### Proceeds

#### from

#### Sales

#### ($)

#### Net

#### Realized

#### Gains
(Losses)

#### ($)

#### Change

#### in

#### Unrealized

#### Appreciation/

#### Depreciation

#### ($)

#### Market

#### Value

#### December

#### 31,

#### 2025

#### ($)

#### Dividend/Interest

#### Income

#### ($)

#### Capital

#### Gain

#### Distributions

#### ($)
Nationwide

Strategic

Income

Fund,

Class

R6

1,242,453

—

12,957,777

(285,555)

(36,519)

12,635,745

127,549

—

Nationwide

Fundamental

All

Cap

Equity

Portfolio,

Class

R6

8,339,418

247,122,931

22,367,799

(175,660,561)

21,158,399

(6,909,705)

108,078,863

1,835,197

11,394,882

Nationwide

International

Equity

Portfolio,

Class

R6

5,858,435

45,419,705

36,698,331

(17,844,365)

2,394,466

9,843,023

76,511,160

5,919,468

1,159,163

Nationwide

Large

Cap

Equity

Portfolio,

Class

R6

6,767,922

—

73,233,518

(5,409,760)

144,225

3,839,665

71,807,648

886,713

211,872

NVIT

Emerging

Markets

Fund,

Class

Y

1,704,826

—

24,805,109

(552,074)

11,583

1,103,193

25,367,811

—

—

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

2,309,126

32,399,478

1,614,393

(16,863,574)

3,887,816

4,246,822

25,284,935

1,146,151

—

NVIT

GS

International

Equity

Insights

Fund,

Class

Y

2,776,869

—

38,124,174

(985,651)

5,446

1,093,520

38,237,489

314,769

—

NVIT

International

Index

Fund,

Class

Y

–

55,841,023

544,172

(64,886,570)

18,994,756

(10,493,381)

—

471,485

—

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y

4,524,276

107,048,589

26,996,504

(41,312,860)

1,650,781

12,887,566

107,270,580

455,303

1,070,043

NVIT

Mid

Cap

Index

Fund,

Class

Y

–

15,048,438

2,453,522

(16,801,105)

781,921

(1,482,776)

—

39,156

994,196

Nationwide

Bond

Portfolio,

Class

R6

9,513,438

—

87,661,411

(4,895,478)

89,328

(1,134,833)

81,720,428

2,622,033

—

Nationwide

Inflation-

Protected

Securities

Fund,

Class

R6

369,496

3,604,458

371,266

(711,018)

(143,085)

222,318

3,343,939

150,850

—

NVIT

Bond

Index

Fund,

Class

Y

9,427,214

235,109,628

21,991,164

(180,598,190)

(9,523,479)

18,431,438

85,410,561

6,346,273

—

NVIT

Loomis

Core

Bond

Fund,

Class

Y

7,930,720

27,258,521

53,969,365

(7,672,192)

(121,241)

83,323

73,517,776

2,399,830

—

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

2,991,031

18,239,692

15,273,601

(3,936,691)

(104,156)

19,119

29,491,565

1,186,411

—

#### Total

#### 787,092,463

#### 419,062,106

#### (538,415,644)

#### 39,226,802

#### 31,712,773

#### 738,678,500

#### 23,901,188

#### 14,830,156
\*

Purchases

include

reinvestment

of

income

and

realized

gain

distributions,

as

applicable.

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Investor

Destinations

Funds

loans

or

investments

in

overnight

repurchase

agreements

and

money

market

funds,

respectively,

as

detailed

in

the

Order.

Further,

a

Fund

may

participate

in

the

program

only

if

and

to

the

extent

that

such

participation

is

consistent

with

its

investment

objectives

and

limitations.

Interfund

loans

have

a

maximum

duration

of

seven

days

and

may

be

called

on

one

business

day's

notice. During

the

year

ended December

31,

2025,

none

of

the

Funds

engaged

in

interfund

lending.

6. #### Investment

#### Transactions
For

the

year

ended

December

31,

2025,

purchases

and

sales

of

securities

(excluding

short-term

securities)

were

as

follows:

7. #### Portfolio

#### Investment

#### Risks

#### from

#### Underlying

#### Funds
The

affiliated

Underlying

Funds

in

which

the

Funds

invest

may

apply

any

of

a

variety

of

investment

strategies

and

may

invest

in

a

broad

range

of

asset

classes,

securities

and

other

investments

to

attempt

to

achieve

their

designated

investment

goals.

The

foregoing

is

not

intended

to

be

a

complete

discussion

of

all

risks

associated

with

the

investment

strategies

of

the

Funds.

Please

refer

to

the

current

prospectus

for

a

discussion

of

the

risks

associated

with

investing

in

the

Funds.

In

addition,

information

about

the

risks

of

an

investment

in

each

affiliated

Underlying

Fund

may

be

found

in

such

Underlying

Fund's

annual

report

to

shareholders,

which

is

available

at

www.nationwide.com/mutualfundsnvit

for

series

of

the

Trust,

at

www.nationwide.com/mutualfunds

for

series

of

NMF

and

at

the

SEC's

website

at

www.sec.gov.

Information

about

unaffiliated

Underlying

Fund

risks

may

be

found

in

such

Fund's

annual

or

semi-annual

report

to

shareholders.

Additional

information

about

derivatives-related

risks,

if

applicable

to

the

Underlying

Fund,

may

also

be

found

in

each

such

affiliated

or

unaffiliated

Underlying

Fund's annual

or

semi-annual

report

to

shareholders.

8. #### Indemnifications
Under

the

Trust's

organizational

documents,

the

Trust's

Officers

and

Trustees

are

indemnified

by

the

Trust

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

the

Trust

has

entered

into

indemnification

agreements

with

its

Trustees

and

certain

of

its

Officers.

Trust

Officers

receive

no

compensation

from

the

Trust

for

serving

as

its

Officers.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Trust's

maximum

liability

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

made

against

the

Trust.

Based

on

experience,

however,

the

Trust

expects

the

risk

of

loss

to

be

remote.

9. #### New

#### Accounting

#### Pronouncements
On

September

20,

2023,

the

SEC

adopted

amendments

to

the

current

rule

regarding

registered

fund

names,

as

well

as

certain

forms

and

disclosure

requirements.

The

amendments

are

intended

to

modernize

and

enhance

the

investor

protections

provided

by

Rule

35d-1

under

the

1940

Act

given

the

important

information

that

fund

names

can

convey

to

investors.

Management

is

currently

evaluating

the

implications

of

the

new

rule

and

the

impact

on

the

Funds'

financial

statement

disclosures

and

reporting

requirements.

10. #### Other

#### Matters
Each

Fund

is

a

shareholder

of

its

Underlying

Funds.

The

Underlying

Funds

do

not

charge

a

Fund

any

sales

charge

for

buying

or

selling

Underlying

Fund

shares.

However,

a

Fund

indirectly

pays

a

portion

of

the

operating

expenses

of

each

Underlying

Fund

in

which

it

invests,

including

management,

administration

and

custodian

fees

of

the

Underlying

Funds.

These

expenses

are

deducted

from

each

Underlying

Fund's

net

assets

before

its

share

price

is

calculated

and

are

in

addition

to

the

fees

and

expenses

of

a

Fund.

Actual

indirect

expenses

vary

depending

on

how

a

Fund's

assets

are

allocated

among

the

Underlying

Funds.

#### Fund

#### Purchases

#### \*

#### Sales
Investor

Destinations

Aggressive

$

244,578,424

$

243,160,339

Investor

Destinations

Moderately

Aggressive

600,384,387

646,461,183

Investor

Destinations

Moderate

1,007,460,299

1,113,504,906

Investor

Destinations

Moderately

Conservative

296,847,816

317,093,300

Investor

Destinations

Conservative

276,448,398

286,631,826

Investor

Destinations

Balanced

611,225,426

691,343,263

Investor

Destinations

Capital

Appreciation

882,958,042

558,877,465

Investor

Destinations

Managed

Growth

&

Income

222,765,579

239,518,619

Investor

Destinations

Managed

Growth

507,723,302

598,452,839

\*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Investor

Destinations

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

11. #### Federal

#### Tax

#### Information
The

tax

character

of

distributions

paid

during

the

year

ended December

31,

2025

was

as

follows:

The

Funds

did

not

make

any

distributions

for

the

year

ended

December

31,

2024. As

of

December

31,

2025,

the

components

of

accumulated

earnings/(deficit)

on

a

tax

basis

were

as

follows:

As

of

December

31,

2025,

the

tax

cost

of

investments

(including

derivative

contracts)

and

the

breakdown

of

unrealized

appreciation/

(depreciation)

for

each

Fund

was

as

follows:

#### Distributions

#### paid

#### from

#### Fund

#### Ordinary

#### Income\*

#### Net

#### Long-Term

#### Capital

#### Gains

#### Total

#### Taxable

#### Distributions

#### Return

#### of

#### Capital

#### Total

#### Distributions

#### Paid
Investor

Destinations

Aggressive

$

2,358,731

$

4,426,300

$

6,785,031

$

–

$

6,785,031

Investor

Destinations

Moderately

Aggressive

4,886,101

4,567,502

9,453,603

–

9,453,603

Investor

Destinations

Moderate

–

–

–

–

–

Investor

Destinations

Moderately

Conservative

–

–

–

–

–

Investor

Destinations

Conservative

–

–

–

–

–

Investor

Destinations

Balanced

–

–

–

–

–

Investor

Destinations

Capital

Appreciation

6,618,504

8,553,439

15,171,943

–

15,171,943

Investor

Destinations

Managed

Growth

&

Income

–

–

–

–

–

Investor

Destinations

Managed

Growth

–

–

–

–

–

\*

Ordinary

Income

amounts

include

taxable

market

discount

and

net

short-term

capital

gains,

if

any.

#### Fund

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### Accumulated

#### Earnings

#### Distributions

#### Payable

#### Accumulated

#### Capital

#### and

#### Other

#### Losses

#### Unrealized

#### Appreciation/

#### (Depreciation)\*

#### Total

#### Accumulated

#### Earnings
(Deficit)

Investor

Destinations

Aggressive

$

15,994,997

$

32,728,299

$

48,723,296

$

–

$

–

48,994,948

97,718,244

Investor

Destinations

Moderately

Aggressive

43,548,455

62,987,933

106,536,388

–

–

92,175,866

198,712,254

Investor

Destinations

Moderate

63,510,933

22,006,114

85,517,047

–

–

119,430,038

204,947,085

Investor

Destinations

Moderately

Conservative

16,938,295

–

16,938,295

–

(14,110,749)

17,248,829

20,076,375

Investor

Destinations

Conservative

15,236,791

–

15,236,791

–

(33,553,662)

1,611,951

(16,704,920)

Investor

Destinations

Balanced

35,216,484

–

35,216,484

–

–

57,972,993

93,189,477

Investor

Destinations

Capital

Appreciation

49,059,402

50,863,865

99,923,267

–

–

84,571,247

184,494,514

Investor

Destinations

Managed

Growth

&

Income

12,728,805

–

12,728,805

–

(15,144,330)

17,423,764

15,008,239

Investor

Destinations

Managed

Growth

30,269,672

–

30,269,672

–

(25,418,629)

53,190,850

58,041,893

\*

The

difference

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

is

primarily

attributable

to

timing

differences

in

recognizing

certain

gains

and

losses

on

investment

transactions.

#### Fund

#### Tax

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation/
(Depreciation)

Investor

Destinations

Aggressive

$

429,628,971

$

49,617,506

$

(622,558)

$

48,994,948

Investor

Destinations

Moderately

Aggressive

977,638,992

96,184,856

(4,008,990)

92,175,866

Investor

Destinations

Moderate

1,724,869,001

133,247,320

(13,817,282)

119,430,038

Investor

Destinations

Moderately

Conservative

488,599,322

22,459,273

(5,210,444)

17,248,829

Investor

Destinations

Conservative

449,702,534

7,653,373

(6,041,422)

1,611,951

Investor

Destinations

Balanced

1,020,758,710

67,383,093

(9,410,100)

57,972,993

Investor

Destinations

Capital

Appreciation

1,421,167,049

97,876,549

(13,305,302)

84,571,247

Investor

Destinations

Managed

Growth

&

Income

372,636,197

22,847,144

(2,644,992)

20,202,152

Investor

Destinations

Managed

Growth

809,684,521

65,261,638

(5,590,081)

59,671,557

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Investor

Destinations

Funds

As

of

December

31,

2025,

for

federal

income

tax

purposes,

the

Funds

have

capital

loss

carryforwards

available

to

offset

future

capital

gains,

if

any,

to

the

extent

provided

by

the

U.S.

Treasury

regulations

and

in

any

given

year

may

be

limited

due

to

large

shareholder

redemptions

or

contributions.

Capital

loss

carryforwards

do

not

expire.

The

following

table

represents

capital

loss

carryforwards

available

as

of

December

31,

2025. During

the

year

ended December

31,

2025,

the

Funds

had

capital

loss

carryforwards

that

were

utilized

and

are

no

longer

eligible

to

offset

future

capital

gains,

if

any,

in

the

following

amounts.

12. #### Subsequent

#### Events
Management

has

evaluated

the

impact

of

subsequent

events

on

the

Funds

and

has

determined

that

there

are

no subsequent

events

requiring

recognition

or

disclosure

in

the

financial

statements.

#### Fund

#### Amount
Investor

Destinations

Moderately

Conservative

$

(14,110,749)

Investor

Destinations

Conservative

(33,553,662)

Investor

Destinations

Managed

Growth

&

Income

(15,144,330)

Investor

Destinations

Managed

Growth

(25,418,629)

#### Fund

#### Utilized
Investor

Destinations

Moderate

$

28,189,088

Investor

Destinations

Balanced

12,743,285

Investor

Destinations

Managed

Growth

493,426

Investor

Destinations

Funds

-

December

31,

2025

-

Report

of

Independent

Registered

Public

Accounting

Firm

-

#### To

#### the

#### Board

#### of

#### Trustees

#### of

#### Nationwide

#### Variable

#### Insurance

#### Trust

#### and

#### Shareholders

#### of

#### NVIT

#### Investor

#### Destinations

#### Aggressive

#### Fund,

#### NVIT

#### Investor

#### Destinations

#### Moderately

#### Aggressive

#### Fund,

#### NVIT

#### Investor

#### Destinations

#### Moderate

#### Fund,

#### NVIT

#### Investor

#### Destinations

#### Moderately

#### Conservative

#### Fund,

#### NVIT

#### Investor

#### Destinations

#### Conservative

#### Fund,

#### NVIT

#### Investor

#### Destinations

#### Balanced

#### Fund,

#### NVIT

#### Investor

#### Destinations

#### Capital

#### Appreciation

#### Fund,

#### NVIT

#### Investor

#### Destinations

#### Managed

#### Growth

#### &

#### Income

#### Fund

#### and

#### NVIT

#### Investor

#### Destinations

#### Managed

#### Growth

#### Fund

#### Opinions

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

statements

of

investments,

of

NVIT

Investor

Destinations

Aggressive

Fund,

NVIT

Investor

Destinations

Moderately

Aggressive

Fund,

NVIT

Investor

Destinations

Moderate

Fund,

NVIT

Investor

Destinations

Moderately

Conservative

Fund,

NVIT

Investor

Destinations

Conservative

Fund,

NVIT

Investor

Destinations

Balanced

Fund,

NVIT

Investor

Destinations

Capital

Appreciation

Fund,

NVIT

Investor

Destinations

Managed

Growth

&

Income

Fund

and

NVIT

Investor

Destinations

Managed

Growth

Fund

(nine

of

the

funds

constituting

Nationwide

Variable

Insurance

Trust,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

December

31,

2025,

the

related

statements

of

operations

for

the

year

ended

December

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

December

31,

2025,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinions
These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025

by

correspondence

with

the

custodian,

transfer

agents

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

#### /s/PricewaterhouseCoopers

#### LLP

#### Philadelphia,

#### Pennsylvania

#### February

#### 20,

#### 2026
We

have

served

as

the

auditor

of

one

or

more

investment

companies

of

Nationwide

Funds,

which

includes

the

investment

companies

of

Nationwide

Variable

Insurance

Trust,

since

1997. 76

-

Supplemental

Information

-

December

31,

2025

(Unaudited)

-

Investor

Destinations

Funds

#### Other

#### Federal

#### Tax

#### Information
For

the

year

ended

December

31,

2025, certain

dividends

paid

by

the

Fund

may

be

subject

to

a

maximum

tax

rate

of

20%

as

provided

for

by

the

Jobs

and

Growth

Tax

Relief

Reconciliation

Act

of

2003. The

Fund

intends

to

designate

the

maximum

amount

allowable

as

taxed

at

a

maximum

rate

of

15%.

Complete

information

will

be

reported

in

conjunction

with

your

2025

Form

1099-DIV.

For

the

taxable

year

ended

December

31,

2025,

the

following

percentages

of

income

dividends

paid

by

the

Funds

qualify

for

the

dividends

received

deduction

available

to

corporations:

The

Fund

designates

the

following

amount,

or

the

maximum

amount

allowable

under

the

Internal

Revenue

Code,

as

long

term

capital

gain

distributions

qualifying

for

the

maximum

20%

income

tax

rate

for

individuals:

Certain

Funds

have

derived

net

income

from

sources

within

foreign

countries.

As

of

December

31,

2025,

the

foreign

source

income

for

each

Fund

was

as

follows:

#### Fund

#### Dividends

#### Received

#### Deduction
Investor

Destinations

Aggressive

14.82 %

Investor

Destinations

Moderately

Aggressive

10.88 Investor

Destinations

Moderate

10.64 Investor

Destinations

Moderately

Conservative

7.32 Investor

Destinations

Conservative

4.43 Investor

Destinations

Balanced

10.64 Investor

Destinations

Capital

Appreciation

11.97 Investor

Destinations

Managed

Growth

&

Income

10.47 Investor

Destinations

Managed

Growth

10.94 #### Fund

#### Amount
Investor

Destinations

Aggressive

$

4,426,300

Investor

Destinations

Moderately

Aggressive

4,567,502

Investor

Destinations

Moderate

–

Investor

Destinations

Moderately

Conservative

–

Investor

Destinations

Conservative

–

Investor

Destinations

Balanced

–

Investor

Destinations

Capital

Appreciation

8,553,439

Investor

Destinations

Managed

Growth

&

Income

–

Investor

Destinations

Managed

Growth

–

#### Fund

#### Amount

#### Per

#### Share
Investor

Destinations

Aggressive

$

2,144,691

$

0.0650 Investor

Destinations

Moderately

Aggressive

4,748,198

0.0533 Investor

Destinations

Moderate

5,875,636

0.0363 Investor

Destinations

Moderately

Conservative

1,694,315

0.0380 Investor

Destinations

Conservative

1,208,958

0.0303 Investor

Destinations

Balanced

3,497,850

0.0531 Investor

Destinations

Capital

Appreciation

4,688,285

0.0505 Investor

Destinations

Managed

Growth

&

Income

1,299,235

0.0402 Investor

Destinations

Managed

Growth

3,016,470

0.0408 Investor

Destinations

Funds

-

December

31,

2025

(Unaudited)

-

Supplemental

Information

-

Certain

Funds

intend

to

elect

to

pass

through

to

shareholders

the

income

tax

credit

for

taxes

paid

to

foreign

countries.

As

of

December

31,

2025,

the

foreign

tax

credit

for

each

Fund

was

as

follows:

#### Fund

#### Amount

#### Per

#### Share
Investor

Destinations

Aggressive

$

232,989

$

0.0071 Investor

Destinations

Moderately

Aggressive

505,725

0.0057 Investor

Destinations

Moderate

570,413

0.0035 Investor

Destinations

Moderately

Conservative

124,001

0.0028 Investor

Destinations

Conservative

52,688

0.0013 Investor

Destinations

Balanced

268,420

0.0041 Investor

Destinations

Capital

Appreciation

426,507

0.0046 Investor

Destinations

Managed

Growth

&

Income

99,593

0.0031 Investor

Destinations

Managed

Growth

288,057

0.0039 P.O.

Box

701

Milwaukee,

WI

53201-0701

#### nationwide.com/mutualfunds
NAR-ID

(2-26)

#### Annual

#### Financial

#### Statements
December

31,

2025

Nationwide

Variable

Insurance

Trust

Blueprint

Funds

NVIT

Blueprint

SM

Aggressive

Fund

NVIT

Blueprint

SM

Moderately

Aggressive

Fund

NVIT

Blueprint

SM

Moderate

Fund

NVIT

Blueprint

SM

Moderately

Conservative

Fund

NVIT

Blueprint

SM

Conservative

Fund

NVIT

Blueprint

SM

Balanced

Fund

NVIT

Blueprint

SM

Capital

Appreciation

Fund

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

NVIT

Blueprint

SM

Managed

Growth

Fund

#### IMPORTANT

#### INFORMATION
If

you

wish

to

receive

reports

and

other

Fund

documents

via

eDelivery

you

may

choose

this

option

by:

-

Calling

1-800-848-6331

-

Logging

into

your

account

at

https://www.nationwide.com/personal/investing/mutual-funds/

and

choosing

'Log

in',

or

by

contacting

your

financial

intermediary

(such

as

a

broker-dealer

or

bank).

You

can

access

the

full

report

and

other

details

online

at

https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html

Nationwide

Funds®

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.

Copies

of

the

first

and

third-quarter

holdings

are

available

with

the

Fund's

regulatory

documents

at

https://www.nationwide.com/mutual-funds-prospectuses.jsp.

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

N-MFP

are

available

on

the

SEC's

website

at

http://www.sec.gov

.

Forms

N-PORT

and

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

1-800-SEC-0330.

The

Trust

also

makes

this

information

available

to

investors

on

https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html

or

upon

request

without

charge.

Statement

Regarding

Availability

of

Proxy

Voting

Record

Federal

law

requires

the

Trust

and

each

of

its

investment

advisers

and

subadvisers

to

adopt

procedures

for

voting

proxies

(the

"Proxy

Voting

Guidelines")

and

to

provide

a

summary

of

those

Proxy

Voting

Guidelines

used

to

vote

the

securities

held

by

a

Fund.

The

Funds'

proxy

voting

policies

and

procedures,

as

well

as

information

regarding

how

the

Funds

voted

for

proxies

relating

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

is

available:

-

By

calling

1-800-848-0920

-

On

the

Fund's

website

at

https://www.nationwide.com/personal/investing/mutual-funds/proxy-voting/

-

On

the

SEC's

website

at

http://www.sec.gov

Funds

are

required

to

disclose

proxy

votes

using

the

issuer's

proxy

card

language

and

order,

categorize

votes

by

topic,

and

report

shares

voted

versus

shares

loaned

but

not

recalled.

#### Before

#### purchasing

#### a

#### variable

#### annuity,

#### 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

#### 1-800-848-6331.

#### Read

#### the

#### prospectus

#### carefully

#### before

#### making

#### a

#### purchase.
Variable

annuities

are

issued

by

Nationwide

Life

Insurance

Company,

Columbus,

Ohio.

The

Nationwide

Variable

Insurance

Trust

(NVIT)

Funds

are

distributed

by

Nationwide

Fund

Distributors

LLC

(NFD),

member

FINRA,

Columbus,

Ohio.

NFD

is

not

affiliated

with

any

subadviser

contracted

by

Nationwide

Fund

Advisors,

except

for

Nationwide

Asset

Management,

LLC,

and

is

not

affiliated

with

Morningstar,

Inc.

Nationwide,

the

Nationwide

N

and

Eagle,

and

Nationwide

is

on

your

side

are

service

marks

of

Nationwide

Mutual

Insurance

Company.©2026

Nationwide

Table

of

Contents

#### Statements

#### of

#### Investments

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Statements

#### of

#### Operations

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets

#### Financial

#### Highlights

#### Notes

#### to

#### Financial

#### Statements

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

#### Supplemental

#### Information

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Blueprint

SM

Aggressive

Fund

#### Investment

#### Companies

#### 94

#### .5

#### %

#### Shares

#### Value

#### ($)

#### Equity

#### Funds

#### 85.4%
Nationwide

Large

Cap

Equity

Portfolio,

Class

R6(a)

4,568,970

48,476,776

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

946,270

10,361,653

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

2,160,543

29,750,671

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

4,098,865

52,752,396

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

1,166,323

14,275,793

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y(a)

2,053,847

48,696,705

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

4,471,462

51,913,673

#### Total

#### Equity

#### Funds

#### (cost

#### $223,455,189)

#### 256,227,667

#### Fixed

#### Income

#### Funds

#### 9.1%
Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

317,181

3,032,247

#### Investment

#### Companies

#### Shares

#### Value

#### ($)
NVIT

Loomis

Core

Bond

Fund,

Class

Y(a)

2,614,243

24,234,034

#### Total

#### Fixed

#### Income

#### Funds

#### (cost

#### $27,235,174)

#### 27,266,281

#### Total

#### Investment

#### Companies

#### (cost

#### $250,690,363)

#### 283,493,948

#### Exchange

#### Traded

#### Funds

#### 5

#### .5

#### %

#### Equity

#### Funds

#### 5.5%
iShares

Core

MSCI

EAFE

ETF

20,391

1,824,179

iShares

Core

S&P

500

ETF

12,999

8,903,536

JPMorgan

Equity

Premium

Income

ETF

102,765

5,882,268

#### Total

#### Exchange

#### Traded

#### Funds

#### (cost

#### $15,049,907)

#### 16,609,983

#### Total

#### Investments

#### (cost

#### $265,740,270)

#### —

#### 100.0%

#### 300,103,931

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### 0.0%

#### †

#### (#### 30,830

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 300,073,101
†

Amount

rounds

to

less

than

0.1%.

(a) Investment

in

affiliate.

ETF

Exchange

Traded

Fund

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.
NVIT

Blueprint

SM

Moderately

Aggressive

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Investment

#### Companies

#### 94

#### .7

#### %

#### Shares

#### Value

#### ($)

#### Equity

#### Funds

#### 72.8%
Nationwide

Large

Cap

Equity

Portfolio,

Class

R6(a)

6,300,645

66,849,848

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

1,268,517

13,890,262

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

2,988,962

41,158,009

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

5,725,716

73,689,959

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

1,659,591

20,313,395

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y(a)

2,863,069

67,883,359

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

6,464,973

75,058,333

#### Total

#### Equity

#### Funds

#### (cost

#### $308,981,397)

#### 358,843,165

#### Fixed

#### Income

#### Funds

#### 21.9%
Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

1,016,786

9,720,477

NVIT

Loomis

Core

Bond

Fund,

Class

Y(a)

9,557,792

88,600,732

#### Investment

#### Companies

#### Shares

#### Value

#### ($)
NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

987,089

9,732,702

#### Total

#### Fixed

#### Income

#### Funds

#### (cost

#### $112,600,347)

#### 108,053,911

#### Total

#### Investment

#### Companies

#### (cost

#### $421,581,744)

#### 466,897,076

#### Exchange

#### Traded

#### Funds

#### 5

#### .3

#### %

#### Equity

#### Funds

#### 5.3%
iShares

Core

MSCI

EAFE

ETF

17,129

1,532,360

iShares

Core

S&P

500

ETF

21,815

14,941,966

JPMorgan

Equity

Premium

Income

ETF

172,645

9,882,200

#### Total

#### Exchange

#### Traded

#### Funds

#### (cost

#### $24,076,124)

#### 26,356,526

#### Total

#### Investments

#### (cost

#### $445,657,868)

#### —

#### 100.0%

#### 493,253,602

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### 0.0%

#### †

#### (#### 163,535

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 493,090,067
†

Amount

rounds

to

less

than

0.1%.

(a) Investment

in

affiliate.

ETF

Exchange

Traded

Fund

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Blueprint

SM

Moderate

Fund

#### Investment

#### Companies

#### 94

#### .0

#### %

#### Shares

#### Value

#### ($)

#### Equity

#### Funds

#### 55.2%
Nationwide

Large

Cap

Equity

Portfolio,

Class

R6(a)

18,554,386

196,862,041

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

2,703,613

29,604,559

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

6,117,757

84,241,520

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

17,384,733

223,741,518

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

3,330,514

40,765,495

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y(a)

8,301,272

196,823,158

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

19,321,775

224,325,809

#### Total

#### Equity

#### Funds

#### (cost

#### $859,072,338)

#### 996,364,100

#### Fixed

#### Income

#### Funds

#### 38.8%
Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

4,702,659

44,957,416

NVIT

Loomis

Core

Bond

Fund,

Class

Y(a)

58,914,348

546,136,002

#### Investment

#### Companies

#### Shares

#### Value

#### ($)
NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

10,956,053

108,026,682

#### Total

#### Fixed

#### Income

#### Funds

#### (cost

#### $753,115,316)

#### 699,120,100

#### Total

#### Investment

#### Companies

#### (cost

#### $1,612,187,654)

#### 1,695,484,200

#### Exchange

#### Traded

#### Funds

#### 6

#### .0

#### %

#### Equity

#### Funds

#### 6.0%
iShares

Core

MSCI

EAFE

ETF

190,119

17,008,046

iShares

Core

S&P

500

ETF

79,876

54,710,268

JPMorgan

Equity

Premium

Income

ETF

635,606

36,382,087

#### Total

#### Exchange

#### Traded

#### Funds

#### (cost

#### $96,420,214)

#### 108,100,401

#### Total

#### Investments

#### (cost

#### $1,708,607,868)

#### —

#### 100.0%

#### 1,803,584,601

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### 0.0%

#### †

#### (#### 374,863

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 1,803,209,738
†

Amount

rounds

to

less

than

0.1%.

(a) Investment

in

affiliate.

ETF

Exchange

Traded

Fund

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.
NVIT

Blueprint

SM

Moderately

Conservative

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Investment

#### Companies

#### 94

#### .1

#### %

#### Shares

#### Value

#### ($)

#### Equity

#### Funds

#### 36.0%
Nationwide

Large

Cap

Equity

Portfolio,

Class

R6(a)

2,622,741

27,827,281

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

809,209

8,860,834

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

1,434,077

19,747,237

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

2,741,101

35,277,967

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

478,607

5,858,156

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y(a)

1,170,885

27,761,685

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

3,587,421

41,649,961

#### Total

#### Equity

#### Funds

#### (cost

#### $141,381,658)

#### 166,983,121

#### Fixed

#### Income

#### Funds

#### 58.1%
Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,025,329

9,279,224

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

1,951,657

18,657,836

NVIT

Loomis

Core

Bond

Fund,

Class

Y(a)

20,495,367

189,992,053

#### Investment

#### Companies

#### Shares

#### Value

#### ($)
NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

5,174,107

51,016,693

#### Total

#### Fixed

#### Income

#### Funds

#### (cost

#### $288,852,433)

#### 268,945,806

#### Total

#### Investment

#### Companies

#### (cost

#### $430,234,091)

#### 435,928,927

#### Exchange

#### Traded

#### Funds

#### 5

#### .9

#### %

#### Equity

#### Funds

#### 5.9%
iShares

Core

MSCI

EAFE

ETF

47,418

4,242,014

iShares

Core

S&P

500

ETF

20,310

13,911,132

JPMorgan

Equity

Premium

Income

ETF

162,254

9,287,419

#### Total

#### Exchange

#### Traded

#### Funds

#### (cost

#### $24,446,652)

#### 27,440,565

#### Total

#### Investments

#### (cost

#### $454,680,743)

#### —

#### 100.0%

#### 463,369,492

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### 0.0%

#### †

#### (#### 126,528

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 463,242,964
†

Amount

rounds

to

less

than

0.1%.

(a) Investment

in

affiliate.

ETF

Exchange

Traded

Fund

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Blueprint

SM

Conservative

Fund

#### Investment

#### Companies

#### 94

#### .8

#### %

#### Shares

#### Value

#### ($)

#### Equity

#### Funds

#### 17.7%
Nationwide

Large

Cap

Equity

Portfolio,

Class

R6(a)

1,225,478

13,002,321

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

402,254

4,404,685

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

514,807

7,088,895

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

1,052,594

13,546,880

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

138,964

1,700,922

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y(a)

549,429

13,026,971

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

2,110,604

24,504,109

#### Total

#### Equity

#### Funds

#### (cost

#### $64,407,938)

#### 77,274,783

#### Fixed

#### Income

#### Funds

#### 77.1%
Nationwide

Inflation-Protected

Securities

Fund,

Class

R6(a)

1,926,459

17,434,455

Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

2,511,878

24,013,551

NVIT

Loomis

Core

Bond

Fund,

Class

Y(a)

25,638,623

237,670,036

#### Investment

#### Companies

#### Shares

#### Value

#### ($)
NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

5,762,558

56,818,820

#### Total

#### Fixed

#### Income

#### Funds

#### (cost

#### $352,085,787)

#### 335,936,862

#### Total

#### Investment

#### Companies

#### (cost

#### $416,493,725)

#### 413,211,645

#### Exchange

#### Traded

#### Funds

#### 5

#### .2

#### %

#### Equity

#### Funds

#### 5.2%
iShares

Core

MSCI

EAFE

ETF

29,482

2,637,459

iShares

Core

S&P

500

ETF

16,487

11,292,606

JPMorgan

Equity

Premium

Income

ETF

151,074

8,647,476

#### Total

#### Exchange

#### Traded

#### Funds

#### (cost

#### $20,318,166)

#### 22,577,541

#### Total

#### Investments

#### (cost

#### $436,811,891)

#### —

#### 100.0%

#### 435,789,186

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### 0.0%

#### †

#### (#### 108,486

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 435,680,700
†

Amount

rounds

to

less

than

0.1%.

(a) Investment

in

affiliate.

ETF

Exchange

Traded

Fund

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.
NVIT

Blueprint

SM

Balanced

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Investment

#### Companies

#### 94

#### .0

#### %

#### Shares

#### Value

#### ($)

#### Equity

#### Funds

#### 44.2%
Nationwide

Large

Cap

Equity

Portfolio,

Class

R6(a)

11,273,988

119,617,017

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

2,697,282

29,535,234

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

4,428,495

60,980,374

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

10,551,456

135,797,242

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

2,096,007

25,655,126

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y(a)

5,083,186

120,522,330

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

13,098,287

152,071,113

#### Total

#### Equity

#### Funds

#### (cost

#### $551,082,328)

#### 644,178,436

#### Fixed

#### Income

#### Funds

#### 49.8%
Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

5,325,849

50,915,117

NVIT

Loomis

Core

Bond

Fund,

Class

Y(a)

58,628,575

543,486,893

#### Investment

#### Companies

#### Shares

#### Value

#### ($)
NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

13,258,279

130,726,628

#### Total

#### Fixed

#### Income

#### Funds

#### (cost

#### $784,611,973)

#### 725,128,638

#### Total

#### Investment

#### Companies

#### (cost

#### $1,335,694,301)

#### 1,369,307,074

#### Exchange

#### Traded

#### Funds

#### 6

#### .0

#### %

#### Equity

#### Funds

#### 6.0%
iShares

Core

MSCI

EAFE

ETF

153,795

13,758,501

iShares

Core

S&P

500

ETF

64,648

44,280,001

JPMorgan

Equity

Premium

Income

ETF

509,961

29,190,167

#### Total

#### Exchange

#### Traded

#### Funds

#### (cost

#### $77,734,295)

#### 87,228,669

#### Total

#### Investments

#### (cost

#### $1,413,428,596)

#### —

#### 100.0%

#### 1,456,535,743

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### 0.0%

#### †

#### (#### 718,388

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 1,455,817,355
†

Amount

rounds

to

less

than

0.1%.

(a) Investment

in

affiliate.

ETF

Exchange

Traded

Fund

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Blueprint

SM

Capital

Appreciation

Fund

#### Investment

#### Companies

#### 94

#### .0

#### %

#### Shares

#### Value

#### ($)

#### Equity

#### Funds

#### 64.3%
Nationwide

Large

Cap

Equity

Portfolio,

Class

R6(a)

24,303,929

257,864,689

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

3,808,019

41,697,811

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

5,445,174

74,980,047

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

20,424,209

262,859,572

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

4,842,692

59,274,552

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y(a)

10,939,241

259,369,400

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

20,085,371

233,191,153

#### Total

#### Equity

#### Funds

#### (cost

#### $1,035,181,448)

#### 1,189,237,224

#### Fixed

#### Income

#### Funds

#### 29.7%
Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

3,851,730

36,822,543

NVIT

Loomis

Core

Bond

Fund,

Class

Y(a)

49,280,880

456,833,755

#### Investment

#### Companies

#### Shares

#### Value

#### ($)
NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

5,608,390

55,298,724

#### Total

#### Fixed

#### Income

#### Funds

#### (cost

#### $590,811,246)

#### 548,955,022

#### Total

#### Investment

#### Companies

#### (cost

#### $1,625,992,694)

#### 1,738,192,246

#### Exchange

#### Traded

#### Funds

#### 6

#### .0

#### %

#### Equity

#### Funds

#### 6.0%
iShares

Core

MSCI

EAFE

ETF

194,643

17,412,763

iShares

Core

S&P

500

ETF

82,259

56,342,479

JPMorgan

Equity

Premium

Income

ETF

653,424

37,401,990

#### Total

#### Exchange

#### Traded

#### Funds

#### (cost

#### $99,196,509)

#### 111,157,232

#### Total

#### Investments

#### (cost

#### $1,725,189,203)

#### —

#### 100.0%

#### 1,849,349,478

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### 0.0%

#### †

#### (#### 351,436

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 1,848,998,042
†

Amount

rounds

to

less

than

0.1%.

(a) Investment

in

affiliate.

ETF

Exchange

Traded

Fund

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.
NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Investment

#### Companies

#### 88

#### .6

#### %

#### Shares

#### Value

#### ($)

#### Equity

#### Funds

#### 42.3%
Nationwide

Large

Cap

Equity

Portfolio,

Class

R6(a)

3,538,944

37,548,197

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

842,753

9,228,146

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

1,421,431

19,573,108

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

3,320,750

42,738,055

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

679,340

8,315,120

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y(a)

1,580,281

37,468,470

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

4,171,701

48,433,449

#### Total

#### Equity

#### Funds

#### (cost

#### $173,608,506)

#### 203,304,545

#### Fixed

#### Income

#### Funds

#### 46.3%
Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

1,630,334

15,585,993

NVIT

Loomis

Core

Bond

Fund,

Class

Y(a)

17,986,908

166,738,633

#### Investment

#### Companies

#### Shares

#### Value

#### ($)
NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

4,070,206

40,132,234

#### Total

#### Fixed

#### Income

#### Funds

#### (cost

#### $230,377,870)

#### 222,456,860

#### Total

#### Investment

#### Companies

#### (cost

#### $403,986,376)

#### 425,761,405

#### Exchange

#### Traded

#### Funds

#### 5

#### .6

#### %

#### Equity

#### Funds

#### 5.6%
iShares

Core

MSCI

EAFE

ETF

47,505

4,249,797

iShares

Core

S&P

500

ETF

20,086

13,757,705

JPMorgan

Equity

Premium

Income

ETF

160,057

9,161,663

#### Total

#### Exchange

#### Traded

#### Funds

#### (cost

#### $24,265,865)

#### 27,169,165

#### Total

#### Investments

#### (cost

#### $428,252,241)

#### —

#### 94.2%

#### 452,930,570

#### Other

#### assets

#### in

#### excess

#### of

#### liabilities

#### —

#### 5.8%

#### 27,837,356

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 480,767,926
(a) Investment

in

affiliate.

ETF

Exchange

Traded

Fund

#### Futures

#### contracts

#### outstanding

#### as

#### of

#### December

#### 31,

#### 2025:

#### Description

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### ($)

#### Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Long

#### Contracts
MSCI

EAFE

E-Mini

Index

3/2026

USD

11,608,400

6,917

Russell

2000

E-Mini

Index

3/2026

USD

2,747,800

(74,801)

S&P

500

E-Mini

Index

3/2026

USD

63,755,625

(89,891)

S&P

Midcap

E-Mini

Index

3/2026

USD

3,325,200

(51,448)

#### Net

#### contracts
(209,223)

#### Currency:
USD

United

States

Dollar

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Blueprint

SM

Managed

Growth

Fund

#### Investment

#### Companies

#### 87

#### .5

#### %

#### Shares

#### Value

#### ($)

#### Equity

#### Funds

#### 52.0%
Nationwide

Large

Cap

Equity

Portfolio,

Class

R6(a)

10,242,457

108,672,468

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y(a)

1,467,566

16,069,852

NVIT

GS

International

Equity

Insights

Fund,

Class

Y(a)

3,444,258

47,427,432

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y(a)

9,629,421

123,930,644

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y(a)

1,891,071

23,146,709

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y(a)

4,545,137

107,765,205

NVIT

U.S.

130/30

Equity

Fund,

Class

Y(a)

10,823,299

125,658,507

#### Total

#### Equity

#### Funds

#### (cost

#### $473,610,969)

#### 552,670,817

#### Fixed

#### Income

#### Funds

#### 35.5%
Nationwide

Loomis

Core

Bond

Fund,

Class

R6(a)

2,535,044

24,235,019

NVIT

Loomis

Core

Bond

Fund,

Class

Y(a)

31,843,839

295,192,388

#### Investment

#### Companies

#### Shares

#### Value

#### ($)
NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y(a)

5,906,467

58,237,769

#### Total

#### Fixed

#### Income

#### Funds

#### (cost

#### $388,581,238)

#### 377,665,176

#### Total

#### Investment

#### Companies

#### (cost

#### $862,192,207)

#### 930,335,993

#### Exchange

#### Traded

#### Funds

#### 5

#### .6

#### %

#### Equity

#### Funds

#### 5.6%
iShares

Core

MSCI

EAFE

ETF

103,606

9,268,593

iShares

Core

S&P

500

ETF

43,829

30,020,235

JPMorgan

Equity

Premium

Income

ETF

349,488

20,004,693

#### Total

#### Exchange

#### Traded

#### Funds

#### (cost

#### $52,887,997)

#### 59,293,521

#### Total

#### Investments

#### (cost

#### $915,080,204)

#### —

#### 93.1%

#### 989,629,514

#### Other

#### assets

#### in

#### excess

#### of

#### liabilities

#### —

#### 6.9%

#### 73,023,216

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 1,062,652,730
(a) Investment

in

affiliate.

ETF

Exchange

Traded

Fund

#### Futures

#### contracts

#### outstanding

#### as

#### of

#### December

#### 31,

#### 2025:

#### Description

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### ($)

#### Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Long

#### Contracts
MSCI

EAFE

E-Mini

Index

3/2026

USD

27,569,950

42,724

Russell

2000

E-Mini

Index

3/2026

USD

8,368,300

(243,054)

S&P

500

E-Mini

Index

552

3/2026

USD

190,233,000

133,653

S&P

Midcap

E-Mini

Index

3/2026

USD

10,308,120

(153,587)

#### Net

#### contracts
(220,264)

#### Currency:
USD

United

States

Dollar

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Assets

and

Liabilities

-

December

31,

2025

-

Blueprint

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Blueprint

#### SM

#### Aggressive

#### Fund

#### Assets:
Investment

securities

of

affiliated

issuers,

at

value

$

283,493,948

Investment

securities

of

unaffiliated

issuers,

at

value

16,609,983

Cash

82,957

Interest

and

dividends

receivable

43,930

Receivable

for

investments

sold

—

Receivable

for

capital

shares

issued

48,403

Prepaid

expenses

Total

Assets

300,279,552

#### Liabilities:
Payable

for

investments

purchased

17,694

Payable

for

capital

shares

redeemed

81,177

Cash

overdraft

(Note

2)

—

Accrued

expenses

and

other

payables:

Investment

advisory

fees

25,275

Fund

administration

fees

17,078

Distribution

fees

14,060

Administrative

servicing

fees

35,763

Accounting

and

transfer

agent

fees

Trustee

fees

Custodian

fees

854

Compliance

program

costs

(Note

3)

Professional

fees

8,171

Printing

fees

5,206

Other

Total

Liabilities

206,451

#### Net

#### Assets
$

300,073,101

Cost

of

investment

securities

of

affiliated

issuers

250,690,363

Cost

of

investment

securities

of

unaffiliated

issuers

15,049,907

#### Represented

#### by:
Capital

$

222,515,980

Total

distributable

earnings

(loss)

77,557,121

#### Net

#### Assets
$

300,073,101

Blueprint

Funds

-

December

31,

2025

-

Statements

of

Assets

and

Liabilities

-

#### NVIT

#### Blueprint

#### SM

#### Moderately

#### Aggressive

#### Fund

#### NVIT

#### Blueprint

#### SM

#### Moderate

#### Fund

#### NVIT

#### Blueprint

#### SM

#### Moderately

#### Conservative

#### Fund

#### NVIT

#### Blueprint

#### SM

#### Conservative

#### Fund

#### NVIT

#### Blueprint

#### SM

#### Balanced

#### Fund
$

466,897,076

$

1,695,484,200

$

435,928,927

$

413,211,645

$

1,369,307,074

26,356,526

108,100,401

27,440,565

22,577,541

87,228,669

—

—

—

73,759

271,597

69,332

64,543

217,909

509,912

437,345

200,108

64,285

835,249

32,149

33,602

—

7,101

926

675

493,869,860

1,804,328,071

463,639,068

435,918,501

1,457,597,014

—

—

—

—

—

591,304

246,819

151,202

64,432

1,266,177

16,168

249,698

62,478

—

—

42,065

151,394

39,544

37,021

124,150

20,764

45,415

20,223

19,694

38,841

27,027

133,599

34,937

32,564

109,007

62,979

240,739

62,567

58,004

194,227

720

2,590

719

706

2,090

1,726

6,123

1,881

2,516

5,194

534

1,970

511

1,591

9,146

16,121

9,645

9,648

15,009

5,985

13,776

8,795

8,667

14,281

1,367

10,063

3,523

4,053

8,992

779,793

1,118,333

396,104

237,801

1,779,659

$

493,090,067

$

1,803,209,738

$

463,242,964

$

435,680,700

$

1,455,817,355

421,581,744

1,612,187,654

430,234,091

416,493,725

1,335,694,301

24,076,124

96,420,214

24,446,652

20,318,166

77,734,295

$

369,337,009

$

1,477,055,618

$

419,939,388

$

437,501,860

$

1,259,659,384

123,753,058

326,154,120

43,303,576

(1,821,160)

196,157,971

$

493,090,067

$

1,803,209,738

$

463,242,964

$

435,680,700

$

1,455,817,355

-

Statements

of

Assets

and

Liabilities

-

December

31,

2025

-

Blueprint

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Blueprint

#### SM

#### Aggressive

#### Fund

#### Net

#### Assets:
Class

I

Shares

$

103,239,755

Class

II

Shares

185,239,035

Class

Y

Shares

11,594,311

Total

$

300,073,101

#### Shares

#### Outstanding
(unlimited

number

of

shares

authorized):

Class

I

Shares

6,183,215

Class

II

Shares

11,176,658

Class

Y

Shares

649,768

Total

18,009,641

#### Net

#### asset

#### value

#### and

#### offering

#### price

#### per

#### share
(Net

assets

by

class

divided

by

shares

outstanding

by

class,

respectively):

Class

I

Shares

$

.70

Class

II

Shares

$

.57

Class

Y

Shares

$

.84

Blueprint

Funds

-

December

31,

2025

-

Statements

of

Assets

and

Liabilities

-

#### NVIT

#### Blueprint

#### SM

#### Moderately

#### Aggressive

#### Fund

#### NVIT

#### Blueprint

#### SM

#### Moderate

#### Fund

#### NVIT

#### Blueprint

#### SM

#### Moderately

#### Conservative

#### Fund

#### NVIT

#### Blueprint

#### SM

#### Conservative

#### Fund

#### NVIT

#### Blueprint

#### SM

#### Balanced

#### Fund
$

136,975,978

$

63,574,702

$

8,453,049

$

10,348,111

$

33,546,574

351,779,465

1,737,391,068

454,783,548

424,763,209

1,420,441,752

4,334,624

2,243,968

6,367

569,380

1,829,029

$

493,090,067

$

1,803,209,738

$

463,242,964

$

435,680,700

$

1,455,817,355

10,329,806

4,720,540

658,925

868,036

2,493,867

26,695,384

129,932,667

35,628,848

35,790,264

106,857,519

304,233

155,036

46,602

128,618

37,329,423

134,808,243

36,288,243

36,704,902

109,480,004

$

.26

$

.47

$

.83

$

.92

$

.45

$

.18

$

.37

$

.76

$

.87

$

.29

$

.25

$

.47

$

.55

$

.22

$

.22

-

Statements

of

Assets

and

Liabilities

-

December

31,

2025

-

Blueprint

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Blueprint

#### SM

#### Capital

#### Appreciation

#### Fund

#### Assets:
Investment

securities

of

affiliated

issuers,

at

value

$

1,738,192,246

Investment

securities

of

unaffiliated

issuers,

at

value

111,157,232

Cash

—

Deposits

with

broker

for

futures

contracts

—

Interest

and

dividends

receivable

279,210

Receivable

for

investments

sold

383,589

Receivable

for

capital

shares

issued

Receivable

for

reimbursement

from

investment

adviser

(Note

3)

—

Prepaid

expenses

969

Total

Assets

1,850,013,555

#### Liabilities:
Payable

for

capital

shares

redeemed

272,409

Payable

for

variation

margin

on

futures

contracts

—

Cash

overdraft

(Note

2)

111,083

Accrued

expenses

and

other

payables:

Investment

advisory

fees

154,875

Fund

administration

fees

46,261

Distribution

fees

136,903

Administrative

servicing

fees

245,722

Accounting

and

transfer

agent

fees

2,623

Trustee

fees

Custodian

fees

6,519

Compliance

program

costs

(Note

3)

2,022

Professional

fees

15,493

Printing

fees

11,639

Other

9,898

Total

Liabilities

1,015,513

Commitments

and

contingencies

(Note

3)

—

#### Net

#### Assets
$

1,848,998,042

Cost

of

investment

securities

of

affiliated

issuers

1,625,992,694

Cost

of

investment

securities

of

unaffiliated

issuers

99,196,509

#### Represented

#### by:
Capital

$

1,440,120,362

Total

distributable

earnings

(loss)

408,877,680

#### Net

#### Assets
$

1,848,998,042

Blueprint

Funds

-

December

31,

2025

-

Statements

of

Assets

and

Liabilities

-

#### NVIT

#### Blueprint

#### SM

#### Managed

#### Growth

#### &

#### Income

#### Fund

#### NVIT

#### Blueprint

#### SM

#### Managed

#### Growth

#### Fund
$

425,761,405

$

930,335,993

27,169,165

59,293,521

23,149,778

59,138,251

5,349,856

15,761,255

123,462

277,974

90,391

413,064

—

67,929

171,281

777

481,712,268

1,065,392,120

68,743

393,385

602,758

1,765,525

—

—

90,370

200,103

20,235

31,219

77,149

179,957

61,426

135,546

665

1,496

1,975

3,737

503

1,163

9,601

12,675

8,253

8,988

2,623

5,496

944,342

2,739,390

—

—

$

480,767,926

$

1,062,652,730

403,986,376

862,192,207

24,265,865

52,887,997

$

429,748,356

$

896,612,962

51,019,570

166,039,768

$

480,767,926

$

1,062,652,730

-

Statements

of

Assets

and

Liabilities

-

December

31,

2025

-

Blueprint

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Blueprint

#### SM

#### Capital

#### Appreciation

#### Fund

#### Net

#### Assets:
Class

I

Shares

$

63,743,636

Class

II

Shares

1,780,888,808

Class

Y

Shares

4,365,598

Total

$

1,848,998,042

#### Shares

#### Outstanding
(unlimited

number

of

shares

authorized):

Class

I

Shares

4,737,732

Class

II

Shares

133,039,485

Class

Y

Shares

298,993

Total

138,076,210

#### Net

#### asset

#### value

#### and

#### offering

#### price

#### per

#### share
(Net

assets

by

class

divided

by

shares

outstanding

by

class,

respectively):

Class

I

Shares

$

.45

Class

II

Shares

$

.39

Class

Y

Shares

$

.60

Blueprint

Funds

-

December

31,

2025

-

Statements

of

Assets

and

Liabilities

-

#### NVIT

#### Blueprint

#### SM

#### Managed

#### Growth

#### &

#### Income

#### Fund

#### NVIT

#### Blueprint

#### SM

#### Managed

#### Growth

#### Fund
$

29,342,200

$

11,506,882

451,425,726

1,051,145,848

—

—

$

480,767,926

$

1,062,652,730

2,089,335

777,457

32,514,997

71,917,765

—

—

34,604,332

72,695,222

$

.04

$

.80

$

.88

$

.62

$

—

$

—

-

Statements

of

Operations

-

For

the

Year

Ended

December

31,

2025

-

Blueprint

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Blueprint

#### SM

#### Aggressive

#### Fund

#### INVESTMENT

#### INCOME:
Dividend

income

from

affiliated

issuers

$

6,022,319

Dividend

income

from

unaffiliated

issuers

514,090

Interest

income

(unaffiliated)

Total

Income

6,536,767

#### EXPENSES:
Investment

advisory

fees

536,644

Fund

administration

fees

105,981

Distribution

fees

Class

II

Shares

425,246

Administrative

servicing

fees

Class

I

Shares

137,516

Administrative

servicing

fees

Class

II

Shares

255,149

Professional

fees

21,045

Printing

fees

1,450

Trustee

fees

10,458

Custodian

fees

4,244

Accounting

and

transfer

agent

fees

1,766

Compliance

program

costs

(Note

3)

1,185

Other

2,426

Total

expenses

before

fees

waived

1,503,110

Distribution

fees

waived

-

Class

II

(Note

3)

(272,160)

Investment

advisory

fees

waived

(Note

3)

(268,317)

Net

Expenses

962,633

#### NET

#### INVESTMENT

#### INCOME
5,574,134

#### REALIZED/UNREALIZED

#### GAINS
(LOSSES)

#### FROM

#### INVESTMENTS:
Net

realized

gains

distributions

from

affiliated

Underlying

Funds

30,216,464

Net

realized

gains

(losses)

from:

Transactions

in

investment

securities

of

affiliated

issuers

12,831,504

Transactions

in

investment

securities

of

unaffiliated

issuers

7,680

Net

realized

gains

(losses)

43,055,648

Net

change

in

unrealized

appreciation/depreciation

in

the

value

of:

Investment

securities

of

affiliated

issuers

(4,049,359)

Investment

securities

of

unaffiliated

issuers

1,643,840

Net

change

in

unrealized

appreciation/depreciation

(2,405,519)

Net

realized/unrealized

gains

(losses)

40,650,129

#### CHANGE

#### IN

#### NET

#### ASSETS

#### RESULTING

#### FROM

#### OPERATIONS
$

46,224,263

Blueprint

Funds

-

For

the

Year

Ended

December

31,

2025

-

Statements

of

Operations

-

#### NVIT

#### Blueprint

#### SM

#### Moderately

#### Aggressive

#### Fund

#### NVIT

#### Blueprint

#### SM

#### Moderate

#### Fund

#### NVIT

#### Blueprint

#### SM

#### Moderately

#### Conservative

#### Fund

#### NVIT

#### Blueprint

#### SM

#### Conservative

#### Fund

#### NVIT

#### Blueprint

#### SM

#### Balanced

#### Fund
$

11,711,532

$

49,739,017

$

15,185,333

$

16,635,824

$

44,913,523

837,753

3,622,641

937,580

828,764

2,944,228

12,549,446

53,362,152

16,123,092

17,464,844

47,858,245

939,261

3,583,580

938,433

906,384

2,942,319

149,401

437,883

149,320

145,867

365,453

851,393

4,363,375

1,153,378

1,108,797

3,598,866

189,710

90,709

11,782

14,058

45,902

510,838

2,618,038

692,030

665,282

2,159,330

27,420

67,022

27,324

27,119

56,171

7,560

37,191

10,637

10,262

32,848

18,255

69,873

18,150

17,368

56,860

7,120

14,936

2,949

3,730

11,008

2,889

10,026

2,880

2,825

8,332

2,076

7,994

2,082

2,007

6,509

4,277

18,447

4,827

4,675

15,158

2,710,200

11,319,074

3,013,792

2,908,374

9,298,756

(544,897)

(2,792,591)

(738,170)

(709,638)

(2,303,299)

(469,622)

(1,807,115)

(469,208)

(453,184)

(1,471,282)

1,695,681

6,719,368

1,806,414

1,745,552

5,524,175

10,853,765

46,642,784

14,316,678

15,719,292

42,334,070

44,041,050

129,535,205

20,461,008

9,095,233

82,391,500

23,448,400

64,494,238

5,005,793

(3,510,777)

40,470,833

46,786

504,977

168,851

186,082

401,746

67,536,236

194,534,420

25,635,652

5,770,538

123,264,079

(8,916,801)

(25,149,561)

6,462,867

13,851,430

(2,772,183)

2,360,524

12,577,969

3,222,346

2,388,050

10,223,582

(6,556,277)

(12,571,592)

9,685,213

16,239,480

7,451,399

60,979,959

181,962,828

35,320,865

22,010,018

130,715,478

$

71,833,724

$

228,605,612

$

49,637,543

$

37,729,310

$

173,049,548

-

Statements

of

Operations

-

For

the

Year

Ended

December

31,

2025

-

Blueprint

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Blueprint

#### SM

#### Capital

#### Appreciation

#### Fund

#### INVESTMENT

#### INCOME:
Dividend

income

from

affiliated

issuers

$

46,319,506

Dividend

income

from

unaffiliated

issuers

3,697,232

Interest

income

(unaffiliated)

616

Total

Income

50,017,354

#### EXPENSES:
Investment

advisory

fees

3,645,434

Fund

administration

fees

444,894

Distribution

fees

Class

II

Shares

4,445,106

Administrative

servicing

fees

Class

I

Shares

87,764

Administrative

servicing

fees

Class

II

Shares

2,667,077

Professional

fees

69,282

Printing

fees

35,980

Trustee

fees

71,261

Custodian

fees

12,066

Accounting

and

transfer

agent

fees

10,183

Compliance

program

costs

(Note

3)

8,137

Other

18,630

Total

expenses

before

fees

waived

and

expenses

reimbursed

11,515,814

Distribution

fees

waived

-

Class

II

(Note

3)

(2,844,899)

Investment

advisory

fees

waived

(Note

3)

(1,839,669)

Expenses

reimbursed

by

adviser

(Note

3)

—

Net

Expenses

6,831,246

#### NET

#### INVESTMENT

#### INCOME
43,186,108

#### REALIZED/UNREALIZED

#### GAINS
(LOSSES)

#### FROM

#### INVESTMENTS:
Net

realized

gains

distributions

from

affiliated

Underlying

Funds

154,576,821

Net

realized

gains

(losses)

from:

Transactions

in

investment

securities

of

affiliated

issuers

99,444,965

Transactions

in

investment

securities

of

unaffiliated

issuers

518,054

Expiration

or

closing

of

futures

contracts

(Note

2)

—

Net

realized

gains

(losses)

254,539,840

Net

change

in

unrealized

appreciation/depreciation

in

the

value

of:

Investment

securities

of

affiliated

issuers

(52,967,833)

Investment

securities

of

unaffiliated

issuers

12,862,351

Futures

contracts

(Note

2)

—

Net

change

in

unrealized

appreciation/depreciation

(40,105,482)

Net

realized/unrealized

gains

(losses)

214,434,358

#### CHANGE

#### IN

#### NET

#### ASSETS

#### RESULTING

#### FROM

#### OPERATIONS
$

257,620,466

Blueprint

Funds

-

For

the

Year

Ended

December

31,

2025

-

Statements

of

Operations

-

#### NVIT

#### Blueprint

#### SM

#### Managed

#### Growth

#### &

#### Income

#### Fund

#### NVIT

#### Blueprint

#### SM

#### Managed

#### Growth

#### Fund
$

13,641,446

$

27,417,032

981,606

1,915,876

822,695

2,099,720

15,445,747

31,432,628

1,018,747

2,363,884

145,902

277,784

1,129,168

2,659,570

17,098

15,993

677,504

1,595,750

27,102

46,019

8,556

22,802

17,982

41,558

5,265

10,985

2,694

5,945

2,039

4,758

4,601

11,162

3,056,658

7,056,210

(225,840)

(531,930)

—

—

(768,874)

(2,030,635)

2,061,944

4,493,645

13,383,803

26,938,983

24,986,354

72,641,279

10,518,648

37,121,364

143,021

389,197

(11,522,065)

(30,324,995)

24,125,958

79,826,845

(209,147)

(15,589,107)

3,124,061

6,909,447

142,564

3,453,435

3,057,478

(5,226,225)

27,183,436

74,600,620

$

40,567,239

$

101,539,603

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

Blueprint

Funds

#### NVIT

#### Blueprint

#### SM

#### Aggressive

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### OPERATIONS:
Net

investment

income

$

5,574,134

$

2,360,446

Net

realized

gains

43,055,648

1,849,365

Net

change

in

unrealized

appreciation/depreciation

(2,405,519)

27,944,697

Change

in

net

assets

resulting

from

operations

46,224,263

32,154,508

#### Distributions

#### to

#### Shareholders

#### From:
Distributable

earnings:

Class

I

(553,821)

(808,709)

Class

II

(1,051,621)

(1,577,089)

Class

Y

(44,350)

(15,367)

Change

in

net

assets

from

shareholder

distributions

(1,649,792)

(2,401,165)

Change

in

net

assets

from

capital

transactions

8,864,109

9,915,445

Change

in

net

assets

53,438,580

39,668,788

#### Net

#### Assets:
Beginning

of

year

246,634,521

206,965,733

End

of

year

$

300,073,101

$

246,634,521

#### CAPITAL

#### TRANSACTIONS:

#### Class

#### I

#### Shares
Proceeds

from

shares

issued

$

8,609,553

$

8,006,844

Dividends

reinvested

553,821

808,709

Cost

of

shares

redeemed

(5,199,167)

(4,646,505)

Total

Class

I

Shares

3,964,207

4,169,048

#### Class

#### II

#### Shares
Proceeds

from

shares

issued

24,229,522

24,903,859

Dividends

reinvested

1,051,621

1,577,089

Cost

of

shares

redeemed

(27,563,885)

(23,926,923)

Total

Class

II

Shares

(2,282,742)

2,554,025

#### Class

#### Y

#### Shares
Proceeds

from

shares

issued

7,501,450

3,768,856

Dividends

reinvested

44,350

15,367

Cost

of

shares

redeemed

(363,156)

(591,851)

Total

Class

Y

Shares

7,182,644

3,192,372

Change

in

net

assets

from

capital

transactions

$

8,864,109

$

9,915,445

Blueprint

Funds

-

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### Blueprint

#### SM

#### Moderately

#### Aggressive

#### Fund

#### NVIT

#### Blueprint

#### SM

#### Moderate

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
$

10,853,765

$

5,975,818

$

46,642,784

$

32,692,214

67,536,236

8,721,885

194,534,420

37,419,283

(6,556,277)

43,153,987

(12,571,592)

131,979,117

71,833,724

57,851,690

228,605,612

202,090,614

(2,288,216)

(1,887,059)

(1,301,152)

(763,880)

(6,070,350)

(5,637,243)

(37,124,605)

(25,026,449)

(51,378)

(4,470)

(31,960)

(2,195)

(8,409,944)

(7,528,772)

(38,457,717)

(25,792,524)

(30,990,079)

(21,268,286)

(238,844,863)

(260,230,813)

32,433,701

29,054,632

(48,696,968)

(83,932,723)

460,656,366

431,601,734

1,851,906,706

1,935,839,429

$

493,090,067

$

460,656,366

$

1,803,209,738

$

1,851,906,706

$

5,715,365

$

5,215,584

$

2,691,883

$

3,283,964

2,288,216

1,887,059

1,301,152

763,880

(7,050,218)

(8,243,179)

(4,941,199)

(6,297,251)

953,363

(1,140,536)

(948,164)

(2,249,407)

11,289,911

17,095,592

2,633,116

1,878,757

6,070,350

5,637,243

37,124,605

25,026,449

(52,276,576)

(43,871,999)

(278,977,721)

(285,655,382)

(34,916,315)

(21,139,164)

(239,220,000)

(258,750,176)

3,832,496

1,405,916

1,645,082

782,776

51,378

4,470

31,960

2,195

(911,001)

(398,972)

(353,741)

(16,201)

2,972,873

1,011,414

1,323,301

768,770

$

(30,990,079)

$

(21,268,286)

$

(238,844,863)

$

(260,230,813)

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

Blueprint

Funds

#### NVIT

#### Blueprint

#### SM

#### Aggressive

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### SHARE

#### TRANSACTIONS:

#### Class

#### I

#### Shares
Issued

560,350

589,734

Reinvested

34,657

58,687

Redeemed

(341,004)

(345,181)

Total

Class

I

Shares

254,003

303,240

#### Class

#### II

#### Shares
Issued

1,575,845

1,843,213

Reinvested

66,265

115,200

Redeemed

(1,799,742)

(1,767,642)

Total

Class

II

Shares

(157,632)

190,771

#### Class

#### Y

#### Shares
Issued

456,697

252,390

Reinvested

2,598

1,046

Redeemed

(22,969)

(41,493)

Total

Class

Y

Shares

436,326

211,943

Total

change

in

shares

532,697

705,954

Blueprint

Funds

-

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### Blueprint

#### SM

#### Moderately

#### Aggressive

#### Fund

#### NVIT

#### Blueprint

#### SM

#### Moderate

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
469,191

464,794

213,062

280,655

179,327

166,114

99,629

63,657

(571,060)

(747,336)

(386,547)

(555,635)

77,458

(116,428)

(73,856)

(211,323)

921,354

1,548,164

206,693

158,563

478,734

498,871

2,862,344

2,097,774

(4,311,048)

(3,917,374)

(22,146,475)

(24,421,570)

(2,910,960)

(1,870,339)

(19,077,438)

(22,165,233)

289,169

113,539

118,371

59,830

3,750

2,278

(70,379)

(34,035)

(25,288)

(1,267)

222,540

79,871

95,361

58,734

(2,610,962)

(1,906,896)

(19,055,933)

(22,317,822)

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

Blueprint

Funds

#### NVIT

#### Blueprint

#### SM

#### Moderately

#### Conservative

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### OPERATIONS:
Net

investment

income

$

14,316,678

$

11,114,001

Net

realized

gains

(losses)

25,635,652

4,916,380

Net

change

in

unrealized

appreciation/depreciation

9,685,213

22,316,704

Change

in

net

assets

resulting

from

operations

49,637,543

38,347,085

#### Distributions

#### to

#### Shareholders

#### From:
Distributable

earnings:

Class

I

(106,072)

(9,084)

Class

II

(5,768,197)

(624,239)

Class

Y

(73)

(7)

Change

in

net

assets

from

shareholder

distributions

(5,874,342)

(633,330)

Change

in

net

assets

from

capital

transactions

(61,879,037)

(80,868,995)

Change

in

net

assets

(18,115,836)

(43,155,240)

#### Net

#### Assets:
Beginning

of

year

481,358,800

524,514,040

End

of

year

$

463,242,964

$

481,358,800

#### CAPITAL

#### TRANSACTIONS:

#### Class

#### I

#### Shares
Proceeds

from

shares

issued

$

1,494,916

$

2,221,156

Dividends

reinvested

106,072

9,084

Cost

of

shares

redeemed

(1,341,942)

(2,363,951)

Total

Class

I

Shares

259,046

(133,711)

#### Class

#### II

#### Shares
Proceeds

from

shares

issued

8,647,729

4,739,816

Dividends

reinvested

5,768,197

624,239

Cost

of

shares

redeemed

(76,554,082)

(86,099,346)

Total

Class

II

Shares

(62,138,156)

(80,735,291)

#### Class

#### Y

#### Shares
Proceeds

from

shares

issued

—

—

Dividends

reinvested

Cost

of

shares

redeemed

—

—

Total

Class

Y

Shares

Change

in

net

assets

from

capital

transactions

$

(61,879,037)

$

(80,868,995)

Blueprint

Funds

-

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### Blueprint

#### SM

#### Conservative

#### Fund

#### NVIT

#### Blueprint

#### SM

#### Balanced

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
$

15,719,292

$

13,191,044

$

42,334,070

$

31,270,647

5,770,538

(4,044,549)

123,264,079

25,487,086

16,239,480

16,159,969

7,451,399

84,482,618

37,729,310

25,306,464

173,049,548

141,240,351

—

—

(587,886)

(228,714)

—

—

(26,957,008)

(12,626,477)

—

—

(23,823)

(680)

—

—

(27,568,717)

(12,855,871)

(67,194,897)

(82,271,030)

(201,422,674)

(235,407,806)

(29,465,587)

(56,964,566)

(55,941,843)

(107,023,326)

465,146,287

522,110,853

1,511,759,198

1,618,782,524

$

435,680,700

$

465,146,287

$

1,455,817,355

$

1,511,759,198

$

3,553,017

$

1,267,158

$

5,123,373

$

3,658,780

—

—

587,886

228,714

(2,158,578)

(1,159,237)

(4,243,267)

(4,124,631)

1,394,439

107,921

1,467,992

(237,137)

32,627,655

38,068,609

4,023,414

5,220,248

—

—

26,957,008

12,626,477

(101,637,642)

(120,556,421)

(235,028,998)

(253,551,475)

(69,009,987)

(82,487,812)

(204,048,576)

(235,704,750)

476,358

125,731

1,164,175

542,170

—

—

23,823

680

(55,707)

(16,870)

(30,088)

(8,769)

420,651

108,861

1,157,910

534,081

$

(67,194,897)

$

(82,271,030)

$

(201,422,674)

$

(235,407,806)

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

Blueprint

Funds

#### NVIT

#### Blueprint

#### SM

#### Moderately

#### Conservative

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### SHARE

#### TRANSACTIONS:

#### Class

#### I

#### Shares
Issued

123,369

196,156

Reinvested

8,465

774

Redeemed

(110,208)

(207,994)

Total

Class

I

Shares

21,626

(11,064)

#### Class

#### II

#### Shares
Issued

691,123

410,227

Reinvested

462,566

53,445

Redeemed

(6,288,879)

(7,603,884)

Total

Class

II

Shares

(5,135,190)

(7,140,212)

#### Class

#### Y

#### Shares
Issued

—

—

Reinvested

Redeemed

—

—

Total

Class

Y

Shares

Total

change

in

shares

(5,113,558)

(7,151,275)

Blueprint

Funds

-

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### Blueprint

#### SM

#### Conservative

#### Fund

#### NVIT

#### Blueprint

#### SM

#### Balanced

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
315,075

118,588

400,584

307,224

—

—

44,911

18,809

(190,990)

(109,241)

(333,000)

(351,377)

124,085

9,347

112,495

(25,344)

2,885,071

3,563,877

316,072

445,845

—

—

2,083,231

1,049,583

(8,937,833)

(11,231,118)

(18,684,269)

(21,605,734)

(6,052,762)

(7,667,241)

(16,284,966)

(20,110,306)

40,382

11,486

86,829

41,986

—

—

1,723

(4,778)

(1,524)

(2,239)

(672)

35,604

9,962

86,313

41,367

(5,893,073)

(7,647,932)

(16,086,158)

(20,094,283)

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

Blueprint

Funds

#### NVIT

#### Blueprint

#### SM

#### Capital

#### Appreciation

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### OPERATIONS:
Net

investment

income

$

43,186,108

$

28,078,514

Net

realized

gains

254,539,840

46,889,955

Net

change

in

unrealized

appreciation/depreciation

(40,105,482)

153,654,345

Change

in

net

assets

resulting

from

operations

257,620,466

228,622,814

#### Distributions

#### to

#### Shareholders

#### From:
Distributable

earnings:

Class

I

(1,532,544)

(502,392)

Class

II

(45,466,724)

(17,439,080)

Class

Y

(85,218)

(13,245)

Change

in

net

assets

from

shareholder

distributions

(47,084,486)

(17,954,717)

Change

in

net

assets

from

capital

transactions

(223,709,021)

(288,342,489)

Change

in

net

assets

(13,173,041)

(77,674,392)

#### Net

#### Assets:
Beginning

of

year

1,862,171,083

1,939,845,475

End

of

year

$

1,848,998,042

$

1,862,171,083

#### CAPITAL

#### TRANSACTIONS:

#### Class

#### I

#### Shares
Proceeds

from

shares

issued

$

3,682,519

$

3,890,930

Dividends

reinvested

1,532,544

502,392

Cost

of

shares

redeemed

(3,353,823)

(3,602,669)

Total

Class

I

Shares

1,861,240

790,653

#### Class

#### II

#### Shares
Proceeds

from

shares

issued

6,194,544

1,306,127

Dividends

reinvested

45,466,724

17,439,080

Cost

of

shares

redeemed

(279,144,172)

(308,910,340)

Total

Class

II

Shares

(227,482,904)

(290,165,133)

#### Class

#### Y

#### Shares
Proceeds

from

shares

issued

1,920,326

1,073,894

Dividends

reinvested

85,218

13,245

Cost

of

shares

redeemed

(92,901)

(55,148)

Total

Class

Y

Shares

1,912,643

1,031,991

Change

in

net

assets

from

capital

transactions

$

(223,709,021)

$

(288,342,489)

Blueprint

Funds

-

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### Blueprint

#### SM

#### Managed

#### Growth

#### &

#### Income

#### Fund

#### NVIT

#### Blueprint

#### SM

#### Managed

#### Growth

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
$

13,383,803

$

10,099,320

$

26,938,983

$

20,795,211

24,125,958

8,885,410

79,826,845

36,911,883

3,057,478

23,611,275

(5,226,225)

66,044,974

40,567,239

42,596,005

101,539,603

123,752,068

(11,262)

—

(198,229)

—

(550,123)

—

(19,675,952)

—

—

—

—

—

(561,385)

—

(19,874,181)

—

(38,606,954)

(62,973,044)

(141,759,159)

(165,463,556)

1,398,900

(20,377,039)

(60,093,737)

(41,711,488)

479,369,026

499,746,065

1,122,746,467

1,164,457,955

$

480,767,926

$

479,369,026

$

1,062,652,730

$

1,122,746,467

$

20,638,144

$

1,905,795

$

1,074,506

$

1,315,119

11,262

—

198,229

—

(1,025,850)

(783,261)

(1,153,704)

(629,144)

19,623,556

1,122,534

119,031

685,975

6,715,839

3,946,351

7,405,152

5,658,876

550,123

—

19,675,952

—

(65,496,472)

(68,041,929)

(168,959,294)

(171,808,407)

(58,230,510)

(64,095,578)

(141,878,190)

(166,149,531)

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

$

(38,606,954)

$

(62,973,044)

$

(141,759,159)

$

(165,463,556)

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

Blueprint

Funds

#### NVIT

#### Blueprint

#### SM

#### Capital

#### Appreciation

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### SHARE

#### TRANSACTIONS:

#### Class

#### I

#### Shares
Issued

292,525

335,027

Reinvested

117,888

42,540

Redeemed

(268,018)

(313,654)

Total

Class

I

Shares

142,395

63,913

#### Class

#### II

#### Shares
Issued

488,388

115,961

Reinvested

3,513,657

1,481,655

Redeemed

(22,172,996)

(26,813,317)

Total

Class

II

Shares

(18,170,951)

(25,215,701)

#### Class

#### Y

#### Shares
Issued

140,473

83,254

Reinvested

6,044

1,037

Redeemed

(6,872)

(4,337)

Total

Class

Y

Shares

139,645

79,954

Total

change

in

shares

(17,888,911)

(25,071,834)

Blueprint

Funds

-

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### Blueprint

#### SM

#### Managed

#### Growth

#### &

#### Income

#### Fund

#### NVIT

#### Blueprint

#### SM

#### Managed

#### Growth

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
1,492,979

154,306

77,045

99,763

825

—

13,882

—

(76,576)

(63,120)

(83,237)

(48,104)

1,417,228

91,186

7,690

51,659

511,407

322,355

535,689

424,004

40,750

—

1,394,469

—

(5,007,892)

(5,454,469)

(12,210,083)

(13,136,432)

(4,455,735)

(5,132,114)

(10,279,925)

(12,712,428)

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

(3,038,507)

(5,040,928)

(10,272,235)

(12,660,769)

-

Financial

Highlights

-

December

31,

2025

-

Blueprint

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Blueprint

#### SM

#### Aggressive

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### (e)(f)

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### (f)(g)

#### Portfolio

#### Turnover(b)(h)

#### Class

#### I

#### Shares
12/31/2025

$

14.16 $

0.32 $

2.31 $

2.63 $

—

$

(0.09)

$

(0.09)

$

16.70 18.61%(i)

$

103,240

0.31%

2.12%

0.41%

50.75%

12/31/2024

12.39 0.15 1.76 1.91 —

(0.14)

(0.14)

14.16 15.44%

83,955

0.31%

1.08%

0.41%

23.66%

12/31/2023

11.01 0.52 1.60 2.12 —

(0.74)

(0.74)

12.39 19.74%

69,681

0.32%

4.48%

0.42%

9.76%

12/31/2022

13.04 0.29 (2.28)

(1.99)

—

(0.04)

(0.04)

11.01 (15.23)%

45,599

0.32%

2.52%

0.42%

9.84%

12/31/2021

10.87 0.17 2.02 2.19 (0.02)

—

(0.02)

13.04 20.19%

48,630

0.33%

1.40%

0.43%

16.53%

#### Class

#### II

#### Shares
12/31/2025

14.07 0.30 2.29 2.59 —

(0.09)

(0.09)

16.57 18.45%

185,239

0.40%

2.01%

0.66%

50.75%

12/31/2024

12.32 0.13 1.76 1.89 —

(0.14)

(0.14)

14.07 15.37%

159,456

0.40%

0.98%

0.66%

23.66%

12/31/2023

10.97 0.48 1.61 2.09 —

(0.74)

(0.74)

12.32 19.54%

137,265

0.41%

4.12%

0.67%

9.76%

12/31/2022

12.99 0.28 (2.26)

(1.98)

—

(0.04)

(0.04)

10.97 (15.22)%

116,771

0.41%

2.42%

0.67%

9.84%

12/31/2021

10.83 0.16 2.02 2.18 (0.02)

—

(0.02)

12.99 20.10%

128,857

0.42%

1.35%

0.68%

16.53%

#### Class

#### Y

#### Shares
12/31/2025

15.10 0.50 2.33 2.83 —

(0.09)

(0.09)

17.84 18.78%

11,594

0.15%

3.02%

0.25%

50.75%

12/31/2024

13.17 0.38 1.69 2.07 —

(0.14)

(0.14)

15.10 15.74%(i)

3,224

0.16%

2.54%

0.26%

23.66%

12/31/2023(j)

12.29 0.48 0.40 0.88 —

—

—

13.17 7.16%(i)

0.18%

12.75%

0.26%

9.76%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f) Expense

ratios

include

expenses

reimbursed

to

the

Advisor

for

the

years

2023

and

2022. (g) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(h) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(i) Includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

values

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

values

and

returns

for

shareholder

transactions.

(j) For

the

period

from

September

12,

2023

(commencement

of

operations)

through

December

31,

2023. Total

return

is

calculated

based

on

inception

date

of

September

11,

2023

through

December

31,

2023. Blueprint

Funds

-

December

31,

2025

-

Financial

Highlights

-

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Blueprint

#### SM

#### Moderately

#### Aggressive

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### (e)(f)

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### (f)(g)

#### Portfolio

#### Turnover(b)(h)

#### Class

#### I

#### Shares
12/31/2025

$

11.58 $

0.30 $

1.60 $

1.90 $

—

$

(0.22)

$

(0.22)

$

13.26 16.51%

$

136,976

0.30%

2.42%

0.40%

47.96%

12/31/2024

10.35 0.16 1.26 1.42 —

(0.19)

(0.19)

11.58 13.74%

118,690

0.29%

1.41%

0.39%

21.97%

12/31/2023

9.36 0.40 1.24 1.64 —

(0.65)

(0.65)

10.35 18.07%

107,285

0.30%

4.09%

0.40%

13.04%

12/31/2022

11.23 0.24 (1.93)

(1.69)

—

(0.18)

(0.18)

9.36 (15.01)%

89,199

0.30%

2.47%

0.40%

7.97%

12/31/2021

9.53 0.15 1.58 1.73 (0.03)

—

(0.03)

11.23 18.12%

103,327

0.30%

1.45%

0.40%

14.74%

#### Class

#### II

#### Shares
12/31/2025

11.52 0.28 1.60 1.88 —

(0.22)

(0.22)

13.18 16.43%

351,779

0.39%

2.26%

0.65%

47.96%

12/31/2024

10.30 0.14 1.27 1.41 —

(0.19)

(0.19)

11.52 13.71%

340,953

0.38%

1.28%

0.64%

21.97%

12/31/2023

9.33 0.38 1.24 1.62 —

(0.65)

(0.65)

10.30 17.90%

324,297

0.39%

3.90%

0.65%

13.04%

12/31/2022

11.21 0.23 (1.93)

(1.70)

—

(0.18)

(0.18)

9.33 (15.13)%

300,110

0.39%

2.34%

0.65%

7.97%

12/31/2021

9.51 0.14 1.58 1.72 (0.02)

—

(0.02)

11.21 18.06%

370,583

0.39%

1.31%

0.65%

14.74%

#### Class

#### Y

#### Shares
12/31/2025

12.41 0.44 1.62 2.06 —

(0.22)

(0.22)

14.25 16.70%

4,335

0.15%

3.32%

0.25%

47.96%

12/31/2024

11.07 0.44 1.09 1.53 —

(0.19)

(0.19)

12.41 13.84%(i)

1,013

0.14%

3.57%

0.24%

21.97%

12/31/2023(j)

10.33 0.40 0.34 0.74 —

—

—

11.07 7.16%(i)

0.15%

12.52%

0.23%

13.04%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f) Expense

ratios

include

expenses

reimbursed

to

the

Advisor

for

the

year

2023. (g) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(h) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(i) Includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

values

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

values

and

returns

for

shareholder

transactions.

(j) For

the

period

from

September

12,

2023

(commencement

of

operations)

through

December

31,

2023. Total

return

is

calculated

based

on

inception

date

of

September

11,

2023

through

December

31,

2023. 38

-

Financial

Highlights

-

December

31,

2025

-

Blueprint

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.
hh

#### NVIT

#### Blueprint

#### SM

#### Moderate

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)(f)

#### Portfolio

#### Turnover(b)(g)

#### Class

#### I

#### Shares
12/31/2025

$

12.11 $

0.35 $

1.29 $

1.64 $

—

$

(0.28)

$

(0.28)

$

13.47 13.60%

$

63,575

0.28%

2.74%

0.38%

40.03%

12/31/2024

11.04 0.22 1.01 1.23 —

(0.16)

(0.16)

12.11 11.18%

58,047

0.28%

1.89%

0.38%

17.01%

12/31/2023

10.26 0.42 1.07 1.49 —

(0.71)

(0.71)

11.04 14.95%

55,277

0.28%

3.96%

0.38%

10.09%

12/31/2022

12.32 0.27 (2.00)

(1.73)

—

(0.33)

(0.33)

10.26 (14.08)%

48,288

0.29%

2.50%

0.39%

15.72%

12/31/2021

10.87 0.18 1.30 1.48 (0.03)

—

(0.03)

12.32 13.64%

56,500

0.28%

1.50%

0.38%

9.16%

#### Class

#### II

#### Shares
12/31/2025

12.03 0.32 1.30 1.62 —

(0.28)

(0.28)

13.37 13.52%

1,737,391

0.37%

2.57%

0.63%

40.03%

12/31/2024

10.99 0.20 1.00 1.20 —

(0.16)

(0.16)

12.03 10.96%

1,793,086

0.37%

1.69%

0.63%

17.01%

12/31/2023

10.22 0.40 1.08 1.48 —

(0.71)

(0.71)

10.99 14.92%

1,880,551

0.37%

3.71%

0.63%

10.09%

12/31/2022

12.29 0.25 (1.99)

(1.74)

—

(0.33)

(0.33)

10.22 (14.20)%(h)

1,845,598

0.38%

2.32%

0.64%

15.72%

12/31/2021

10.84 0.15 1.32 1.47 (0.02)

—

(0.02)

12.29 13.56%(h)

2,380,436

0.37%

1.32%

0.63%

9.16%

#### Class

#### Y

#### Shares
12/31/2025

12.97 0.54 1.24 1.78 —

(0.28)

(0.28)

14.47 13.77%

2,244

0.13%

3.94%

0.23%

40.03%

12/31/2024

11.80 0.46 0.87 1.33 —

(0.16)

(0.16)

12.97 11.31%

774

0.13%

3.58%

0.23%

17.01%

12/31/2023(i)

11.09 0.41 0.30 0.71 —

—

—

11.80 6.40%

0.15%

11.96%

0.23%

10.09%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(g) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(h) Includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

values

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

values

and

returns

for

shareholder

transactions.

(i) For

the

period

from

September

12,

2023

(commencement

of

operations)

through

December

31,

2023. Total

return

is

calculated

based

on

inception

date

of

September

11,

2023

through

December

31,

2023. Blueprint

Funds

-

December

31,

2025

-

Financial

Highlights

-

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Blueprint

#### SM

#### Moderately

#### Conservative

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)(f)

#### Portfolio

#### Turnover(b)(g)

#### Class

#### I

#### Shares
12/31/2025

$

11.67 $

0.40 $

0.92 $

1.32 $

—

$

(0.16)

$

(0.16)

$

12.83 11.32%

$

8,453

0.30%

3.31%

0.40%

26.08%

12/31/2024

10.84 0.28 0.56 0.84 —

(0.01)

(0.01)

11.67 7.79%

7,439

0.29%

2.44%

0.39%

13.64%

12/31/2023

10.20 0.42 0.76 1.18 —

(0.54)

(0.54)

10.84 11.88%

7,026

0.29%

3.99%

0.39%

8.69%

12/31/2022

12.07 0.27 (1.84)

(1.57)

—

(0.30)

(0.30)

10.20 (13.05)%

6,282

0.30%

2.52%

0.40%

17.97%

12/31/2021

11.08 0.18 0.84 1.02 (0.03)

—

(0.03)

12.07 9.23%

6,691

0.30%

1.56%

0.40%

9.22%

#### Class

#### II

#### Shares
12/31/2025

11.63 0.37 0.92 1.29 —

(0.16)

(0.16)

12.76 11.10%

454,784

0.39%

3.05%

0.65%

26.08%

12/31/2024

10.80 0.25 0.59 0.84 —

(0.01)

(0.01)

11.63 7.82%

473,914

0.38%

2.18%

0.64%

13.64%

12/31/2023

10.18 0.37 0.79 1.16 —

(0.54)

(0.54)

10.80 11.70%

517,483

0.38%

3.54%

0.64%

8.69%

12/31/2022

12.06 0.24 (1.82)

(1.58)

—

(0.30)

(0.30)

10.18 (13.14)%(h)

542,585

0.39%

2.26%

0.65%

17.97%

12/31/2021

11.07 0.16 0.85 1.01 (0.02)

—

(0.02)

12.06 9.12%(h)

696,957

0.39%

1.38%

0.65%

9.22%

#### Class

#### Y

#### Shares
12/31/2025

12.31 0.44 0.96 1.40 —

(0.16)

(0.16)

13.55 11.38%(h)

0.12%

3.44%

0.24%

26.08%

12/31/2024

11.42 0.31 0.59 0.90 —

(0.01)

(0.01)

12.31 7.92%(h)

0.13%

2.59%

0.23%

13.64%

12/31/2023(i)

10.79 0.42 0.21 0.63 —

—

—

11.42 5.84%(h)

0.15%

12.75%

0.22%

8.69%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(g) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(h) Includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

values

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

values

and

returns

for

shareholder

transactions.

(i) For

the

period

from

September

12,

2023

(commencement

of

operations)

through

December

31,

2023. Total

return

is

calculated

based

on

inception

date

of

September

11,

2023

through

December

31,

2023. 40

-

Financial

Highlights

-

December

31,

2025

-

Blueprint

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Blueprint

#### SM

#### Conservative

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)(f)

#### Portfolio

#### Turnover(b)(g)

#### Class

#### I

#### Shares
12/31/2025

$

10.96 $

0.43 $

0.53 $

0.96 $

—

$

—

$

—

$

11.92 8.76%

$

10,348

0.30%

3.80%

0.40%

22.73%

12/31/2024

10.42 0.32 0.22 0.54 —

—

—

10.96 5.18%

8,152

0.29%

2.94%

0.39%

16.43%

12/31/2023

9.77 0.36 0.50 0.86 —

(0.21)

(0.21)

10.42 8.91%

7,653

0.29%

3.54%

0.39%

8.85%

12/31/2022

11.35 0.25 (1.61)

(1.36)

—

(0.22)

(0.22)

9.77 (11.97)%

7,377

0.30%

2.40%

0.40%

21.03%

12/31/2021

10.91 0.18 0.31 0.49 (0.02)

(0.03)

(0.05)

11.35 4.49%

8,584

0.30%

1.64%

0.40%

15.86%

#### Class

#### II

#### Shares
12/31/2025

10.92 0.39 0.56 0.95 —

—

—

11.87 8.70%

424,763

0.39%

3.46%

0.65%

22.73%

12/31/2024

10.39 0.28 0.25 0.53 —

—

—

10.92 5.10%

456,871

0.38%

2.63%

0.64%

16.43%

12/31/2023

9.75 0.33 0.52 0.85 —

(0.21)

(0.21)

10.39 8.83%

514,447

0.38%

3.31%

0.64%

8.85%

12/31/2022

11.34 0.23 (1.60)

(1.37)

—

(0.22)

(0.22)

9.75 (12.07)%

554,768

0.39%

2.24%

0.65%

21.03%

12/31/2021

10.90 0.16 0.32 0.48 (0.01)

(0.03)

(0.04)

11.34 4.38%

700,533

0.39%

1.47%

0.65%

15.86%

#### Class

#### Y

#### Shares
12/31/2025

11.21 0.62 0.39 1.01 —

—

—

12.22 9.01%

569

0.15%

5.23%

0.25%

22.73%

12/31/2024

10.64 0.45 0.12 0.57 —

—

—

11.21 5.36%

0.14%

4.02%

0.24%

16.43%

12/31/2023(h)

10.12 0.33 0.19 0.52 —

—

—

10.64 5.14%

0.15%

10.66%

0.23%

8.85%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(g) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(h) For

the

period

from

September

12,

2023

(commencement

of

operations)

through

December

31,

2023. Total

return

is

calculated

based

on

inception

date

of

September

11,

2023

through

December

31,

2023. Blueprint

Funds

-

December

31,

2025

-

Financial

Highlights

-

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Blueprint

#### SM

#### Balanced

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)(f)

#### Portfolio

#### Turnover(b)(g)

#### Class

#### I

#### Shares
12/31/2025

$

12.17 $

0.40 $

1.13 $

1.53 $

—

$

(0.25)

$

(0.25)

$

13.45 12.59%

$

33,547

0.29%

3.16%

0.39%

32.29%

12/31/2024

11.22 0.26 0.79 1.05 —

(0.10)

(0.10)

12.17 9.34%

28,974

0.29%

2.21%

0.39%

14.72%

12/31/2023

10.41 0.43 0.93 1.36 —

(0.55)

(0.55)

11.22 13.40%

27,005

0.29%

3.98%

0.39%

9.46%

12/31/2022

12.48 0.27 (1.97)

(1.70)

—

(0.37)

(0.37)

10.41 (13.60)%

22,509

0.29%

2.46%

0.39%

17.28%

12/31/2021

11.26 0.20 1.05 1.25 (0.03)

—

(0.03)

12.48 11.12%

25,787

0.29%

1.63%

0.39%

8.94%

#### Class

#### II

#### Shares
12/31/2025

12.04 0.36 1.14 1.50 —

(0.25)

(0.25)

13.29 12.47%

1,420,442

0.38%

2.87%

0.64%

32.29%

12/31/2024

11.11 0.23 0.80 1.03 —

(0.10)

(0.10)

12.04 9.26%

1,482,243

0.38%

1.97%

0.64%

14.72%

12/31/2023

10.32 0.39 0.95 1.34 —

(0.55)

(0.55)

11.11 13.32%

1,591,767

0.38%

3.66%

0.64%

9.46%

12/31/2022

12.39 0.25 (1.95)

(1.70)

—

(0.37)

(0.37)

10.32 (13.70)%

1,577,974

0.38%

2.24%

0.64%

17.28%

12/31/2021

11.18 0.17 1.06 1.23 (0.02)

—

(0.02)

12.39 11.00%

2,042,920

0.38%

1.43%

0.64%

8.94%

#### Class

#### Y

#### Shares
12/31/2025

12.83 0.56 1.08 1.64 —

(0.25)

(0.25)

14.22 12.80%

1,829

0.14%

4.10%

0.24%

32.29%

12/31/2024

11.82 1.06 0.05 1.11 —

(0.10)

(0.10)

12.83 9.38%(h)

543

0.14%

8.24%

0.24%

14.72%

12/31/2023(i)

11.13 0.40 0.29 0.69 —

—

—

11.82 6.20%(h)

0.15%

11.79%

0.23%

9.46%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(g) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(h) Includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

values

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

values

and

returns

for

shareholder

transactions.

(i) For

the

period

from

September

12,

2023

(commencement

of

operations)

through

December

31,

2023. Total

return

is

calculated

based

on

inception

date

of

September

11,

2023

through

December

31,

2023. 42

-

Financial

Highlights

-

December

31,

2025

-

Blueprint

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Blueprint

#### SM

#### Capital

#### Appreciation

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)(f)

#### Portfolio

#### Turnover(b)(g)

#### Class

#### I

#### Shares
12/31/2025

$

11.99 $

0.32 $

1.47 $

1.79 $

—

$

(0.33)

$

(0.33)

$

13.45 15.05%

$

63,744

0.28%

2.55%

0.38%

47.66%

12/31/2024

10.75 0.19 1.16 1.35 —

(0.11)

(0.11)

11.99 12.58%

55,080

0.28%

1.65%

0.38%

18.82%

12/31/2023

9.96 0.40 1.18 1.58 —

(0.79)

(0.79)

10.75 16.45%

48,703

0.28%

3.83%

0.38%

9.43%

12/31/2022

12.27 0.26 (2.10)

(1.84)

—

(0.47)

(0.47)

9.96 (15.02)%(h)

40,461

0.29%

2.45%

0.39%

16.86%

12/31/2021

10.62 0.18 1.50 1.68 (0.03)

—

(0.03)

12.27 15.85%(h)

45,476

0.28%

1.54%

0.38%

9.64%

#### Class

#### II

#### Shares
12/31/2025

11.94 0.29 1.49 1.78 —

(0.33)

(0.33)

13.39 15.03%(h)

1,780,889

0.37%

2.34%

0.63%

47.66%

12/31/2024

10.71 0.17 1.17 1.34 —

(0.11)

(0.11)

11.94 12.53%

1,805,026

0.37%

1.44%

0.63%

18.82%

12/31/2023

9.94 0.37 1.19 1.56 —

(0.79)

(0.79)

10.71 16.28%

1,890,222

0.37%

3.56%

0.63%

9.43%

12/31/2022

12.25 0.24 (2.08)

(1.84)

—

(0.47)

(0.47)

9.94 (15.05)%

1,849,289

0.38%

2.20%

0.64%

16.86%

12/31/2021

10.60 0.15 1.52 1.67 (0.02)

—

(0.02)

12.25 15.76%

2,464,639

0.37%

1.33%

0.63%

9.64%

#### Class

#### Y

#### Shares
12/31/2025

12.96 0.43 1.54 1.97 —

(0.33)

(0.33)

14.60 15.32%

4,366

0.13%

3.15%

0.23%

47.66%

12/31/2024

11.60 0.32 1.15 1.47 —

(0.11)

(0.11)

12.96 12.69%

2,066

0.13%

2.53%

0.23%

18.82%

12/31/2023(i)

10.87 0.60 0.13 0.73 —

—

—

11.60 6.72%

921

0.14%

17.27%

0.24%

9.43%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(g) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(h) Includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

values

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

values

and

returns

for

shareholder

transactions.

(i) For

the

period

from

September

12,

2023

(commencement

of

operations)

through

December

31,

2023. Total

return

is

calculated

based

on

inception

date

of

September

11,

2023

through

December

31,

2023. Blueprint

Funds

-

December

31,

2025

-

Financial

Highlights

-

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Blueprint

#### SM

#### Managed

#### Growth

#### &

#### Income

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)(f)

#### Portfolio

#### Turnover(b)(g)

#### Class

#### I

#### Shares
12/31/2025

$

12.85 $

0.74 $

0.47 $

1.21 $

—

$

(0.02)

$

(0.02)

$

14.04 9.39%

$

29,342

0.25%

5.49%

0.42%

44.49%

12/31/2024

11.80 0.30 0.75 1.05 —

—

—

12.85 8.90%

8,639

0.25%

2.42%

0.41%

16.44%

12/31/2023

10.47 0.47 0.86 1.33 —

—

—

11.80 12.70%

6,852

0.25%

4.24%

0.41%

19.75%

12/31/2022

12.12 0.30 (1.95)

(1.65)

—

—

—

10.47 (13.61)%

5,146

0.25%

2.78%

0.42%

15.38%

12/31/2021

11.03 0.19 0.94 1.13 (0.04)

—

(0.04)

12.12 10.24%

3,888

0.25%

1.64%

0.42%

10.52%

#### Class

#### II

#### Shares
12/31/2025

12.73 0.37 0.80 1.17 —

(0.02)

(0.02)

13.88 9.17%

451,426

0.45%

2.82%

0.67%

44.49%

12/31/2024

11.71 0.25 0.77 1.02 —

—

—

12.73 8.71%

470,730

0.45%

2.00%

0.66%

16.44%

12/31/2023

10.41 0.40 0.90 1.30 —

—

—

11.71 12.49%

492,894

0.45%

3.69%

0.67%

19.75%

12/31/2022

12.08 0.24 (1.91)

(1.67)

—

—

—

10.41 (13.82)%

482,259

0.45%

2.17%

0.67%

15.38%

12/31/2021

10.99 0.15 0.96 1.11 (0.02)

—

(0.02)

12.08 10.08%

602,996

0.45%

1.27%

0.67%

10.52%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(g) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

-

Financial

Highlights

-

December

31,

2025

-

Blueprint

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Blueprint

#### SM

#### Managed

#### Growth

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)(f)

#### Portfolio

#### Turnover(b)(g)

#### Class

#### I

#### Shares
12/31/2025

$

13.67 $

0.39 $

1.01 $

1.40 $

—

$

(0.27)

$

(0.27)

$

14.80 10.28%

$

11,507

0.22%

2.81%

0.41%

40.90%

12/31/2024

12.28 0.28 1.11 1.39 —

—

—

13.67 11.32%

10,524

0.22%

2.13%

0.41%

17.14%

12/31/2023

11.09 0.48 0.91 1.39 —

(0.20)

(0.20)

12.28 12.61%

8,817

0.22%

4.17%

0.41%

19.94%

12/31/2022

13.06 0.31 (2.28)

(1.97)

—

—

—

11.09 (15.08)%

7,648

0.22%

2.67%

0.41%

13.95%

12/31/2021

11.32 0.19 1.59 1.78 (0.04)

—

(0.04)

13.06 15.72%

7,629

0.22%

1.54%

0.41%

9.86%

#### Class

#### II

#### Shares
12/31/2025

13.53 0.35 1.01 1.36 —

(0.27)

(0.27)

14.62 10.09%(h)

1,051,146

0.42%

2.50%

0.66%

40.90%

12/31/2024

12.18 0.23 1.12 1.35 —

—

—

13.53 11.08%

1,112,222

0.42%

1.78%

0.66%

17.14%

12/31/2023

11.02 0.43 0.93 1.36 —

(0.20)

(0.20)

12.18 12.42%

1,155,641

0.42%

3.78%

0.66%

19.94%

12/31/2022

13.01 0.26 (2.25)

(1.99)

—

—

—

11.02 (15.30)%(h)

1,126,400

0.42%

2.23%

0.66%

13.95%

12/31/2021

11.28 0.15 1.60 1.75 (0.02)

—

(0.02)

13.01 15.50%(h)

1,432,147

0.42%

1.20%

0.66%

9.86%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(g) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(h) Includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

values

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

values

and

returns

for

shareholder

transactions.

Blueprint

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

1. #### Organization
Nationwide

Variable

Insurance

Trust

("NVIT"

or

the

"Trust")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

management

investment

company,

organized

as

a

statutory

trust

under

the

laws

of

the

State

of

Delaware.

The

Trust

has

authorized

an

unlimited

number

of

shares

of

beneficial

interest

("shares"),

without

par

value.

The

Trust

currently

offers

shares

to

life

insurance

company

separate

accounts

to

fund

the

benefits

payable

under

variable

life

insurance

policies

and

variable

annuity

contracts.

As

of

December

31,

2025,

the

Trust

operates

sixty-nine

(69) separate

series,

or

mutual

funds,

each

with

its

own

objective(s)

and

investment

strategies.

This

report

contains

the

financial

statements

and

financial

highlights

for

the

nine

(9) series

listed

below

(each,

a

"Fund";

collectively,

the

"Funds").

Nationwide

Fund

Advisors

("NFA")

serves

as

investment

adviser

to

the

Funds.

NFA

is

a

wholly

owned

subsidiary

of

Nationwide

Financial

Services,

Inc.

("NFS"),

a

holding

company

which

is

a

direct

wholly

owned

subsidiary

of

Nationwide

Corporation.

Nationwide

Corporation,

in

turn,

is

owned

by

Nationwide

Mutual

Insurance

Company

and

Nationwide

Mutual

Fire

Insurance

Company.

NVIT

Blueprint

SM

Aggressive

Fund

("Blueprint

Aggressive")

NVIT

Blueprint

SM

Moderately

Aggressive

Fund

("Blueprint

Moderately

Aggressive")

NVIT

Blueprint

SM

Moderate

Fund

("Blueprint

Moderate")

NVIT

Blueprint

SM

Moderately

Conservative

Fund

("Blueprint

Moderately

Conservative")

NVIT

Blueprint

SM

Conservative

Fund

("Blueprint

Conservative")

NVIT

Blueprint

SM

Balanced

Fund

("Blueprint

Balanced")

NVIT

Blueprint

SM

Capital

Appreciation

Fund

("Blueprint

Capital

Appreciation")

NVIT

Blueprint

SM

Managed

Growth

&

Income

Fund

("Blueprint

Managed

Growth

&

Income")

NVIT

Blueprint

SM

Managed

Growth

Fund

("Blueprint

Managed

Growth")

Only

separate

accounts

established

by

Nationwide

Life

Insurance

Company

("NLIC"),

a

wholly

owned

subsidiary

of

NFS,

and

Nationwide

Life

and

Annuity

Insurance

Company,

a

wholly

owned

subsidiary

of

NLIC,

hold

shares

of

the

Funds.

Shares

of

Blueprint

Managed

Growth

&

Income are

also

held

by

other

affiliated

insurance

companies.

Each Fund

operates

as

a

"fund-of-funds,"

which

means

that

the

Fund

pursues

its

objective(s)

by

allocating

its

investments

primarily

among

other

affiliated

series

of

the

Trust

and affiliated

series

of

the

Nationwide

Mutual

Funds

("NMF")(together,

the

"Underlying

Funds"),

and

may

have

additional

investment

and

concentration

risk.

The

Underlying

Funds

typically

invest

in

stocks,

bonds,

and

other

securities.

The

Funds,

as

applicable,

currently

offer Class

I,

Class

II

and

Class

Y shares.

Each

share

class

of

a

Fund

represents

interests

in

the

same

portfolio

of

investments

of

that

Fund

and

the

classes

are

identical

except

for

any

differences

in

the

distribution

or

service

fees,

administrative

services

fees,

class

specific

expenses,

certain

voting

rights,

and

class

names

or

designations.

Each

Fund

is

a

diversified

fund,

as

defined

in

the

1940

Act.

2. #### Summary

#### of

#### Significant

#### Accounting

#### Policies
The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Funds

in

the

accounting

and

the

preparation

of

their

financial

statements.

The

Funds

are

investment

companies

and

follow

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Codification

Topic

946

("ASC

946").

The

policies

are

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

("U.S.

GAAP"),

including,

but

not

limited

to,

ASC

946. The

preparation

of

financial

statements

requires

fund

management

to

make

estimates

and

assumptions

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

expenses

for

the

period.

The

Funds

utilize

various

methods

to

measure

the

value

of

their

investments

on

a

recurring

basis.

Amounts

received

upon

the

sale

of

such

investments

could

differ

from

those

estimated

values

and

those

differences

could

be

material.

(a) #### Security

#### Valuation
U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

Pursuant

to

procedures

approved

by

the

Board

of

Trustees

of

the

Trust

(the

"Board

of

Trustees"),

NFA

assigns

a

fair

value,

as

defined

by

U.S.

GAAP,

to

a

Fund's

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

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

measurements)

when

market

prices

are

not

readily

available

or

reliable.

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Blueprint

Funds

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

—

Quoted

prices

in

active

markets

for

identical

assets

Level

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

—

Significant

unobservable

inputs

(including

a

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.

Shares

of

registered

open-end

Underlying

Funds

in

which

a

Fund

invests

are

valued

at

their

respective

net

asset

value

("NAV")

as

reported

by

such

Underlying

Fund.

Shares

of

exchange

traded

funds

("ETFs")

are

generally

valued

at

the

last

quoted

sale

price

or

official

closing

price,

or,

if

there

is

no

such

price,

the

last

quoted

bid

price

provided

by

an

independent

pricing

service.

Shares

of

registered

open-end

Underlying

Funds

and

shares

of

ETFs

valued

in

this

manner

are

generally

categorized

as

Level

investments

within

the

hierarchy.

The

Funds

may

invest

in

other

series

of

the

Trust

and

other

series

of NMF

(together,

the

"series

of

the

Trusts"),

which

are

open-end

investment

companies

generally

available

to

the

public

and

other

investment

companies.

The

Funds'

Statements

of

Investments

list

each Underlying

Fund

held

as

of

period

end

as

an

investment

of

each

Fund,

but

do

not

include

the

underlying

holdings

of

each

Underlying

Fund.

As

an

investing

Fund,

each

Fund

indirectly

bears

its

proportionate

share

of

the

expenses

of

the

Underlying

Funds.

A

complete

unaudited

list

of

holdings

for

each

Underlying

Fund

is

available

upon

request

or

at

the

Securities

and

Exchange

Commission's

(the

"SEC")

website

at

www.sec.gov.

In

addition,

the

financial

statements

of

the

series

of

the

Trusts

are

available

on

the

SEC's

website

or

upon

request.

The

following

tables

provide

a

summary

of

the

inputs

used

to

value

the

Funds'

net

assets

as

of

December

31,

2025. Please

refer

to

the

Statements

of

Investments

for

additional

information

on

portfolio

holdings.

#### Blueprint

#### Aggressive

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Exchange

Traded

Funds

$

16,609,983

$

–

$

–

$

16,609,983

Investment

Companies

283,493,948

–

–

283,493,948

#### Total

#### $

#### 300,103,931

#### $

#### –

#### $

#### –

#### $

#### 300,103,931

#### Blueprint

#### Moderately

#### Aggressive

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Exchange

Traded

Funds

$

26,356,526

$

–

$

–

$

26,356,526

Investment

Companies

466,897,076

–

–

466,897,076

#### Total

#### $

#### 493,253,602

#### $

#### –

#### $

#### –

#### $

#### 493,253,602
Blueprint

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

#### Blueprint

#### Moderate

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Exchange

Traded

Funds

$

108,100,401

$

–

$

–

$

108,100,401

Investment

Companies

1,695,484,200

–

–

1,695,484,200

#### Total

#### $

#### 1,803,584,601

#### $

#### –

#### $

#### –

#### $

#### 1,803,584,601

#### Blueprint

#### Moderately

#### Conservative

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Exchange

Traded

Funds

$

27,440,565

$

–

$

–

$

27,440,565

Investment

Companies

435,928,927

–

–

435,928,927

#### Total

#### $

#### 463,369,492

#### $

#### –

#### $

#### –

#### $

#### 463,369,492

#### Blueprint

#### Conservative

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Exchange

Traded

Funds

$

22,577,541

$

–

$

–

$

22,577,541

Investment

Companies

413,211,645

–

–

413,211,645

#### Total

#### $

#### 435,789,186

#### $

#### –

#### $

#### –

#### $

#### 435,789,186

#### Blueprint

#### Balanced

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Exchange

Traded

Funds

$

87,228,669

$

–

$

–

$

87,228,669

Investment

Companies

1,369,307,074

–

–

1,369,307,074

#### Total

#### $

#### 1,456,535,743

#### $

#### –

#### $

#### –

#### $

#### 1,456,535,743

#### Blueprint

#### Capital

#### Appreciation

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Exchange

Traded

Funds

$

111,157,232

$

–

$

–

$

111,157,232

Investment

Companies

1,738,192,246

–

–

1,738,192,246

#### Total

#### $

#### 1,849,349,478

#### $

#### –

#### $

#### –

#### $

#### 1,849,349,478

#### Blueprint

#### Managed

#### Growth

#### &

#### Income

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Exchange

Traded

Funds

$

27,169,165

$

–

$

–

$

27,169,165

Futures

Contracts#

6,917

–

–

6,917

Investment

Companies

425,761,405

–

–

425,761,405

#### Total

#### Assets

#### $

#### 452,937,487

#### $

#### –

#### $

#### –

#### $

#### 452,937,487

#### Liabilities:
Futures

Contracts#

$

(216,140)

$

–

$

–

$

(216,140)

#### Total

#### Liabilities

#### $

#### (216,140)

#### $

#### –

#### $

#### –

#### $

#### (216,140)

#### Total

#### $

#### 452,721,347

#### $

#### –

#### $

#### –

#### $

#### 452,721,347

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Blueprint

Funds

(b) #### Cash

#### Overdraft
Certain

Funds

may

have

overdrawn

U.S.

dollar

and/or

foreign

currency

balances

with

the Funds'

custodian

bank,

JPMorgan

Chase

Bank,

N.A.

("JPMorgan").

To

offset

the

overdraft,

JPMorgan

advanced

an

amount

equal

to

the

overdraft.

Consistent

with

the

Funds'

borrowing

policy,

the

advance

is

deemed

a

temporary

loan

to

the

Funds.

Such loans

are

payable

upon

demand

and

bear

interest

from

the

date

of

such

advance

to

the

date

of

payment

at

the

rate

agreed

upon

with

JPMorgan

under

the

custody

agreement.

These

advances

are

separate

from,

and

were

not

made

pursuant

to,

the

credit

agreement

discussed

in

Note

5. A

Fund

with

an

overdraft

is

subject

to

a

lien

by

JPMorgan

on

the

Fund's

account

and

JPMorgan

may

charge

the

Fund's

account

for

any

amounts

owed

to

JPMorgan.

JPMorgan

also

has

the

right

to

set

off

as

appropriate

and

apply

all

deposits

and

credits

held

by

or

owing

to

JPMorgan

against

such

amount,

subject

to

the

terms

of

the

custody

agreement.

As

of

December

31,

2025,

Funds

that

had

overdrawn

balances

were

as

follows:

(c) #### Futures

#### Contracts
Financial

futures

contracts

("futures

contracts")

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Blueprint

Managed

Growth

&

Income

and Blueprint

Managed

Growth

are

subject

to

equity

risk

in

the

normal

course

of

pursuing their

objective(s)

in

two

respects.

First,

each Fund

has

set

a

baseline

target

equity

exposure

of

50%

and

60%,

respectively,

which

is

represented

by

each Fund's

allocations

to

underlying

equity

funds.

Second,

each Funds

enters

into

stock

index

futures

contracts

in

order

to

increase

or

decrease

the

baseline

equity

exposure

consistent

with

NFA's

view

of

current

equity

market

conditions.

Through

the

use

of

these

futures

contracts,

Blueprint

Managed

Growth

&

Income

and

Blueprint

Managed

Growth may

increase

their

equity

exposure

to

a

maximum

of

65%

or

to

a

minimum

of

0%

and

a maximum

of

80%

or to

a

minimum

of

0%,

respectively, of

each Fund's

assets.

Upon

entering

into

a

futures

contract, a

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, a

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 a

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

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, a

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.

#### Blueprint

#### Managed

#### Growth

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Exchange

Traded

Funds

$

59,293,521

$

–

$

–

$

59,293,521

Futures

Contracts#

176,377

–

–

176,377

Investment

Companies

930,335,993

–

–

930,335,993

#### Total

#### Assets

#### $

#### 989,805,891

#### $

#### –

#### $

#### –

#### $

#### 989,805,891

#### Liabilities:
Futures

Contracts#

$

(396,641)

$

–

$

–

$

(396,641)

#### Total

#### Liabilities

#### $

#### (396,641)

#### $

#### –

#### $

#### –

#### $

#### (396,641)

#### Total

#### $

#### 989,409,250

#### $

#### –

#### $

#### –

#### $

#### 989,409,250
#

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

Assets

and

Liabilities.

#### Fund

#### U.S.

#### Dollar

#### Amount
Blueprint

Moderately

Aggressive

$

16,168

Blueprint

Moderate

249,698

Blueprint

Moderately

Conservative

62,478

Blueprint

Capital

Appreciation

111,083

Blueprint

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

Should

market

conditions

change

unexpectedly, a

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. A

Fund's

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because a

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

Funds'

futures

contracts

are

reflected

in

the

Statements

of

Assets

and

Liabilities

under

"Receivable/Payable

for

variation

margin

on

futures

contracts,"

in

a

table

in

the

Statement

of

Investments

and

in

the

Statements

of

Operations

under

"Net

realized

gains

(losses)

from

expiration

or

closing

of

futures

contracts"

and

"Net

change

in

unrealized

appreciation/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

December

31,

2025:

#### Fair

#### Values

#### of

#### Derivatives

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### as

#### of

#### December

#### 31,

#### 2025:

#### The

#### Effect

#### of

#### Derivative

#### Instruments

#### on

#### the

#### Statements

#### of

#### Operations

#### for

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025:

#### Blueprint

#### Managed

#### Growth

#### &

#### Income

#### Assets:

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value
Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

6,917

#### Total

#### $

#### 6,917

#### Liabilities:
Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

(216,140)

#### Total

#### $

#### (216,140)

#### Blueprint

#### Managed

#### Growth

#### Assets:

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value
Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

176,377

#### Total

#### $

#### 176,377

#### Liabilities:
Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

(396,641)

#### Total

#### $

#### (396,641)
#

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

Assets

and

Liabilities.

#### Blueprint

#### Managed

#### Growth

#### &

#### Income

#### Realized

#### Gains

#### (Losses):

#### Total
Futures

Contracts

Equity

risk

$

(11,522,065)

#### $

#### (11,522,065)

#### Blueprint

#### Managed

#### Growth

#### Realized

#### Gains

#### (Losses):

#### Total
Futures

Contracts

Equity

risk

$

(30,324,995)

#### $

#### (30,324,995)

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Blueprint

Funds

Change

in

Unrealized

Appreciation/Depreciation

on

Derivatives

Recognized

in

the

Statements

of

Operations

for

the Year

Ended December

31,

2025:

The

following is

a

summary

of

the

Funds'

average

volume

of

derivative

instruments

held for

the year

ended December

31,

2025:

The

Funds

are

required

to

disclose

information

about

offsetting

and

related

arrangements

to

enable

users

of

the

financial

statements

to

understand

the

effect

of

those

arrangements

on

the

Funds'

financial

position.

As

of December

31,

2025,

certain

Funds

have

entered

into

futures

contracts.

These

futures

contract

agreements

do

not

provide

for

netting

arrangements.

(d) #### Security

#### Transactions

#### and

#### Investment

#### Income
Security

transactions

are

accounted

for

on

the

date

the

security

is

purchased

or

sold.

Security

gains

and

losses

are

calculated

on

the

identified

cost

basis.

Dividend

income

received

from

the

Underlying

Funds

is

recognized

on

the

ex-dividend

date

and

is

recorded

as

income

on

the

Statements

of

Operations.

Capital

gain

distributions

received

from

the

Underlying

Funds

are

recognized

on

the

ex-dividend

date

and

are

recorded

on

the

Statements

of

Operations

as

such.

Interest

income

is

recognized

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts,

and

is

recorded

as

such

on

a

Fund's

Statement

of

Operations.

Income

from

non-cash

dividends,

if

any,

is

recorded

at

the

fair

value

of

the

securities

and

is

recorded

as

such

on

a

Fund's

Statement

of

Operations.

(e) #### Distributions

#### to

#### Shareholders
Distributions

from

net

investment

income,

if

any,

are

declared

and

paid

quarterly.

Distributions

from

net

realized

capital

gains,

if

any,

are

declared

and

distributed

at

least

annually.

All

distributions

are

recorded

on

the

ex-dividend

date.

Dividends

and

distributions

to

shareholders

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

"book/tax"

differences

are

considered

either

permanent

or

temporary.

Permanent

differences

are

reclassified

within

the

capital

accounts

based

on

their

nature

for

federal

income

tax

purposes;

temporary

differences

do

not

require

reclassification.

The

permanent

differences

as

of

December

31,

2025

are

primarily

attributable

to

investments

in

regulated

investment

companies

and

consent

dividends.

Temporary

differences

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

and

tax

purposes;

these

differences

will

reverse

at

some

time

in

the

future.

The

temporary

differences

as

of

December

31,

2025

may

primarily

be

attributable

to outstanding

straddle

loss

deferrals and

outstanding

wash

sale

loss

deferrals.

These

reclassifications

have

no

effect

upon

the

NAV

of a

Fund.

Any

distribution

in

excess

of

current

and

accumulated

earnings

and

profits

for

federal

income

tax

purposes

is

reported

as

a

return

of

capital

distribution.

#### Blueprint

#### Managed

#### Growth

#### &

#### Income

#### Unrealized

#### Appreciation/Depreciation:

#### Total
Futures

Contracts

Equity

risk

$

142,564

#### $

#### 142,564

#### Blueprint

#### Managed

#### Growth

#### Unrealized

#### Appreciation/Depreciation:

#### Total
Futures

Contracts

Equity

risk

$

3,453,435

#### $

#### 3,453,435

#### Blueprint

#### Managed

#### Growth

#### &

#### Income

#### Futures

#### Contracts:
Average

Notional

Balance

Long

$

36,978,534

Average

Notional

Balance

Short

$

14,813,679

#### Blueprint

#### Managed

#### Growth

#### Futures

#### Contracts:
Average

Notional

Balance

Long

$

155,887,260

Average

Notional

Balance

Short

$

40,607,169

Blueprint

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

Reclassifications

for

the

year

ended

December

31,

2025

were

as

follows:

(f) #### Federal

#### Income

#### Taxes
Each Fund

elected

to

be

treated

as,

and

intends

to

qualify

each

year

as,

a

"regulated

investment

company"

("RIC")

by

complying

with

the

requirements

of

Subchapter

M

of

the

U.S.

Internal

Revenue

Code

of

1986

(the

"Code"),

as

amended,

and

to

make

distributions

of

net

investment

income

and

net

realized

capital

gains

sufficient

to

relieve

a

Fund

from

all,

or

substantially

all,

federal

income

taxes.

The

aforementioned

distributions

may

be

made

in

cash

or

via

consent

dividends.

Consent

dividends,

agreed

to

by

each

shareholder,

are

taxable

to

the

shareholders

as

if

they

were

paid

in

cash

during

their

current

tax

year.

As

of

December

31,

2025,

the

estimated

maximum

amounts

each

Fund

may

claim

as

consent

dividends

for

2025

are

as

follows:

A

Fund

recognizes

a

tax

benefit

from

an

uncertain

position

only

if

it

is

more

likely

than

not

that

the

position

is

sustainable,

based

solely

on

its

technical

merits

and

consideration

of

the

relevant

taxing

authorities'

widely

understood

administrative

practices

and

precedents.

Each

year,

a

Fund

undertakes

an

affirmative

evaluation

of

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

tax

returns

to

determine

whether

it

is

more

likely

than

not

(i.e.,

greater

than

percent)

that

each

tax

position

will

be

sustained

upon

examination

by

a

taxing

authority.

The

Funds

file

U.S.

federal

income

tax

returns

and,

if

applicable,

returns

in

various

foreign

jurisdictions

in

which

they

invest.

Generally,

a

Fund

is

subject

to

examinations

by

such

taxing

authorities

for

up

to

three

years

after

the

filing

of

the

return

for

the

tax

period.

The

Funds

adopted

FASB

Accounting

Standards

Update

2023-09,

Income

Taxes

(Topic

740)—Improvements

to

Income

Tax

Disclosures

("ASU

2023-09").

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disclosure

of

income

taxes

paid

by

jurisdiction.

During

the

year

ended

December

31,

2025,

the

Funds

did

not

pay

a

significant

amount

of

foreign

or

U.S.

federal,

state

or

local

income

taxes

and

therefore

did

not

include

any

additional

disclosures

in

these

financial

statements.

(g) #### Allocation

#### of

#### Expenses,

#### Income

#### and

#### Gains

#### and

#### Losses
Expenses

directly

attributable

to

a

Fund

are

charged

to

that

Fund.

Expenses

not

directly

attributable

to

a

Fund

are

allocated

proportionally

among

various

or

all

series

of

the

Trust.

Income,

fund

level

expenses,

and

realized

and

unrealized

gains

or

losses

are

allocated

to

each

class

of

shares

of

a

Fund

based

on

the

value

of

the

outstanding

shares

of

that

class

relative

to

the

total

value

of

the

outstanding

shares

of

that

Fund.

Expenses

specific

to

a

class

(such

as

Rule

12b-1

and

administrative

services

fees)

are

charged

to

that

specific

class.

#### Fund

#### Capital

#### Total

#### Distributable

#### Earnings
(Loss)

Blueprint

Aggressive

$

2,776,989

$

(2,776,989)

Blueprint

Moderately

Aggressive

6,672,707

(6,672,707)

Blueprint

Moderate

34,974,388

(34,974,388)

Blueprint

Moderately

Conservative

11,493,253

(11,493,253)

Blueprint

Conservative

13,369,023

(13,369,023)

Blueprint

Balanced

32,742,024

(32,742,024)

Blueprint

Capital

Appreciation

30,592,665

(30,592,665)

Blueprint

Managed

Growth

&

Income

10,554,350

(10,554,350)

Blueprint

Managed

Growth

22,096,615

(22,096,615)

#### Fund

#### Ordinary

#### Distribution

#### Available

#### for

#### Consent

#### Dividend
Blueprint

Aggressive

$

19,349,076

Blueprint

Moderately

Aggressive

31,021,287

Blueprint

Moderate

108,337,366

Blueprint

Moderately

Conservative

23,710,157

Blueprint

Conservative

19,700,426

Blueprint

Balanced

80,582,365

Blueprint

Capital

Appreciation

116,801,023

Blueprint

Managed

Growth

&

Income

24,940,538

Blueprint

Managed

Growth

61,510,929

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Blueprint

Funds

(h) #### Reportable

#### Segment

#### Disclosure
The

Principal

Executive

Officer

acts

as

the

Funds'

Chief

Operating

Decision

Maker

("CODM')

and

is

responsible

for

assessing

performance

and

allocating

resources

with

respect

to

the

Funds.

The

CODM

has

concluded

that

each

Fund

operates

as

a

single

operating

segment

since

the

Funds

each

have

a

single

investment

strategy

as

disclosed

in

its

prospectus,

against

which

the

CODM

assesses

performance.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

presented

within

the

Funds'

financial

statements.

3. #### Transactions

#### with

#### Affiliates
Under

the

terms

of

the

Trust's

Investment

Advisory

Agreement,

NFA

manages

the

investment

of

the

assets

and

supervises

the

daily

business

affairs

of

the

Funds

in

accordance

with

policies

and

procedures

established

by

the

Board

of

Trustees.

NFA

has

selected

Nationwide

Asset

Management,

LLC

(the

"Subadviser"),

an

affiliate

of

NFA, as

subadviser

for Blueprint

Managed

Growth

&

Income

and

Blueprint

Managed

Growth,

and

provides

investment

management

evaluation

services

in

monitoring,

on

an

ongoing

basis,

the

performance

of

the

Subadviser.

Under

the

terms

of

the

Investment

Advisory

Agreement,

each

Fund

pays

NFA

an

investment

advisory

fee

based

on

that

Fund's

average

daily

net

assets.

During

the

year

ended

December

31,

2025,

the

Funds

paid

investment

advisory

fees

to

NFA

according

to

the

following

schedule.

From

these

fees,

pursuant

to

the

subadvisory

agreements,

NFA

pays

fees

to

the

affiliated

and

unaffiliated

subadvisers.

NFA

paid

the

affiliated

subadviser

$60,921

during

the

year

ended

December

31,

2025. #### Fund

#### Fee

#### Schedule

#### Advisory

#### Fee

#### (annual

#### rate)
Blueprint

Aggressive

Up

to

$1.5

billion

0.20%

$1.5

billion

up

to

$2

billion

0.19%

$2

billion

and

more

0.18%

Blueprint

Moderately

Aggressive

Up

to

$1.5

billion

0.20%

$1.5

billion

up

to

$2

billion

0.19%

$2

billion

and

more

0.18%

Blueprint

Moderate

Up

to

$1.5

billion

0.20%

$1.5

billion

up

to

$2

billion

0.19%

$2

billion

and

more

0.18%

Blueprint

Moderately

Conservative

Up

to

$1.5

billion

0.20%

$1.5

billion

up

to

$2

billion

0.19%

$2

billion

and

more

0.18%

Blueprint

Conservative

Up

to

$1.5

billion

0.20%

$1.5

billion

up

to

$2

billion

0.19%

$2

billion

and

more

0.18%

Blueprint

Balanced

Up

to

$1.5

billion

0.20%

$1.5

billion

up

to

$2

billion

0.19%

$2

billion

and

more

0.18%

Blueprint

Capital

Appreciation

Up

to

$1.5

billion

0.20%

$1.5

billion

up

to

$2

billion

0.19%

$2

billion

and

more

0.18%

Blueprint

Managed

Growth

&

Income

Up

to

$1.5

billion

0.22%

$1.5

billion

up

to

$2

billion

0.21%

$2

billion

and

more

0.20%

Blueprint

Managed

Growth

Up

to

$1.5

billion

0.22%

$1.5

billion

up

to

$2

billion

0.21%

$2

billion

and

more

0.20%

Blueprint

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

The

Trust

and

NFA

have

entered

into

a

written

contract

waiving

a

portion

of

investment

advisory

fees

of

the

Funds

as

listed

in

the

following

table

until

April

30,

2026. During

the

year

ended December

31,

2025,

the

following

table

provides

the

waiver

of

such

investment

advisory

fees

by

NFA

for

which

NFA

shall

not

be

entitled

to

later

seek

recoupment.

For

the

year

ended December

31,

2025,

the

effective

advisory

fee

rates

before

and

after

contractual

advisory

fee

waivers

were

as

follows:

#### Fund

#### Advisory

#### Fee

#### Waiver

#### (annual

#### rate)
Blueprint

Aggressive

0.10%

Blueprint

Moderately

Aggressive

0.10 Blueprint

Moderate

0.10 Blueprint

Moderately

Conservative

0.10 Blueprint

Conservative

0.10 Blueprint

Balanced

0.10 Blueprint

Capital

Appreciation

0.10 #### Fund

#### Amount
Blueprint

Aggressive

$

268,317

Blueprint

Moderately

Aggressive

469,622

Blueprint

Moderate

1,807,115

Blueprint

Moderately

Conservative

469,208

Blueprint

Conservative

453,184

Blueprint

Balanced

1,471,282

Blueprint

Capital

Appreciation

1,839,669

#### Fund

#### Effective

#### Advisory

#### Fee

#### Rate

#### Before

#### Contractual\*

#### Fee

#### Waivers

#### and

#### Expense

#### Reimbursements

#### \*

#### Effective

#### Advisory

#### Fee

#### Rate

#### After

#### Contractual\*

#### Fee

#### Waivers

#### Effective

#### Advisory

#### Fee

#### Rate

#### After

#### Contractual\*

#### Fee

#### Waivers

#### and

#### Expense

#### Reimbursements
Blueprint

Aggressive

0.20 %

0.10 %

0.10 %

Blueprint

Moderately

Aggressive

0.20 0.10 0.10 Blueprint

Moderate

0.20 0.10 0.10 Blueprint

Moderately

Conservative

0.20 0.10 0.10 Blueprint

Conservative

0.20 0.10 0.10 Blueprint

Balanced

0.20 0.10 0.10 Blueprint

Capital

Appreciation

0.20 0.10 0.10 Blueprint

Managed

Growth

&

Income

0.22 N/A

0.05 Blueprint

Managed

Growth

0.22 N/A

0.03 N/A

—

Not

Applicable.

\*

Please

see

above

for

additional

information

regarding

contractual

waivers.

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Blueprint

Funds

The

Trust

and

NFA

have

entered

into

a

written

Expense

Limitation

Agreement

that

limits

certain

Funds'

operating

expenses,

(excluding

any

taxes,

interest,

compensation

payable

to

parties

not

affiliated

with

the

Adviser

for

the

recovery

of

tax

reclaims,

brokerage

commissions,

Rule

12b-1

fees,

acquired

fund

fees

and

expenses,

short-sale

dividend

expenses,

administrative

services

fees,

other

expenses

which

are

capitalized

in

accordance

with

generally

accepted

accounting

principles

and

expenses

incurred

by a

Fund

in

connection

with

any

merger

or

reorganization,

and

may

exclude

other

nonroutine

expenses

not

incurred

in

the

ordinary

course

of a

Fund's

business)

from

exceeding

the

amounts

listed

in

the

following

table

until

at

least

April

30,

2026. On

November

14,

2025,

the

Trust

and

NFA

have

entered

into

a

written

Expense

Limitation

Agreement

that

limits

certain

Funds'

operating

expenses,

(excluding

any

interest,

taxes,

fees

paid

to

non-affiliated

parties

in

connection

with

the

recovery

of

tax

reclaims,

brokerage

commissions

and

other

costs

incurred

in

connection

with

the

purchase

and

sales

of

portfolio

securities,

short

sale

dividend

expenses,

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),

including

the

effect

of

any

fees

waived

by

NFA

or

any

of

its

affiliates

pursuant

to

any

other

expense

limitation

agreement

or

fee

waiver

agreement

as

detailed

above,

from

exceeding

the

amounts

listed

in

the

following

table

until

November

14,

2027. NFA

may

request

and

receive

reimbursement

from

a

Fund

for

advisory

fees

waived

or

other

expenses

reimbursed

by

NFA

pursuant

to

the

Expense

Limitation

Agreement

at

a

date

not

to

exceed

three

years

from

the

date

on

which

the

corresponding

waiver

or

reimbursement

to

the

Fund

was

made.

However,

no

reimbursement

may

be

made

unless:

(i) the

Fund's

assets

exceed

$100

million

and

(ii) the

total

annual

expense

ratio

of

the

class

making

such

reimbursement

is

no

higher

than

the

amount

of

the

expense

limitation

that

was

in

place

at

the

time

NFA

waived

the

fees

or

reimbursed

the

expenses

and

does

not

cause

the

expense

ratio

to

exceed

the

current

expense

limitation.

Reimbursement

by

a

Fund

of

amounts

previously

waived

or

reimbursed

by

NFA

is

not

permitted

except

as

provided

for

in

the

Expense

Limitation

Agreement.

The

Expense

Limitation

Agreement

may

be

changed

or

eliminated

only

with

the

consent

of

the

Board

of

Trustees.

As

of

December

31,

2025,

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:

During

the

year

ended

December

31,

2025,

no

amounts

were

reimbursed

to

NFA

pursuant

to

the

Expense

Limitation

Agreement,

and

the

Funds

have

not

recorded

a

commitment

or

contingent

liability.

NFM,

a

wholly

owned

subsidiary

of

NFS

Distributors,

Inc.

("NFSDI")

(a

wholly

owned

subsidiary

of

NFS),

provides

various

administrative

and

accounting

services

for

the

Funds

and

serves

as

Transfer

and

Dividend

Disbursing

Agent

for

the

Funds.

NFM

#### Fund

#### Classes

#### Amount

#### (annual

#### rate)
Blueprint

Aggressive

All

Classes

0.28%

Blueprint

Moderately

Aggressive

All

Classes

0.25 Blueprint

Moderate

All

Classes

0.25 Blueprint

Moderately

Conservative

All

Classes

0.25 Blueprint

Conservative

All

Classes

0.25 Blueprint

Balanced

All

Classes

0.25 Blueprint

Capital

Appreciation

All

Classes

0.25 Blueprint

Managed

Growth

&

Income

All

Classes

0.10 Blueprint

Managed

Growth

All

Classes

0.07 #### Fund

#### Classes

#### Amount

#### (annual

#### rate)
Blueprint

Managed

Growth

&

Income

Class

I

0.88%

#### Fund

#### Fiscal

#### Year

#### 2023

#### Amount

#### Fiscal

#### Year

#### 2024

#### Amount

#### Fiscal

#### Year

#### 2025

#### Amount

#### Total
Blueprint

Aggressive

$

—

$

—

$

—

$

—

Blueprint

Moderately

Aggressive

—

—

—

—

Blueprint

Moderate

—

—

—

—

Blueprint

Moderately

Conservative

—

—

—

—

Blueprint

Conservative

—

—

—

—

Blueprint

Balanced

—

—

—

—

Blueprint

Capital

Appreciation

—

—

—

—

Blueprint

Managed

Growth

&

Income

808,135

818,700

768,874

2,395,709

Blueprint

Managed

Growth

2,139,720

2,175,735

2,030,635

6,346,090

Blueprint

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

has

entered

into

agreements

with

third-party

service

providers

to

provide

certain

sub-administration

and

sub-transfer

agency

services

to

the

Funds.

NFM

pays

the

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

NMF,

a

Delaware

statutory

trust

and

registered

investment

company

that

is

affiliated

with

the

Trust,

according

to

the

following

fee

schedule.

For

the

year

ended

December

31,

2025,

NFM

earned

an

aggregate

of

$2,222,485

in

fees

from

the

Funds

under

the

Joint

Fund

Administration

and

Transfer

Agency

Agreement.

Under

the

terms

of

the

Joint

Fund

Administration

and

Transfer

Agency

Agreement

and

a

letter

agreement

between

NFM

and

the

Trust,

the

Trust

has

agreed

to

reimburse

NFM

for

certain

costs

related

to

each

Fund's

portion

of

ongoing

administration,

monitoring

and

annual

(compliance

audit)

testing

of

the

Trust's

Rule

38a-1

Compliance

Program

subject

to

the

pre-approval

of

the

Trust's

Audit

Committee.

These

costs

are

allocated

among

the

series

of

the

Trust

based

upon

their

relative

net

assets.

For

the

year

ended

December

31,

2025,

the

Funds' aggregate

portion

of

such

costs

amounted

to

$36,787.

In

addition,

the

Trust

pays

out-of-pocket

expenses

reasonably

incurred

by

NFM

in

providing

services

to

the

Funds

and

the

Trust,

including,

but

not

limited

to,

the

cost

of

pricing

services

that

NFM

utilizes.

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

Class

II

shares

of

the

Funds

at

an

annual

rate

of

0.25%.

The

Trust

and

NFD

have

entered

into

a

written

contract

waiving

distribution

fees

for

Class

II

shares

of

the

Funds

according

to

the

following

schedule

until

at

least

April

30,

2026:

During

the year

ended December

31,

2025, each

Fund's

waiver

of

such

distribution

fees

by

NFD,

for

which

NFD

shall

not

be

entitled

to

reimbursement

by

the

Funds

for

any

amount

waived,

were

as

follows:

#### Combined

#### Fee

#### Schedule
Up

to

$25

billion

0.025%

$25

billion

and

more

0.020 #### Fund

#### Distribution

#### Fee

#### Waiver

#### (Annual

#### Rate)
Blueprint

Aggressive

0.16%

Blueprint

Moderately

Aggressive

0.16 Blueprint

Moderate

0.16 Blueprint

Moderately

Conservative

0.16 Blueprint

Conservative

0.16 Blueprint

Balanced

0.16 Blueprint

Capital

Appreciation

0.16 Blueprint

Managed

Growth

&

Income

0.05 Blueprint

Managed

Growth

0.05 #### Fund

#### Amount
Blueprint

Aggressive

$

272,160

Blueprint

Moderately

Aggressive

544,897

Blueprint

Moderate

2,792,591

Blueprint

Moderately

Conservative

738,170

Blueprint

Conservative

709,638

Blueprint

Balanced

2,303,299

Blueprint

Capital

Appreciation

2,844,899

Blueprint

Managed

Growth

&

Income

225,840

Blueprint

Managed

Growth

531,930

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Blueprint

Funds

Under

the

terms

of

an

Administrative

Services

Plan,

the

Funds

pay

fees

to

servicing

organizations,

such

as

broker-dealers,

including

NFS,

and

financial

institutions,

that

agree

to

provide

administrative

support

services

to

the

shareholders

of

certain

classes.

These

services

may

include,

but

are

not

limited

to,

the

following:

(i) establishing

and

maintaining

shareholder

accounts;

(ii) processing

purchase

and

redemption

transactions;

(iii) arranging

bank

wires;

(iv) performing

shareholder

sub-accounting;

(v) answering

inquiries

regarding

the

Funds;

and

(vi) other

such

services.

These

fees

are

calculated

at

an

annual

rate

of

up

to

0.25%

of

the

average

daily

net

assets

of

Class

I

and

Class

II

shares

of

each applicable

Fund.

For the

year

ended

December

31,

2025,

the

effective

rates

for

administrative

services

fees

were

as

follows:

For

the

year

ended

December

31,

2025,

each

Fund's

total

administrative

services

fees

were

as

follows:

4. #### Investments

#### in

#### Affiliated

#### Issuers
Each Fund

invests

in

shares

of

the

affiliated

Underlying

Funds.

The

Funds'

transactions

in

the

shares

of

Underlying

Funds

during

the year

ended

December

31,

2025 were

as

follows:

#### Fund

#### Class

#### I

#### Class

#### II
Blueprint

Aggressive

0.15 %

0.15 %

Blueprint

Moderately

Aggressive

0.15 0.15 Blueprint

Moderate

0.15 0.15 Blueprint

Moderately

Conservative

0.15 0.15 Blueprint

Conservative

0.15 0.15 Blueprint

Balanced

0.15 0.15 Blueprint

Capital

Appreciation

0.15 0.15 Blueprint

Managed

Growth

&

Income

0.15 0.15 Blueprint

Managed

Growth

0.15 0.15 #### Fund

#### Amount
Blueprint

Aggressive

$

392,665

Blueprint

Moderately

Aggressive

700,548

Blueprint

Moderate

2,708,747

Blueprint

Moderately

Conservative

703,812

Blueprint

Conservative

679,340

Blueprint

Balanced

2,205,232

Blueprint

Capital

Appreciation

2,754,841

Blueprint

Managed

Growth

&

Income

694,602

Blueprint

Managed

Growth

1,611,743

#### Blueprint

#### Aggressive

#### Security

#### Description

#### Shares/Principal

#### at

#### December

#### 31,

#### 2025

#### Market

#### Value

#### December

#### 31,

#### 2024

#### ($)

#### Purchases

#### at

#### Cost

#### \*

#### ($)

#### Proceeds

#### from

#### Sales

#### ($)

#### Net

#### Realized

#### Gains
(Losses)

#### ($)

#### Change

#### in

#### Unrealized

#### Appreciation/

#### Depreciation

#### ($)

#### Market

#### Value

#### December

#### 31,

#### 2025

#### ($)

#### Dividend/Interest

#### Income

#### ($)

#### Capital

#### Gain

#### Distributions

#### ($)
Nationwide

Large

Cap

Equity

Portfolio,

Class

R6

4,568,970

—

47,975,159

(334,745)

8,863

827,499

48,476,776

591,202

141,263

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

946,270

13,350,004

1,881,698

(8,603,410)

1,030,727

2,702,634

10,361,653

536,075

—

NVIT

GS

International

Equity

Insights

Fund,

Class

Y

2,160,543

52,719,513

8,997,424

(45,149,396)

5,477,303

7,705,827

29,750,671

2,010,935

2,038,026

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y

4,098,865

94,334,338

34,899,579

(68,608,842)

6,533,189

(14,405,868)

52,752,396

768,780

18,152,057

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y

1,166,323

11,623,642

4,988,656

(2,209,366)

(10,116)

(117,023)

14,275,793

128,767

2,006,661

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y

2,053,847

—

47,713,460

—

—

983,245

48,696,705

150,097

—

NVIT

U.S.

130/30

Equity

Fund,

Class

Y

4,471,462

47,508,407

16,273,741

(9,364,435)

(17,957)

(2,486,083)

51,913,673

725,794

7,878,457

Nationwide

Bond

Fund,

Class

R6

–

2,501,884

(2,740,484)

(17,859)

(1,763)

258,222

—

11,257

—

Nationwide

Loomis

Core

Bond

Fund,

Class

R6

317,181

—

3,335,204

(108,633)

(21,607)

(172,717)

3,032,247

104,297

—

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y

–

7,428,293

(7,679,544)

(38,302)

(4,923)

294,476

—

181,410

—

Blueprint

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

#### Security

#### Description

#### Shares/Principal

#### at

#### December

#### 31,

#### 2025

#### Market

#### Value

#### December

#### 31,

#### 2024

#### ($)

#### Purchases

#### at

#### Cost\*

#### ($)

#### Proceeds

#### from

#### Sales

#### ($)

#### Net

#### Realized

#### Gains
(Losses)

#### ($)

#### Change

#### in

#### Unrealized

#### Appreciation/

#### Depreciation

#### ($)

#### Market

#### Value

#### December

#### 31,

#### 2025

#### ($)

#### Dividend/Interest

#### Income

#### ($)

#### Capital

#### Gain

#### Distributions

#### ($)
NVIT

Loomis

Core

Bond

Fund,

Class

Y

2,614,243

12,363,052

13,545,795

(1,873,030)

(162,212)

360,429

24,234,034

813,705

—

#### Total

#### 241,829,133

#### 169,190,688

#### (136,308,018)

#### 12,831,504

#### (4,049,359)

#### 283,493,948

#### 6,022,319

#### 30,216,464

#### Blueprint

#### Moderately

#### Aggressive

#### Security

#### Description

#### Shares/Principal

#### at

#### December

#### 31,

#### 2025

#### Market

#### Value

#### December

#### 31,

#### 2024

#### ($)

#### Purchases

#### at

#### Cost

#### \*

#### ($)

#### Proceeds

#### from

#### Sales

#### ($)

#### Net

#### Realized

#### Gains
(Losses)

#### ($)

#### Change

#### in

#### Unrealized

#### Appreciation/

#### Depreciation

#### ($)

#### Market

#### Value

#### December

#### 31,

#### 2025

#### ($)

#### Dividend/Interest

#### Income

#### ($)

#### Capital

#### Gain

#### Distributions

#### ($)
Nationwide

Large

Cap

Equity

Portfolio,

Class

R6

6,300,645

—

66,566,990

(1,009,007)

17,438

1,274,427

66,849,848

826,333

197,445

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

1,268,517

22,206,328

1,269,743

(15,406,759)

917,380

4,903,570

13,890,262

791,142

—

NVIT

GS

International

Equity

Insights

Fund,

Class

Y

2,988,962

84,946,372

6,501,181

(69,472,238)

9,209,939

9,972,755

41,158,009

2,677,040

2,690,679

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y

5,725,716

150,293,202

43,503,935

(108,523,805)

14,364,064

(25,947,437)

73,689,959

1,097,153

26,546,039

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y

1,659,591

18,899,318

5,271,672

(3,618,544)

60,744

(299,795)

20,313,395

188,459

2,999,203

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y

2,863,069

—

66,839,960

(373,750)

1,417,085

67,883,359

212,354

—

NVIT

U.S.

130/30

Equity

Fund,

Class

Y

6,464,973

77,218,361

18,511,375

(17,177,721)

311,353

(3,805,035)

75,058,333

1,068,687

11,607,684

Nationwide

Bond

Fund,

Class

R6

–

9,328,213

(10,598,251)

(6,866)

6,865

1,270,039

—

42,329

—

Nationwide

Loomis

Core

Bond

Fund,

Class

R6

1,016,786

—

11,180,425

(404,175)

(79,471)

(976,302)

9,720,477

362,276

—

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y

–

41,970,876

(46,423,079)

(505,383)

(92,937)

5,050,523

—

993,971

—

NVIT

Loomis

Core

Bond

Fund,

Class

Y

9,557,792

41,965,452

57,441,282

(7,642,300)

(1,254,464)

(1,909,238)

88,600,732

3,029,431

—

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

987,089

9,377,424

801,513

(566,267)

(12,575)

132,607

9,732,702

422,357

—

#### Total

#### 456,205,546

#### 220,866,746

#### (224,706,815)

#### 23,448,400

#### (8,916,801)

#### 466,897,076

#### 11,711,532

#### 44,041,050

#### Blueprint

#### Moderate

#### Security

#### Description

#### Shares/Principal

#### at

#### December

#### 31,

#### 2025

#### Market

#### Value

#### December

#### 31,

#### 2024

#### ($)

#### Purchases

#### at

#### Cost

#### \*

#### ($)

#### Proceeds

#### from

#### Sales

#### ($)

#### Net

#### Realized

#### Gains
(Losses)

#### ($)

#### Change

#### in

#### Unrealized

#### Appreciation/

#### Depreciation

#### ($)

#### Market

#### Value

#### December

#### 31,

#### 2025

#### ($)

#### Dividend/Interest

#### Income

#### ($)

#### Capital

#### Gain

#### Distributions

#### ($)
Nationwide

Large

Cap

Equity

Portfolio,

Class

R6

18,554,386

—

200,298,254

(7,792,290)

144,921

4,211,156

196,862,041

2,444,393

584,067

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

2,703,613

67,175,723

2,357,393

(56,746,531)

7,216,691

9,601,283

29,604,559

2,148,612

—

NVIT

GS

International

Equity

Insights

Fund,

Class

Y

6,117,757

219,279,753

11,280,574

(190,756,032)

26,032,176

18,405,049

84,241,520

5,567,039

5,601,420

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y

17,384,733

467,786,527

162,223,266

(370,075,847)

45,883,123

(82,075,551)

223,741,518

3,351,571

81,344,734

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y

3,330,514

40,293,151

10,770,729

(9,877,742)

675,396

(1,096,039)

40,765,495

382,986

6,010,258

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y

8,301,272

—

195,619,161

(3,003,323)

(2,263)

4,209,583

196,823,158

620,540

—

NVIT

U.S.

130/30

Equity

Fund,

Class

Y

19,321,775

253,567,784

50,807,716

(69,525,024)

1,296,634

(11,821,301)

224,325,809

3,281,403

35,994,726

Nationwide

Bond

Fund,

Class

R6

–

47,449,707

(54,156,706)

(1,118,497)

(200,989)

8,026,485

—

212,183

—

Nationwide

Loomis

Core

Bond

Fund,

Class

R6

4,702,659

—

56,179,814

(4,481,673)

(867,211)

(5,873,514)

44,957,416

1,748,951

—

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y

–

270,989,754

(300,656,224)

(5,533,444)

(1,036,726)

36,236,640

—

6,330,915

—

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Blueprint

Funds

#### Security

#### Description

#### Shares/Principal

#### at

#### December

#### 31,

#### 2025

#### Market

#### Value

#### December

#### 31,

#### 2024

#### ($)

#### Purchases

#### at

#### Cost\*

#### ($)

#### Proceeds

#### from

#### Sales

#### ($)

#### Net

#### Realized

#### Gains
(Losses)

#### ($)

#### Change

#### in

#### Unrealized

#### Appreciation/

#### Depreciation

#### ($)

#### Market

#### Value

#### December

#### 31,

#### 2025

#### ($)

#### Dividend/Interest

#### Income

#### ($)

#### Capital

#### Gain

#### Distributions

#### ($)
NVIT

Loomis

Core

Bond

Fund,

Class

Y

58,914,348

317,303,045

331,000,604

(80,968,628)

(13,986,932)

(7,212,087)

546,136,002

18,919,203

—

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

10,956,053

112,634,897

6,209,354

(12,395,722)

(660,582)

2,238,735

108,026,682

4,731,221

—

#### Total

#### 1,796,480,341

#### 671,933,935

#### (812,274,753)

#### 64,494,238

#### (25,149,561)

#### 1,695,484,200

#### 49,739,017

#### 129,535,205

#### Blueprint

#### Moderately

#### Conservative

#### Security

#### Description

#### Shares/Principal

#### at

#### December

#### 31,

#### 2025

#### Market

#### Value

#### December

#### 31,

#### 2024

#### ($)

#### Purchases

#### at

#### Cost

#### \*

#### ($)

#### Proceeds

#### from

#### Sales

#### ($)

#### Net

#### Realized

#### Gains
(Losses)

#### ($)

#### Change

#### in

#### Unrealized

#### Appreciation/

#### Depreciation

#### ($)

#### Market

#### Value

#### December

#### 31,

#### 2025

#### ($)

#### Dividend/Interest

#### Income

#### ($)

#### Capital

#### Gain

#### Distributions

#### ($)
Nationwide

Large

Cap

Equity

Portfolio,

Class

R6

2,622,741

—

28,682,010

(1,621,634)

24,971

741,934

27,827,281

343,945

82,183

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

809,209

11,604,526

579,491

(6,209,711)

22,501

2,864,027

8,860,834

405,765

—

NVIT

GS

International

Equity

Insights

Fund,

Class

Y

1,434,077

36,060,911

2,381,125

(26,607,228)

3,836,786

4,075,643

19,747,237

1,050,345

1,020,694

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y

2,741,101

74,537,084

20,971,175

(54,920,722)

7,933,293

(13,242,863)

35,277,967

517,559

11,742,365

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y

478,607

5,880,240

1,762,701

(1,736,444)

109,126

(157,467)

5,858,156

55,134

883,297

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y

1,170,885

—

28,034,591

(805,882)

(2,719)

535,695

27,761,685

87,202

—

NVIT

U.S.

130/30

Equity

Fund,

Class

Y

3,587,421

47,459,053

10,651,537

(14,545,491)

(88,925)

(1,826,213)

41,649,961

611,939

6,732,469

Nationwide

Bond

Fund,

Class

R6

–

19,607,435

(22,777,186)

(373,098)

(62,420)

3,605,269

—

87,986

—

Nationwide

Inflation-

Protected

Securities

Fund,

Class

R6

1,025,329

9,753,643

414,674

(1,100,836)

(50,856)

262,599

9,279,224

408,135

—

Nationwide

Loomis

Core

Bond

Fund,

Class

R6

1,951,657

—

23,616,537

(1,864,177)

(364,771)

(2,729,753)

18,657,836

724,017

—

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y

–

87,454,800

(96,619,315)

(2,143,318)

(396,611)

11,704,444

—

2,029,975

—

NVIT

Loomis

Core

Bond

Fund,

Class

Y

20,495,367

121,163,392

108,045,071

(33,142,659)

(5,661,248)

(412,503)

189,992,053

6,613,867

—

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

5,174,107

53,556,099

2,754,368

(6,042,495)

(293,334)

1,042,055

51,016,693

2,249,464

—

#### Total

#### 467,077,183

#### 108,496,779

#### (151,113,695)

#### 5,005,793

#### 6,462,867

#### 435,928,927

#### 15,185,333

#### 20,461,008

#### Blueprint

#### Conservative

#### Security

#### Description

#### Shares/Principal

#### at

#### December

#### 31,

#### 2025

#### Market

#### Value

#### December

#### 31,

#### 2024

#### ($)

#### Purchases

#### at

#### Cost

#### \*

#### ($)

#### Proceeds

#### from

#### Sales

#### ($)

#### Net

#### Realized

#### Gains
(Losses)

#### ($)

#### Change

#### in

#### Unrealized

#### Appreciation/

#### Depreciation

#### ($)

#### Market

#### Value

#### December

#### 31,

#### 2025

#### ($)

#### Dividend/Interest

#### Income

#### ($)

#### Capital

#### Gain

#### Distributions

#### ($)
Nationwide

Large

Cap

Equity

Portfolio,

Class

R6

1,225,478

—

13,622,204

(1,008,211)

18,907

369,421

13,002,321

160,415

38,330

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

402,254

5,588,779

447,553

(2,846,737)

(11,725)

1,226,815

4,404,685

167,803

—

NVIT

GS

International

Equity

Insights

Fund,

Class

Y

514,807

15,409,067

1,475,542

(13,031,504)

3,114,418

121,372

7,088,895

410,710

405,529

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y

1,052,594

35,711,546

8,519,934

(28,449,159)

5,430,863

(7,666,304)

13,546,880

197,729

4,372,851

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y

138,964

1,827,714

518,474

(634,415)

(54,213)

43,362

1,700,922

16,143

262,670

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y

549,429

—

13,171,247

(435,440)

3,593

287,571

13,026,971

40,912

—

NVIT

U.S.

130/30

Equity

Fund,

Class

Y

2,110,604

28,740,536

8,777,397

(11,976,643)

(183,474)

(853,707)

24,504,109

363,650

4,015,853

Nationwide

Bond

Fund,

Class

R6

–

25,911,095

(29,602,270)

(703,119)

(126,732)

4,521,026

—

115,580

—

Blueprint

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

#### Security

#### Description

#### Shares/Principal

#### at

#### December

#### 31,

#### 2025

#### Market

#### Value

#### December

#### 31,

#### 2024

#### ($)

#### Purchases

#### at

#### Cost\*

#### ($)

#### Proceeds

#### from

#### Sales

#### ($)

#### Net

#### Realized

#### Gains
(Losses)

#### ($)

#### Change

#### in

#### Unrealized

#### Appreciation/

#### Depreciation

#### ($)

#### Market

#### Value

#### December

#### 31,

#### 2025

#### ($)

#### Dividend/Interest

#### Income

#### ($)

#### Capital

#### Gain

#### Distributions

#### ($)
Nationwide

Inflation-

Protected

Securities

Fund,

Class

R6

1,926,459

18,830,894

1,866,283

(3,665,656)

(173,352)

576,286

17,434,455

784,084

—

Nationwide

Loomis

Core

Bond

Fund,

Class

R6

2,511,878

—

32,079,426

(4,258,564)

(830,845)

(2,976,466)

24,013,551

958,362

—

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y

–

111,908,216

(121,557,101)

(3,203,890)

(571,607)

13,424,382

—

2,625,252

—

NVIT

Loomis

Core

Bond

Fund,

Class

Y

25,638,623

151,460,488

151,207,537

(58,743,698)

(9,858,112)

3,603,821

237,670,036

8,287,069

—

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

5,762,558

60,660,236

7,119,409

(11,866,178)

(268,498)

1,173,851

56,818,820

2,508,115

—

#### Total

#### 456,048,571

#### 87,645,635

#### (140,823,214)

#### (3,510,777)

#### 13,851,430

#### 413,211,645

#### 16,635,824

#### 9,095,233

#### Blueprint

#### Balanced

#### Security

#### Description

#### Shares/Principal

#### at

#### December

#### 31,

#### 2025

#### Market

#### Value

#### December

#### 31,

#### 2024

#### ($)

#### Purchases

#### at

#### Cost

#### \*

#### ($)

#### Proceeds

#### from

#### Sales

#### ($)

#### Net

#### Realized

#### Gains
(Losses)

#### ($)

#### Change

#### in

#### Unrealized

#### Appreciation/

#### Depreciation

#### ($)

#### Market

#### Value

#### December

#### 31,

#### 2025

#### ($)

#### Dividend/Interest

#### Income

#### ($)

#### Capital

#### Gain

#### Distributions

#### ($)
Nationwide

Large

Cap

Equity

Portfolio,

Class

R6

11,273,988

—

123,147,691

(6,091,524)

116,298

2,444,552

119,617,017

1,479,168

353,434

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

2,697,282

45,624,929

1,778,916

(29,214,194)

1,262,574

10,083,009

29,535,234

1,533,726

—

NVIT

GS

International

Equity

Insights

Fund,

Class

Y

4,428,495

162,663,651

9,041,484

(145,152,602)

22,555,469

11,872,372

60,980,374

4,402,490

4,487,455

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y

10,551,456

295,897,168

96,910,101

(234,577,917)

30,745,672

(53,177,782)

135,797,242

2,026,969

49,329,236

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y

2,096,007

25,652,853

6,903,905

(6,629,513)

460,110

(732,229)

25,655,126

240,561

3,797,837

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y

5,083,186

—

119,789,880

(1,822,278)

(2,915)

2,557,643

120,522,330

378,039

—

NVIT

U.S.

130/30

Equity

Fund,

Class

Y

13,098,287

173,163,612

36,516,455

(50,481,210)

167,369

(7,295,113)

152,071,113

2,223,115

24,423,538

Nationwide

Bond

Fund,

Class

R6

–

54,154,716

(62,862,508)

(979,737)

(164,095)

9,851,624

—

242,501

—

Nationwide

Loomis

Core

Bond

Fund,

Class

R6

5,325,849

—

65,133,388

(5,765,091)

(1,124,077)

(7,329,103)

50,915,117

1,989,046

—

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y

–

251,823,295

(279,576,592)

(4,759,576)

(839,672)

33,352,545

—

5,884,091

—

NVIT

Loomis

Core

Bond

Fund,

Class

Y

58,628,575

319,875,837

308,366,218

(65,695,828)

(11,861,464)

(7,197,870)

543,486,893

18,773,149

—

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

13,258,279

137,965,705

7,391,520

(16,584,330)

(844,436)

2,798,169

130,726,628

5,740,668

—

#### Total

#### 1,466,821,766

#### 432,540,458

#### (567,753,800)

#### 40,470,833

#### (2,772,183)

#### 1,369,307,074

#### 44,913,523

#### 82,391,500

#### Blueprint

#### Capital

#### Appreciation

#### Security

#### Description

#### Shares/Principal

#### at

#### December

#### 31,

#### 2025

#### Market

#### Value

#### December

#### 31,

#### 2024

#### ($)

#### Purchases

#### at

#### Cost

#### \*

#### ($)

#### Proceeds

#### from

#### Sales

#### ($)

#### Net

#### Realized

#### Gains
(Losses)

#### ($)

#### Change

#### in

#### Unrealized

#### Appreciation/

#### Depreciation

#### ($)

#### Market

#### Value

#### December

#### 31,

#### 2025

#### ($)

#### Dividend/Interest

#### Income

#### ($)

#### Capital

#### Gain

#### Distributions

#### ($)
Nationwide

Large

Cap

Equity

Portfolio,

Class

R6

24,303,929

—

261,996,872

(8,667,379)

162,272

4,372,924

257,864,689

3,195,402

763,514

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

3,808,019

79,211,791

3,360,846

(60,949,986)

6,587,835

13,487,325

41,697,811

2,641,716

—

NVIT

GS

International

Equity

Insights

Fund,

Class

Y

5,445,174

278,002,101

15,648,802

(277,408,131)

43,122,397

15,614,878

74,980,047

7,537,063

7,968,715

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y

20,424,209

567,970,579

186,288,080

(447,595,560)

57,771,158

(101,574,685)

262,859,572

3,968,629

99,764,682

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y

4,842,692

57,550,335

16,308,203

(13,929,754)

673,510

(1,327,742)

59,274,552

552,269

8,846,909

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y

10,939,241

—

257,317,307

(3,392,110)

(2,335)

5,446,538

259,369,400

814,663

—

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Blueprint

Funds

#### Security

#### Description

#### Shares/Principal

#### at

#### December

#### 31,

#### 2025

#### Market

#### Value

#### December

#### 31,

#### 2024

#### ($)

#### Purchases

#### at

#### Cost\*

#### ($)

#### Proceeds

#### from

#### Sales

#### ($)

#### Net

#### Realized

#### Gains
(Losses)

#### ($)

#### Change

#### in

#### Unrealized

#### Appreciation/

#### Depreciation

#### ($)

#### Market

#### Value

#### December

#### 31,

#### 2025

#### ($)

#### Dividend/Interest

#### Income

#### ($)

#### Capital

#### Gain

#### Distributions

#### ($)
NVIT

U.S.

130/30

Equity

Fund,

Class

Y

20,085,371

258,629,177

52,504,635

(67,019,665)

1,268,676

(12,191,670)

233,191,153

3,397,475

37,233,001

Nationwide

Bond

Fund,

Class

R6

–

38,183,765

(44,182,384)

(680,156)

(115,419)

6,794,194

—

171,573

—

Nationwide

Loomis

Core

Bond

Fund,

Class

R6

3,851,730

—

45,834,514

(3,211,476)

(624,267)

(5,176,228)

36,822,543

1,428,713

—

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y

–

187,965,820

(209,765,193)

(2,995,763)

(556,059)

25,351,195

—

4,423,258

—

NVIT

Loomis

Core

Bond

Fund,

Class

Y

49,280,880

281,104,487

236,668,421

(47,538,351)

(8,500,329)

(4,900,473)

456,833,755

15,768,401

—

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

5,608,390

57,370,716

3,274,250

(6,139,679)

(342,474)

1,135,911

55,298,724

2,420,344

—

#### Total

#### 1,805,988,771

#### 825,254,353

#### (939,528,010)

#### 99,444,965

#### (52,967,833)

#### 1,738,192,246

#### 46,319,506

#### 154,576,821

#### Blueprint

#### Managed

#### Growth

#### &

#### Income

#### Security

#### Description

#### Shares/Principal

#### at

#### December

#### 31,

#### 2025

#### Market

#### Value

#### December

#### 31,

#### 2024

#### ($)

#### Purchases

#### at

#### Cost

#### \*

#### ($)

#### Proceeds

#### from

#### Sales

#### ($)

#### Net

#### Realized

#### Gains
(Losses)

#### ($)

#### Change

#### in

#### Unrealized

#### Appreciation/

#### Depreciation

#### ($)

#### Market

#### Value

#### December

#### 31,

#### 2025

#### ($)

#### Dividend/Interest

#### Income

#### ($)

#### Capital

#### Gain

#### Distributions

#### ($)
Nationwide

Large

Cap

Equity

Portfolio,

Class

R6

3,538,944

—

37,864,535

(1,039,486)

11,442

711,706

37,548,197

463,905

110,846

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

842,753

13,386,525

1,125,286

(8,671,493)

461,798

2,926,030

9,228,146

464,061

—

NVIT

GS

International

Equity

Insights

Fund,

Class

Y

1,421,431

48,571,138

3,886,094

(43,114,086)

6,709,659

3,520,303

19,573,108

1,318,059

1,335,687

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y

3,320,750

89,021,026

42,690,714

(81,915,397)

8,561,825

(15,620,113)

42,738,055

630,878

14,992,501

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y

679,340

7,702,934

2,380,655

(1,635,251)

50,465

(183,683)

8,315,120

76,336

1,190,105

NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y

1,580,281

—

37,371,179

(677,096)

(3,359)

777,746

37,468,470

118,283

—

NVIT

U.S.

130/30

Equity

Fund,

Class

Y

4,171,701

50,829,250

13,216,716

(13,477,293)

105,738

(2,240,962)

48,433,449

678,889

7,357,215

Nationwide

Bond

Fund,

Class

R6

–

15,753,141

(17,245,961)

(369,456)

(65,787)

1,928,063

—

70,467

—

Nationwide

Loomis

Core

Bond

Fund,

Class

R6

1,630,334

—

19,278,525

(2,186,285)

(420,458)

(1,085,789)

15,585,993

583,413

—

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y

–

73,941,558

(78,567,190)

(2,446,819)

(422,189)

7,494,640

—

1,722,693

—

NVIT

Loomis

Core

Bond

Fund,

Class

Y

17,986,908

94,210,813

102,359,437

(26,407,467)

(4,253,169)

829,019

166,738,633

5,768,190

—

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

4,070,206

40,695,697

5,907,966

(6,988,005)

(217,317)

733,893

40,132,234

1,746,272

—

#### Total

#### 434,112,082

#### 170,267,956

#### (188,928,134)

#### 10,518,648

#### (209,147)

#### 425,761,405

#### 13,641,446

#### 24,986,354

#### Blueprint

#### Managed

#### Growth

#### Security

#### Description

#### Shares/Principal

#### at

#### December

#### 31,

#### 2025

#### Market

#### Value

#### December

#### 31,

#### 2024

#### ($)

#### Purchases

#### at

#### Cost

#### \*

#### ($)

#### Proceeds

#### from

#### Sales

#### ($)

#### Net

#### Realized

#### Gains
(Losses)

#### ($)

#### Change

#### in

#### Unrealized

#### Appreciation/

#### Depreciation

#### ($)

#### Market

#### Value

#### December

#### 31,

#### 2025

#### ($)

#### Dividend/Interest

#### Income

#### ($)

#### Capital

#### Gain

#### Distributions

#### ($)
Nationwide

Large

Cap

Equity

Portfolio,

Class

R6

10,242,457

—

110,291,597

(3,932,046)

37,766

2,275,151

108,672,468

1,344,271

321,202

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

Class

Y

1,467,566

37,268,632

1,542,365

(32,183,639)

5,235,080

4,207,414

16,069,852

1,198,046

—

NVIT

GS

International

Equity

Insights

Fund,

Class

Y

3,444,258

123,743,486

6,566,803

(107,913,505)

14,542,692

10,487,956

47,427,432

3,072,335

3,094,660

NVIT

GS

Large

Cap

Equity

Fund,

Class

Y

9,629,421

265,216,127

90,840,693

(211,821,311)

26,872,515

(47,177,380)

123,930,644

1,856,242

45,602,015

NVIT

GS

Small

Cap

Equity

Insights

Fund,

Class

Y

1,891,071

22,850,699

5,775,750

(5,023,008)

146,837

(603,569)

23,146,709

215,563

3,494,305

Blueprint

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

Further

information

about

each

affiliated

Underlying

Fund

may

be

found

in

such

affiliated

Underlying

Fund's

most

recent

annual

report

to

shareholders,

which

is

available

at

www.nationwide.com/mutualfundsnvit

for

series

of

the

Trust

and

at

www.nationwide.

com/mutualfunds

for

series

of

NMF.

5. #### Line

#### of

#### Credit

#### and

#### Interfund

#### Lending
The

Trust

and

NMF

(together,

the

"Trusts") renewed

the credit

agreement

with

JPMorgan,

The

Bank

of

New

York

Mellon,

and

Wells

Fargo

Bank

National

Association

(the

"Lenders"),

permitting

the

Trusts,

in

aggregate,

to

borrow

up

to

$100,000,000.

Advances

taken

by

a

Fund

under

this

arrangement

would

be

primarily

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

the

Fund's

borrowing

restrictions.

The

line

of

credit

requires

a

commitment

fee

of

0.15%

per

year

on

$100,000,000.

Such

commitment

fee

shall

be

payable

quarterly

in

arrears

on

the

last

business

day

of

each

March,

June,

September

and

December

and

on

the

termination

date.

Borrowings

under

this

arrangement

accrued

interest

at

the

Federal

Funds

Rate

plus

the

applicable

margin.

Interest

costs,

if

any,

would

be

shown

on

the

Statement

of

Operations.

No

compensating

balances

are

required

under

the

terms

of

the

line

of

credit.

In

addition,

a

Fund

may

not

draw

any

portion

of

the

line

of

credit

that

is

provided

by

a

bank

that

is

an

affiliate

of

the

Fund's

subadviser,

if

applicable.

In

addition

to

any

rights

and

remedies

of

the

Lenders

provided

by

law,

each

Lender

has

the

right,

upon

any

amount

becoming

due

and

payable

by

the

Fund,

to

set-off

as

appropriate

and

apply

all

deposits

and

credits

held

by

or

owing

to

such

Lender

against

such

amount,

subject

to

the

terms

of

the

credit

agreement.

The

line

of

credit

is

renewed

annually,

and

next

expires

on

July

1,

2026. During

the

year

ended December

31,

2025,

the

Funds

had

no

borrowings

under

the

line

of

credit.

Pursuant

to

an

exemptive

order

issued

by

the

SEC

(the

"Order"),

the

Funds

may

participate

in

an

interfund

lending

program

among

Funds

managed

by

NFA.

The

program

allows

the

participating

Funds

to

borrow

money

from

and

loan

money

to

each

other

for

temporary

purposes,

subject

to

the

conditions

in

the

Order.

A

loan

can

only

be

made

through

the

program

if

the

interfund

loan

rate

on

that

day

is

more

favorable

to

both

the

borrowing

and

lending

Funds

as

compared

to

rates

available

through

short-term

bank

loans

or

investments

in

overnight

repurchase

agreements

and

money

market

funds,

respectively,

as

detailed

in

the

Order.

Further,

a

Fund

may

participate

in

the

program

only

if

and

to

the

extent

that

such

participation

is

consistent

with

its

investment

objectives

and

limitations.

Interfund

loans

have

a

maximum

duration

of

seven

days

and

may

be

called

on

one

business

day's

notice. During

the

year

ended December

31,

2025,

none

of

the

Funds

engaged

in

interfund

lending.

#### Security

#### Description

#### Shares/Principal

#### at

#### December

#### 31,

#### 2025

#### Market

#### Value

#### December

#### 31,

#### 2024

#### ($)

#### Purchases

#### at

#### Cost\*

#### ($)

#### Proceeds

#### from

#### Sales

#### ($)

#### Net

#### Realized

#### Gains
(Losses)

#### ($)

#### Change

#### in

#### Unrealized

#### Appreciation/

#### Depreciation

#### ($)

#### Market

#### Value

#### December

#### 31,

#### 2025

#### ($)

#### Dividend/Interest

#### Income

#### ($)

#### Capital

#### Gain

#### Distributions

#### ($)
NVIT

J.P.

Morgan

U.S.

Equity

Fund,

Class

Y

4,545,137

—

108,104,058

(2,639,271)

(22,794)

2,323,212

107,765,205

341,503

—

NVIT

U.S.

130/30

Equity

Fund,

Class

Y

10,823,299

140,554,037

30,156,851

(39,033,251)

1,260,799

(7,279,929)

125,658,507

1,830,816

20,129,097

Nationwide

Bond

Fund,

Class

R6

–

26,105,287

(28,738,641)

(357,641)

(53,815)

3,044,810

—

117,618

—

Nationwide

Loomis

Core

Bond

Fund,

Class

R6

2,535,044

—

31,007,685

(4,374,662)

(791,392)

(1,606,612)

24,235,019

959,212

—

NVIT

BNY

Mellon

Core

Plus

Bond

Fund,

Class

Y

–

150,754,373

(162,259,241)

(3,126,312)

(547,169)

15,178,349

—

3,565,901

—

NVIT

Loomis

Core

Bond

Fund,

Class

Y

31,843,839

176,939,298

183,847,666

(58,685,671)

(9,168,618)

2,259,713

295,192,388

10,346,163

—

NVIT

Loomis

Short

Term

Bond

Fund,

Class

Y

5,906,467

62,941,274

6,305,028

(11,919,774)

(390,537)

1,301,778

58,237,769

2,569,362

—

#### Total

#### 1,006,373,213

#### 383,440,614

#### (481,010,091)

#### 37,121,364

#### (15,589,107)

#### 930,335,993

#### 27,417,032

#### 72,641,279
\*

Purchases

include

reinvestment

of

income

and

realized

gain

distributions,

as

applicable.

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Blueprint

Funds

6. #### Investment

#### Transactions
For

the

year

ended

December

31,

2025,

purchases

and

sales

of

securities

(excluding

short-term

securities)

were

as

follows:

7. #### Portfolio

#### Investment

#### Risks

#### from

#### Underlying

#### Funds
The

affiliated

Underlying

Funds

in

which

the

Funds

invest

may

apply

any

of

a

variety

of

investment

strategies

and

may

invest

in

a

broad

range

of

asset

classes,

securities

and

other

investments

to

attempt

to

achieve

their

designated

investment

goals.

The

foregoing

is

not

intended

to

be

a

complete

discussion

of

all

risks

associated

with

the

investment

strategies

of

the

Funds.

Please

refer

to

the

current

prospectus

for

a

discussion

of

the

risks

associated

with

investing

in

the

Funds.

In

addition,

information

about

the

risks

of

an

investment

in

each

affiliated

Underlying

Fund

may

be

found

in

such

Underlying

Fund's

annual

report

to

shareholders,

which

is

available

at

www.nationwide.com/mutualfundsnvit

for

series

of

the

Trust,

at

www.nationwide.com/mutualfunds

for

series

of

NMF

and

at

the

SEC's

website

at

www.sec.gov.

Information

about

unaffiliated

Underlying

Fund

risks

may

be

found

in

such

Fund's

annual

or

semi-annual

report

to

shareholders.

Additional

information

about

derivatives-related

risks,

if

applicable

to

the

Underlying

Fund,

may

also

be

found

in

each

such

affiliated

or

unaffiliated

Underlying

Fund's annual

or

semi-annual

report

to

shareholders.

8. #### Indemnifications
Under

the

Trust's

organizational

documents,

the

Trust's

Officers

and

Trustees

are

indemnified

by

the

Trust

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

the

Trust

has

entered

into

indemnification

agreements

with

its

Trustees

and

certain

of

its

Officers.

Trust

Officers

receive

no

compensation

from

the

Trust

for

serving

as

its

Officers.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Trust's

maximum

liability

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

made

against

the

Trust.

Based

on

experience,

however,

the

Trust

expects

the

risk

of

loss

to

be

remote.

9. #### New

#### Accounting

#### Pronouncements
On

September

20,

2023,

the

SEC

adopted

amendments

to

the

current

rule

regarding

registered

fund

names,

as

well

as

certain

forms

and

disclosure

requirements.

The

amendments

are

intended

to

modernize

and

enhance

the

investor

protections

provided

by

Rule

35d-1

under

the

1940

Act

given

the

important

information

that

fund

names

can

convey

to

investors.

Management

is

currently

evaluating

the

implications

of

the

new

rule

and

the

impact

on

the

Funds'

financial

statement

disclosures

and

reporting

requirements.

10. #### Other

#### Matters
Each

Fund

is

a

shareholder

of

its

Underlying

Funds.

The

Underlying

Funds

do

not

charge

a

Fund

any

sales

charge

for

buying

or

selling

Underlying

Fund

shares.

However,

a

Fund

indirectly

pays

a

portion

of

the

operating

expenses

of

each

Underlying

Fund

in

which

it

invests,

including

management,

administration

and

custodian

fees

of

the

Underlying

Funds.

These

expenses

are

deducted

from

each

Underlying

Fund's

net

assets

before

its

share

price

is

calculated

and

are

in

addition

to

the

fees

and

expenses

of

a

Fund.

Actual

indirect

expenses

vary

depending

on

how

a

Fund's

assets

are

allocated

among

the

Underlying

Funds.

#### Fund

#### Purchases

#### \*

#### Sales
Blueprint

Aggressive

$

179,729,164

$

136,803,381

Blueprint

Moderately

Aggressive

241,609,532

226,123,272

Blueprint

Moderate

726,389,572

827,772,658

Blueprint

Moderately

Conservative

122,812,642

155,850,538

Blueprint

Conservative

103,304,085

145,756,318

Blueprint

Balanced

477,045,363

581,112,131

Blueprint

Capital

Appreciation

880,600,375

953,922,531

Blueprint

Managed

Growth

&

Income

195,370,758

203,738,943

Blueprint

Managed

Growth

413,576,819

490,720,084

\*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

Blueprint

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

11. #### Federal

#### Tax

#### Information
The

tax

character

of

distributions

paid

during

the

year

ended December

31,

2025

was

as

follows:

The

tax

character

of

distributions

paid

during

the

year

ended December

31,

2024

was

as

follows:

As

of

December

31,

2025,

the

components

of

accumulated

earnings/(deficit)

on

a

tax

basis

were

as

follows:

#### Distributions

#### paid

#### from

#### Fund

#### Ordinary

#### Income\*

#### Net

#### Long-Term

#### Capital

#### Gains

#### Total

#### Taxable

#### Distributions

#### Return

#### of

#### Capital

#### Total

#### Distributions

#### Paid
Blueprint

Aggressive

$

282,194

$

1,367,598

$

1,649,792

$

–

$

1,649,792

Blueprint

Moderately

Aggressive

1,420,906

6,989,038

8,409,944

–

8,409,944

Blueprint

Moderate

7,535,409

30,922,308

38,457,717

–

38,457,717

Blueprint

Moderately

Conservative

1,639,752

4,234,590

5,874,342

–

5,874,342

Blueprint

Conservative

–

–

–

–

–

Blueprint

Balanced

5,801,751

21,766,966

27,568,717

–

27,568,717

Blueprint

Capital

Appreciation

7,268,455

39,816,031

47,084,486

–

47,084,486

Blueprint

Managed

Growth

&

Income

–

561,385

561,385

–

561,385

Blueprint

Managed

Growth

3,091,938

16,782,243

19,874,181

–

19,874,181

\*

Ordinary

Income

amounts

include

taxable

market

discount

and

net

short-term

capital

gains,

if

any.

#### Distributions

#### paid

#### from

#### Fund

#### Ordinary

#### Income\*

#### Net

#### Long-Term

#### Capital

#### Gains

#### Total

#### Taxable

#### Distributions

#### Return

#### of

#### Capital

#### Total

#### Distributions

#### Paid
Blueprint

Aggressive

$

–

$

2,401,165

$

2,401,165

$

–

$

2,401,165

Blueprint

Moderately

Aggressive

833,151

6,695,621

7,528,772

–

7,528,772

Blueprint

Moderate

3,150,341

22,642,183

25,792,524

–

25,792,524

Blueprint

Moderately

Conservative

633,330

–

633,330

–

633,330

Blueprint

Conservative

–

–

–

–

–

Blueprint

Balanced

2,964,324

9,891,547

12,855,871

–

12,855,871

Blueprint

Capital

Appreciation

3,546,170

14,408,547

17,954,717

–

17,954,717

Blueprint

Managed

Growth

&

Income

–

–

–

–

–

Blueprint

Managed

Growth

–

–

–

–

–

\*

Ordinary

Income

amounts

include

taxable

market

discount

and

net

short-term

capital

gains,

if

any.

#### Fund

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### Accumulated

#### Earnings

#### Distributions

#### Payable

#### Accumulated

#### Capital

#### and

#### Other

#### Losses

#### Unrealized

#### Appreciation/

#### (Depreciation)\*

#### Total

#### Accumulated

#### Earnings
(Deficit)

Blueprint

Aggressive

$

21,804,265

$

26,157,611

$

47,961,876

$

–

$

–

29,595,245

77,557,121

Blueprint

Moderately

Aggressive

34,616,974

44,745,703

79,362,677

–

–

44,390,381

123,753,058

Blueprint

Moderate

110,788,009

134,249,066

245,037,075

–

–

81,117,045

326,154,120

Blueprint

Moderately

Conservative

24,342,783

17,762,191

42,104,974

–

–

1,198,602

43,303,576

Blueprint

Conservative

19,881,480

–

19,881,480

–

–

(21,702,640)

(1,821,160)

Blueprint

Balanced

82,577,942

86,032,689

168,610,631

–

–

27,547,340

196,157,971

Blueprint

Capital

Appreciation

123,018,589

176,712,720

299,731,309

–

–

109,146,371

408,877,680

Blueprint

Managed

Growth

&

Income

24,940,538

15,597,032

40,537,570

–

–

10,482,000

51,019,570

Blueprint

Managed

Growth

61,510,929

55,788,094

117,299,023

–

–

48,740,745

166,039,768

\*

The

difference

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

is

primarily

attributable

to

timing

differences

in

recognizing

certain

gains

and

losses

on

investment

transactions.

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Blueprint

Funds

As

of

December

31,

2025,

the

tax

cost

of

investments

and

the

breakdown

of

unrealized

appreciation/(depreciation)

for

each

Fund

was

as

follows:

During

the

year

ended December

31,

2025,

the

Funds

had

capital

loss

carryforwards

that

were

utilized

and

are

no

longer

eligible

to

offset

future

capital

gains,

if

any,

in

the

following

amounts.

12. #### Subsequent

#### Events
Management

has

evaluated

the

impact

of

subsequent

events

on

the

Funds

and

has

determined

that

there

are

no subsequent

events

requiring

recognition

or

disclosure

in

the

financial

statements.

#### Fund

#### Tax

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation/
(Depreciation)

Blueprint

Aggressive

$

270,508,686

$

30,833,841

$

(1,238,596)

$

29,595,245

Blueprint

Moderately

Aggressive

448,863,221

49,913,164

(5,522,783)

44,390,381

Blueprint

Moderate

1,722,467,556

141,481,398

(60,364,353)

81,117,045

Blueprint

Moderately

Conservative

462,170,890

25,263,697

(24,065,095)

1,198,602

Blueprint

Conservative

457,491,827

7,433,978

(29,136,619)

(21,702,641)

Blueprint

Balanced

1,428,988,403

95,243,846

(67,696,506)

27,547,340

Blueprint

Capital

Appreciation

1,740,203,107

155,810,798

(46,664,427)

109,146,371

Blueprint

Managed

Growth

&

Income

439,638,082

23,494,361

(10,411,096)

13,083,265

Blueprint

Managed

Growth

934,870,747

68,160,379

(13,621,876)

54,538,503

#### Fund

#### Utilized
Blueprint

Conservative

$

6,582,517

Blueprint

Funds

-

December

31,

2025

-

Report

of

Independent

Registered

Public

Accounting

Firm

-

#### To

#### the

#### Board

#### of

#### Trustees

#### of

#### Nationwide

#### Variable

#### Insurance

#### Trust

#### and

#### Shareholders

#### of

#### NVIT

#### Blueprint

#### Aggressive

#### Fund,

#### NVIT

#### Blueprint

#### Moderately

#### Aggressive

#### Fund,

#### NVIT

#### Blueprint

#### Moderate

#### Fund,

#### NVIT

#### Blueprint

#### Moderately

#### Conservative

#### Fund,

#### NVIT

#### Blueprint

#### Conservative

#### Fund,

#### NVIT

#### Blueprint

#### Balanced

#### Fund,

#### NVIT

#### Blueprint

#### Capital

#### Appreciation

#### Fund,

#### NVIT

#### Blueprint

#### Managed

#### Growth

#### &

#### Income

#### Fund

#### and

#### NVIT

#### Blueprint

#### Managed

#### Growth

#### Fund

#### Opinions

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

statements

of

investments,

of

NVIT

Blueprint

Aggressive

Fund,

NVIT

Blueprint

Moderately

Aggressive

Fund,

NVIT

Blueprint

Moderate

Fund,

NVIT

Blueprint

Moderately

Conservative

Fund,

NVIT

Blueprint

Conservative

Fund,

NVIT

Blueprint

Balanced

Fund,

NVIT

Blueprint

Capital

Appreciation

Fund,

NVIT

Blueprint

Managed

Growth

&

Income

Fund

and

NVIT

Blueprint

Managed

Growth

Fund

(nine

of

the

funds

constituting

Nationwide

Variable

Insurance

Trust,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

December

31,

2025,

the

related

statements

of

operations

for

the

year

ended

December

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

December

31,

2025,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025

and

each

of

the

financial

highlights

for

each

of

the

periods

indicated

therein,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinions
These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

#### /s/PricewaterhouseCoopers

#### LLP

#### Philadelphia,

#### Pennsylvania

#### February

#### 20,

#### 2026
We

have

served

as

the

auditor

of

one

or

more

investment

companies

of

Nationwide

Funds,

which

includes

the

investment

companies

of

Nationwide

Variable

Insurance

Trust,

since

1997. 66

-

Supplemental

Information

-

December

31,

2025

(Unaudited)

-

Blueprint

Funds

#### Other

#### Federal

#### Tax

#### Information
For

the

year

ended

December

31,

2025, certain

dividends

paid

by

the

Fund

may

be

subject

to

a

maximum

tax

rate

of

20%

as

provided

for

by

the

Jobs

and

Growth

Tax

Relief

Reconciliation

Act

of

2003. The

Fund

intends

to

designate

the

maximum

amount

allowable

as

taxed

at

a

maximum

rate

of

15%.

Complete

information

will

be

reported

in

conjunction

with

your

2025

Form

1099-DIV.

For

the

taxable

year

ended

December

31,

2025,

the

following

percentages

of

income

dividends

paid

by

the

Funds

qualify

for

the

dividends

received

deduction

available

to

corporations:

The

Funds

designate

the

following

amounts,

or

the

maximum

amount

allowable

under

the

Internal

Revenue

Code,

as

long

term

capital

gain

distributions

qualifying

for

the

maximum

20%

income

tax

rate

for

individuals:

Certain

Funds

have

derived

net

income

from

sources

within

foreign

countries.

As

of

December

31,

2025,

the

foreign

source

income

for

each

Fund

was

as

follows:

#### Fund

#### Dividends

#### Received

#### Deduction
Blueprint

Aggressive

.99

%

Blueprint

Moderately

Aggressive

.63

Blueprint

Moderate

.13

Blueprint

Moderately

Conservative

.09

Blueprint

Conservative

.95

Blueprint

Balanced

.97

Blueprint

Capital

Appreciation

.63

Blueprint

Managed

Growth

&

Income

.68

Blueprint

Managed

Growth

.78

#### Fund

#### Amount
Blueprint

Aggressive

$

1,367,598

Blueprint

Moderately

Aggressive

6,989,038

Blueprint

Moderate

30,922,308

Blueprint

Moderately

Conservative

4,234,590

Blueprint

Conservative

–

Blueprint

Balanced

21,766,966

Blueprint

Capital

Appreciation

39,816,031

Blueprint

Managed

Growth

&

Income

561,385

Blueprint

Managed

Growth

16,782,243

#### Fund

#### Amount

#### Per

#### Share
Blueprint

Aggressive

$

1,849,814

$

0.1027 Blueprint

Moderately

Aggressive

2,479,246

0.0664 Blueprint

Moderate

5,757,289

0.0427 Blueprint

Moderately

Conservative

1,101,812

0.0304 Blueprint

Conservative

456,477

0.0124 Blueprint

Balanced

4,432,986

0.0405 Blueprint

Capital

Appreciation

7,524,257

0.0545 Blueprint

Managed

Growth

&

Income

1,274,017

0.0368 Blueprint

Managed

Growth

3,033,706

0.0417 Blueprint

Funds

-

December

31,

2025

(Unaudited)

-

Supplemental

Information

-

Certain

Funds

intend

to

elect

to

pass

through

to

shareholders

the

income

tax

credit

for

taxes

paid

to

foreign

countries.

As

of

December

31,

2025,

the

foreign

tax

credit

for

each

Fund

was

as

follows:

#### Fund

#### Amount

#### Per

#### Share
Blueprint

Aggressive

$

150,370

$

0.0083 Blueprint

Moderately

Aggressive

208,589

0.0056 Blueprint

Moderate

522,025

0.0039 Blueprint

Moderately

Conservative

100,609

0.0028 Blueprint

Conservative

42,340

0.0012 Blueprint

Balanced

392,434

0.0036 Blueprint

Capital

Appreciation

662,912

0.0048 Blueprint

Managed

Growth

&

Income

115,469

0.0033 Blueprint

Managed

Growth

281,513

0.0039 P.O.

Box

701

Milwaukee,

WI

53201-0701

#### nationwide.com/mutualfunds
NAR-BP

(2-26)

#### Annual

#### Financial

#### Statements
December

31,

2025

Nationwide

Variable

Insurance

Trust

Fund

of

Funds

NVIT

BlackRock

Managed

Global

Allocation

Fund

NVIT

iShares®

Fixed

Income

ETF

Fund

NVIT

iShares®

Global

Equity

ETF

Fund

NVIT

Managed

American

Funds

Asset

Allocation

Fund

NVIT

Managed

American

Funds

Growth-Income

Fund

#### IMPORTANT

#### INFORMATION
If

you

wish

to

receive

reports

and

other

Fund

documents

via

eDelivery

you

may

choose

this

option

by:

-

Calling

1-800-848-6331

-

Logging

into

your

account

at

https://www.nationwide.com/personal/investing/mutual-funds/

and

choosing

'Log

in',

or

by

contacting

your

financial

intermediary

(such

as

a

broker-dealer

or

bank).

You

can

access

the

full

report

and

other

details

online

at

https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html

Nationwide

Funds®

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.

Copies

of

the

first

and

third-quarter

holdings

are

available

with

the

Fund's

regulatory

documents

at

https://www.nationwide.com/mutual-funds-prospectuses.jsp.

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

N-MFP

are

available

on

the

SEC's

website

at

http://www.sec.gov

.

Forms

N-PORT

and

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

1-800-SEC-0330.

The

Trust

also

makes

this

information

available

to

investors

on

https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html

or

upon

request

without

charge.

Statement

Regarding

Availability

of

Proxy

Voting

Record

Federal

law

requires

the

Trust

and

each

of

its

investment

advisers

and

subadvisers

to

adopt

procedures

for

voting

proxies

(the

"Proxy

Voting

Guidelines")

and

to

provide

a

summary

of

those

Proxy

Voting

Guidelines

used

to

vote

the

securities

held

by

a

Fund.

The

Funds'

proxy

voting

policies

and

procedures,

as

well

as

information

regarding

how

the

Funds

voted

for

proxies

relating

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

is

available:

-

By

calling

1-800-848-0920

-

On

the

Fund's

website

at

https://www.nationwide.com/personal/investing/mutual-funds/proxy-voting/

-

On

the

SEC's

website

at

http://www.sec.gov

Funds

are

required

to

disclose

proxy

votes

using

the

issuer's

proxy

card

language

and

order,

categorize

votes

by

topic,

and

report

shares

voted

versus

shares

loaned

but

not

recalled.

#### Before

#### purchasing

#### a

#### variable

#### annuity,

#### 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

#### 1-800-848-6331.

#### Read

#### the

#### prospectus

#### carefully

#### before

#### making

#### a

#### purchase.
Variable

annuities

are

issued

by

Nationwide

Life

Insurance

Company,

Columbus,

Ohio.

The

Nationwide

Variable

Insurance

Trust

(NVIT)

Funds

are

distributed

by

Nationwide

Fund

Distributors

LLC

(NFD),

member

FINRA,

Columbus,

Ohio.

NFD

is

not

affiliated

with

any

subadviser

contracted

by

Nationwide

Fund

Advisors,

except

for

Nationwide

Asset

Management,

LLC,

and

is

not

affiliated

with

Morningstar,

Inc.

Nationwide,

the

Nationwide

N

and

Eagle,

and

Nationwide

is

on

your

side

are

service

marks

of

Nationwide

Mutual

Insurance

Company.©2026

Nationwide

Table

of

Contents

#### Statements

#### of

#### Investments

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Statements

#### of

#### Operations

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets

#### Financial

#### Highlights

#### Notes

#### to

#### Financial

#### Statements

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

#### Supplemental

#### Information

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

BlackRock

Managed

Global

Allocation

Fund

#### Investment

#### Company

#### 94

#### .0

#### %

#### Shares

#### Value

#### ($)

#### Alternative

#### Assets

#### 94.0%
BlackRock

Global

Allocation

VI

Fund,

Class

I

17,369,481

306,397,645

#### Total

#### Alternative

#### Assets

#### (cost

#### $276,248,236)

#### 306,397,645

#### Total

#### Investment

#### Company

#### (cost

#### $276,248,236)

#### 306,397,645

#### Total

#### Investments

#### (cost

#### $276,248,236)

#### —

#### 94.0%

#### 306,397,645

#### Other

#### assets

#### in

#### excess

#### of

#### liabilities

#### —

#### 6.0%

#### 19,436,863

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 325,834,508

#### Futures

#### contracts

#### outstanding

#### as

#### of

#### December

#### 31,

#### 2025:

#### Description

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### ($)

#### Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Long

#### Contracts
MSCI

EAFE

E-Mini

Index

3/2026

USD

17,702,810

(717) Russell

2000

E-Mini

Index

3/2026

USD

374,700

(8,278)

S&P

500

E-Mini

Index

3/2026

USD

42,388,875

(100,064)

S&P

Midcap

E-Mini

Index

3/2026

USD

997,560

(14,435)

#### Net

#### contracts
(123,494)

#### Currency:
USD

United

States

Dollar

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.
NVIT

iShares®

Fixed

Income

ETF

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Exchange

#### Traded

#### Funds

#### 99

#### .9

#### %

#### Shares

#### Value

#### ($)

#### Fixed

#### Income

#### Funds

#### 99.9%
iShares

Core

10+

Year

USD

Bond

ETF

196,248

9,753,349

iShares

Core

1-5

Year

USD

Bond

ETF(a)

301,837

14,714,554

iShares

Core

U.S.

Aggregate

Bond

ETF(a)

490,233

48,964,472

iShares

Core

Universal

USD

Bond

ETF(a)

210,375

9,790,853

iShares

MBS

ETF(a)

103,293

9,835,559

iShares

U.S.

Treasury

Bond

ETF(a)

212,276

4,887,655

#### Total

#### Exchange

#### Traded

#### Funds

#### (cost

#### $100,491,554)

#### 97,946,442

#### Repurchase

#### Agreements

#### 11

#### .2

#### %

#### Principal

#### Amount

#### ($)
BofA

Securities,

Inc.,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$1,000,214,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.34%

-

5.25%,

maturing

10/20/2034

-

2/20/2073;

total

market

value

$1,020,000.(b)(c)

1,000,000

1,000,000

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$9,443,642,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$9,630,461.(b)(c)

9,441,628

9,441,628

Citi

Global

Market,

Inc.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$500,106,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.38%

-

4.25%,

maturing

2/15/2028

-

10/31/2029;

total

market

value

$510,000.

(b)(c) 500,000

500,000

#### Total

#### Repurchase

#### Agreements

#### (cost

#### $10,941,628)

#### 10,941,628

#### Total

#### Investments

#### (cost

#### $111,433,182)

#### —

#### 111.1%

#### 108,888,070

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (11.1)%

#### (#### 10,838,612

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 98,049,458
(a) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$22,204,564,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$10,941,628

and

by

$11,798,957

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.63%

-

4.63%,

and

maturity

dates

ranging

from

12/31/2026

-

8/15/2054,

a

total

value

of

$22,740,585.

(b) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$10,941,628.

(c) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

ETF

Exchange

Traded

Fund

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

iShares®

Global

Equity

ETF

Fund

#### Exchange

#### Traded

#### Funds

#### 100

#### .0

#### %

#### Shares

#### Value

#### ($)

#### Equity

#### Funds

#### 100.0%
iShares

Core

MSCI

EAFE

ETF(a)

141,847

12,689,633

iShares

Core

MSCI

International

Developed

Markets

ETF(a)

182,614

15,062,003

iShares

Core

S&P

500

ETF

11,248

7,704,205

iShares

Core

S&P

Mid-Cap

ETF

289,429

19,102,314

iShares

Core

S&P

Small-Cap

ETF(a)

25,493

3,063,749

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF(a)

206,167

30,654,971

iShares

MSCI

USA

Momentum

Factor

ETF(a)

9,286

2,324,379

iShares

MSCI

USA

Quality

Factor

ETF(a)

11,106

2,205,874

iShares

MSCI

USA

Size

Factor

ETF(a)

12,224

1,975,032

iShares

MSCI

USA

Value

Factor

ETF(a)

16,528

2,259,873

iShares

U.S.

Equity

Factor

ETF(a)

140,810

9,776,438

iShares

U.S.

Small-Cap

Equity

Factor

ETF(a)

27,989

2,095,816

#### Total

#### Exchange

#### Traded

#### Funds

#### (cost

#### $73,415,052)

#### 108,914,287

#### Repurchase

#### Agreements

#### 13

#### .6

#### %

#### Principal

#### Amount

#### ($)
BofA

Securities,

Inc.,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$1,000,214,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.34%

-

5.25%,

maturing

10/20/2034

-

2/20/2073;

total

market

value

$1,020,000.(b)(c)

1,000,000

1,000,000

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$9,838,205,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$10,032,829.(b)(c)

9,836,106

9,836,106

CF

Secured,

LLC,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$2,000,427,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.13%

-

7.50%,

maturing

3/31/2026

-

4/20/2071;

total

market

value

$2,040,435.(b)(c)

2,000,000

2,000,000

#### &nbsp;&nbsp;&nbsp;&nbsp; Repurchase

#### Agreements

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Citi

Global

Market,

Inc.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$2,000,423,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.38%

-

4.25%,

maturing

2/15/2028

-

10/31/2029;

total

market

value

$2,040,001.(b)(c)

2,000,000

2,000,000

#### Total

#### Repurchase

#### Agreements

#### (cost

#### $14,836,106)

#### 14,836,106

#### Total

#### Investments

#### (cost

#### $88,251,158)

#### —

#### 113.6%

#### 123,750,393

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (13.6)%

#### (#### 14,842,645

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 108,907,748
(a) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$22,917,957,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$14,836,106

and

by

$8,767,097

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.75%,

and

maturity

dates

ranging

from

1/15/2026

-

8/15/2055,

a

total

value

of

$23,603,203.

(b) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$14,836,106.

(c) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

ETF

Exchange

Traded

Fund

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.
NVIT

Managed

American

Funds

Asset

Allocation

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Investment

#### Companies

#### 94

#### .3

#### %

#### Shares

#### Value

#### ($)

#### Balanced

#### Fund

#### 29.5%
American

Balanced

Fund,

Class

R6

21,186,892

794,720,310

#### Total

#### Balanced

#### Fund

#### (cost

#### $710,934,562)

#### 794,720,310

#### Equity

#### Funds

#### 46.3%
American

Funds

Growth

Fund,

Class

5,341,494

753,471,086

American

Funds

Washington

Mutual

Investors

Fund,

Class

27,325,631

496,779,965

#### Total

#### Equity

#### Funds

#### (cost

#### $911,602,374)

#### 1,250,251,051

#### Investment

#### Companies

#### Shares

#### Value

#### ($)

#### Fixed

#### Income

#### Funds

#### 18.5%
American

Funds

U.S.

Government

Securities

Fund,

Class

12,595,929

124,699,699

Bond

Fund

of

America

(The),

Class

R6

32,719,922

374,643,105

#### Total

#### Fixed

#### Income

#### Funds

#### (cost

#### $511,896,966)

#### 499,342,804

#### Total

#### Investment

#### Companies

#### (cost

#### $2,134,433,902)

#### 2,544,314,165

#### Total

#### Investments

#### (cost

#### $2,134,433,902)

#### —

#### 94.3%

#### 2,544,314,165

#### Other

#### assets

#### in

#### excess

#### of

#### liabilities

#### —

#### 5.7%

#### 153,597,598

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 2,697,911,763

#### Futures

#### contracts

#### outstanding

#### as

#### of

#### December

#### 31,

#### 2025:

#### Description

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### ($)

#### Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Long

#### Contracts
MSCI

EAFE

E-Mini

Index

3/2026

USD

17,267,495

5,380

Russell

2000

E-Mini

Index

3/2026

USD

3,122,500

(86,109)

S&P

500

E-Mini

Index

966

3/2026

USD

332,907,750

(399,678)

S&P

Midcap

E-Mini

Index

3/2026

USD

18,288,600

(285,184)

#### Net

#### contracts
(765,591)

#### Currency:
USD

United

States

Dollar

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Managed

American

Funds

Growth-Income

Fund

#### Investment

#### Company

#### 94

#### .9

#### %

#### Shares

#### Value

#### ($)

#### Equity

#### Fund

#### 94.9%
American

Funds

Growth-Income

Fund,

Class

10,001,490

677,400,947

#### Total

#### Investment

#### Company

#### (cost

#### $466,996,793)

#### 677,400,947

#### Total

#### Investments

#### (cost

#### $466,996,793)

#### —

#### 94.9%

#### 677,400,947

#### Other

#### assets

#### in

#### excess

#### of

#### liabilities

#### —

#### 5.1%

#### 36,196,687

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 713,597,634

#### Futures

#### contracts

#### outstanding

#### as

#### of

#### December

#### 31,

#### 2025:

#### Description

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### ($)

#### Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Long

#### Contracts
MSCI

EAFE

E-Mini

Index

3/2026

USD

1,451,050

2,682

S&P

500

E-Mini

Index

3/2026

USD

32,394,750

19,671

S&P

Midcap

E-Mini

Index

3/2026

USD

1,662,600

(25,257)

#### Net

#### contracts
(2,904)

#### Currency:
USD

United

States

Dollar

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Assets

and

Liabilities

-

December

31,

2025

-

Fund

of

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### BlackRock

#### Managed

#### Global

#### Allocation

#### Fund

#### Assets:
Investment

securities,

at

value

\*

$

306,397,645

Repurchase

agreements,

at

value

—

Cash

16,522,650

Deposits

with

broker

for

futures

contracts

3,436,604

Interest

and

dividends

receivable

48,922

Security

lending

income

receivable

—

Receivable

for

investments

sold

56,168

Receivable

for

capital

shares

issued

Receivable

for

reimbursement

from

investment

adviser

(Note

3)

—

Prepaid

expenses

—

Total

Assets

326,462,047

#### Liabilities:
Payable

for

investments

purchased

—

Payable

for

capital

shares

redeemed

57,373

Payable

for

variation

margin

on

futures

contracts

422,519

Payable

upon

return

of

securities

loaned

(Note

2)

—

Accrued

expenses

and

other

payables:

Investment

advisory

fees

41,479

Fund

administration

fees

16,982

Distribution

fees

—

Administrative

servicing

fees

70,337

Accounting

and

transfer

agent

fees

Trustee

fees

Custodian

fees

1,018

Compliance

program

costs

(Note

3)

Professional

fees

8,925

Printing

fees

6,619

Other

1,386

Total

Liabilities

627,539

Commitments

and

contingencies

(Note

3)

—

#### Net

#### Assets
$

325,834,508

\*

Includes

value

of

securities

on

loan

(Note

2)

—

Cost

of

investment

securities

276,248,236

Cost

of

repurchase

agreements

—

#### Represented

#### by:
Capital

$

291,269,613

Total

distributable

earnings

(loss)

34,564,895

#### Net

#### Assets
$

325,834,508

Fund

of

Funds

-

December

31,

2025

-

Statements

of

Assets

and

Liabilities

-

#### NVIT

#### iShares

####®

#### Fixed

#### Income

#### ETF

#### Fund

#### NVIT

#### iShares

####®

#### Global

#### Equity

#### ETF

#### Fund

#### NVIT

#### Managed

#### American

#### Funds

#### Asset

#### Allocation

#### Fund

#### NVIT

#### Managed

#### American

#### Funds

#### Growth-Income

#### Fund
$

97,946,442

$

108,914,287

$

2,544,314,165

$

677,400,947

10,941,628

14,836,106

—

—

171,640

74,969

131,932,459

34,358,143

—

—

25,751,428

2,472,609

673

1,719,588

76,723

2,747

3,467

—

—

—

—

1,811,543

—

20,533

1,164

—

58,992

3,657

3,258

—

—

2,894

872

109,087,459

123,833,784

2,705,532,077

714,368,286

—

—

1,407,247

55,138

13,332

10,830

1,811,543

952

—

—

2,826,402

270,125

10,941,628

14,836,106

—

—

9,125

10,195

340,114

89,716

15,662

16,033

61,683

24,352

18,063

20,784

577,008

152,795

21,642

14,115

545,398

153,937

4,181

1,018

675

799

8,557

2,318

2,944

786

7,208

7,307

18,995

10,620

10,240

9,405

8,080

6,737

8,074

2,140

11,038,001

14,926,036

7,620,314

770,652

—

—

—

—

$

98,049,458

$

108,907,748

$

2,697,911,763

$

713,597,634

22,204,564

22,917,957

—

—

100,491,554

73,415,052

2,134,433,902

466,996,793

10,941,628

14,836,106

—

—

$

103,821,594

$

75,036,060

$

2,430,068,716

$

411,180,030

(5,772,136)

33,871,688

267,843,047

302,417,604

$

98,049,458

$

108,907,748

$

2,697,911,763

$

713,597,634

-

Statements

of

Assets

and

Liabilities

-

December

31,

2025

-

Fund

of

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### BlackRock

#### Managed

#### Global

#### Allocation

#### Fund

#### Net

#### Assets:
Class

II

Shares

$

325,834,508

Class

Y

Shares

—

Total

$

325,834,508

#### Shares

#### Outstanding
(unlimited

number

of

shares

authorized):

Class

II

Shares

22,884,861

Class

Y

Shares

—

Total

22,884,861

#### Net

#### asset

#### value

#### and

#### offering

#### price

#### per

#### share
(Net

assets

by

class

divided

by

shares

outstanding

by

class,

respectively):

Class

II

Shares

$

.24

Class

Y

Shares

$

—

Fund

of

Funds

-

December

31,

2025

-

Statements

of

Assets

and

Liabilities

-

#### NVIT

#### iShares

####®

#### Fixed

#### Income

#### ETF

#### Fund

#### NVIT

#### iShares

####®

#### Global

#### Equity

#### ETF

#### Fund

#### NVIT

#### Managed

#### American

#### Funds

#### Asset

#### Allocation

#### Fund

#### NVIT

#### Managed

#### American

#### Funds

#### Growth-Income

#### Fund
$

85,304,533

$

97,714,751

$

2,697,911,763

$

713,597,634

12,744,925

11,192,997

—

—

$

98,049,458

$

108,907,748

$

2,697,911,763

$

713,597,634

8,865,630

4,612,978

218,643,074

41,491,818

1,339,108

554,385

—

—

10,204,738

5,167,363

218,643,074

41,491,818

$

.62

$

.18

$

.34

$

.20

$

.52

$

.19

$

—

$

—

-

Statements

of

Operations

-

For

the

Year

Ended

December

31,

2025

-

Fund

of

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### BlackRock

#### Managed

#### Global

#### Allocation

#### Fund

#### INVESTMENT

#### INCOME:
Dividend

income

$

9,997,088

Interest

income

521,033

Income

from

securities

lending

(net

of

fees)

(Note

2)

—

Total

Income

10,518,121

#### EXPENSES:
Investment

advisory

fees

2,391,870

Fund

administration

fees

113,665

Distribution

fees

Class

II

Shares

808,061

Administrative

servicing

fees

Class

II

Shares

808,061

Professional

fees

23,390

Printing

fees

3,931

Trustee

fees

12,511

Custodian

fees

3,894

Accounting

and

transfer

agent

fees

1,855

Compliance

program

costs

(Note

3)

1,427

Other

3,146

Total

expenses

before

fees

waived

and

expenses

reimbursed

4,171,811

Distribution

fees

waived

-

Class

II

(Note

3)

(808,061)

Investment

advisory

fees

waived

(Note

3)

(1,907,031)

Expenses

reimbursed

by

adviser

(Note

3)

—

Net

Expenses

1,456,719

#### NET

#### INVESTMENT

#### INCOME
9,061,402

#### REALIZED/UNREALIZED

#### GAINS
(LOSSES)

#### FROM

#### INVESTMENTS:
Net

realized

gains

distributions

23,115,636

Net

realized

gains

(losses)

from:

Transactions

in

investment

securities

2,510,818

Expiration

or

closing

of

futures

contracts

(Note

2)

(9,304,050)

Net

realized

gains

(losses)

16,322,404

Net

change

in

unrealized

appreciation/depreciation

in

the

value

of:

Investment

securities

19,842,696

Futures

contracts

(Note

2)

(158,568)

Net

change

in

unrealized

appreciation/depreciation

19,684,128

Net

realized/unrealized

gains

(losses)

36,006,532

#### CHANGE

#### IN

#### NET

#### ASSETS

#### RESULTING

#### FROM

#### OPERATIONS
$

45,067,934

Fund

of

Funds

-

For

the

Year

Ended

December

31,

2025

-

Statements

of

Operations

-

#### NVIT

#### iShares

####®

#### Fixed

#### Income

#### ETF

#### Fund

#### NVIT

#### iShares

####®

#### Global

#### Equity

#### ETF

#### Fund

#### NVIT

#### Managed

#### American

#### Funds

#### Asset

#### Allocation

#### Fund

#### NVIT

#### Managed

#### American

#### Funds

#### Growth-Income

#### Fund
$

3,585,977

$

1,920,649

$

51,008,223

$

7,542,840

9,280

8,218

5,195,426

1,034,673

22,899

54,470

—

—

3,618,156

1,983,337

56,203,649

8,577,513

95,824

108,892

4,020,549

1,065,560

74,514

77,547

632,515

200,409

191,795

222,113

6,822,387

1,813,496

191,795

222,113

6,822,387

1,813,496

15,880

16,273

99,782

35,615

—

—

44,041

12,758

3,391

3,861

105,460

28,009

3,168

3,097

40,200

17,544

750

822

15,015

4,041

12,049

3,211

826

976

29,887

7,184

578,327

656,132

18,644,272

5,001,323

—

—

—

—

—

—

—

—

(46,478)

(43,364)

—

—

531,849

612,768

18,644,272

5,001,323

3,086,307

1,370,569

37,559,377

3,576,190

—

—

141,205,722

116,890,417

(1,321,673)

367,503

(14,403,387)

20,460,571

—

—

(100,761,028)

(38,208,120)

(1,321,673)

367,503

26,041,307

99,142,868

3,604,843

14,958,172

228,785,063

(27,862,743)

—

—

(1,394,558)

973,737

3,604,843

14,958,172

227,390,505

(26,889,006)

2,283,170

15,325,675

253,431,812

72,253,862

$

5,369,477

$

16,696,244

$

290,991,189

$

75,830,052

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

Fund

of

Funds

#### NVIT

#### BlackRock

#### Managed

#### Global

#### Allocation

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### OPERATIONS:
Net

investment

income

$

9,061,402

$

3,473,839

Net

realized

gains

(losses)

16,322,404

16,843,919

Net

change

in

unrealized

appreciation/depreciation

19,684,128

4,189,818

Change

in

net

assets

resulting

from

operations

45,067,934

24,507,576

#### Distributions

#### to

#### Shareholders

#### From:
Distributable

earnings:

Class

II

—

—

Class

Y

—

—

Change

in

net

assets

from

shareholder

distributions

—

—

Change

in

net

assets

from

capital

transactions

(49,231,647)

(37,137,195)

Change

in

net

assets

(4,163,713)

(12,629,619)

#### Net

#### Assets:
Beginning

of

year

329,998,221

342,627,840

End

of

year

$

325,834,508

$

329,998,221

#### CAPITAL

#### TRANSACTIONS:

#### Class

#### II

#### Shares
Proceeds

from

shares

issued

$

6,636,097

$

10,377,282

Dividends

reinvested

—

—

Cost

of

shares

redeemed

(55,867,744)

(47,514,477)

Total

Class

II

Shares

(49,231,647)

(37,137,195)

#### Class

#### Y

#### Shares
Proceeds

from

shares

issued

—

—

Dividends

reinvested

—

—

Cost

of

shares

redeemed

—

—

Total

Class

Y

Shares

—

—

Change

in

net

assets

from

capital

transactions

$

(49,231,647)

$

(37,137,195)

#### SHARE

#### TRANSACTIONS:

#### Class

#### II

#### Shares
Issued

529,108

837,295

Reinvested

—

—

Redeemed

(4,252,215)

(3,890,198)

Total

Class

II

Shares

(3,723,107)

(3,052,903)

#### Class

#### Y

#### Shares
Issued

—

—

Reinvested

—

—

Redeemed

—

—

Total

Class

Y

Shares

—

—

Total

change

in

shares

(3,723,107)

(3,052,903)

Fund

of

Funds

-

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### iShares

####®

#### Fixed

#### Income

#### ETF

#### Fund

#### NVIT

#### iShares

####®

#### Global

#### Equity

#### ETF

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
$

3,086,307

$

2,158,183

$

1,370,569

$

1,121,295

(1,321,673)

(320,484)

367,503

(14,109)

3,604,843

(1,246,851)

14,958,172

10,622,722

5,369,477

590,848

16,696,244

11,729,908

(2,670,122)

(1,946,482)

(1,300,975)

(940,724)

(416,919)

(213,248)

(170,983)

(181,088)

(3,087,041)

(2,159,730)

(1,471,958)

(1,121,812)

18,853,233

23,408,486

(530,399)

12,214,325

21,135,669

21,839,604

14,693,887

22,822,421

76,913,789

55,074,185

94,213,861

71,391,440

$

98,049,458

$

76,913,789

$

108,907,748

$

94,213,861

$

19,887,217

$

21,572,886

$

14,092,748

$

17,535,568

2,670,122

1,946,482

1,300,975

940,724

(9,459,714)

(3,199,821)

(13,870,430)

(8,012,893)

13,097,625

20,319,547

1,523,293

10,463,399

6,983,245

3,724,939

4,093,770

5,662,116

416,919

213,248

170,983

181,088

(1,644,556)

(849,248)

(6,318,445)

(4,092,278)

5,755,608

3,088,939

(2,053,692)

1,750,926

$

18,853,233

$

23,408,486

$

(530,399)

$

12,214,325

2,057,179

2,253,775

725,159

995,698

277,556

209,054

60,957

51,299

(985,406)

(333,053)

(716,253)

(453,444)

1,349,329

2,129,776

69,863

593,553

738,545

393,749

226,163

345,160

43,840

23,253

8,403

10,390

(171,421)

(89,452)

(349,561)

(249,370)

610,964

327,550

(114,995)

106,180

1,960,293

2,457,326

(45,132)

699,733

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

Fund

of

Funds

#### NVIT

#### Managed

#### American

#### Funds

#### Asset

#### Allocation

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### OPERATIONS:
Net

investment

income

$

37,559,377

$

45,128,985

Net

realized

gains

26,041,307

7,918,147

Net

change

in

unrealized

appreciation/depreciation

227,390,505

372,864,973

Change

in

net

assets

resulting

from

operations

290,991,189

425,912,105

#### Distributions

#### to

#### Shareholders

#### From:
Distributable

earnings:

Class

II

—

—

Change

in

net

assets

from

shareholder

distributions

—

—

Change

in

net

assets

from

capital

transactions

(416,671,179)

(392,732,886)

Change

in

net

assets

(125,679,990)

33,179,219

#### Net

#### Assets:
Beginning

of

year

2,823,591,753

2,790,412,534

End

of

year

$

2,697,911,763

$

2,823,591,753

#### CAPITAL

#### TRANSACTIONS:

#### Class

#### II

#### Shares
Proceeds

from

shares

issued

$

38,464,488

$

27,179,523

Dividends

reinvested

—

—

Cost

of

shares

redeemed

(455,135,667)

(419,912,409)

Total

Class

II

Shares

(416,671,179)

(392,732,886)

Change

in

net

assets

from

capital

transactions

$

(416,671,179)

$

(392,732,886)

#### SHARE

#### TRANSACTIONS:

#### Class

#### II

#### Shares
Issued

3,378,969

2,592,310

Reinvested

—

—

Redeemed

(39,280,797)

(40,232,801)

Total

Class

II

Shares

(35,901,828)

(37,640,491)

Total

change

in

shares

(35,901,828)

(37,640,491)

Fund

of

Funds

-

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### Managed

#### American

#### Funds

#### Growth-

#### Income

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
$

3,576,190

$

5,641,889

99,142,868

44,156,063

(26,889,006)

95,438,136

75,830,052

145,236,088

(39,339,470)

(32,424,645)

(39,339,470)

(32,424,645)

(71,950,064)

(97,299,111)

(35,459,482)

15,512,332

749,057,116

733,544,784

$

713,597,634

$

749,057,116

$

30,319,168

$

11,724,221

39,339,470

32,424,645

(141,608,702)

(141,447,977)

(71,950,064)

(97,299,111)

$

(71,950,064)

$

(97,299,111)

1,997,772

746,204

2,369,848

2,085,186

(8,486,247)

(9,037,425)

(4,118,627)

(6,206,035)

(4,118,627)

(6,206,035)

-

Financial

Highlights

-

December

31,

2025

-

Fund

of

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### BlackRock

#### Managed

#### Global

#### Allocation

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income

#### (Loss)(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Net

#### Investment

#### Income
(Loss)

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)(f)

#### Portfolio

#### Turnover(b)

#### Class

#### II

#### Shares
12/31/2025

$

12.40 $

0.37 $

1.47 $

1.84 $

—

$

—

$

—

$

14.24 14.84%

$

325,835

0.45%

2.80%

1.29%

12.71%

12/31/2024

11.55 0.12 0.73 0.85 —

—

—

12.40 7.36%

329,998

0.45%

1.02%

1.29%

10.42%

12/31/2023

10.33 0.20 1.02 1.22 —

—

—

11.55 11.81%

342,628

0.45%

1.83%

1.29%

3.93%

12/31/2022

12.13 (0.04)

(1.76)

(1.80)

—

—

—

10.33 (14.84)%

334,538

0.45%

(0.37)%

1.29%

6.33%

12/31/2021

12.04 0.05 0.49 0.54 (0.45)

—

(0.45)

12.13 4.43%

394,088

0.45%

0.44%

1.29%

6.74%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

Fund

of

Funds

-

December

31,

2025

-

Financial

Highlights

-

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### iShares

####®

#### Fixed

#### Income

#### ETF

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)(f)

#### Portfolio

#### Turnover(b)(g)

#### Class

#### II

#### Shares
12/31/2025

$

9.34 $

0.34 $

0.25 $

0.59 $

(0.31)

$

—

$

(0.31)

$

9.62 6.33%

$

85,305

0.67%

3.47%

0.72%

7.80%

12/31/2024

9.53 0.31 (0.23)

0.08 (0.27)

—

(0.27)

9.34 0.81%

70,209

0.67%

3.29%

0.75%

2.64%

12/31/2023

9.29 0.26 0.22 0.48 (0.24)

—

(0.24)

9.53 5.22%

51,313

0.67%

2.81%

0.79%

5.33%

12/31/2022

10.97 0.18 (1.69)

(1.51)

(0.17)

—

(0.17)

9.29 (13.74)%

38,622

0.67%

1.79%

0.81%

14.54%

12/31/2021

11.30 0.13 (0.36)

(0.23)

(0.10)

—

(0.10)

10.97 (2.02)%

42,094

0.67%

1.19%

0.97%

7.69%

#### Class

#### Y

#### Shares
12/31/2025

9.21 0.39 0.24 0.63 (0.32)

—

(0.32)

9.52 6.88%

12,745

0.17%

4.05%

0.22%

7.80%

12/31/2024

9.39 0.37 (0.24)

0.13 (0.31)

—

(0.31)

9.21 1.36%

6,705

0.17%

3.87%

0.25%

2.64%

12/31/2023

9.15 0.31 0.22 0.53 (0.29)

—

(0.29)

9.39 5.77%

3,761

0.17%

3.37%

0.29%

5.33%

12/31/2022

10.81 0.22 (1.66)

(1.44)

(0.22)

—

(0.22)

9.15 (13.31)%

2,489

0.17%

2.30%

0.31%

14.54%

12/31/2021

11.14 0.19 (0.37)

(0.18)

(0.15)

—

(0.15)

10.81 (1.59)%

2,574

0.17%

1.70%

0.48%

7.69%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(g) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

-

Financial

Highlights

-

December

31,

2025

-

Fund

of

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### iShares

####®

#### Global

#### Equity

#### ETF

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)(f)

#### Portfolio

#### Turnover(b)(g)

#### Class

#### II

#### Shares
12/31/2025

$

18.19 $

0.26 $

3.02 $

3.28 $

(0.27)

$

(0.02)

$

(0.29)

$

21.18 18.00%

$

97,715

0.67%

1.33%

0.71%

16.94%

12/31/2024

15.92 0.23 2.25 2.48 (0.21)

—

(0.21)

18.19 15.57%

82,643

0.67%

1.29%

0.73%

12.38%

12/31/2023

13.39 0.23 2.51 2.74 (0.21)

—

(0.21)

15.92 20.48%

62,870

0.67%

1.56%

0.76%

12.44%

12/31/2022

16.26 0.23 (2.88)

(2.65)

(0.22)

—

(0.22)

13.39 (16.33)%(h)

45,331

0.67%

1.64%

0.79%

13.66%

12/31/2021

13.51 0.28 2.66 2.94 (0.18)

(0.01)

(0.19)

16.26 21.79%(h)

45,409

0.64%

1.80%

0.94%

14.50%

#### Class

#### Y

#### Shares
12/31/2025

17.29 0.34 2.87 3.21 (0.29)

(0.02)

(0.31)

20.19 18.57%

11,193

0.17%

1.83%

0.21%

16.94%

12/31/2024

15.13 0.29 2.16 2.45 (0.29)

—

(0.29)

17.29 16.19%

11,571

0.17%

1.73%

0.23%

12.38%

12/31/2023

12.73 0.28 2.40 2.68 (0.28)

—

(0.28)

15.13 21.05%

8,521

0.17%

2.04%

0.26%

12.44%

12/31/2022

15.48 0.28 (2.75)

(2.47)

(0.28)

—

(0.28)

12.73 (15.96)%

5,347

0.17%

2.12%

0.29%

13.66%

12/31/2021

12.85 0.31 2.57 2.88 (0.24)

(0.01)

(0.25)

15.48 22.42%

5,202

0.17%

2.11%

0.51%

14.50%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(f) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(g) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(h) Includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

values

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

values

and

returns

for

shareholder

transactions.

Fund

of

Funds

-

December

31,

2025

-

Financial

Highlights

-

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Managed

#### American

#### Funds

#### Asset

#### Allocation

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### Portfolio

#### Turnover(b)

#### Class

#### II

#### Shares
12/31/2025

$

11.09 $

0.16 $

1.09 $

1.25 $

—

$

—

$

—

$

12.34 11.27%

$

2,697,912

0.68%

1.38%

0.68%

17.55%

12/31/2024

9.55 0.17 1.37 1.54 —

—

—

11.09 16.13%

2,823,592

0.68%

1.58%

0.68%

11.67%

12/31/2023

8.86 0.15 1.32 1.47 —

(0.78)

(0.78)

9.55 17.22%

2,790,413

0.68%

1.68%

0.68%

10.72%

12/31/2022

13.57 0.12 (2.03)

(1.91)

—

(2.80)

(2.80)

8.86 (14.30)%

2,658,674

0.69%

1.11%

0.69%

18.36%

12/31/2021

12.04 0.03 1.50 1.53 —

—

—

13.57 12.71%

3,242,649

0.68%

0.24%

0.68%

111.63%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

-

Financial

Highlights

-

December

31,

2025

-

Fund

of

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Managed

#### American

#### Funds

#### Growth-Income

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### Portfolio

#### Turnover(b)

#### Class

#### II

#### Shares
12/31/2025

$

16.42 $

0.08 $

1.64 $

1.72 $

—

$

(0.94)

$

(0.94)

$

17.20 10.66%

$

713,598

0.69%

0.49%

0.69%

21.80%

12/31/2024

14.16 0.12 2.86 2.98 —

(0.72)

(0.72)

16.42 21.33%

749,057

0.69%

0.75%

0.69%

7.15%

12/31/2023

12.24 0.14 2.75 2.89 —

(0.97)

(0.97)

14.16 24.31%

733,545

0.69%

1.05%

0.69%

10.47%

12/31/2022

14.47 0.11 (2.34)

(2.23)

—

—

—

12.24 (15.41)%

645,973

0.69%

0.87%

0.69%

5.56%

12/31/2021

11.84 0.08 2.58 2.66 (0.03)

—

(0.03)

14.47 22.45%

743,472

0.69%

0.63%

0.69%

10.09%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) Expense

ratios

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

underlying

funds'

expenses.

For

additional

information

on

the

underlying

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

Fund

of

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

1. #### Organization
Nationwide

Variable

Insurance

Trust

("NVIT"

or

the

"Trust")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

management

investment

company,

organized

as

a

statutory

trust

under

the

laws

of

the

State

of

Delaware.

The

Trust

has

authorized

an

unlimited

number

of

shares

of

beneficial

interest

("shares"),

without

par

value.

The

Trust

currently

offers

shares

to

life

insurance

company

separate

accounts

to

fund

the

benefits

payable

under

variable

life

insurance

policies

and

variable

annuity

contracts.

As

of

December

31,

2025,

the

Trust

operates

sixty-nine

(69) separate

series,

or

mutual

funds,

each

with

its

own

objective(s)

and

investment

strategies.

This

report

contains

the

financial

statements

and

financial

highlights

for

the

five

(5) series

listed

below

(each,

a

"Fund";

collectively,

the

"Funds").

Nationwide

Fund

Advisors

("NFA")

serves

as

investment

adviser

to

the

Funds.

NFA

is

a

wholly

owned

subsidiary

of

Nationwide

Financial

Services,

Inc.

("NFS"),

a

holding

company

which

is

a

direct

wholly

owned

subsidiary

of

Nationwide

Corporation.

Nationwide

Corporation,

in

turn,

is

owned

by

Nationwide

Mutual

Insurance

Company

and

Nationwide

Mutual

Fire

Insurance

Company.

NVIT

BlackRock

Managed

Global

Allocation

Fund

("BlackRock

Managed

Global

Allocation")

NVIT

iShares®

Fixed

Income

ETF

Fund

("iShares

Fixed

Income")

NVIT

iShares®

Global

Equity

ETF

Fund

("iShares

Global

Equity")

NVIT

Managed

American

Funds

Asset

Allocation

Fund

("Managed

American

Asset

Allocation")

NVIT

Managed

American

Funds

Growth-Income

Fund

("Managed

American

Growth-Income")

Only

separate

accounts

established

by

Nationwide

Life

Insurance

Company

("NLIC"),

a

wholly

owned

subsidiary

of

NFS,

hold

shares

of

BlackRock

Managed

Global

Allocation,

Managed

American

Asset

Allocation,

and

Managed

American

Growth-Income.

Shares

of

iShares

Fixed

Income

and

iShares

Global

Equity

are

held

by

separate

accounts

established

by

NLIC,

Nationwide

Life

and

Annuity

Insurance

Company,

a

wholly

owned

subsidiary

of

NLIC,

and

other

affiliated

insurance

companies.

Each Fund

operates

as

a

"fund-of-funds,"

which

means

that

each Fund

pursues

its

objective(s)

by

allocating

its

investments

primarily

among

other

unaffiliated

mutual

funds

(including

exchange

traded

funds

("ETFs"))

("Underlying

Funds"),

and

may

have

additional

investment

and

concentration

risk.

The

Underlying

Funds

typically

invest

in

stocks,

bonds,

and

other

securities.

Each Underlying

Fund

held

by

iShares

Fixed

Income

and

iShares

Global

Equity

is

sponsored

by

BlackRock

Fund

Advisors

(the

"iShares

ETF

Underlying

Funds").

The

Funds,

as

applicable,

currently

offer Class

II

and

Class

Y shares.

Each

share

class

of

a

Fund

represents

interests

in

the

same

portfolio

of

investments

of

that

Fund

and

the

classes

are

identical

except

for

any

differences

in

the

distribution

or

service

fees,

administrative

services

fees,

class

specific

expenses,

certain

voting

rights,

and

class

names

or

designations.

Each

Fund

is

a

diversified

fund,

as

defined

in

the

1940

Act.

2. #### Summary

#### of

#### Significant

#### Accounting

#### Policies
The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Funds

in

the

accounting

and

the

preparation

of

their

financial

statements.

The

Funds

are

investment

companies

and

follow

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Codification

Topic

946

("ASC

946").

The

policies

are

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

("U.S.

GAAP"),

including,

but

not

limited

to,

ASC

946. The

preparation

of

financial

statements

requires

fund

management

to

make

estimates

and

assumptions

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

expenses

for

the

period.

The

Funds

utilize

various

methods

to

measure

the

value

of

their

investments

on

a

recurring

basis.

Amounts

received

upon

the

sale

of

such

investments

could

differ

from

those

estimated

values

and

those

differences

could

be

material.

(a) #### Security

#### Valuation
U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

Pursuant

to

procedures

approved

by

the

Board

of

Trustees

of

the

Trust

(the

"Board

of

Trustees"),

NFA

assigns

a

fair

value,

as

defined

by

U.S.

GAAP,

to

a

Fund's

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

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

measurements)

when

market

prices

are

not

readily

available

or

reliable.

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Fund

of

Funds

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

—

Quoted

prices

in

active

markets

for

identical

assets

Level

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

—

Significant

unobservable

inputs

(including

a

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.

Securities

for

which

market-based

quotations

are

readily

available

are

valued

at

the

current

market

value

as

of

"Valuation

Time."

Valuation

Time

is

as

of

the

close

of

regular

trading

on

the

New

York

Stock

Exchange

(usually

4:00

p.m.

Eastern

time).

Equity

securities

are

generally

valued

at

the

last

quoted

sale

price

or

official

closing

price,

or,

if

there

is

no

such

price,

the

last

quoted

bid

price

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Prices

are

taken

from

the

primary

market

or

exchange

on

which

each

security

trades.

Shares

of

registered

open-end

Underlying

Funds

in

which

a

Fund

invests

are

valued

at

their

respective

net

asset value

("NAV")

as

reported

by

such

Underlying

Fund.

Shares

of

exchange

traded

funds

("ETFs")

are

generally

valued

at

the

last

quoted

sale

price

or

official

closing

price,

or,

if

there

is

no

such

price,

the

last

quoted

bid

price

provided

by

an

independent

pricing

service.

Equity

securities,

shares

of

registered

open-end

Underlying

Funds

and

shares

of

ETFs

valued

in

this

manner

are

generally

categorized

as

Level

investments

within

the

hierarchy.

Repurchase

agreements

are

valued

at

amortized

cost,

which

approximates

fair

value,

and

are

generally

categorized

as

Level

investments

within

the

hierarchy.

The

Funds

may

invest

in

other

unaffiliated

mutual

funds

(including

ETFs), which

are

open-end

investment

companies

generally

available

to

the

public

and

other

investment

companies.

The

Funds'

Statements

of

Investments

list

each Underlying

Fund

held

as

of

period

end

as

an

investment

of

each

Fund,

but

do

not

include

the

underlying

holdings

of

each

Underlying

Fund.

As

an

investing

Fund,

each

Fund

indirectly

bears

its

proportionate

share

of

the

expenses

of

the

Underlying

Funds.

A

complete

unaudited

list

of

holdings

for

each

Underlying

Fund

is

available at

the

Securities

and

Exchange

Commission's

(the

"SEC")

website

at

www.sec.gov.

In

addition,

the

financial

statements

of

the

Underlying

Funds

are

available

on

the

SEC's

website.

The

following

tables

provide

a

summary

of

the

inputs

used

to

value

the

Funds'

net

assets

as

of

December

31,

2025. Please

refer

to

the

Statements

of

Investments

for

additional

information

on

portfolio

holdings.

#### BlackRock

#### Managed

#### Global

#### Allocation

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Investment

Company

$

306,397,645

$

–

$

–

$

306,397,645

#### Total

#### Assets

#### $

#### 306,397,645

#### $

#### –

#### $

#### –

#### $

#### 306,397,645

#### Liabilities:
Futures

Contracts#

$

(123,494)

$

–

$

–

$

(123,494)

#### Total

#### Liabilities

#### $

#### (123,494)

#### $

#### –

#### $

#### –

#### $

#### (123,494)

#### Total

#### $

#### 306,274,151

#### $

#### –

#### $

#### –

#### $

#### 306,274,151

#### iShares

#### Fixed

#### Income

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Exchange

Traded

Funds

$

97,946,442

$

–

$

–

$

97,946,442

Repurchase

Agreements

–

10,941,628

–

10,941,628

#### Total

#### $

#### 97,946,442

#### $

#### 10,941,628

#### $

#### –

#### $

#### 108,888,070
Fund

of

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

For

additional

information

about

the

unaffiliated

Underlying

Funds'

valuation

policies,

please

refer

to

the

unaffiliated

funds'

most

recent

annual

or

semi-annual

report.

BlackRock

Managed

Global

Allocation's

Underlying

Fund's

most

recent

annual

or

semi-

annual

report

can

be

found

at

www.blackrock.com.

iShares

ETF

Underlying

Funds'

most

recent

annual

or

semi-annual

report

to

shareholders

can

be

found

at

www.ishares.com.

Managed

American

Asset

Allocation's

and

Managed

American

Growth-Income's

Underlying

Funds'

most

recent

annual

or

semi-annual

report

can

be

found

at

www.americanfunds.com.

(b) #### Cash

#### Overdraft
Certain

Funds

may

have

overdrawn

U.S.

dollar

and/or

foreign

currency

balances

with

the

Funds'

custodian

bank,

JPMorgan

Chase

Bank,

N.A.

("JPMorgan").

To

offset

the

overdraft,

JPMorgan

advanced

an

amount

equal

to

the

overdraft.

Consistent

with

the

Funds'

borrowing

policy,

the

advance

is

deemed

a

temporary

loan

to

the

Funds.

Such

loans

are

payable

upon

demand

and

bear

interest

from

the

date

of

such

advance

to

the

date

of

payment

at

the

rate

agreed

upon

with

JPMorgan

under

the

custody

agreement.

These

advances

are

separate

from,

and

were

not

made

pursuant

to,

the

credit

agreement

discussed

in

Note

4. A

Fund

with

an

overdraft

is

subject

to

a

lien

by

JPMorgan

on

the

Fund's

account

and

JPMorgan

may

charge

the

Fund's

account

for

any

amounts

owed

to

JPMorgan.

JPMorgan

also

has

the

right

to

set

off

as

appropriate

and

apply

all

deposits

and

credits

held

by

or

owing

to

JPMorgan

against

such

amount,

subject

to

the

terms

of

the

custody

agreement.

As

of December

31,

2025,

the

Funds

did

not

have

overdrawn

balances.

(c) #### Futures

#### Contracts
Certain

Funds are

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

their

objectives. Certain Funds

entered

into

financial

futures

contracts

("futures

contracts")

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

#### iShares

#### Global

#### Equity

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Exchange

Traded

Funds

$

108,914,287

$

–

$

–

$

108,914,287

Repurchase

Agreements

–

14,836,106

–

14,836,106

#### Total

#### $

#### 108,914,287

#### $

#### 14,836,106

#### $

#### –

#### $

#### 123,750,393

#### Managed

#### American

#### Asset

#### Allocation

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Futures

Contracts#

$

5,380

$

–

$

–

$

5,380

Investment

Companies

2,544,314,165

–

–

2,544,314,165

#### Total

#### Assets

#### $

#### 2,544,319,545

#### $

#### –

#### $

#### –

#### $

#### 2,544,319,545

#### Liabilities:
Futures

Contracts#

$

(770,971)

$

–

$

–

$

(770,971)

#### Total

#### Liabilities

#### $

#### (770,971)

#### $

#### –

#### $

#### –

#### $

#### (770,971)

#### Total

#### $

#### 2,543,548,574

#### $

#### –

#### $

#### –

#### $

#### 2,543,548,574

#### Managed

#### American

#### Growth-Income

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Futures

Contracts#

$

22,353

$

–

$

–

$

22,353

Investment

Company

677,400,947

–

–

677,400,947

#### Total

#### Assets

#### $

#### 677,423,300

#### $

#### –

#### $

#### –

#### $

#### 677,423,300

#### Liabilities:
Futures

Contracts#

$

(25,257)

$

–

$

–

$

(25,257)

#### Total

#### Liabilities

#### $

#### (25,257)

#### $

#### –

#### $

#### –

#### $

#### (25,257)

#### Total

#### $

#### 677,398,043

#### $

#### –

#### $

#### –

#### $

#### 677,398,043
#

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

Assets

and

Liabilities.

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Fund

of

Funds

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/

or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

each

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, a

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, a

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 a

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

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, a

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, a

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. A

Fund's

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because a

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

Funds'

futures

contracts

are

reflected

in

the

Statements

of

Assets

and

Liabilities

under

"Receivable/Payable

for

variation

margin

on

futures

contracts,"

in

a

table

in

the

Statement

of

Investments

and

in

the

Statements

of

Operations

under

"Net

realized

gains

(losses)

from

expiration

or

closing

of

futures

contracts"

and

"Net

change

in

unrealized

appreciation/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

December

31,

2025:

#### Fair

#### Values

#### of

#### Derivatives

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### as

#### of

#### December

#### 31,

#### 2025:

#### BlackRock

#### Managed

#### Global

#### Allocation

#### Liabilities:

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value
Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

(123,494)

#### Total

#### $

#### (123,494)

#### Managed

#### American

#### Asset

#### Allocation

#### Assets:

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value
Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

5,380

#### Total

#### $

#### 5,380

#### Liabilities:
Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

(770,971)

#### Total

#### $

#### (770,971)

#### Managed

#### American

#### Growth-Income

#### Assets:

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value
Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

22,353

#### Total

#### $

#### 22,353
Fund

of

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

#### The

#### Effect

#### of

#### Derivative

#### Instruments

#### on

#### the

#### Statements

#### of

#### Operations

#### for

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025:&nbsp;&nbsp;&nbsp;&nbsp;

#### Change

#### in

#### Unrealized

#### Appreciation/Depreciation

#### on

#### Derivatives

#### Recognized

#### in

#### the

#### Statements

#### of

#### Operations

#### for

#### the Year

#### Ended December

#### 31,

#### 2025:
The

following is

a

summary

of

the

Funds'

average

volume

of

derivative

instruments

held for

the year

ended December

31,

2025:

#### Liabilities:

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value
Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

(25,257)

#### Total

#### $

#### (25,257)
#

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.

#### BlackRock

#### Managed

#### Global

#### Allocation

#### Realized

#### Gains

#### (Losses):

#### Total
Futures

Contracts

Equity

risk

$

(9,304,050)

#### $

#### (9,304,050)

#### Managed

#### American

#### Asset

#### Allocation

#### Realized

#### Gains

#### (Losses):

#### Total
Futures

Contracts

Equity

risk

$

(100,761,028)

#### $

#### (100,761,028)

#### Managed

#### American

#### Growth-Income

#### Realized

#### Gains

#### (Losses):

#### Total
Futures

Contracts

Equity

risk

$

(38,208,120)

#### $

#### (38,208,120)

#### BlackRock

#### Managed

#### Global

#### Allocation

#### Unrealized

#### Appreciation/Depreciation:

#### Total
Futures

Contracts

Equity

risk

$

(158,568)

#### $

#### (158,568)

#### Managed

#### American

#### Asset

#### Allocation

#### Unrealized

#### Appreciation/Depreciation:

#### Total
Futures

Contracts

Equity

risk

$

(1,394,558)

#### $

#### (1,394,558)

#### Managed

#### American

#### Growth-Income

#### Unrealized

#### Appreciation/Depreciation:

#### Total
Futures

Contracts

Equity

risk

$

973,737

#### $

#### 973,737

#### BlackRock

#### Managed

#### Global

#### Allocation

#### Futures

#### Contracts:
Average

Notional

Balance

Long

$

26,549,778

Average

Notional

Balance

Short

$

12,816,731

#### Managed

#### American

#### Asset

#### Allocation

#### Futures

#### Contracts:
Average

Notional

Balance

Long

$

159,978,067

Average

Notional

Balance

Short

$

138,537,923

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Fund

of

Funds

The

Funds

are

required

to

disclose

information

about

offsetting

and

related

arrangements

to

enable

users

of

the

financial

statements

to

understand

the

effect

of

those

arrangements

on

the

Funds'

financial

position.

As

of December

31,

2025,

certain

Funds

have

entered

into

futures

contracts.

These

futures

contract

agreements

do

not

provide

for

netting

arrangements.

(d) #### Securities

#### Lending
During

the

year

ended

December

31,

2025, certain

Funds entered

into

securities

lending

transactions.

To

generate

additional

income,

the

Funds

lent

their

portfolio

securities,

up

to

1/3%

of

the

total

assets

of

a

Fund,

to

brokers,

dealers,

and

other

financial

institutions.

JPMorgan

serves

as

securities

lending

agent

for

the

securities

lending

program

for

the

Funds.

Securities

lending

transactions

are

considered

to

be

overnight

and

continuous

and

can

be

terminated

by

a

Fund

or

the

borrower

at

any

time.

The

Funds

receive

payments

from JPMorgan

equivalent

to

any

dividends

and/or

interest

while

on

loan,

in

lieu

of

income

which

is

included

as

"Dividend

income"

and/or

"Interest

income",

as

applicable,

on

the

Statements

of

Operations.

The

Funds

also

receive

interest

that

would

have

been

earned

on

the

securities

loaned

while

simultaneously

seeking

to

earn

income

on

the

investment

of

cash

collateral

or

receiving

a

fee

with

respect

to

the

receipt

of

non-cash

collateral.

Securities

lending

income

includes

any

fees

charged

to

borrowers

less

expenses

associated

with

the

loan.

Income

from

the

securities

lending

program

is

recorded

when

earned

from JPMorgan

and

reflected

in

the

Statements

of

Operations

under

"Income

from

securities

lending

(net

of

fees)".

There

may

be

risks

of

delay

or

restrictions

in

recovery

of

the

securities

or

disposal

of

collateral

should

the

borrower

of

the

securities

fail

financially.

Loans

are

made,

however,

only

to

borrowers

deemed

by JPMorgan

to

be

of

good

standing

and

creditworthy.

Loans

are

subject

to

termination

by

the

Funds

or

the

borrower

at

any

time,

and,

therefore,

are

not

considered

to

be

illiquid

investments.

For

Funds

to

which

JPMorgan

is

not

an

affiliate,

JPMorgan

receives

a

fee

based

on

a

percentage

of

earnings

(less

any

rebates

paid

to

the

borrower)

derived

from

the

investment

of

cash

collateral,

or

a

percentage

of

the

fee

paid

by

the

borrower

for

loans

collateralized

by

non-cash

collateral.

For

Funds

to

which

JPMorgan

is

an

affiliate,

JPMorgan

receives

a

flat

fee

based

on

a

percentage

of

the

market

value

of

loaned

securities.

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

December

31,

2025,

which

were

comprised

of

repurchase

agreements

purchased

with

cash

collateral,

as

shown

on each

Fund's

Statement

of

Investments,

were

as

follows:

The

Trust's

securities

lending

policies

and

procedures

require

that

the

borrower

(i) deliver

cash

or

U.S.

Government

securities

as

collateral

with

respect

to

each

new

loan

of

U.S.

securities,

equal

to

at

least

102%

of

the

value

of

the

portfolio

securities

loaned,

and

(ii) at

all

times

thereafter

mark-to-market

the

collateral

on

a

daily

basis

so

that

the

market

value

of

such

collateral

is

at

least

100%

of

the

value

of

securities

loaned.

Cash

collateral

received

is

generally

invested

in

joint

repurchase

agreements

and

shown

in

the

Statement

of

Investments

and

included

in

calculating

the

Fund's

total

assets.

U.S.

Government

securities

received

as

collateral,

if

any,

are

held

in

safekeeping

by

JPMorgan

or

The

Bank

of

New

York

Mellon

and

cannot

be

sold

or

repledged

by

the

Funds

and

accordingly

are

not

reflected

in

the

Fund's

total

assets.

For

additional

information

on

the

non-cash

collateral

received,

if

any,

please

refer

to

the

Statement

of

Investments.

The

Securities

Lending

Agency

Agreement

between

the

Trust

and

JPMorgan

provides

that

in

the

event

of

a

default

by

a

borrower

with

respect

to

any

loan,

the

Fund

may

terminate

the

loan

and

JPMorgan

will

exercise

any

and

all

remedies

provided

under

the

applicable

borrower

agreement

to

make

the

Fund

whole.

These

remedies

include

purchasing

replacement

securities

by

applying

the

collateral

held

from

the

defaulting

borrower

against

the

purchase

cost

of

the

replacement

securities.

If,

despite

such

efforts

by

JPMorgan

to

exercise

these

remedies,

the

collateral

is

less

than

the

purchase

cost

of

the

replacement

securities,

JPMorgan

is

responsible

for

such

shortfall,

subject

to

certain

limitations

which

are

set

forth

in

detail

in

the

Securities

Lending

Agency

Agreement.

#### Managed

#### American

#### Growth-Income

#### Futures

#### Contracts:
Average

Notional

Balance

Long

$

24,681,951

Average

Notional

Balance

Short

$

40,189,687

#### Fund

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities
iShares

Fixed

Income

$

10,941,628

iShares

Global

Equity

14,836,106

Fund

of

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

As

of December

31,

2025,

the

Securities

Lending

Agency

Agreement

does

not

permit

the

Funds

to

enforce

a

netting

arrangement.

(e) #### Joint

#### Repurchase

#### Agreements
During

the year

ended December

31,

2025,

certain

Funds,

along

with

other

series

of

the

Trust,

pursuant

to

procedures

adopted

by

the

Board

of

Trustees

and

applicable

guidance

from

the

SEC,

transferred

cash

collateral

received

from

securities

lending

transactions,

through

a

joint

account

at

JPMorgan,

the

Funds'

custodian,

the

daily

aggregate

balance

of

which

is

invested

in

one

or

more

joint

repurchase

agreements

("repo"

or

collectively

"repos")

collateralized

by

U.S.

Treasury

or

federal

agency

obligations.

For

repos,

each

Fund

participates

on

a

pro

rata

basis

with

other

clients

of

JPMorgan

in

its

share

of

the

underlying

collateral

under

such

repos

and

in

its

share

of

proceeds

from

any

repurchase

or

other

disposition

of

the

underlying

collateral.

In

repos,

the

seller

of

a

security

agrees

to

repurchase

the

security

at

a

mutually

agreed-upon

time

and

price,

which

reflects

the

effective

rate

of

return

for

the

term

of

the

agreement.

For

repos,

The

Bank

of

New

York

Mellon

or

JPMorgan

takes

possession

of

the

collateral

pledged

for

investments

in

such

repos.

The

underlying

collateral

is

valued

daily

on

a

mark-to-market

basis

to

ensure

that

the

value

is

equal

to

or

greater

than

the

repurchase

price,

including

accrued

interest.

In

the

event

of

default

of

the

obligation

to

repurchase,

the

Funds

have

the

right

to

liquidate

the

collateral

and

apply

the

proceeds

in

satisfaction

of

the

obligation.

If

the

seller

defaults

and

the

value

of

the

collateral

declines

or

if

bankruptcy

proceedings

are

commenced

with

respect

to

the

seller

of

the

security,

realization

of

the

collateral

by

the

Funds

may

be

delayed

or

limited.

As

of December

31,

2025, certain

Funds'

investment in

joint

repos

was

subject

to

an

enforceable

netting

arrangement.

The

Funds'

proportionate

holding

in

joint

repos

was

as

follows:

As

of

December

31,

2025,

the

joint

repos

on

a

gross

basis

were

as

follows:

BofA

Securities,

Inc.,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$50,010,694,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.34%

-

5.25%,

maturing

10/20/2034

-

2/20/2073;

total

market

value

$51,000,000.

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$131,688,142,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$134,293,264.

CF

Secured,

LLC,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$215,045,867,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.13%

-

7.50%,

maturing

3/31/2026

-

4/20/2071;

total

market

value

$219,346,790.

Citi

Global

Market,

Inc.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$138,529,316,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.38%

-

4.25%,

maturing

2/15/2028

-

10/31/2029;

total

market

value

$141,270,038.

#### iShares

#### Fixed

#### Income

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
BofA

Securities,

Inc.

$

1,000,000

$

–

$

1,000,000

$

(1,000,000)

$

–

Cantor

Fitzgerald

&

Co.

9,441,628

–

9,441,628

(9,441,628)

–

Citi

Global

Market,

Inc.

500,000

–

500,000

(500,000)

–

#### Total
$

10,941,628

$

–

$

10,941,628

$

(10,941,628)

$

–

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Fund

of

Funds

(f) #### Security

#### Transactions

#### and

#### Investment

#### Income
Security

transactions

are

accounted

for

on

the

date

the

security

is

purchased

or

sold.

Security

gains

and

losses

are

calculated

on

the

identified

cost

basis.

Dividend

income

received

from

the

Underlying

Funds

is

recognized

on

the

ex-dividend

date

and

is

recorded

as

income

on

the

Statements

of

Operations.

Capital

gain

distributions

received

from

the

Underlying

Funds

are

recognized

on

the

ex-dividend

date

and

are

recorded

on

the

Statements

of

Operations

as

such.

Interest

income

is

recognized

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts,

and

is

recorded

as

such

on

a

Fund's

Statement

of

Operations.

Income

from

non-cash

dividends,

if

any,

is

recorded

at

the

fair

value

of

the

securities

and

is

recorded

as

such

on

a

Fund's

Statement

of

Operations.

(g) #### Distributions

#### to

#### Shareholders
Distributions

from

net

investment

income,

if

any,

are

declared

and

paid

quarterly.

Distributions

from

net

realized

capital

gains,

if

any,

are

declared

and

distributed

at

least

annually.

All

distributions

are

recorded

on

the

ex-dividend

date.

Dividends

and

distributions

to

shareholders

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

"book/tax"

differences

are

considered

either

permanent

or

temporary.

Permanent

differences

are

reclassified

within

the

capital

accounts

based

on

their

nature

for

federal

income

tax

purposes;

temporary

differences

do

not

require

reclassification.

The

permanent

differences

as

of

December

31,

2025

are

primarily

attributable

to

investments

in

regulated

investment

companies

and

consent

dividends.

Temporary

differences

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

and

tax

purposes;

these

differences

will

reverse

at

some

time

in

the

future.

The

temporary

differences

as

of

December

31,

2025

may

primarily

be

attributable

to

outstanding

straddle

loss

deferrals

and

outstanding

wash

sale

loss

deferrals.

These

reclassifications

have

no

effect

upon

the

NAV

of a

Fund.

Any

distribution

in

excess

of

current

and

accumulated

earnings

and

profits

for

federal

income

tax

purposes

is

reported

as

a

return

of

capital

distribution.

Reclassifications

for

the

year

ended

December

31,

2025

were

as

follows:

#### iShares

#### Global

#### Equity

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
BofA

Securities,

Inc.

$

1,000,000

$

–

$

1,000,000

$

(1,000,000)

$

–

Cantor

Fitzgerald

&

Co.

9,836,106

–

9,836,106

(9,836,106)

–

CF

Secured,

LLC

2,000,000

–

2,000,000

(2,000,000)

–

Citi

Global

Market,

Inc.

2,000,000

–

2,000,000

(2,000,000)

–

#### Total
$

14,836,106

$

–

$

14,836,106

$

(14,836,106)

$

–

\*

As

of

December

31,

2025,

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.

#### Fund

#### Capital

#### Total

#### Distributable

#### Earnings
(Loss)

BlackRock

Managed

Global

Allocation

$

23,171,845

$

(23,171,845)

iShares

Fixed

Income

–

–

iShares

Global

Equity

–

–

Managed

American

Asset

Allocation

45,485,547

(45,485,547)

Managed

American

Growth-Income

6,416,028

(6,416,028)

Fund

of

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

(h) #### Federal

#### Income

#### Taxes
Each Fund

elected

to

be

treated

as,

and

intends

to

qualify

each

year

as,

a

"regulated

investment

company"

("RIC")

by

complying

with

the

requirements

of

Subchapter

M

of

the

U.S.

Internal

Revenue

Code

of

1986

(the

"Code"),

as

amended,

and

to

make

distributions

of

net

investment

income

and

net

realized

capital

gains

sufficient

to

relieve

a

Fund

from

all,

or

substantially

all,

federal

income

taxes.

The

aforementioned

distributions

may

be

made

in

cash

or

via

consent

dividends.

Consent

dividends,

agreed

to

by

each

shareholder,

are

taxable

to

the

shareholders

as

if

they

were

paid

in

cash

during

their

current

tax

year.

As

of

December

31,

2025,

the

estimated

maximum

amounts

each

Fund

may

claim

as

consent

dividends

for

2025

are

as

follows:

A

Fund

recognizes

a

tax

benefit

from

an

uncertain

position

only

if

it

is

more

likely

than

not

that

the

position

is

sustainable,

based

solely

on

its

technical

merits

and

consideration

of

the

relevant

taxing

authorities'

widely

understood

administrative

practices

and

precedents.

Each

year,

a

Fund

undertakes

an

affirmative

evaluation

of

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

tax

returns

to

determine

whether

it

is

more

likely

than

not

(i.e.,

greater

than

percent)

that

each

tax

position

will

be

sustained

upon

examination

by

a

taxing

authority.

The

Funds

file

U.S.

federal

income

tax

returns

and,

if

applicable,

returns

in

various

foreign

jurisdictions

in

which

they

invest.

Generally,

a

Fund

is

subject

to

examinations

by

such

taxing

authorities

for

up

to

three

years

after

the

filing

of

the

return

for

the

tax

period.

The

Funds

adopted

FASB

Accounting

Standards

Update

2023-09,

Income

Taxes

(Topic

740)—Improvements

to

Income

Tax

Disclosures

("ASU

2023-09").

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disclosure

of

income

taxes

paid

by

jurisdiction.

During

the

year

ended

December

31,

2025,

the

Funds

did

not

pay

a

significant

amount

of

foreign

or

U.S.

federal,

state

or

local

income

taxes

and

therefore

did

not

include

any

additional

disclosures

in

these

financial

statements.

(i) #### Allocation

#### of

#### Expenses,

#### Income

#### and

#### Gains

#### and

#### Losses
Expenses

directly

attributable

to

a

Fund

are

charged

to

that

Fund.

Expenses

not

directly

attributable

to

a

Fund

are

allocated

proportionally

among

various

or

all

series

of

the

Trust.

Income,

fund

level

expenses,

and

realized

and

unrealized

gains

or

losses

are

allocated

to

each

class

of

shares

of

a

Fund

based

on

the

value

of

the

outstanding

shares

of

that

class

relative

to

the

total

value

of

the

outstanding

shares

of

that

Fund.

Expenses

specific

to

a

class

(such

as

Rule

12b-1

and

administrative

services

fees)

are

charged

to

that

specific

class.

(j) #### Reportable

#### Segment

#### Disclosure
The

Principal

Executive

Officer

acts

as

the

Funds'

Chief

Operating

Decision

Maker

("CODM')

and

is

responsible

for

assessing

performance

and

allocating

resources

with

respect

to

the

Funds.

The

CODM

has

concluded

that

each

Fund

operates

as

a

single

operating

segment

since

the

Funds

each

have

a

single

investment

strategy

as

disclosed

in

its

prospectus,

against

which

the

CODM

assesses

performance.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

presented

within

the

Funds'

financial

statements.

3. #### Transactions

#### with

#### Affiliates
Under

the

terms

of

the

Trust's

Investment

Advisory

Agreement,

NFA

manages

the

investments

of

the

assets

and

supervises

the

daily

business

affairs

of

the

Funds

in

accordance

with

policies

and

procedures

established

by

the

Board

of

Trustees.

NFA

has

selected

the

subadviser

for

each Fund

as

noted

below,

and

provides

investment

management

evaluation

services

in

monitoring,

on

an

ongoing

basis,

the

performance

of

the

subadvisers.

#### Fund

#### Ordinary

#### Distribution

#### Available

#### for

#### Consent

#### Dividend
BlackRock

Managed

Global

Allocation

$

27,948,381

iShares

Fixed

Income

—

iShares

Global

Equity

—

Managed

American

Asset

Allocation

77,840,947

Managed

American

Growth-Income

10,155,064

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Fund

of

Funds

As

of

December

31,

2025,

the

subadviser

for each

Fund is

as

follows:

Under

the

terms

of

the

Investment

Advisory

Agreement,

each

Fund

pays

NFA

an

investment

advisory

fee

based

on

that

Fund's

average

daily

net

assets.

During

the

year

ended

December

31,

2025,

the

Funds

paid

investment

advisory

fees

to

NFA

according

to

the

following

schedule.

The

Trust

and

NFA

have

entered

into

a

written

contract

waiving

investment

advisory

fees

of

the

Funds

according

to

the

following

schedule

until

the

earlier

of

April

30,

2026

or

the

Funds

cease

to

operate

as

a

"fund-of-funds".

During

the

year

ended December

31,

2025,

the

following

table

provides

the

waiver

of

such

investment

advisory

fees

by

NFA

for

which

NFA

shall

not

be

entitled

to

later

seek

recoupment.

For

the

year

ended

December

31,

2025,

the

effective

advisory

fee

rates

before

and

after

contractual

advisory

fee

waivers

and

expense

reimbursements, due

to

the

expense

limitation

agreement

described

below,

were

as

follows:

From

these

fees,

pursuant

to

the

subadvisory

agreements,

NFA

pays

fees

to

the

affiliated

and

unaffiliated

subadvisers.

NFA

paid

the

affiliated

subadviser

$178,853

during

the

year

ended

December

31,

2025. The

Trust

and

NFA

have

entered

into

a

written

Expense

Limitation

Agreement

that

limits

certain

Funds'

operating

expenses,

(excluding

any

taxes,

interest,

compensation

payable

to

parties

not

affiliated

with

the

Adviser

for

the

recovery

of

tax

reclaims,

brokerage

commissions,

Rule

12b-1

fees,

acquired

fund

fees

and

expenses,

short-sale

dividend

expenses,

administrative

services

#### Fund

#### Subadviser
BlackRock

Managed

Global

Allocation

Nationwide

Asset

Management,

LLC

("NWAM")

(a) iShares

Fixed

Income

BlackRock

Investment

Management,

LLC

("BlackRock")

iShares

Global

Equity

BlackRock

Managed

American

Asset

Allocation

NWAM

(a) Managed

American

Growth-Income

NWAM

(a) (a) NWAM

is

an

affiliate

of

NFA.

#### Fund

#### Fee

#### Schedule

#### Advisory

#### Fee

#### (annual

#### rate)
BlackRock

Managed

Global

Allocation

All

assets

0.74%

iShares

Fixed

Income

All

assets

0.11%

iShares

Global

Equity

All

assets

0.11%

Managed

American

Asset

Allocation

Up

to

$2

billion

0.15%

$2

billion

and

more

0.14%

Managed

American

Growth-Income

Up

to

$500

million

0.15%

$500

million

and

more

0.14%

#### Fund

#### Advisory

#### Fee

#### Waiver

#### (annual

#### rate)
BlackRock

Managed

Global

Allocation

0.59%

#### Fund

#### Amount
BlackRock

Managed

Global

Allocation

$

1,907,031

#### Fund

#### Effective

#### Advisory

#### Fee

#### Rate

#### Before

#### Contractual\*

#### Fee

#### Waivers

#### and

#### Expense

#### Reimbursements

#### \*

#### Effective

#### Advisory

#### Fee

#### Rate

#### After

#### Contractual\*

#### Fee

#### Waivers

#### Effective

#### Advisory

#### Fee

#### Rate

#### After

#### Contractual\*

#### Fee

#### Waivers

#### and

#### Expense

#### Reimbursements
BlackRock

Managed

Global

Allocation

0.74 %

0.15 %

0.15 %

iShares

Fixed

Income

0.11 N/A

0.06 iShares

Global

Equity

0.11 N/A

0.07 Managed

American

Asset

Allocation

0.15 N/A

0.15 Managed

American

Growth-Income

0.15 N/A

0.15 N/A

—

Not

Applicable.

\*

Please

see

above

for

additional

information

regarding

contractual

waivers.

Fund

of

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

fees,

other

expenses

which

are

capitalized

in

accordance

with

generally

accepted

accounting

principles

and

expenses

incurred

by a

Fund

in

connection

with

any

merger

or

reorganization,

and

may

exclude

other

nonroutine

expenses

not

incurred

in

the

ordinary

course

of a

Fund's

business)

from

exceeding

the

amounts

listed

in

the

following

table

until

at

least

April

30,

2026. The

Trust

and

NFA

have

entered

into

a

written

Expense

Limitation

Agreement

that

limits

certain

Funds'

operating

expenses,

(excluding

any

interest,

taxes,

fees

paid

to

non-affiliated

parties

in

connection

with

the

recovery

of

tax

reclaims,

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

at

least

April

30,

2026. The

Trust

and

NFA

have

entered

into

a

written

Expense

Limitation

Agreement

that

limits

certain

Funds'

operating

expenses,

(excluding

interest,

taxes,

fees

paid

to

non-affiliated

parties

in

connection

with

the

recovery

of

tax

reclaims,

brokerage

commissions

and

other

costs

incurred

in

connection

with

the

purchase

and

sale

of

portfolio

securities,

but

including

acquired

fund

fees

and

expenses)

from

exceeding

the

amounts

listed

in

the

following

table

until at

least

April

30,

2026. NFA

may

request

and

receive

reimbursement

from

a

Fund

for

advisory

fees

waived

or

other

expenses

reimbursed

by

NFA

pursuant

to

the

Expense

Limitation

Agreement

at

a

date

not

to

exceed

three

years

from

the

date

on

which

the

corresponding

waiver

or

reimbursement

to

the

Fund

was

made.

However,

no

reimbursement

may

be

made

unless:

(i) the

Fund's

assets

exceed

$100

million

and

(ii) the

total

annual

expense

ratio

of

the

class

making

such

reimbursement

is

no

higher

than

the

amount

of

the

expense

limitation

that

was

in

place

at

the

time

NFA

waived

the

fees

or

reimbursed

the

expenses

and

does

not

cause

the

expense

ratio

to

exceed

the

current

expense

limitation.

Reimbursement

by

a

Fund

of

amounts

previously

waived

or

reimbursed

by

NFA

is

not

permitted

except

as

provided

for

in

the

Expense

Limitation

Agreement.

The

Expense

Limitation

Agreement

may

be

changed

or

eliminated

only

with

the

consent

of

the

Board

of

Trustees.

As

of

December

31,

2025,

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:

A

During

the

year

ended

December

31,

2025,

no

amounts

were

reimbursed

to

NFA

pursuant

to

the

Expense

Limitation

Agreement,

and

the

Funds

have

not

recorded

a

commitment

or

contingent

liability.

NFM,

a

wholly

owned

subsidiary

of

NFS

Distributors,

Inc.

("NFSDI")

(a

wholly

owned

subsidiary

of

NFS),

provides

various

administrative

and

accounting

services

for

the

Funds

and

serves

as

Transfer

and

Dividend

Disbursing

Agent

for

the

Funds.

NFM

has

entered

into

agreements

with

third-party

service

providers

to

provide

certain

sub-administration

and

sub-transfer

agency

services

to

the

Funds.

NFM

pays

the

service

providers

a

fee

for

these

services.

#### Fund

#### Classes

#### Amount

#### (annual

#### rate)
iShares

Fixed

Income

All

Classes

0.17%

iShares

Global

Equity

All

Classes

0.17 Managed

American

Asset

Allocation

All

Classes

0.23 Managed

American

Growth-Income

Class

II

0.22 #### Fund

#### Classes

#### Amount

#### (annual

#### rate)
BlackRock

Managed

Global

Allocation

Class

II

1.19%

#### Fund

#### Classes

#### Amount

#### (annual

#### rate)
Managed

American

Asset

Allocation

Class

II

1.11%

#### Fund

#### Fiscal

#### Year

#### 2023

#### Amount

#### Fiscal

#### Year

#### 2024

#### Amount

#### Fiscal

#### Year

#### 2025

#### Amount

#### Total
BlackRock

Managed

Global

Allocation

$

—

$

—

$

—

$

—

iShares

Fixed

Income

57,222

50,935

46,478

154,635

iShares

Global

Equity

56,338

48,598

43,364

148,300

Managed

American

Asset

Allocation

—

—

—

—

Managed

American

Growth-Income

—

—

—

—

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Fund

of

Funds

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.

For

the

year

ended

December

31,

2025,

NFM

earned

an

aggregate

of

$1,098,650

in

fees

from

the

Funds

under

the

Joint

Fund

Administration

and

Transfer

Agency

Agreement.

Under

the

terms

of

the

Joint

Fund

Administration

and

Transfer

Agency

Agreement

and

a

letter

agreement

between

NFM

and

the

Trust,

the

Trust

has

agreed

to

reimburse

NFM

for

certain

costs

related

to

each

Fund's

portion

of

ongoing

administration,

monitoring

and

annual

(compliance

audit)

testing

of

the

Trust's

Rule

38a-1

Compliance

Program

subject

to

the

pre-approval

of

the

Trust's

Audit

Committee.

These

costs

are

allocated

among

the

series

of

the

Trust

based

upon

their

relative

net

assets.

For

the

year

ended

December

31,

2025,

the

Funds' aggregate

portion

of

such

costs

amounted

to

$17,509.

In

addition,

the

Trust

pays

out-of-pocket

expenses

reasonably

incurred

by

NFM

in

providing

services

to

the

Funds

and

the

Trust,

including,

but

not

limited

to,

the

cost

of

pricing

services

that

NFM

utilizes.

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

of

0.25%

for

Class

II

shares

of

each

Fund.

Class

Y

shares

do

not

pay

a

distribution

fee.

The

Trust

and

NFD

have

entered

into

a

written

contract

waiving

distribution

fees

for

Class

II

shares

of

the

Funds

according

to

the

following

schedule

until

at

least

April

30,

2026:

During

the year

ended December

31,

2025, each

Fund's

waiver

of

such

distribution

fees

by

NFD,

for

which

NFD

shall

not

be

entitled

to

reimbursement

by

the

Funds

for

any

amount

waived,

were

as

follows:

Under

the

terms

of

an

Administrative

Services

Plan,

the

Funds

pay

fees

to

servicing

organizations,

such

as

broker-dealers,

including

NFS,

and

financial

institutions,

that

agree

to

provide

administrative

support

services

to

the

shareholders

of

certain

classes.

These

services

may

include,

but

are

not

limited

to,

the

following:

(i) establishing

and

maintaining

shareholder

accounts;

(ii) processing

purchase

and

redemption

transactions;

(iii) arranging

bank

wires;

(iv) performing

shareholder

sub-accounting;

(v) answering

inquiries

regarding

the

Funds;

and

(vi) other

such

services.

These

fees

are

calculated

at

an

annual

rate

of

up

to

0.25%

of

the

average

daily

net

assets

of

Class

II

shares

of

each

Fund.

For the

year

ended

December

31,

2025,

the

effective

rates

for

administrative

services

fees

were

as

follows:

#### Combined

#### Fee

#### Schedule
Up

to

$25

billion

0.025%

$25

billion

and

more

0.020 #### Fund

#### Distribution

#### Fee

#### Waiver

#### (Annual

#### Rate)
BlackRock

Managed

Global

Allocation

0.25%

#### Fund

#### Amount
BlackRock

Managed

Global

Allocation

$

808,061

#### Fund

#### Class

#### II
BlackRock

Managed

Global

Allocation

0.25 %

iShares

Fixed

Income

0.25 iShares

Global

Equity

0.25 Managed

American

Asset

Allocation

0.25 Managed

American

Growth-Income

0.25 Fund

of

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

For

the

year

ended

December

31,

2025,

each

Fund's

total

administrative

services

fees

were

as

follows:

4. #### Line

#### of

#### Credit

#### and

#### Interfund

#### Lending
The

Trust

and

NMF

(together,

the

"Trusts") renewed

the credit

agreement

with

JPMorgan,

The

Bank

of

New

York

Mellon,

and

Wells

Fargo

Bank

National

Association

(the

"Lenders"),

permitting

the

Trusts,

in

aggregate,

to

borrow

up

to

$100,000,000.

Advances

taken

by

a

Fund

under

this

arrangement

would

be

primarily

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

the

Fund's

borrowing

restrictions.

The

line

of

credit

requires

a

commitment

fee

of

0.15%

per

year

on

$100,000,000.

Such

commitment

fee

shall

be

payable

quarterly

in

arrears

on

the

last

business

day

of

each

March,

June,

September

and

December

and

on

the

termination

date.

Borrowings

under

this

arrangement

accrued

interest

at

the

Federal

Funds

Rate

plus

the

applicable

margin.

Interest

costs,

if

any,

would

be

shown

on

the

Statement

of

Operations.

No

compensating

balances

are

required

under

the

terms

of

the

line

of

credit.

In

addition,

a

Fund

may

not

draw

any

portion

of

the

line

of

credit

that

is

provided

by

a

bank

that

is

an

affiliate

of

the

Fund's

subadviser,

if

applicable.

In

addition

to

any

rights

and

remedies

of

the

Lenders

provided

by

law,

each

Lender

has

the

right,

upon

any

amount

becoming

due

and

payable

by

the

Fund,

to

set-off

as

appropriate

and

apply

all

deposits

and

credits

held

by

or

owing

to

such

Lender

against

such

amount,

subject

to

the

terms

of

the

credit

agreement.

The

line

of

credit

is

renewed

annually,

and

next

expires

on

July

1,

2026. During

the

year

ended December

31,

2025,

the

Funds

had

no

borrowings

under

the

line

of

credit.

Pursuant

to

an

exemptive

order

issued

by

the

SEC

(the

"Order"),

the

Funds

may

participate

in

an

interfund

lending

program

among

Funds

managed

by

NFA.

The

program

allows

the

participating

Funds

to

borrow

money

from

and

loan

money

to

each

other

for

temporary

purposes,

subject

to

the

conditions

in

the

Order.

A

loan

can

only

be

made

through

the

program

if

the

interfund

loan

rate

on

that

day

is

more

favorable

to

both

the

borrowing

and

lending

Funds

as

compared

to

rates

available

through

short-term

bank

loans

or

investments

in

overnight

repurchase

agreements

and

money

market

funds,

respectively,

as

detailed

in

the

Order.

Further,

a

Fund

may

participate

in

the

program

only

if

and

to

the

extent

that

such

participation

is

consistent

with

its

investment

objectives

and

limitations.

Interfund

loans

have

a

maximum

duration

of

seven

days

and

may

be

called

on

one

business

day's

notice. During

the

year

ended December

31,

2025,

none

of

the

Funds

engaged

in

interfund

lending.

5. #### Investment

#### Transactions
For

the

year

ended

December

31,

2025,

purchases

and

sales

of

securities

(excluding

short-term

securities)

were

as

follows:

6. #### Portfolio

#### Investment

#### Risks

#### from

#### Underlying

#### Funds
The

Underlying

Funds

in

which

the

iShares

Fixed

Income

and

iShares

Global

Equity

invest

may

apply

any

of

a

variety

of

investment

strategies

and

may

invest

in

a

broad

range

of

asset

classes,

securities

and

other

investments

to

attempt

to

achieve

their

designated

investment

goals.

The

foregoing

is

not

intended

to

be

a

complete

discussion

of

all

risks

associated

with

the

investment

strategies

of

the

Funds.

Please

refer

to

the

current

prospectus

for

a

discussion

of

the

risks

associated

with

investing

in

the

Funds.

In

addition,

information

about

the

risks

of

an

investment

in

each

Underlying

Fund

may

be

found

in

such

Underlying

Fund's

annual

or

semi-annual

report

to

shareholders,

which

is

available

at

www.ishares.com

for

iShares

Fixed

Income

and

iShares

Global

Equity

or

at

the

SEC's

website

at

www.sec.gov.

Additional

information

about

derivatives-related

risks,

if

applicable

to

the

Underlying

Fund,

may

also

be

found

in

each

such

Underlying

Fund's

annual

or

semi-annual

report

to

shareholders.

BlackRock

Managed

Global

Allocation,

Managed

American

Asset

Allocation

and

Managed

American

Growth-Income

each

concentrates

its

investments

primarily

in

a

single

Underlying

Fund.

Therefore,

each

Fund

has

the

same

principal

risks

as

the

Underlying

Fund.

Information

about

each

Underlying

Fund's

risks

may

be

found

in

such

Underlying

Fund's

annual

or

semi-

#### Fund

#### Amount
BlackRock

Managed

Global

Allocation

$

808,061

iShares

Fixed

Income

191,795

iShares

Global

Equity

222,113

Managed

American

Asset

Allocation

6,822,387

Managed

American

Growth-Income

1,813,496

#### Fund

#### Purchases

#### \*

#### Sales
BlackRock

Managed

Global

Allocation

$

39,045,194

$

68,775,790

iShares

Fixed

Income

25,617,246

6,787,527

iShares

Global

Equity

16,839,855

16,786,078

Managed

American

Asset

Allocation

451,710,576

725,988,821

Managed

American

Growth-Income

151,800,991

186,799,367

\*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Fund

of

Funds

annual

report

to

shareholders

which

can

be

found

at

www.blackrock.com

for

BlackRock

Managed

Global

Allocation

and

www.

americanfunds.com

for

Managed

American

Asset

Allocation

and

Managed

American

Growth-Income

or

at

the

SEC's

website

at

www.sec.gov.

The

relative

concentration

in

each

Underlying

Fund

also

may

affect

the

direct

performance

of

each Fund,

positively

or

negatively,

and

may

have

a

greater

risk

of

loss.

7. #### Indemnifications
Under

the

Trust's

organizational

documents,

the

Trust's

Officers

and

Trustees

are

indemnified

by

the

Trust

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

the

Trust

has

entered

into

indemnification

agreements

with

its

Trustees

and

certain

of

its

Officers.

Trust

Officers

receive

no

compensation

from

the

Trust

for

serving

as

its

Officers.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Trust's

maximum

liability

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

made

against

the

Trust.

Based

on

experience,

however,

the

Trust

expects

the

risk

of

loss

to

be

remote.

8. #### New

#### Accounting

#### Pronouncements
On

September

20,

2023,

the

SEC

adopted

amendments

to

the

current

rule

regarding

registered

fund

names,

as

well

as

certain

forms

and

disclosure

requirements.

The

amendments

are

intended

to

modernize

and

enhance

the

investor

protections

provided

by

Rule

35d-1

under

the

1940

Act

given

the

important

information

that

fund

names

can

convey

to

investors.

Management

is

currently

evaluating

the

implications

of

the

new

rule

and

the

impact

on

the

Funds'

financial

statement

disclosures

and

reporting

requirements.

9. #### Other

#### Matters
Each

Fund

is

a

shareholder

of

its

Underlying

Funds.

The

Underlying

Funds

do

not

charge

a

Fund

any

sales

charge

for

buying

or

selling

Underlying

Fund

shares.

However,

a

Fund

indirectly

pays

a

portion

of

the

operating

expenses

of

each

Underlying

Fund

in

which

it

invests,

including

management,

administration

and

custodian

fees

of

the

Underlying

Funds.

These

expenses

are

deducted

from

each

Underlying

Fund's

net

assets

before

its

share

price

is

calculated

and

are

in

addition

to

the

fees

and

expenses

of

a

Fund.

Actual

indirect

expenses

vary

depending

on

how

a

Fund's

assets

are

allocated

among

the

Underlying

Funds.

10. #### Federal

#### Tax

#### Information
The

tax

character

of

distributions

paid

during

the

year

ended December

31,

2025

was

as

follows:

The

tax

character

of

distributions

paid

during

the

year

ended December

31,

2024

was

as

follows:

#### Distributions

#### paid

#### from

#### Fund

#### Ordinary

#### Income\*

#### Net

#### Long-Term

#### Capital

#### Gains

#### Total

#### Taxable

#### Distributions

#### Return

#### of

#### Capital

#### Total

#### Distributions

#### Paid
BlackRock

Managed

Global

Allocation

$

–

$

–

$

–

$

–

$

–

iShares

Fixed

Income

3,087,041

–

3,087,041

–

3,087,041

iShares

Global

Equity

1,471,958

–

1,471,958

–

1,471,958

Managed

American

Asset

Allocation

–

–

–

–

–

Managed

American

Growth-Income

7,015,886

32,323,584

39,339,470

–

39,339,470

\*

Ordinary

Income

amounts

include

taxable

market

discount

and

net

short-term

capital

gains,

if

any.

#### Distributions

#### paid

#### from

#### Fund

#### Ordinary

#### Income\*

#### Net

#### Long-Term

#### Capital

#### Gains

#### Total

#### Taxable

#### Distributions

#### Return

#### of

#### Capital

#### Total

#### Distributions

#### Paid
BlackRock

Managed

Global

Allocation

$

–

$

–

$

–

$

–

$

–

iShares

Fixed

Income

2,159,730

–

2,159,730

–

2,159,730

iShares

Global

Equity

1,121,812

–

1,121,812

–

1,121,812

Managed

American

Asset

Allocation

–

–

–

–

–

Managed

American

Growth-Income

–

32,424,645

32,424,645

–

32,424,645

\*

Ordinary

Income

amounts

include

taxable

market

discount

and

net

short-term

capital

gains,

if

any.

Fund

of

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

As

of

December

31,

2025,

the

components

of

accumulated

earnings/(deficit)

on

a

tax

basis

were

as

follows:

As

of

December

31,

2025,

the

tax

cost

of

investments

(including

derivative

contracts)

and

the

breakdown

of

unrealized

appreciation/

(depreciation)

for

each

Fund

was

as

follows:

As

of

December

31,

2025,

for

federal

income

tax

purposes,

the

Funds

have

capital

loss

carryforwards

available

to

offset

future

capital

gains,

if

any,

to

the

extent

provided

by

the

U.S.

Treasury

regulations

and

in

any

given

year

may

be

limited

due

to

large

shareholder

redemptions

or

contributions.

Capital

loss

carryforwards

do

not

expire.

The

following

table

represents

capital

loss

carryforwards

available

as

of

December

31,

2025. During

the

year

ended December

31,

2025,

the

Funds

had

capital

loss

carryforwards

that

were

utilized

and

are

no

longer

eligible

to

offset

future

capital

gains,

if

any,

in

the

following

amounts.

11. #### Subsequent

#### Events
Management

has

evaluated

the

impact

of

subsequent

events

on

the

Funds

and

has

determined

that

there

are

no subsequent

events

requiring

recognition

or

disclosure

in

the

financial

statements.

#### Fund

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### Accumulated

#### Earnings

#### Distributions

#### Payable

#### Accumulated

#### Capital

#### and

#### Other

#### Losses

#### Unrealized

#### Appreciation/

#### (Depreciation)\*

#### Total

#### Accumulated

#### Earnings
(Deficit)

BlackRock

Managed

Global

Allocation

$

27,948,381

$

–

$

27,948,381

$

–

$

(15,319,371)

21,935,885

34,564,895

iShares

Fixed

Income

684

–

684

–

(216,060)

(5,556,760)

(5,772,136)

iShares

Global

Equity

297,879

207,386

505,265

–

–

33,366,423

33,871,688

Managed

American

Asset

Allocation

77,840,947

42,613,252

120,454,199

–

–

147,388,848

267,843,047

Managed

American

Growth-Income

19,068,327

122,223,152

141,291,479

–

–

161,126,125

302,417,604

\*

The

difference

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

is

primarily

attributable

to

timing

differences

in

recognizing

certain

gains

and

losses

on

investment

transactions.

#### Fund

#### Tax

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation/
(Depreciation)

BlackRock

Managed

Global

Allocation

$

284,338,266

$

22,092,381

$

(156,496)

$

21,935,885

iShares

Fixed

Income

114,444,829

(9,122)

(5,547,637)

(5,556,759)

iShares

Global

Equity

90,383,970

33,366,423

–

33,366,423

Managed

American

Asset

Allocation

2,317,142,656

245,318,049

(18,912,131)

226,405,918

Managed

American

Growth-Income

477,728,458

199,696,130

(26,545)

199,669,585

#### Fund

#### Amount
BlackRock

Managed

Global

Allocation

$

(15,319,371)

iShares

Fixed

Income

(216,060)

#### Fund

#### Utilized
Managed

American

Asset

Allocation

$

14,405,705

-

Report

of

Independent

Registered

Public

Accounting

Firm

-

December

31,

2025

-

Fund

of

Funds

#### To

#### the

#### Board

#### of

#### Trustees

#### of

#### Nationwide

#### Variable

#### Insurance

#### Trust

#### and

#### Shareholders

#### of

#### NVIT

#### BlackRock

#### Managed

#### Global

#### Allocation

#### Fund,

#### NVIT

#### iShares

#### Fixed

#### Income

#### ETF

#### Fund,

#### NVIT

#### iShares

#### Global

#### Equity

#### ETF

#### Fund,

#### NVIT

#### Managed

#### American

#### Funds

#### Asset

#### Allocation

#### Fund

#### and

#### NVIT

#### Managed

#### American

#### Funds

#### Growth-Income

#### Fund

#### Opinions

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

statements

of

investments,

of

NVIT

BlackRock

Managed

Global

Allocation

Fund,

NVIT

iShares

Fixed

Income

ETF

Fund,

NVIT

iShares

Global

Equity

ETF

Fund,

NVIT

Managed

American

Funds

Asset

Allocation

Fund

and

NVIT

Managed

American

Funds

Growth-Income

Fund

(five

of

the

funds

constituting

Nationwide

Variable

Insurance

Trust,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

December

31,

2025,

the

related

statements

of

operations

for

the

year

ended

December

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

December

31,

2025,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinions
These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025

by

correspondence

with

the

custodian,

transfer

agents

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

#### /s/PricewaterhouseCoopers

#### LLP

#### Philadelphia,

#### Pennsylvania

#### February

#### 20,

#### 2026
We

have

served

as

the

auditor

of

one

or

more

investment

companies

of

Nationwide

Funds,

which

includes

the

investment

companies

of

Nationwide

Variable

Insurance

Trust,

since

1997. Fund

of

Funds

-

December

31,

2025

(Unaudited)

-

Supplemental

Information

-

#### Other

#### Federal

#### Tax

#### Information
For

the

year

ended

December

31,

2025, certain

dividends

paid

by

the

Funds

may

be

subject

to

a

maximum

tax

rate

of

20%

as

provided

for

by

the

Jobs

and

Growth

Tax

Relief

Reconciliation

Act

of

2003. The

Funds

intend

to

designate

the

maximum

amount

allowable

as

taxed

at

a

maximum

rate

of

15%.

Complete

information

will

be

reported

in

conjunction

with

your

2025

Form

1099-DIV.

For

the

taxable

year

ended

December

31,

2025,

the

following

percentages

of

income

dividends

paid

by

the

Funds

qualify

for

the

dividends

received

deduction

available

to

corporations:

The

Funds

designate

the

following

amounts,

or

the

maximum

amount

allowable

under

the

Internal

Revenue

Code,

as

long

term

capital

gain

distributions

qualifying

for

the

maximum

20%

income

tax

rate

for

individuals:

Certain

Funds

have

derived

net

income

from

sources

within

foreign

countries.

As

of

December

31,

2025,

the

foreign

source

income

for

each

Fund

was

as

follows:

Certain

Funds

intend

to

elect

to

pass

through

to

shareholders

the

income

tax

credit

for

taxes

paid

to

foreign

countries.

As

of

December

31,

2025,

the

foreign

tax

credit

for

each

Fund

was

as

follows:

#### Fund

#### Dividends

#### Received

#### Deduction
BlackRock

Managed

Global

Allocation

.52

%

iShares

Fixed

Income

–

iShares

Global

Equity

.17

Managed

American

Asset

Allocation

.57

Managed

American

Growth-Income

.46

#### Fund

#### Amount
BlackRock

Managed

Global

Allocation

$

–

iShares

Fixed

Income

–

iShares

Global

Equity

–

Managed

American

Asset

Allocation

–

Managed

American

Growth-Income

32,323,584

#### Fund

#### Amount

#### Per

#### Share
BlackRock

Managed

Global

Allocation

$

–

$

–

iShares

Fixed

Income

–

–

iShares

Global

Equity

449,590

0.0870 Managed

American

Asset

Allocation

–

–

Managed

American

Growth-Income

–

–

#### Fund

#### Amount

#### Per

#### Share
BlackRock

Managed

Global

Allocation

$

–

$

–

iShares

Fixed

Income

–

–

iShares

Global

Equity

38,039

0.0074 Managed

American

Asset

Allocation

–

–

Managed

American

Growth-Income

–

–

P.O.

Box

701

Milwaukee,

WI

53201-0701

#### nationwide.com/mutualfunds
NAR-FOF

(2-26)

#### Annual

#### Financial

#### Statements
December

31,

2025

Nationwide

Variable

Insurance

Trust

Equity

Funds

(I) NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund

NVIT

J.P.

Morgan

Equity

and

Options

Total

Return

Fund

*(formerly,* 

*NVIT* 

*AQR* 

*Large* 

*Cap* 

*Defensive* 

*Style* 

*Fund*

*)*

NVIT

J.P.

Morgan

Innovators

Fund

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

NVIT

J.P.

Morgan

U.S.

Equity

Fund

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

#### IMPORTANT

#### INFORMATION
If

you

wish

to

receive

reports

and

other

Fund

documents

via

eDelivery

you

may

choose

this

option

by:

-

Calling

1-800-848-6331

-

Logging

into

your

account

at

https://www.nationwide.com/personal/investing/mutual-funds/

and

choosing

'Log

in',

or

by

contacting

your

financial

intermediary

(such

as

a

broker-dealer

or

bank).

You

can

access

the

full

report

and

other

details

online

at

https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html

Nationwide

Funds®

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.

Copies

of

the

first

and

third-quarter

holdings

are

available

with

the

Fund's

regulatory

documents

at

https://www.nationwide.com/mutual-funds-prospectuses.jsp.

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

N-MFP

are

available

on

the

SEC's

website

at

http://www.sec.gov

.

Forms

N-PORT

and

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

1-800-SEC-0330.

The

Trust

also

makes

this

information

available

to

investors

on

https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html

or

upon

request

without

charge.

Statement

Regarding

Availability

of

Proxy

Voting

Record

Federal

law

requires

the

Trust

and

each

of

its

investment

advisers

and

subadvisers

to

adopt

procedures

for

voting

proxies

(the

"Proxy

Voting

Guidelines")

and

to

provide

a

summary

of

those

Proxy

Voting

Guidelines

used

to

vote

the

securities

held

by

a

Fund.

The

Funds'

proxy

voting

policies

and

procedures,

as

well

as

information

regarding

how

the

Funds

voted

for

proxies

relating

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

is

available:

-

By

calling

1-800-848-0920

-

On

the

Fund's

website

at

https://www.nationwide.com/personal/investing/mutual-funds/proxy-voting/

-

On

the

SEC's

website

at

http://www.sec.gov

Funds

are

required

to

disclose

proxy

votes

using

the

issuer's

proxy

card

language

and

order,

categorize

votes

by

topic,

and

report

shares

voted

versus

shares

loaned

but

not

recalled.

#### Before

#### purchasing

#### a

#### variable

#### annuity,

#### 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

#### 1-800-848-6331.

#### Read

#### the

#### prospectus

#### carefully

#### before

#### making

#### a

#### purchase.
Variable

annuities

are

issued

by

Nationwide

Life

Insurance

Company,

Columbus,

Ohio.

The

Nationwide

Variable

Insurance

Trust

(NVIT)

Funds

are

distributed

by

Nationwide

Fund

Distributors

LLC

(NFD),

member

FINRA,

Columbus,

Ohio.

NFD

is

not

affiliated

with

any

subadviser

contracted

by

Nationwide

Fund

Advisors,

except

for

Nationwide

Asset

Management,

LLC,

and

is

not

affiliated

with

Morningstar,

Inc.

Nationwide,

the

Nationwide

N

and

Eagle,

and

Nationwide

is

on

your

side

are

service

marks

of

Nationwide

Mutual

Insurance

Company.©2026

Nationwide

Table

of

Contents

#### Statements

#### of

#### Investments

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Statements

#### of

#### Operations

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets

#### Financial

#### Highlights

#### Notes

#### to

#### Financial

#### Statements

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

#### Supplemental

#### Information

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

#### Common

#### Stocks

#### 91

#### .7

#### %

#### Shares

#### Value

#### ($)

#### Aerospace

#### &

#### Defense

#### 2

#### .0

#### %
Axon

Enterprise,

Inc.\*(a)

3,055

1,735,026

Boeing

Co.

(The)\*

30,490

6,619,989

GE

Aerospace

41,170

12,681,595

General

Dynamics

Corp.

9,846

3,314,754

Howmet

Aerospace,

Inc.

15,737

3,226,400

Huntington

Ingalls

Industries,

Inc.

1,554

528,469

L3Harris

Technologies,

Inc.

7,435

2,182,693

Lockheed

Martin

Corp.

8,020

3,879,034

Northrop

Grumman

Corp.

5,254

2,995,883

RTX

Corp.

52,255

9,583,567

Textron,

Inc.

6,870

598,858

TransDigm

Group,

Inc.

2,178

2,896,413

50,242,681

#### Air

#### Freight

#### &

#### Logistics

#### 0

#### .3

#### %
CH

Robinson

Worldwide,

Inc.

4,666

750,106

Expeditors

International

of

Washington,

Inc.

5,157

768,445

FedEx

Corp.

8,570

2,475,530

United

Parcel

Service,

Inc.,

Class

B

28,734

2,850,125

6,844,206

#### Automobile

#### Components

#### 0

#### .0

#### %

#### †
Aptiv

plc\*

8,418

640,526

#### Automobiles

#### 2

#### .2

#### %
Ford

Motor

Co.

152,601

2,002,125

General

Motors

Co.

36,302

2,952,079

Tesla,

Inc.\*

109,686

49,327,988

54,282,192

#### Banks

#### 3

#### .4

#### %
Bank

of

America

Corp.

261,614

14,388,770

Citigroup,

Inc.

69,530

8,113,456

Citizens

Financial

Group,

Inc.

16,957

990,458

Fifth

Third

Bancorp(a)

26,629

1,246,504

Huntington

Bancshares,

Inc.

(a) 62,824

1,089,996

JPMorgan

Chase

&

Co.

106,232

34,230,075

KeyCorp

35,458

731,853

M&T

Bank

Corp.

5,896

1,187,926

PNC

Financial

Services

Group,

Inc.

(The)

14,985

3,127,819

Regions

Financial

Corp.

35,637

965,763

Truist

Financial

Corp.

50,042

2,462,567

US

Bancorp(a)

60,751

3,241,673

Wells

Fargo

&

Co.

122,260

11,394,632

83,171,492

#### Beverages

#### 0

#### .9

#### %
Brown-Forman

Corp.,

Class

B(a)

5,907

153,936

Coca-Cola

Co.

(The)

151,207

10,570,881

Constellation

Brands,

Inc.,

Class

A

5,520

761,539

Keurig

Dr

Pepper,

Inc.(a)

52,674

1,475,399

Molson

Coors

Beverage

Co.,

Class

B

6,463

301,693

Monster

Beverage

Corp.\*

28,403

2,177,658

PepsiCo,

Inc.

53,447

7,670,714

23,111,820

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Biotechnology

#### 1

#### .5

#### %
AbbVie,

Inc.

68,964

15,757,584

Amgen,

Inc.

21,017

6,879,074

Biogen,

Inc.\*

5,753

1,012,471

Gilead

Sciences,

Inc.

48,439

5,945,403

Incyte

Corp.\*(a)

6,216

613,954

Moderna,

Inc.\*(a)

14,264

420,646

Regeneron

Pharmaceuticals,

Inc.

3,947

3,046,571

Vertex

Pharmaceuticals,

Inc.\*

10,009

4,537,680

38,213,383

#### Broadline

#### Retail

#### 3

#### .6

#### %
Amazon.com,

Inc.\*

379,755

87,655,049

eBay,

Inc.

17,467

1,521,376

89,176,425

#### Building

#### Products

#### 0

#### .4

#### %
A

O

Smith

Corp.

4,826

322,763

Allegion

plc

3,139

499,791

Builders

FirstSource,

Inc.\*

4,627

476,072

Carrier

Global

Corp.

30,818

1,628,423

Johnson

Controls

International

plc

23,708

2,839,033

Lennox

International,

Inc.(a)

1,258

610,860

Masco

Corp.

8,269

524,751

Trane

Technologies

plc

8,649

3,366,191

10,267,884

#### Capital

#### Markets

#### 3

#### .2

#### %
Ameriprise

Financial,

Inc.

3,620

1,775,031

Ares

Management

Corp.,

Class

A

7,949

1,284,797

Bank

of

New

York

Mellon

Corp.

(The)

27,042

3,139,306

Blackrock,

Inc.

5,622

6,017,451

Blackstone,

Inc.

28,775

4,435,379

Cboe

Global

Markets,

Inc.

3,973

997,223

Charles

Schwab

Corp.

(The)

65,014

6,495,549

CME

Group,

Inc.

14,069

3,841,963

Coinbase

Global,

Inc.,

Class

A\*(a)

8,982

2,031,189

FactSet

Research

Systems,

Inc.

1,515

439,638

Franklin

Resources,

Inc.(a)

12,909

308,396

Goldman

Sachs

Group,

Inc.

(The)

11,684

10,270,236

Interactive

Brokers

Group,

Inc.,

Class

A

17,652

1,135,200

Intercontinental

Exchange,

Inc.

22,346

3,619,158

Invesco

Ltd.

18,349

482,028

KKR

&

Co.,

Inc.

26,782

3,414,169

Moody's

Corp.

6,010

3,070,209

Morgan

Stanley

47,362

8,408,176

MSCI,

Inc.,

Class

A

2,908

1,668,407

Nasdaq,

Inc.

17,359

1,686,080

Northern

Trust

Corp.

7,411

1,012,268

Raymond

James

Financial,

Inc.(a)

6,848

1,099,720

Robinhood

Markets,

Inc.,

Class

A\*

30,783

3,481,557

S&P

Global,

Inc.

12,199

6,375,075

State

Street

Corp.

10,975

1,415,885

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Capital

#### Markets
T. Rowe

Price

Group,

Inc.

8,723

893,061

78,797,151

#### Chemicals

#### 0

#### .9

#### %
Air

Products

&

Chemicals,

Inc.

8,688

2,146,110

Albemarle

Corp.

4,758

672,972

CF

Industries

Holdings,

Inc.(a)

5,840

451,666

Corteva,

Inc.(a)

26,346

1,765,972

Dow,

Inc.

27,485

642,599

DuPont

de

Nemours,

Inc.

16,258

653,572

Ecolab,

Inc.

9,965

2,616,012

International

Flavors

&

Fragrances,

Inc.(a)

9,714

654,626

Linde

plc

18,305

7,805,069

LyondellBasell

Industries

NV,

Class

A

10,215

442,310

Mosaic

Co.

(The)

12,281

295,849

PPG

Industries,

Inc.

8,229

843,143

Sherwin-Williams

Co.

(The)

8,982

2,910,437

21,900,337

#### Commercial

#### Services

#### &

#### Supplies

#### 0

#### .4

#### %
Cintas

Corp.

13,227

2,487,602

Copart,

Inc.\*

35,590

1,393,348

Republic

Services,

Inc.,

Class

A

7,985

1,692,261

Rollins,

Inc.

11,003

660,400

Veralto

Corp.

9,684

966,270

Waste

Management,

Inc.

14,468

3,178,764

10,378,645

#### Communications

#### Equipment

#### 0

#### .8

#### %
Arista

Networks,

Inc.\*

40,234

5,271,861

Cisco

Systems,

Inc.

153,715

11,840,667

F5,

Inc.\*

2,277

581,227

Motorola

Solutions,

Inc.

6,504

2,493,113

20,186,868

#### Construction

#### &

#### Engineering

#### 0

#### .2

#### %
Comfort

Systems

USA,

Inc.

1,357

1,266,474

EMCOR

Group,

Inc.

1,702

1,041,267

Quanta

Services,

Inc.

5,817

2,455,123

4,762,864

#### Construction

#### Materials

#### 0

#### .3

#### %
CRH

plc(a)

26,029

3,248,419

Martin

Marietta

Materials,

Inc.

2,351

1,463,873

Vulcan

Materials

Co.

5,217

1,487,993

6,200,285

#### Consumer

#### Finance

#### 0

#### .6

#### %
American

Express

Co.

20,966

7,756,372

Capital

One

Financial

Corp.

24,965

6,050,517

Synchrony

Financial

14,282

1,191,547

14,998,436

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1

#### .6

#### %
Costco

Wholesale

Corp.

17,313

14,929,692

Dollar

General

Corp.

8,810

1,169,704

Dollar

Tree,

Inc.\*

7,649

940,903

Kroger

Co.

(The)

23,711

1,481,463

Sysco

Corp.

18,818

1,386,698

Target

Corp.

17,426

1,703,392

Walmart,

Inc.

171,348

19,089,881

40,701,733

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Containers

#### &

#### Packaging

#### 0

#### .2

#### %
Amcor

plc(a)

92,823

774,144

Avery

Dennison

Corp.

2,929

532,727

Ball

Corp.

10,746

569,216

International

Paper

Co.

20,785

818,721

Packaging

Corp.

of

America

3,409

703,038

Smurfit

WestRock

plc

19,547

755,882

4,153,728

#### Distributors

#### 0

#### .0

#### %

#### †
Genuine

Parts

Co.(a)

5,384

662,017

Pool

Corp.

1,399

320,021

982,038

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .6

#### %
AT&T,

Inc.

276,314

6,863,640

Verizon

Communications,

Inc.

164,598

6,704,076

13,567,716

#### Electric

#### Utilities

#### 1

#### .4

#### %
Alliant

Energy

Corp.(a)

9,538

620,065

American

Electric

Power

Co.,

Inc.

20,599

2,375,271

Constellation

Energy

Corp.

12,196

4,308,481

Duke

Energy

Corp.

30,357

3,558,144

Edison

International

15,148

909,183

Entergy

Corp.

17,796

1,644,884

Evergy,

Inc.

9,160

664,008

Eversource

Energy

14,985

1,008,940

Exelon

Corp.

39,252

1,710,995

FirstEnergy

Corp.(a)

19,920

891,818

NextEra

Energy,

Inc.

81,572

6,548,600

NRG

Energy,

Inc.

7,404

1,179,013

PG&E

Corp.

82,944

1,332,910

Pinnacle

West

Capital

Corp.(a)

4,515

400,481

PPL

Corp.(a)

29,860

1,045,697

Southern

Co.

(The)

42,944

3,744,717

Xcel

Energy,

Inc.

22,866

1,688,883

33,632,090

#### Electrical

#### Equipment

#### 0

#### .8

#### %
AMETEK,

Inc.

9,016

1,851,075

Eaton

Corp.

plc

15,198

4,840,715

Emerson

Electric

Co.

21,971

2,915,991

GE

Vernova,

Inc.

10,528

6,880,785

Generac

Holdings,

Inc.\*(a)

2,432

331,652

Hubbell,

Inc.,

Class

B

2,106

935,296

Rockwell

Automation,

Inc.

4,374

1,701,792

19,457,306

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0

#### .7

#### %
Amphenol

Corp.,

Class

A

47,663

6,441,178

CDW

Corp.

4,923

670,513

Corning,

Inc.

30,431

2,664,538

Jabil,

Inc.

4,077

929,638

Keysight

Technologies,

Inc.\*

6,622

1,345,524

TE

Connectivity

plc

11,535

2,624,328

Teledyne

Technologies,

Inc.\*

1,888

964,258

Trimble,

Inc.\*

9,416

737,744

Zebra

Technologies

Corp.,

Class

A\*(a)

1,953

474,227

16,851,948

#### Energy

#### Equipment

#### &

#### Services

#### 0

#### .2

#### %
Baker

Hughes

Co.,

Class

A

38,487

1,752,698

Halliburton

Co.

34,037

961,886

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Energy

#### Equipment

#### &

#### Services
SLB

Ltd.

58,243

2,235,366

4,949,950

#### Entertainment

#### 1

#### .3

#### %
Electronic

Arts,

Inc.

8,958

1,830,388

Live

Nation

Entertainment,

Inc.\*(a)

6,349

904,733

Netflix,

Inc.\*

165,165

15,485,870

Take-Two

Interactive

Software,

Inc.\*

6,708

1,717,449

TKO

Group

Holdings,

Inc.,

Class

A

2,503

523,127

Walt

Disney

Co.

(The)

69,511

7,908,267

Warner

Bros

Discovery,

Inc.\*

96,650

2,785,453

31,155,287

#### Financial

#### Services

#### 3

#### .6

#### %
Apollo

Global

Management,

Inc.(a)

17,964

2,600,469

Berkshire

Hathaway,

Inc.,

Class

B\*

71,586

35,982,703

Block,

Inc.,

Class

A\*

21,569

1,403,926

Corpay,

Inc.\*(a)

2,708

814,918

Fidelity

National

Information

Services,

Inc.

20,447

1,358,908

Fiserv,

Inc.\*

21,595

1,450,536

Global

Payments,

Inc.

9,644

746,445

Jack

Henry

&

Associates,

Inc.

2,718

495,981

Mastercard,

Inc.,

Class

A

32,002

18,269,302

PayPal

Holdings,

Inc.

37,296

2,177,340

Visa,

Inc.,

Class

A

65,818

23,083,031

88,383,559

#### Food

#### Products

#### 0

#### .4

#### %
Archer-Daniels-Midland

Co.

18,221

1,047,525

Bunge

Global

SA(a)

4,893

435,868

Campbell's

Co.

(The)(a)

7,200

200,664

Conagra

Brands,

Inc.(a)

20,575

356,153

General

Mills,

Inc.

21,721

1,010,027

Hershey

Co.

(The)(a)

5,628

1,024,183

Hormel

Foods

Corp.

12,154

288,050

J

M

Smucker

Co.

(The)

4,257

416,377

Kraft

Heinz

Co.

(The)

32,242

781,869

Lamb

Weston

Holdings,

Inc.

5,274

220,928

McCormick

&

Co.,

Inc.

(Non-

Voting)(a)

9,656

657,670

Mondelez

International,

Inc.,

Class

A(a)

50,169

2,700,597

Tyson

Foods,

Inc.,

Class

A

11,388

667,565

9,807,476

#### Gas

#### Utilities

#### 0

#### .0

#### %

#### †
Atmos

Energy

Corp.

6,407

1,074,005

#### Ground

#### Transportation

#### 0

#### .8

#### %
CSX

Corp.

72,409

2,624,826

JB

Hunt

Transport

Services,

Inc.

3,045

591,765

Norfolk

Southern

Corp.

8,670

2,503,203

Old

Dominion

Freight

Line,

Inc.

7,420

1,163,456

Uber

Technologies,

Inc.\*

81,411

6,652,093

Union

Pacific

Corp.

23,151

5,355,289

18,890,632

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1

#### .9

#### %
Abbott

Laboratories

67,945

8,512,829

Align

Technology,

Inc.\*

2,417

377,415

Baxter

International,

Inc.(a)

21,269

406,451

Becton

Dickinson

&

Co.

11,338

2,200,366

Boston

Scientific

Corp.\*

57,845

5,515,521

Cooper

Cos.,

Inc.

(The)\*

8,083

662,483

Dexcom,

Inc.\*

15,046

998,603

Edwards

Lifesciences

Corp.\*

22,584

1,925,286

GE

HealthCare

Technologies,

Inc.

17,736

1,454,707

Hologic,

Inc.\*

8,285

617,150

IDEXX

Laboratories,

Inc.\*

3,149

2,130,393

Insulet

Corp.\*

2,848

809,515

Intuitive

Surgical,

Inc.\*

13,832

7,833,891

Medtronic

plc

50,019

4,804,825

ResMed,

Inc.(a)

5,650

1,360,915

Solventum

Corp.\*

5,593

443,189

STERIS

plc

3,708

940,052

Stryker

Corp.

13,432

4,720,945

Zimmer

Biomet

Holdings,

Inc.

7,865

707,221

46,421,757

#### Health

#### Care

#### Providers

#### &

#### Services

#### 1

#### .5

#### %
Cardinal

Health,

Inc.

9,322

1,915,671

Cencora,

Inc.

7,569

2,556,430

Centene

Corp.\*

17,383

715,310

Cigna

Group

(The)

10,384

2,857,988

CVS

Health

Corp.

49,513

3,929,352

DaVita,

Inc.\*(a)

1,491

169,393

Elevance

Health,

Inc.

8,573

3,005,265

HCA

Healthcare,

Inc.

6,241

2,913,673

Henry

Schein,

Inc.\*(a)

3,614

273,146

Humana,

Inc.

4,851

1,242,487

Labcorp

Holdings,

Inc.

3,299

827,653

McKesson

Corp.

4,852

3,980,047

Molina

Healthcare,

Inc.\*

2,131

369,814

Quest

Diagnostics,

Inc.

4,230

734,032

UnitedHealth

Group,

Inc.

35,356

11,671,369

Universal

Health

Services,

Inc.,

Class

B

2,317

505,152

37,666,782

#### Health

#### Care

#### REITs

#### 0

#### .3

#### %
Alexandria

Real

Estate

Equities,

Inc.(a)

6,296

308,126

Healthpeak

Properties,

Inc.

27,143

436,460

Ventas,

Inc.(a)

18,557

1,435,941

Welltower,

Inc.

26,958

5,003,674

7,184,201

#### Hotel

#### &

#### Resort

#### REITs

#### 0

#### .0

#### %

#### †
Host

Hotels

&

Resorts,

Inc.(a)

25,870

458,675

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1

#### .7

#### %
Airbnb,

Inc.,

Class

A\*

16,575

2,249,559

Booking

Holdings,

Inc.

1,252

6,704,873

Carnival

Corp.\*

40,997

1,252,049

Chipotle

Mexican

Grill,

Inc.,

Class

A\*

50,439

1,866,243

Darden

Restaurants,

Inc.(a)

4,680

861,214

Domino's

Pizza,

Inc.

1,160

483,511

DoorDash,

Inc.,

Class

A\*(a)

14,688

3,326,538

Expedia

Group,

Inc.

4,614

1,307,192

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Hotels,

#### Restaurants

#### &

#### Leisure
Hilton

Worldwide

Holdings,

Inc.

9,104

2,615,124

Las

Vegas

Sands

Corp.

11,936

776,914

Marriott

International,

Inc.,

Class

A

8,686

2,694,745

McDonald's

Corp.

27,858

8,514,241

MGM

Resorts

International\*(a)

7,576

276,448

Norwegian

Cruise

Line

Holdings

Ltd.\*(a)

18,657

416,424

Royal

Caribbean

Cruises

Ltd.

(a) 9,811

2,736,484

Starbucks

Corp.

44,375

3,736,819

Wynn

Resorts

Ltd.(a)

3,333

401,060

Yum!

Brands,

Inc.(a)

10,844

1,640,480

41,859,918

#### Household

#### Durables

#### 0

#### .2

#### %
DR

Horton,

Inc.

10,774

1,551,779

Garmin

Ltd.

6,271

1,272,072

Lennar

Corp.,

Class

A

8,796

904,229

NVR,

Inc.\*

765,741

PulteGroup,

Inc.

7,440

872,415

5,366,236

#### Household

#### Products

#### 0

#### .7

#### %
Church

&

Dwight

Co.,

Inc.(a)

9,154

767,563

Clorox

Co.

(The)

4,778

481,765

Colgate-Palmolive

Co.

31,552

2,493,239

Kimberly-Clark

Corp.(a)

12,920

1,303,499

Procter

&

Gamble

Co.

(The)

90,974

13,037,484

18,083,550

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0

#### .1

#### %
AES

Corp.

(The)

26,214

375,909

Vistra

Corp.

12,658

2,042,115

2,418,024

#### Industrial

#### Conglomerates

#### 0

#### .3

#### %
3M

Co.

20,773

3,325,757

Honeywell

International,

Inc.

24,785

4,835,306

8,161,063

#### Industrial

#### REITs

#### 0

#### .2

#### %
Prologis,

Inc.

36,230

4,625,122

#### Insurance

#### 1

#### .6

#### %
Aflac,

Inc.

18,510

2,041,098

Allstate

Corp.

(The)

10,135

2,109,600

American

International

Group,

Inc.

21,248

1,817,766

Aon

plc,

Class

A

8,365

2,951,841

Arch

Capital

Group

Ltd.\*

14,231

1,365,038

Arthur

J

Gallagher

&

Co.

10,190

2,637,070

Assurant,

Inc.

2,104

506,748

Brown

&

Brown,

Inc.(a)

11,177

890,807

Chubb

Ltd.

14,475

4,517,937

Cincinnati

Financial

Corp.

6,064

990,373

Erie

Indemnity

Co.,

Class

A(a)

1,031

295,536

Everest

Group

Ltd.

1,682

570,787

Globe

Life,

Inc.

3,139

439,021

Hartford

Insurance

Group,

Inc.

(The)

11,019

1,518,418

Loews

Corp.

5,983

630,070

Marsh

&

McLennan

Cos.,

Inc.

19,148

3,552,337

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Insurance
MetLife,

Inc.

20,780

1,640,373

Principal

Financial

Group,

Inc.

8,154

719,264

Progressive

Corp.

(The)

22,885

5,211,372

Prudential

Financial,

Inc.

13,637

1,539,345

Travelers

Cos.,

Inc.

(The)

8,554

2,481,173

W

R

Berkley

Corp.(a)

12,092

847,891

Willis

Towers

Watson

plc(a)

3,744

1,230,278

40,504,143

#### Interactive

#### Media

#### &

#### Services

#### 7

#### .4

#### %
Alphabet,

Inc.,

Class

A

227,086

71,077,918

Alphabet,

Inc.,

Class

C

181,587

56,982,001

Match

Group,

Inc.

9,150

295,453

Meta

Platforms,

Inc.,

Class

A

85,001

56,108,310

184,463,682

#### IT

#### Services

#### 0

#### .9

#### %
Accenture

plc,

Class

A

24,315

6,523,714

Akamai

Technologies,

Inc.\*

5,371

468,620

Cognizant

Technology

Solutions

Corp.,

Class

A

19,030

1,579,490

EPAM

Systems,

Inc.\*

2,176

445,819

Gartner,

Inc.\*

2,735

689,986

GoDaddy,

Inc.,

Class

A\*

4,984

618,415

International

Business

Machines

Corp.

36,365

10,771,676

VeriSign,

Inc.

3,400

826,030

21,923,750

#### Leisure

#### Products

#### 0

#### .0

#### %

#### †
Hasbro,

Inc.

4,974

407,868

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0

#### .9

#### %
Agilent

Technologies,

Inc.

11,261

1,532,284

Bio-Techne

Corp.

6,442

378,854

Charles

River

Laboratories

International,

Inc.\*

1,793

357,668

Danaher

Corp.

24,459

5,599,154

IQVIA

Holdings,

Inc.\*

6,529

1,471,702

Mettler-Toledo

International,

Inc.\*

786

1,095,833

Revvity,

Inc.

4,288

414,864

Thermo

Fisher

Scientific,

Inc.

14,741

8,541,673

Waters

Corp.\*

2,351

892,980

West

Pharmaceutical

Services,

Inc.

2,785

766,265

21,051,277

#### Machinery

#### 1

#### .5

#### %
Caterpillar,

Inc.

18,174

10,411,339

Cummins,

Inc.

5,329

2,720,188

Deere

&

Co.

9,833

4,577,950

Dover

Corp.

5,210

1,017,200

Fortive

Corp.(a)

13,143

725,625

IDEX

Corp.

2,954

525,635

Illinois

Tool

Works,

Inc.(a)

10,298

2,536,397

Ingersoll

Rand,

Inc.

14,426

1,142,828

Nordson

Corp.

1,963

471,964

Otis

Worldwide

Corp.

15,107

1,319,597

PACCAR,

Inc.

20,717

2,268,719

Parker-Hannifin

Corp.

4,988

4,384,253

Pentair

plc

6,339

660,144

Snap-on,

Inc.

1,982

682,997

Stanley

Black

&

Decker,

Inc.

6,161

457,639

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Machinery
Westinghouse

Air

Brake

Technologies

Corp.

6,812

1,454,021

Xylem,

Inc.

9,780

1,331,840

36,688,336

#### Media

#### 0

#### .3

#### %
Charter

Communications,

Inc.,

Class

A\*

3,476

725,615

Comcast

Corp.,

Class

A

140,279

4,192,939

Fox

Corp.,

Class

A

7,900

577,253

Fox

Corp.,

Class

B

6,093

395,618

News

Corp.,

Class

A(a)

15,654

408,882

News

Corp.,

Class

B

4,547

134,728

Omnicom

Group,

Inc.(a)

12,642

1,020,842

Paramount

Skydance

Corp.,

Class

B(a)

12,264

164,338

Trade

Desk,

Inc.

(The),

Class

A\*

17,282

656,025

8,276,240

#### Metals

#### &

#### Mining

#### 0

#### .4

#### %
Freeport-McMoRan,

Inc.

55,433

2,815,442

Newmont

Corp.

42,882

4,281,768

Nucor

Corp.(a)

8,868

1,446,459

Steel

Dynamics,

Inc.(a)

5,342

905,202

9,448,871

#### Multi-Utilities

#### 0

#### .5

#### %
Ameren

Corp.

10,541

1,052,624

CenterPoint

Energy,

Inc.(a)

25,529

978,782

CMS

Energy

Corp.

11,929

834,195

Consolidated

Edison,

Inc.

14,335

1,423,752

Dominion

Energy,

Inc.(a)

33,911

1,986,846

DTE

Energy

Co.

8,188

1,056,088

NiSource,

Inc.

18,048

753,684

Public

Service

Enterprise

Group,

Inc.

19,268

1,547,220

Sempra

25,278

2,231,795

WEC

Energy

Group,

Inc.

12,669

1,336,073

13,201,059

#### Office

#### REITs

#### 0

#### .0

#### %

#### †
BXP,

Inc.(a)

6,287

424,247

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 2

#### .4

#### %
APA

Corp.(a)

12,843

314,140

Chevron

Corp.

73,728

11,236,884

ConocoPhillips

48,757

4,564,143

Coterra

Energy,

Inc.

29,325

771,834

Devon

Energy

Corp.

25,084

918,827

Diamondback

Energy,

Inc.

7,300

1,097,409

EOG

Resources,

Inc.

21,315

2,238,288

EQT

Corp.

24,767

1,327,511

Expand

Energy

Corp.

8,901

982,314

Exxon

Mobil

Corp.

164,591

19,806,881

Kinder

Morgan,

Inc.

76,337

2,098,504

Marathon

Petroleum

Corp.(a)

11,708

1,904,072

Occidental

Petroleum

Corp.(a)

27,482

1,130,060

ONEOK,

Inc.

24,331

1,788,329

Phillips

15,776

2,035,735

Targa

Resources

Corp.

8,363

1,542,974

Texas

Pacific

Land

Corp.

2,196

630,735

Valero

Energy

Corp.

12,274

1,998,084

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
Williams

Cos.,

Inc.

(The)

47,306

2,843,564

59,230,288

#### Passenger

#### Airlines

#### 0

#### .2

#### %
Delta

Air

Lines,

Inc.

25,242

1,751,795

Southwest

Airlines

Co.(a)

19,776

817,342

United

Airlines

Holdings,

Inc.\*

12,987

1,452,206

4,021,343

#### Personal

#### Care

#### Products

#### 0

#### .1

#### %
Estee

Lauder

Cos.,

Inc.

(The),

Class

A(a)

9,638

1,009,292

Kenvue,

Inc.

73,753

1,272,239

2,281,531

#### Pharmaceuticals

#### 3

#### .0

#### %
Bristol-Myers

Squibb

Co.

79,460

4,286,073

Eli

Lilly

&

Co.

30,972

33,284,989

Johnson

&

Johnson

94,018

19,457,025

Merck

&

Co.,

Inc.

97,509

10,263,797

Pfizer,

Inc.

221,955

5,526,680

Viatris,

Inc.(a)

46,363

577,219

Zoetis,

Inc.,

Class

A

17,571

2,210,783

75,606,566

#### Professional

#### Services

#### 0

#### .4

#### %
Automatic

Data

Processing,

Inc.

15,812

4,067,321

Broadridge

Financial

Solutions,

Inc.

4,427

987,974

Dayforce,

Inc.\*

5,987

414,061

Equifax,

Inc.

4,692

1,018,070

Jacobs

Solutions,

Inc.

4,736

627,330

Leidos

Holdings,

Inc.

5,110

921,844

Paychex,

Inc.(a)

12,427

1,394,061

Paycom

Software,

Inc.(a)

2,028

323,182

Verisk

Analytics,

Inc.,

Class

A

5,466

1,222,689

10,976,532

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0

#### .1

#### %
CBRE

Group,

Inc.,

Class

A\*

11,442

1,839,759

CoStar

Group,

Inc.\*

16,508

1,109,998

2,949,757

#### Residential

#### REITs

#### 0

#### .2

#### %
AvalonBay

Communities,

Inc.

(a) 5,403

979,618

Camden

Property

Trust

3,890

428,211

Equity

Residential

13,208

832,632

Essex

Property

Trust,

Inc.

2,515

658,125

Invitation

Homes,

Inc.

21,063

585,341

Mid-America

Apartment

Communities,

Inc.

4,861

675,242

UDR,

Inc.

11,084

406,561

4,565,730

#### Retail

#### REITs

#### 0

#### .2

#### %
Federal

Realty

Investment

Trust

3,176

320,141

Kimco

Realty

Corp.

24,706

500,791

Realty

Income

Corp.(a)

36,365

2,049,895

Regency

Centers

Corp.

5,951

410,797

Simon

Property

Group,

Inc.

12,786

2,366,816

5,648,440

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 13

#### .0

#### %
Advanced

Micro

Devices,

Inc.\*

63,678

13,637,280

Analog

Devices,

Inc.

19,373

5,253,958

Applied

Materials,

Inc.

31,065

7,983,394

Broadcom,

Inc.

184,348

63,802,843

First

Solar,

Inc.\*

4,215

1,101,084

Intel

Corp.\*

174,853

6,452,076

KLA

Corp.

5,096

6,192,048

Lam

Research

Corp.

48,986

8,385,423

Microchip

Technology,

Inc.

21,510

1,370,617

Micron

Technology,

Inc.

43,981

12,552,617

Monolithic

Power

Systems,

Inc.(a)

1,832

1,660,451

NVIDIA

Corp.

948,634

176,920,241

NXP

Semiconductors

NV

9,842

2,136,305

ON

Semiconductor

Corp.\*(a)

15,290

827,953

Qnity

Electronics,

Inc.

8,129

663,733

QUALCOMM,

Inc.

41,695

7,131,930

Skyworks

Solutions,

Inc.(a)

5,014

317,938

Teradyne,

Inc.

6,351

1,229,300

Texas

Instruments,

Inc.

35,491

6,157,334

323,776,525

#### Software

#### 9

#### .4

#### %
Adobe,

Inc.\*

16,275

5,696,087

AppLovin

Corp.,

Class

A\*(a)

10,568

7,120,930

Autodesk,

Inc.\*

8,501

2,516,381

Cadence

Design

Systems,

Inc.\*

10,638

3,325,226

Crowdstrike

Holdings,

Inc.,

Class

A\*

9,730

4,561,035

Datadog,

Inc.,

Class

A\*

12,711

1,728,569

Fair

Isaac

Corp.\*

925

1,563,823

Fortinet,

Inc.\*

24,311

1,930,537

Gen

Digital,

Inc.

23,190

630,536

Intuit,

Inc.

10,890

7,213,754

Microsoft

Corp.

290,179

140,336,368

Oracle

Corp.

65,650

12,795,842

Palantir

Technologies,

Inc.,

Class

A\*

89,168

15,849,612

Palo

Alto

Networks,

Inc.\*

26,681

4,914,640

PTC,

Inc.\*

4,492

782,551

Roper

Technologies,

Inc.

4,181

1,861,089

Salesforce,

Inc.

37,321

9,886,706

ServiceNow,

Inc.\*

40,165

6,152,876

Synopsys,

Inc.\*

7,224

3,393,257

Tyler

Technologies,

Inc.\*

1,735

787,603

Workday,

Inc.,

Class

A\*

8,305

1,783,748

234,831,170

#### Specialized

#### REITs

#### 0

#### .6

#### %
American

Tower

Corp.

18,280

3,209,420

Crown

Castle,

Inc.(a)

17,429

1,548,915

Digital

Realty

Trust,

Inc.

12,483

1,931,245

Equinix,

Inc.

3,791

2,904,513

Extra

Space

Storage,

Inc.

8,366

1,089,421

Iron

Mountain,

Inc.

11,790

977,980

Public

Storage

6,164

1,599,558

SBA

Communications

Corp.,

Class

A(a)

4,111

795,191

VICI

Properties,

Inc.,

Class

A

42,051

1,182,474

Weyerhaeuser

Co.

27,450

650,290

15,889,007

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Specialty

#### Retail

#### 1

#### .6

#### %
AutoZone,

Inc.\*

644

2,184,126

Best

Buy

Co.,

Inc.(a)

7,118

476,408

Carvana

Co.,

Class

A\*(a)

5,498

2,320,266

Home

Depot,

Inc.

(The)

38,840

13,364,844

Lowe's

Cos.,

Inc.

21,879

5,276,340

O'Reilly

Automotive,

Inc.\*

33,023

3,012,028

Ross

Stores,

Inc.

12,963

2,335,155

TJX

Cos.,

Inc.

(The)

43,114

6,622,741

Tractor

Supply

Co.(a)

21,112

1,055,811

Ulta

Beauty,

Inc.\*

1,729

1,046,062

Williams-Sonoma,

Inc.(a)

4,837

863,840

38,557,621

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 6

#### .7

#### %
Apple,

Inc.

576,866

156,826,791

Dell

Technologies,

Inc.,

Class

C

11,680

1,470,278

Hewlett

Packard

Enterprise

Co.

50,300

1,208,206

HP,

Inc.

35,156

783,276

NetApp,

Inc.

7,870

842,798

Sandisk

Corp.\*

5,419

1,286,362

Seagate

Technology

Holdings

plc

8,632

2,377,167

Super

Micro

Computer,

Inc.\*

20,427

597,898

Western

Digital

Corp.

13,307

2,292,397

167,685,173

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0

#### .2

#### %
Deckers

Outdoor

Corp.\*

5,966

618,495

Lululemon

Athletica,

Inc.\*

4,251

883,400

NIKE,

Inc.,

Class

B

46,045

2,933,527

Ralph

Lauren

Corp.,

Class

A

1,554

549,510

Tapestry,

Inc.

7,852

1,003,250

5,988,182

#### Tobacco

#### 0

#### .5

#### %
Altria

Group,

Inc.

65,580

3,781,343

Philip

Morris

International,

Inc.

60,767

9,747,027

13,528,370

#### Trading

#### Companies

#### &

#### Distributors

#### 0

#### .2

#### %
Fastenal

Co.

43,765

1,756,289

United

Rentals,

Inc.

2,468

1,997,402

WW

Grainger,

Inc.

1,733

1,748,684

5,502,375

#### Water

#### Utilities

#### 0

#### .0

#### %

#### †
American

Water

Works

Co.,

Inc.(a)

7,409

966,874

#### Wireless

#### Telecommunication

#### Services

#### 0

#### .2

#### %
T-Mobile

US,

Inc.

18,892

3,835,832

#### Total

#### Common

#### Stocks

#### (cost

#### $899,794,983)

#### 2,281,258,780

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

#### Purchased

#### Options

#### 0

#### .1

#### %

#### Number

#### of

#### Contracts

#### Value

#### ($)

#### Call

#### Options

#### 0

#### .1

#### %

#### Future

#### Equity

#### Index

#### Options:

#### 0.1%
S&P

500

E-Mini

Index

1/16/2026

at

USD

7,100.00,

European

Style

Notional

Amount:

USD

253,988,625

Exchange

Traded

\*

737

140,030

S&P

500

E-Mini

Index

2/20/2026

at

USD

7,050.00,

European

Style

Notional

Amount:

USD

253,988,625

Exchange

Traded

\*

737

2,026,750

#### Total

#### Purchased

#### Options

#### (cost

#### $5,459,422)

#### 2,166,780

#### Short-Term

#### Investment

#### 2

#### .9

#### %

#### Shares

#### U.S.

#### Treasury

#### Obligation

#### 2.9%
U.S.

Treasury

Bills,

4.05%,

2/5/2026(a)

73,000,000

72,755,846

#### Total

#### Short-Term

#### Investment

#### (cost

#### $72,718,134)

#### 72,755,846

#### Repurchase

#### Agreements

#### 2

#### .4

#### %

#### Principal

#### Amount

#### ($)
Barclays

Capital,

Inc,

3.45%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$15,002,875,

collateralized

by

U.S.

Government

Treasury

Securities,

4.38%,

maturing

1/31/2032;

total

market

value

$15,300,015.(b)(c)

15,000,000

15,000,000

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$3,004,125,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$3,063,554.(b)(c)

3,003,484

3,003,484

#### Repurchase

#### Agreements

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
CF

Secured,

LLC,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$5,001,067,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.13%

-

7.50%,

maturing

3/31/2026

-

4/20/2071;

total

market

value

$5,101,088.(b)(c)

5,000,000

5,000,000

Citi

Global

Market,

Inc.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$1,000,212,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.38%

-

4.25%,

maturing

2/15/2028

-

10/31/2029;

total

market

value

$1,020,000.(b)(c)

1,000,000

1,000,000

MetLife,

Inc.,

3.83%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$8,001,702,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$8,164,135.(b)(c)

8,000,000

8,000,000

Pershing

LLC,

3.72%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$27,005,580,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

2/15/2026

-

12/20/2075;

total

market

value

$27,540,001.(b)(c)

27,000,000

27,000,000

#### Total

#### Repurchase

#### Agreements

#### (cost

#### $59,003,484)

#### 59,003,484

#### Total

#### Investments

#### (cost

#### $1,036,976,023)

#### —

#### 97.1%

#### 2,415,184,890

#### Other

#### assets

#### in

#### excess

#### of

#### liabilities

#### —

#### 2.9%

#### 71,430,336

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 2,486,615,226
\*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

-

December

31,

2025

-

Statement

of

Investments

-

(a) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$143,675,231,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$59,003,484

and

by

$88,615,146

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.25%,

and

maturity

dates

ranging

from

1/15/2026

-

2/15/2055,

a

total

value

of

$147,618,630.

(b) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$59,003,484.

(c) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

REIT

Real

Estate

Investment

Trust

#### Currency:
USD

United

States

Dollar

#### Futures

#### contracts

#### outstanding

#### as

#### of

#### December

#### 31,

#### 2025:

#### Description

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### ($)

#### Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Long

#### Contracts
S&P

500

E-Mini

Index

3/2026

USD

21,711,375

9,417

U.S.

Treasury

Long

Bond

2,135

3/2026

USD

246,792,656

(2,973,062)

#### Net

#### contracts
(2,963,645)

#### Currency:
USD

United

States

Dollar

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

#### Common

#### Stocks

#### 90.1%

#### Shares

#### Value

#### ($)

#### Aerospace

#### &

#### Defense

#### 3.3%
Howmet

Aerospace,

Inc.

25,699

5,268,809

L3Harris

Technologies,

Inc.

77,364

22,711,749

Northrop

Grumman

Corp.

11,909

6,790,631

34,771,189

#### Air

#### Freight

#### &

#### Logistics

#### 0.5%
FedEx

Corp.

19,297

5,574,131

#### Automobiles

#### 0.7%
Ford

Motor

Co.

531,472

6,972,913

#### Banks

#### 11.2%
Bank

of

America

Corp.

490,641

26,985,255

Citigroup,

Inc.

160,861

18,770,870

Columbia

Banking

System,

Inc.(a)

255,372

7,137,647

Comerica,

Inc.(a)

187,417

16,292,160

First

Horizon

Corp.

349,438

8,351,568

JPMorgan

Chase

&

Co.

108,121

34,838,749

Truist

Financial

Corp.

149,937

7,378,400

119,754,649

#### Biotechnology

#### 0.8%
Gilead

Sciences,

Inc.

70,111

8,605,424

#### Broadline

#### Retail

#### 2.1%
Amazon.com,

Inc.\*

98,719

22,786,320

#### Building

#### Products

#### 1.2%
Carlisle

Cos.,

Inc.

22,653

7,245,789

Fortune

Brands

Innovations,

Inc.

118,060

5,905,361

13,151,150

#### Capital

#### Markets

#### 3.7%
Charles

Schwab

Corp.

(The)

65,231

6,517,229

CME

Group,

Inc.

25,564

6,981,017

Goldman

Sachs

Group,

Inc.

(The)

14,282

12,553,878

Morgan

Stanley

74,185

13,170,063

39,222,187

#### Communications

#### Equipment

#### 3.7%
Cisco

Systems,

Inc.

517,637

39,873,579

#### Construction

#### Materials

#### 1.4%
CRH

plc

116,314

14,515,987

#### Consumer

#### Finance

#### 1.2%
Capital

One

Financial

Corp.

54,799

13,281,086

#### Containers

#### &

#### Packaging

#### 0.9%
International

Paper

Co.(a)

127,910

5,038,375

Packaging

Corp.

of

America

22,207

4,579,750

9,618,125

#### Diversified

#### Telecommunication

#### Services

#### 0.6%
AT&T,

Inc.

275,026

6,831,646

#### Electric

#### Utilities

#### 0.7%
Constellation

Energy

Corp.

21,803

7,702,346

#### Electrical

#### Equipment

#### 1.6%
Emerson

Electric

Co.

39,533

5,246,820

Hubbell,

Inc.,

Class

B

27,131

12,049,148

17,295,968

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.9%
TE

Connectivity

plc

40,249

9,157,050

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Energy

#### Equipment

#### &

#### Services

#### 0.8%
SLB

Ltd.

226,719

8,701,475

#### Entertainment

#### 0.7%
Walt

Disney

Co.

(The)

62,813

7,146,235

#### Financial

#### Services

#### 4.6%
Berkshire

Hathaway,

Inc.,

Class

B\*

73,513

36,951,309

Voya

Financial,

Inc.(a)

156,965

11,692,323

48,643,632

#### Ground

#### Transportation

#### 1.7%
CSX

Corp.

507,072

18,381,360

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 2.3%
Alcon

AG

CHF(a)

64,021

5,045,495

Medtronic

plc

198,558

19,073,482

24,118,977

#### Health

#### Care

#### Providers

#### &

#### Services

#### 4.3%
Elevance

Health,

Inc.

31,950

11,200,072

Humana,

Inc.

41,861

10,721,858

UnitedHealth

Group,

Inc.

73,335

24,208,617

46,130,547

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.2%
Las

Vegas

Sands

Corp.

195,648

12,734,728

#### Industrial

#### Conglomerates

#### 0.7%
Honeywell

International,

Inc.

36,398

7,100,886

#### Insurance

#### 6.6%
American

International

Group,

Inc.

108,121

9,249,752

Aon

plc,

Class

A

56,187

19,827,269

Assurant,

Inc.

130,417

31,410,934

Old

Republic

International

Corp.(a)

226,897

10,355,579

70,843,534

#### IT

#### Services

#### 0.9%
International

Business

Machines

Corp.

31,115

9,216,574

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 1.9%
Danaher

Corp.

24,310

5,565,045

Thermo

Fisher

Scientific,

Inc.

25,161

14,579,542

20,144,587

#### Machinery

#### 2.0%
Caterpillar,

Inc.

14,193

8,130,744

Dover

Corp.

66,529

12,989,122

21,119,866

#### Media

#### 2.1%
Omnicom

Group,

Inc.

275,384

22,237,258

#### Metals

#### &

#### Mining

#### 3.1%
Alcoa

Corp.(a)

145,425

7,727,884

Freeport-McMoRan,

Inc.

293,770

14,920,578

Newmont

Corp.

107,136

10,697,530

33,345,992

#### Multi-Utilities

#### 0.6%
Dominion

Energy,

Inc.(a)

116,717

6,838,449

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 7.5%
Diamondback

Energy,

Inc.

67,604

10,162,909

EQT

Corp.

176,710

9,471,656

Exxon

Mobil

Corp.

265,848

31,992,148

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
Marathon

Petroleum

Corp.

53,635

8,722,660

Permian

Resources

Corp.,

Class

A

755,682

10,602,219

Phillips

70,289

9,070,093

80,021,685

#### Passenger

#### Airlines

#### 1.4%
Delta

Air

Lines,

Inc.

215,933

14,985,750

#### Personal

#### Care

#### Products

#### 1.2%
Estee

Lauder

Cos.,

Inc.

(The),

Class

A(a)

124,507

13,038,373

#### Pharmaceuticals

#### 5.8%
Bristol-Myers

Squibb

Co.

269,967

14,562,020

Johnson

&

Johnson

192,469

39,831,460

Pfizer,

Inc.

305,559

7,608,419

62,001,899

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 3.3%
Applied

Materials,

Inc.

78,035

20,054,214

Texas

Instruments,

Inc.

84,571

14,672,223

34,726,437

#### Software

#### 0.9%
Dolby

Laboratories,

Inc.,

Class

A(a)

145,056

9,315,496

#### Specialized

#### REITs

#### 0.8%
Weyerhaeuser

Co.

359,776

8,523,093

#### Trading

#### Companies

#### &

#### Distributors

#### 0.4%
Ferguson

Enterprises,

Inc.

20,818

4,634,711

#### Wireless

#### Telecommunication

#### Services

#### 0.8%
Vodafone

Group

plc,

ADR-UK

672,517

8,883,950

#### Total

#### Common

#### Stocks

#### (cost

#### $809,288,320)

#### 961,949,244

#### Purchased

#### Options

#### 0.1%

#### Number

#### of

#### Contracts

#### Call

#### Options

#### 0.1%

#### Future

#### Equity

#### Index

#### Options:

#### 0.1%
S&P

500

E-Mini

Index

1/16/2026

at

USD

7,100.00,

European

Style

Notional

Amount:

USD

104,076,750

Exchange

Traded

\*

57,380

S&P

500

E-Mini

Index

2/20/2026

at

USD

7,050.00,

European

Style

Notional

Amount:

USD

104,076,750

Exchange

Traded

\*

830,500

#### Total

#### Purchased

#### Options

#### (cost

#### $1,998,705)

#### 887,880

#### Short-Term

#### Investment

#### 2.5%

#### Shares

#### Value

#### ($)

#### U.S.

#### Treasury

#### Obligation

#### 2.5%
U.S.

Treasury

Bills,

4.01%,

2/5/2026(a)

27,000,000

26,909,696

#### Total

#### Short-Term

#### Investment

#### (cost

#### $26,896,672)

#### 26,909,696

#### Repurchase

#### Agreements

#### 1.5%

#### Principal

#### Amount

#### ($)
BofA

Securities,

Inc.,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$6,001,283,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.34%

-

5.25%,

maturing

10/20/2034

-

2/20/2073;

total

market

value

$6,120,000.(b)(c)

6,000,000

6,000,000

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$1,079,267,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$1,100,618.(b)(c)

1,079,037

1,079,037

CF

Secured,

LLC,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$2,100,448,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.13%

-

7.50%,

maturing

3/31/2026

-

4/20/2071;

total

market

value

$2,142,457.(b)(c)

2,100,000

2,100,000

Citi

Global

Market,

Inc.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$7,001,482,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.38%

-

4.25%,

maturing

2/15/2028

-

10/31/2029;

total

market

value

$7,140,002.(b)(c)

7,000,000

7,000,000

#### Total

#### Repurchase

#### Agreements

#### (cost

#### $16,179,037)

#### 16,179,037

#### Total

#### Investments

#### (cost

#### $854,362,734)

#### —

#### 94.2%

#### 1,005,925,857

#### Other

#### assets

#### in

#### excess

#### of

#### liabilities

#### —

#### 5.8%

#### 61,992,244

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 1,067,918,101

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund

\*

Denotes

a

non-income

producing

security.

(a) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$66,334,285,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$16,179,037

and

by

$52,047,648

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.25%,

and

maturity

dates

ranging

from

1/15/2026

-

2/15/2055,

a

total

value

of

$68,226,685.

(b) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$16,179,037.

(c) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

UK

United

Kingdom

#### Currency:
CHF

Switzerland

Franc

USD

United

States

Dollar

#### Futures

#### contracts

#### outstanding

#### as

#### of

#### December

#### 31,

#### 2025:

#### Description

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### ($)

#### Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Long

#### Contracts
Russell

1000

Value

E-Mini

Index

798

3/2026

USD

83,051,850

(402,208)

U.S.

Treasury

Long

Bond

876

3/2026

USD

101,260,125

(1,219,861)

#### Total

#### long

#### contracts
(1,622,069)

#### Short

#### Contracts
S&P

500

E-Mini

Index

(230) 3/2026

USD

(79,263,750)

(300,556)

#### Total

#### short

#### contracts
(300,556)

#### Net

#### contracts
(1,922,625)

#### Currency:
USD

United

States

Dollar

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.
NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### 69

#### .4

#### %

#### Shares

#### Value

#### ($)

#### Broadline

#### Retail

#### 1

#### .4

#### %
Amazon.com,

Inc.\*

2,259

521,422

#### Communications

#### Equipment

#### 1

#### .4

#### %
Arista

Networks,

Inc.\*

3,839

503,024

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 2

#### .1

#### %
Amphenol

Corp.,

Class

A

1,431

193,385

Celestica,

Inc.\*

1,119

330,788

Coherent

Corp.\*

1,396

257,660

781,833

#### Entertainment

#### 2

#### .1

#### %
ROBLOX

Corp.,

Class

A\*

3,441

278,824

Spotify

Technology

SA\*

211,379

Take-Two

Interactive

Software,

Inc.\*

1,046

267,807

758,010

#### Financial

#### Services

#### 0

#### .9

#### %
Toast,

Inc.,

Class

A\*

9,488

336,919

#### Interactive

#### Media

#### &

#### Services

#### 9

#### .6

#### %
Alphabet,

Inc.,

Class

A

4,876

1,526,188

Meta

Platforms,

Inc.,

Class

A

2,374

1,567,053

Reddit,

Inc.,

Class

A\*

655

150,565

ZoomInfo

Technologies,

Inc.,

Class

A\*

26,128

265,722

3,509,528

#### IT

#### Services

#### 5

#### .0

#### %
Accenture

plc,

Class

A

2,076

556,991

MongoDB,

Inc.,

Class

A\*

1,293

542,659

Shopify,

Inc.,

Class

A\*

2,942

473,574

Snowflake,

Inc.,

Class

A\*

1,168

256,212

1,829,436

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 22

#### .3

#### %
Advanced

Micro

Devices,

Inc.\*

1,098

235,148

Applied

Materials,

Inc.

1,947

500,360

Astera

Labs,

Inc.\*

1,975

328,561

Broadcom,

Inc.

5,828

2,017,071

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Semiconductors

#### &

#### Semiconductor

#### Equipment
Microchip

Technology,

Inc.

7,970

507,848

Micron

Technology,

Inc.

3,867

1,103,680

NVIDIA

Corp.

13,130

2,448,745

ON

Semiconductor

Corp.\*

7,017

379,971

Texas

Instruments,

Inc.

3,978

690,143

8,211,527

#### Software

#### 19

#### .3

#### %
Adobe,

Inc.\*

1,338

468,287

AppLovin

Corp.,

Class

A\*

960

646,867

Circle

Internet

Group,

Inc.,

Class

A\*

1,462

115,937

Core

Scientific,

Inc.\*

11,872

172,856

Crowdstrike

Holdings,

Inc.,

Class

A\*

603

282,662

Dynatrace,

Inc.\*

6,227

269,878

Guidewire

Software,

Inc.\*

1,459

293,274

Hut

Corp.\*

2,925

134,375

Klaviyo,

Inc.,

Class

A\*

11,726

380,743

Microsoft

Corp.

5,083

2,458,240

Oracle

Corp.

1,930

376,176

Palantir

Technologies,

Inc.,

Class

A\*

1,286

228,586

Salesforce,

Inc.

3,233

856,454

Synopsys,

Inc.\*

891

418,521

7,102,856

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 5

#### .3

#### %
Apple,

Inc.

5,329

1,448,742

Sandisk

Corp.\*

606

143,852

Seagate

Technology

Holdings

plc

1,230

338,730

1,931,324

#### Total

#### Investments

#### (cost

#### $18,943,672)

#### —

#### 69.4%

#### 25,485,879

#### Other

#### assets

#### in

#### excess

#### of

#### liabilities

#### —

#### 30.6%

#### 11,255,684

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 36,741,563
\*

Denotes

a

non-income

producing

security.

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

J.P.

Morgan

Equity

and

Options

Total

Return

Fund

#### Common

#### Stocks

#### 99

#### .8

#### %

#### Shares

#### Value

#### ($)

#### Aerospace

#### &

#### Defense

#### 3

#### .1

#### %
Howmet

Aerospace,

Inc.

34,641

7,102,098

Northrop

Grumman

Corp.

10,174

5,801,316

RTX

Corp.

39,195

7,188,363

Textron,

Inc.

23,062

2,010,315

22,102,092

#### Air

#### Freight

#### &

#### Logistics

#### 0

#### .3

#### %
United

Parcel

Service,

Inc.,

Class

B

23,352

2,316,285

#### Automobile

#### Components

#### 0

#### .1

#### %
Aptiv

plc\*

12,694

965,887

#### Automobiles

#### 1

#### .8

#### %
Tesla,

Inc.\*

28,391

12,768,001

#### Banks

#### 4

#### .4

#### %
Bank

of

America

Corp.

177,952

9,787,360

First

Citizens

BancShares,

Inc.,

Class

A

1,163

2,496,007

Wells

Fargo

&

Co.

200,869

18,720,991

31,004,358

#### Beverages

#### 0

#### .8

#### %
Coca-Cola

Co.

(The)

31,778

2,221,600

PepsiCo,

Inc.

25,943

3,723,339

5,944,939

#### Biotechnology

#### 2

#### .5

#### %
AbbVie,

Inc.

44,864

10,250,975

Regeneron

Pharmaceuticals,

Inc.

6,541

5,048,802

Vertex

Pharmaceuticals,

Inc.\*

5,959

2,701,572

18,001,349

#### Broadline

#### Retail

#### 4

#### .4

#### %
Amazon.com,

Inc.\*,(a)

134,348

31,010,205

#### Building

#### Products

#### 0

#### .7

#### %
Trane

Technologies

plc

13,323

5,185,312

#### Capital

#### Markets

#### 3

#### .8

#### %
Ameriprise

Financial,

Inc.

10,804

5,297,633

Blackstone,

Inc.

20,978

3,233,549

Charles

Schwab

Corp.

(The)

56,782

5,673,090

CME

Group,

Inc.

16,424

4,485,066

Morgan

Stanley

30,620

5,435,969

State

Street

Corp.

21,221

2,737,721

26,863,028

#### Chemicals

#### 0

#### .7

#### %
Axalta

Coating

Systems

Ltd.\*

87,450

2,825,510

DuPont

de

Nemours,

Inc.

28,052

1,127,690

Linde

plc

1,841

784,984

4,738,184

#### Communications

#### Equipment

#### 0

#### .3

#### %
Arista

Networks,

Inc.\*

10,465

1,371,229

Motorola

Solutions,

Inc.

2,713

1,039,947

2,411,176

#### Construction

#### Materials

#### 0

#### .3

#### %
Martin

Marietta

Materials,

Inc.

2,955

1,839,960

#### Consumer

#### Finance

#### 1

#### .3

#### %
American

Express

Co.

24,515

9,069,324

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1

#### .5

#### %
BJ's

Wholesale

Club

Holdings,

Inc.\*

25,629

2,307,379

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail
Costco

Wholesale

Corp.

2,326

2,005,803

Performance

Food

Group

Co.\*

34,689

3,119,235

Walmart,

Inc.

29,360

3,270,997

10,703,414

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .5

#### %
AT&T,

Inc.

148,350

3,685,014

#### Electric

#### Utilities

#### 1

#### .9

#### %
Entergy

Corp.

39,486

3,649,691

NextEra

Energy,

Inc.

59,301

4,760,684

Southern

Co.

(The)

61,142

5,331,583

13,741,958

#### Electrical

#### Equipment

#### 0

#### .5

#### %
Eaton

Corp.

plc

12,209

3,888,689

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0

#### .7

#### %
Amphenol

Corp.,

Class

A

34,835

4,707,602

#### Entertainment

#### 1

#### .3

#### %
Netflix,

Inc.\*

24,710

2,316,810

Spotify

Technology

SA\*

2,665

1,547,592

Walt

Disney

Co.

(The)

47,141

5,363,231

9,227,633

#### Financial

#### Services

#### 3

#### .2

#### %
Berkshire

Hathaway,

Inc.,

Class

B\*

11,289

5,674,416

Corpay,

Inc.\*

5,329

1,603,656

Fidelity

National

Information

Services,

Inc.

31,637

2,102,595

Mastercard,

Inc.,

Class

A

23,595

13,469,913

22,850,580

#### Food

#### Products

#### 0

#### .7

#### %
Mondelez

International,

Inc.,

Class

A

87,305

4,699,628

#### Ground

#### Transportation

#### 1

#### .0

#### %
CSX

Corp.

195,733

7,095,321

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1

#### .9

#### %
Edwards

Lifesciences

Corp.\*

31,868

2,716,747

Medtronic

plc

51,113

4,909,915

Stryker

Corp.

16,909

5,943,006

13,569,668

#### Health

#### Care

#### Providers

#### &

#### Services

#### 1

#### .3

#### %
Cigna

Group

(The)

10,610

2,920,190

UnitedHealth

Group,

Inc.

18,992

6,269,449

9,189,639

#### Health

#### Care

#### REITs

#### 0

#### .4

#### %
Ventas,

Inc.

32,461

2,511,832

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1

#### .7

#### %
Chipotle

Mexican

Grill,

Inc.,

Class

A\*

57,848

2,140,376

Hilton

Worldwide

Holdings,

Inc.

14,389

4,133,240

McDonald's

Corp.

18,556

5,671,271

11,944,887

#### Household

#### Products

#### 0

#### .3

#### %
Procter

&

Gamble

Co.

(The)

12,790

1,832,935

NVIT

J.P.

Morgan

Equity

and

Options

Total

Return

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0

#### .1

#### %
Vistra

Corp.

3,973

640,964

#### Industrial

#### Conglomerates

#### 0

#### .7

#### %
3M

Co.

32,025

5,127,203

#### Industrial

#### REITs

#### 0

#### .6

#### %
Prologis,

Inc.

32,897

4,199,631

#### Insurance

#### 1

#### .5

#### %
Arthur

J

Gallagher

&

Co.

8,042

2,081,189

MetLife,

Inc.

37,160

2,933,411

Progressive

Corp.

(The)

24,660

5,615,575

10,630,175

#### Interactive

#### Media

#### &

#### Services

#### 8

#### .0

#### %
Alphabet,

Inc.,

Class

A

109,300

34,210,900

Meta

Platforms,

Inc.,

Class

A

34,156

22,546,034

56,756,934

#### IT

#### Services

#### 0

#### .5

#### %
Cognizant

Technology

Solutions

Corp.,

Class

A

39,098

3,245,134

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0

#### .9

#### %
Thermo

Fisher

Scientific,

Inc.

10,901

6,316,584

#### Machinery

#### 1

#### .2

#### %
Deere

&

Co.

8,333

3,879,595

Dover

Corp.

21,947

4,284,932

8,164,527

#### Media

#### 0

#### .6

#### %
Comcast

Corp.,

Class

A

142,100

4,247,369

#### Multi-Utilities

#### 0

#### .5

#### %
CMS

Energy

Corp.

53,197

3,720,066

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 3

#### .0

#### %
ConocoPhillips

55,813

5,224,655

EOG

Resources,

Inc.

47,480

4,985,875

Exxon

Mobil

Corp.

92,198

11,095,107

21,305,637

#### Pharmaceuticals

#### 3

#### .0

#### %
Bristol-Myers

Squibb

Co.

122,769

6,622,160

Elanco

Animal

Health,

Inc.\*

102,179

2,312,311

Eli

Lilly

&

Co.

9,448

10,153,577

Johnson

&

Johnson

10,949

2,265,895

21,353,943

#### Professional

#### Services

#### 0

#### .3

#### %
Leidos

Holdings,

Inc.

13,759

2,482,124

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 15

#### .0

#### %
Advanced

Micro

Devices,

Inc.\*

9,060

1,940,290

Analog

Devices,

Inc.

12,742

3,455,630

ASML

Holding

NV

(Registered),

ADR-NL

2,229

2,384,718

Broadcom,

Inc.

53,245

18,428,095

Lam

Research

Corp.

31,346

5,365,808

Micron

Technology,

Inc.

34,980

9,983,642

NVIDIA

Corp.(a)

318,987

59,491,075

NXP

Semiconductors

NV

19,476

4,227,461

Qnity

Electronics,

Inc.

14,002

1,143,263

106,419,982

#### Software

#### 10

#### .6

#### %
AppLovin

Corp.,

Class

A\*

1,841

1,240,503

Autodesk,

Inc.\*

5,281

1,563,229

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Software
Cadence

Design

Systems,

Inc.\*

5,481

1,713,251

Intuit,

Inc.

8,042

5,327,182

Microsoft

Corp.(a)

106,151

51,336,747

Oracle

Corp.

12,984

2,530,711

Palantir

Technologies,

Inc.,

Class

A\*

12,833

2,281,066

Roper

Technologies,

Inc.

2,848

1,267,730

Salesforce,

Inc.

17,144

4,541,617

ServiceNow,

Inc.\*

23,445

3,591,539

75,393,575

#### Specialized

#### REITs

#### 0

#### .5

#### %
Digital

Realty

Trust,

Inc.

23,595

3,650,382

#### Specialty

#### Retail

#### 2

#### .1

#### %
AutoZone,

Inc.\*

1,066

3,615,339

Lowe's

Cos.,

Inc.

30,329

7,314,142

TJX

Cos.,

Inc.

(The)

27,519

4,227,193

15,156,674

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 8

#### .1

#### %
Apple,

Inc.(a)

178,970

48,654,784

Hewlett

Packard

Enterprise

Co.

141,616

3,401,617

Seagate

Technology

Holdings

plc

19,336

5,324,941

57,381,342

#### Tobacco

#### 1

#### .2

#### %
Philip

Morris

International,

Inc.

52,276

8,385,070

#### Total

#### Investments

#### (cost

#### $613,140,458)

#### —

#### 99.8%

#### 708,446,216

#### Other

#### assets

#### in

#### excess

#### of

#### liabilities

#### —

#### 0.2%

#### 1,664,132

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 710,110,348
\*

Denotes

a

non-income

producing

security.

(a) Security

or

a

portion

of

the

security

was

used

to

cover

the

margin

requirement

for

written

options

contracts.

ADR

American

Depositary

Receipt

NL

Netherlands

REIT

Real

Estate

Investment

Trust

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

J.P.

Morgan

Equity

and

Options

Total

Return

Fund

#### Written

#### Call

#### Options

#### Contracts

#### as

#### of

#### December

#### 31,

#### 2025:

#### D

#### escription

#### Counterparty

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### Exercise

#### &nbsp;&nbsp;&nbsp;&nbsp; Price

#### Expiration

#### Date

#### Value

#### ($)
S&P

500

Index

Exchange

Traded

USD

177,298,450

USD

6,950.00

1/9/2026

(238,280)

S&P

500

Index

Exchange

Traded

USD

177,298,450

USD

6,955.00

1/16/2026

(652,680)

S&P

500

Index

Exchange

Traded

USD

177,298,450

USD

6,990.00

1/2/2026

(2,590)

S&P

500

Index

Exchange

Traded

USD

177,298,450

USD

7,050.00

1/23/2026

(295,519)

#### Total

#### written

#### call

#### options

#### contracts
(1,189,069)

#### Total

#### Written

#### Options

#### Contracts

#### (Premiums

#### Received

#### ($4,007,115))
(1,189,069)

#### Currency:
USD

United

States

dollar

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.
NVIT

J.P.

Morgan

Innovators

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### 93

#### .3

#### %

#### Shares

#### Value

#### ($)

#### Aerospace

#### &

#### Defense

#### 1

#### .5

#### %
Boeing

Co.

(The)\*

660

143,299

#### Beverages

#### 2

#### .9

#### %
Celsius

Holdings,

Inc.\*

2,677

122,446

PepsiCo,

Inc.

1,143

164,043

286,489

#### Biotechnology

#### 3

#### .3

#### %
Gilead

Sciences,

Inc.

1,257

154,284

Insmed,

Inc.\*

514

89,457

Natera,

Inc.\*

84,076

327,817

#### Broadline

#### Retail

#### 7

#### .0

#### %
Amazon.com,

Inc.\*

2,530

583,975

Global-e

Online

Ltd.\*

2,736

107,552

691,527

#### Building

#### Products

#### 0

#### .9

#### %
Trane

Technologies

plc

85,624

#### Capital

#### Markets

#### 4

#### .1

#### %
Blackstone,

Inc.

1,027

158,302

Charles

Schwab

Corp.

(The)

1,760

175,841

Coinbase

Global,

Inc.,

Class

A\*

66,259

400,402

#### Chemicals

#### 1

#### .8

#### %
Sherwin-Williams

Co.

(The)

550

178,217

#### Communications

#### Equipment

#### 2

#### .2

#### %
Arista

Networks,

Inc.\*

954

125,002

Lumentum

Holdings,

Inc.\*(a)

94,728

219,730

#### Construction

#### &

#### Engineering

#### 1

#### .1

#### %
Quanta

Services,

Inc.

109,314

#### Consumer

#### Finance

#### 1

#### .8

#### %
American

Express

Co.

176,096

#### Electric

#### Utilities

#### 0

#### .9

#### %
NextEra

Energy,

Inc.

1,065

85,498

#### Electrical

#### Equipment

#### 2

#### .4

#### %
Eaton

Corp.

plc

93,324

GE

Vernova,

Inc.

143,785

237,109

#### Energy

#### Equipment

#### &

#### Services

#### 1

#### .4

#### %
Baker

Hughes

Co.,

Class

A

3,119

142,039

#### Financial

#### Services

#### 2

#### .7

#### %
Corpay,

Inc.\*

625

188,081

Toast,

Inc.,

Class

A\*

2,237

79,436

267,517

#### Ground

#### Transportation

#### 1

#### .5

#### %
Old

Dominion

Freight

Line,

Inc.

917

143,786

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 3

#### .7

#### %
Boston

Scientific

Corp.\*

1,940

184,979

Stryker

Corp.

513

180,304

365,283

#### Health

#### Care

#### Providers

#### &

#### Services

#### 1

#### .5

#### %
UnitedHealth

Group,

Inc.

145,248

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 2

#### .0

#### %
Carnival

Corp.\*

2,199

67,157

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Hotels,

#### Restaurants

#### &

#### Leisure
DoorDash,

Inc.,

Class

A\*

585

132,491

199,648

#### Insurance

#### 1

#### .0

#### %
Progressive

Corp.

(The)

100,425

#### Interactive

#### Media

#### &

#### Services

#### 7

#### .0

#### %
Alphabet,

Inc.,

Class

A

878

274,814

Meta

Platforms,

Inc.,

Class

A

630

415,857

690,671

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 1

#### .3

#### %
Thermo

Fisher

Scientific,

Inc.

128,059

#### Machinery

#### 0

#### .7

#### %
Deere

&

Co.

68,439

#### Pharmaceuticals

#### 0

#### .8

#### %
Eli

Lilly

&

Co.

79,526

#### Professional

#### Services

#### 0

#### .9

#### %
Verisk

Analytics,

Inc.,

Class

A

90,595

#### Real

#### Estate

#### Management

#### &

#### Development

#### 1

#### .8

#### %
Zillow

Group,

Inc.,

Class

C\*

2,642

180,237

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 14

#### .1

#### %
Broadcom,

Inc.

698

241,578

Credo

Technology

Group

Holding

Ltd.\*

63,455

NVIDIA

Corp.

3,703

690,609

NXP

Semiconductors

NV

512

111,135

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR-TW

133,712

Texas

Instruments,

Inc.

847

146,946

1,387,435

#### Software

#### 13

#### .2

#### %
AppLovin

Corp.,

Class

A\*

98,377

Autodesk,

Inc.\*

141,197

Braze,

Inc.,

Class

A\*

3,282

112,540

Datadog,

Inc.,

Class

A\*

808

109,880

IREN

Ltd.\*

1,535

57,977

Microsoft

Corp.

1,361

658,207

Unity

Software,

Inc.\*

2,691

118,861

1,297,039

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 5

#### .6

#### %
Apple,

Inc.

1,469

399,362

Pure

Storage,

Inc.,

Class

A\*

1,141

76,458

Sandisk

Corp.\*

70,265

546,085

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 1

#### .1

#### %
NIKE,

Inc.,

Class

B

1,687

107,479

#### Tobacco

#### 3

#### .1

#### %
Philip

Morris

International,

Inc.

1,883

302,033

#### Total

#### Investments

#### (cost

#### $6,713,180)

#### —

#### 93.3%

#### 9,182,666

#### Other

#### assets

#### in

#### excess

#### of

#### liabilities

#### —

#### 6.7%

#### 657,632

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 9,840,298

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

J.P.

Morgan

Innovators

Fund

\*

Denotes

a

non-income

producing

security.

(a) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$80,721,

which

was

collateralized

by

$82,955

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

5.00%,

and

maturity

dates

ranging

from

1/15/2026

-

5/15/2053.

ADR

American

Depositary

Receipt

TW

Taiwan

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.
NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### 98

#### .5

#### %

#### Shares

#### Value

#### ($)

#### Aerospace

#### &

#### Defense

#### 2

#### .3

#### %
GE

Aerospace

15,080

4,645,093

Rocket

Lab

Corp.\*

9,575

667,952

RTX

Corp.

12,665

2,322,761

TransDigm

Group,

Inc.

476,086

8,111,892

#### Automobiles

#### 3

#### .9

#### %
Tesla,

Inc.\*

30,743

13,825,742

#### Beverages

#### 0

#### .6

#### %
Coca-Cola

Co.

(The)

30,597

2,139,036

#### Biotechnology

#### 4

#### .6

#### %
AbbVie,

Inc.

12,586

2,875,775

Alnylam

Pharmaceuticals,

Inc.\*

4,073

1,619,629

Gilead

Sciences,

Inc.

20,590

2,527,217

Insmed,

Inc.\*

30,624

5,329,801

Natera,

Inc.\*

16,871

3,864,977

16,217,399

#### Broadline

#### Retail

#### 4

#### .9

#### %
Alibaba

Group

Holding

Ltd.,

ADR-CN

21,907

3,211,128

Amazon.com,

Inc.\*

44,971

10,380,206

MercadoLibre,

Inc.\*

846

1,704,064

Sea

Ltd.,

ADR-SG\*

15,354

1,958,710

17,254,108

#### Building

#### Products

#### 0

#### .3

#### %
Trane

Technologies

plc

2,537

987,400

#### Capital

#### Markets

#### 3

#### .7

#### %
Charles

Schwab

Corp.

(The)

22,017

2,199,718

Goldman

Sachs

Group,

Inc.

(The)

7,877

6,923,883

Intercontinental

Exchange,

Inc.

1,606

260,108

Robinhood

Markets,

Inc.,

Class

A\*

33,879

3,831,715

13,215,424

#### Communications

#### Equipment

#### 0

#### .8

#### %
Arista

Networks,

Inc.\*

2,718

356,140

Ciena

Corp.\*

8,497

1,987,193

Lumentum

Holdings,

Inc.\*

1,681

619,600

2,962,933

#### Construction

#### &

#### Engineering

#### 0

#### .5

#### %
Quanta

Services,

Inc.

4,358

1,839,338

#### Consumer

#### Finance

#### 0

#### .8

#### %
SoFi

Technologies,

Inc.\*

110,522

2,893,466

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1

#### .5

#### %
Walmart,

Inc.

49,276

5,489,839

#### Electrical

#### Equipment

#### 1

#### .5

#### %
GE

Vernova,

Inc.

7,996

5,225,946

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 1

#### .2

#### %
Amphenol

Corp.,

Class

A

20,960

2,832,534

Celestica,

Inc.\*

4,944

1,461,496

4,294,030

#### Entertainment

#### 1

#### .3

#### %
Netflix,

Inc.\*

27,343

2,563,680

ROBLOX

Corp.,

Class

A\*

23,294

1,887,513

Spotify

Technology

SA\*

168,986

4,620,179

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Financial

#### Services

#### 3

#### .5

#### %
Berkshire

Hathaway,

Inc.,

Class

B\*

2,634

1,323,980

Mastercard,

Inc.,

Class

A

17,385

9,924,749

Visa,

Inc.,

Class

A

3,763

1,319,722

12,568,451

#### Ground

#### Transportation

#### 0

#### .3

#### %
Uber

Technologies,

Inc.\*

11,396

931,167

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0

#### .9

#### %
Abbott

Laboratories

17,779

2,227,531

Intuitive

Surgical,

Inc.\*

1,800

1,019,448

3,246,979

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0

#### .9

#### %
Hims

&

Hers

Health,

Inc.\*

31,042

1,007,934

McKesson

Corp.

2,497

2,048,264

3,056,198

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1

#### .8

#### %
Booking

Holdings,

Inc.

592

3,170,355

DoorDash,

Inc.,

Class

A\*

6,719

1,521,719

McDonald's

Corp.

5,830

1,781,823

6,473,897

#### Household

#### Durables

#### 0

#### .4

#### %
DR

Horton,

Inc.

9,900

1,425,897

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0

#### .3

#### %
Vistra

Corp.

5,950

959,914

#### Industrial

#### Conglomerates

#### 1

#### .2

#### %
3M

Co.

25,753

4,123,055

#### Interactive

#### Media

#### &

#### Services

#### 8

#### .3

#### %
Alphabet,

Inc.,

Class

C

65,251

20,475,764

Meta

Platforms,

Inc.,

Class

A

13,558

8,949,500

29,425,264

#### IT

#### Services

#### 4

#### .1

#### %
Cloudflare,

Inc.,

Class

A\*

16,001

3,154,597

International

Business

Machines

Corp.

17,040

5,047,419

Shopify,

Inc.,

Class

A\*

28,263

4,549,495

Snowflake,

Inc.,

Class

A\*

4,000

877,440

Twilio,

Inc.,

Class

A\*

5,926

842,914

14,471,865

#### Machinery

#### 0

#### .3

#### %
Deere

&

Co.

2,437

1,134,594

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0

#### .1

#### %
Cheniere

Energy,

Inc.

1,135

220,633

#### Pharmaceuticals

#### 3

#### .1

#### %
Eli

Lilly

&

Co.

6,825

7,334,691

Johnson

&

Johnson

16,875

3,492,281

10,826,972

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 20

#### .0

#### %
Advanced

Micro

Devices,

Inc.\*

14,323

3,067,414

Broadcom,

Inc.

50,966

17,639,332

Lam

Research

Corp.

1,711

292,889

NVIDIA

Corp.

248,534

46,351,591

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR-TW

11,319

3,439,731

70,790,957

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Software

#### 15

#### .3

#### %
AppLovin

Corp.,

Class

A\*

5,110

3,443,220

Crowdstrike

Holdings,

Inc.,

Class

A\*

4,203

1,970,198

Intuit,

Inc.

3,955

2,619,871

Microsoft

Corp.

70,523

34,106,333

Oracle

Corp.

20,020

3,902,098

Palantir

Technologies,

Inc.,

Class

A\*

31,549

5,607,835

Palo

Alto

Networks,

Inc.\*

4,838

891,160

ServiceNow,

Inc.\*

10,450

1,600,836

54,141,551

#### Specialty

#### Retail

#### 1

#### .1

#### %
AutoZone,

Inc.\*

932,663

Carvana

Co.,

Class

A\*

6,859

2,894,635

3,827,298

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 8

#### .0

#### %
Apple,

Inc.

97,402

26,479,707

Western

Digital

Corp.

10,799

1,860,344

28,340,051

#### Tobacco

#### 1

#### .0

#### %
Philip

Morris

International,

Inc.

22,776

3,653,270

#### Total

#### Investments

#### (cost

#### $336,795,844)

#### —

#### 98.5%

#### 348,694,745

#### Other

#### assets

#### in

#### excess

#### of

#### liabilities

#### —

#### 1.5%

#### 5,441,712

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 354,136,457
\*

Denotes

a

non-income

producing

security.

ADR

American

Depositary

Receipt

CN

China

SG

Singapore

TW

Taiwan

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.
NVIT

J.P.

Morgan

U.S.

Equity

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### 99

#### .8

#### %

#### Shares

#### Value

#### ($)

#### Aerospace

#### &

#### Defense

#### 2

#### .8

#### %
Howmet

Aerospace,

Inc.

112,715

23,108,829

Northrop

Grumman

Corp.

58,818

33,538,612

56,647,441

#### Automobiles

#### 1

#### .6

#### %
Tesla,

Inc.\*

73,885

33,227,562

#### Banks

#### 3

#### .8

#### %
US

Bancorp

269,999

14,407,147

Wells

Fargo

&

Co.

673,100

62,732,920

77,140,067

#### Biotechnology

#### 3

#### .0

#### %
AbbVie,

Inc.

135,539

30,969,306

Regeneron

Pharmaceuticals,

Inc.

19,881

15,345,548

Vertex

Pharmaceuticals,

Inc.\*

31,817

14,424,555

60,739,409

#### Broadline

#### Retail

#### 4

#### .4

#### %
Amazon.com,

Inc.\*

384,358

88,717,514

#### Building

#### Products

#### 1

#### .7

#### %
Carrier

Global

Corp.

200,034

10,569,797

Trane

Technologies

plc

62,111

24,173,601

34,743,398

#### Capital

#### Markets

#### 3

#### .8

#### %
Ameriprise

Financial,

Inc.

25,526

12,516,419

Blackstone,

Inc.

232,139

35,781,905

Morgan

Stanley

160,911

28,566,530

76,864,854

#### Construction

#### Materials

#### 1

#### .5

#### %
Vulcan

Materials

Co.

105,672

30,139,768

#### Consumer

#### Finance

#### 2

#### .5

#### %
American

Express

Co.

136,786

50,603,981

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 2

#### .1

#### %
Walmart,

Inc.

376,061

41,896,956

#### Electric

#### Utilities

#### 3

#### .4

#### %
Entergy

Corp.

145,180

13,418,987

NextEra

Energy,

Inc.

472,533

37,934,949

Southern

Co.

(The)

198,604

17,318,269

68,672,205

#### Electrical

#### Equipment

#### 1

#### .3

#### %
Eaton

Corp.

plc

83,203

26,500,988

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0

#### .9

#### %
Amphenol

Corp.,

Class

A

128,115

17,313,461

#### Energy

#### Equipment

#### &

#### Services

#### 2

#### .0

#### %
Baker

Hughes

Co.,

Class

A

905,712

41,246,124

#### Entertainment

#### 2

#### .1

#### %
Walt

Disney

Co.

(The)

380,522

43,291,988

#### Financial

#### Services

#### 2

#### .7

#### %
Mastercard,

Inc.,

Class

A

94,692

54,057,769

#### Food

#### Products

#### 0

#### .8

#### %
Mondelez

International,

Inc.,

Class

A

304,169

16,373,417

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 4

#### .1

#### %
Edwards

Lifesciences

Corp.\*

314,774

26,834,483

Medtronic

plc

289,243

27,784,683

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Health

#### Care

#### Equipment

#### &

#### Supplies
Stryker

Corp.

80,568

28,317,235

82,936,401

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 3

#### .4

#### %
Chipotle

Mexican

Grill,

Inc.,

Class

A\*

248,635

9,199,495

DoorDash,

Inc.,

Class

A\*

46,476

10,525,884

Marriott

International,

Inc.,

Class

A

35,908

11,140,098

McDonald's

Corp.

123,373

37,706,490

68,571,967

#### Industrial

#### REITs

#### 0

#### .7

#### %
Prologis,

Inc.

117,072

14,945,411

#### Insurance

#### 3

#### .4

#### %
Arthur

J

Gallagher

&

Co.

134,484

34,803,114

Progressive

Corp.

(The)

81,897

18,649,585

Travelers

Cos.,

Inc.

(The)

50,746

14,719,385

68,172,084

#### Interactive

#### Media

#### &

#### Services

#### 8

#### .4

#### %
Alphabet,

Inc.,

Class

A

317,709

99,442,917

Meta

Platforms,

Inc.,

Class

A

105,469

69,619,032

169,061,949

#### Machinery

#### 1

#### .0

#### %
Deere

&

Co.

43,825

20,403,605

#### Pharmaceuticals

#### 1

#### .8

#### %
Eli

Lilly

&

Co.

32,964

35,425,752

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 13

#### .8

#### %
Broadcom,

Inc.

192,061

66,472,312

NVIDIA

Corp.

936,538

174,664,337

NXP

Semiconductors

NV

172,156

37,368,181

278,504,830

#### Software

#### 12

#### .2

#### %
Intuit,

Inc.

34,509

22,859,452

Microsoft

Corp.

317,596

153,595,778

Oracle

Corp.

186,007

36,254,624

Roper

Technologies,

Inc.

25,362

11,289,387

ServiceNow,

Inc.\*

144,047

22,066,560

246,065,801

#### Specialty

#### Retail

#### 2

#### .4

#### %
Lowe's

Cos.,

Inc.

196,584

47,408,197

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 7

#### .6

#### %
Apple,

Inc.

564,809

153,548,975

#### Trading

#### Companies

#### &

#### Distributors

#### 0

#### .6

#### %
United

Rentals,

Inc.

14,612

11,825,784

#### Total

#### Investments

#### (cost

#### $1,766,138,980)

#### —

#### 99.8%

#### 2,015,047,658

#### Other

#### assets

#### in

#### excess

#### of

#### liabilities

#### —

#### 0.2%

#### 4,377,151

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 2,019,424,809

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

J.P.

Morgan

U.S.

Equity

Fund

\*

Denotes

a

non-income

producing

security.

REIT

Real

Estate

Investment

Trust

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.
NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### 98

#### .5

#### %

#### Shares

#### Value

#### ($)

#### Automobiles

#### 5

#### .4

#### %
Rivian

Automotive,

Inc.,

Class

A\*

18,915

372,815

Tesla,

Inc.\*

2,085

937,666

1,310,481

#### Banks

#### 1

#### .0

#### %
NU

Holdings

Ltd.,

Class

A\*

14,374

240,621

#### Broadline

#### Retail

#### 7

#### .0

#### %
Alibaba

Group

Holding

Ltd.,

ADR-CN

3,283

481,222

Amazon.com,

Inc.\*

2,029

468,334

MercadoLibre,

Inc.\*

288,039

Sea

Ltd.,

ADR-SG\*

3,652

465,886

1,703,481

#### Capital

#### Markets

#### 4

#### .1

#### %
Coinbase

Global,

Inc.,

Class

A\*

1,012

228,854

Robinhood

Markets,

Inc.,

Class

A\*

6,753

763,764

992,618

#### Communications

#### Equipment

#### 4

#### .5

#### %
Arista

Networks,

Inc.\*

971

127,230

Ciena

Corp.\*

3,085

721,489

Lumentum

Holdings,

Inc.\*(a)

670

246,955

1,095,674

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .4

#### %
Lumen

Technologies,

Inc.\*

12,720

98,834

#### Electrical

#### Equipment

#### 1

#### .4

#### %
Vicor

Corp.\*

2,986

327,266

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0

#### .6

#### %
Fabrinet\*

80,129

TTM

Technologies,

Inc.\*

818

56,442

136,571

#### Entertainment

#### 7

#### .4

#### %
Netflix,

Inc.\*

5,243

491,584

Spotify

Technology

SA\*

546

317,067

Take-Two

Interactive

Software,

Inc.\*

3,839

982,899

1,791,550

#### Ground

#### Transportation

#### 0

#### .2

#### %
Uber

Technologies,

Inc.\*

714

58,341

#### Health

#### Care

#### Technology

#### 0

#### .9

#### %
Veeva

Systems,

Inc.,

Class

A\*

1,007

224,793

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 2

#### .3

#### %
Booking

Holdings,

Inc.

289,188

DoorDash,

Inc.,

Class

A\*

1,171

265,208

554,396

#### Insurance

#### 1

#### .0

#### %
Lemonade,

Inc.\*

3,527

251,052

#### Interactive

#### Media

#### &

#### Services

#### 8

#### .4

#### %
Alphabet,

Inc.,

Class

C

3,360

1,054,368

Meta

Platforms,

Inc.,

Class

A

952

628,406

Reddit,

Inc.,

Class

A\*

1,229

282,510

Snap,

Inc.,

Class

A\*

9,327

75,269

2,040,553

#### IT

#### Services

#### 9

#### .6

#### %
Cloudflare,

Inc.,

Class

A\*

1,346

265,364

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### IT

#### Services
Shopify,

Inc.,

Class

A\*

4,487

722,272

Snowflake,

Inc.,

Class

A\*

4,287

940,396

Twilio,

Inc.,

Class

A\*

2,752

391,445

2,319,477

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 1

#### .0

#### %
Tempus

AI,

Inc.,

Class

A\*

4,156

245,412

#### Machinery

#### 0

#### .5

#### %
Symbotic,

Inc.,

Class

A\*

1,879

111,800

#### Media

#### 0

#### .5

#### %
EchoStar

Corp.,

Class

A\*

1,208

131,310

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 22

#### .5

#### %
Advanced

Micro

Devices,

Inc.\*

1,454

311,388

Allegro

MicroSystems,

Inc.\*

3,156

83,255

ASML

Holding

NV

(Registered),

ADR-NL

351,984

Broadcom,

Inc.

2,380

823,718

Credo

Technology

Group

Holding

Ltd.\*

3,873

557,286

First

Solar,

Inc.\*

701

183,122

Lam

Research

Corp.

4,527

774,932

MACOM

Technology

Solutions

Holdings,

Inc.\*

57,893

Micron

Technology,

Inc.

1,227

350,198

NVIDIA

Corp.

6,142

1,145,483

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR-TW

2,711

823,846

5,463,105

#### Software

#### 19

#### .3

#### %
AppLovin

Corp.,

Class

A\*

596

401,597

Cadence

Design

Systems,

Inc.\*

609

190,361

Crowdstrike

Holdings,

Inc.,

Class

A\*

562

263,443

Datadog,

Inc.,

Class

A\*

1,077

146,461

Figma,

Inc.,

Class

A\*

4,481

167,455

HubSpot,

Inc.\*

720

288,936

Intuit,

Inc.

697

461,707

Microsoft

Corp.

1,041

503,449

Oracle

Corp.

3,252

633,847

Palantir

Technologies,

Inc.,

Class

A\*

1,317

234,097

Palo

Alto

Networks,

Inc.\*

1,431

263,590

ServiceNow,

Inc.\*

3,917

600,045

ServiceTitan,

Inc.,

Class

A\*

2,000

213,000

Zoom

Communications,

Inc.,

Class

A\*

3,698

319,100

4,687,088

#### Specialty

#### Retail

#### 0

#### .5

#### %
Warby

Parker,

Inc.,

Class

A\*

5,145

112,110

#### Total

#### Investments

#### (cost

#### $15,856,255)

#### —

#### 98.5%

#### 23,896,533

#### Other

#### assets

#### in

#### excess

#### of

#### liabilities

#### —

#### 1.5%

#### 369,867

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 24,266,400

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

\*

Denotes

a

non-income

producing

security.

(a) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$241,058,

which

was

collateralized

by

$247,729

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

5.00%,

and

maturity

dates

ranging

from

1/15/2026

-

5/15/2053.

ADR

American

Depositary

Receipt

CN

China

NL

Netherlands

SG

Singapore

TW

Taiwan

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Assets

and

Liabilities

-

December

31,

2025

-

Equity

Funds

(I) #### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### BNY

#### Mellon

#### Dynamic

#### U.S.

#### Core

#### Fund

#### Assets:
Investment

securities,

at

value

\*

$

2,356,181,406

Repurchase

agreements,

at

value

59,003,484

Cash

121,768,556

Deposits

with

broker

for

futures

contracts

10,686,999

Foreign

currencies,

at

value

—

Interest

and

dividends

receivable

1,506,619

Security

lending

income

receivable

9,329

Receivable

for

capital

shares

issued

—

Reclaims

receivable

—

Due

from

broker

—

Receivable

for

reimbursement

from

investment

adviser

(Note

3)

11,050

Prepaid

expenses

2,669

Total

Assets

2,549,170,112

#### Liabilities:
Payable

for

investments

purchased

—

Payable

for

capital

shares

redeemed

1,349,813

Payable

for

variation

margin

on

futures

contracts

630,044

Written

options,

at

value

(Note

2)

—

Payable

upon

return

of

securities

loaned

(Note

2)

59,003,484

Accrued

expenses

and

other

payables:

Investment

advisory

fees

909,293

Fund

administration

fees

81,799

Distribution

fees

132,727

Administrative

servicing

fees

308,053

Accounting

and

transfer

agent

fees

3,392

Trustee

fees

Custodian

fees

18,508

Compliance

program

costs

(Note

3)

2,702

Professional

fees

27,094

Printing

fees

81,511

Other

6,437

Total

Liabilities

62,554,886

Commitments

and

contingencies

(Note

3)

—

#### Net

#### Assets
$

2,486,615,226

\*

Includes

value

of

securities

on

loan

(Note

2)

143,675,231

Cost

of

investment

securities

977,972,539

Cost

of

repurchase

agreements

59,003,484

Cost

of

foreign

currencies

—

Premiums

of

written

options

—

#### Represented

#### by:
Capital

$

1,058,942,818

Total

distributable

earnings

(loss)

1,427,672,408

#### Net

#### Assets
$

2,486,615,226

Equity

Funds

(I) -

December

31,

2025

-

Statements

of

Assets

and

Liabilities

-

#### NVIT

#### BNY

#### Mellon

#### Dynamic

#### U.S.

#### Equity

#### Income

#### Fund

#### NVIT

#### J.P.

#### Morgan

#### Digital

#### Evolution

#### Strategy

#### Fund

#### NVIT

#### J.P.

#### Morgan

#### Equity

#### and

#### Options

#### Total

#### Return

#### Fund

#### NVIT

#### J.P.

#### Morgan

#### Innovators

#### Fund

#### NVIT

#### J.P.

#### Morgan

#### Large

#### Cap

#### Growth

#### Fund
$

989,746,820

$

25,485,879

$

708,446,216

$

9,182,666

$

348,694,745

16,179,037

—

—

—

—

75,593,051

491,578

3,253,463

690,290

5,773,970

4,833,004

—

—

—

—

74,646

—

—

—

—

928,547

4,850

402,969

6,928

85,550

4,860

—

—

—

67,852

10,815,858

14,822

—

68,707

—

—

—

—

—

—

—

—

89,664

13,338

—

9,223

83,518

563

524

1,087,586,751

36,811,528

712,118,151

9,889,130

354,637,906

1,960,132

—

—

—

12,131

390,406

4,569

255,375

149,755

238,890

—

—

—

—

—

—

1,189,069

—

—

16,179,037

—

—

—

—

508,530

16,200

351,518

6,065

197,871

46,798

13,651

33,311

13,036

20,147

121,617

1,238

23,309

—

25,623

135,351

4,770

86,276

—

66,280

972

1,139

4,201

5,579

603

761

17,091

29,157

26,084

29,177

28,958

61,165

32,485

3,792

2,834

19,668,650

69,965

2,007,803

48,832

501,449

—

—

—

—

—

$

1,067,918,101

$

36,741,563

$

710,110,348

$

9,840,298

$

354,136,457

66,334,285

—

—

80,721

—

838,183,697

18,943,672

613,140,458

6,713,180

336,795,844

16,179,037

—

—

—

—

71,331

—

—

—

—

—

—

(4,007,115)

—

—

$

862,733,974

$

29,946,909

$

403,967,235

$

7,245,789

$

344,238,905

205,184,127

6,794,654

306,143,113

2,594,509

9,897,552

$

1,067,918,101

$

36,741,563

$

710,110,348

$

9,840,298

$

354,136,457

-

Statements

of

Assets

and

Liabilities

-

December

31,

2025

-

Equity

Funds

(I) #### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### BNY

#### Mellon

#### Dynamic

#### U.S.

#### Core

#### Fund

#### Net

#### Assets:
Class

I

Shares

$

1,867,658,213

Class

II

Shares

618,957,013

Class

IV

Shares

—

Class

X

Shares

—

Class

Y

Shares

—

Class

Z

Shares

—

Total

$

2,486,615,226

#### Shares

#### Outstanding
(unlimited

number

of

shares

authorized):

Class

I

Shares

62,753,010

Class

II

Shares

21,105,407

Class

IV

Shares

—

Class

X

Shares

—

Class

Y

Shares

—

Class

Z

Shares

—

Total

83,858,417

#### Net

#### asset

#### value

#### and

#### offering

#### price

#### per

#### share
(Net

assets

by

class

divided

by

shares

outstanding

by

class,

respectively):

Class

I

Shares

$

.76

Class

II

Shares

$

.33

Class

IV

Shares

$

—

Class

X

Shares

$

—

Class

Y

Shares

$

—

Class

Z

Shares

$

—

Equity

Funds

(I) -

December

31,

2025

-

Statements

of

Assets

and

Liabilities

-

#### NVIT

#### BNY

#### Mellon

#### Dynamic

#### U.S.

#### Equity

#### Income

#### Fund

#### NVIT

#### J.P.

#### Morgan

#### Digital

#### Evolution

#### Strategy

#### Fund

#### NVIT

#### J.P.

#### Morgan

#### Equity

#### and

#### Options

#### Total

#### Return

#### Fund

#### NVIT

#### J.P.

#### Morgan

#### Innovators

#### Fund

#### NVIT

#### J.P.

#### Morgan

#### Large

#### Cap

#### Growth

#### Fund
$

232,793,638

$

—

$

434,918,418

$

—

$

25,934,336

66,693,530

21,011,057

109,584,635

—

297,018,248

—

—

165,607,295

—

—

244,611,766

—

—

—

—

—

15,730,506

—

9,840,298

31,183,873

523,819,167

—

—

—

—

$

1,067,918,101

$

36,741,563

$

710,110,348

$

9,840,298

$

354,136,457

12,553,240

—

17,728,459

—

1,389,007

3,631,777

974,603

4,504,495

—

15,920,491

—

—

6,759,789

—

—

13,214,550

—

—

—

—

—

729,271

—

651,119

1,671,284

28,878,221

—

—

—

—

58,277,788

1,703,874

28,992,743

651,119

18,980,782

$

.54

$

—

$

.53

$

—

$

.67

$

.36

$

.56

$

.33

$

—

$

.66

$

—

$

—

$

.50

$

—

$

—

$

.51

$

—

$

—

$

—

$

—

$

—

$

.57

$

—

$

.11

$

.66

$

.14

$

—

$

—

$

—

$

—

-

Statements

of

Assets

and

Liabilities

-

December

31,

2025

-

Equity

Funds

(I) #### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### J.P.

#### Morgan

#### U.S.

#### Equity

#### Fund

#### Assets:
Investment

securities,

at

value

\*

$

2,015,047,658

Cash

6,484,127

Interest

and

dividends

receivable

1,237,023

Security

lending

income

receivable

—

Receivable

for

investments

sold

2,432,025

Receivable

for

capital

shares

issued

193,730

Receivable

for

reimbursement

from

investment

adviser

(Note

3)

—

Prepaid

expenses

1,833

Total

Assets

2,025,396,396

#### Liabilities:
Payable

for

investments

purchased

4,788,614

Payable

for

capital

shares

redeemed

295,651

Accrued

expenses

and

other

payables:

Investment

advisory

fees

673,770

Fund

administration

fees

61,210

Distribution

fees

32,455

Administrative

servicing

fees

29,390

Accounting

and

transfer

agent

fees

2,174

Trustee

fees

Custodian

fees

9,180

Compliance

program

costs

(Note

3)

1,291

Professional

fees

31,996

Printing

fees

1,739

Recoupment

fees

(Note

3)

44,000

Other

Total

Liabilities

5,971,587

Commitments

and

contingencies

(Note

3)

—

#### Net

#### Assets
$

2,019,424,809

\*

Includes

value

of

securities

on

loan

(Note

2)

—

Cost

of

investment

securities

1,766,138,980

#### Represented

#### by:
Capital

$

1,783,643,237

Total

distributable

earnings

(loss)

235,781,572

#### Net

#### Assets
$

2,019,424,809

Equity

Funds

(I) -

December

31,

2025

-

Statements

of

Assets

and

Liabilities

-

#### NVIT

#### J.P.

#### Morgan

#### US

#### Technology

#### Leaders

#### Fund
$

23,896,533

411,500

3,935

—

—

13,066

24,325,089

—

15,304

13,695

29,180

—

58,689

—

$

24,266,400

241,058

15,856,255

$

16,166,756

8,099,644

$

24,266,400

-

Statements

of

Assets

and

Liabilities

-

December

31,

2025

-

Equity

Funds

(I) #### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### J.P.

#### Morgan

#### U.S.

#### Equity

#### Fund

#### Net

#### Assets:
Class

II

Shares

$

152,766,889

Class

Y

Shares

1,866,657,920

Total

$

2,019,424,809

#### Shares

#### Outstanding
(unlimited

number

of

shares

authorized):

Class

II

Shares

6,431,182

Class

Y

Shares

78,737,568

Total

85,168,750

#### Net

#### asset

#### value

#### and

#### offering

#### price

#### per

#### share
(Net

assets

by

class

divided

by

shares

outstanding

by

class,

respectively):

Class

II

Shares

$

.75

Class

Y

Shares

$

.71

Equity

Funds

(I) -

December

31,

2025

-

Statements

of

Assets

and

Liabilities

-

#### NVIT

#### J.P.

#### Morgan

#### US

#### Technology

#### Leaders

#### Fund
$

6,371

24,260,029

$

24,266,400

1,217,341

1,217,661

$

.91

$

.93

-

Statements

of

Operations

-

For

the

Year

Ended

December

31,

2025

-

Equity

Funds

(I) #### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### BNY

#### Mellon

#### Dynamic

#### U.S.

#### Core

#### Fund

#### INVESTMENT

#### INCOME:
Dividend

income

$

27,392,248

Interest

income

8,481,768

Income

from

securities

lending

(net

of

fees)

(Note

2)

120,708

Foreign

tax

withholding

(6,925)

Total

Income

35,987,799

#### EXPENSES:
Investment

advisory

fees

11,102,092

Fund

administration

fees

658,599

Distribution

fees

Class

II

Shares

1,524,465

Distribution

fees

Class

Z

Shares

—

Administrative

servicing

fees

Class

I

Shares

2,661,020

Administrative

servicing

fees

Class

II

Shares

914,684

Administrative

servicing

fees

Class

IV

Shares

—

Administrative

servicing

fees

Class

X

Shares

—

Administrative

servicing

fees

Class

Z

Shares

—

Professional

fees

94,735

Printing

fees

16,423

Trustee

fees

92,893

Custodian

fees

81,239

Accounting

and

transfer

agent

fees

13,686

Compliance

program

costs

(Note

3)

10,520

Other

22,555

Total

expenses

before

fees

waived

and

expenses

reimbursed

17,192,911

Distribution

fees

waived

-

Class

II

(Note

3)

—

Investment

advisory

fees

waived

(Note

3)

(905,846)

Expenses

reimbursed

by

adviser

(Note

3)

(162,082)

Net

Expenses

16,124,983

#### NET

#### INVESTMENT

#### INCOME
19,862,816

#### REALIZED/UNREALIZED

#### GAINS
(LOSSES)

#### FROM

#### INVESTMENTS:
Net

realized

gains

(losses)

from:

Transactions

in

investment

securities

(Note

9)

111,130,673

Expiration

or

closing

of

futures

contracts

(Note

2)

486,150

Foreign

currency

transactions

(Note

2)

—

Expiration

or

closing

of

written

option

contracts

(Note

2)

—

Net

realized

gains

(losses)

111,616,823

Net

change

in

unrealized

appreciation/depreciation

in

the

value

of:

Investment

securities

243,464,793

Futures

contracts

(Note

2)

4,791,112

Translation

of

assets

and

liabilities

denominated

in

foreign

currencies

(Note

2)

—

Written

options

contracts

(Note

2)

—

Net

change

in

unrealized

appreciation/depreciation

248,255,905

Net

realized/unrealized

gains

(losses)

359,872,728

#### CHANGE

#### IN

#### NET

#### ASSETS

#### RESULTING

#### FROM

#### OPERATIONS
$

379,735,544

(a) For

the

period

from

May

2,

2025

(commencement

of

operations)

through

December

31,

2025. Equity

Funds

(I) -

For

the

Year

Ended

December

31,

2025

-

Statements

of

Operations

-

#### NVIT

#### BNY

#### Mellon

#### Dynamic

#### U.S.

#### Equity

#### Income

#### Fund

#### NVIT

#### J.P.

#### Morgan

#### Digital

#### Evolution

#### Strategy

#### Fund

#### NVIT

#### J.P.

#### Morgan

#### Equity

#### and

#### Options

#### Total

#### Return

#### Fund

#### NVIT

#### J.P.

#### Morgan

#### Innovators

#### Fund

#### NVIT

#### J.P.

#### Morgan

#### Large

#### Cap

#### Growth

#### Fund
$

11,653,318

$

79,680

$

10,169,511

$

61,262

$

451,146

2,426,425

15,338

477,277

8,735

59,550

37,787

30,592

26,549

(2,316)

(411)

(5,364)

(580)

(2,259)

14,115,214

125,199

10,667,973

69,419

508,504

3,423,167

118,326

4,037,455

63,287

433,893

205,157

56,076

231,246

53,470

68,544

164,209

7,925

(a) 268,010

—

98,625

(a) 534,943

—

—

—

—

563,621

—

639,354

—

8,104

(a) 164,209

7,925

(a) 160,807

—

98,625

(a) —

—

236,402

—

—

119,141

—

—

—

—

256,775

—

—

—

—

40,701

44,132

63,246

43,940

44,517

—

900

43,054

710

4,927

26,708

644

26,837

4,671

18,954

654

24,539

906

3,882

4,584

2,388

3,061

5,232

6,769

5,529,087

236,892

5,745,364

162,085

763,298

(52,547)

(3,170)

(a) —

—

(59,175)

(a) —

—

—

—

—

(642,681)

(132,623)

—

(109,920)

(260,232)

4,833,859

101,099

5,745,364

52,165

443,891

9,281,355

24,100

4,922,609

17,254

64,613

52,650,872

1,447,694

196,431,629

319,433

(1,417,667)

1,026,395

—

1,314,540

—

—

—

—

—

—

—

—

10,017,598

—

—

53,677,271

1,447,694

207,763,767

319,433

(1,417,667)

49,606,882

3,175,314

(110,568,371)

858,674

6,212,385

146,094

—

232,702

—

—

12,184

—

—

—

—

—

—

2,818,046

—

—

49,765,160

3,175,314

(107,517,623)

858,674

6,212,385

103,442,431

4,623,008

100,246,144

1,178,107

4,794,718

$

112,723,786

$

4,647,108

$

105,168,753

$

1,195,361

$

4,859,331

-

Statements

of

Operations

-

For

the

Year

Ended

December

31,

2025

-

Equity

Funds

(I) #### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### J.P.

#### Morgan

#### U.S.

#### Equity

#### Fund

#### INVESTMENT

#### INCOME:
Dividend

income

$

13,490,068

Interest

income

271,324

Income

from

securities

lending

(net

of

fees)

(Note

2)

12,194

Foreign

tax

withholding

(85,102)

Total

Income

13,688,484

#### EXPENSES:
Investment

advisory

fees

4,756,827

Fund

administration

fees

371,553

Distribution

fees

Class

II

Shares

319,408

Administrative

servicing

fees

Class

II

Shares

319,408

Professional

fees

79,741

Printing

fees

—

Trustee

fees

52,960

Custodian

fees

43,480

Accounting

and

transfer

agent

fees

6,763

Compliance

program

costs

(Note

3)

5,065

Recoupment

fees

(Note

3)

44,000

Other

13,940

Total

expenses

before

fees

waived

and

expenses

reimbursed

6,013,145

Distribution

fees

waived

-

Class

II

(Note

3)

—

Expenses

reimbursed

by

adviser

(Note

3)

—

Net

Expenses

6,013,145

#### NET

#### INVESTMENT

#### INCOME/(LOSS)
7,675,339

#### REALIZED/UNREALIZED

#### GAINS
(LOSSES)

#### FROM

#### INVESTMENTS:
Net

realized

gains

(losses)

from:

Transactions

in

investment

securities

(Note

9)

(10,637,707)

Expiration

or

closing

of

futures

contracts

(Note

2)

(165,786)

Net

realized

gains

(losses)

(10,803,493)

Net

change

in

unrealized

appreciation/depreciation

in

the

value

of:

Investment

securities

177,949,592

Futures

contracts

(Note

2)

20,609

Net

change

in

unrealized

appreciation/depreciation

177,970,201

Net

realized/unrealized

gains

(losses)

167,166,708

#### CHANGE

#### IN

#### NET

#### ASSETS

#### RESULTING

#### FROM

#### OPERATIONS
$

174,842,047

(a) For

the

period

from

May

2,

2025

(commencement

of

operations)

through

December

31,

2025. Equity

Funds

(I) -

For

the

Year

Ended

December

31,

2025

-

Statements

of

Operations

-

#### NVIT

#### J.P.

#### Morgan

#### US

#### Technology

#### Leaders

#### Fund
$

46,095

14,878

3,625

(1,803)

62,795

149,432

57,214

(a) 10

(a) 44,381

856

783

692

—

253,745

(5)

(a) (142,170)

111,570

(48,775)

613,279

—

613,279

2,937,623

—

2,937,623

3,550,902

$

3,502,127

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

Equity

Funds

(I) #### NVIT

#### BNY

#### Mellon

#### Dynamic

#### U.S.

#### Core

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### OPERATIONS:
Net

investment

income

$

19,862,816

$

26,413,519

Net

realized

gains

111,616,823

159,752,911

Net

change

in

unrealized

appreciation/depreciation

248,255,905

291,665,153

Change

in

net

assets

resulting

from

operations

379,735,544

477,831,583

#### Distributions

#### to

#### Shareholders

#### From:
Distributable

earnings:

Class

I

(16,407,332)

(20,513,339)

Class

II

(4,024,962)

(5,826,673)

Class

X

—

—

Class

Y

—

—

Class

Z

—

—

Change

in

net

assets

from

shareholder

distributions

(20,432,294)

(26,340,012)

Change

in

net

assets

from

capital

transactions

(261,265,968)

(279,648,728)

Change

in

net

assets

98,037,282

171,842,843

#### Net

#### Assets:
Beginning

of

year

2,388,577,944

2,216,735,101

End

of

year

$

2,486,615,226

$

2,388,577,944

#### CAPITAL

#### TRANSACTIONS:

#### Class

#### I

#### Shares
Proceeds

from

shares

issued

$

22,202,981

$

5,189,215

Dividends

reinvested

16,407,332

20,513,339

Cost

of

shares

redeemed

(202,556,218)

(209,552,158)

Total

Class

I

Shares

(163,945,905)

(183,849,604)

#### Class

#### II

#### Shares
Proceeds

from

shares

issued

8,965,751

5,414,416

Dividends

reinvested

4,024,962

5,826,673

Cost

of

shares

redeemed

(110,310,776)

(107,040,213)

Total

Class

II

Shares

(97,320,063)

(95,799,124)

#### Class

#### X

#### Shares
Proceeds

from

shares

issued

—

—

Dividends

reinvested

—

—

Cost

of

shares

redeemed

—

—

Total

Class

X

Shares

—

—

#### Class

#### Y

#### Shares
Proceeds

from

shares

issued

—

—

Dividends

reinvested

—

—

Cost

of

shares

redeemed

—

—

Total

Class

Y

Shares

—

—

#### Class

#### Z

#### Shares
Proceeds

from

shares

issued

—

—

Dividends

reinvested

—

—

Cost

of

shares

redeemed

—

—

Total

Class

Z

Shares

—

—

Change

in

net

assets

from

capital

transactions

$

(261,265,968)

$

(279,648,728)

Equity

Funds

(I) -

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### BNY

#### Mellon

#### Dynamic

#### U.S.

#### Equity

#### Income

#### Fund

#### NVIT

#### J.P.

#### Morgan

#### Digital

#### Evolution

#### Strategy

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
$

9,281,355

$

9,339,465

$

24,100

$

3,921

53,677,271

67,038,774

1,447,694

969,650

49,765,160

640,925

3,175,314

1,812,475

112,723,786

77,019,164

4,647,108

2,786,046

(27,129,412)

(19,728,703)

—

—

(7,827,000)

(5,809,252)

(486,018)

(a) —

(11,531,893)

(6,687,125)

—

—

—

—

(824,671)

(561,363)

(23,378,102)

(14,920,420)

—

—

(69,866,407)

(47,145,500)

(1,310,689)

(561,363)

492,366,772

(27,949,245)

22,560,229

3,334,281

535,224,151

1,924,419

25,896,648

5,558,964

532,693,950

530,769,531

10,844,915

5,285,951

$

1,067,918,101

$

532,693,950

$

36,741,563

$

10,844,915

$

1,962,571

$

1,109,772

$

—

$

—

27,129,412

19,728,703

—

—

(30,305,798)

(33,146,451)

—

—

(1,213,815)

(12,307,976)

—

—

1,584,789

1,040,238

21,592,059

(a) —

7,827,000

5,809,252

486,018

(a) —

(11,900,509)

(12,423,793)

(1,481,253)

(a) —

(2,488,720)

(5,574,303)

20,596,824

(a) —

163,116,282

7,243,414

—

—

11,531,893

6,687,125

—

—

(16,581,790)

(8,671,513)

—

—

158,066,385

5,259,026

—

—

—

—

1,753,557

3,325,893

—

—

824,671

561,363

—

—

(614,823)

(552,975)

—

—

1,963,405

3,334,281

356,243,557

5,753,002

—

—

23,378,102

14,920,420

—

—

(41,618,737)

(35,999,414)

—

—

338,002,922

(15,325,992)

—

—

$

492,366,772

$

(27,949,245)

$

22,560,229

$

3,334,281

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

Equity

Funds

(I) #### NVIT

#### BNY

#### Mellon

#### Dynamic

#### U.S.

#### Core

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### SHARE

#### TRANSACTIONS:

#### Class

#### I

#### Shares
Issued

780,708

211,416

Reinvested

553,483

780,418

Redeemed

(7,449,476)

(8,766,972)

Total

Class

I

Shares

(6,115,285)

(7,775,138)

#### Class

#### II

#### Shares
Issued

361,180

233,932

Reinvested

138,048

225,359

Redeemed

(4,116,382)

(4,563,743)

Total

Class

II

Shares

(3,617,154)

(4,104,452)

#### Class

#### X

#### Shares
Issued

—

—

Reinvested

—

—

Redeemed

—

—

Total

Class

X

Shares

—

—

#### Class

#### Y

#### Shares
Issued

—

—

Reinvested

—

—

Redeemed

—

—

Total

Class

Y

Shares

—

—

#### Class

#### Z

#### Shares
Issued

—

—

Reinvested

—

—

Redeemed

—

—

Total

Class

Z

Shares

—

—

Total

change

in

shares

(9,732,439)

(11,879,590)

(a) For

the

period

from

May

2,

2025

(commencement

of

operations)

through

December

31,

2025. Equity

Funds

(I) -

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### BNY

#### Mellon

#### Dynamic

#### U.S.

#### Equity

#### Income

#### Fund

#### NVIT

#### J.P.

#### Morgan

#### Digital

#### Evolution

#### Strategy

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
106,730

62,067

—

—

1,535,609

1,106,613

—

—

(1,642,618)

(1,837,886)

—

—

(279)

(669,206)

—

—

85,653

57,554

1,020,690

(a) —

448,069

329,066

23,010

(a) —

(650,890)

(691,819)

(69,097)

(a) —

(117,168)

(305,199)

974,603

(a) —

9,062,103

399,396

—

—

650,900

375,010

—

—

(908,187)

(484,550)

—

—

8,804,816

289,856

—

—

—

—

88,100

231,982

—

—

39,045

32,790

—

—

(30,897)

(34,124)

—

—

96,248

230,648

20,252,674

321,794

—

—

1,346,755

852,787

—

—

(2,288,673)

(2,030,144)

—

—

19,310,756

(855,563)

—

—

27,998,125

(1,540,112)

1,070,851

230,648

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

Equity

Funds

(I) #### NVIT

#### J.P.

#### Morgan

#### Equity

#### and

#### Options

#### Total

#### Return

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### OPERATIONS:
Net

investment

income

$

4,922,609

$

6,751,183

Net

realized

gains

(losses)

207,763,767

53,970,730

Net

change

in

unrealized

appreciation/depreciation

(107,517,623)

26,296,206

Change

in

net

assets

resulting

from

operations

105,168,753

87,018,119

#### Distributions

#### to

#### Shareholders

#### From:
Distributable

earnings:

Class

I

(36,628,888)

(19,999,551)

Class

II

(9,026,250)

(4,783,085)

Class

IV

(13,678,360)

(7,161,135)

Class

Y

—

—

Return

of

capital:

Class

Y

—

—

Change

in

net

assets

from

shareholder

distributions

(59,333,498)

(31,943,771)

Change

in

net

assets

from

capital

transactions

(12,250,360)

(36,209,687)

Change

in

net

assets

33,584,895

18,864,661

#### Net

#### Assets:
Beginning

of

year

676,525,453

657,660,792

End

of

year

$

710,110,348

$

676,525,453

#### CAPITAL

#### TRANSACTIONS:

#### Class

#### I

#### Shares
Proceeds

from

shares

issued

$

4,743,994

$

5,516,872

Dividends

reinvested

36,628,888

19,999,551

Cost

of

shares

redeemed

(55,082,659)

(49,867,970)

Total

Class

I

Shares

(13,709,777)

(24,351,547)

#### Class

#### II

#### Shares
Proceeds

from

shares

issued

8,440,224

6,447,723

Dividends

reinvested

9,026,250

4,783,085

Cost

of

shares

redeemed

(19,854,308)

(19,457,118)

Total

Class

II

Shares

(2,387,834)

(8,226,310)

#### Class

#### IV

#### Shares
Proceeds

from

shares

issued

1,289,806

1,652,815

Dividends

reinvested

13,678,360

7,161,135

Cost

of

shares

redeemed

(11,120,915)

(12,445,780)

Total

Class

IV

Shares

3,847,251

(3,631,830)

#### Class

#### Y

#### Shares
Proceeds

from

shares

issued

—

—

Dividends

reinvested

—

—

Cost

of

shares

redeemed

—

—

Total

Class

Y

Shares

—

—

Change

in

net

assets

from

capital

transactions

$

(12,250,360)

$

(36,209,687)

Equity

Funds

(I) -

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### J.P.

#### Morgan

#### Innovators

#### Fund

#### NVIT

#### J.P.

#### Morgan

#### Large

#### Cap

#### Growth

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
$

17,254

$

14,235

$

64,613

$

15,866

319,433

681,975

(1,417,667)

148,401

858,674

552,272

6,212,385

3,655,659

1,195,361

1,248,482

4,859,331

3,819,926

—

—

(24,858)

(a) —

—

—

(285,799)

(a) —

—

—

—

—

(245,291)

(365,603)

(91,400)

(15,922)

—

—

—

(12,388)

(245,291)

(365,603)

(402,057)

(28,310)

1,217,295

1,509,960

331,335,721

5,247,614

2,167,365

2,392,839

335,792,995

9,039,230

7,672,933

5,280,094

18,343,462

9,304,232

$

9,840,298

$

7,672,933

$

354,136,457

$

18,343,462

$

—

$

—

$

26,238,015

(a) $

—

—

—

24,858

(a) —

—

—

(385,339)

(a) —

—

—

25,877,534

(a) —

—

—

302,806,222

(a) —

—

—

285,799

(a) —

—

—

(6,879,671)

(a) —

—

—

296,212,350

(a) —

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

1,555,414

1,757,254

11,604,800

6,947,683

245,291

365,603

91,400

28,310

(583,410)

(612,897)

(2,450,363)

(1,728,379)

1,217,295

1,509,960

9,245,837

5,247,614

$

1,217,295

$

1,509,960

$

331,335,721

$

5,247,614

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

Equity

Funds

(I) #### NVIT

#### J.P.

#### Morgan

#### Equity

#### and

#### Options

#### Total

#### Return

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### SHARE

#### TRANSACTIONS:

#### Class

#### I

#### Shares
Issued

196,295

237,928

Reinvested

1,552,317

852,137

Redeemed

(2,286,976)

(2,170,147)

Total

Class

I

Shares

(538,364)

(1,080,082)

#### Class

#### II

#### Shares
Issued

354,445

283,720

Reinvested

386,560

205,853

Redeemed

(832,647)

(851,570)

Total

Class

II

Shares

(91,642)

(361,997)

#### Class

#### IV

#### Shares
Issued

53,563

69,987

Reinvested

580,384

305,498

Redeemed

(461,224)

(540,926)

Total

Class

IV

Shares

172,723

(165,441)

#### Class

#### Y

#### Shares
Issued

—

—

Reinvested

—

—

Redeemed

—

—

Total

Class

Y

Shares

—

—

Total

change

in

shares

(457,283)

(1,607,520)

(a) For

the

period

from

May

2,

2025

(commencement

of

operations)

through

December

31,

2025. Equity

Funds

(I) -

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### J.P.

#### Morgan

#### Innovators

#### Fund

#### NVIT

#### J.P.

#### Morgan

#### Large

#### Cap

#### Growth

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
—

—

1,408,354

(a) —

—

—

1,348

(a) —

—

—

(20,695)

(a) —

—

—

1,389,007

(a) —

—

—

16,276,027

(a) —

—

—

15,507

(a) —

—

—

(371,043)

(a) —

—

—

15,920,491

(a) —

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

109,782

129,692

685,106

480,786

16,331

26,942

4,959

1,723

(40,969)

(46,840)

(139,718)

(115,998)

85,144

109,794

550,347

366,511

85,144

109,794

17,859,845

366,511

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

Equity

Funds

(I) #### NVIT

#### J.P.

#### Morgan

#### U.S.

#### Equity

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### OPERATIONS:
Net

investment

income/(loss)

$

7,675,339

$

3,433,280

Net

realized

gains

(losses)

(10,803,493)

9,718,973

Net

change

in

unrealized

appreciation/depreciation

177,970,201

53,387,335

Change

in

net

assets

resulting

from

operations

174,842,047

66,539,588

#### Distributions

#### to

#### Shareholders

#### From:
Distributable

earnings:

Class

II

(1,284,703)

(662)

Class

Y

(15,531,466)

(2,350,483)

Change

in

net

assets

from

shareholder

distributions

(16,816,169)

(2,351,145)

Change

in

net

assets

from

capital

transactions

841,552,389

875,395,953

Change

in

net

assets

999,578,267

939,584,396

#### Net

#### Assets:
Beginning

of

year

1,019,846,542

80,262,146

End

of

year

$

2,019,424,809

$

1,019,846,542

#### CAPITAL

#### TRANSACTIONS:

#### Class

#### II

#### Shares
Proceeds

from

shares

issued

$

35,220,109

$

35,162,025

Dividends

reinvested

1,284,703

662

Cost

of

shares

redeemed

(11,994,000)

(21,659,519)

Total

Class

II

Shares

24,510,812

13,503,168

#### Class

#### Y

#### Shares
Proceeds

from

shares

issued

1,099,414,258

959,083,441

Dividends

reinvested

15,531,466

2,350,483

Cost

of

shares

redeemed

(297,904,147)

(99,541,139)

Total

Class

Y

Shares

817,041,577

861,892,785

Change

in

net

assets

from

capital

transactions

$

841,552,389

$

875,395,953

#### SHARE

#### TRANSACTIONS:

#### Class

#### II

#### Shares
Issued

1,610,440

1,737,364

Reinvested

55,808

Redeemed

(547,773)

(1,147,930)

Total

Class

II

Shares

1,118,475

589,467

#### Class

#### Y

#### Shares
Issued

47,881,348

48,098,767

Reinvested

666,520

107,996

Redeemed

(13,204,131)

(4,813,482)

Total

Class

Y

Shares

35,343,737

43,393,281

Total

change

in

shares

36,462,212

43,982,748

(a) For

the

period

from

May

2,

2025

(commencement

of

operations)

through

December

31,

2025. Equity

Funds

(I) -

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### J.P.

#### Morgan

#### US

#### Technology

#### Leaders

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
$

(48,775)

$

(29,800)

613,279

494,063

2,937,623

3,054,967

3,502,127

3,519,230

(199)

(a) —

(721,220)

(40,775)

(721,419)

(40,775)

4,407,923

5,663,680

7,188,631

9,142,135

17,077,769

7,935,634

$

24,266,400

$

17,077,769

$

5,000

(a) $

—

(a) —

—

(a) —

5,199

(a) —

5,546,537

6,522,847

721,220

40,775

(1,865,033)

(899,942)

4,402,724

5,663,680

$

4,407,923

$

5,663,680

(a) —

(a) —

—

(a) —

(a) —

290,790

454,577

36,438

2,337

(98,493)

(57,389)

228,735

399,525

229,055

399,525

-

Financial

Highlights

-

December

31,

2025

-

Equity

Funds

(I) #### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### BNY

#### Mellon

#### Dynamic

#### U.S.

#### Core

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### Portfolio

#### Turnover(b)(f)

#### Class

#### I

#### Shares
12/31/2025

$

25.62 $

0.24 $

4.16 $

4.40 $

(0.26)

$

—

$

(0.26)

$

29.76 17.18%

$

1,867,658

0.61%

0.90%

0.66%

8.40%

12/31/2024

21.10 0.28 4.54 4.82 (0.30)

—

(0.30)

25.62 22.80%

1,764,356

0.61%

1.19%

0.66%

3.51%

12/31/2023

17.27 0.27 3.84 4.11 (0.28)

—

(0.28)

21.10 23.88%

1,617,136

0.61%

1.44%

0.66%

3.09%

12/31/2022

24.03 0.18 (5.46)

(5.28)

(0.17)

(1.31)

(1.48)

17.27 (22.10)%

1,439,331

0.61%

0.93%

0.67%

1.98%

12/31/2021

18.84 0.13 5.54 5.67 (0.11)

(0.37)

(0.48)

24.03 30.24%

2,016,400

0.61%

0.62%

0.67%

9.79%

#### Class

#### II

#### Shares
12/31/2025

25.25 0.17 4.10 4.27 (0.19)

—

(0.19)

29.33 16.91%

618,957

0.86%

0.65%

0.91%

8.40%

12/31/2024

20.80 0.22 4.46 4.68 (0.23)

—

(0.23)

25.25 22.50%

624,222

0.86%

0.94%

0.91%

3.51%

12/31/2023

17.03 0.22 3.78 4.00 (0.23)

—

(0.23)

20.80 23.56%

599,599

0.86%

1.18%

0.91%

3.09%

12/31/2022

23.71 0.13 (5.38)

(5.25)

(0.12)

(1.31)

(1.43)

17.03 (22.26)%

554,007

0.86%

0.68%

0.92%

1.98%

12/31/2021

18.62 0.08 5.46 5.54 (0.08)

(0.37)

(0.45)

23.71 29.91%

807,253

0.86%

0.37%

0.92%

9.79%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

Equity

Funds

(I) -

December

31,

2025

-

Financial

Highlights

-

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### BNY

#### Mellon

#### Dynamic

#### U.S.

#### Equity

#### Income

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### Portfolio

#### Turnover(b)(f)

#### Class

#### I

#### Shares
12/31/2025

$

17.72 $

0.28 $

2.89 $

3.17 $

(0.17)

$

(2.18)

$

(2.35)

$

18.54 18.63%

$

232,794

0.76%

1.53%

0.87%

83.60%

12/31/2024

16.79 0.32 2.24 2.56 (0.31)

(1.32)

(1.63)

17.72 15.32%

222,389

0.85%

1.76%

0.88%

69.58%

12/31/2023

16.61 0.29 1.14 1.43 (0.29)

(0.96)

(1.25)

16.79 8.84%

222,008

0.88%

1.71%

0.88%

79.22%

12/31/2022

19.87 0.24 (0.62)

(0.38)

(0.20)

(2.68)

(2.88)

16.61 (1.13)%

229,418

0.87%

1.34%

0.87%

79.56%

12/31/2021

14.95 0.17 4.98 5.15 (0.23)

—

(0.23)

19.87 34.53%

259,805

0.88%

0.96%

0.90%

86.42%

#### Class

#### II

#### Shares
12/31/2025

17.57 0.25 2.86 3.11 (0.14)

(2.18)

(2.32)

18.36 18.43%

66,694

0.93%

1.36%

1.12%

83.60%

12/31/2024

16.66 0.28 2.23 2.51 (0.28)

(1.32)

(1.60)

17.57 15.12%

65,852

1.02%

1.59%

1.13%

69.58%

12/31/2023

16.49 0.25 1.14 1.39 (0.26)

(0.96)

(1.22)

16.66 8.65%

67,545

1.05%

1.54%

1.13%

79.22%

12/31/2022

19.75 0.21 (0.62)

(0.41)

(0.17)

(2.68)

(2.85)

16.49 (1.30)%

72,340

1.04%

1.17%

1.12%

79.56%

12/31/2021

14.85 0.14 4.95 5.09 (0.19)

—

(0.19)

19.75 34.32%

84,025

1.06%

0.78%

1.15%

86.42%

#### Class

#### X

#### Shares
12/31/2025

17.69 0.32 2.87 3.19 (0.19)

(2.18)

(2.37)

18.51 18.81%

244,612

0.63%

1.74%

0.73%

83.60%

12/31/2024

16.76 0.34 2.25 2.59 (0.34)

(1.32)

(1.66)

17.69 15.49%

77,992

0.72%

1.89%

0.75%

69.58%

12/31/2023

16.58 0.31 1.14 1.45 (0.31)

(0.96)

(1.27)

16.76 9.00%

69,066

0.75%

1.85%

0.75%

79.22%

12/31/2022

19.84 0.27 (0.62)

(0.35)

(0.23)

(2.68)

(2.91)

16.58 (1.02)%

66,042

0.74%

1.48%

0.74%

79.56%

12/31/2021

14.92 0.19 4.98 5.17 (0.25)

—

(0.25)

19.84 34.71%

68,665

0.75%

1.09%

0.77%

86.42%

#### Class

#### Z

#### Shares
12/31/2025

17.40 0.27 2.83 3.10 (0.18)

(2.18)

(2.36)

18.14 18.55%

523,819

0.88%

1.50%

0.98%

83.60%

12/31/2024

16.52 0.29 2.20 2.49 (0.29)

(1.32)

(1.61)

17.40 15.13%

166,461

0.97%

1.64%

1.00%

69.58%

12/31/2023

16.35 0.26 1.14 1.40 (0.27)

(0.96)

(1.23)

16.52 8.78%

172,151

1.00%

1.59%

1.00%

79.22%

12/31/2022

19.62 0.22 (0.63)

(0.41)

(0.18)

(2.68)

(2.86)

16.35 (1.30)%

191,855

0.99%

1.23%

0.99%

79.56%

12/31/2021

14.76 0.15 4.91 5.06 (0.20)

—

(0.20)

19.62 34.35%

204,457

1.00%

0.83%

1.02%

86.42%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

-

Financial

Highlights

-

December

31,

2025

-

Equity

Funds

(I) #### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### J.P.

#### Morgan

#### Digital

#### Evolution

#### Strategy

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income

#### (Loss)(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Income
(Loss)

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### Portfolio

#### Turnover(b)(f)

#### Class

#### II

#### Shares
12/31/2025(g)

$

15.53 $

(0.04)

$

7.23 $

7.19 $

—

$

(1.16)

$

(1.16)

$

21.56 46.48%

$

21,011

0.96%

(0.29)%

1.75%

90.46%

#### Class

#### Y

#### Shares
12/31/2025

17.13 0.05 5.59 5.64 (0.04)

(1.16)

(1.20)

21.57 33.10%

15,731

0.56%

0.26%

1.44%

90.46%

12/31/2024

13.14 0.01 4.92 4.93 (0.01)

(0.93)

(0.94)

17.13 37.48%

10,845

0.62%

0.04%

1.82%

77.54%

12/31/2023

7.76 —

5.38 5.38 —

—

—

13.14 69.35%

5,286

0.62%

0.01%

2.96%

72.09%

12/31/2022(h)

10.00 (0.01)

(2.23)

(2.24)

—

—

—

7.76 (22.40)%

2,698

0.63%

(0.15)%

5.60%

66.62%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(g) For

the

period

from

May

2,

2025

(commencement

of

operations)

through

December

31,

2025. Total

return

is

calculated

based

on

inception

date

of

May

1,

2025

through

December

31,

2025. (h) For

the

period

from

April

28,

2022

(commencement

of

operations)

through

December

31,

2022. Total

return

is

calculated

based

on

inception

date

of

April

27,

2022

through

December

31,

2022. Equity

Funds

(I) -

December

31,

2025

-

Financial

Highlights

-

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### J.P.

#### Morgan

#### Equity

#### and

#### Options

#### Total

#### Return

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)

#### Portfolio

#### Turnover(b)(e)

#### Class

#### I

#### Shares
12/31/2025

$

23.00 $

0.18 $

3.52 $

3.70 $

(0.22)

$

(1.95)

$

(2.17)

$

24.53 16.49%

$

434,918

0.79%

0.75%

0.79%

91.00%

12/31/2024

21.20 0.24 2.67 2.91 (0.25)

(0.86)

(1.11)

23.00 13.66%

420,226

0.79%

1.02%

0.79%

19.96%

12/31/2023

22.00 0.30 1.42 1.72 (0.28)

(2.24)

(2.52)

21.20 8.27%

410,239

0.79%

1.37%

0.79%

20.34%

12/31/2022

27.22 0.28 (2.63)

(2.35)

(0.27)

(2.60)

(2.87)

22.00 (8.44)%

416,998

0.79%

1.16%

0.79%

25.96%

12/31/2021

23.53 0.20 4.90 5.10 (0.20)

(1.21)

(1.41)

27.22 21.88%

502,466

0.80%

0.79%

0.80%

17.86%

#### Class

#### II

#### Shares
12/31/2025

22.83 0.12 3.49 3.61 (0.16)

(1.95)

(2.11)

24.33 16.22%

109,585

1.04%

0.50%

1.04%

91.00%

12/31/2024

21.06 0.18 2.64 2.82 (0.19)

(0.86)

(1.05)

22.83 13.33%

104,948

1.04%

0.77%

1.04%

19.96%

12/31/2023

21.87 0.24 1.42 1.66 (0.23)

(2.24)

(2.47)

21.06 8.03%

104,400

1.04%

1.12%

1.04%

20.34%

12/31/2022

27.08 0.22 (2.62)

(2.40)

(0.21)

(2.60)

(2.81)

21.87 (8.66)%

105,627

1.04%

0.91%

1.04%

25.96%

12/31/2021

23.42 0.14 4.86 5.00 (0.13)

(1.21)

(1.34)

27.08 21.57%

128,404

1.05%

0.54%

1.05%

17.86%

#### Class

#### IV

#### Shares
12/31/2025

22.98 0.18 3.51 3.69 (0.22)

(1.95)

(2.17)

24.50 16.47%

165,607

0.79%

0.75%

0.79%

91.00%

12/31/2024

21.18 0.24 2.67 2.91 (0.25)

(0.86)

(1.11)

22.98 13.67%

151,352

0.79%

1.02%

0.79%

19.96%

12/31/2023

21.98 0.30 1.42 1.72 (0.28)

(2.24)

(2.52)

21.18 8.29%

143,021

0.79%

1.37%

0.79%

20.34%

12/31/2022

27.20 0.28 (2.63)

(2.35)

(0.27)

(2.60)

(2.87)

21.98 (8.45)%

139,336

0.79%

1.17%

0.79%

25.96%

12/31/2021

23.51 0.20 4.90 5.10 (0.20)

(1.21)

(1.41)

27.20 21.90%

160,843

0.80%

0.79%

0.80%

17.86%

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

-

Financial

Highlights

-

December

31,

2025

-

Equity

Funds

(I) #### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### J.P.

#### Morgan

#### Innovators

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### Portfolio

#### Turnover(b)

#### Class

#### Y

#### Shares
12/31/2025

$

13.56 $

0.03 $

1.93 $

1.96 $

(0.03)

$

(0.38)

$

(0.41)

$

15.11 14.47%

$

9,840

0.62%

0.21%

1.93%

92.22%

12/31/2024

11.57 0.03 2.64 2.67 (0.03)

(0.65)

(0.68)

13.56 23.05%

7,673

0.62%

0.22%

2.25%

96.08%

12/31/2023

8.65 0.04 2.92 2.96 (0.04)

—

(0.04)

11.57 34.17%

5,280

0.62%

0.38%

2.82%

93.79%

12/31/2022(f)

10.00 0.02 (1.35)

(1.33)

(0.02)

—

(0.02)

8.65 (13.30)%

3,152

0.63%

0.37%

5.28%

52.19%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(f) For

the

period

from

April

28,

2022

(commencement

of

operations)

through

December

31,

2022. Total

return

is

calculated

based

on

inception

date

of

April

27,

2022

through

December

31,

2022. Equity

Funds

(I) -

December

31,

2025

-

Financial

Highlights

-

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### J.P.

#### Morgan

#### Large

#### Cap

#### Growth

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income

#### (Loss)(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Return

#### of

#### Capital

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Income
(Loss)

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### Portfolio

#### Turnover(b)(f)

#### Class

#### I

#### Shares
12/31/2025(g)

$

15.45 $

0.01 $

3.23 $

3.24 $

—

$

(0.02)

$

—

$

(0.02)

$

18.67 20.96%

$

25,934

0.69%

0.05%

0.95%

45.48%

#### Class

#### II

#### Shares
12/31/2025(g)

15.45 (0.01)

3.24 3.23 —

(0.02)

—

(0.02)

18.66 20.89%

297,018

0.79%

(0.06)%

1.21%

45.48%

#### Class

#### Y

#### Shares
12/31/2025

16.36 0.06 2.30 2.36 (0.04)

(0.02)

—

(0.06)

18.66 14.41%

31,184

0.44%

0.34%

1.01%

45.48%

12/31/2024

12.33 0.02 4.04 4.06 (0.02)

—

(0.01)

(0.03)

16.36 32.89%

18,343

0.62%

0.11%

1.33%

51.74%

12/31/2023

9.14 0.02 3.19 3.21 (0.02)

—

—

(0.02)

12.33 35.15%

9,304

0.62%

0.23%

1.93%

59.02%

12/31/2022(h)

10.00 0.05 (0.87)

(0.82)

(0.04)

—

—

(0.04)

9.14 (8.19)%

4,234

0.62%

0.77%

4.47%

12.22%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(g) For

the

period

from

May

2,

2025

(commencement

of

operations)

through

December

31,

2025. Total

return

is

calculated

based

on

inception

date

of

May

1,

2025

through

December

31,

2025. (h) For

the

period

from

April

28,

2022

(commencement

of

operations)

through

December

31,

2022. Total

return

is

calculated

based

on

inception

date

of

April

27,

2022

through

December

31,

2022. 54

-

Financial

Highlights

-

December

31,

2025

-

Equity

Funds

(I) #### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### J.P.

#### Morgan

#### U.S.

#### Equity

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)(f)

#### Portfolio

#### Turnover(b)(g)

#### Class

#### II

#### Shares
12/31/2025

$

21.01 $

0.04 $

2.91 $

2.95 $

(0.02)

$

(0.19)

$

(0.21)

$

23.75 14.09%

$

152,767

0.94%

0.17%

0.94%

43.89%

12/31/2024

16.99 0.06 3.96 4.02 —

—

—

21.01 23.66%

111,623

0.94%

0.31%

0.98%

54.75%

12/31/2023

13.49 0.11 3.49 3.60 (0.10)

—

(0.10)

16.99 26.73%

80,253

0.94%

0.70%

1.03%

51.24%

12/31/2022

16.94 0.10 (3.38)

(3.28)

(0.08)

(0.09)

(0.17)

13.49 (19.38)%

54,725

0.94%

0.69%

1.10%

47.17%

12/31/2021

13.62 0.05 3.74 3.79 (0.04)

(0.43)

(0.47)

16.94 27.93%

44,370

0.89%

0.33%

1.37%

61.64%

#### Class

#### Y

#### Shares
12/31/2025

20.93 0.15 2.92 3.07 (0.10)

(0.19)

(0.29)

23.71 14.69%

1,866,658

0.44%

0.68%

0.44%

43.89%

12/31/2024

16.89 0.16 3.93 4.09 (0.05)

—

(0.05)

20.93 24.23%(h)

908,224

0.43%

0.76%

0.43%

54.75%

12/31/2023

13.41 0.18 3.47 3.65 (0.17)

—

(0.17)

16.89 27.30%(h)

0.44%

1.20%

0.52%

51.24%

12/31/2022

16.83 0.17 (3.35)

(3.18)

(0.15)

(0.09)

(0.24)

13.41 (18.95)%(h)

0.44%

1.16%

0.61%

47.17%

12/31/2021

13.52 0.12 3.74 3.86 (0.12)

(0.43)

(0.55)

16.83 28.66%(h)

0.44%

0.80%

0.97%

61.64%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) Expense

ratios

include

expenses

reimbursed

to

the

Advisor

for

the

year

2025. (f) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(g) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(h) Includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

values

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

values

and

returns

for

shareholder

transactions.

Equity

Funds

(I) -

December

31,

2025

-

Financial

Highlights

-

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### J.P.

#### Morgan

#### US

#### Technology

#### Leaders

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Loss(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Loss

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### Portfolio

#### Turnover(b)(f)

#### Class

#### II

#### Shares
12/31/2025(g)

$

16.11 $

(0.08)

$

4.52 $

4.44 $

—

$

(0.64)

$

(0.64)

$

19.91 27.60%(h)

$

0.93%

(0.62)%

1.74%

62.33%

#### Class

#### Y

#### Shares
12/31/2025

17.27 (0.05)

3.35 3.30 —

(0.64)

(0.64)

19.93 19.15%

24,260

0.56%

(0.24)%

1.27%

62.33%

12/31/2024

13.47 (0.03)

3.87 3.84 —

(0.04)

(0.04)

17.27 28.52%

17,078

0.62%

(0.22)%

1.48%

60.67%

12/31/2023

8.17 (0.02)

5.32 5.30 —

—

—

13.47 64.87%

7,936

0.62%

(0.22)%

2.37%

31.34%

12/31/2022(i)

10.00 (0.01)

(1.82)

(1.83)

—

—

—

8.17 (18.30)%

3,137

0.63%

(0.12)%

5.35%

20.01%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(g) For

the

period

from

May

2,

2025

(commencement

of

operations)

through

December

31,

2025. Total

return

is

calculated

based

on

inception

date

of

May

1,

2025

through

December

31,

2025. (h) Includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

values

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

values

and

returns

for

shareholder

transactions.

(i) For

the

period

from

April

28,

2022

(commencement

of

operations)

through

December

31,

2022. Total

return

is

calculated

based

on

inception

date

of

April

27,

2022

through

December

31,

2022. 56

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Equity

Funds

(I) 1. #### Organization
Nationwide

Variable

Insurance

Trust

("NVIT"

or

the

"Trust")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

management

investment

company,

organized

as

a

statutory

trust

under

the

laws

of

the

State

of

Delaware.

The

Trust

has

authorized

an

unlimited

number

of

shares

of

beneficial

interest

("shares"),

without

par

value.

The

Trust

currently

offers

shares

to

life

insurance

company

separate

accounts

to

fund

the

benefits

payable

under

variable

life

insurance

policies

and

variable

annuity

contracts.

As

of

December

31,

2025,

the

Trust

operates

sixty-nine

(69) separate

series,

or

mutual

funds,

each

with

its

own

objective(s)

and

investment

strategies.

This

report

contains

the

financial

statements

and

financial

highlights

for

the

eight

(8) series

listed

below

(each,

a

"Fund";

collectively,

the

"Funds").

Nationwide

Fund

Advisors

("NFA")

serves

as

investment

adviser

to

the

Funds.

NFA

is

a

wholly

owned

subsidiary

of

Nationwide

Financial

Services,

Inc.

("NFS"),

a

holding

company

which

is

a

direct

wholly

owned

subsidiary

of

Nationwide

Corporation.

Nationwide

Corporation,

in

turn,

is

owned

by

Nationwide

Mutual

Insurance

Company

and

Nationwide

Mutual

Fire

Insurance

Company.

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund

("U.S.

Core")

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund ("U.S.

Equity

Income")

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund ("Digital

Evolution

Strategy")

NVIT

J.P.

Morgan

Equity

and

Options

Total

Return

Fund

(formerly,

NVIT

AQR

Large

Cap

Defensive

Style

Fund) ("Total

Return")

NVIT

J.P.

Morgan

Innovators

Fund

("Innovators")

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund

("Large

Cap

Growth")

NVIT

J.P.

Morgan

U.S.

Equity

Fund

("U.S.

Equity")

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

("US

Technology

Leaders")

Only

separate

accounts

established

by

Nationwide

Life

Insurance

Company

("NLIC"),

a

wholly

owned

subsidiary

of

NFS,

hold

shares

of Innovators

and

US

Technology

Leaders.

Shares

of

U.S.

Core

and

U.S.

Equity

Income

are

held

by separate

accounts

established

by

NLIC

and

Nationwide

Life

and

Annuity

Insurance

Company

("NLAIC"),

a

wholly

owned

subsidiary

of

NLIC,

and

other

affiliated insurance

companies.

Shares

of

Digital

Evolution

Strategy,

Total

Return,

and Large

Cap

Growth are

held

by

separate

accounts

established

by

NLIC

and

NLAIC.

Shares

of

U.S.

Equity

are

held

by

separate

accounts

established

by

NLIC,

NLAIC,

and

series

of

the

Trust

that

operate

as

a

fund-of-funds,

such

as

the

NVIT

Investor

Destinations

Funds.

The

Funds,

as

applicable,

currently

offer

Class

I,

Class

II,

Class

IV,

Class

X,

Class

Y,

and

Class Z

shares.

Each

share

class

of

a

Fund

represents

interests

in

the

same

portfolio

of

investments

of

that

Fund

and

the

classes

are

identical

except

for

any

differences

in

the

distribution

or

service

fees,

administrative

services

fees,

class

specific

expenses,

certain

voting

rights,

and

class

names

or

designations.

Each Fund,

except

Digital

Evolution

Strategy

and

Large

Cap

Growth,

is

a

diversified

fund

as

defined

in

the

1940

Act. Digital

Evolution

Strategy

and

Large

Cap

Growth

are

non-diversified

funds,

as

defined

in

the

1940

Act.

Class

I

and

Class II

of

Large

Cap

Growth,

and

Class

II

of

Digital

Evolution

Strategy

and

US

Technology

Leaders

commenced

operations

on

May

2,

2025. Effective

September

19,

2025,

NVIT

AQR

Large

Cap

Defensive

Style

Fund

was

renamed

to

"NVIT

J.P.

Morgan

Equity

and

Options

Total

Return

Fund".

2. #### Summary

#### of

#### Significant

#### Accounting

#### Policies
The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Funds

in

the

accounting

and

the

preparation

of

their

financial

statements.

The

Funds

are

investment

companies

and

follow

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Codification

Topic

946

("ASC

946").

The

policies

are

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

("U.S.

GAAP"),

including,

but

not

limited

to,

ASC

946. The

preparation

of

financial

statements

requires

fund

management

to

make

estimates

and

assumptions

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

expenses

for

the

period.

The

Funds

utilize

various

methods

to

measure

the

value

of

their

investments

on

a

recurring

basis.

Amounts

received

upon

the

sale

of

such

investments

could

differ

from

those

estimated

values

and

those

differences

could

be

material.

Equity

Funds

(I) -

December

31,

2025

-

Notes

to

Financial

Statements

-

(a) #### Security

#### Valuation
U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

Pursuant

to

procedures

approved

by

the

Board

of

Trustees

of

the

Trust

(the

"Board

of

Trustees"),

NFA

assigns

a

fair

value,

as

defined

by

U.S.

GAAP,

to

a

Fund's

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

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

—

Quoted

prices

in

active

markets

for

identical

assets

Level

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

—

Significant

unobservable

inputs

(including

a

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.

Securities

for

which

market-based

quotations

are

readily

available

are

valued

at

the

current

market

value

as

of

"Valuation

Time".

Valuation

Time

is

as

of

the

close

of

regular

trading

on

the

New

York

Stock

Exchange

(usually

4:00

p.m.

Eastern

time).

Equity

securities

are

generally

valued

at

the

last

quoted

sale

price

or

official

closing

price,

or,

if

there

is

no

such

price,

the

last

quoted

bid

price

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Prices

are

taken

from

the

primary

market

or

exchange

on

which

each

security

trades.

Shares

of

registered

open-end

management

investment

companies

are

valued

at

net

asset

value

("NAV")

as

reported

by

such

company.

Shares

of

exchange

traded

funds

("ETFs")

are

generally

valued

at

the

last

quoted

sale

price

or

official

closing

price,

or,

if

there

is

no

such

price,

the

last

quoted

bid

price

provided

by

an

independent

pricing

service.

Master

limited

partnerships

("MLPs")

are

publicly

traded

partnerships

and

are

treated

as

partnerships

for

U.S.

federal

income

tax

purposes.

Investments

in

MLPs

are

valued

at

the

last

quoted

sale

price

or

official

closing

price,

or,

if

there

is

no

such

price,

the

last

quoted

bid

price

provided

by

an

independent

pricing

service.

Equity

securities,

shares

of

registered

open-

end

management

investment

companies,

shares

of

ETFs

and

MLPs

valued

in

this

manner

are

generally

categorized

as

Level

investments

within

the

hierarchy.

Repurchase

agreements

are

valued

at

amortized

cost,

which

approximates

fair

value,

and

are

generally

categorized

as

Level

investments

within

the

hierarchy.

Debt

and

other

fixed-income

securities

are

generally

valued

at

the

bid

evaluation

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board

of

Trustees.

Evaluations

provided

by

independent

pricing

service

providers

may

be

determined

without

exclusive

reliance

on

quoted

prices

and

may

use

broker-dealer

quotations,

individual

trading

characteristics

and

other

market

data,

reported

trades

or

valuation

estimates

from

their

internal

pricing

models.

The

independent

pricing

service

providers'

internal

models

use

inputs

that

are

observable

such

as

issuer

details,

interest

rates,

yield

curves,

prepayment

speeds,

credit

risks/spreads,

default

rates,

anticipated

timing

of

principal

repayments,

and

quoted

prices

for

similar

assets

and

are

generally

categorized

as

Level

investments

within

the

hierarchy.

Debt

obligations

generally

involve

some

risk

of

default

with

respect

to

interest

and/or

principal

payments.

The

Board

of

Trustees

has

delegated

authority

to

NFA,

and

the

Trust's

administrator,

Nationwide

Fund

Management

LLC

("NFM"),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

("FVC")

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i) market-based

quotations

are

not

readily

available;

(ii) an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii) a

significant

event

has

occurred

that

affects

the

value

of

a

Fund's

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer's

operations);

(iv) the

securities

are

illiquid;

(v) the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi) any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Equity

Funds

(I) The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i) a

multiple

of

earnings;

(ii) the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii) the

yield-to-maturity

for

debt

issues;

or

(iv) a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

Each

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

investments;

otherwise,

they

are

classified

as

Level

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

("non-U.S.

securities")

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

The

following

tables

provide

a

summary

of

the

inputs

used

to

value

the

Funds'

net

assets

as

of

December

31,

2025. Please

refer

to

the

Statements

of

Investments

for

additional

information

on

portfolio

holdings.

#### U.S.

#### Core

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Common

Stocks

$

2,281,258,780

$

–

$

–

$

2,281,258,780

Futures

Contracts#

9,417

–

–

9,417

Purchased

Option

2,166,780

–

–

2,166,780

Repurchase

Agreements

–

59,003,484

–

59,003,484

Short-Term

Investment

–

72,755,846

–

72,755,846

#### Total

#### Assets

#### $

#### 2,283,434,977

#### $

#### 131,759,330

#### $

#### –

#### $

#### 2,415,194,307

#### Liabilities:
Futures

Contracts#

$

(2,973,062)

$

–

$

–

$

(2,973,062)

#### Total

#### Liabilities

#### $

#### (2,973,062)

#### $

#### –

#### $

#### –

#### $

#### (2,973,062)

#### Total

#### $

#### 2,280,461,915

#### $

#### 131,759,330

#### $

#### –

#### $

#### 2,412,221,245

#### U.S.

#### Equity

#### Income

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Common

Stocks

$

961,949,244

$

–

$

–

$

961,949,244

Purchased

Option

887,880

–

–

887,880

Repurchase

Agreements

–

16,179,037

–

16,179,037

Short-Term

Investment

–

26,909,696

–

26,909,696

#### Total

#### Assets

#### $

#### 962,837,124

#### $

#### 43,088,733

#### $

#### –

#### $

#### 1,005,925,857

#### Liabilities:
Futures

Contracts#

$

(1,922,625)

$

–

$

–

$

(1,922,625)

#### Total

#### Liabilities

#### $

#### (1,922,625)

#### $

#### –

#### $

#### –

#### $

#### (1,922,625)

#### Total

#### $

#### 960,914,499

#### $

#### 43,088,733

#### $

#### –

#### $

#### 1,004,003,232
Equity

Funds

(I) -

December

31,

2025

-

Notes

to

Financial

Statements

-

(b) #### Cash

#### Overdraft
Certain

Funds

may

have

overdrawn

U.S.

dollar

and/or

foreign

currency

balances

with

the

Funds'

custodian

bank,

JPMorgan

Chase

Bank,

N.A.

("JPMorgan").

To

offset

the

overdraft,

JPMorgan

advanced

an

amount

equal

to

the

overdraft.

Consistent

with

the

Funds'

borrowing

policy,

the

advance

is

deemed

a

temporary

loan

to

the

Funds.

Such

loans

are

payable

upon

demand

and

#### Digital

#### Evolution

#### Strategy

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Common

Stocks

$

25,485,879

$

–

$

–

$

25,485,879

#### Total

#### $

#### 25,485,879

#### $

#### –

#### $

#### –

#### $

#### 25,485,879

#### Total

#### Return

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Common

Stocks

$

708,446,216

$

–

$

–

$

708,446,216

#### Total

#### Assets

#### $

#### 708,446,216

#### $

#### –

#### $

#### –

#### $

#### 708,446,216

#### Liabilities:
Written

Options

$

(1,189,069)

$

–

$

–

$

(1,189,069)

#### Total

#### Liabilities

#### $

#### (1,189,069)

#### $

#### –

#### $

#### –

#### $

#### (1,189,069)

#### Total

#### $

#### 707,257,147

#### $

#### –

#### $

#### –

#### $

#### 707,257,147

#### Innovators

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Common

Stocks

$

9,182,666

$

–

$

–

$

9,182,666

#### Total

#### $

#### 9,182,666

#### $

#### –

#### $

#### –

#### $

#### 9,182,666

#### Large

#### Cap

#### Growth

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Common

Stocks

$

348,694,745

$

–

$

–

$

348,694,745

#### Total

#### $

#### 348,694,745

#### $

#### –

#### $

#### –

#### $

#### 348,694,745

#### U.S.

#### Equity

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Common

Stocks

$

2,015,047,658

$

–

$

–

$

2,015,047,658

#### Total

#### $

#### 2,015,047,658

#### $

#### –

#### $

#### –

#### $

#### 2,015,047,658

#### US

#### Technology

#### Leaders

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Common

Stocks

$

23,896,533

$

–

$

–

$

23,896,533

#### Total

#### $

#### 23,896,533

#### $

#### –

#### $

#### –

#### $

#### 23,896,533
#

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

Assets

and

Liabilities.

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Equity

Funds

(I) bear

interest

from

the

date

of

such

advance

to

the

date

of

payment

at

the

rate

agreed

upon

with

JPMorgan

under

the

custody

agreement.

These

advances

are

separate

from,

and

were

not

made

pursuant

to,

the

credit

agreement

discussed

in

Note

4. A

Fund

with

an

overdraft

is

subject

to

a

lien

by

JPMorgan

on

the

Fund's

account

and

JPMorgan

may

charge

the

Fund's

account

for

any

amounts

owed

to

JPMorgan.

JPMorgan

also

has

the

right

to

set

off

as

appropriate

and

apply

all

deposits

and

credits

held

by

or

owing

to

JPMorgan

against

such

amount,

subject

to

the

terms

of

the

custody

agreement.

As

of December

31,

2025,

the

Funds

did

not

have

overdrawn

balances.

(c) #### Foreign

#### Currency

#### Transactions&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The

accounting

records

of

the

Funds

are

maintained

in

U.S.

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

exchange

between

the

foreign

currency

and

the

U.S.

dollar

in

order

to

determine

the

value

of

the

Funds'

investments,

assets,

and

liabilities.

Purchases

and

sales

of

securities,

receipts

of

income,

and

payments

of

expenses

are

converted

at

the

prevailing

rate

of

exchange

on

the

respective

date

of

such

transactions.

The

accounting

records

of

a

Fund

do

not

differentiate

that

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

from

those

resulting

from

changes

in

the

market

prices

of

the

relevant

securities.

Each

portion

contributes

to

the

net

realized

gains

or

losses

from

transactions

in

investment

securities

and

net

change

in

unrealized

appreciation/depreciation

in

the

value

of

investment

securities.

Net

currency

gains

or

losses,

realized

and

unrealized,

that

are

a

result

of

differences

between

the

amount

recorded

on

a

Fund's

accounting

records,

and

the

U.S.

dollar

equivalent

amount

actually

received

or

paid

for

interest

or

dividends,

receivables

and

payables

for

investments

sold

or

purchased,

and

foreign

cash,

are

included

in

the

Statements

of

Operations

under

"Net

realized

gains

(losses)

from

foreign

currency

transactions"

and

"Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

translation

of

assets

and

liabilities

denominated

in

foreign

currencies,"

if

applicable.

(d) #### Options&nbsp;&nbsp;&nbsp;&nbsp;
Certain

Funds

purchased

and/or

wrote

options

on

futures

contracts,

single

stocks,

ETFs, and/or

indexes.

Such

option

investments

are

utilized

to

manage

currency

exposures

and/or

hedge

against

movements

in

the

values

of

the

foreign

currencies

in

which

the

portfolio

securities

are

denominated,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates

and

equity

movements,

to

capitalize

on

the

return-generating

features

of

selling

options

(short

volatility)

while

simultaneously

benefiting

from

the

risk-control

attributes

associated

with

buying

options

(long

volatility),

and/or

to

generate

consistent

outperformance,

as

applicable,

to

meet

each

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

purchase

of

put

options

serves

as

a

short

hedge

and

the

purchase

of

call

options

serves

as

a

long

hedge.

Writing

put

options

serves

as

a

limited

long

hedge

because

increases

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

depreciates

to

a

price

lower

than

the

strike

price

of

the

put

option,

it

can

be

expected

that

the

put

option

will

be

exercised,

and

the

Fund

will

be

obligated

to

purchase

the

security

at

more

than

its

market

value.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

option

contracts.

Writing

call

options

serves

as

a

limited

short

hedge

because

declines

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

appreciates

to

a

price

higher

than

the

exercise

price

of

the

call

option,

it

can

be

expected

that

the

call

option

will

be

exercised,

and

a

Fund

will

be

obligated

to

sell

the

security

at

less

than

its

market

value

or

will

be

obligated

to

purchase

the

security

at

a

price

greater

than

that

at

which

the

security

must

be

sold

under

the

option.

When

a

Fund

writes

an

option,

an

amount

equal

to

the

premium

received

is

recorded

as

a

liability

and

subsequently

marked-to-

market

to

reflect

the

current

value

of

the

option

written.

Premiums

received

from

writing

options

which

expire

unexercised

are

treated

as

realized

gains.

Premiums

received

from

writing

options

which

are

exercised

or

closed

are

added

to

the

proceeds

from

or

offset

against

amounts

paid

on

the

underlying

transaction

to

determine

the

realized

gain

or

loss

on

such

underlying

transaction.

When

a

Fund

writes

an

option,

it

has

no

control

over

whether

the

option

will

be

exercised,

and

as

a

result

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

instrument

underlying

the

written

option.

Writing

options

entails

the

risk

that

a

Fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

Options

traded

on

an

exchange

are

valued

at

the

settlement

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board.

If

a

settlement

price

is

not

available,

such

options

are

valued

at

the

last

quoted

sale

price,

if

available,

and

otherwise

at

the

average

bid/ask

price.

Exchange

traded

options

are

generally

categorized

as

Level

investments

within

the

hierarchy.

Options

traded

in

the

over-the-counter

("OTC")

market,

and

which

are

not

quoted

by

NASDAQ,

are

valued

at

the

last

quoted

bid

price,

and

are

generally

categorized

as

Level

investments

within

the

hierarchy.

The

value

of

an

option

position

reflects,

among

other

things,

the

implied

price

volatility

of

the

underlying

investment,

the

current

market

value

of

the

underlying

investment,

the

time

remaining

until

expiration

of

the

option,

the

relationship

of

the

strike

price

to

the

market

price

of

the

underlying

investment,

and

general

Equity

Funds

(I) -

December

31,

2025

-

Notes

to

Financial

Statements

-

market

conditions.

Options

that

expire

unexercised

have

no

value.

American-style

options

can

be

exercised

at

any

time

prior

to

the

expiration

date

of

the

option.

European-style

options

can

only

be

exercised

at

expiration

of

the

option.

A

Fund

effectively

terminates

its

right

or

obligation

under

an

option

by

entering

into

a

closing

transaction.

Closing

transactions

permit

a

Fund

to

realize

the

profit

or

limit

the

loss

on

an

option

position

prior

to

its

exercise

or

expiration.

If

a

Fund

is

unable

to

affect

a

closing

transaction

for

an

option

it

purchased,

it

would

have

to

exercise

the

option

to

realize

any

profit.

The

inability

to

enter

into

a

closing

purchase

transaction

for

a

covered

call

option

written

by

a

Fund

could

cause

material

losses

because

a

Fund

would

be

unable

to

sell

the

investment

used

as

a

cover

for

the

written

option

until

the

option

expires

or

is

exercised.

The

writing

and

purchasing

of

options

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Imperfect

correlation

between

options

and

the

securities

markets

may

detract

from

the

effectiveness

of

attempted

hedging.

Transactions

using

OTC

options

(other

than

options

purchased

by

a

Fund)

expose

a

Fund

to

counterparty

risk.

To

the

extent

required

by

Securities

and

Exchange

Commission

("SEC")

guidelines,

a

Fund

will

not

enter

into

any

options

transactions

unless

it

owns

either

(i) an

offsetting

("covered")

position

in

securities,

other

options,

or

futures

or

(ii) cash

and

liquid

obligations

with

a

value

sufficient

at

all

times

to

cover

its

potential

obligations

to

the

extent

not

covered

as

provided

in

(i) above.

A

Fund

will

also

earmark

or

set

aside

cash

and/or

appropriate

liquid

assets

in

a

segregated

custodial

account

as

required

by

SEC

and

U.S.

Commodity

Futures

Trading

Commission

regulations.

Assets

used

as

cover

or

held

in

a

segregated

account

cannot

be

sold

while

the

position

in

the

corresponding

option

or

futures

contract

is

open,

unless

they

are

replaced

with

similar

assets.

As

a

result,

the

commitment

of

a

large

portion

of

a

Fund's

assets

to

earmarking

or

segregated

accounts

as

a

cover

could

impede

portfolio

management

or

a

Fund's

ability

to

meet

redemption

requests

or

other

current

obligations.

The

Funds' purchased

options

are

disclosed

in

the

Statements

of

Assets

and

Liabilities

under

"Investment

securities,

at

value,"

in

the

Statement

of

Investments

and

in

the

Statements

of

Operations

under

"Net

realized

gains

(losses)

from

transactions

in

investment

securities"

and

"Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

investment

securities,"

as

applicable.

The

Funds' written

options

contracts are

disclosed

in

the

Statements

of

Assets

and

Liabilities

under

"Written options,

at

value,"

in

a

table

in

the

Statements

of

Investments

and

in

the

Statements

of

Operations

under

"Net

realized

gains

(losses)

from

expiration

or

closing

of

option

contracts

written"

and

"Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

option

contracts

written,"

as

applicable.

(e) #### Futures

#### Contracts
Certain

Funds are

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

their

objectives. Certain Funds

entered

into

financial

futures

contracts

("futures

contracts")

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/

or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

each

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, a

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, a

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 a

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

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, a

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, a

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. A

Fund's

investments

in

futures

contracts

entail

limited

counterparty

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Equity

Funds

(I) credit

risk

because a

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

Funds'

futures

contracts

are

reflected

in

the

Statements

of

Assets

and

Liabilities

under

"Receivable/Payable

for

variation

margin

on

futures

contracts,"

in

a

table

in

the

Statement

of

Investments

and

in

the

Statements

of

Operations

under

"Net

realized

gains

(losses)

from

expiration

or

closing

of

futures

contracts"

and

"Net

change

in

unrealized

appreciation/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

December

31,

2025:

#### Fair

#### Values

#### of

#### Derivatives

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### as

#### of

#### December

#### 31,

#### 2025:

#### The

#### Effect

#### of

#### Derivative

#### Instruments

#### on

#### the

#### Statements

#### of

#### Operations

#### for

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025:

#### U.S.

#### Core

#### Assets:

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value
Purchased

Options

Equity

risk

Investment

securities,

at

value

$

2,166,780

Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

9,417

#### Total

#### $

#### 2,176,197

#### Liabilities:
Futures

Contracts#

Interest

rate

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

(2,973,062)

#### Total

#### $

#### (2,973,062)

#### U.S.

#### Equity

#### Income

#### Assets:

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value
Purchased

Options

Equity

risk

Investment

securities,

at

value

$

887,880

#### Total

#### $

#### 887,880

#### Liabilities:
Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

(702,764)

Interest

rate

risk

Receivable/payable

for

variation

margin

on

futures

contracts

(1,219,861)

#### Total

#### $

#### (1,922,625)

#### Total

#### Return

#### Liabilities:

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value
Written

Options

Equity

risk

Written

options,

at

value

$

(1,189,069)

#### Total

#### $

#### (1,189,069)
#

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

Assets

and

Liabilities.

#### U.S.

#### Core

#### Realized

#### Gains

#### (Losses):

#### Total
Purchased

Options§

Equity

risk

$

8,917,718

Futures

Contracts

Equity

risk

(6,384,041)

Interest

rate

risk

6,870,191

#### $

#### 9,403,868
Equity

Funds

(I) -

December

31,

2025

-

Notes

to

Financial

Statements

-

#### Change

#### in

#### Unrealized

#### Appreciation/Depreciation

#### on

#### Derivatives

#### Recognized

#### in

#### the

#### Statements

#### of

#### Operations

#### for

#### the Year

#### Ended December

#### 31,

#### 2025:

#### U.S.

#### Equity

#### Income

#### Realized

#### Gains

#### (Losses):

#### Total
Purchased

Options§

Equity

risk

$

1,856,874

Futures

Contracts

Equity

risk

(875,780)

Interest

rate

risk

1,902,175

#### $

#### 2,883,269

#### Total

#### Return

#### Realized

#### Gains

#### (Losses):

#### Total
Written

Options

Equity

risk

$

10,017,598

Futures

Contracts

Equity

risk

1,314,540

#### $

#### 11,332,138

#### U.S.

#### Equity

#### Realized

#### Gains

#### (Losses):

#### Total
Futures

Contracts

Equity

risk

$

(165,786)

#### $

#### (165,786)
§

Realized

gains

(losses)

from

purchased

options

and

purchased

swaptions

are

included

in

"Net

realized

gains

(losses)

from

transactions

in

investment

securities."

#### U.S.

#### Core

#### Unrealized

#### Appreciation/Depreciation:

#### Total
Purchased

Options§

Equity

risk

$

2,119,299

Futures

Contracts

Equity

risk

4,133,634

Interest

rate

risk

657,478

#### $

#### 6,910,411

#### U.S.

#### Equity

#### Income

#### Unrealized

#### Appreciation/Depreciation:

#### Total
Purchased

Options§

Equity

risk

$

147,797

Futures

Contracts

Equity

risk

517,848

Interest

rate

risk

(371,754)

#### $

#### 293,891

#### Total

#### Return

#### Unrealized

#### Appreciation/Depreciation:

#### Total
Written

Options

Equity

risk

$

2,818,046

Futures

Contracts

Equity

risk

232,702

#### $

#### 3,050,748

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Equity

Funds

(I) The

following is

a

summary

of

the

Funds'

average

volume

of

derivative

instruments

held for

the year

ended December

31,

2025:

As

of December

31,

2025,

certain

Funds

may

have

entered

into

futures

contracts.

The

futures

contract

agreements

do

not

provide

for netting

arrangements.

(f) #### Securities

#### Lending
During

the

year

ended

December

31,

2025, certain

Funds entered

into

securities

lending

transactions.

To

generate

additional

income,

the

Funds

lent

their

portfolio

securities,

up

to

1/3%

of

the

total

assets

of

a

Fund,

to

brokers,

dealers,

and

other

financial

institutions.

JPMorgan

serves

as

securities

lending

agent

for

the

securities

lending

program

for

the

Funds.

Securities

lending

transactions

are

considered

to

be

overnight

and

continuous

and

can

be

terminated

by

a

Fund

or

the

borrower

at

any

time.

The

Funds

receive

payments

from JPMorgan

equivalent

to

any

dividends

and/or

interest

while

on

loan,

in

lieu

of

income

which

is

included

as

"Dividend

income"

and/or

"Interest

income",

as

applicable,

on

the

Statements

of

Operations.

The

Funds

also

receive

interest

that

would

have

been

earned

on

the

securities

loaned

while

simultaneously

seeking

to

earn

income

on

the

investment

of

cash

collateral

or

receiving

a

fee

with

respect

to

the

receipt

of

non-cash

collateral.

Securities

lending

income

includes

any

fees

charged

to

borrowers

less

expenses

associated

with

the

loan.

Income

from

the

securities

lending

program

is

recorded

when

earned

from JPMorgan

and

reflected

in

the

Statements

of

Operations

under

"Income

from

securities

lending

(net

of

fees)".

There

may

be

risks

of

delay

or

restrictions

in

recovery

of

the

securities

or

disposal

of

collateral

should

the

borrower

of

the

securities

fail

financially.

Loans

are

made,

however,

only

to

borrowers

deemed

by JPMorgan

to

be

of

good

standing

and

creditworthy.

Loans

are

subject

to

termination

by

the

Funds

or

the

borrower

at

any

time,

and,

therefore,

are

not

considered

to

be

illiquid

investments.

For

#### U.S.

#### Equity

#### Unrealized

#### Appreciation/Depreciation:

#### Total
Futures

Contracts

Equity

risk

$

20,609

#### $

#### 20,609
§

Change

in

unrealized

appreciation/depreciation

from

purchased

options

and

purchased

swaptions

are

included

in

"Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

investment

securities."

#### U.S.

#### Core

#### Options:
Average

Value

Purchased

$

7,774,706

Average

Number

of

Purchased

Option

Contracts

2,020

#### Futures

#### Contracts:
Average

Notional

Balance

Long

$

300,607,958

Average

Notional

Balance

Short

$

28,434,353

#### U.S.

#### Equity

#### Income

#### Options:
Average

Value

Purchased

$

1,856,668

Average

Number

of

Purchased

Option

Contracts

506

#### Futures

#### Contracts:
Average

Notional

Balance

Long

$

119,664,103

Average

Notional

Balance

Short

$

53,603,321

#### Total

#### Return

#### Options:
Average

Value

Written

$

1,811,725

Average

Number

of

Written

Option

Contracts

#### Futures

#### Contracts:
Average

Notional

Balance

Long

$

6,089,300

#### U.S.

#### Equity

#### Futures

#### Contracts:
Average

Notional

Balance

Long

$

531,647

Equity

Funds

(I) -

December

31,

2025

-

Notes

to

Financial

Statements

-

Funds

to

which

JPMorgan

is

not

an

affiliate,

JPMorgan

receives

a

fee

based

on

a

percentage

of

earnings

(less

any

rebates

paid

to

the

borrower)

derived

from

the

investment

of

cash

collateral,

or

a

percentage

of

the

fee

paid

by

the

borrower

for

loans

collateralized

by

non-cash

collateral.

For

Funds

to

which

JPMorgan

is

an

affiliate,

JPMorgan

receives

a

flat

fee

based

on

a

percentage

of

the

market

value

of

loaned

securities.

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

December

31,

2025,

which

were

comprised

of

repurchase

agreements

purchased

with

cash

collateral,

as

shown

on each

Fund's

Statement

of

Investments,

were

as

follows:

The

Trust's

securities

lending

policies

and

procedures

require

that

the

borrower

(i) deliver

cash

or

U.S.

Government

securities

as

collateral

with

respect

to

each

new

loan

of

U.S.

securities,

equal

to

at

least

102%

of

the

value

of

the

portfolio

securities

loaned,

and

with

respect

to

each

new

loan

of

non-U.S.

securities,

collateral

of

at

least

105%

of

the

value

of

the

portfolio

securities

loaned;

and

(ii) at

all

times

thereafter

mark-to-market

the

collateral

on

a

daily

basis

so

that

the

market

value

of

such

collateral

is

at

least

100%

of

the

value

of

securities

loaned.

Cash

collateral

received

is

generally

invested

in

joint

repurchase

agreements

and

shown

in

the

Statement

of

Investments

and

included

in

calculating

the

Fund's

total

assets.

U.S.

Government

securities

received

as

collateral,

if

any,

are

held

in

safe-keeping

by

JPMorgan

or

The

Bank

of

New

York

Mellon

and

cannot

be

sold

or

repledged

by

the

Funds

and

accordingly

are

not

reflected

in

the

Fund's

total

assets.

For

additional

information

on

the

non-cash

collateral

received,

if

any,

please

refer

to

the

Statement

of

Investments.

The

Securities

Lending

Agency

Agreement

between

the

Trust

and

JPMorgan

provides

that

in

the

event

of

a

default

by

a

borrower

with

respect

to

any

loan,

the

Fund

may

terminate

the

loan

and

JPMorgan

will

exercise

any

and

all

remedies

provided

under

the

applicable

borrower

agreement

to

make

the

Fund

whole.

These

remedies

include

purchasing

replacement

securities

by

applying

the

collateral

held

from

the

defaulting

borrower

against

the

purchase

cost

of

the

replacement

securities.

If,

despite

such

efforts

by

JPMorgan

to

exercise

these

remedies,

the

collateral

is

less

than

the

purchase

cost

of

the

replacement

securities,

JPMorgan

is

responsible

for

such

shortfall,

subject

to

certain

limitations

which

are

set

forth

in

detail

in

the

Securities

Lending

Agency

Agreement.

As

of December

31,

2025,

the

Securities

Lending

Agency

Agreement

does

not

permit

the

Funds

to

enforce

a

netting

arrangement.

(g) #### Joint

#### Repurchase

#### Agreements
During

the year

ended December

31,

2025,

certain

Funds,

along

with

other

series

of

the

Trust,

pursuant

to

procedures

adopted

by

the

Board

of

Trustees

and

applicable

guidance

from

the

SEC,

transferred

cash

collateral

received

from

securities

lending

transactions,

through

a

joint

account

at

JPMorgan,

the

Funds'

custodian,

the

daily

aggregate

balance

of

which

is

invested

in

one

or

more

joint

repurchase

agreements

("repo"

or

collectively

"repos")

collateralized

by

U.S.

Treasury

or

federal

agency

obligations.

For

repos,

each

Fund

participates

on

a

pro

rata

basis

with

other

clients

of

JPMorgan

in

its

share

of

the

underlying

collateral

under

such

repos

and

in

its

share

of

proceeds

from

any

repurchase

or

other

disposition

of

the

underlying

collateral.

In

repos,

the

seller

of

a

security

agrees

to

repurchase

the

security

at

a

mutually

agreed-upon

time

and

price,

which

reflects

the

effective

rate

of

return

for

the

term

of

the

agreement.

For

repos,

The

Bank

of

New

York

Mellon

or

JPMorgan

takes

possession

of

the

collateral

pledged

for

investments

in

such

repos.

The

underlying

collateral

is

valued

daily

on

a

mark-to-market

basis

to

ensure

that

the

value

is

equal

to

or

greater

than

the

repurchase

price,

including

accrued

interest.

In

the

event

of

default

of

the

obligation

to

repurchase,

the

Funds

have

the

right

to

liquidate

the

collateral

and

apply

the

proceeds

in

satisfaction

of

the

obligation.

If

the

seller

defaults

and

the

value

of

the

collateral

declines

or

if

bankruptcy

proceedings

are

commenced

with

respect

to

the

seller

of

the

security,

realization

of

the

collateral

by

the

Funds

may

be

delayed

or

limited.

#### Fund

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities
U.S.

Core

$

59,003,484

U.S.

Equity

Income

16,179,037

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Equity

Funds

(I) As

of December

31,

2025, certain

Funds'

investment in

joint

repos

was

subject

to

an

enforceable

netting

arrangement.

The

Funds'

proportionate

holding

in

joint

repos

was

as

follows:

As

of

December

31,

2025,

the

joint

repos

on

a

gross

basis

were

as

follows:

Barclays

Capital,

Inc,

3.45%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$50,009,583,

collateralized

by

U.S.

Government

Treasury

Securities,

4.38%,

maturing

1/31/2032;

total

market

value

$51,000,051.

BofA

Securities,

Inc.,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$50,010,694,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.34%

-

5.25%,

maturing

10/20/2034

-

2/20/2073;

total

market

value

$51,000,000.

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$131,688,142,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$134,293,264.

CF

Secured,

LLC,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$215,045,867,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.13%

-

7.50%,

maturing

3/31/2026

-

4/20/2071;

total

market

value

$219,346,790.

Citi

Global

Market,

Inc.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$138,529,316,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.38%

-

4.25%,

maturing

2/15/2028

-

10/31/2029;

total

market

value

$141,270,038.

MetLife,

Inc.,

3.83%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$150,031,917,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$153,077,523.

Pershing

LLC,

3.72%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$215,044,433,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

2/15/2026

-

12/20/2075;

total

market

value

$219,300,007.

#### U.S.

#### Core

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
Barclays

Capital,

Inc

$

15,000,000

$

–

$

15,000,000

$

(15,000,000)

$

–

Cantor

Fitzgerald

&

Co.

3,003,484

–

3,003,484

(3,003,484)

–

CF

Secured,

LLC

5,000,000

–

5,000,000

(5,000,000)

–

Citi

Global

Market,

Inc.

1,000,000

–

1,000,000

(1,000,000)

–

MetLife,

Inc.

8,000,000

–

8,000,000

(8,000,000)

–

Pershing

LLC

27,000,000

–

27,000,000

(27,000,000)

–

#### Total
$

59,003,484

$

–

$

59,003,484

$

(59,003,484)

$

–

Equity

Funds

(I) -

December

31,

2025

-

Notes

to

Financial

Statements

-

(h) #### Security

#### Transactions

#### and

#### Investment

#### Income
Security

transactions

are

accounted

for

on

the

date

the

security

is

purchased

or

sold.

Security

gains

and

losses

are

calculated

on

the

identified

cost

basis.

Interest

income

is

recognized

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts,

and

is

recorded

as

such

on

a

Fund's

Statement

of

Operations.

Dividend

income

and

expenses,

as

applicable,

are

recorded

on

the

ex-dividend

date

and

are

recorded

as

such

on

a

Fund's

Statement

of

Operations,

except

for

certain

dividends

from

foreign

securities,

which

are

recorded

as

soon

as

the

Trust

is

informed

on

or

after

the

ex-dividend

date.

Income

from

non-cash

dividends,

if

any,

is

recorded

at

the

fair

value

of

the

securities

and

is

recorded

as

such

on

a

Fund's

Statement

of

Operations.

Foreign

income

and

capital

gains

may

be

subject

to

foreign

withholding

taxes,

a

portion

of

which

may

be

reclaimable,

and

capital

gains

taxes

at

various

rates.

Under

applicable

foreign

law,

a

withholding

tax

may

be

imposed

on

interest

and

dividends

paid

by

a

foreign

security

and

capital

gains

from

the

sale

of

a

foreign

security.

Foreign

income

or

capital

gains

subject

to

foreign

withholding

taxes

are

recorded

net

of

the

applicable

withholding

tax.

For

certain

securities,

including

a

real

estate

investment

trust

("REIT"),

a

Fund

records

distributions

received

in

excess

of

earnings

and

profits

of

such

security

as

a

reduction

of

cost

of

investments

and/or

realized

gain

(referred

to

as

a

return

of

capital).

Additionally,

a

REIT

may

characterize

distributions

it

pays

as

long-term

capital

gains.

Such

distributions

are

based

on

estimates

if

actual

amounts

are

not

available.

Actual

distributions

of

income,

long-term

capital

gain

and

return

of

capital

may

differ

from

the

estimated

amounts.

A

Fund

will

recharacterize

the

estimated

amounts

of

the

components

of

distributions

as

necessary,

once

the

issuers

provide

information

about

the

actual

composition

of

the

distributions.

Any

portion

of

a

distribution

deemed

a

return

of

capital

is

generally

not

taxable

to

a

Fund.

A

Fund

records

as

dividend

income

the

amount

characterized

as

ordinary

income

and

records

as

realized

gain

the

amount

characterized

by

a

REIT

as

long-term

capital

gain

in

the

Statements

of

Operations.

The

amount

characterized

as

return

of

capital

is

a

reduction

to

the

cost

of

investments

in

the

Statements

of

Assets

and

Liabilities

if

the

security

is

still

held;

otherwise

it

is

recorded

as

an

adjustment

to

realized

gains

(losses)

from

transactions

in

investment

securities

in

the

Statements

of

Operations.

These

characterizations

are

reflected

in

the

accompanying

financial

statements.

(i) #### Distributions

#### to

#### Shareholders
Distributions

from

net

investment

income,

if

any,

are

declared

and

paid

quarterly.

Distributions

from

net

realized

capital

gains,

if

any,

are

declared

and

distributed

at

least

annually.

All

distributions

are

recorded

on

the

ex-dividend

date.

Dividends

and

distributions

to

shareholders

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

"book/tax"

differences

are

considered

either

permanent

or

temporary.

Permanent

differences

are

reclassified

within

the

capital

accounts

based

on

their

nature

for

federal

income

tax

purposes;

temporary

differences

do

not

require

#### U.S.

#### Equity

#### Income

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
BofA

Securities,

Inc.

$

6,000,000

$

–

$

6,000,000

$

(6,000,000)

$

–

Cantor

Fitzgerald

&

Co.

1,079,037

–

1,079,037

(1,079,037)

–

CF

Secured,

LLC

2,100,000

–

2,100,000

(2,100,000)

–

Citi

Global

Market,

Inc.

7,000,000

–

7,000,000

(7,000,000)

–

#### Total
$

16,179,037

$

–

$

16,179,037

$

(16,179,037)

$

–

\*

As

of

December

31,

2025,

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.

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Equity

Funds

(I) reclassification.

The

permanent

differences

as

of

December

31,

2025

are

primarily

attributable

to

investments

in

passive

foreign

investment

companies

("PFICs")

and

net

operating

losses.

Temporary

differences

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

and

tax

purposes;

these

differences

will

reverse

at

some

time

in

the

future.

The

temporary

differences

as

of

December

31,

2025

may

primarily

be

attributable

to

mark-to-market

adjustments

on

futures,

mark-to-market

adjustments

on

options,

outstanding

straddle

loss

deferrals,

and

outstanding

wash

sale

loss

deferrals.

These

reclassifications

have

no

effect

upon

the

NAV

of a

Fund.

Any

distribution

in

excess

of

current

and

accumulated

earnings

and

profits

for

federal

income

tax

purposes

is

reported

as

a

return

of

capital

distribution.

Reclassifications

for

the

year

ended

December

31,

2025

were

as

follows:

(j) #### Federal

#### Income

#### Taxes
Each Fund

elected

to

be

treated

as,

and

intends

to

qualify

each

year

as,

a

"regulated

investment

company"

("RIC")

by

complying

with

the

requirements

of

Subchapter

M

of

the

U.S.

Internal

Revenue

Code

of

1986

(the

"Code"),

as

amended,

and

to

make

distributions

of

net

investment

income

and

net

realized

capital

gains

sufficient

to

relieve

a

Fund

from

all,

or

substantially

all,

federal

income

taxes.

The

aforementioned

distributions

may

be

made

in

cash

or

via

consent

dividends.

Consent

dividends,

agreed

to

by

each

shareholder,

are

taxable

to

the

shareholders

as

if

they

were

paid

in

cash

during

their

current

tax

year.

A

Fund

recognizes

a

tax

benefit

from

an

uncertain

position

only

if

it

is

more

likely

than

not

that

the

position

is

sustainable,

based

solely

on

its

technical

merits

and

consideration

of

the

relevant

taxing

authorities'

widely

understood

administrative

practices

and

precedents.

Each

year,

a

Fund

undertakes

an

affirmative

evaluation

of

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

tax

returns

to

determine

whether

it

is

more

likely

than

not

(i.e.,

greater

than

percent)

that

each

tax

position

will

be

sustained

upon

examination

by

a

taxing

authority.

The

Funds

file

U.S.

federal

income

tax

returns

and,

if

applicable,

returns

in

various

foreign

jurisdictions

in

which

they

invest.

Generally,

a

Fund

is

subject

to

examinations

by

such

taxing

authorities

for

up

to

three

years

after

the

filing

of

the

return

for

the

tax

period.

The

Funds

adopted

FASB

Accounting

Standards

Update

2023-09,

Income

Taxes

(Topic

740)—Improvements

to

Income

Tax

Disclosures

("ASU

2023-09").

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disclosure

of

income

taxes

paid

by

jurisdiction.

During

the

year

ended

December

31,

2025,

the

Funds

did

not

pay

a

significant

amount

of

foreign

or

U.S.

federal,

state

or

local

income

taxes

and

therefore

did

not

include

any

additional

disclosures

in

these

financial

statements.

(k) #### Allocation

#### of

#### Expenses,

#### Income

#### and

#### Gains

#### and

#### Losses
Expenses

directly

attributable

to

a

Fund

are

charged

to

that

Fund.

Expenses

not

directly

attributable

to

a

Fund

are

allocated

proportionally

among

various

or

all

series

of

the

Trust.

Income,

fund

level

expenses,

and

realized

and

unrealized

gains

or

losses

are

allocated

to

each

class

of

shares

of

a

Fund

based

on

the

value

of

the

outstanding

shares

of

that

class

relative

to

the

total

value

of

the

outstanding

shares

of

that

Fund.

Expenses

specific

to

a

class

(such

as

Rule

12b-1

and

administrative

services

fees)

are

charged

to

that

specific

class.

(l) #### European

#### Union

#### ("EU")

#### Reclaims
As

a

result

of

several

court

cases,

certain

Funds

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

certain

countries

across

the

European

Union

("EU

reclaims").

Since

uncertainty

exists

as

to

the

ultimate

resolution

of

these

proceedings,

the

likelihood

of

receipt

of

these

EU

reclaims,

and

the

potential

timing

of

payment,

EU

Reclaim

amounts

are

generally

not

reflected

in

the

financial

statements

until

payments

are

received

by

the

Fund

or

NFA

believes

it

is

more

likely

than

not

that

amounts

for

a

certain

country

will

be

received.

Income

recognized

for

EU

reclaims

is

reflected

as

European

Union

tax

reclaims

#### Fund

#### Capital

#### Total

#### Distributable

#### Earnings
(Loss)

U.S.

Core

$

–

$

–

U.S.

Equity

Income

–

–

Digital

Evolution

Strategy

–

–

Total

Return

–

–

Innovators

–

–

Large

Cap

Growth

1,143

(1,143)

U.S.

Equity

–

–

US

Technology

Leaders

(48,775)

48,775

Equity

Funds

(I) -

December

31,

2025

-

Notes

to

Financial

Statements

-

in

the

Statements

of

Operations.

Any

fees

associated

with

these

filings

are

reflected

as

European

Union

tax

reclaim

fees

in

the

Statements

of

Operations.

(m) #### Reportable

#### Segment

#### Disclosure
The

Principal

Executive

Officer

acts

as

the

Funds'

Chief

Operating

Decision

Maker

("CODM')

and

is

responsible

for

assessing

performance

and

allocating

resources

with

respect

to

the

Funds.

The

CODM

has

concluded

that

each

Fund

operates

as

a

single

operating

segment

since

the

Funds

each

have

a

single

investment

strategy

as

disclosed

in

its

prospectus,

against

which

the

CODM

assesses

performance.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

presented

within

the

Funds'

financial

statements.

3. #### Transactions

#### with

#### Affiliates
Under

the

terms

of

the

Trust's

Investment

Advisory

Agreement,

NFA

manages

the

investments

of

the

assets

and

supervises

the

daily

business

affairs

of

the

Funds

in

accordance

with

policies

and

procedures

established

by

the

Board

of

Trustees.

NFA

has

selected

the

subadviser

for

each Fund

as

noted

below,

and

provides

investment

management

evaluation

services

in

monitoring,

on

an

ongoing

basis,

the

performance

of

the

subadvisers.

As

of

December

31,

2025,

the

subadviser

for each

Fund is

as

follows:

Under

the

terms

of

the

Investment

Advisory

Agreement,

each

Fund

pays

NFA

an

investment

advisory

fee

based

on

that

Fund's

average

daily

net

assets.

During

the

year

ended

December

31,

2025,

the

Funds

paid

investment

advisory

fees

to

NFA

according

to

the

following

schedule.

#### Fund

#### Subadviser
U.S.

Core

Newton

Investment

Management

North

America,

LLC

("Newton

US")

U.S.

Equity

Income

Newton

US

Digital

Evolution

Strategy

J.P.

Morgan

Investment

Management

Inc.

("JPMIM")

Total

Return

JPMIM(a)

Innovators

JPMIM

Large

Cap

Growth

JPMIM

U.S.

Equity

JPMIM

US

Technology

Leaders

JPMIM

(a) Effective

September

19,

2025,

J.P.

Morgan

Investment

Management

Inc.

was

appointed

as

the

subadviser

to

the

Fund.

Effective

on

September

19,

2025,

AQR

Capital

Management,

LLC

was

terminated

and

ceased

serving

as

subadviser

to

the

Fund.

#### Fund

#### Fee

#### Schedule

#### Advisory

#### Fee

#### (annual

#### rate)
U.S.

Core

Up

to

$500

million

0.50%

$500

million

up

to

$1

billion

0.475%

$1

billion

and

more

0.45%

U.S.

Equity

Income

Up

to

$500

million

0.57%

$500

million

up

to

$1

billion

0.55%

$1

billion

and

more

0.53%

Digital

Evolution

Strategy

$0

up

to

$1

billion

0.75%

$1

billion

and

more

0.70%

Total

Return

Up

to

$250

million

0.60%

$250

million

up

to

$1

billion

0.575%

$1

billion

up

to

$2

billion

0.55%

$2

billion

up

to

$5

billion

0.525%

$5

billion

and

more

0.50%

Innovators

$0

up

to

$1

billion

0.75%

$1

billion

and

more

0.70%

Large

Cap

Growth

$0

up

to

$500

million

0.65%

$500

million

and

more

0.60%

U.S.

Equity

All

assets

0.39%

US

Technology

Leaders

$0

up

to

$1

billion

0.75%

$1

billion

and

more

0.70%

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Equity

Funds

(I) The

Trust

and

NFA

have

entered

into

a

written

contract

waiving

a

portion

of

investment

advisory

fees

of

the

Funds

as

listed

in

the

following

table

until

April

30,

2026. During

the

year

ended December

31,

2025,

the

following

table

provides

the

waiver

of

such

investment

advisory

fees

by

NFA

for

which

NFA

shall

not

be

entitled

to

later

seek

recoupment.

For

the

year

ended

December

31,

2025,

the

effective

advisory

fee

rates

before

and

after

contractual

and

voluntary

advisory

fee

waivers

and

expense

reimbursements, due

to the

expense

limitation

agreement

described

below,

were

as

follows:

From

these

fees,

pursuant

to

the

subadvisory

agreement,

NFA

pays

fees

to

the

unaffiliated

subadvisers.

The

Trust

and

NFA

have

entered

into

a

written

Expense

Limitation

Agreement

that

limits

certain

Funds'

operating

expenses,

(excluding

any

taxes,

interest,

compensation

payable

to

parties

not

affiliated

with

the

Adviser

for

the

recovery

of

tax

reclaims,

brokerage

commissions,

Rule

12b-1

fees,

acquired

fund

fees

and

expenses,

short-sale

dividend

expenses,

administrative

services

fees,

other

expenses

which

are

capitalized

in

accordance

with

generally

accepted

accounting

principles

and

expenses

incurred

by a

Fund

in

connection

with

any

merger

or

reorganization,

and

may

exclude

other

nonroutine

expenses

not

incurred

in

the

ordinary

course

of a

Fund's

business)

from

exceeding

the

amounts

listed

in

the

following

table

until

at

least

April

30,

2026. #### Fund

#### Advisory

#### Fee

#### Waiver

#### (annual

#### rate)
U.S.

Core

0.038%

#### Fund

#### Amount
U.S.

Core

$

905,846

#### Fund

#### Effective

#### Advisory

#### Fee

#### Rate

#### Before

#### Contractual\*

#### Fee

#### Waivers

#### and

#### Expense

#### Reimbursements

#### \*

#### Effective

#### Advisory

#### Fee

#### Rate

#### After

#### Contractual\*

#### Fee

#### Waivers

#### Effective

#### Advisory

#### Fee

#### Rate

#### After

#### Contractual\*

#### Fee

#### Waivers

#### and

#### Expense

#### Reimbursements
U.S.

Core

0.47 %

0.43 %

0.42 %

U.S.

Equity

Income

0.57 N/A

0.46 Digital

Evolution

Strategy

0.75 N/A

0.00 Total

Return

0.58 N/A

0.58 Innovators

0.75 N/A

0.00 Large

Cap

Growth

0.64 N/A

0.26 U.S.

Equity

0.39 N/A

0.39 US

Technology

Leaders

0.75 N/A

0.04 N/A

—

Not

Applicable.

\*

Please

see

above

for

additional

information

regarding

contractual

waivers.

#### Fund

#### Classes

#### Amount

#### (annual

#### rate)
Digital

Evolution

Strategy

All

Classes

0.56%

Innovators

All

Classes

0.62 Large

Cap

Growth

All

Classes

0.44 U.S.

Equity

All

Classes

0.44 US

Technology

Leaders

All

Classes

0.56 Equity

Funds

(I) -

December

31,

2025

-

Notes

to

Financial

Statements

-

The

Trust

and

NFA

have

entered

into

a

written

Expense

Limitation

Agreement

that

limits

certain

Funds'

operating

expenses

from

exceeding

the

amounts

listed

in

the

following

table

until

at

least

April

30,

2026. On

November

14,

2025,

the

Trust

and

NFA

have

entered

into

a

written

Expense

Limitation

Agreement

that

limits

certain

Funds'

operating

expenses,

(excluding

any

interest,

taxes,

fees

paid

to

non-affiliated

parties

in

connection

with

the

recovery

of

tax

reclaims,

brokerage

commissions

and

other

costs

incurred

in

connection

with

the

purchase

and

sales

of

portfolio

securities,

short

sale

dividend

expenses,

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),

including

the

effect

of

any

fees

waived

by

NFA

or

any

of

its

affiliates

pursuant

to

any

other

expense

limitation

agreement

or

fee

waiver

agreement

as

detailed

above,

from

exceeding

the

amounts

listed

in

the

following

table

until

November

14,

2027. NFA

may

request

and

receive

reimbursement

from

a

Fund

for

advisory

fees

waived

or

other

expenses

reimbursed

by

NFA

pursuant

to

the

Expense

Limitation

Agreement

at

a

date

not

to

exceed

three

years

from

the

date

on

which

the

corresponding

waiver

or

reimbursement

to

the

Fund

was

made.

However,

no

reimbursement

may

be

made

unless:

(i) the

Fund's

assets

exceed

$100

million

and

(ii) the

total

annual

expense

ratio

of

the

class

making

such

reimbursement

is

no

higher

than

the

amount

of

the

expense

limitation

that

was

in

place

at

the

time

NFA

waived

the

fees

or

reimbursed

the

expenses

and

does

not

cause

the

expense

ratio

to

exceed

the

current

expense

limitation.

Reimbursement

by

a

Fund

of

amounts

previously

waived

or

reimbursed

by

NFA

is

not

permitted

except

as

provided

for

in

the

Expense

Limitation

Agreement.

The

Expense

Limitation

Agreement

may

be

changed

or

eliminated

only

with

the

consent

of

the

Board

of

Trustees.

As

of

December

31,

2025,

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:

Pursuant

to

the

Expense

Limitation

Agreement,

during

the

year

ended

December

31,

2025,

certain

Funds

reimbursed

NFA

in

the

following

amounts:

NFM,

a

wholly

owned

subsidiary

of

NFS

Distributors,

Inc.

("NFSDI")

(a

wholly

owned

subsidiary

of

NFS),

provides

various

administrative

and

accounting

services

for

the

Funds

and

serves

as

Transfer

and

Dividend

Disbursing

Agent

for

the

Funds.

NFM

has

entered

into

agreements

with

third-party

service

providers

to

provide

certain

sub-administration

and

sub-transfer

agency

services

to

the

Funds.

NFM

pays

the

service

providers

a

fee

for

these

services.

#### Fund

#### Classes

#### Amount

#### (annual

#### rate)
U.S.

Core

Class

I

0.65%

Class

II

0.90 U.S.

Equity

Income

Class

I

0.76 Class

II

0.93 Class

X

0.63 Class

Z

0.88 #### Fund

#### Classes

#### Amount

#### (annual

#### rate)
U.S.

Core

Class

I

0.67%

U.S.

Equity

Income

Class

X

0.68%

Class

Z

0.92%

Large

Cap

Growth

Class

I

0.76%

Class

II

0.83%

#### Fund

#### Fiscal

#### Year

#### 2023

#### Amount

#### Fiscal

#### Year

#### 2024

#### Amount

#### Fiscal

#### Year

#### 2025

#### Amount

#### Total
U.S.

Core

$

179,974

$

174,835

$

162,082

$

516,891

U.S.

Equity

Income

—

154,139

642,681

796,820

Digital

Evolution

Strategy

84,036

108,655

132,623

325,314

Total

Return

—

—

—

—

Innovators

79,479

104,725

109,920

294,124

Large

Cap

Growth

76,855

102,741

260,232

439,828

U.S.

Equity

53,534

35,302

—

88,836

US

Technology

Leaders

81,011

115,572

142,170

338,753

#### Fund

#### Amount
U.S.

Equity

$

44,000

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Equity

Funds

(I) 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.

For

the

year

ended

December

31,

2025,

NFM

earned

an

aggregate

of

$1,701,859

in

fees

from

the

Funds

under

the

Joint

Fund

Administration

and

Transfer

Agency

Agreement.

Under

the

terms

of

the

Joint

Fund

Administration

and

Transfer

Agency

Agreement

and

a

letter

agreement

between

NFM

and

the

Trust,

the

Trust

has

agreed

to

reimburse

NFM

for

certain

costs

related

to

each

Fund's

portion

of

ongoing

administration,

monitoring

and

annual

(compliance

audit)

testing

of

the

Trust's

Rule

38a-1

Compliance

Program

subject

to

the

pre-approval

of

the

Trust's

Audit

Committee.

These

costs

are

allocated

among

the

series

of

the

Trust

based

upon

their

relative

net

assets.

For

the

year

ended

December

31,

2025,

the

Funds' aggregate

portion

of

such

costs

amounted

to

$21,355.

In

addition,

the

Trust

pays

out-of-pocket

expenses

reasonably

incurred

by

NFM

in

providing

services

to

the

Funds

and

the

Trust,

including,

but

not

limited

to,

the

cost

of

pricing

services

that

NFM

utilizes.

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.

The

Trust

and

NFD

have

entered

into

a

written

contract

waiving

distribution

fees

for

Class

II

shares

of

the

Funds

according

to

the

following

schedule

until

at

least

April

30,

2026:

During

the year

ended December

31,

2025, each

Fund's

waiver

of

such

distribution

fees

by

NFD,

for

which

NFD

shall

not

be

entitled

to

reimbursement

by

the

Funds

for

any

amount

waived,

were

as

follows:

Under

the

terms

of

an

Administrative

Services

Plan,

the

Funds

pay

fees

to

servicing

organizations,

such

as

broker-dealers,

including

NFS,

and

financial

institutions,

that

agree

to

provide

administrative

support

services

to

the

shareholders

of

certain

classes.

These

services

may

include,

but

are

not

limited

to,

the

following:

(i) establishing

and

maintaining

shareholder

accounts;

(ii) processing

purchase

and

redemption

transactions;

(iii) arranging

bank

wires;

(iv) performing

shareholder

sub-accounting;

(v) #### Combined

#### Fee

#### Schedule
Up

to

$25

billion

0.025%

$25

billion

and

more

0.020 #### Fund

#### Class

#### II

#### Shares

#### Class

#### Z

#### Shares
U.S.

Core

0.25%

N/A

U.S.

Equity

Income

0.25%

0.25%

Digital

Evolution

Strategy

0.25%

N/A

Total

Return

0.25%

N/A

Large

Cap

Growth

0.25%

N/A

U.S.

Equity

0.25%

N/A

US

Technology

Leaders

0.25%

N/A

N/A

-

Not

Applicable.

#### Fund

#### Distribution

#### Fee

#### Waiver

#### (Annual

#### Rate)
U.S.

Equity

Income

0.08%

Digital

Evolution

Strategy

0.10 Large

Cap

Growth

0.15 US

Technology

Leaders

0.10 #### Fund

#### Amount
U.S.

Equity

Income

$

52,547

Digital

Evolution

Strategy

3,170

Large

Cap

Growth

59,175

US

Technology

Leaders

Equity

Funds

(I) -

December

31,

2025

-

Notes

to

Financial

Statements

-

answering

inquiries

regarding

the

Funds;

and

(vi) other

such

services.

These

fees

are

calculated

at

an

annual

rate

of

up

to

0.25%

of

the

average

daily

net

assets

of

Class

I

and

Class

II

shares

of

the

Fund,

up

to

0.20%

of

the

average

daily

net

assets

of

Class

IV, and

up

to

0.12%

of

the

average

daily

net

assets

of

Class

X and

Class

Z

shares of

each Fund.

For the

year

ended

December

31,

2025,

the

effective

rates

for

administrative

services

fees

were

as

follows:

For

the

year

ended

December

31,

2025,

each

Fund's

total

administrative

services

fees

were

as

follows:

4. #### Line

#### of

#### Credit

#### and

#### Interfund

#### Lending
The

Trust

and

NMF

(together,

the

"Trusts") renewed

the credit

agreement

with

JPMorgan,

The

Bank

of

New

York

Mellon,

and

Wells

Fargo

Bank

National

Association

(the

"Lenders"),

permitting

the

Trusts,

in

aggregate,

to

borrow

up

to

$100,000,000.

Advances

taken

by

a

Fund

under

this

arrangement

would

be

primarily

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

the

Fund's

borrowing

restrictions.

The

line

of

credit

requires

a

commitment

fee

of

0.15%

per

year

on

$100,000,000.

Such

commitment

fee

shall

be

payable

quarterly

in

arrears

on

the

last

business

day

of

each

March,

June,

September

and

December

and

on

the

termination

date.

Borrowings

under

this

arrangement

accrued

interest

at

the

Federal

Funds

Rate

plus

the

applicable

margin.

Interest

costs,

if

any,

would

be

shown

on

the

Statement

of

Operations.

No

compensating

balances

are

required

under

the

terms

of

the

line

of

credit.

In

addition,

a

Fund

may

not

draw

any

portion

of

the

line

of

credit

that

is

provided

by

a

bank

that

is

an

affiliate

of

the

Fund's

subadviser,

if

applicable.

In

addition

to

any

rights

and

remedies

of

the

Lenders

provided

by

law,

each

Lender

has

the

right,

upon

any

amount

becoming

due

and

payable

by

the

Fund,

to

set-off

as

appropriate

and

apply

all

deposits

and

credits

held

by

or

owing

to

such

Lender

against

such

amount,

subject

to

the

terms

of

the

credit

agreement.

The

line

of

credit

is

renewed

annually,

and

next

expires

on

July

1,

2026. During

the

year

ended December

31,

2025,

the

Funds

had

no

borrowings

under

the

line

of

credit.

Pursuant

to

an

exemptive

order

issued

by

the

SEC

(the

"Order"),

the

Funds

may

participate

in

an

interfund

lending

program

among

Funds

managed

by

NFA.

The

program

allows

the

participating

Funds

to

borrow

money

from

and

loan

money

to

each

other

for

temporary

purposes,

subject

to

the

conditions

in

the

Order.

A

loan

can

only

be

made

through

the

program

if

the

interfund

loan

rate

on

that

day

is

more

favorable

to

both

the

borrowing

and

lending

Funds

as

compared

to

rates

available

through

short-term

bank

loans

or

investments

in

overnight

repurchase

agreements

and

money

market

funds,

respectively,

as

detailed

in

the

Order.

Further,

a

Fund

may

participate

in

the

program

only

if

and

to

the

extent

that

such

participation

is

consistent

with

its

investment

objectives

and

limitations.

Interfund

loans

have

a

maximum

duration

of

seven

days

and

may

be

called

on

one

business

day's

notice. During

the

year

ended December

31,

2025,

none

of

the

Funds

engaged

in

interfund

lending.

#### Fund

#### Class

#### I

#### Class

#### II

#### Class

#### IV

#### Class

#### X

#### Class

#### Z
U.S.

Core

0.15 %

0.15 %

N/A

N/A

N/A

U.S.

Equity

Income

0.25 0.25 N/A

0.12 %

0.12 %

Digital

Evolution

Strategy

N/A

0.25 N/A

N/A

N/A

Total

Return

0.15 0.15 0.15 %

N/A

N/A

Large

Cap

Growth

0.25 0.25 N/A

N/A

N/A

U.S.

Equity

N/A

0.25 N/A

N/A

N/A

US

Technology

Leaders

N/A

0.24 N/A

N/A

N/A

N/A

—

Not

Applicable.

#### Fund

#### Amount
U.S.

Core

$

3,575,704

U.S.

Equity

Income

1,103,746

Digital

Evolution

Strategy

7,925

Total

Return

1,036,563

Innovators

N/A

Large

Cap

Growth

106,729

U.S.

Equity

319,408

US

Technology

Leaders

N/A

—

Not

Applicable.

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Equity

Funds

(I) 5. #### Investment

#### Transactions
For

the

year

ended

December

31,

2025,

purchases

and

sales

of

securities

(excluding

short-term

securities)

were

as

follows:

6. #### Portfolio

#### Investment

#### Risks
(a) #### Associated

#### with

#### Foreign

#### Securities

#### and

#### Currencies&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Investments

in

securities

of

foreign

issuers

carry

certain

risks

not

ordinarily

associated

with

investments

in

securities

of

U.S.

issuers.

These

risks

include

foreign

currency

fluctuations,

future

disruptive

political

and

economic

developments

and

the

possible

imposition

of

exchange

controls

or

other

unfavorable

foreign

government

laws

and

restrictions.

In

addition,

investments

in

certain

countries

may

carry

risks

of

expropriation

of

assets,

confiscatory

taxation,

political

or

social

instability,

or

diplomatic

developments

that

adversely

affect

investments

in

those

countries.

Certain

countries

also

may

impose

substantial

restrictions

on

investments

in

their

capital

markets

by

foreign

entities,

including

restrictions

on

investments

in

issuers

in

industries

deemed

sensitive

to

relevant

national

interests.

These

factors

may

limit

the

investment

opportunities

available

and

result

in

a

lack

of

liquidity

and

high

price

volatility

with

respect

to

securities

of

issuers

from

developing

countries.

(b) #### Risks

#### Associated

#### with

#### REIT

#### and

#### Real

#### Estate

#### Investments&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Investments

in

REITs

and

in

real

estate

securities

carry

certain

risks

associated

with

direct

ownership

of

real

estate

and

with

the

real

estate

industry

in

general.

These

risks

include

possible

declines

in

the

value

of

real

estate,

possible

lack

of

availability

of

mortgage

funds,

unexpected

vacancies

of

properties,

and

the

relative

lack

of

liquidity

associated

with

investments

in

real

estate.

(c) #### Risks

#### Associated

#### with

#### Interest

#### Rates&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Prices

of

fixed-income

securities

generally

increase

when

interest

rates

decline

and

decrease

when

interest

rates

increase.

Prices

of

longer-term

securities

generally

change

more

in

response

to

interest

rate

changes

than

prices

of

shorter-term

securities.

To

the

extent

a

Fund

invests

a

substantial

portion

of

its

assets

in

fixed-income

securities

with

longer-term

maturities,

rising

interest

rates

are

more

likely

to

cause

the

value

of

the

Fund's

investments

to

decline

significantly.

(d) #### Risks

#### Associated

#### with

#### Social

#### Policy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The

Fund's

social

policy

may

cause

it

to

underperform

similar

mutual

funds

that

do

not

have

a

social

policy.

This

can

occur

because:

undervalued

stocks

that

do

not

meet

the

social

criteria

could

outperform

those

that

do;

economic

or

political

changes

could

make

certain

companies

less

attractive

for

investment;

or

the

social

policy

could

cause

the

Fund

to

seek

or

avoid

stocks

that

subsequently

perform

well.

7. #### Indemnifications
Under

the

Trust's

organizational

documents,

the

Trust's

Officers

and

Trustees

are

indemnified

by

the

Trust

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

the

Trust

has

entered

into

indemnification

agreements

with

its

Trustees

and

certain

of

its

Officers.

Trust

Officers

receive

no

compensation

from

the

Trust

for

serving

as

its

Officers.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Trust's

maximum

liability

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

made

against

the

Trust.

Based

on

experience,

however,

the

Trust

expects

the

risk

of

loss

to

be

remote.

#### Fund

#### Purchases

#### Sales
U.S.

Core

$

183,765,377

$

342,959,401

U.S.

Equity

Income

856,267,761

467,532,092

Digital

Evolution

Strategy

24,669,190

14,130,807

Total

Return

623,642,298

665,020,805

Innovators

8,222,707

7,566,510

Large

Cap

Growth

360,961,232

34,578,331

U.S.

Equity

1,384,759,658

548,651,656

US

Technology

Leaders

16,231,597

12,289,174

Equity

Funds

(I) -

December

31,

2025

-

Notes

to

Financial

Statements

-

8. #### New

#### Accounting

#### Pronouncements
On

September

20,

2023,

the

SEC

adopted

amendments

to

the

current

rule

regarding

registered

fund

names,

as

well

as

certain

forms

and

disclosure

requirements.

The

amendments

are

intended

to

modernize

and

enhance

the

investor

protections

provided

by

Rule

35d-1

under

the

1940

Act

given

the

important

information

that

fund

names

can

convey

to

investors.

Management

is

currently

evaluating

the

implications

of

the

new

rule

and

the

impact

on

the

Funds'

financial

statement

disclosures

and

reporting

requirements.

9. #### Recaptured

#### Brokerage

#### Commissions
The

Funds

have

entered

into

agreements

with

brokers

whereby

the

brokers

will

return

a

portion

of

the

Funds'

brokerage

commissions

on

behalf

of

certain

Funds.

Such

amounts,

under

such

agreements,

are

included

in

net

realized

gains

(losses)

from

transactions

in

investment

securities

presented

in

the

Funds'

Statements

of

Operations.

During

the year

ended

December

31,

2025,

the

Funds

recaptured

the

following

amounts

of

brokerage

commissions:

10. #### Federal

#### Tax

#### Information
The

tax

character

of

distributions

paid

during

the

year

ended December

31,

2025

was

as

follows:

The

tax

character

of

distributions

paid

during

the

year

ended December

31,

2024

was

as

follows:

#### Fund

#### Amount
Digital

Evolution

Strategy

$

Innovators

Large

Cap

Growth

U.S.

Equity

16,913

US

Technology

Leaders

#### Distributions

#### paid

#### from

#### Fund

#### Ordinary

#### Income\*

#### Net

#### Long-Term

#### Capital

#### Gains

#### Total

#### Taxable

#### Distributions

#### Return

#### of

#### Capital

#### Total

#### Distributions

#### Paid
U.S.

Core

$

20,432,294

$

–

$

20,432,294

$

–

$

20,432,294

U.S.

Equity

Income

28,240,327

41,626,080

69,866,407

–

69,866,407

Digital

Evolution

Strategy

653,232

657,457

1,310,689

–

1,310,689

Total

Return

9,984,967

49,348,531

59,333,498

–

59,333,498

Innovators

18,952

226,339

245,291

–

245,291

Large

Cap

Growth

63,001

339,056

402,057

–

402,057

U.S.

Equity

15,308,773

1,507,396

16,816,169

–

16,816,169

US

Technology

Leaders

–

721,419

721,419

–

721,419

\*

Ordinary

Income

amounts

include

taxable

market

discount

and

net

short-term

capital

gains,

if

any.

#### Distributions

#### paid

#### from

#### Fund

#### Ordinary

#### Income\*

#### Net

#### Long-Term

#### Capital

#### Gains

#### Total

#### Taxable

#### Distributions

#### Return

#### of

#### Capital

#### Total

#### Distributions

#### Paid
U.S.

Core

$

26,340,012

$

–

$

26,340,012

$

–

$

26,340,012

U.S.

Equity

Income

9,096,562

38,048,938

47,145,500

–

47,145,500

Digital

Evolution

Strategy

246,404

314,959

561,363

–

561,363

Total

Return

7,965,019

23,978,752

31,943,771

–

31,943,771

Innovators

14,235

351,368

365,603

–

365,603

Large

Cap

Growth

15,922

–

15,922

12,388

28,310

U.S.

Equity

2,351,145

–

2,351,145

–

2,351,145

US

Technology

Leaders

–

40,775

40,775

–

40,775

\*

Ordinary

Income

amounts

include

taxable

market

discount

and

net

short-term

capital

gains,

if

any.

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Equity

Funds

(I) As

of

December

31,

2025,

the

components

of

accumulated

earnings/(deficit)

on

a

tax

basis

were

as

follows:

As

of

December

31,

2025,

the

tax

cost

of

investments

(including

derivative

contracts)

and

the

breakdown

of

unrealized

appreciation/

(depreciation)

for

each

Fund

was

as

follows:

As

of

December

31,

2025,

for

federal

income

tax

purposes,

the

Funds

have

capital

loss

carryforwards

available

to

offset

future

capital

gains,

if

any,

to

the

extent

provided

by

the

U.S.

Treasury

regulations

and

in

any

given

year

may

be

limited

due

to

large

shareholder

redemptions

or

contributions.

Capital

loss

carryforwards

do

not

expire.

The

following

table

represents

capital

loss

carryforwards

available

as

of

December

31,

2025. During

the

year

ended December

31,

2025,

the

Funds

had

capital

loss

carryforwards

that

were

utilized

and

are

no

longer

eligible

to

offset

future

capital

gains,

if

any,

in

the

following

amounts.

The

Funds

may

elect

to

have

certain

late

year

losses

incurred

after

October

and

within

the

taxable

year

deemed

to

arise

on

the

first

business

day

of

the

Fund's

next

taxable

year.

For

the

year

ended

December

31,

2025

,

the

Funds

elected

to

defer

qualified

late

year

capital losses,

if

any,

in

the

following

amount.

11. #### Subsequent

#### Events
Management

has

evaluated

the

impact

of

subsequent

events

on

the

Funds

and

has

determined

that

there

are

no subsequent

events

requiring

recognition

or

disclosure

in

the

financial

statements.

#### Fund

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### Accumulated

#### Earnings

#### Distributions

#### Payable

#### Accumulated

#### Capital

#### and

#### Other

#### Losses

#### Unrealized

#### Appreciation/

#### (Depreciation)\*

#### Total

#### Accumulated

#### Earnings
(Deficit)

U.S.

Core

$

1,753,899

$

57,449,310

$

59,203,209

$

–

$

–

1,368,469,199

1,427,672,408

U.S.

Equity

Income

13,122,932

42,030,367

55,153,299

–

–

150,030,828

205,184,127

Digital

Evolution

Strategy

370,697

14,988

385,685

–

–

6,408,969

6,794,654

Total

Return

24,175,877

188,700,022

212,875,899

–

–

93,267,214

306,143,113

Innovators

65,347

89,008

154,355

–

–

2,440,154

2,594,509

Large

Cap

Growth

–

–

(924,358)

10,821,441

9,897,552

U.S.

Equity

1,824,924

–

1,824,924

–

(3,532,396)

237,489,044

235,781,572

US

Technology

Leaders

–

235,738

235,738

–

–

7,863,906

8,099,644

\*

The

difference

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

is

primarily

attributable

to

timing

differences

in

recognizing

certain

gains

and

losses

on

investment

transactions.

#### Fund

#### Tax

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation/
(Depreciation)

U.S.

Core

$

1,038,973,578

$

1,416,750,477

$

(43,502,810)

$

1,373,247,667

U.S.

Equity

Income

853,978,531

161,046,912

(11,022,211)

150,024,701

Digital

Evolution

Strategy

19,076,910

6,725,528

(316,559)

6,408,969

Total

Return

611,944,583

105,462,169

(10,149,605)

95,312,564

Innovators

6,742,512

2,525,767

(85,613)

2,440,154

Large

Cap

Growth

337,873,304

16,246,129

(5,424,688)

10,821,441

U.S.

Equity

1,777,558,614

249,798,842

(12,309,798)

237,489,044

US

Technology

Leaders

16,032,627

8,178,824

(314,918)

7,863,906

#### Fund

#### Amount
U.S.

Equity

$

(3,532,396)

#### Fund

#### Utilized
U.S.

Core

$

67,798,576

Large

Cap

Growth

154,770

#### Fund

#### Amount
Large

Cap

Growth

$(924,358)

Equity

Funds

(I) -

December

31,

2025

-

Report

of

Independent

Registered

Public

Accounting

Firm

-

#### To

#### the

#### Board

#### of

#### Trustees

#### of

#### Nationwide

#### Variable

#### Insurance

#### Trust

#### and

#### Shareholders

#### of

#### NVIT

#### BNY

#### Mellon

#### Dynamic

#### U.S.

#### Core

#### Fund,

#### NVIT

#### BNY

#### Mellon

#### Dynamic

#### U.S.

#### Equity

#### Income

#### Fund,

#### NVIT

#### J.P.

#### Morgan

#### Digital

#### Evolution

#### Strategy

#### Fund,

#### NVIT

#### J.P.

#### Morgan

#### Equity

#### and

#### Options

#### Total

#### Return

#### Fund,

#### NVIT

#### J.P.

#### Morgan

#### Innovators

#### Fund,

#### NVIT

#### J.P.

#### Morgan

#### Large

#### Cap

#### Growth

#### Fund,

#### NVIT

#### J.P.

#### Morgan

#### U.S.

#### Equity

#### Fund

#### and

#### NVIT

#### J.P.

#### Morgan

#### US

#### Technology

#### Leaders

#### Fund

#### Opinions

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

statements

of

investments,

of

NVIT

BNY

Mellon

Dynamic

U.S.

Core

Fund,

NVIT

BNY

Mellon

Dynamic

U.S.

Equity

Income

Fund,

NVIT

J.P.

Morgan

Digital

Evolution

Strategy

Fund,

J.P.

Morgan

Equity

and

Options

Total

Return

Fund,

NVIT

J.P.

Morgan

Innovators

Fund,

NVIT

J.P.

Morgan

Large

Cap

Growth

Fund,

NVIT

J.P.

Morgan

U.S.

Equity

Fund

and

NVIT

J.P.

Morgan

US

Technology

Leaders

Fund

(eight

of

the

funds

constituting

Nationwide

Variable

Insurance

Trust,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

December

31,

2025,

the

related

statements

of

operations

for

the

year

ended

December

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

December

31,

2025,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025

and

each

of

the

financial

highlights

for

each

of

the

periods

indicated

therein,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinions
These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

#### /s/PricewaterhouseCoopers

#### LLP

#### Philadelphia,

#### Pennsylvania

#### February

#### 20,

#### 2026
We

have

served

as

the

auditor

of

one

or

more

investment

companies

of

Nationwide

Funds,

which

includes

the

investment

companies

of

Nationwide

Variable

Insurance

Trust,

since

1997. 78

-

Supplemental

Information

-

December

31,

2025

(Unaudited)

-

Equity

Funds

(I) #### Other

#### Federal

#### Tax

#### Information
For

the

year

ended

December

31,

2025, certain

dividends

paid

by

the

Funds

may

be

subject

to

a

maximum

tax

rate

of

20%

as

provided

for

by

the

Jobs

and

Growth

Tax

Relief

Reconciliation

Act

of

2003. The

Funds

intend

to

designate

the

maximum

amount

allowable

as

taxed

at

a

maximum

rate

of

15%.

Complete

information

will

be

reported

in

conjunction

with

your

2025

Form

1099-DIV.

For

the

taxable

year

ended

December

31,

2025,

the

following

percentages

of

income

dividends

paid

by

the

Funds

qualify

for

the

dividends

received

deduction

available

to

corporations:

The

Funds

designate

the

following

amounts,

or

the

maximum

amount

allowable

under

the

Internal

Revenue

Code,

as

long

term

capital

gain

distributions

qualifying

for

the

maximum

20%

income

tax

rate

for

individuals:

#### Fund

#### Dividends

#### Received

#### Deduction
U.S.

Core

.12

%

U.S.

Equity

Income

.65

Digital

Evolution

Strategy

.74

Total

Return

.96

Innovators

.24

Large

Cap

Growth

.00

U.S.

Equity

.15

US

Technology

Leaders

–

#### Fund

#### Amount
U.S.

Core

$

–

U.S.

Equity

Income

41,626,080

Digital

Evolution

Strategy

657,457

Total

Return

49,348,531

Innovators

226,339

Large

Cap

Growth

339,056

U.S.

Equity

1,507,396

US

Technology

Leaders

721,419

P.O.

Box

701

Milwaukee,

WI

53201-0701

#### nationwide.com/mutualfunds
NAR-CEQ-1

(2-26)

#### Annual

#### Financial

#### Statements
December

31,

2025

Nationwide

Variable

Insurance

Trust

Equity

Funds

(II) NVIT

Allspring

Discovery

Fund

NVIT

BlackRock

Equity

Dividend

Fund

NVIT

GQG

US

Quality

Equity

Fund

*(formerly,* 

*NVIT* 

*Calvert* 

*Equity* 

*Fund)*

NVIT

Invesco

Small

Cap

Growth

Fund

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

NVIT

Multi-Manager

Small

Cap

Value

Fund

NVIT

Multi-Manager

Small

Company

Fund

NVIT

Real

Estate

Fund

NVIT

Victory

Mid

Cap

Value

Fund

#### IMPORTANT

#### INFORMATION
If

you

wish

to

receive

reports

and

other

Fund

documents

via

eDelivery

you

may

choose

this

option

by:

-

Calling

1-800-848-6331

-

Logging

into

your

account

at

https://www.nationwide.com/personal/investing/mutual-funds/

and

choosing

'Log

in',

or

by

contacting

your

financial

intermediary

(such

as

a

broker-dealer

or

bank).

You

can

access

the

full

report

and

other

details

online

at

https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html

Nationwide

Funds®

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.

Copies

of

the

first

and

third-quarter

holdings

are

available

with

the

Fund's

regulatory

documents

at

https://www.nationwide.com/mutual-funds-prospectuses.jsp.

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

N-MFP

are

available

on

the

SEC's

website

at

http://www.sec.gov

.

Forms

N-PORT

and

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

1-800-SEC-0330.

The

Trust

also

makes

this

information

available

to

investors

on

https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html

or

upon

request

without

charge.

Statement

Regarding

Availability

of

Proxy

Voting

Record

Federal

law

requires

the

Trust

and

each

of

its

investment

advisers

and

subadvisers

to

adopt

procedures

for

voting

proxies

(the

"Proxy

Voting

Guidelines")

and

to

provide

a

summary

of

those

Proxy

Voting

Guidelines

used

to

vote

the

securities

held

by

a

Fund.

The

Funds'

proxy

voting

policies

and

procedures,

as

well

as

information

regarding

how

the

Funds

voted

for

proxies

relating

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

is

available:

-

By

calling

1-800-848-0920

-

On

the

Fund's

website

at

https://www.nationwide.com/personal/investing/mutual-funds/proxy-voting/

-

On

the

SEC's

website

at

http://www.sec.gov

Funds

are

required

to

disclose

proxy

votes

using

the

issuer's

proxy

card

language

and

order,

categorize

votes

by

topic,

and

report

shares

voted

versus

shares

loaned

but

not

recalled.

#### Before

#### purchasing

#### a

#### variable

#### annuity,

#### 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

#### 1-800-848-6331.

#### Read

#### the

#### prospectus

#### carefully

#### before

#### making

#### a

#### purchase.
Variable

annuities

are

issued

by

Nationwide

Life

Insurance

Company,

Columbus,

Ohio.

The

Nationwide

Variable

Insurance

Trust

(NVIT)

Funds

are

distributed

by

Nationwide

Fund

Distributors

LLC

(NFD),

member

FINRA,

Columbus,

Ohio.

NFD

is

not

affiliated

with

any

subadviser

contracted

by

Nationwide

Fund

Advisors,

except

for

Nationwide

Asset

Management,

LLC,

and

is

not

affiliated

with

Morningstar,

Inc.

Nationwide,

the

Nationwide

N

and

Eagle,

and

Nationwide

is

on

your

side

are

service

marks

of

Nationwide

Mutual

Insurance

Company.©2026

Nationwide

Table

of

Contents

#### Statements

#### of

#### Investments

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Statements

#### of

#### Operations

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets

#### Financial

#### Highlights

#### Notes

#### to

#### Financial

#### Statements

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

#### Supplemental

#### Information

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Allspring

Discovery

Fund

#### Common

#### Stocks

#### 98

#### .4

#### %

#### Shares

#### Value

#### ($)

#### BRAZIL

#### 1

#### .1

#### %

#### Broadline

#### Retail

#### 1

#### .1

#### %
MercadoLibre,

Inc.

\*

2,434

4,902,709

#### CANADA

#### 3

#### .0

#### %

#### Commercial

#### Services

#### &

#### Supplies

#### 1

#### .5

#### %
RB

Global,

Inc.

63,069

6,487,908

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 1

#### .5

#### %
Celestica,

Inc.

\*

21,322

6,302,996

12,790,904

#### DENMARK

#### 1

#### .3

#### %

#### Biotechnology

#### 1

#### .3

#### %
Ascendis

Pharma

A/S,

ADR

\*

25,738

5,488,371

#### ISRAEL

#### 2

#### .0

#### %

#### Pharmaceuticals

#### 2

#### .0

#### %
Teva

Pharmaceutical

Industries

Ltd.,

ADR

\*

269,883

8,423,048

#### UNITED

#### STATES

#### 91

#### .0

#### %

#### Aerospace

#### &

#### Defense

#### 7

#### .2

#### %
ATI,

Inc.

\*

45,979

5,276,550

Carpenter

Technology

Corp.

29,857

9,400,178

Curtiss-Wright

Corp.

15,234

8,398,047

Mercury

Systems,

Inc.

\*(a)

108,254

7,903,625

30,978,400

#### Biotechnology

#### 5

#### .5

#### %
Bridgebio

Pharma,

Inc.

\*(a)

41,988

3,211,662

Insmed,

Inc.

\*

39,332

6,845,341

Natera,

Inc.

\*

24,274

5,560,931

Neurocrine

Biosciences,

Inc.

\*

32,050

4,545,652

Vericel

Corp.

\*(a)

98,715

3,554,727

23,718,313

#### Building

#### Products

#### 2

#### .3

#### %
AAON,

Inc.

(a) 53,846

4,105,758

Armstrong

World

Industries,

Inc.

30,232

5,777,335

9,883,093

#### Capital

#### Markets

#### 2

#### .0

#### %
Miami

International

Holdings,

Inc.

\*(a)

125,628

5,575,370

Robinhood

Markets,

Inc.,

Class

A

\*

25,588

2,894,003

8,469,373

#### Commercial

#### Services

#### &

#### Supplies

#### 2

#### .2

#### %
Casella

Waste

Systems,

Inc.,

Class

A

\*(a)

96,161

9,418,008

#### Construction

#### &

#### Engineering

#### 5

#### .3

#### %
Argan,

Inc.

16,601

5,201,425

Construction

Partners,

Inc.,

Class

A

\*(a)

73,065

7,931,206

EMCOR

Group,

Inc.

15,746

9,633,245

22,765,876

#### Electrical

#### Equipment

#### 2

#### .0

#### %
Bloom

Energy

Corp.,

Class

A

\*

72,639

6,311,603

Power

Solutions

International,

Inc.

\*(a)

44,135

2,521,874

8,833,477

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 3

#### .5

#### %
Novanta,

Inc.

\*

46,477

5,530,298

Sanmina

Corp.

\*(a)

33,245

4,989,077

Teledyne

Technologies,

Inc.

\*

8,715

4,451,012

14,970,387

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### UNITED

#### STATES

#### Entertainment

#### 3

#### .6

#### %
Liberty

Live

Holdings,

Inc.,

Class

C

\*(a)

83,148

6,914,588

TKO

Group

Holdings,

Inc.,

Class

A

(a) 41,891

8,755,219

15,669,807

#### Financial

#### Services

#### 4

#### .1

#### %
Affirm

Holdings,

Inc.,

Class

A

\*

85,690

6,377,907

Equitable

Holdings,

Inc.

173,269

8,256,267

Toast,

Inc.,

Class

A

\*

88,841

3,154,744

17,788,918

#### Ground

#### Transportation

#### 1

#### .3

#### %
Saia,

Inc.

\*(a)

17,141

5,596,879

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 5

#### .7

#### %
Glaukos

Corp.

\*(a)

47,323

5,343,240

iRhythm

Technologies,

Inc.

\*

54,932

9,747,134

Penumbra,

Inc.

\*

30,249

9,404,717

24,495,091

#### Health

#### Care

#### Providers

#### &

#### Services

#### 8

#### .1

#### %
Encompass

Health

Corp.

52,668

5,590,182

Guardant

Health,

Inc.

\*(a)

80,846

8,257,610

HealthEquity,

Inc.

\*

76,982

7,052,321

RadNet,

Inc.

\*

122,996

8,775,764

Tenet

Healthcare

Corp.

\*

28,972

5,757,316

35,433,193

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 5

#### .8

#### %
Dutch

Bros,

Inc.,

Class

A

\*

113,627

6,956,245

Hyatt

Hotels

Corp.,

Class

A

(a) 44,497

7,133,759

Viking

Holdings

Ltd.

\*

96,012

6,856,217

Wingstop,

Inc.

(a) 17,669

4,213,880

25,160,101

#### Household

#### Durables

#### 2

#### .2

#### %
SharkNinja,

Inc.

\*(a)

37,960

4,247,724

Taylor

Morrison

Home

Corp.,

Class

A

\*

85,522

5,034,680

9,282,404

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 2

#### .1

#### %
Talen

Energy

Corp.

\*(a)

23,633

8,858,594

#### IT

#### Services

#### 1

#### .3

#### %
MongoDB,

Inc.,

Class

A

\*

13,021

5,464,783

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 1

#### .3

#### %
Repligen

Corp.

\*

35,210

5,769,511

#### Machinery

#### 2

#### .0

#### %
RBC

Bearings,

Inc.

\*

19,712

8,839,452

#### Pharmaceuticals

#### 0

#### .4

#### %
Corcept

Therapeutics,

Inc.

\*(a)

43,856

1,526,189

#### Professional

#### Services

#### 1

#### .2

#### %
UL

Solutions,

Inc.,

Class

A

(a) 66,882

5,274,315

#### Real

#### Estate

#### Management

#### &

#### Development

#### 1

#### .8

#### %
Jones

Lang

LaSalle,

Inc.

\*

23,170

7,796,010

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 5

#### .6

#### %
Astera

Labs,

Inc.

\*(a)

49,672

8,263,434

Impinj,

Inc.

\*(a)

22,963

3,995,792

Monolithic

Power

Systems,

Inc.

(a) 5,362

4,859,902

Rambus,

Inc.

\*(a)

78,356

7,200,133

24,319,261

#### Software

#### 9

#### .7

#### %
Clearwater

Analytics

Holdings,

Inc.,

Class

A

\*(a)

304,132

7,335,664

NVIT

Allspring

Discovery

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### UNITED

#### STATES

#### Software
Guidewire

Software,

Inc.

\*

49,638

9,977,734

Procore

Technologies,

Inc.

\*(a)

81,471

5,926,201

SailPoint,

Inc.

\*(a)

207,133

4,190,301

Samsara,

Inc.,

Class

A

\*

126,414

4,481,376

ServiceTitan,

Inc.,

Class

A

\*(a)

49,553

5,277,395

Tyler

Technologies,

Inc.

\*

10,979

4,983,917

42,172,588

#### Specialty

#### Retail

#### 2

#### .5

#### %
Burlington

Stores,

Inc.

\*

21,332

6,161,748

Chewy,

Inc.,

Class

A

\*(a)

145,459

4,807,420

10,969,168

#### Trading

#### Companies

#### &

#### Distributors

#### 2

#### .3

#### %
Applied

Industrial

Technologies,

Inc.

24,303

6,240,281

SiteOne

Landscape

Supply,

Inc.

\*

28,632

3,566,402

9,806,683

393,259,874

#### Total

#### Common

#### Stocks

#### (cost

#### $313,480,007)

#### 424,864,906

#### Repurchase

#### Agreements

#### 8

#### .2

#### %

#### Principal

#### Amount

#### ($)
Bank

of

America

NA,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$500,107,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.50%,

maturing

5/1/2049

-

9/1/2050;

total

market

value

$510,000.(b)(c)

500,000

500,000

Barclays

Capital,

Inc,

3.45%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$15,002,875,

collateralized

by

U.S.

Government

Treasury

Securities,

4.38%,

maturing

1/31/2032;

total

market

value

$15,300,015.(b)(c)

15,000,000

15,000,000

BofA

Securities,

Inc.,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$4,000,856,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.34%

-

5.25%,

maturing

10/20/2034

-

2/20/2073;

total

market

value

$4,080,000.(b)

(c) 4,000,000

4,000,000

#### Repurchase

#### Agreements

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$753,755,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$768,666.(b)(c)

753,594

753,594

CF

Secured,

LLC,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$12,002,560,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.13%

-

7.50%,

maturing

3/31/2026

-

4/20/2071;

total

market

value

$12,242,612.

(b)(c) 12,000,000

12,000,000

Pershing

LLC,

3.72%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$3,000,620,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

2/15/2026

-

12/20/2075;

total

market

value

$3,060,000.(b)

(c) 3,000,000

3,000,000

#### Total

#### Repurchase

#### Agreements

#### (cost

#### $35,253,594)

#### 35,253,594

#### Total

#### Investments

#### (cost

#### $348,733,601)

#### —

#### 106.6%

#### 460,118,500

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (6.6)%

#### (#### 28,502,091

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $431,616,409
\*

Denotes

a

non-income

producing

security.

(a) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$124,620,855,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$35,253,594

and

by

$95,359,489

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.25%,

and

maturity

dates

ranging

from

1/15/2026

-

5/15/2055,

a

total

value

of

$130,613,083.

(b) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$35,253,594.

(c) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

ADR

American

Depositary

Receipt

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

BlackRock

Equity

Dividend

Fund

#### Common

#### Stocks

#### 94

#### .8

#### %

#### Shares

#### Value

#### ($)

#### Aerospace

#### &

#### Defense

#### 3

#### .0

#### %
Airbus

SE

10,933

2,535,945

Boeing

Co.

(The)\*

15,255

3,312,166

L3Harris

Technologies,

Inc.

14,030

4,118,787

Lockheed

Martin

Corp.

12,938

6,257,722

RTX

Corp.

8,319

1,525,705

17,750,325

#### Air

#### Freight

#### &

#### Logistics

#### 0

#### .6

#### %
FedEx

Corp.

11,789

3,405,371

#### Automobiles

#### 0

#### .5

#### %
General

Motors

Co.

39,215

3,188,964

#### Banks

#### 12

#### .1

#### %
Bank

of

America

Corp.

127,348

7,004,140

Citigroup,

Inc.

160,484

18,726,878

Citizens

Financial

Group,

Inc.

50,673

2,959,810

First

Citizens

BancShares,

Inc.,

Class

A(a)

7,151

15,347,333

JPMorgan

Chase

&

Co.

21,638

6,972,196

Wells

Fargo

&

Co.

219,699

20,475,947

71,486,304

#### Beverages

#### 1

#### .2

#### %
Keurig

Dr

Pepper,

Inc.(a)

156,410

4,381,044

PepsiCo,

Inc.

18,684

2,681,528

7,062,572

#### Broadline

#### Retail

#### 2

#### .5

#### %
Amazon.com,

Inc.\*

63,786

14,723,085

#### Building

#### Products

#### 0

#### .6

#### %
Fortune

Brands

Innovations,

Inc.

76,375

3,820,277

#### Capital

#### Markets

#### 4

#### .1

#### %
Carlyle

Group,

Inc.

(The)

58,778

3,474,368

Charles

Schwab

Corp.

(The)

62,063

6,200,714

Intercontinental

Exchange,

Inc.

89,161

14,440,515

24,115,597

#### Chemicals

#### 3

#### .2

#### %
Air

Products

&

Chemicals,

Inc.

25,247

6,236,514

International

Flavors

&

Fragrances,

Inc.(a)

56,963

3,838,737

LyondellBasell

Industries

NV,

Class

A

49,983

2,164,264

PPG

Industries,

Inc.(a)

61,098

6,260,101

Solstice

Advanced

Materials,

Inc.\*

4,313

209,525

18,709,141

#### Commercial

#### Services

#### &

#### Supplies

#### 1

#### .4

#### %
Rentokil

Initial

plc

1,400,338

8,364,005

#### Communications

#### Equipment

#### 1

#### .3

#### %
Cisco

Systems,

Inc.

100,142

7,713,938

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 2

#### .3

#### %
Dollar

General

Corp.

100,682

13,367,549

#### Containers

#### &

#### Packaging

#### 2

#### .2

#### %
Crown

Holdings,

Inc.

59,389

6,115,285

Sealed

Air

Corp.

161,690

6,698,817

12,814,102

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .6

#### %
Verizon

Communications,

Inc.

83,832

3,414,477

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Electric

#### Utilities

#### 2

#### .7

#### %
Edison

International

42,347

2,541,667

Evergy,

Inc.

47,050

3,410,654

Exelon

Corp.

170,335

7,424,903

PG&E

Corp.

148,790

2,391,055

15,768,279

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 1

#### .2

#### %
CDW

Corp.

44,038

5,997,976

Ralliant

Corp.

16,087

818,989

6,816,965

#### Entertainment

#### 1

#### .7

#### %
Electronic

Arts,

Inc.

29,891

6,107,628

Walt

Disney

Co.

(The)

35,325

4,018,925

10,126,553

#### Financial

#### Services

#### 2

#### .0

#### %
Fidelity

National

Information

Services,

Inc.

173,790

11,550,083

#### Food

#### Products

#### 1

#### .6

#### %
Campbell's

Co.

(The)(a)

89,978

2,507,687

Kraft

Heinz

Co.

(The)

235,284

5,705,637

Lamb

Weston

Holdings,

Inc.

29,068

1,217,658

9,430,982

#### Ground

#### Transportation

#### 0

#### .7

#### %
CSX

Corp.

57,460

2,082,925

Union

Pacific

Corp.

8,384

1,939,387

4,022,312

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 6

#### .4

#### %
Baxter

International,

Inc.(a)

633,454

12,105,306

Becton

Dickinson

&

Co.

72,366

14,044,070

Medtronic

plc

119,675

11,495,980

37,645,356

#### Health

#### Care

#### Providers

#### &

#### Services

#### 5

#### .4

#### %
Cardinal

Health,

Inc.

58,480

12,017,640

CVS

Health

Corp.

152,737

12,121,208

Elevance

Health,

Inc.

22,472

7,877,560

32,016,408

#### Health

#### Care

#### REITs

#### 0

#### .5

#### %
Healthcare

Realty

Trust,

Inc.,

Class

A(a)

170,079

2,882,839

#### Household

#### Products

#### 1

#### .0

#### %
Henkel

AG

&

Co.

KGaA

(Preference)

69,477

5,678,300

#### Industrial

#### Conglomerates

#### 0

#### .7

#### %
Honeywell

International,

Inc.

20,067

3,914,871

#### Industrial

#### REITs

#### 1

#### .3

#### %
Rexford

Industrial

Realty,

Inc.

(a) 129,163

5,001,191

STAG

Industrial,

Inc.(a)

67,962

2,498,283

7,499,474

#### Insurance

#### 2

#### .5

#### %
American

International

Group,

Inc.

51,499

4,405,739

Arthur

J

Gallagher

&

Co.

12,168

3,148,957

F&G

Annuities

&

Life,

Inc.

5,915

182,478

Fidelity

National

Financial,

Inc.

97,944

5,346,763

Willis

Towers

Watson

plc(a)

5,870

1,928,882

15,012,819

NVIT

BlackRock

Equity

Dividend

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Interactive

#### Media

#### &

#### Services

#### 3

#### .1

#### %
Alphabet,

Inc.,

Class

C

36,924

11,586,751

Meta

Platforms,

Inc.,

Class

A

9,776

6,453,040

18,039,791

#### Leisure

#### Products

#### 1

#### .1

#### %
Hasbro,

Inc.

78,118

6,405,676

#### Machinery

#### 1

#### .0

#### %
CNH

Industrial

NV(a)

316,552

2,918,609

Fortive

Corp.

59,433

3,281,296

6,199,905

#### Media

#### 1

#### .7

#### %
Comcast

Corp.,

Class

A

199,776

5,971,305

WPP

plc

866,373

3,913,079

9,884,384

#### Metals

#### &

#### Mining

#### 1

#### .7

#### %
Barrick

Mining

Corp.

82,350

3,586,343

Teck

Resources

Ltd.,

Class

B

139,252

6,668,778

10,255,121

#### Multi-Utilities

#### 1

#### .3

#### %
Dominion

Energy,

Inc.(a)

133,784

7,838,405

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 3

#### .6

#### %
BP

plc

2,025,873

11,760,151

Shell

plc

263,433

9,677,011

21,437,162

#### Pharmaceuticals

#### 2

#### .2

#### %
AstraZeneca

plc

12,262

2,258,561

Merck

&

Co.,

Inc.

33,945

3,573,051

Pfizer,

Inc.

54,909

1,367,234

Sanofi

SA

60,488

5,868,408

13,067,254

#### Professional

#### Services

#### 3

#### .2

#### %
Leidos

Holdings,

Inc.

17,904

3,229,882

SS&C

Technologies

Holdings,

Inc.

176,027

15,388,280

18,618,162

#### Residential

#### REITs

#### 0

#### .7

#### %
AvalonBay

Communities,

Inc.

(a) 21,322

3,865,892

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 1

#### .2

#### %
Intel

Corp.\*

37,792

1,394,525

STMicroelectronics

NV,

ADR-SG

63,987

1,659,823

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR-TW

13,962

4,242,912

7,297,260

#### Software

#### 1

#### .7

#### %
Microsoft

Corp.

20,946

10,129,905

#### Specialized

#### REITs

#### 0

#### .8

#### %
Crown

Castle,

Inc.

51,686

4,593,335

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 5

#### .3

#### %
Hewlett

Packard

Enterprise

Co.(a)

295,610

7,100,552

HP,

Inc.

244,166

5,440,019

Samsung

Electronics

Co.

Ltd.,

GDR-KR

Reg.

S

6,250

12,781,244

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals
Western

Digital

Corp.

34,276

5,904,727

31,226,542

#### Tobacco

#### 1

#### .0

#### %
British

American

Tobacco

plc,

ADR-UK(a)

100,059

5,665,341

#### Trading

#### Companies

#### &

#### Distributors

#### 1

#### .6

#### %
WESCO

International,

Inc.

37,844

9,258,156

#### Wireless

#### Telecommunication

#### Services

#### 0

#### .3

#### %
Rogers

Communications,

Inc.,

Class

B(a)

40,112

1,513,426

#### Total

#### Common

#### Stocks

#### (cost

#### $435,033,970)

#### 557,596,665

#### Master

#### Limited

#### Partnership

#### 1

#### .2

#### %

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 1

#### .2

#### %
Enterprise

Products

Partners

LP

215,513

6,909,347

#### Total

#### Master

#### Limited

#### Partnership

#### (cost $4,874,663)

#### 6,909,347

#### Repurchase

#### Agreements

#### 4

#### .6

#### %

#### Principal

#### Amount

#### ($)
Bank

of

America

NA,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$4,901,048,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.50%,

maturing

5/1/2049

-

9/1/2050;

total

market

value

$4,998,000.

(b)(c) 4,900,000

4,900,000

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$3,356,067,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$3,422,458.(b)(c)

3,355,351

3,355,351

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$2,000,427,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$2,040,000.(b)(c)

2,000,000

2,000,000

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

BlackRock

Equity

Dividend

Fund

#### Repurchase

#### Agreements

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Citi

Global

Market,

Inc.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$10,002,117,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.38%

-

4.25%,

maturing

2/15/2028

-

10/31/2029;

total

market

value

$10,200,003.(b)(c)

10,000,000

10,000,000

MetLife,

Inc.,

3.83%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$2,000,426,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$2,041,034.(b)(c)

2,000,000

2,000,000

Pershing

LLC,

3.72%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$5,001,033,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

2/15/2026

-

12/20/2075;

total

market

value

$5,100,000.(b)(c)

5,000,000

5,000,000

#### Total

#### Repurchase

#### Agreements

#### (cost

#### $27,255,351)

#### 27,255,351

#### Total

#### Investments

#### (cost

#### $467,163,984)

#### —

#### 100.6%

#### 591,761,363

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (0.6)%

#### (#### 3,406,637

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 588,354,726
\*

Denotes

a

non-income

producing

security.

(a) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$50,031,706,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$27,255,351

and

by

$24,296,578

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.25%,

and

maturity

dates

ranging

from

1/15/2026

-

5/15/2055,

a

total

value

of

$51,551,929.

(b) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$27,255,351.

(c) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

KR

South

Korea

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

SG

Singapore

TW

Taiwan

UK

United

Kingdom

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.
NVIT

GQG

US

Quality

Equity

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### 99

#### .4

#### %

#### Shares

#### Value

#### ($)

#### Beverages

#### 4

#### .5

#### %
Anheuser-Busch

InBev

SA/NV,

ADR-BE(a)

21,321

1,365,397

Coca-Cola

Co.

(The)

40,151

2,806,956

4,172,353

#### Capital

#### Markets

#### 2

#### .6

#### %
CME

Group,

Inc.

8,912

2,433,689

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 2

#### .6

#### %
Kroger

Co.

(The)

37,707

2,355,933

#### Diversified

#### Telecommunication

#### Services

#### 9

#### .6

#### %
AT&T,

Inc.

186,888

4,642,298

Verizon

Communications,

Inc.

102,342

4,168,390

8,810,688

#### Electric

#### Utilities

#### 16

#### .1

#### %
American

Electric

Power

Co.,

Inc.

35,695

4,115,990

Duke

Energy

Corp.

21,964

2,574,400

Exelon

Corp.(a)

58,211

2,537,418

NextEra

Energy,

Inc.

29,543

2,371,712

PPL

Corp.

37,284

1,305,686

Xcel

Energy,

Inc.

25,149

1,857,505

14,762,711

#### Financial

#### Services

#### 3

#### .0

#### %
Berkshire

Hathaway,

Inc.,

Class

B\*

5,498

2,763,570

#### Gas

#### Utilities

#### 1

#### .0

#### %
Atmos

Energy

Corp.(a)

5,589

936,884

#### Health

#### Care

#### Providers

#### &

#### Services

#### 5

#### .1

#### %
Cigna

Group

(The)

16,854

4,638,727

#### Insurance

#### 18

#### .7

#### %
Allstate

Corp.

(The)

15,260

3,176,369

American

International

Group,

Inc.

43,502

3,721,596

Cincinnati

Financial

Corp.

14,735

2,406,520

Old

Republic

International

Corp.

30,731

1,402,563

Progressive

Corp.

(The)

24,291

5,531,547

RenaissanceRe

Holdings

Ltd.

3,452

970,564

17,209,159

#### IT

#### Services

#### 2

#### .2

#### %
Accenture

plc,

Class

A

7,428

1,992,932

#### Multi-Utilities

#### 2

#### .0

#### %
CenterPoint

Energy,

Inc.(a)

48,848

1,872,832

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 8

#### .0

#### %
Chevron

Corp.

11,813

1,800,419

Enbridge,

Inc.

44,729

2,139,388

Exxon

Mobil

Corp.

28,087

3,379,990

7,319,797

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Pharmaceuticals

#### 8

#### .3

#### %
Johnson

&

Johnson

19,597

4,055,599

Novartis

AG,

ADR(a)

25,682

3,540,778

7,596,377

#### Tobacco

#### 12

#### .9

#### %
Altria

Group,

Inc.

69,250

3,992,955

Philip

Morris

International,

Inc.

49,062

7,869,545

11,862,500

#### Water

#### Utilities

#### 2

#### .8

#### %
American

Water

Works

Co.,

Inc.(a)

19,910

2,598,255

#### Total

#### Common

#### Stocks

#### (cost

#### $90,739,793)

#### 91,326,407

#### Repurchase

#### Agreement

#### 5

#### .5

#### %

#### Principal

#### Amount

#### ($)
Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$5,044,218,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$5,144,005.(b)(c)

5,043,142

5,043,142

#### Total

#### Repurchase

#### Agreement

#### (cost

#### $5,043,142)

#### 5,043,142

#### Total

#### Investments

#### (cost

#### $95,782,935)

#### —

#### 104.9%

#### 96,369,549

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (4.9)%

#### (#### 4,520,836

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 91,848,713
\*

Denotes

a

non-income

producing

security.

(a) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$9,324,436,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$5,043,142

and

by

$4,544,721

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.13%,

and

maturity

dates

ranging

from

1/15/2026

-

8/15/2054,

a

total

value

of

$9,587,863.

(b) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$5,043,142.

(c) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

ADR

American

Depositary

Receipt

BE

Belgium

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Invesco

Small

Cap

Growth

Fund

#### Common

#### Stocks

#### 97

#### .3

#### %

#### Shares

#### Value

#### ($)

#### Aerospace

#### &

#### Defense

#### 14

#### .1

#### %
AeroVironment,

Inc.\*(a)

11,387

2,754,401

ATI,

Inc.\*

32,462

3,725,339

Carpenter

Technology

Corp.

15,369

4,838,776

Curtiss-Wright

Corp.

8,245

4,545,221

Embraer

SA,

ADR-BR

58,690

3,777,875

Karman

Holdings,

Inc.\*(a)

60,027

4,392,176

Kratos

Defense

&

Security

Solutions,

Inc.\*(a)

27,632

2,097,545

Mercury

Systems,

Inc.\*(a)

38,161

2,786,135

Rocket

Lab

Corp.\*(a)

55,140

3,846,566

VSE

Corp.(a)

10,793

1,864,707

34,628,741

#### Banks

#### 1

#### .0

#### %
Bancorp,

Inc.

(The)\*

35,630

2,405,738

#### Biotechnology

#### 6

#### .6

#### %
ADMA

Biologics,

Inc.\*

43,636

795,921

Bridgebio

Pharma,

Inc.\*(a)

41,893

3,204,396

Caris

Life

Sciences,

Inc.\*(a)

31,541

850,976

Halozyme

Therapeutics,

Inc.\*

41,150

2,769,395

Insmed,

Inc.\*

16,845

2,931,704

Madrigal

Pharmaceuticals,

Inc.\*(a)

4,501

2,621,112

Nuvalent,

Inc.,

Class

A\*(a)

9,234

928,848

Protagonist

Therapeutics,

Inc.\*

18,431

1,609,763

Rhythm

Pharmaceuticals,

Inc.\*

5,259

562,923

16,275,038

#### Broadline

#### Retail

#### 0

#### .9

#### %
Ollie's

Bargain

Outlet

Holdings,

Inc.\*

21,405

2,346,202

#### Building

#### Products

#### 1

#### .1

#### %
Modine

Manufacturing

Co.\*(a)

19,533

2,607,851

#### Capital

#### Markets

#### 6

#### .8

#### %
Bullish\*(a)

7,707

291,864

Evercore,

Inc.,

Class

A

11,839

4,028,220

Marex

Group

plc

46,542

1,785,351

Piper

Sandler

Cos.

7,446

2,529,481

PJT

Partners,

Inc.,

Class

A

10,945

1,830,004

StepStone

Group,

Inc.,

Class

A

79,737

5,116,723

Virtu

Financial,

Inc.,

Class

A

16,945

564,607

Wealthfront

Corp.\*(a)

35,596

483,750

16,630,000

#### Commercial

#### Services

#### &

#### Supplies

#### 1

#### .2

#### %
Casella

Waste

Systems,

Inc.,

Class

A\*(a)

16,551

1,621,005

OPENLANE,

Inc.\*

46,810

1,394,002

3,015,007

#### Communications

#### Equipment

#### 2

#### .4

#### %
Lumentum

Holdings,

Inc.\*(a)

16,255

5,991,430

#### Construction

#### &

#### Engineering

#### 6

#### .0

#### %
Argan,

Inc.

8,829

2,766,302

Construction

Partners,

Inc.,

Class

A\*(a)

27,763

3,013,674

Everus

Construction

Group,

Inc.\*

20,318

1,738,408

Primoris

Services

Corp.(a)

24,509

3,042,547

Sterling

Infrastructure,

Inc.\*(a)

13,408

4,105,932

14,666,863

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Consumer

#### Finance

#### 1

#### .1

#### %
Enova

International,

Inc.\*

14,939

2,348,411

Figure

Technology

Solutions,

Inc.,

Class

A\*

11,451

467,659

2,816,070

#### Electrical

#### Equipment

#### 1

#### .2

#### %
Bloom

Energy

Corp.,

Class

A\*

18,301

1,590,174

Powell

Industries,

Inc.(a)

4,064

1,295,522

2,885,696

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 6

#### .6

#### %
Advanced

Energy

Industries,

Inc.

20,739

4,342,124

Fabrinet\*(a)

11,296

5,142,843

Sanmina

Corp.\*(a)

18,321

2,749,433

TTM

Technologies,

Inc.\*

55,997

3,863,793

16,098,193

#### Energy

#### Equipment

#### &

#### Services

#### 2

#### .3

#### %
Archrock,

Inc.

74,006

1,925,636

TechnipFMC

plc

83,969

3,741,659

5,667,295

#### Financial

#### Services

#### 0

#### .5

#### %
Paymentus

Holdings,

Inc.,

Class

A\*(a)

40,187

1,269,507

#### Ground

#### Transportation

#### 0

#### .6

#### %
Lyft,

Inc.,

Class

A\*

72,129

1,397,139

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 2

#### .3

#### %
Glaukos

Corp.\*

8,024

905,990

iRhythm

Technologies,

Inc.\*

13,830

2,453,995

Merit

Medical

Systems,

Inc.\*(a)

10,631

937,016

TransMedics

Group,

Inc.\*(a)

10,469

1,273,554

5,570,555

#### Health

#### Care

#### Providers

#### &

#### Services

#### 8

#### .5

#### %
Alignment

Healthcare,

Inc.\*

104,632

2,066,482

BrightSpring

Health

Services,

Inc.\*(a)

135,535

5,075,786

Encompass

Health

Corp.

37,172

3,945,436

GeneDx

Holdings

Corp.,

Class

A\*

14,703

1,912,272

Guardant

Health,

Inc.\*(a)

50,980

5,207,097

HealthEquity,

Inc.\*

7,469

684,235

RadNet,

Inc.\*

29,254

2,087,273

20,978,581

#### Health

#### Care

#### Technology

#### 0

#### .8

#### %
Waystar

Holding

Corp.\*(a)

58,543

1,917,283

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 2

#### .6

#### %
Black

Rock

Coffee

Bar,

Inc.,

Class

A\*

29,638

659,445

Dutch

Bros,

Inc.,

Class

A\*

27,347

1,674,183

Planet

Fitness,

Inc.,

Class

A\*

21,482

2,330,153

Sportradar

Group

AG,

Class

A\*

72,006

1,711,583

6,375,364

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 1

#### .4

#### %
Talen

Energy

Corp.\*(a)

8,918

3,342,823

#### Insurance

#### 0

#### .4

#### %
Palomar

Holdings,

Inc.\*

8,133

1,096,003

NVIT

Invesco

Small

Cap

Growth

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 1

#### .0

#### %
Repligen

Corp.\*(a)

14,462

2,369,743

#### Machinery

#### 5

#### .3

#### %
Crane

Co.

17,064

3,147,114

ESCO

Technologies,

Inc.

14,688

2,869,888

Federal

Signal

Corp.

26,237

2,849,076

SPX

Technologies,

Inc.\*

20,388

4,078,823

12,944,901

#### Metals

#### &

#### Mining

#### 1

#### .5

#### %
ERO

Copper

Corp.\*

23,138

654,574

MP

Materials

Corp.\*(a)

28,378

1,433,656

Orla

Mining

Ltd.\*

111,685

1,504,397

3,592,627

#### Pharmaceuticals

#### 2

#### .0

#### %
Axsome

Therapeutics,

Inc.\*

17,974

3,282,772

Ligand

Pharmaceuticals,

Inc.\*(a)

9,161

1,732,070

5,014,842

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 11

#### .8

#### %
Impinj,

Inc.\*(a)

14,132

2,459,109

Lattice

Semiconductor

Corp.\*

44,430

3,269,159

MACOM

Technology

Solutions

Holdings,

Inc.\*(a)

30,740

5,265,147

MKS,

Inc.

12,264

1,959,787

Nova

Ltd.\*(a)

10,024

3,291,781

Rambus,

Inc.\*

22,550

2,072,120

SiTime

Corp.\*

14,839

5,240,987

Tower

Semiconductor

Ltd.\*(a)

45,582

5,352,239

28,910,329

#### Software

#### 5

#### .0

#### %
Appfolio,

Inc.,

Class

A\*(a)

8,418

1,958,448

Cellebrite

DI

Ltd.\*(a)

126,747

2,285,248

Commvault

Systems,

Inc.\*

14,616

1,832,262

JFrog

Ltd.\*(a)

35,982

2,247,436

Pegasystems,

Inc.(a)

43,231

2,581,755

Terawulf,

Inc.\*(a)

119,598

1,374,181

12,279,330

#### Specialty

#### Retail

#### 2

#### .3

#### %
Boot

Barn

Holdings,

Inc.\*(a)

18,168

3,206,107

Five

Below,

Inc.\*

12,963

2,441,711

5,647,818

#### Total

#### Common

#### Stocks

#### (cost

#### $175,003,771)

#### 238,740,969

#### Repurchase

#### Agreements

#### 9

#### .9

#### %

#### Principal

#### Amount

#### ($)
Bank

of

America

NA,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$1,000,214,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.50%,

maturing

5/1/2049

-

9/1/2050;

total

market

value

$1,020,000.

(b)(c) 1,000,000

1,000,000

#### Repurchase

#### Agreements

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Barclays

Capital,

Inc,

3.45%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$5,000,958,

collateralized

by

U.S.

Government

Treasury

Securities,

4.38%,

maturing

1/31/2032;

total

market

value

$5,100,005.

(b)(c) 5,000,000

5,000,000

BNP

Paribas

Securities

Corp.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$7,001,482,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.63%,

maturing

7/31/2026

-

11/15/2054;

total

market

value

$7,140,000.(b)(c)

7,000,000

7,000,000

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$1,366,978,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$1,394,020.(b)(c)

1,366,686

1,366,686

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$2,000,427,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$2,040,000.(b)(c)

2,000,000

2,000,000

Citi

Global

Market,

Inc.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$7,001,482,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.38%

-

4.25%,

maturing

2/15/2028

-

10/31/2029;

total

market

value

$7,140,002.(b)(c)

7,000,000

7,000,000

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Invesco

Small

Cap

Growth

Fund

#### Repurchase

#### Agreements

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Pershing

LLC,

3.72%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$1,000,207,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

2/15/2026

-

12/20/2075;

total

market

value

$1,020,000.(b)(c)

1,000,000

1,000,000

#### Total

#### Repurchase

#### Agreements

#### (cost

#### $24,366,686)

#### 24,366,686

#### Total

#### Investments

#### (cost

#### $199,370,457)

#### —

#### 107.2%

#### 263,107,655

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (7.2)%

#### (#### 17,719,786

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 245,387,869
\*

Denotes

a

non-income

producing

security.

(a) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$70,656,828,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$24,366,686

and

by

$48,579,742

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.75%,

and

maturity

dates

ranging

from

1/15/2026

-

8/15/2055,

a

total

value

of

$72,946,428.

(b) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$24,366,686.

(c) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

ADR

American

Depositary

Receipt

BR

Brazil

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### 99

#### .6

#### %

#### Shares

#### Value

#### ($)

#### Aerospace

#### &

#### Defense

#### 2

#### .3

#### %
Huntington

Ingalls

Industries,

Inc.(a)

6,147

2,090,410

Leonardo

DRS,

Inc.

687

23,420

Lockheed

Martin

Corp.

7,326

3,543,367

5,657,197

#### Air

#### Freight

#### &

#### Logistics

#### 0

#### .5

#### %
Expeditors

International

of

Washington,

Inc.

8,313

1,238,720

#### Automobile

#### Components

#### 0

#### .4

#### %
Autoliv,

Inc.

3,836

455,333

Lear

Corp.(a)

5,630

645,198

1,100,531

#### Automobiles

#### 2

#### .0

#### %
General

Motors

Co.

52,446

4,264,909

Tesla,

Inc.\*

1,498

673,680

4,938,589

#### Banks

#### 3

#### .0

#### %
Citigroup,

Inc.

35,829

4,180,886

Wells

Fargo

&

Co.

33,811

3,151,185

7,332,071

#### Beverages

#### 1

#### .2

#### %
Monster

Beverage

Corp.\*

37,385

2,866,308

#### Biotechnology

#### 2

#### .7

#### %
Alnylam

Pharmaceuticals,

Inc.\*

1,003

398,843

Incyte

Corp.\*(a)

17,761

1,754,254

Moderna,

Inc.\*(a)

17,725

522,710

Regeneron

Pharmaceuticals,

Inc.

3,380

2,608,921

Vertex

Pharmaceuticals,

Inc.\*

2,722

1,234,046

6,518,774

#### Broadline

#### Retail

#### 2

#### .1

#### %
Amazon.com,

Inc.\*

19,576

4,518,532

Coupang,

Inc.\*

15,002

353,897

Dillard's,

Inc.,

Class

A

238,898

5,111,327

#### Building

#### Products

#### 1

#### .2

#### %
A

O

Smith

Corp.(a)

15,474

1,034,901

Masco

Corp.

23,435

1,487,185

Trex

Co.,

Inc.\*

13,744

482,140

3,004,226

#### Capital

#### Markets

#### 4

#### .6

#### %
Bank

of

New

York

Mellon

Corp.

(The)

37,214

4,320,173

Interactive

Brokers

Group,

Inc.,

Class

A

32,000

2,057,920

Jefferies

Financial

Group,

Inc.

20,142

1,248,200

Northern

Trust

Corp.

21,068

2,877,678

State

Street

Corp.

5,364

692,010

11,195,981

#### Chemicals

#### 0

#### .5

#### %
Celanese

Corp.,

Class

A(a)

13,454

568,835

Westlake

Corp.(a)

8,775

648,824

1,217,659

#### Commercial

#### Services

#### &

#### Supplies

#### 0

#### .5

#### %
Rollins,

Inc.

18,724

1,123,814

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Communications

#### Equipment

#### 1

#### .7

#### %
Arista

Networks,

Inc.\*

31,290

4,099,929

#### Construction

#### &

#### Engineering

#### 2

#### .2

#### %
Argan,

Inc.

2,072

649,199

Comfort

Systems

USA,

Inc.

2,284

2,131,635

EMCOR

Group,

Inc.

2,484

1,519,686

MasTec,

Inc.\*

3,098

673,412

Primoris

Services

Corp.(a)

2,559

317,674

5,291,606

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 2

#### .0

#### %
Costco

Wholesale

Corp.

2,372

2,045,471

Maplebear,

Inc.\*

10,530

473,639

Target

Corp.

24,423

2,387,348

4,906,458

#### Containers

#### &

#### Packaging

#### 0

#### .4

#### %
Ball

Corp.

17,723

938,787

#### Entertainment

#### 1

#### .2

#### %
Netflix,

Inc.\*

23,804

2,231,863

ROBLOX

Corp.,

Class

A\*

3,694

299,325

Roku,

Inc.,

Class

A\*

4,047

439,059

2,970,247

#### Financial

#### Services

#### 0

#### .5

#### %
Corebridge

Financial,

Inc.

24,349

734,609

Fiserv,

Inc.\*

2,748

184,583

Mastercard,

Inc.,

Class

A

603

344,241

1,263,433

#### Food

#### Products

#### 1

#### .5

#### %
Archer-Daniels-Midland

Co.(a)

25,794

1,482,897

Smithfield

Foods,

Inc.

26,270

586,609

Tyson

Foods,

Inc.,

Class

A

27,832

1,631,512

3,701,018

#### Ground

#### Transportation

#### 0

#### .8

#### %
JB

Hunt

Transport

Services,

Inc.

2,229

433,184

Landstar

System,

Inc.

9,276

1,332,961

Ryder

System,

Inc.(a)

1,000

191,390

1,957,535

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 2

#### .2

#### %
Align

Technology,

Inc.\*

8,158

1,273,872

Edwards

Lifesciences

Corp.\*

42,651

3,635,998

GE

HealthCare

Technologies,

Inc.

6,031

494,662

5,404,532

#### Health

#### Care

#### Providers

#### &

#### Services

#### 2

#### .4

#### %
Centene

Corp.\*

24,335

1,001,385

McKesson

Corp.

5,208

4,272,070

Molina

Healthcare,

Inc.\*

3,297

572,162

5,845,617

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 2

#### .8

#### %
Booking

Holdings,

Inc.

884

4,734,112

Domino's

Pizza,

Inc.(a)

2,760

1,150,423

DraftKings,

Inc.,

Class

A\*(a)

4,696

161,824

Las

Vegas

Sands

Corp.

13,661

889,195

6,935,554

#### Household

#### Durables

#### 1

#### .1

#### %
DR

Horton,

Inc.

9,072

1,306,640

NVR,

Inc.\*

1,400,212

2,706,852

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Household

#### Products

#### 0

#### .5

#### %
Clorox

Co.

(The)

12,056

1,215,606

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0

#### .1

#### %
Vistra

Corp.

1,124

181,335

#### Insurance

#### 3

#### .8

#### %
CNA

Financial

Corp.

1,015

48,456

Everest

Group

Ltd.

3,418

1,159,898

Globe

Life,

Inc.

12,573

1,758,460

MetLife,

Inc.

17,429

1,375,845

Prudential

Financial,

Inc.(a)

14,906

1,682,589

Travelers

Cos.,

Inc.

(The)

11,022

3,197,042

9,222,290

#### Interactive

#### Media

#### &

#### Services

#### 6

#### .9

#### %
Alphabet,

Inc.,

Class

C

28,641

8,987,546

Match

Group,

Inc.

33,603

1,085,041

Meta

Platforms,

Inc.,

Class

A

10,310

6,805,528

16,878,115

#### IT

#### Services

#### 1

#### .3

#### %
VeriSign,

Inc.

12,992

3,156,406

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0

#### .6

#### %
West

Pharmaceutical

Services,

Inc.

5,344

1,470,348

#### Machinery

#### 1

#### .3

#### %
Graco,

Inc.

8,082

662,482

Otis

Worldwide

Corp.

28,698

2,506,770

3,169,252

#### Media

#### 0

#### .2

#### %
Trade

Desk,

Inc.

(The),

Class

A\*

12,096

459,164

#### Metals

#### &

#### Mining

#### 0

#### .4

#### %
Commercial

Metals

Co.

13,466

932,116

#### Multi-Utilities

#### 0

#### .7

#### %
Public

Service

Enterprise

Group,

Inc.

20,166

1,619,330

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 2

#### .3

#### %
Chevron

Corp.

11,038

1,682,302

HF

Sinclair

Corp.

11,933

549,873

Phillips

13,483

1,739,846

Valero

Energy

Corp.(a)

9,689

1,577,272

5,549,293

#### Passenger

#### Airlines

#### 0

#### .1

#### %
Southwest

Airlines

Co.(a)

9,227

381,352

#### Professional

#### Services

#### 1

#### .1

#### %
Automatic

Data

Processing,

Inc.

4,790

1,232,132

FTI

Consulting,

Inc.\*(a)

4,763

813,663

Jacobs

Solutions,

Inc.

5,849

774,759

2,820,554

#### Residential

#### REITs

#### 0

#### .4

#### %
Camden

Property

Trust

8,599

946,578

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 14

#### .4

#### %
Broadcom,

Inc.

7,682

2,658,740

Cirrus

Logic,

Inc.\*(a)

1,508

178,698

Lam

Research

Corp.

18,851

3,226,914

NVIDIA

Corp.

123,020

22,943,230

QUALCOMM,

Inc.

28,099

4,806,334

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Semiconductors

#### &

#### Semiconductor

#### Equipment
Skyworks

Solutions,

Inc.(a)

22,241

1,410,302

35,224,218

#### Software

#### 13

#### .5

#### %
Adobe,

Inc.\*

11,401

3,990,236

Atlassian

Corp.,

Class

A\*

1,658

268,828

Docusign,

Inc.,

Class

A\*

3,981

272,300

Dropbox,

Inc.,

Class

A\*

60,424

1,679,787

Fortinet,

Inc.\*

29,718

2,359,906

Manhattan

Associates,

Inc.\*

7,459

1,292,719

Microsoft

Corp.

21,155

10,230,981

Nutanix,

Inc.,

Class

A\*

6,445

333,142

Palantir

Technologies,

Inc.,

Class

A\*

22,604

4,017,861

Pegasystems,

Inc.(a)

4,972

296,928

Salesforce,

Inc.

4,795

1,270,244

SentinelOne,

Inc.,

Class

A\*

13,763

206,445

ServiceNow,

Inc.\*

28,395

4,349,830

Workday,

Inc.,

Class

A\*

9,741

2,092,172

Zoom

Communications,

Inc.,

Class

A\*

14,152

Zscaler,

Inc.\*

1,192

268,105

32,943,636

#### Specialized

#### REITs

#### 0

#### .1

#### %
Millrose

Properties,

Inc.

6,422

191,825

#### Specialty

#### Retail

#### 4

#### .7

#### %
AutoZone,

Inc.\*

564

1,912,806

Best

Buy

Co.,

Inc.(a)

21,412

1,433,105

Lowe's

Cos.,

Inc.

12,751

3,075,031

O'Reilly

Automotive,

Inc.\*

41,835

3,815,770

Wayfair,

Inc.,

Class

A\*(a)

1,681

168,789

Williams-Sonoma,

Inc.(a)

6,321

1,128,868

11,534,369

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 6

#### .6

#### %
Apple,

Inc.

59,708

16,232,217

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0

#### .4

#### %
Deckers

Outdoor

Corp.\*

10,122

1,049,348

#### Trading

#### Companies

#### &

#### Distributors

#### 0

#### .4

#### %
Watsco,

Inc.

2,660

896,287

#### Total

#### Common

#### Stocks

#### (cost

#### $173,124,795)

#### 243,400,404
NVIT

Jacobs

Levy

Large

Cap

Core

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Repurchase

#### Agreement

#### 2

#### .4

#### %

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$5,853,275,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$5,969,068.(b)(c)

5,852,027

5,852,027

#### Total

#### Repurchase

#### Agreement

#### (cost

#### $5,852,027)

#### 5,852,027

#### Total

#### Investments

#### (cost

#### $178,976,822)

#### —

#### 102.0%

#### 249,252,431

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (2.0)%

#### (#### 4,904,683

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 244,347,748
\*

Denotes

a

non-income

producing

security.

(a) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$12,822,767,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$5,852,027

and

by

$7,404,202

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.25%,

and

maturity

dates

ranging

from

1/15/2026

-

5/15/2055,

a

total

value

of

$13,256,229.

(b) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$5,852,027.

(c) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

REIT

Real

Estate

Investment

Trust

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

#### Common

#### Stocks

#### 100

#### .4

#### %

#### Shares

#### Value

#### ($)

#### Aerospace

#### &

#### Defense

#### 0

#### .9

#### %
Lockheed

Martin

Corp.

8,845

4,278,061

#### Automobiles

#### 2

#### .1

#### %
Tesla,

Inc.\*

23,879

10,738,864

#### Banks

#### 3

#### .2

#### %
NU

Holdings

Ltd.,

Class

A\*

328,699

5,502,421

Popular,

Inc.

51,936

6,467,071

Valley

National

Bancorp(a)

211,837

2,474,256

Western

Alliance

Bancorp(a)

17,080

1,435,916

15,879,664

#### Biotechnology

#### 3

#### .2

#### %
ACADIA

Pharmaceuticals,

Inc.\*

17,663

471,779

Alnylam

Pharmaceuticals,

Inc.\*

1,932

768,260

Exelixis,

Inc.\*

29,200

1,279,836

Halozyme

Therapeutics,

Inc.\*

46,833

3,151,861

Incyte

Corp.\*

80,008

7,902,390

Ultragenyx

Pharmaceutical,

Inc.\*

113,788

2,617,124

16,191,250

#### Broadline

#### Retail

#### 3

#### .8

#### %
Amazon.com,

Inc.\*

54,400

12,556,608

Coupang,

Inc.\*

207,851

4,903,205

Etsy,

Inc.\*(a)

26,250

1,455,300

18,915,113

#### Capital

#### Markets

#### 4

#### .0

#### %
Bank

of

New

York

Mellon

Corp.

(The)

48,568

5,638,259

Interactive

Brokers

Group,

Inc.,

Class

A

118,516

7,621,764

Jefferies

Financial

Group,

Inc.

69,382

4,299,603

Robinhood

Markets,

Inc.,

Class

A\*

20,290

2,294,799

19,854,425

#### Communications

#### Equipment

#### 1

#### .9

#### %
Arista

Networks,

Inc.\*

71,984

9,432,063

#### Construction

#### &

#### Engineering

#### 5

#### .2

#### %
Argan,

Inc.

7,167

2,245,565

Comfort

Systems

USA,

Inc.

9,676

9,030,514

EMCOR

Group,

Inc.

9,122

5,580,748

MasTec,

Inc.\*

18,789

4,084,165

Primoris

Services

Corp.(a)

39,122

4,856,605

25,797,597

#### Construction

#### Materials

#### 1

#### .1

#### %
James

Hardie

Industries

plc,

ADR\*

272,990

5,664,542

#### Consumer

#### Finance

#### 1

#### .3

#### %
Ally

Financial,

Inc.

147,379

6,674,795

#### Diversified

#### Consumer

#### Services

#### 0

#### .3

#### %
Laureate

Education,

Inc.\*

42,165

1,419,695

#### Electrical

#### Equipment

#### 0

#### .4

#### %
Powell

Industries,

Inc.

6,789

2,164,197

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0

#### .5

#### %
Insight

Enterprises,

Inc.\*

33,085

2,695,435

#### Entertainment

#### 5

#### .2

#### %
Netflix,

Inc.\*

104,263

9,775,699

ROBLOX

Corp.,

Class

A\*

44,045

3,568,966

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Entertainment
Roku,

Inc.,

Class

A\*

39,829

4,321,048

Spotify

Technology

SA\*

14,580

8,466,752

26,132,465

#### Food

#### Products

#### 0

#### .3

#### %
Marzetti

Co.

(The)

8,191

1,346,764

#### Ground

#### Transportation

#### 0

#### .9

#### %
Lyft,

Inc.,

Class

A\*

167,441

3,243,332

Old

Dominion

Freight

Line,

Inc.

14,896

RXO,

Inc.\*

67,882

858,029

U-Haul

Holding

Co.\*(a)

9,623

485,095

4,601,352

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0

#### .3

#### %
Integer

Holdings

Corp.\*

7,683

602,578

Lantheus

Holdings,

Inc.\*(a)

11,391

758,071

1,360,649

#### Health

#### Care

#### Providers

#### &

#### Services

#### 2

#### .6

#### %
McKesson

Corp.

12,329

10,113,355

Molina

Healthcare,

Inc.\*

16,500

2,863,410

12,976,765

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 4

#### .9

#### %
Airbnb,

Inc.,

Class

A\*

27,438

3,723,886

Booking

Holdings,

Inc.

2,037

10,908,807

Domino's

Pizza,

Inc.(a)

9,434

3,932,280

DraftKings,

Inc.,

Class

A\*(a)

93,518

3,222,630

Wingstop,

Inc.(a)

10,416

2,484,112

24,271,715

#### Household

#### Durables

#### 0

#### .4

#### %
Cavco

Industries,

Inc.\*(a)

1,533

905,604

SharkNinja,

Inc.\*(a)

7,144

799,414

Sonos,

Inc.\*

27,300

479,388

2,184,406

#### Household

#### Products

#### 0

#### .5

#### %

Co.

12,584

2,477,790

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 1

#### .4

#### %
Vistra

Corp.

41,832

6,748,757

#### Insurance

#### 1

#### .8

#### %
Everest

Group

Ltd.

16,136

5,475,752

Oscar

Health,

Inc.,

Class

A\*

36,435

523,571

Selective

Insurance

Group,

Inc.

38,393

3,212,342

9,211,665

#### Interactive

#### Media

#### &

#### Services

#### 6

#### .9

#### %
Alphabet,

Inc.,

Class

C

65,588

20,581,514

Cargurus,

Inc.,

Class

A\*

25,667

984,329

Meta

Platforms,

Inc.,

Class

A

19,874

13,118,629

34,684,472

#### IT

#### Services

#### 0

#### .4

#### %
DigitalOcean

Holdings,

Inc.\*(a)

42,023

2,022,147

#### Leisure

#### Products

#### 0

#### .1

#### %
Peloton

Interactive,

Inc.,

Class

A\*(a)

75,449

464,766

#### Machinery

#### 0

#### .1

#### %
Franklin

Electric

Co.,

Inc.

3,748

358,046

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Media

#### 0

#### .6

#### %
Trade

Desk,

Inc.

(The),

Class

A\*

74,378

2,823,389

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0

#### .5

#### %
HF

Sinclair

Corp.

7,058

325,233

Phillips

18,653

2,406,983

2,732,216

#### Passenger

#### Airlines

#### 0

#### .4

#### %
Alaska

Air

Group,

Inc.\*(a)

36,747

1,848,374

#### Pharmaceuticals

#### 1

#### .0

#### %
Eli

Lilly

&

Co.

3,512

3,774,276

Supernus

Pharmaceuticals,

Inc.\*

21,955

1,091,164

4,865,440

#### Professional

#### Services

#### 0

#### .5

#### %
KBR,

Inc.

68,212

2,742,122

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 11

#### .4

#### %
Broadcom,

Inc.

44,127

15,272,355

Kulicke

&

Soffa

Industries,

Inc.

42,015

1,914,203

Lam

Research

Corp.

72,103

12,342,592

NVIDIA

Corp.

96,925

18,076,513

QUALCOMM,

Inc.

41,508

7,099,943

Silicon

Laboratories,

Inc.\*

17,869

2,335,478

57,041,084

#### Software

#### 17

#### .1

#### %
Adobe,

Inc.\*

27,834

9,741,622

Appfolio,

Inc.,

Class

A\*(a)

5,983

1,391,945

Atlassian

Corp.,

Class

A\*

22,172

3,594,968

Braze,

Inc.,

Class

A\*

10,365

355,416

Clear

Secure,

Inc.,

Class

A

65,806

2,308,475

Core

Scientific,

Inc.\*

22,353

325,460

Dropbox,

Inc.,

Class

A\*(a)

205,437

5,711,149

Fortinet,

Inc.\*

89,396

7,098,936

InterDigital,

Inc.(a)

9,874

3,143,684

Manhattan

Associates,

Inc.\*

11,004

1,907,103

Microsoft

Corp.

65,815

31,829,450

Nutanix,

Inc.,

Class

A\*

29,705

1,535,451

Palantir

Technologies,

Inc.,

Class

A\*

11,092

1,971,603

Pegasystems,

Inc.(a)

37,045

2,212,327

RingCentral,

Inc.,

Class

A\*(a)

60,116

1,736,150

SentinelOne,

Inc.,

Class

A\*(a)

219,564

3,293,460

ServiceNow,

Inc.\*

2,500

382,975

Teradata

Corp.\*

63,178

1,923,138

Varonis

Systems,

Inc.,

Class

B\*

93,551

3,068,473

Zscaler,

Inc.\*

8,166

1,836,697

85,368,482

#### Specialty

#### Retail

#### 2

#### .9

#### %
AutoZone,

Inc.\*

1,511

5,124,556

O'Reilly

Automotive,

Inc.\*

6,813

621,414

RH\*(a)

11,316

2,027,261

Wayfair,

Inc.,

Class

A\*(a)

16,731

1,679,960

Williams-Sonoma,

Inc.(a)

29,612

5,288,407

14,741,598

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 10

#### .8

#### %
Apple,

Inc.

189,616

51,549,006

NetApp,

Inc.

21,112

2,260,884

53,809,890

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 1

#### .5

#### %
Deckers

Outdoor

Corp.\*

71,540

7,416,552

#### Total

#### Common

#### Stocks

#### (cost

#### $382,853,007)

#### 501,936,607

#### Repurchase

#### Agreements

#### 2

#### .6

#### %

#### Principal

#### Amount

#### ($)
BNP

Paribas

Securities

Corp.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$10,002,117,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.63%,

maturing

7/31/2026

-

11/15/2054;

total

market

value

$10,200,000.(b)(c)

10,000,000

10,000,000

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$2,891,233,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$2,948,429.(b)(c)

2,890,616

2,890,616

#### Total

#### Repurchase

#### Agreements

#### (cost

#### $12,890,616)

#### 12,890,616

#### Total

#### Investments

#### (cost

#### $395,743,623)

#### —

#### 103.0%

#### 514,827,223

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (3.0)%

#### (#### 15,045,571

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 499,781,652
\*

Denotes

a

non-income

producing

security.

(a) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$36,435,468,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$12,890,616

and

by

$24,772,054

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.25%,

and

maturity

dates

ranging

from

1/15/2026

-

5/15/2055,

a

total

value

of

$37,662,670.

(b) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$12,890,616.

(c) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

#### OTC

#### Total

#### return

#### swap

#### contracts

#### outstanding

#### as

#### of

#### December

#### 31,

#### 2025

#### :

#### Reference

#### Entity

#### Payments

#### Made

#### by

#### Fund

#### Payments

#### Received

#### by

#### Fund

#### Frequency

#### of

#### Payments

#### Made/

#### Received

#### Counterparty

#### Maturity

#### Date

#### Quantity

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Value

#### ($)
ACADIA

Pharmaceuticals,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

41,885

Addus

HomeCare

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

22,323

27,681

27,681

ADMA

Biologics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

84,798

10,176

10,176

Advanced

Energy

Industries,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

3,188

12,561

12,561

Advanced

Micro

Devices,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

12,905

15,228

15,228

AeroVironment,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

8,695

18,346

18,346

Agilysys,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2026

12,849

7,838

7,838

Alnylam

Pharmaceuticals,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

7,296

2,918

2,918

Apollo

Global

Management,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

20,767

16,930

16,930

Arrowhead

Pharmaceuticals,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

50,135

43,116

43,116

Arthur

J

Gallagher

&

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/29/2026

2,323

5,552

5,552

Automatic

Data

Processing,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

21,235

1,043

1,043

Avis

Budget

Group,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.52%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

8,393

4,364

4,364

Bloom

Energy

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

4,000

1,480

1,480

Boston

Scientific

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

18,997

12,538

12,538

Cargurus,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

17,270

3,454

3,454

Carpenter

Technology

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

6,112

22,981

22,981

Casella

Waste

Systems,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

31,422

73,842

73,842

CBIZ,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

42,944

36,073

36,073

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Reference

#### Entity

#### Payments

#### Made

#### by

#### Fund

#### Payments

#### Received

#### by

#### Fund

#### Frequency

#### of

#### Payments

#### Made/

#### Received

#### Counterparty

#### Maturity

#### Date

#### Quantity

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Value

#### ($)
Centrus

Energy

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.52%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2026

7,297

31,158

31,158

Chefs'

Warehouse,

Inc.

(The)

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

37,103

5,565

5,565

Construction

Partners,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

24,700

35,568

35,568

Core

Natural

Resources,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

34,792

696

696

CoreCivic,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

114,256

2,285

2,285

Credit

Acceptance

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.52%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

5,692

39,104

39,104

Crinetics

Pharmaceuticals,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/29/2026

58,895

49,472

49,472

Dorman

Products,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/26/2027

16,150

36,022

36,022

Dutch

Bros,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

50,649

41,532

41,532

D-Wave

Quantum,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.52%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

13,791

1,379

1,379

Entegris,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2026

29,586

72,190

72,190

Everest

Group

Ltd.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

730

HealthEquity,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

24,908

22,168

22,168

HF

Sinclair

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

49,999

16,000

16,000

Hilton

Grand

Vacations,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

62,059

30,409

30,409

Integer

Holdings

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

35,170

3,165

3,165

IonQ,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2026

4,626

2,035

2,035

JBT

Marel

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

21,091

55,469

55,469

Joby

Aviation,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2026

190,138

3,803

3,803

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

#### Reference

#### Entity

#### Payments

#### Made

#### by

#### Fund

#### Payments

#### Received

#### by

#### Fund

#### Frequency

#### of

#### Payments

#### Made/

#### Received

#### Counterparty

#### Maturity

#### Date

#### Quantity

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Value

#### ($)
Knife

River

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

42,102

55,575

55,575

Lattice

Semiconductor

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2026

47,357

47,357

47,357

Lithia

Motors,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2026

4,871

17,779

17,779

Loar

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

10,317

5,571

5,571

LPL

Financial

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

7,086

18,282

18,282

Lyft,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

84,144

5,049

5,049

MACOM

Technology

Solutions

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

20,622

74,033

74,033

Markel

Group,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

11,939

11,939

Mercury

Systems,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

35,734

30,017

30,017

Mirion

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/29/2026

131,596

36,847

36,847

Modine

Manufacturing

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

9,266

15,196

15,196

Molina

Healthcare,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

698

2,010

2,010

NuScale

Power

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.64%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

49,492

6,929

6,929

Oracle

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

12,059

27,736

27,736

OSI

Systems,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

10,337

81,559

81,559

Otter

Tail

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

31,787

42,658

42,658

Palo

Alto

Networks,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/26/2027

14,006

31,847

31,847

QuidelOrtho

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

45,963

34,013

34,013

RadNet,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

43,554

6,098

6,098

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Reference

#### Entity

#### Payments

#### Made

#### by

#### Fund

#### Payments

#### Received

#### by

#### Fund

#### Frequency

#### of

#### Payments

#### Made/

#### Received

#### Counterparty

#### Maturity

#### Date

#### Quantity

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Value

#### ($)
RB

Global,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

26,490

41,060

41,060

Rocket

Lab

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

11,496

7,932

7,932

Royal

Caribbean

Cruises

Ltd.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

10,203

18,161

18,161

Sanmina

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

19,669

38,551

38,551

Shift4

Payments,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

1.39%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

26,271

38,356

38,356

SPX

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

8,728

30,112

30,112

Texas

Pacific

Land

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

7,590

41,441

41,441

Ultragenyx

Pharmaceutical,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

10,841

2,385

2,385

Unity

Software,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

66,434

63,777

63,777

Uranium

Energy

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

207,902

18,711

18,711

Veracyte,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

34,485

6,207

6,207

Victory

Capital

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

42,123

5,897

5,897

WillScot

Holdings

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/26/2027

137,742

13,241

13,241

Zurn

Elkay

Water

Solutions

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2026

59,861

43,099

43,099

–

–

#### Total

#### unrealized

#### appreciation
1,684,051

1,684,051

–

–

Airbnb,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

19,404

(23,091)

(23,091)

Ally

Financial,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

3,142

(943) (943) Alphabet,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/26/2027

18,094

(8,037)

(8,037)

Appfolio,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

10,700

(31,886)

(31,886)

Applied

Digital

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.52%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

21,302

(9,373)

(9,373)

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

#### Reference

#### Entity

#### Payments

#### Made

#### by

#### Fund

#### Payments

#### Received

#### by

#### Fund

#### Frequency

#### of

#### Payments

#### Made/

#### Received

#### Counterparty

#### Maturity

#### Date

#### Quantity

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Value

#### ($)
Argan,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/26/2027

9,722

(15,691)

(15,691)

Atlassian

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

3,851

(3,042)

(3,042)

Booking

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

(6,035)

(6,035)

Braze,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/29/2026

43,148

(20,711)

(20,711)

Broadcom,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

3,036

(9,412)

(9,412)

Brookdale

Senior

Living,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

117,459

(3,524)

(3,524)

Brookfield

Asset

Management

Ltd.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

46,706

(8,385)

(8,385)

Calix,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/27/2026

34,893

(2,094)

(2,094)

CG

oncology,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

37,487

(50,607)

(50,607)

Clear

Secure,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

9,258

(1,065)

(1,065)

Coca-Cola

Co.

(The)

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

12,238

(4,283)

(4,283)

Core

Scientific,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

4,601

(230) (230) Coupang,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

93,128

(50,289)

(50,289)

Deckers

Outdoor

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

5,943

(8,082)

(8,082)

DigitalOcean

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

18,586

(12,638)

(12,638)

DoubleVerify

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

42,555

(2,553)

(2,553)

DraftKings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

49,212

(14,764)

(14,764)

Eli

Lilly

&

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

(76) (76) EMCOR

Group,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/27/2026

2,412

(13,290)

(13,290)

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Reference

#### Entity

#### Payments

#### Made

#### by

#### Fund

#### Payments

#### Received

#### by

#### Fund

#### Frequency

#### of

#### Payments

#### Made/

#### Received

#### Counterparty

#### Maturity

#### Date

#### Quantity

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Value

#### ($)
Exelixis,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

34,350

(7,213)

(7,213)

Floor

&

Decor

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

69,623

(32,027)

(32,027)

Franklin

Electric

Co.,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

2,106

(3,496)

(3,496)

GEO

Group,

Inc.

(The)

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

118,299

(9,464)

(9,464)

Houlihan

Lokey,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

500

(530) (530) Impinj,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/29/2026

14,690

(79,473)

(79,473)

Insight

Enterprises,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

7,682

(11,293)

(11,293)

Itron,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

24,850

(34,044)

(34,044)

KBR,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

1,464

(417) (417) Kodiak

Gas

Services,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

73,642

(2,209)

(2,209)

Kulicke

&

Soffa

Industries,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

12,748

(7,840)

(7,840)

Lantheus

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

2,114

(1,290)

(1,290)

Lockheed

Martin

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

8,214

(7,228)

(7,228)

Manhattan

Associates,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

17,757

(25,570)

(25,570)

MasTec,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

1,132

(3,351)

(3,351)

Microsoft

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/30/2026

29,152

(85,998)

(85,998)

MYR

Group,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/29/2026

3,535

(2,333)

(2,333)

Netflix,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

41,090

(822) (822) NU

Holdings

Ltd.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

184,083

(25,772)

(25,772)

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

#### Reference

#### Entity

#### Payments

#### Made

#### by

#### Fund

#### Payments

#### Received

#### by

#### Fund

#### Frequency

#### of

#### Payments

#### Made/

#### Received

#### Counterparty

#### Maturity

#### Date

#### Quantity

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Value

#### ($)
Nutanix,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

10,659

(2,878)

(2,878)

NVIDIA

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

289,976

(298,609)

(298,609)

O'Reilly

Automotive,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2026

4,618

(1,201)

(1,201)

Oscar

Health,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

29,067

(4,069)

(4,069)

Palantir

Technologies,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2026

14,645

(45,253)

(45,253)

Pegasystems,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2026

17,260

(27,616)

(27,616)

Powell

Industries,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

1,305

(10,991)

(10,991)

Protagonist

Therapeutics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2026

38,184

(3,055)

(3,055)

QUALCOMM,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2026

11,827

(20,224)

(20,224)

Remitly

Global,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

24,131

(1,448)

(1,448)

RH

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

5,075

(14,109)

(14,109)

RingCentral,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/29/2026

55,409

(26,042)

(26,042)

Robinhood

Markets,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

3,613

(8,491)

(8,491)

ROBLOX

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

25,215

(19,668)

(19,668)

Roku,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

5,423

(12,636)

(12,636)

RXO,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

39,381

(2,363)

(2,363)

Scholar

Rock

Holding

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2026

5,800

(2,494)

(2,494)

Selective

Insurance

Group,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

15,835

(10,881)

(10,881)

ServiceNow,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

64,980

(67,579)

(67,579)

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Reference

#### Entity

#### Payments

#### Made

#### by

#### Fund

#### Payments

#### Received

#### by

#### Fund

#### Frequency

#### of

#### Payments

#### Made/

#### Received

#### Counterparty

#### Maturity

#### Date

#### Quantity

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Value

#### ($)
Supernus

Pharmaceuticals,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

19,839

(3,769)

(3,769)

Teradata

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2026

34,307

(15,438)

(15,438)

Trade

Desk,

Inc.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

53,885

(8,622)

(8,622)

UWM

Holdings

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.52%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

451,097

(27,066)

(27,066)

Vail

Resorts,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

14,776

(31,560)

(31,560)

Varonis

Systems,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

11,412

(3,424)

(3,424)

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

2,612

(6,452)

(6,452)

WesBanco,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2026

48,874

(4,887)

(4,887)

Wingstop,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/27/2026

1,583

(2,438)

(2,438)

Zscaler,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

10,373

(25,931)

(25,931)

–

–

#### Total

#### unrealized

#### depreciation
(1,349,665)

(1,349,665)

–

–

#### Net

#### unrealized

#### appreciation
334,386

334,386

#### Financing

#### Costs

#### of

#### Swap

#### Contracts
(3,916)

(3,916)

#### Total

#### Unrealized

#### Appreciation
(Depreciation)

#### including

#### Financing

#### Costs

#### of

#### Swap

#### Contracts
330,470

330,470

OBFR

Overnight

Bank

Funding

Rate

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

#### Index

#### Reference

#### Rate
Overnight

Bank

Funding

Rate

(OBFR)

3.65%

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

#### Common

#### Stocks

#### 98

#### .2

#### %

#### Shares

#### Value

#### ($)

#### Aerospace

#### &

#### Defense

#### 1

#### .3

#### %
Cadre

Holdings,

Inc.(a)

52,558

2,146,469

Huntington

Ingalls

Industries,

Inc.(a)

944

321,026

2,467,495

#### Air

#### Freight

#### &

#### Logistics

#### 0

#### .1

#### %
Hub

Group,

Inc.,

Class

A

4,260

181,519

Radiant

Logistics,

Inc.\*

9,079

57,470

238,989

#### Automobile

#### Components

#### 3

#### .0

#### %
American

Axle

&

Manufacturing

Holdings,

Inc.\*(a)

76,840

492,544

Cooper-Standard

Holdings,

Inc.\*

14,117

463,461

Dana,

Inc.

66,443

1,578,686

Dorman

Products,

Inc.\*

17,064

2,102,114

Lear

Corp.

6,220

712,812

Stoneridge,

Inc.\*

16,009

92,692

Strattec

Security

Corp.\*(a)

5,698

433,846

5,876,155

#### Banks

#### 10

#### .4

#### %
1st

Source

Corp.

29,370

Amerant

Bancorp,

Inc.,

Class

A

9,712

189,481

Axos

Financial,

Inc.\*(a)

8,834

761,137

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

14,340

714,419

Bank7

Corp.

691

28,317

BankUnited,

Inc.

48,150

2,146,046

BayCom

Corp.

860

25,284

BCB

Bancorp,

Inc.

3,196

25,792

BOK

Financial

Corp.(a)

1,990

235,735

Business

First

Bancshares,

Inc.

5,756

150,462

Byline

Bancorp,

Inc.

4,874

142,077

Capital

City

Bank

Group,

Inc.

3,672

156,317

Central

Pacific

Financial

Corp.

11,316

352,607

Civista

Bancshares,

Inc.

3,867

85,925

Community

Trust

Bancorp,

Inc.

6,849

386,968

FB

Financial

Corp.

8,461

472,124

First

Bancorp(a)

90,266

1,871,214

First

Bank

1,000

16,460

First

Financial

Corp.(a)

5,764

348,261

First

Internet

Bancorp

3,728

77,803

Flushing

Financial

Corp.(a)

1,345

20,404

FS

Bancorp,

Inc.

920

37,876

Hanmi

Financial

Corp.

19,973

539,870

HBT

Financial,

Inc.

3,264

84,374

Hilltop

Holdings,

Inc.

35,815

1,215,561

Home

Bancorp,

Inc.

843

48,725

HomeTrust

Bancshares,

Inc.

4,289

184,170

Independent

Bank

Corp.

8,927

290,395

Investar

Holding

Corp.

6,867

Kearny

Financial

Corp.

32,095

237,824

Live

Oak

Bancshares,

Inc.

5,460

187,551

Mercantile

Bank

Corp.

1,860

89,466

Midland

States

Bancorp,

Inc.

17,528

371,068

MVB

Financial

Corp.

2,196

National

Bank

Holdings

Corp.,

Class

A

11,034

419,402

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Banks
Northeast

Community

Bancorp,

Inc.

4,785

108,189

Northfield

Bancorp,

Inc.

26,211

299,592

Northrim

Bancorp,

Inc.

10,020

266,632

OFG

Bancorp

31,207

1,278,863

OP

Bancorp

1,250

17,650

Origin

Bancorp,

Inc.

1,840

69,202

PCB

Bancorp

1,000

21,650

Peapack-Gladstone

Financial

Corp.

4,863

135,435

Primis

Financial

Corp.

4,120

57,309

Prosperity

Bancshares,

Inc.(a)

5,971

412,656

QCR

Holdings,

Inc.(a)

8,629

718,796

RBB

Bancorp

4,920

101,549

Red

River

Bancshares,

Inc.

7,143

Republic

Bancorp,

Inc.,

Class

A

1,301

89,756

Sierra

Bancorp

2,845

92,975

SmartFinancial,

Inc.

1,332

49,271

South

Plains

Financial,

Inc.

2,905

112,714

Texas

Capital

Bancshares,

Inc.\*

16,173

1,464,303

Third

Coast

Bancshares,

Inc.\*

6,337

240,869

Tompkins

Financial

Corp.

2,338

169,552

TriCo

Bancshares

3,820

180,953

Triumph

Financial,

Inc.\*(a)

12,686

794,524

Unity

Bancorp,

Inc.

2,900

149,988

Valley

National

Bancorp(a)

108,436

1,266,532

WaFd,

Inc.(a)

2,920

93,528

Westamerica

Bancorp

5,620

268,805

20,419,984

#### Biotechnology

#### 2

#### .9

#### %
Aldeyra

Therapeutics,

Inc.\*

18,312

94,856

Alector,

Inc.\*(a)

95,300

148,668

Anika

Therapeutics,

Inc.\*

11,287

108,468

Arcturus

Therapeutics

Holdings,

Inc.\*(a)

5,957

36,516

Arcus

Biosciences,

Inc.\*

17,631

420,147

Caribou

Biosciences,

Inc.\*(a)

31,484

50,059

Cartesian

Therapeutics,

Inc.\*(a)

10,336

74,523

Day

One

Biopharmaceuticals,

Inc.\*

21,700

202,244

Design

Therapeutics,

Inc.\*

4,150

38,927

Editas

Medicine,

Inc.\*(a)

57,500

117,875

Entrada

Therapeutics,

Inc.\*(a)

28,095

288,817

Foghorn

Therapeutics,

Inc.\*

6,810

36,774

Inhibrx

Biosciences,

Inc.\*(a)

900

71,100

Ironwood

Pharmaceuticals,

Inc.,

Class

A\*

36,249

122,159

Keros

Therapeutics,

Inc.\*

34,541

703,255

Kodiak

Sciences,

Inc.\*(a)

5,284

147,741

Kura

Oncology,

Inc.\*

100,566

1,044,881

MacroGenics,

Inc.\*

32,438

52,225

Myriad

Genetics,

Inc.\*

106,756

656,549

Nurix

Therapeutics,

Inc.\*(a)

16,950

321,541

PMV

Pharmaceuticals,

Inc.\*

20,800

26,000

Prothena

Corp.

plc\*

32,486

310,241

Tyra

Biosciences,

Inc.\*(a)

8,937

234,954

Vanda

Pharmaceuticals,

Inc.\*

35,157

310,085

5,618,605

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Broadline

#### Retail

#### 0

#### .1

#### %
1stdibs.com,

Inc.\*(a)

7,323

43,865

Dillard's,

Inc.,

Class

A(a)

109,747

153,612

#### Building

#### Products

#### 2

#### .7

#### %
CSW

Industrials,

Inc.(a)

7,579

2,224,664

Hayward

Holdings,

Inc.\*

174,363

2,693,908

Insteel

Industries,

Inc.

6,520

206,488

JELD-WEN

Holding,

Inc.\*

104,393

256,807

5,381,867

#### Capital

#### Markets

#### 1

#### .1

#### %
MarketAxess

Holdings,

Inc.

15,044

Open

Lending

Corp.\*(a)

36,178

56,076

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

3,038

Virtus

Investment

Partners,

Inc.(a)

12,508

2,040,680

2,114,838

#### Chemicals

#### 4

#### .1

#### %
American

Vanguard

Corp.\*

16,278

62,182

Arq,

Inc.\*(a)

19,400

63,438

Ashland,

Inc.

22,578

1,324,651

Celanese

Corp.,

Class

A(a)

3,285

138,890

Core

Molding

Technologies,

Inc.\*

4,390

88,019

Element

Solutions,

Inc.(a)

132,724

3,316,773

Koppers

Holdings,

Inc.(a)

4,002

108,374

Kronos

Worldwide,

Inc.(a)

19,055

84,223

Mativ

Holdings,

Inc.

8,250

100,238

Orion

SA

1,500

7,920

Quaker

Chemical

Corp.(a)

17,566

2,411,987

Scotts

Miracle-Gro

Co.

(The)

4,334

252,889

7,959,584

#### Commercial

#### Services

#### &

#### Supplies

#### 0

#### .6

#### %
Ennis,

Inc.

14,917

268,655

Vestis

Corp.(a)

148,347

989,475

1,258,130

#### Communications

#### Equipment

#### 0

#### .8

#### %
Aviat

Networks,

Inc.\*(a)

12,892

275,631

Ciena

Corp.\*

913

213,523

Inseego

Corp.\*(a)

4,800

49,296

NETGEAR,

Inc.\*(a)

35,011

858,820

Ribbon

Communications,

Inc.\*(a)

41,120

118,426

1,515,696

#### Construction

#### &

#### Engineering

#### 1

#### .7

#### %
Great

Lakes

Dredge

&

Dock

Corp.\*

2,700

35,424

MasTec,

Inc.\*

1,277

277,581

Matrix

Service

Co.\*

22,323

261,179

Orion

Group

Holdings,

Inc.\*

33,083

328,845

Primoris

Services

Corp.(a)

2,133

264,791

Tutor

Perini

Corp.

30,940

2,073,599

3,241,419

#### Consumer

#### Finance

#### 2

#### .3

#### %
Bread

Financial

Holdings,

Inc.

31,367

2,322,099

LendingTree,

Inc.\*

8,581

455,565

PRA

Group,

Inc.\*

30,191

534,079

PROG

Holdings,

Inc.

35,490

1,046,600

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Consumer

#### Finance
Regional

Management

Corp.

4,180

161,975

4,520,318

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1

#### .0

#### %
Andersons,

Inc.

(The)

31,719

1,686,499

Maplebear,

Inc.\*

7,330

329,704

2,016,203

#### Containers

#### &

#### Packaging

#### 0

#### .2

#### %
Ardagh

Metal

Packaging

SA

101,100

414,510

#### Distributors

#### 0

#### .4

#### %
Gold.com,

Inc.(a)

24,585

837,119

#### Diversified

#### Consumer

#### Services

#### 0

#### .0

#### %

#### †
Chegg,

Inc.\*(a)

54,800

50,964

#### Diversified

#### REITs

#### 0

#### .1

#### %
Alpine

Income

Property

Trust,

Inc.(a)

8,216

137,372

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .4

#### %
ATN

International,

Inc.

6,691

152,555

Bandwidth,

Inc.,

Class

A\*(a)

18,702

288,946

IDT

Corp.,

Class

B

7,442

381,105

822,606

#### Electric

#### Utilities

#### 0

#### .1

#### %
Genie

Energy

Ltd.,

Class

B

17,177

236,699

#### Electrical

#### Equipment

#### 0

#### .8

#### %
Atkore,

Inc.

17,620

1,114,465

Fluence

Energy,

Inc.\*(a)

16,800

332,304

Power

Solutions

International,

Inc.\*(a)

1,012

57,826

1,504,595

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 5

#### .1

#### %
Cognex

Corp.

50,856

1,829,799

ePlus,

Inc.

45,605

3,999,559

Ingram

Micro

Holding

Corp.(a)

4,064

86,726

Insight

Enterprises,

Inc.\*

18,667

1,520,800

Itron,

Inc.\*(a)

7,544

700,536

PC

Connection,

Inc.

6,767

390,862

Rogers

Corp.\*

5,934

543,376

ScanSource,

Inc.\*

17,108

668,238

SmartRent,

Inc.,

Class

A\*(a)

126,097

254,716

9,994,612

#### Energy

#### Equipment

#### &

#### Services

#### 0

#### .4

#### %
DMC

Global,

Inc.\*

14,297

95,647

Forum

Energy

Technologies,

Inc.\*

12,322

455,298

Oil

States

International,

Inc.\*

4,993

33,802

Ranger

Energy

Services,

Inc.,

Class

A

19,208

268,528

853,275

#### Entertainment

#### 0

#### .8

#### %
Playstudios,

Inc.\*

13,740

8,952

Roku,

Inc.,

Class

A\*

5,375

583,134

Skillz,

Inc.,

Class

A\*

3,190

13,749

Sphere

Entertainment

Co.\*

10,817

1,028,480

1,634,315

#### Financial

#### Services

#### 1

#### .0

#### %
Compass

Diversified

Holdings

95,915

460,392

Marqeta,

Inc.,

Class

A\*(a)

98,875

469,656

Pagseguro

Digital

Ltd.,

Class

A

80,773

778,652

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Financial

#### Services
Paysafe

Ltd.\*(a)

37,377

302,380

2,011,080

#### Food

#### Products

#### 0

#### .9

#### %
Calavo

Growers,

Inc.

15,740

342,345

Dole

plc

31,664

474,644

Hain

Celestial

Group,

Inc.

(The)\*

117,702

125,941

Mission

Produce,

Inc.\*

6,500

75,400

Pilgrim's

Pride

Corp.(a)

8,993

350,637

Smithfield

Foods,

Inc.

22,119

493,917

1,862,884

#### Gas

#### Utilities

#### 0

#### .1

#### %
Southwest

Gas

Holdings,

Inc.

2,640

211,253

#### Ground

#### Transportation

#### 3

#### .0

#### %
ArcBest

Corp.(a)

21,742

1,613,039

Covenant

Logistics

Group,

Inc.,

Class

A

14,145

311,756

Landstar

System,

Inc.

18,218

2,617,927

Lyft,

Inc.,

Class

A\*

42,233

818,053

Werner

Enterprises,

Inc.

14,300

429,143

5,789,918

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 2

#### .1

#### %
Accuray,

Inc.\*(a)

60,800

50,136

Dentsply

Sirona,

Inc.

10,997

125,696

ICU

Medical,

Inc.\*(a)

21,944

3,130,750

Inogen,

Inc.\*

24,800

166,656

OraSure

Technologies,

Inc.\*(a)

72,958

176,558

Orthofix

Medical,

Inc.\*(a)

2,400

36,384

Varex

Imaging

Corp.\*

42,689

497,327

4,183,507

#### Health

#### Care

#### Providers

#### &

#### Services

#### 4

#### .7

#### %
Addus

HomeCare

Corp.\*(a)

41,666

4,474,512

Aveanna

Healthcare

Holdings,

Inc.\*

3,242

26,487

DocGo,

Inc.\*

59,276

52,032

Ensign

Group,

Inc.

(The)

12,123

2,111,827

Pennant

Group,

Inc.

(The)\*

93,488

2,631,687

9,296,545

#### Health

#### Care

#### REITs

#### 0

#### .1

#### %
Community

Healthcare

Trust,

Inc.(a)

13,650

224,133

#### Health

#### Care

#### Technology

#### 0

#### .3

#### %
Evolent

Health,

Inc.,

Class

A\*

87,706

350,824

HealthStream,

Inc.

7,682

177,224

528,048

#### Hotel

#### &

#### Resort

#### REITs

#### 1

#### .1

#### %
Braemar

Hotels

&

Resorts,

Inc.(a)

29,942

85,934

Chatham

Lodging

Trust

22,612

153,988

Sunstone

Hotel

Investors,

Inc.

84,682

757,057

Xenia

Hotels

&

Resorts,

Inc.(a)

77,896

1,101,449

2,098,428

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1

#### .0

#### %
Wyndham

Hotels

&

Resorts,

Inc.

25,875

1,955,115

#### Household

#### Durables

#### 3

#### .0

#### %
Cricut,

Inc.,

Class

A(a)

60,880

301,356

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Household

#### Durables
Ethan

Allen

Interiors,

Inc.

22,246

508,099

Flexsteel

Industries,

Inc.

1,826

72,109

GoPro,

Inc.,

Class

A\*(a)

110,467

155,758

Helen

of

Troy

Ltd.\*(a)

6,090

129,412

KB

Home(a)

15,427

870,237

La-Z-Boy,

Inc.(a)

9,520

354,810

Sonos,

Inc.\*

45,650

801,614

Taylor

Morrison

Home

Corp.,

Class

A\*

20,529

1,208,542

Traeger,

Inc.\*(a)

8,758

9,459

Tri

Pointe

Homes,

Inc.\*

49,914

1,570,794

5,982,190

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0

#### .0

#### %

#### †
Infinity

Bio-energy

Ltd.

Reg.

S\*^∞

155,500

#### Insurance

#### 8

#### .0

#### %
American

Coastal

Insurance

Corp.(a)

5,742

72,521

American

Integrity

Insurance

Group,

Inc.\*

11,179

232,858

CNO

Financial

Group,

Inc.

35,392

1,503,098

Donegal

Group,

Inc.,

Class

A

10,965

219,081

eHealth,

Inc.\*

600

2,760

Employers

Holdings,

Inc.

18,833

813,021

Fidelis

Insurance

Holdings

Ltd.

56,512

1,105,940

Genworth

Financial,

Inc.,

Class

A\*

32,794

296,130

Heritage

Insurance

Holdings,

Inc.\*

26,468

774,454

Hippo

Holdings,

Inc.\*

5,440

163,635

Horace

Mann

Educators

Corp.

1,320

60,958

James

River

Group

Holdings,

Inc.

23,940

152,258

Kemper

Corp.

7,509

304,415

Mercury

General

Corp.

10,968

1,031,650

Reinsurance

Group

of

America,

Inc.

5,158

1,049,447

Selectquote,

Inc.\*

24,564

34,635

SiriusPoint

Ltd.\*

24,797

542,806

Skyward

Specialty

Insurance

Group,

Inc.\*

46,134

2,357,909

Slide

Insurance

Holdings,

Inc.\*

4,020

78,310

Stewart

Information

Services

Corp.

14,284

1,003,594

United

Fire

Group,

Inc.

7,353

267,281

Universal

Insurance

Holdings,

Inc.

18,316

619,081

White

Mountains

Insurance

Group

Ltd.

1,412

2,934,178

15,620,020

#### Interactive

#### Media

#### &

#### Services

#### 0

#### .3

#### %
Match

Group,

Inc.

4,331

139,848

Nextdoor

Holdings,

Inc.\*

212,678

446,624

586,472

#### IT

#### Services

#### 0

#### .1

#### %
Rackspace

Technology,

Inc.\*(a)

42,321

41,090

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### IT

#### Services
Unisys

Corp.\*

50,791

140,183

181,273

#### Leisure

#### Products

#### 1

#### .7

#### %
Funko,

Inc.,

Class

A\*(a)

52,539

178,633

Johnson

Outdoors,

Inc.,

Class

A

6,019

255,506

Polaris,

Inc.

2,380

150,535

Topgolf

Callaway

Brands

Corp.\*(a)

20,900

243,903

YETI

Holdings,

Inc.\*(a)

56,154

2,480,322

3,308,899

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 1

#### .0

#### %
10X

Genomics,

Inc.,

Class

A\*(a)

93,426

1,523,778

Codexis,

Inc.\*

33,656

54,859

CryoPort,

Inc.\*

7,669

73,622

Ginkgo

Bioworks

Holdings,

Inc.\*(a)

15,500

128,805

MaxCyte,

Inc.\*

50,800

78,740

OmniAb,

Inc.\*

8,036

14,867

1,874,671

#### Machinery

#### 2

#### .3

#### %
Astec

Industries,

Inc.

4,391

190,218

Columbus

McKinnon

Corp.

9,019

155,578

Graco,

Inc.

3,274

268,370

Hillman

Solutions

Corp.\*

309,616

2,681,275

Hyster-Yale,

Inc.

9,640

286,404

Manitowoc

Co.,

Inc.

(The)\*

27,242

326,632

Mayville

Engineering

Co.,

Inc.\*

1,449

27,125

Miller

Industries,

Inc.

4,355

162,746

Wabash

National

Corp.

52,033

450,085

4,548,433

#### Marine

#### Transportation

#### 0

#### .1

#### %
Costamare,

Inc.

11,678

184,396

#### Media

#### 0

#### .6

#### %
Nexxen

International

Ltd.\*(a)

35,302

230,875

PubMatic,

Inc.,

Class

A\*

51,560

457,337

Scholastic

Corp.(a)

17,878

529,725

1,217,937

#### Metals

#### &

#### Mining

#### 2

#### .2

#### %
Commercial

Metals

Co.

33,797

2,339,428

Ferroglobe

plc(a)

103,792

481,595

Reliance,

Inc.

586

169,278

Ryerson

Holding

Corp.(a)

20,860

524,838

SunCoke

Energy,

Inc.

54,048

389,146

Worthington

Steel,

Inc.

9,880

342,045

4,246,330

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0

#### .1

#### %
Angel

Oak

Mortgage

REIT,

Inc.

6,900

59,409

Nexpoint

Real

Estate

Finance,

Inc.(a)

1,500

21,120

TPG

Mortgage

Investment

Trust,

Inc.(a)

8,900

75,828

156,357

#### Multi-Utilities

#### 0

#### .4

#### %
Avista

Corp.

21,660

834,776

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Office

#### REITs

#### 0

#### .3

#### %
Easterly

Government

Properties,

Inc.,

Class

A

28,868

611,713

Orion

Properties,

Inc.

19,200

43,392

655,105

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 3

#### .3

#### %
BKV

Corp.\*(a)

1,600

43,440

Comstock

Resources,

Inc.\*(a)

22,513

521,851

DHT

Holdings,

Inc.

100,074

1,221,904

Excelerate

Energy,

Inc.,

Class

A(a)

21,010

589,330

Granite

Ridge

Resources,

Inc.

(a) 50,000

235,000

Green

Plains,

Inc.\*(a)

72,486

710,363

Par

Pacific

Holdings,

Inc.\*(a)

29,640

1,041,550

Teekay

Tankers

Ltd.,

Class

A

18,425

984,263

World

Kinect

Corp.(a)

45,260

1,060,442

6,408,143

#### Paper

#### &

#### Forest

#### Products

#### 0

#### .7

#### %
Clearwater

Paper

Corp.\*(a)

15,683

272,884

Louisiana-Pacific

Corp.

6,148

496,512

Magnera

Corp.\*(a)

37,319

565,010

1,334,406

#### Passenger

#### Airlines

#### 1

#### .2

#### %
Allegiant

Travel

Co.\*(a)

17,659

1,505,783

JetBlue

Airways

Corp.\*(a)

192,199

874,505

2,380,288

#### Personal

#### Care

#### Products

#### 1

#### .3

#### %
Beauty

Health

Co.

(The)\*(a)

14,400

20,016

Herbalife

Ltd.\*(a)

30,058

387,448

Interparfums,

Inc.(a)

19,948

1,692,189

Nature's

Sunshine

Products,

Inc.\*

10,474

226,029

USANA

Health

Sciences,

Inc.\*

12,653

248,378

2,574,060

#### Pharmaceuticals

#### 1

#### .5

#### %
Arvinas,

Inc.\*

12,866

152,591

BioAge

Labs,

Inc.\*(a)

21,200

280,476

Biote

Corp.,

Class

A\*(a)

6,506

16,916

Indivior

plc\*(a)

680

24,398

Ligand

Pharmaceuticals,

Inc.\*(a)

6,849

1,294,940

Pacira

BioSciences,

Inc.\*(a)

25,116

650,002

Septerna,

Inc.\*

7,681

214,146

SIGA

Technologies,

Inc.

15,604

95,341

Supernus

Pharmaceuticals,

Inc.\*

2,100

104,370

WaVe

Life

Sciences

Ltd.\*(a)

8,200

139,400

2,972,580

#### Professional

#### Services

#### 5

#### .0

#### %
CBIZ,

Inc.\*(a)

35,642

1,798,139

Conduent,

Inc.\*

119,510

229,459

Forrester

Research,

Inc.\*

1,500

12,180

Franklin

Covey

Co.\*(a)

11,077

185,872

FTI

Consulting,

Inc.\*

1,296

221,396

ICF

International,

Inc.

26,706

2,278,022

Kelly

Services,

Inc.,

Class

A

20,337

178,966

Kforce,

Inc.

16,547

511,633

Mistras

Group,

Inc.\*

9,800

123,970

Resources

Connection,

Inc.(a)

33,577

169,228

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Multi-Manager

Small

Cap

Value

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Professional

#### Services
Skillsoft

Corp.\*(a)

3,550

33,015

TrueBlue,

Inc.\*

13,068

59,459

Verra

Mobility

Corp.,

Class

A\*

175,538

3,933,807

9,735,146

#### Real

#### Estate

#### Management

#### &

#### Development

#### 2

#### .0

#### %
Cushman

&

Wakefield

Ltd.\*

206,743

3,347,169

Forestar

Group,

Inc.\*(a)

16,688

411,025

RE/MAX

Holdings,

Inc.,

Class

A\*

9,769

74,147

RMR

Group,

Inc.

(The),

Class

A(a)

3,624

53,998

3,886,339

#### Residential

#### REITs

#### 0

#### .4

#### %
American

Homes

Rent,

Class

A

8,358

268,292

Equity

LifeStyle

Properties,

Inc.(a)

3,268

198,073

NexPoint

Residential

Trust,

Inc.

9,670

291,067

757,432

#### Retail

#### REITs

#### 1

#### .0

#### %
InvenTrust

Properties

Corp.(a)

34,010

959,422

SITE

Centers

Corp.

95,563

613,514

Whitestone

REIT

23,359

324,457

1,897,393

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0

#### .0

#### %

#### †
Amkor

Technology,

Inc.

1,440

56,851

#### Software

#### 2

#### .1

#### %
ACI

Worldwide,

Inc.\*

15,773

754,107

Arteris,

Inc.\*

17,661

273,746

Core

Scientific,

Inc.\*

28,471

414,538

CS

Disco,

Inc.\*

7,217

56,004

Domo,

Inc.,

Class

B\*(a)

13,800

116,334

Dropbox,

Inc.,

Class

A\*

33,477

930,661

eGain

Corp.\*(a)

14,378

147,950

N-able,

Inc.\*(a)

46,682

349,181

ON24,

Inc.\*(a)

10,441

83,110

OneSpan,

Inc.

36,050

462,882

Rimini

Street,

Inc.\*(a)

27,363

106,168

Telos

Corp.\*

26,130

133,263

Xperi,

Inc.\*(a)

37,500

219,750

4,047,694

#### Specialty

#### Retail

#### 2

#### .9

#### %
Arko

Corp.(a)

24,650

111,911

Citi

Trends,

Inc.\*

7,800

324,168

Designer

Brands,

Inc.,

Class

A(a)

32,100

238,503

Haverty

Furniture

Cos.,

Inc.

10,912

254,904

Lands'

End,

Inc.\*(a)

17,537

254,637

Petco

Health

&

Wellness

Co.,

Inc.,

Class

A\*(a)

43,731

122,884

RH\*(a)

1,254

Shoe

Carnival,

Inc.

7,472

126,127

Sleep

Number

Corp.\*(a)

28,408

240,332

Sonic

Automotive,

Inc.,

Class

A

17,951

1,110,449

Stitch

Fix,

Inc.,

Class

A\*

128,369

673,937

Torrid

Holdings,

Inc.\*(a)

31,037

30,367

Wayfair,

Inc.,

Class

A\*(a)

745

74,806

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Specialty

#### Retail
Winmark

Corp.

3,626

1,468,312

Zumiez,

Inc.\*

24,356

634,474

5,667,065

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0

#### .1

#### %
Xerox

Holdings

Corp.(a)

73,311

173,747

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0

#### .3

#### %
Columbia

Sportswear

Co.(a)

2,230

122,851

G-III

Apparel

Group

Ltd.

4,802

139,066

Movado

Group,

Inc.(a)

18,919

390,110

Superior

Group

of

Cos.,

Inc.

3,724

36,048

688,075

#### Trading

#### Companies

#### &

#### Distributors

#### 1

#### .0

#### %
Alta

Equipment

Group,

Inc.

5,200

23,920

BlueLinx

Holdings,

Inc.\*

8,472

520,435

Boise

Cascade

Co.

987

72,643

DNOW,

Inc.\*

57,015

755,449

Hudson

Technologies,

Inc.\*

26,272

179,963

NPK

International,

Inc.\*

42,100

501,832

2,054,242

#### Water

#### Utilities

#### 0

#### .5

#### %
American

States

Water

Co.

7,539

546,427

California

Water

Service

Group

8,740

378,704

H2O

America

3,000

146,970

1,072,101

#### Wireless

#### Telecommunication

#### Services

#### 0

#### .1

#### %
Spok

Holdings,

Inc.

10,607

139,906

#### Total

#### Common

#### Stocks

#### (cost

#### $167,313,953)

#### 192,672,200

#### Rights

#### 0

#### .0

#### %

#### †

#### Number

#### of

#### Rights

#### Biotechnology

#### 0

#### .0

#### %

#### †
Aduro

Biotech,

Inc.

CVR\*^∞(a)

2,406

#### Total

#### Rights

#### (cost

#### $6,109)

#### 0

#### Repurchase

#### Agreements

#### 6

#### .3

#### %

#### Principal

#### Amount

#### ($)
Bank

of

America

NA,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$3,000,642,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.50%,

maturing

5/1/2049

-

9/1/2050;

total

market

value

$3,060,000.

(b)(c) 3,000,000

3,000,000

NVIT

Multi-Manager

Small

Cap

Value

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Repurchase

#### Agreements

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
BNP

Paribas

Securities

Corp.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$3,000,635,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.63%,

maturing

7/31/2026

-

11/15/2054;

total

market

value

$3,060,000.(b)(c)

3,000,000

3,000,000

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$3,358,327,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$3,424,763.(b)(c)

3,357,611

3,357,611

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$1,000,213,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$1,020,000.(b)(c)

1,000,000

1,000,000

CF

Secured,

LLC,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$1,000,213,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.13%

-

7.50%,

maturing

3/31/2026

-

4/20/2071;

total

market

value

$1,020,218.(b)(c)

1,000,000

1,000,000

MetLife,

Inc.,

3.83%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$1,000,213,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$1,020,517.(b)(c)

1,000,000

1,000,000

#### Repurchase

#### Agreements

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Pershing

LLC,

3.72%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$20,004,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

2/15/2026

-

12/20/2075;

total

market

value

$20,400.(b)(c)

20,000

20,000

#### Total

#### Repurchase

#### Agreements

#### (cost

#### $12,377,611)

#### 12,377,611

#### Total

#### Investments

#### (cost

#### $179,697,673)

#### —

#### 104.5%

#### 205,049,811

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (4.5)%

#### (#### 8,828,240

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 196,221,571
\*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$41,301,415,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$12,377,611

and

by

$30,334,656

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.75%,

and

maturity

dates

ranging

from

1/15/2026

-

8/15/2055,

a

total

value

of

$42,712,267.

(b) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$12,377,611.

(c) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

CVR

Contingent

Value

Rights

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Multi-Manager

Small

Company

Fund

#### Common

#### Stocks

#### 99

#### .4

#### %

#### Shares

#### Value

#### ($)

#### AUSTRALIA

#### 0

#### .0

#### %

#### †

#### Capital

#### Markets

#### 0

#### .0

#### %

#### †
Aet

&

D

Holdings

No.

\*^∞

106,305

#### BERMUDA

#### 0

#### .4

#### %

#### Banks

#### 0

#### .4

#### %
Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

26,514

1,320,927

#### BRAZIL

#### 1

#### .2

#### %

#### Aerospace

#### &

#### Defense

#### 0

#### .7

#### %
Embraer

SA,

ADR

36,637

2,358,324

#### Financial

#### Services

#### 0

#### .4

#### %
Pagseguro

Digital

Ltd.,

Class

A

138,005

1,330,368

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0

#### .0

#### %

#### †
Infinity

Bio-energy

Ltd.

Reg.

S

\*^∞

94,500

#### Metals

#### &

#### Mining

#### 0

#### .1

#### %
ERO

Copper

Corp.

\*

14,020

396,626

4,085,318

#### CANADA

#### 0

#### .3

#### %

#### Metals

#### &

#### Mining

#### 0

#### .2

#### %
Orla

Mining

Ltd.

\*

67,702

911,946

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0

#### .1

#### %
Teekay

Tankers

Ltd.,

Class

A

5,966

318,704

1,230,650

#### CAYMAN

#### ISLANDS

#### 0

#### .1

#### %

#### Capital

#### Markets

#### 0

#### .1

#### %
Bullish

\*(a)

5,038

190,789

#### IRELAND

#### 0

#### .2

#### %

#### Biotechnology

#### 0

#### .2

#### %
Prothena

Corp.

plc

\*

58,890

562,400

#### ISRAEL

#### 2

#### .1

#### %

#### Media

#### 0

#### .1

#### %
Nexxen

International

Ltd.

\*(a)

73,654

481,697

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 1

#### .6

#### %
Nova

Ltd.

\*(a)

6,193

2,033,719

Tower

Semiconductor

Ltd.

\*(a)

28,510

3,347,644

5,381,363

#### Software

#### 0

#### .4

#### %
Cellebrite

DI

Ltd.

\*(a)

78,810

1,420,944

7,284,004

#### MONACO

#### 0

#### .0

#### %

#### †

#### Marine

#### Transportation

#### 0

#### .0

#### %

#### †
Costamare,

Inc.

3,400

53,686

#### PUERTO

#### RICO

#### 1

#### .7

#### %

#### Banks

#### 1

#### .7

#### %
First

Bancorp

(a) 170,917

3,543,109

OFG

Bancorp

61,143

2,505,640

6,048,749

#### SWEDEN

#### 0

#### .1

#### %

#### Insurance

#### 0

#### .1

#### %
SiriusPoint

Ltd.

\*

8,950

195,916

#### SWITZERLAND

#### 0

#### .3

#### %

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0

#### .3

#### %
Sportradar

Group

AG,

Class

A

\*

44,719

1,062,971

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### THAILAND

#### 0

#### .9

#### %

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0

#### .9

#### %
Fabrinet

\*(a)

7,042

3,206,082

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0

#### .0

#### %

#### †
BKV

Corp.

\*(a)

3,000

81,450

3,287,532

#### UNITED

#### KINGDOM

#### 1

#### .5

#### %

#### Capital

#### Markets

#### 0

#### .3

#### %
Marex

Group

plc

27,195

1,043,200

#### Energy

#### Equipment

#### &

#### Services

#### 0

#### .6

#### %
TechnipFMC

plc

52,514

2,340,024

#### Insurance

#### 0

#### .6

#### %
Fidelis

Insurance

Holdings

Ltd.

(a) 102,363

2,003,244

5,386,468

#### UNITED

#### STATES

#### 90

#### .6

#### %

#### Aerospace

#### &

#### Defense

#### 5

#### .4

#### %
AeroVironment,

Inc.

\*(a)

6,709

1,622,840

ATI,

Inc.

\*

20,486

2,350,973

Carpenter

Technology

Corp.

9,564

3,011,129

Curtiss-Wright

Corp.

5,419

2,987,332

Huntington

Ingalls

Industries,

Inc.

(a) 1,759

598,183

Karman

Holdings,

Inc.

\*(a)

35,368

2,587,877

Kratos

Defense

&

Security

Solutions,

Inc.

\*(a)

16,280

1,235,815

Mercury

Systems,

Inc.

\*(a)

22,484

1,641,557

Rocket

Lab

Corp.

\*

33,425

2,331,728

VSE

Corp.

(a) 6,358

1,098,472

19,465,906

#### Air

#### Freight

#### &

#### Logistics

#### 0

#### .1

#### %
Hub

Group,

Inc.,

Class

A

9,234

393,461

Radiant

Logistics,

Inc.

\*

18,440

116,725

510,186

#### Automobile

#### Components

#### 1

#### .9

#### %
American

Axle

&

Manufacturing

Holdings,

Inc.

\*(a)

134,681

863,305

Cooper-Standard

Holdings,

Inc.

\*

18,387

603,645

Dana,

Inc.

127,065

3,019,065

Lear

Corp.

10,654

1,220,948

Stoneridge,

Inc.

\*

27,990

162,062

Strattec

Security

Corp.

\*(a)

9,768

743,736

6,612,761

#### Banks

#### 7

#### .9

#### %
1st

Source

Corp.

1,300

81,237

Bancorp,

Inc.

(The)

\*

21,670

1,463,158

Bank7

Corp.

2,940

120,481

BankUnited,

Inc.

91,549

4,080,338

BayCom

Corp.

2,023

59,476

BCB

Bancorp,

Inc.

7,431

59,968

BOK

Financial

Corp.

(a) 3,380

400,395

Business

First

Bancshares,

Inc.

7,174

187,528

Byline

Bancorp,

Inc.

13,352

389,211

Capital

City

Bank

Group,

Inc.

6,687

284,666

Central

Pacific

Financial

Corp.

23,426

729,954

Civista

Bancshares,

Inc.

5,763

128,054

Community

Trust

Bancorp,

Inc.

12,640

714,160

Enterprise

Financial

Services

Corp.

8,706

470,124

FB

Financial

Corp.

12,983

724,451

First

Bank

1,200

19,752

NVIT

Multi-Manager

Small

Company

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### UNITED

#### STATES

#### Banks
First

Business

Financial

Services,

Inc.

2,511

136,347

First

Financial

Corp.

(a) 8,506

513,933

First

Internet

Bancorp

8,101

169,068

Flushing

Financial

Corp.

(a) 3,328

50,486

FS

Bancorp,

Inc.

2,150

88,516

Great

Southern

Bancorp,

Inc.

1,834

112,901

Hanmi

Financial

Corp.

37,728

1,019,788

HBT

Financial,

Inc.

6,368

164,613

Hilltop

Holdings,

Inc.

70,737

2,400,813

Home

Bancorp,

Inc.

1,500

86,700

HomeTrust

Bancshares,

Inc.

8,347

358,420

Independent

Bank

Corp.

16,000

520,480

Kearny

Financial

Corp.

61,048

452,366

Live

Oak

Bancshares,

Inc.

10,468

359,576

Mercantile

Bank

Corp.

(a) 3,127

150,409

Midland

States

Bancorp,

Inc.

27,947

591,638

MVB

Financial

Corp.

963

24,874

National

Bank

Holdings

Corp.,

Class

A

(a) 3,719

141,359

Northeast

Community

Bancorp,

Inc.

3,660

82,753

Northfield

Bancorp,

Inc.

51,292

586,268

Northrim

Bancorp,

Inc.

16,380

435,872

OP

Bancorp

980

13,838

Orange

County

Bancorp,

Inc.

1,579

45,080

Origin

Bancorp,

Inc.

3,880

145,927

PCB

Bancorp

1,703

36,870

Peapack-Gladstone

Financial

Corp.

13,318

370,906

Primis

Financial

Corp.

6,991

97,245

Prosperity

Bancshares,

Inc.

(a) 11,140

769,885

RBB

Bancorp

10,692

220,683

Red

River

Bancshares,

Inc.

14,286

Republic

Bancorp,

Inc.,

Class

A

3,040

209,730

Sierra

Bancorp

3,626

118,498

South

Plains

Financial,

Inc.

5,592

216,970

Southern

First

Bancshares,

Inc.

\*(a)

20,866

Texas

Capital

Bancshares,

Inc.

\*

38,173

3,456,182

Third

Coast

Bancshares,

Inc.

\*

13,332

506,749

Tompkins

Financial

Corp.

5,267

381,963

TriCo

Bancshares

10,263

486,158

Unity

Bancorp,

Inc.

6,548

338,663

Valley

National

Bancorp

(a) 166,250

1,941,800

WaFd,

Inc.

(a) 960

30,749

Westamerica

Bancorp

10,585

506,281

28,289,462

#### Biotechnology

#### 5

#### .2

#### %
ADMA

Biologics,

Inc.

\*(a)

26,745

487,829

Aldeyra

Therapeutics,

Inc.

\*

37,907

196,358

Alector,

Inc.

\*(a)

149,514

233,242

Anika

Therapeutics,

Inc.

\*

19,269

185,175

Arcturus

Therapeutics

Holdings,

Inc.

\*(a)

12,628

77,410

Arcus

Biosciences,

Inc.

\*

34,888

831,381

Bridgebio

Pharma,

Inc.

\*(a)

26,637

2,037,463

Caribou

Biosciences,

Inc.

\*(a)

60,174

95,677

Caris

Life

Sciences,

Inc.

\*(a)

19,161

516,964

Cartesian

Therapeutics,

Inc.

\*(a)

8,037

57,947

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### UNITED

#### STATES

#### Biotechnology
Day

One

Biopharmaceuticals,

Inc.

\*

36,900

343,908

Design

Therapeutics,

Inc.

\*

3,600

33,768

Editas

Medicine,

Inc.

\*(a)

98,285

201,484

Entrada

Therapeutics,

Inc.

\*

46,752

480,611

Foghorn

Therapeutics,

Inc.

\*

18,298

98,809

Halozyme

Therapeutics,

Inc.

\*

25,029

1,684,452

Inhibrx

Biosciences,

Inc.

\*(a)

1,580

124,820

Insmed,

Inc.

\*

10,245

1,783,040

Ironwood

Pharmaceuticals,

Inc.,

Class

A

\*

65,247

219,882

Keros

Therapeutics,

Inc.

\*

58,566

1,192,404

Kodiak

Sciences,

Inc.

\*(a)

5,723

160,015

Kura

Oncology,

Inc.

\*(a)

167,081

1,735,972

MacroGenics,

Inc.

\*

59,471

95,748

Madrigal

Pharmaceuticals,

Inc.

\*

2,699

1,571,736

Myriad

Genetics,

Inc.

\*

180,196

1,108,205

Nurix

Therapeutics,

Inc.

\*(a)

15,800

299,726

Nuvalent,

Inc.,

Class

A

\*

5,616

564,913

PMV

Pharmaceuticals,

Inc.

\*

40,856

51,070

Protagonist

Therapeutics,

Inc.

\*

11,282

985,370

Rhythm

Pharmaceuticals,

Inc.

\*

3,200

342,528

Tyra

Biosciences,

Inc.

\*(a)

7,527

197,885

Vanda

Pharmaceuticals,

Inc.

\*

81,131

715,575

18,711,367

#### Broadline

#### Retail

#### 0

#### .5

#### %
1stdibs.com,

Inc.

\*

6,323

37,875

Dillard's,

Inc.,

Class

A

213,432

Ollie's

Bargain

Outlet

Holdings,

Inc.

\*

12,986

1,423,395

1,674,702

#### Building

#### Products

#### 0

#### .7

#### %
Insteel

Industries,

Inc.

14,209

449,999

JELD-WEN

Holding,

Inc.

\*

183,171

450,601

Modine

Manufacturing

Co.

\*

11,470

1,531,359

2,431,959

#### Capital

#### Markets

#### 2

#### .6

#### %
Evercore,

Inc.,

Class

A

7,362

2,504,921

Open

Lending

Corp.

\*(a)

59,564

92,324

Piper

Sandler

Cos.

(a) 4,395

1,493,025

PJT

Partners,

Inc.,

Class

A

6,755

1,129,436

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

700

10,633

StepStone

Group,

Inc.,

Class

A

51,687

3,316,754

Virtu

Financial,

Inc.,

Class

A

(a) 10,306

343,396

Wealthfront

Corp.

\*

21,679

294,618

9,185,107

#### Chemicals

#### 0

#### .4

#### %
American

Vanguard

Corp.

\*

28,124

107,434

Arq,

Inc.

\*(a)

26,628

87,074

Celanese

Corp.,

Class

A

(a) 5,781

244,421

Core

Molding

Technologies,

Inc.

\*

7,285

146,064

Koppers

Holdings,

Inc.

(a) 10,035

271,748

Kronos

Worldwide,

Inc.

(a) 32,831

145,113

Mativ

Holdings,

Inc.

12,300

149,445

Scotts

Miracle-Gro

Co.

(The)

6,023

351,441

1,502,740

#### Commercial

#### Services

#### &

#### Supplies

#### 1

#### .1

#### %
Casella

Waste

Systems,

Inc.,

Class

A

\*(a)

10,369

1,015,540

Ennis,

Inc.

17,837

321,244

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Multi-Manager

Small

Company

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### UNITED

#### STATES

#### Commercial

#### Services

#### &

#### Supplies
OPENLANE,

Inc.

\*

27,580

821,332

Vestis

Corp.

(a) 263,594

1,758,173

3,916,289

#### Communications

#### Equipment

#### 1

#### .8

#### %
Aviat

Networks,

Inc.

\*(a)

17,603

376,352

Ciena

Corp.

\*

1,898

443,885

Inseego

Corp.

\*(a)

2,000

20,540

Lumentum

Holdings,

Inc.

\*(a)

9,900

3,649,042

NETGEAR,

Inc.

\*(a)

63,704

1,562,659

Ribbon

Communications,

Inc.

\*(a)

82,425

237,384

6,289,862

#### Construction

#### &

#### Engineering

#### 3

#### .8

#### %
Argan,

Inc.

5,486

1,718,874

Construction

Partners,

Inc.,

Class

A

\*(a)

17,531

1,902,990

Everus

Construction

Group,

Inc.

\*

12,188

1,042,805

Great

Lakes

Dredge

&

Dock

Corp.

\*

5,251

68,893

MasTec,

Inc.

\*

2,010

436,914

Matrix

Service

Co.

\*

36,402

425,903

Orion

Group

Holdings,

Inc.

\*

14,711

146,227

Primoris

Services

Corp.

(a) 19,793

2,457,103

Sterling

Infrastructure,

Inc.

\*(a)

8,035

2,460,558

Tutor

Perini

Corp.

(a) 41,230

2,763,235

13,423,502

#### Consumer

#### Finance

#### 2

#### .5

#### %
Bread

Financial

Holdings,

Inc.

49,307

3,650,196

Enova

International,

Inc.

\*

9,280

1,458,816

Figure

Technology

Solutions,

Inc.,

Class

A

\*

7,070

288,739

LendingTree,

Inc.

\*

13,522

717,883

PRA

Group,

Inc.

\*

52,030

920,411

PROG

Holdings,

Inc.

59,793

1,763,296

Regional

Management

Corp.

(a) 6,222

241,103

9,040,444

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0

#### .9

#### %
Andersons,

Inc.

(The)

53,023

2,819,233

Maplebear,

Inc.

\*

11,677

525,231

3,344,464

#### Containers

#### &

#### Packaging

#### 0

#### .2

#### %
Ardagh

Metal

Packaging

SA

180,983

742,030

#### Distributors

#### 0

#### .4

#### %
Gold.com,

Inc.

(a) 37,390

1,273,130

#### Diversified

#### Consumer

#### Services

#### 0

#### .0

#### %

#### †
Chegg,

Inc.

\*(a)

97,213

90,408

#### Diversified

#### REITs

#### 0

#### .1

#### %
Alpine

Income

Property

Trust,

Inc.

(a) 12,802

214,049

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .4

#### %
ATN

International,

Inc.

11,542

263,158

Bandwidth,

Inc.,

Class

A

\*(a)

35,662

550,978

IDT

Corp.,

Class

B

12,928

662,042

1,476,178

#### Electric

#### Utilities

#### 0

#### .1

#### %
Genie

Energy

Ltd.,

Class

B

28,889

398,090

#### Electrical

#### Equipment

#### 1

#### .2

#### %
Atkore,

Inc.

30,790

1,947,467

Bloom

Energy

Corp.,

Class

A

\*

10,782

936,848

Fluence

Energy,

Inc.

\*

30,002

593,440

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### UNITED

#### STATES

#### Electrical

#### Equipment
Powell

Industries,

Inc.

(a) 2,394

763,159

Power

Solutions

International,

Inc.

\*(a)

1,705

97,424

4,338,338

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 2

#### .7

#### %
Advanced

Energy

Industries,

Inc.

(a) 12,814

2,682,866

Ingram

Micro

Holding

Corp.

(a) 10,070

214,894

PC

Connection,

Inc.

12,706

733,899

Rogers

Corp.

\*

3,450

315,917

Sanmina

Corp.

\*(a)

10,992

1,649,569

ScanSource,

Inc.

\*

29,066

1,135,318

SmartRent,

Inc.,

Class

A

\*(a)

214,275

432,836

TTM

Technologies,

Inc.

\*

34,701

2,394,369

9,559,668

#### Energy

#### Equipment

#### &

#### Services

#### 0

#### .7

#### %
Archrock,

Inc.

46,285

1,204,336

DMC

Global,

Inc.

\*

27,705

185,346

Forum

Energy

Technologies,

Inc.

\*

20,718

765,530

Oil

States

International,

Inc.

\*

2,094

14,176

Ranger

Energy

Services,

Inc.,

Class

A

34,225

478,466

2,647,854

#### Entertainment

#### 0

#### .5

#### %
Playstudios,

Inc.

\*

19,110

12,450

Roku,

Inc.,

Class

A

\*

10,345

1,122,329

Skillz,

Inc.,

Class

A

\*

2,600

11,206

Sphere

Entertainment

Co.

\*

6,110

580,939

1,726,924

#### Financial

#### Services

#### 0

#### .8

#### %
Compass

Diversified

Holdings

162,453

779,774

Jackson

Financial,

Inc.,

Class

A

7,572

Marqeta,

Inc.,

Class

A

\*(a)

166,793

792,267

Paymentus

Holdings,

Inc.,

Class

A

\*(a)

24,998

789,687

Paysafe

Ltd.

\*(a)

71,276

576,623

2,945,923

#### Food

#### Products

#### 0

#### .9

#### %
Calavo

Growers,

Inc.

26,480

575,940

Dole

plc

58,830

881,862

Hain

Celestial

Group,

Inc.

(The)

\*(a)

200,757

214,810

Mission

Produce,

Inc.

\*

6,350

73,660

Pilgrim's

Pride

Corp.

16,784

654,408

Smithfield

Foods,

Inc.

38,388

857,204

3,257,884

#### Gas

#### Utilities

#### 0

#### .6

#### %
Southwest

Gas

Holdings,

Inc.

27,533

2,203,191

#### Ground

#### Transportation

#### 1

#### .7

#### %
ArcBest

Corp.

(a) 35,260

2,615,940

Covenant

Logistics

Group,

Inc.,

Class

A

30,031

661,883

Landstar

System,

Inc.

6,711

964,371

Lyft,

Inc.,

Class

A

\*

48,611

941,595

Werner

Enterprises,

Inc.

22,920

687,829

5,871,618

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1

#### .4

#### %
Accuray,

Inc.

\*(a)

104,380

86,072

Dentsply

Sirona,

Inc.

19,148

218,862

Glaukos

Corp.

\*

5,225

589,955

Inogen,

Inc.

\*

47,221

317,325

NVIT

Multi-Manager

Small

Company

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### UNITED

#### STATES

#### Health

#### Care

#### Equipment

#### &

#### Supplies
iRhythm

Technologies,

Inc.

\*

8,581

1,522,613

Merit

Medical

Systems,

Inc.

\*(a)

6,523

574,937

OraSure

Technologies,

Inc.

\*(a)

138,591

335,390

Orthofix

Medical,

Inc.

\*(a)

4,326

65,582

TransMedics

Group,

Inc.

\*(a)

6,168

750,337

Varex

Imaging

Corp.

\*

56,242

655,219

5,116,292

#### Health

#### Care

#### Providers

#### &

#### Services

#### 3

#### .7

#### %
Alignment

Healthcare,

Inc.

\*

63,563

1,255,369

Aveanna

Healthcare

Holdings,

Inc.

\*

6,359

51,953

BrightSpring

Health

Services,

Inc.

\*(a)

82,779

3,100,074

DocGo,

Inc.

\*

49,760

43,679

Encompass

Health

Corp.

22,582

2,396,853

GeneDx

Holdings

Corp.,

Class

A

\*

9,148

1,189,789

Guardant

Health,

Inc.

\*

31,703

3,238,145

HealthEquity,

Inc.

\*

4,641

425,162

RadNet,

Inc.

\*(a)

18,228

1,300,568

13,001,592

#### Health

#### Care

#### REITs

#### 0

#### .1

#### %
Community

Healthcare

Trust,

Inc.

(a) 28,946

475,293

#### Health

#### Care

#### Technology

#### 0

#### .6

#### %
Evolent

Health,

Inc.,

Class

A

\*(a)

173,128

692,512

HealthStream,

Inc.

14,021

323,464

Waystar

Holding

Corp.

\*(a)

36,600

1,198,650

2,214,626

#### Hotel

#### &

#### Resort

#### REITs

#### 1

#### .0

#### %
Braemar

Hotels

&

Resorts,

Inc.

(a) 25,500

73,185

Chatham

Lodging

Trust

32,407

220,692

Sunstone

Hotel

Investors,

Inc.

128,510

1,148,879

Xenia

Hotels

&

Resorts,

Inc.

(a) 149,042

2,107,454

3,550,210

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0

#### .8

#### %
Black

Rock

Coffee

Bar,

Inc.,

Class

A

\*

18,431

410,090

Dutch

Bros,

Inc.,

Class

A

\*

17,012

1,041,475

Planet

Fitness,

Inc.,

Class

A

\*

13,032

1,413,580

2,865,145

#### Household

#### Durables

#### 3

#### .0

#### %
Cricut,

Inc.,

Class

A

(a) 102,589

507,816

Ethan

Allen

Interiors,

Inc.

(a) 40,186

917,848

Flexsteel

Industries,

Inc.

4,604

181,812

GoPro,

Inc.,

Class

A

\*(a)

199,221

280,902

Helen

of

Troy

Ltd.

\*(a)

20,535

436,369

KB

Home

(a) 37,984

2,142,677

La-Z-Boy,

Inc.

17,720

660,424

Sonos,

Inc.

\*

81,594

1,432,791

Taylor

Morrison

Home

Corp.,

Class

A

\*

31,477

1,853,051

Traeger,

Inc.

\*

15,285

16,508

Tri

Pointe

Homes,

Inc.

\*

69,519

2,187,762

10,617,960

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0

#### .6

#### %
Talen

Energy

Corp.

\*(a)

5,545

2,078,488

#### Insurance

#### 3

#### .9

#### %
American

Coastal

Insurance

Corp.

(a) 3,468

43,801

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### UNITED

#### STATES

#### Insurance
American

Integrity

Insurance

Group,

Inc.

\*

23,328

485,922

CNO

Financial

Group,

Inc.

58,328

2,477,190

Donegal

Group,

Inc.,

Class

A

18,794

375,504

eHealth,

Inc.

\*

6,800

31,280

Employers

Holdings,

Inc.

(a) 34,578

1,492,732

Genworth

Financial,

Inc.,

Class

A

\*

99,902

902,115

Heritage

Insurance

Holdings,

Inc.

\*

49,665

1,453,198

Hippo

Holdings,

Inc.

\*

9,452

284,316

James

River

Group

Holdings,

Inc.

46,324

294,621

Mercury

General

Corp.

14,802

1,392,276

Palomar

Holdings,

Inc.

\*

5,067

682,829

Reinsurance

Group

of

America,

Inc.

10,733

2,183,736

Selectquote,

Inc.

\*

44,683

63,003

Slide

Insurance

Holdings,

Inc.

\*

2,689

52,382

United

Fire

Group,

Inc.

15,979

580,837

Universal

Insurance

Holdings,

Inc.

31,290

1,057,602

13,853,344

#### Interactive

#### Media

#### &

#### Services

#### 0

#### .3

#### %
Match

Group,

Inc.

8,108

261,807

Nextdoor

Holdings,

Inc.

\*(a)

360,582

757,223

1,019,030

#### IT

#### Services

#### 0

#### .1

#### %
Rackspace

Technology,

Inc.

\*(a)

96,904

94,084

Unisys

Corp.

\*

103,363

285,282

379,366

#### Leisure

#### Products

#### 0

#### .2

#### %
Funko,

Inc.,

Class

A

\*(a)

88,133

299,652

Johnson

Outdoors,

Inc.,

Class

A

9,289

394,319

MasterCraft

Boat

Holdings,

Inc.

\*(a)

2,439

Topgolf

Callaway

Brands

Corp.

\*(a)

2,000

23,340

719,750

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 1

#### .3

#### %
10X

Genomics,

Inc.,

Class

A

\*(a)

163,069

2,659,656

Codexis,

Inc.

\*(a)

37,230

60,685

CryoPort,

Inc.

\*

8,805

84,528

Ginkgo

Bioworks

Holdings,

Inc.

\*(a)

26,600

221,046

MaxCyte,

Inc.

\*

78,628

121,873

OmniAb,

Inc.

\*

15,870

29,360

Repligen

Corp.

\*

8,961

1,468,349

4,645,497

#### Machinery

#### 3

#### .1

#### %
Astec

Industries,

Inc.

4,548

197,019

Columbus

McKinnon

Corp.

12,508

215,763

Crane

Co.

10,053

1,854,075

ESCO

Technologies,

Inc.

9,139

1,785,669

Federal

Signal

Corp.

(a) 16,317

1,771,863

Graco,

Inc.

5,800

475,426

Hyster-Yale,

Inc.

13,294

394,965

Manitowoc

Co.,

Inc.

(The)

\*

48,631

583,086

Mayville

Engineering

Co.,

Inc.

\*

2,253

42,176

Miller

Industries,

Inc.

3,140

117,342

SPX

Technologies,

Inc.

\*

13,127

2,626,188

Wabash

National

Corp.

(a) 88,285

763,665

10,827,237

#### Media

#### 0

#### .3

#### %
PubMatic,

Inc.,

Class

A

\*(a)

87,596

776,976

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Multi-Manager

Small

Company

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### UNITED

#### STATES

#### Media
Scholastic

Corp.

(a) 5,793

171,647

948,623

#### Metals

#### &

#### Mining

#### 2

#### .2

#### %
Commercial

Metals

Co.

57,704

3,994,270

Ferroglobe

plc

(a) 184,755

857,263

MP

Materials

Corp.

\*(a)

16,719

844,644

Reliance,

Inc.

1,387

400,663

Ryerson

Holding

Corp.

39,292

988,587

SunCoke

Energy,

Inc.

42,298

304,546

Worthington

Steel,

Inc.

9,765

338,064

7,728,037

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0

#### .1

#### %
Angel

Oak

Mortgage

REIT,

Inc.

11,760

101,254

Nexpoint

Real

Estate

Finance,

Inc.

(a) 2,449

34,482

TPG

Mortgage

Investment

Trust,

Inc.

(a) 27,611

235,245

370,981

#### Multi-Utilities

#### 0

#### .7

#### %
Avista

Corp.

61,079

2,353,985

#### Office

#### REITs

#### 0

#### .3

#### %
Easterly

Government

Properties,

Inc.,

Class

A

(a) 53,939

1,142,967

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 2

#### .2

#### %
Comstock

Resources,

Inc.

\*(a)

22,525

522,130

DHT

Holdings,

Inc.

143,368

1,750,523

Excelerate

Energy,

Inc.,

Class

A

(a) 40,151

1,126,236

Granite

Ridge

Resources,

Inc.

(a) 87,800

412,660

Green

Plains,

Inc.

\*(a)

124,114

1,216,317

Par

Pacific

Holdings,

Inc.

\*(a)

29,680

1,042,955

World

Kinect

Corp.

(a) 79,210

1,855,890

7,926,711

#### Paper

#### &

#### Forest

#### Products

#### 0

#### .6

#### %
Clearwater

Paper

Corp.

\*(a)

30,287

526,994

Louisiana-Pacific

Corp.

11,438

923,733

Magnera

Corp.

\*

52,680

797,575

2,248,302

#### Passenger

#### Airlines

#### 1

#### .5

#### %
Allegiant

Travel

Co.

\*(a)

40,431

3,447,551

JetBlue

Airways

Corp.

\*(a)

385,712

1,754,990

5,202,541

#### Personal

#### Care

#### Products

#### 0

#### .3

#### %
Beauty

Health

Co.

(The)

\*

75,921

105,530

Herbalife

Ltd.

\*(a)

15,112

194,794

Nature's

Sunshine

Products,

Inc.

\*

15,972

344,676

USANA

Health

Sciences,

Inc.

\*

21,996

431,781

1,076,781

#### Pharmaceuticals

#### 2

#### .2

#### %
Arvinas,

Inc.

\*

14,500

171,970

Axsome

Therapeutics,

Inc.

\*

11,154

2,037,167

BioAge

Labs,

Inc.

\*(a)

35,625

471,319

Biote

Corp.,

Class

A

\*(a)

7,600

19,760

Ligand

Pharmaceuticals,

Inc.

\*(a)

19,226

3,635,060

Pacira

BioSciences,

Inc.

\*(a)

44,640

1,155,283

Septerna,

Inc.

\*(a)

5,600

156,128

SIGA

Technologies,

Inc.

(a) 31,193

190,589

WaVe

Life

Sciences

Ltd.

\*(a)

5,700

96,900

7,934,176

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### UNITED

#### STATES

#### Professional

#### Services

#### 0

#### .8

#### %
Conduent,

Inc.

\*

207,504

398,408

Forrester

Research,

Inc.

\*

3,050

24,766

Franklin

Covey

Co.

\*(a)

18,160

304,725

ICF

International,

Inc.

3,390

289,167

Kelly

Services,

Inc.,

Class

A

43,518

382,958

Kforce,

Inc.

25,698

794,583

Mistras

Group,

Inc.

\*

18,669

236,163

Resources

Connection,

Inc.

(a) 47,655

240,181

Skillsoft

Corp.

\*(a)

5,988

55,688

TrueBlue,

Inc.

\*

24,519

111,561

2,838,200

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0

#### .3

#### %
Forestar

Group,

Inc.

\*(a)

28,620

704,910

RE/MAX

Holdings,

Inc.,

Class

A

\*

13,318

101,084

RMR

Group,

Inc.

(The),

Class

A

7,422

110,588

916,582

#### Residential

#### REITs

#### 0

#### .4

#### %
American

Homes

Rent,

Class

A

11,748

377,111

Equity

LifeStyle

Properties,

Inc.

(a) 6,144

372,388

NexPoint

Residential

Trust,

Inc.

16,398

493,579

1,243,078

#### Retail

#### REITs

#### 1

#### .0

#### %
InvenTrust

Properties

Corp.

63,355

1,787,244

SITE

Centers

Corp.

158,799

1,019,490

Whitestone

REIT

44,529

618,508

3,425,242

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 3

#### .5

#### %
Impinj,

Inc.

\*(a)

8,574

1,491,962

Lattice

Semiconductor

Corp.

\*(a)

27,451

2,019,845

MACOM

Technology

Solutions

Holdings,

Inc.

\*(a)

18,925

3,241,474

MKS,

Inc.

7,225

1,154,555

Rambus,

Inc.

\*

13,996

1,286,092

SiTime

Corp.

\*(a)

9,209

3,252,526

12,446,454

#### Software

#### 3

#### .1

#### %
Appfolio,

Inc.,

Class

A

\*(a)

5,214

1,213,037

Arteris,

Inc.

\*

31,200

483,600

Commvault

Systems,

Inc.

\*

8,611

1,079,475

Core

Scientific,

Inc.

\*

17,510

254,946

CS

Disco,

Inc.

\*

6,298

48,872

Domo,

Inc.,

Class

B

\*(a)

12,000

101,160

Dropbox,

Inc.,

Class

A

\*

64,812

1,801,774

eGain

Corp.

\*(a)

6,000

61,740

JFrog

Ltd.

\*(a)

21,830

1,363,502

N-able,

Inc.

\*(a)

64,144

479,797

ON24,

Inc.

\*(a)

15,229

121,223

OneSpan,

Inc.

62,249

799,277

Pegasystems,

Inc.

(a) 26,873

1,604,856

Rimini

Street,

Inc.

\*(a)

35,522

137,825

Telos

Corp.

\*(a)

30,518

155,642

Terawulf,

Inc.

\*(a)

74,219

852,776

Xperi,

Inc.

\*(a)

75,219

440,783

11,000,285

#### Specialty

#### Retail

#### 3

#### .8

#### %
Arko

Corp.

(a) 39,200

177,968

Boot

Barn

Holdings,

Inc.

\*(a)

11,053

1,950,523

Citi

Trends,

Inc.

\*

14,677

609,976

Designer

Brands,

Inc.,

Class

A

(a) 52,508

390,134

Five

Below,

Inc.

\*

7,864

1,481,263

Haverty

Furniture

Cos.,

Inc.

18,882

441,084

NVIT

Multi-Manager

Small

Company

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### UNITED

#### STATES

#### Specialty

#### Retail
Lands'

End,

Inc.

\*(a)

31,101

451,587

Petco

Health

&

Wellness

Co.,

Inc.,

Class

A

\*(a)

74,100

208,221

Shoe

Carnival,

Inc.

6,924

116,877

Sleep

Number

Corp.

\*(a)

52,840

447,026

Sonic

Automotive,

Inc.,

Class

A

32,524

2,011,935

Stitch

Fix,

Inc.,

Class

A

\*

244,081

1,281,425

Torrid

Holdings,

Inc.

\*(a)

45,757

44,769

Wayfair,

Inc.,

Class

A

\*(a)

1,956

196,402

Winmark

Corp.

6,148

2,489,571

Zumiez,

Inc.

\*

42,022

1,094,673

13,393,434

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0

#### .1

#### %
Xerox

Holdings

Corp.

(a) 117,375

278,179

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0

#### .3

#### %
G-III

Apparel

Group

Ltd.

10,584

306,513

Movado

Group,

Inc.

30,660

632,209

Superior

Group

of

Cos.,

Inc.

6,808

65,901

1,004,623

#### Trading

#### Companies

#### &

#### Distributors

#### 1

#### .1

#### %
Alta

Equipment

Group,

Inc.

4,200

19,320

BlueLinx

Holdings,

Inc.

\*

9,064

556,802

DNOW,

Inc.

\*

153,033

2,027,687

Hudson

Technologies,

Inc.

\*

33,800

231,530

NPK

International,

Inc.

\*

78,827

939,618

3,774,957

#### Water

#### Utilities

#### 0

#### .5

#### %
American

States

Water

Co.

(a) 14,191

1,028,563

California

Water

Service

Group

16,420

711,479

H2O

America

2,940

144,031

1,884,073

#### Wireless

#### Telecommunication

#### Services

#### 0

#### .1

#### %
Spok

Holdings,

Inc.

14,970

197,454

321,843,531

#### Total

#### Common

#### Stocks

#### (cost

#### $280,645,719)

#### 352,552,941

#### Rights

#### 0

#### .0

#### %

#### †

#### Number

#### of

#### Rights

#### UNITED

#### STATES

#### 0

#### .0

#### %

#### †

#### Biotechnology

#### 0

#### .0

#### %

#### †
Aduro

Biotech,

Inc.

CVR\*^∞(a)

4,756

#### Total

#### Rights

#### (cost

#### $12,075)

#### 0

#### Repurchase

#### Agreements

#### 10

#### .4

#### %

#### Principal

#### Amount

#### ($)
Barclays

Capital,

Inc,

3.45%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$5,000,958,

collateralized

by

U.S.

Government

Treasury

Securities,

4.38%,

maturing

1/31/2032;

total

market

value

$5,100,005.(b)(c)

5,000,000

5,000,000

#### Repurchase

#### Agreements

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
BNP

Paribas

Securities

Corp.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$15,003,175,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.63%,

maturing

7/31/2026

-

11/15/2054;

total

market

value

$15,300,000.

(b)(c) 15,000,000

15,000,000

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$2,955,888,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$3,014,363.(b)

(c) 2,955,258

2,955,258

Citi

Global

Market,

Inc.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$3,000,635,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.38%

-

4.25%,

maturing

2/15/2028

-

10/31/2029;

total

market

value

$3,060,001.(b)

(c) 3,000,000

3,000,000

MetLife,

Inc.,

3.83%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$1,000,213,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$1,020,517.(b)

(c) 1,000,000

1,000,000

Pershing

LLC,

3.72%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$10,002,067,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

2/15/2026

-

12/20/2075;

total

market

value

$10,200,000.

(b)(c) 10,000,000

10,000,000

#### Total

#### Repurchase

#### Agreements

#### (cost

#### $36,955,258)

#### 36,955,258

#### Total

#### Investments

#### (cost

#### $317,613,052)

#### —

#### 109.8%

#### 389,508,199

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (9.8)%

#### (#### 34,763,633

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $354,744,566

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Multi-Manager

Small

Company

Fund

\*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$94,986,385,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$36,955,258

and

by

$61,312,915

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.75%,

and

maturity

dates

ranging

from

1/15/2026

-

8/15/2055,

a

total

value

of

$98,268,173.

(b) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$36,955,258.

(c) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

ADR

American

Depositary

Receipt

CVR

Contingent

Value

Rights

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.
NVIT

Real

Estate

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### 98

#### .5

#### %

#### Shares

#### Value

#### ($)

#### Capital

#### Markets

#### 1

#### .5

#### %
Brookfield

Corp.

65,477

3,004,739

#### Diversified

#### REITs

#### 6

#### .1

#### %
Essential

Properties

Realty

Trust,

Inc.

142,340

4,221,804

WP

Carey,

Inc.

117,310

7,550,072

11,771,876

#### Health

#### Care

#### Providers

#### &

#### Services

#### 1

#### .6

#### %
Brookdale

Senior

Living,

Inc.\*

285,401

3,079,477

#### Health

#### Care

#### REITs

#### 20

#### .6

#### %
American

Healthcare

REIT,

Inc.

118,541

5,578,540

CareTrust

REIT,

Inc.

150,933

5,457,737

Ventas,

Inc.

54,180

4,192,448

Welltower,

Inc.

134,048

24,880,649

40,109,374

#### Hotel

#### &

#### Resort

#### REITs

#### 1

#### .1

#### %
Xenia

Hotels

&

Resorts,

Inc.

155,621

2,200,481

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 2

#### .8

#### %
Hilton

Worldwide

Holdings,

Inc.

10,085

2,896,916

Hyatt

Hotels

Corp.,

Class

A

15,364

2,463,157

5,360,073

#### Industrial

#### REITs

#### 16

#### .0

#### %
EastGroup

Properties,

Inc.

20,953

3,732,567

LXP

Industrial

Trust

89,313

4,428,139

Prologis,

Inc.

180,498

23,042,375

31,203,081

#### IT

#### Services

#### 0

#### .4

#### %
Applied

Digital

Corp.\*

33,450

820,194

#### Office

#### REITs

#### 3

#### .6

#### %
COPT

Defense

Properties

82,853

2,303,313

Kilroy

Realty

Corp.

114,883

4,293,178

SL

Green

Realty

Corp.

7,500

344,025

6,940,516

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Real

#### Estate

#### Management

#### &

#### Development

#### 1

#### .8

#### %
CBRE

Group,

Inc.,

Class

A\*

15,407

2,477,292

Jones

Lang

LaSalle,

Inc.\*

2,833

953,219

3,430,511

#### Residential

#### REITs

#### 13

#### .1

#### %
AvalonBay

Communities,

Inc.

23,857

4,325,513

Centerspace

9,518

635,041

Essex

Property

Trust,

Inc.

30,032

7,858,774

Mid-America

Apartment

Communities,

Inc.

52,993

7,361,257

Sun

Communities,

Inc.

43,603

5,402,848

25,583,433

#### Retail

#### REITs

#### 14

#### .3

#### %
Acadia

Realty

Trust

109,304

2,245,104

Macerich

Co.

(The)

104,536

1,929,734

Realty

Income

Corp.

25,445

1,434,335

Regency

Centers

Corp.

43,222

2,983,615

Simon

Property

Group,

Inc.

70,155

12,986,392

Tanger,

Inc.

79,487

2,652,481

Urban

Edge

Properties

185,758

3,564,696

27,796,357

#### Specialized

#### REITs

#### 15

#### .6

#### %
Digital

Realty

Trust,

Inc.

44,667

6,910,432

Equinix,

Inc.

16,451

12,604,098

Public

Storage

24,343

6,317,009

Smartstop

Self

Storage

REIT,

Inc.

149,026

4,610,864

30,442,403

#### Total

#### Investments

#### (cost

#### $150,045,107)

#### —

#### 98.5%

#### 191,742,515

#### Other

#### assets

#### in

#### excess

#### of

#### liabilities

#### —

#### 1.5%

#### 2,837,500

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 194,580,015
\*

Denotes

a

non-income

producing

security.

REIT

Real

Estate

Investment

Trust

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Victory

Mid

Cap

Value

Fund

#### Common

#### Stocks

#### 96

#### .7

#### %

#### Shares

#### Value

#### ($)

#### Aerospace

#### &

#### Defense

#### 3

#### .2

#### %
L3Harris

Technologies,

Inc.

21,575

6,333,773

StandardAero,

Inc.\*

103,600

2,971,248

Textron,

Inc.

53,575

4,670,132

13,975,153

#### Automobile

#### Components

#### 1

#### .3

#### %
BorgWarner,

Inc.

128,100

5,772,186

#### Banks

#### 3

#### .5

#### %
Huntington

Bancshares,

Inc.

423,125

7,341,219

Truist

Financial

Corp.

159,800

7,863,758

15,204,977

#### Building

#### Products

#### 1

#### .6

#### %
Builders

FirstSource,

Inc.\*

29,875

3,073,839

Carrier

Global

Corp.

79,400

4,195,496

7,269,335

#### Capital

#### Markets

#### 1

#### .6

#### %
Raymond

James

Financial,

Inc.

45,125

7,246,624

#### Chemicals

#### 3

#### .2

#### %
CF

Industries

Holdings,

Inc.(a)

69,100

5,344,194

RPM

International,

Inc.

68,600

7,134,400

Westlake

Corp.(a)

22,600

1,671,044

14,149,638

#### Commercial

#### Services

#### &

#### Supplies

#### 1

#### .0

#### %
Republic

Services,

Inc.,

Class

A

20,625

4,371,056

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 4

#### .6

#### %
Casey's

General

Stores,

Inc.

(a) 11,925

6,591,067

Performance

Food

Group

Co.\*

80,200

7,211,584

US

Foods

Holding

Corp.\*

84,500

6,364,540

20,167,191

#### Containers

#### &

#### Packaging

#### 4

#### .4

#### %
AptarGroup,

Inc.

46,100

5,622,356

Crown

Holdings,

Inc.

43,400

4,468,898

Packaging

Corp.

of

America

44,700

9,218,481

19,309,735

#### Electric

#### Utilities

#### 2

#### .4

#### %
Alliant

Energy

Corp.(a)

163,550

10,632,385

#### Electrical

#### Equipment

#### 2

#### .4

#### %
Hubbell,

Inc.,

Class

B

13,550

6,017,690

Regal

Rexnord

Corp.(a)

31,375

4,402,540

10,420,230

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 4

#### .3

#### %
Keysight

Technologies,

Inc.\*

39,000

7,924,410

Trimble,

Inc.\*

95,250

7,462,837

Zebra

Technologies

Corp.,

Class

A\*

15,300

3,715,146

19,102,393

#### Energy

#### Equipment

#### &

#### Services

#### 1

#### .2

#### %
Baker

Hughes

Co.,

Class

A

116,900

5,323,626

#### Food

#### Products

#### 1

#### .2

#### %
Archer-Daniels-Midland

Co.(a)

95,050

5,464,425

#### Ground

#### Transportation

#### 3

#### .9

#### %
CSX

Corp.

211,950

7,683,187

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

122,325

6,395,151

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Ground

#### Transportation
Landstar

System,

Inc.

22,925

3,294,323

17,372,661

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1

#### .3

#### %
Hologic,

Inc.\*

78,300

5,832,567

#### Health

#### Care

#### Providers

#### &

#### Services

#### 4

#### .7

#### %
Labcorp

Holdings,

Inc.

33,525

8,410,752

Molina

Healthcare,

Inc.\*

28,700

4,980,598

Quest

Diagnostics,

Inc.

41,075

7,127,745

20,519,095

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 3

#### .5

#### %
Expedia

Group,

Inc.

28,550

8,088,500

Hilton

Worldwide

Holdings,

Inc.

11,575

3,324,919

Texas

Roadhouse,

Inc.,

Class

A

24,300

4,033,800

15,447,219

#### Household

#### Durables

#### 1

#### .2

#### %
TopBuild

Corp.\*(a)

13,050

5,444,330

#### Insurance

#### 8

#### .0

#### %
American

Financial

Group,

Inc.

54,925

7,507,149

F&G

Annuities

&

Life,

Inc.

5,826

179,732

Fidelity

National

Financial,

Inc.

79,600

4,345,364

Hartford

Insurance

Group,

Inc.

(The)

57,900

7,978,620

Old

Republic

International

Corp.(a)

151,150

6,898,486

Willis

Towers

Watson

plc(a)

25,075

8,239,645

35,148,996

#### IT

#### Services

#### 1

#### .0

#### %
Akamai

Technologies,

Inc.\*

52,800

4,606,800

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 1

#### .7

#### %
IQVIA

Holdings,

Inc.\*

33,000

7,438,530

#### Machinery

#### 5

#### .4

#### %
AGCO

Corp.(a)

40,950

4,271,904

Lincoln

Electric

Holdings,

Inc.

33,850

8,111,814

Middleby

Corp.

(The)\*(a)

25,575

3,802,235

Xylem,

Inc.

55,300

7,530,754

23,716,707

#### Metals

#### &

#### Mining

#### 2

#### .5

#### %
Franco-Nevada

Corp.

23,275

4,824,442

Steel

Dynamics,

Inc.(a)

37,675

6,384,029

11,208,471

#### Multi-Utilities

#### 1

#### .8

#### %
CMS

Energy

Corp.

111,025

7,763,978

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 4

#### .7

#### %
Chord

Energy

Corp.

37,025

3,432,218

Coterra

Energy,

Inc.

258,900

6,814,248

Devon

Energy

Corp.

166,050

6,082,411

Expand

Energy

Corp.

41,300

4,557,868

20,886,745

#### Personal

#### Care

#### Products

#### 1

#### .3

#### %
Estee

Lauder

Cos.,

Inc.

(The),

Class

A

53,600

5,612,992

#### Professional

#### Services

#### 1

#### .3

#### %
FTI

Consulting,

Inc.\*

33,125

5,658,744

NVIT

Victory

Mid

Cap

Value

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Residential

#### REITs

#### 3

#### .1

#### %
Camden

Property

Trust

53,250

5,861,760

Equity

LifeStyle

Properties,

Inc.

125,825

7,626,253

13,488,013

#### Retail

#### REITs

#### 1

#### .7

#### %
NNN

REIT,

Inc.

188,900

7,486,107

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 3

#### .3

#### %
Microchip

Technology,

Inc.

111,725

7,119,117

MKS,

Inc.

46,800

7,478,640

14,597,757

#### Software

#### 1

#### .3

#### %
Check

Point

Software

Technologies

Ltd.\*(a)

29,750

5,520,410

#### Specialized

#### REITs

#### 1

#### .8

#### %
Lamar

Advertising

Co.,

Class

A(a)

63,450

8,031,501

#### Specialty

#### Retail

#### 5

#### .8

#### %
AutoZone,

Inc.\*

1,625

5,511,187

GCI

Liberty,

Inc.

Escrow\*^∞

32,251

Lowe's

Cos.,

Inc.

31,150

7,512,134

Penske

Automotive

Group,

Inc.(a)

29,975

4,744,743

Tractor

Supply

Co.(a)

91,900

4,595,919

Williams-Sonoma,

Inc.(a)

17,625

3,147,649

25,511,632

#### Water

#### Utilities

#### 1

#### .5

#### %
American

Water

Works

Co.,

Inc.(a)

50,775

6,626,138

#### Total

#### Common

#### Stocks

#### (cost

#### $387,800,895)

#### 426,328,347

#### Repurchase

#### Agreements

#### 8

#### .6

#### %

#### Principal

#### Amount

#### ($)
BNP

Paribas

Securities

Corp.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$10,002,117,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.63%,

maturing

7/31/2026

-

11/15/2054;

total

market

value

$10,200,000.(b)(c)

10,000,000

10,000,000

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$4,744,332,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$4,838,186.(b)(c)

4,743,320

4,743,320

#### Repurchase

#### Agreements

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$3,000,640,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$3,060,000.(b)(c)

3,000,000

3,000,000

CF

Secured,

LLC,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$9,001,920,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.13%

-

7.50%,

maturing

3/31/2026

-

4/20/2071;

total

market

value

$9,181,959.(b)(c)

9,000,000

9,000,000

Citi

Global

Market,

Inc.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$5,001,058,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.38%

-

4.25%,

maturing

2/15/2028

-

10/31/2029;

total

market

value

$5,100,001.(b)(c)

5,000,000

5,000,000

MetLife,

Inc.,

3.83%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$2,000,426,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$2,041,034.(b)(c)

2,000,000

2,000,000

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Victory

Mid

Cap

Value

Fund

#### Repurchase

#### Agreements

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Pershing

LLC,

3.72%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$4,000,827,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

2/15/2026

-

12/20/2075;

total

market

value

$4,080,000.(b)(c)

4,000,000

4,000,000

#### Total

#### Repurchase

#### Agreements

#### (cost

#### $37,743,320)

#### 37,743,320

#### Total

#### Investments

#### (cost

#### $425,544,215)

#### —

#### 105.3%

#### 464,071,667

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (5.3)%

#### (#### 23,233,457

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 440,838,210
\*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

(a) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$57,475,317,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$37,743,320

and

by

$21,659,007

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.25%,

and

maturity

dates

ranging

from

1/15/2026

-

5/15/2055,

a

total

value

of

$59,402,327.

(b) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$37,743,320.

(c) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

REIT

Real

Estate

Investment

Trust

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Assets

and

Liabilities

-

December

31,

2025

-

Equity

Funds

(II) #### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Allspring

#### Discovery

#### Fund

#### Assets:
Investment

securities,

at

value

\*

$

424,864,906

Repurchase

agreements,

at

value

35,253,594

Cash

6,880,328

Foreign

currencies,

at

value

—

Interest

and

dividends

receivable

27,797

Security

lending

income

receivable

9,854

Receivable

for

investments

sold

—

Receivable

for

capital

shares

issued

361,017

Reclaims

receivable

—

Swap

contracts,

at

value

(Note

2)

—

Receivable

for

variation

margin

on

centrally

cleared

swap

contracts

—

Receivable

for

reimbursement

from

investment

adviser

(Note

3)

8,263

Prepaid

expenses

Total

Assets

467,405,992

#### Liabilities:
Payable

for

investments

purchased

—

Payable

for

capital

shares

redeemed

125,013

Swap

contracts,

at

value

(Note

2)

—

Payable

upon

return

of

securities

loaned

(Note

2)

35,253,594

Accrued

expenses

and

other

payables:

Investment

advisory

fees

268,758

Fund

administration

fees

25,418

Distribution

fees

20,945

Administrative

servicing

fees

28,451

Accounting

and

transfer

agent

fees

774

Trustee

fees

Due

to

broker

—

Custodian

fees

3,506

Compliance

program

costs

(Note

3)

Professional

fees

17,302

Printing

fees

42,665

Recoupment

fees

(Note

3)

—

Other

2,620

Total

Liabilities

35,789,583

Commitments

and

contingencies

(Note

3)

—

#### Net

#### Assets
$

431,616,409

\*

Includes

value

of

securities

on

loan

(Note

2)

124,620,855

Cost

of

investment

securities

313,480,007

Cost

of

repurchase

agreements

35,253,594

Cost

of

foreign

currencies

—

#### Represented

#### by:
Capital

$

296,047,472

Total

distributable

earnings

(loss)

135,568,937

#### Net

#### Assets
$

431,616,409

Equity

Funds

(II) -

December

31,

2025

-

Statements

of

Assets

and

Liabilities

-

#### NVIT

#### BlackRock

#### Equity

#### Dividend

#### Fund

#### NVIT

#### GQG

#### US

#### Quality

#### Equity

#### Fund

#### NVIT

#### Invesco

#### Small

#### Cap

#### Growth

#### Fund

#### NVIT

#### Jacobs

#### Levy

#### Large

#### Cap

#### Core

#### Fund

#### NVIT

#### Jacobs

#### Levy

#### Large

#### Cap

#### Growth

#### Fund
$

564,506,012

$

91,326,407

$

238,740,969

$

243,400,404

$

501,936,607

27,255,351

5,043,142

24,366,686

5,852,027

12,890,616

23,689,618

477,600

7,058,616

1,253,328

15,731,594

—

—

—

—

637,127

200,098

41,519

61,970

157,856

5,309

1,137

7,980

773

3,239

—

—

—

396,486

1,943,758

511

24,702

57,102

47,741

217,792

319,265

—

—

—

—

—

—

—

—

1,684,051

—

—

—

—

103,058

12,907

2,237

—

—

6,299

621

616,426,812

97,075,405

270,273,065

251,012,951

534,675,325

—

—

—

362,635

—

248,017

70,831

213,945

245,007

20,211,442

—

—

—

—

1,353,581

27,255,351

5,043,142

24,366,686

5,852,027

12,890,616

310,418

46,685

171,606

114,169

177,565

29,626

15,759

19,608

19,897

30,828

107,023

6,387

21,185

10,126

75,104

76,840

5,877

33,181

25,636

96,732

874

768

—

—

—

—

5,780

4,576

1,611

4,773

1,921

3,539

625

553

19,682

19,044

15,743

15,993

18,608

17,188

10,640

15,902

16,274

15,379

—

5,800

21,584

—

—

1,836

528

813

13,123

28,072,086

5,226,692

24,885,196

6,665,203

34,893,673

—

—

—

—

—

$

588,354,726

$

91,848,713

$

245,387,869

$

244,347,748

$

499,781,652

50,031,706

9,324,436

70,656,828

12,822,767

36,435,468

439,908,633

90,739,793

175,003,771

173,124,795

382,853,007

27,255,351

5,043,142

24,366,686

5,852,027

12,890,616

—

—

—

—

$

408,392,344

$

67,125,878

$

172,461,131

$

157,719,028

$

351,487,658

179,962,382

24,722,835

72,926,738

86,628,720

148,293,994

$

588,354,726

$

91,848,713

$

245,387,869

$

244,347,748

$

499,781,652

-

Statements

of

Assets

and

Liabilities

-

December

31,

2025

-

Equity

Funds

(II) #### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Allspring

#### Discovery

#### Fund

#### Net

#### Assets:
Class

I

Shares

$

335,276,371

Class

II

Shares

96,340,038

Class

IV

Shares

—

Total

$

431,616,409

#### Shares

#### Outstanding
(unlimited

number

of

shares

authorized):

Class

I

Shares

43,048,858

Class

II

Shares

14,414,358

Class

IV

Shares

—

Total

57,463,216

#### Net

#### asset

#### value

#### and

#### offering

#### price

#### per

#### share
(Net

assets

by

class

divided

by

shares

outstanding

by

class,

respectively):

Class

I

Shares

$

.79

Class

II

Shares

$

.68

Class

IV

Shares

$

—

Equity

Funds

(II) -

December

31,

2025

-

Statements

of

Assets

and

Liabilities

-

#### NVIT

#### BlackRock

#### Equity

#### Dividend

#### Fund

#### NVIT

#### GQG

#### US

#### Quality

#### Equity

#### Fund

#### NVIT

#### Invesco

#### Small

#### Cap

#### Growth

#### Fund

#### NVIT

#### Jacobs

#### Levy

#### Large

#### Cap

#### Core

#### Fund

#### NVIT

#### Jacobs

#### Levy

#### Large

#### Cap

#### Growth

#### Fund
$

61,895,524

$

8,264,314

$

146,917,485

$

197,077,274

$

168,202,402

505,309,014

83,584,399

98,470,384

47,270,474

331,579,250

21,150,188

—

—

—

—

$

588,354,726

$

91,848,713

$

245,387,869

$

244,347,748

$

499,781,652

2,663,881

747,884

8,101,878

20,029,491

17,856,538

22,073,452

7,576,588

6,619,628

4,995,840

37,716,972

909,659

—

—

—

—

25,646,992

8,324,472

14,721,506

25,025,331

55,573,510

$

.24

$

.05

$

.13

$

.84

$

.42

$

.89

$

.03

$

.88

$

.46

$

.79

$

.25

$

—

$

—

$

—

$

—

-

Statements

of

Assets

and

Liabilities

-

December

31,

2025

-

Equity

Funds

(II) #### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Multi-Manager

#### Small

#### Cap

#### Value

#### Fund

#### Assets:
Investment

securities,

at

value

\*

$

192,672,200

Repurchase

agreements,

at

value

12,377,611

Cash

3,451,352

Interest

and

dividends

receivable

110,740

Security

lending

income

receivable

4,315

Receivable

for

investments

sold

267,393

Receivable

for

capital

shares

issued

346,795

Reclaims

receivable

—

Receivable

for

reimbursement

from

investment

adviser

(Note

3)

6,256

Prepaid

expenses

Total

Assets

209,236,797

#### Liabilities:
Payable

for

investments

purchased

291,109

Payable

for

capital

shares

redeemed

92,438

Payable

upon

return

of

securities

loaned

(Note

2)

12,377,611

Accrued

expenses

and

other

payables:

Investment

advisory

fees

146,637

Fund

administration

fees

20,098

Distribution

fees

10,522

Administrative

servicing

fees

32,625

Accounting

and

transfer

agent

fees

Trustee

fees

Custodian

fees

1,434

Compliance

program

costs

(Note

3)

Professional

fees

16,141

Printing

fees

24,858

Other

1,064

Total

Liabilities

13,015,226

Commitments

and

contingencies

(Note

3)

—

#### Net

#### Assets
$

196,221,571

\*

Includes

value

of

securities

on

loan

(Note

2)

41,301,415

Cost

of

investment

securities

167,320,062

Cost

of

repurchase

agreements

12,377,611

#### Represented

#### by:
Capital

$

166,616,438

Total

distributable

earnings

(loss)

29,605,133

#### Net

#### Assets
$

196,221,571

Equity

Funds

(II) -

December

31,

2025

-

Statements

of

Assets

and

Liabilities

-

#### NVIT

#### Multi-Manager

#### Small

#### Company

#### Fund

#### NVIT

#### Real

#### Estate

#### Fund

#### NVIT

#### Victory

#### Mid

#### Cap

#### Value

#### Fund
$

352,552,941

$

191,742,515

$

426,328,347

36,955,258

—

37,743,320

2,455,108

2,493,453

14,812,415

196,303

696,962

400,761

9,546

—

4,550

502,154

—

—

91,358

152,083

154,273

—

—

6,735

—

—

27,472

392,763,042

195,085,129

479,478,067

339,816

261,033

—

300,646

42,778

441,682

36,955,258

—

37,743,320

251,050

100,995

270,724

24,627

18,737

24,354

16,770

14,087

89,008

52,323

26,546

12,460

667

590

5,923

1,636

2,451

17,422

15,886

16,649

52,034

21,677

36,337

1,540

1,087

1,942

38,018,476

505,114

38,639,857

—

—

—

$

354,744,566

$

194,580,015

$

440,838,210

94,986,385

—

57,475,317

280,657,794

150,045,107

387,800,895

36,955,258

—

37,743,320

$

261,141,946

$

146,229,575

$

408,532,722

93,602,620

48,350,440

32,305,488

$

354,744,566

$

194,580,015

$

440,838,210

-

Statements

of

Assets

and

Liabilities

-

December

31,

2025

-

Equity

Funds

(II) #### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Multi-Manager

#### Small

#### Cap

#### Value

#### Fund

#### Net

#### Assets:
Class

I

Shares

$

126,787,500

Class

II

Shares

48,800,668

Class

IV

Shares

20,633,403

Total

$

196,221,571

#### Shares

#### Outstanding
(unlimited

number

of

shares

authorized):

Class

I

Shares

13,668,581

Class

II

Shares

5,665,719

Class

IV

Shares

2,225,140

Total

21,559,440

#### Net

#### asset

#### value

#### and

#### offering

#### price

#### per

#### share
(Net

assets

by

class

divided

by

shares

outstanding

by

class,

respectively):

Class

I

Shares

$

.28

Class

II

Shares

$

.61

Class

IV

Shares

$

.27

Equity

Funds

(II) -

December

31,

2025

-

Statements

of

Assets

and

Liabilities

-

#### NVIT

#### Multi-Manager

#### Small

#### Company

#### Fund

#### NVIT

#### Real

#### Estate

#### Fund

#### NVIT

#### Victory

#### Mid

#### Cap

#### Value

#### Fund
$

252,312,047

$

129,051,440

$

27,238,701

77,775,336

65,528,575

413,599,509

24,657,183

—

—

$

354,744,566

$

194,580,015

$

440,838,210

12,447,042

16,544,381

3,613,178

4,430,620

8,532,254

54,275,872

1,219,015

—

—

18,096,677

25,076,635

57,889,050

$

.27

$

.80

$

.54

$

.55

$

.68

$

.62

$

.23

$

—

$

—

-

Statements

of

Operations

-

For

the

Year

Ended

December

31,

2025

-

Equity

Funds

(II) #### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Allspring

#### Discovery

#### Fund

#### INVESTMENT

#### INCOME:
Dividend

income

$

769,090

Interest

income

236,309

Income

from

securities

lending

(net

of

fees)

(Note

2)

99,192

Income

from

non-cash

dividends

—

Foreign

tax

withholding

(11,029)

Total

Income

1,093,562

#### EXPENSES:
Investment

advisory

fees

3,271,352

Fund

administration

fees

164,436

Distribution

fees

Class

II

Shares

251,020

Administrative

servicing

fees

Class

I

Shares

235,876

Administrative

servicing

fees

Class

II

Shares

70,285

Administrative

servicing

fees

Class

IV

Shares

—

Professional

fees

41,532

Printing

fees

7,507

Trustee

fees

17,203

Custodian

fees

16,255

Accounting

and

transfer

agent

fees

3,123

Compliance

program

costs

(Note

3)

1,917

European

Union

tax

reclaims

filing

fees

(Note

2)

—

Recoupment

fees

(Note

3)

—

Other

4,377

Total

expenses

before

fees

waived

and

expenses

reimbursed

4,084,883

Distribution

fees

waived

-

Class

II

(Note

3)

—

Investment

advisory

fees

waived

(Note

3)

(126,836)

Expenses

reimbursed

by

adviser

(Note

3)

(114,812)

Net

Expenses

3,843,235

#### NET

#### INVESTMENT

#### INCOME/(LOSS)
(2,749,673)

#### REALIZED/UNREALIZED

#### GAINS
(LOSSES)

#### FROM

#### INVESTMENTS:
Net

realized

gains

(losses)

from:

Transactions

in

investment

securities

(Note

9)

28,995,785

Foreign

currency

transactions

(Note

2)

—

Expiration

or

closing

of

swap

contracts

(Note

2)

—

Net

realized

gains

(losses)

28,995,785

Net

change

in

unrealized

appreciation/depreciation

in

the

value

of:

Investment

securities

(1,464,184)

Translation

of

assets

and

liabilities

denominated

in

foreign

currencies

(Note

2)

—

Swap

contracts

(Note

2)

—

Net

change

in

unrealized

appreciation/depreciation

(1,464,184)

Net

realized/unrealized

gains

(losses)

27,531,601

#### CHANGE

#### IN

#### NET

#### ASSETS

#### RESULTING

#### FROM

#### OPERATIONS
$

24,781,928

Equity

Funds

(II) -

For

the

Year

Ended

December

31,

2025

-

Statements

of

Operations

-

#### NVIT

#### BlackRock

#### Equity

#### Dividend

#### Fund

#### NVIT

#### GQG

#### US

#### Quality

#### Equity

#### Fund

#### NVIT

#### Invesco

#### Small

#### Cap

#### Growth

#### Fund

#### NVIT

#### Jacobs

#### Levy

#### Large

#### Cap

#### Core

#### Fund

#### NVIT

#### Jacobs

#### Levy

#### Large

#### Cap

#### Growth

#### Fund
$

13,094,190

$

1,871,948

$

641,367

$

2,670,632

$

2,774,625

820,216

112,494

313,419

50,738

526,748

40,967

7,381

65,899

14,920

40,535

197,157

—

—

158,411

—

(143,256)

(9,337)

(4,009)

—

(14,014)

14,009,274

1,982,486

1,016,676

2,894,701

3,327,894

3,480,554

629,632

1,725,226

1,439,202

1,831,331

196,473

73,095

104,633

113,207

227,073

1,193,997

221,881

227,990

119,155

775,271

87,023

4,057

172,422

288,307

370,313

716,402

44,377

136,795

—

775,271

29,937

—

—

—

—

48,705

41,236

34,644

35,804

44,887

4,620

2,685

920

3,219

10,895

21,631

3,804

8,228

9,279

18,133

19,882

5,206

12,973

8,722

16,373

12,212

923

1,724

1,705

3,074

2,452

896

1,057

2,011

3,049

—

—

—

—

—

5,800

21,584

—

—

5,265

1,026

1,862

2,318

3,014

5,822,202

1,034,153

2,449,897

2,021,975

4,077,646

—

(142,005)

—

—

—

—

(48,435)

(18,555)

(131,922)

—

(178,110)

(8,145)

—

—

(94,104)

5,644,092

835,568

2,431,342

1,890,053

3,983,542

8,365,182

1,146,918

(1,414,666)

1,004,648

(655,648)

56,362,390

24,084,110

10,132,317

16,563,690

26,180,918

43,101

—

—

—

—

—

—

—

—

2,391,197

56,405,491

24,084,110

10,132,317

16,563,690

28,572,115

42,888,006

(23,177,234)

24,375,749

9,105,695

30,493,027

36,963

—

—

—

—

—

—

—

—

1,980,158

42,924,969

(23,177,234)

24,375,749

9,105,695

32,473,185

99,330,460

906,876

34,508,066

25,669,385

61,045,300

$

107,695,642

$

2,053,794

$

33,093,400

$

26,674,033

$

60,389,652

-

Statements

of

Operations

-

For

the

Year

Ended

December

31,

2025

-

Equity

Funds

(II) #### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Multi-Manager

#### Small

#### Cap

#### Value

#### Fund

#### INVESTMENT

#### INCOME:
Dividend

income

$

2,799,555

Interest

income

172,545

Income

from

securities

lending

(net

of

fees)

(Note

2)

51,814

Income

from

non-cash

dividends

—

Foreign

tax

withholding

(18,151)

European

Union

tax

reclaims

(Note

2)

—

Total

Income

3,005,763

#### EXPENSES:
Investment

advisory

fees

1,672,605

Fund

administration

fees

107,551

Distribution

fees

Class

II

Shares

118,507

Administrative

servicing

fees

Class

I

Shares

187,498

Administrative

servicing

fees

Class

II

Shares

71,105

Administrative

servicing

fees

Class

IV

Shares

30,111

Professional

fees

35,274

Printing

fees

3,031

Trustee

fees

7,501

Custodian

fees

6,630

Accounting

and

transfer

agent

fees

1,771

Compliance

program

costs

(Note

3)

844

Other

1,989

Total

expenses

before

fees

waived

and

expenses

reimbursed

2,244,417

Investment

advisory

fees

waived

(Note

3)

—

Investment

advisory

fees

voluntarily

waived

(Note

3)

—

Expenses

reimbursed

by

adviser

(Note

3)

(85,597)

Net

Expenses

2,158,820

#### NET

#### INVESTMENT

#### INCOME
846,943

#### REALIZED/UNREALIZED

#### GAINS
(LOSSES)

#### FROM

#### INVESTMENTS:
Net

realized

gains

(losses)

from:

Transactions

in

investment

securities

4,325,745

Net

realized

gains

(losses)

4,325,745

Net

change

in

unrealized

appreciation/depreciation

in

the

value

of:

Investment

securities

(1,587,878)

Translation

of

assets

and

liabilities

denominated

in

foreign

currencies

(Note

2)

—

Net

change

in

unrealized

appreciation/depreciation

(1,587,878)

Net

realized/unrealized

gains

(losses)

2,737,867

#### CHANGE

#### IN

#### NET

#### ASSETS

#### RESULTING

#### FROM

#### OPERATIONS
$

3,584,810

Equity

Funds

(II) -

For

the

Year

Ended

December

31,

2025

-

Statements

of

Operations

-

#### NVIT

#### Multi-Manager

#### Small

#### Company

#### Fund

#### NVIT

#### Real

#### Estate

#### Fund

#### NVIT

#### Victory

#### Mid

#### Cap

#### Value

#### Fund
$

4,514,485

$

5,585,215

$

5,943,735

230,856

64,316

405,338

100,868

—

44,631

—

—

194,180

(33,656)

(1,433)

(6,482)

(2,370)

—

—

4,810,183

5,648,098

6,581,402

2,995,541

1,414,700

2,451,384

148,020

104,163

133,674

205,958

173,712

758,046

366,896

198,923

38,183

123,575

104,228

30,325

35,053

—

—

39,798

35,014

38,314

—

2,113

6,023

13,766

7,906

13,525

20,163

8,493

10,986

2,729

1,594

2,368

1,534

890

1,369

3,463

2,037

3,171

3,956,496

2,053,773

3,487,368

(94,591)

(26,271)

(118,017)

—

(166,266)

—

—

—

(270,812)

3,861,905

1,861,236

3,098,539

948,278

3,786,862

3,482,863

22,487,438

7,491,556

(5,868,153)

22,487,438

7,491,556

(5,868,153)

8,854,129

(10,585,999)

12,056,229

—

—

694

8,854,129

(10,585,999)

12,056,923

31,341,567

(3,094,443)

6,188,770

$

32,289,845

$

692,419

$

9,671,633

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

Equity

Funds

(II) #### NVIT

#### Allspring

#### Discovery

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### OPERATIONS:
Net

investment

income/(loss)

$

(2,749,673)

$

(2,476,900)

Net

realized

gains

28,995,785

66,527,149

Net

change

in

unrealized

appreciation/depreciation

(1,464,184)

14,254,963

Change

in

net

assets

resulting

from

operations

24,781,928

78,305,212

#### Distributions

#### to

#### Shareholders

#### From:
Distributable

earnings:

Class

I

(3,545,836)

—

Class

II

(1,218,373)

—

Class

IV

—

—

Change

in

net

assets

from

shareholder

distributions

(4,764,209)

—

Change

in

net

assets

from

capital

transactions

(50,934,956)

(59,558,408)

Change

in

net

assets

(30,917,237)

18,746,804

#### Net

#### Assets:
Beginning

of

year

462,533,646

443,786,842

End

of

year

$

431,616,409

$

462,533,646

#### CAPITAL

#### TRANSACTIONS:

#### Class

#### I

#### Shares
Proceeds

from

shares

issued

$

3,115,534

$

2,928,740

Dividends

reinvested

3,545,836

—

Cost

of

shares

redeemed

(38,371,851)

(40,203,138)

Total

Class

I

Shares

(31,710,481)

(37,274,398)

#### Class

#### II

#### Shares
Proceeds

from

shares

issued

4,364,343

4,334,275

Dividends

reinvested

1,218,373

—

Cost

of

shares

redeemed

(24,807,191)

(26,618,285)

Total

Class

II

Shares

(19,224,475)

(22,284,010)

#### Class

#### IV

#### Shares
Proceeds

from

shares

issued

—

—

Dividends

reinvested

—

—

Cost

of

shares

redeemed

—

—

Total

Class

IV

Shares

—

—

Change

in

net

assets

from

capital

transactions

$

(50,934,956)

$

(59,558,408)

Equity

Funds

(II) -

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### BlackRock

#### Equity

#### Dividend

#### Fund

#### NVIT

#### GQG

#### US

#### Quality

#### Equity

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
$

8,365,182

$

9,159,113

$

1,146,918

$

160,970

56,405,491

24,508,359

24,084,110

3,625,935

42,924,969

15,861,046

(23,177,234)

4,921,695

107,695,642

49,528,518

2,053,794

8,708,600

(3,291,509)

(3,159,641)

(419,616)

(1,184,637)

(25,918,945)

(25,640,671)

(4,135,907)

(12,864,163)

(1,130,454)

(1,091,824)

—

—

(30,340,908)

(29,892,136)

(4,555,523)

(14,048,800)

(18,211,061)

(21,553,125)

(7,622,211)

1,911,749

59,143,673

(1,916,743)

(10,123,940)

(3,428,451)

529,211,053

531,127,796

101,972,653

105,401,104

$

588,354,726

$

529,211,053

$

91,848,713

$

101,972,653

$

5,808,116

$

4,985,810

$

2,383,515

$

1,684,014

3,291,509

3,159,641

419,616

1,184,637

(10,124,495)

(13,321,342)

(2,107,997)

(2,351,042)

(1,024,870)

(5,175,891)

695,134

517,609

22,083,859

12,777,612

4,362,725

1,612,149

25,918,945

25,640,671

4,135,907

12,864,163

(64,812,040)

(54,146,845)

(16,815,977)

(13,082,172)

(16,809,236)

(15,728,562)

(8,317,345)

1,394,140

356,817

364,210

—

—

1,130,454

1,091,824

—

—

(1,864,226)

(2,104,706)

—

—

(376,955)

(648,672)

—

—

$

(18,211,061)

$

(21,553,125)

$

(7,622,211)

$

1,911,749

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

Equity

Funds

(II) #### NVIT

#### Allspring

#### Discovery

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### SHARE

#### TRANSACTIONS:

#### Class

#### I

#### Shares
Issued

418,862

409,129

Reinvested

446,017

—

Redeemed

(5,117,563)

(5,758,310)

Total

Class

I

Shares

(4,252,684)

(5,349,181)

#### Class

#### II

#### Shares
Issued

743,107

765,245

Reinvested

178,647

—

Redeemed

(3,853,974)

(4,416,312)

Total

Class

II

Shares

(2,932,220)

(3,651,067)

#### Class

#### IV

#### Shares
Issued

—

—

Reinvested

—

—

Redeemed

—

—

Total

Class

IV

Shares

—

—

Total

change

in

shares

(7,184,904)

(9,000,248)

Equity

Funds

(II) -

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### BlackRock

#### Equity

#### Dividend

#### Fund

#### NVIT

#### GQG

#### US

#### Quality

#### Equity

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
271,432

239,198

204,920

133,759

147,322

151,322

37,649

102,179

(466,895)

(642,836)

(183,772)

(194,449)

(48,141)

(252,316)

58,797

41,489

1,053,205

621,541

382,894

130,453

1,179,926

1,247,120

371,844

1,112,586

(2,998,374)

(2,656,364)

(1,461,599)

(1,074,045)

(765,243)

(787,703)

(706,861)

168,994

16,138

17,790

—

—

50,574

52,273

—

—

(83,917)

(100,564)

—

—

(17,205)

(30,501)

—

—

(830,589)

(1,070,520)

(648,064)

210,483

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

Equity

Funds

(II) #### NVIT

#### Invesco

#### Small

#### Cap

#### Growth

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### OPERATIONS:
Net

investment

income/(loss)

$

(1,414,666)

$

(1,067,812)

Net

realized

gains

10,132,317

20,568,172

Net

change

in

unrealized

appreciation/depreciation

24,375,749

8,436,413

Change

in

net

assets

resulting

from

operations

33,093,400

27,936,773

#### Distributions

#### to

#### Shareholders

#### From:
Distributable

earnings:

Class

I

(7,505,561)

—

Class

II

(6,813,000)

—

Change

in

net

assets

from

shareholder

distributions

(14,318,561)

—

Change

in

net

assets

from

capital

transactions

44,510,402

18,309,782

Change

in

net

assets

63,285,241

46,246,555

#### Net

#### Assets:
Beginning

of

year

182,102,628

135,856,073

End

of

year

$

245,387,869

$

182,102,628

#### CAPITAL

#### TRANSACTIONS:

#### Class

#### I

#### Shares
Proceeds

from

shares

issued

$

56,679,933

$

23,613,321

Dividends

reinvested

7,505,561

—

Cost

of

shares

redeemed

(24,601,889)

(17,758,455)

Total

Class

I

Shares

39,583,605

5,854,866

#### Class

#### II

#### Shares
Proceeds

from

shares

issued

23,260,003

38,741,409

Dividends

reinvested

6,813,000

—

Cost

of

shares

redeemed

(25,146,206)

(26,286,493)

Total

Class

II

Shares

4,926,797

12,454,916

Change

in

net

assets

from

capital

transactions

$

44,510,402

$

18,309,782

#### SHARE

#### TRANSACTIONS:

#### Class

#### I

#### Shares
Issued

3,370,728

1,458,394

Reinvested

444,906

—

Redeemed

(1,476,798)

(1,144,551)

Total

Class

I

Shares

2,338,836

313,843

#### Class

#### II

#### Shares
Issued

1,688,457

2,898,181

Reinvested

491,913

—

Redeemed

(1,779,551)

(2,004,034)

Total

Class

II

Shares

400,819

894,147

Total

change

in

shares

2,739,655

1,207,990

Equity

Funds

(II) -

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### Jacobs

#### Levy

#### Large

#### Cap

#### Core

#### Fund

#### NVIT

#### Jacobs

#### Levy

#### Large

#### Cap

#### Growth

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
$

1,004,648

$

1,141,982

$

(655,648)

$

(705,963)

16,563,690

28,597,524

28,572,115

82,366,685

9,105,695

17,489,722

32,473,185

7,125,904

26,674,033

47,229,228

60,389,652

88,786,626

(23,880,277)

(65,779,051)

(24,625,400)

(10,972,423)

(5,973,442)

(17,037,463)

(54,292,562)

(22,530,388)

(29,853,719)

(82,816,514)

(78,917,962)

(33,502,811)

(1,172,540)

52,963,518

83,737,606

38,502,502

(4,352,226)

17,376,232

65,209,296

93,786,317

248,699,974

231,323,742

434,572,356

340,786,039

$

244,347,748

$

248,699,974

$

499,781,652

$

434,572,356

$

1,895,862

$

1,820,685

$

35,284,109

$

24,941,926

23,880,277

65,779,051

24,625,400

10,972,423

(24,338,427)

(23,925,741)

(27,989,698)

(21,147,182)

1,437,712

43,673,995

31,919,811

14,767,167

3,839,790

2,693,204

106,145,657

70,817,588

5,973,442

17,037,463

54,292,562

22,530,388

(12,423,484)

(10,441,144)

(108,620,424)

(69,612,641)

(2,610,252)

9,289,523

51,817,795

23,735,335

$

(1,172,540)

$

52,963,518

$

83,737,606

$

38,502,502

188,632

163,031

3,621,368

2,657,262

2,508,361

7,124,500

2,653,599

1,278,837

(2,467,130)

(1,998,209)

(2,869,043)

(2,235,243)

229,863

5,289,322

3,405,924

1,700,856

415,394

235,573

11,594,921

7,980,370

653,011

1,910,140

6,262,118

2,778,100

(1,308,232)

(863,938)

(11,879,050)

(7,819,148)

(239,827)

1,281,775

5,977,989

2,939,322

(9,964)

6,571,097

9,383,913

4,640,178

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

Equity

Funds

(II) #### NVIT

#### Multi-Manager

#### Small

#### Cap

#### Value

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### OPERATIONS:
Net

investment

income

$

846,943

$

1,548,295

Net

realized

gains

4,325,745

15,971,620

Net

change

in

unrealized

appreciation/depreciation

(1,587,878)

(4,157,091)

Change

in

net

assets

resulting

from

operations

3,584,810

13,362,824

#### Distributions

#### to

#### Shareholders

#### From:
Distributable

earnings:

Class

I

(10,307,133)

(2,259,062)

Class

II

(4,122,999)

(818,478)

Class

IV

(1,656,548)

(349,765)

Change

in

net

assets

from

shareholder

distributions

(16,086,680)

(3,427,305)

Change

in

net

assets

from

capital

transactions

1,701,995

(19,840,155)

Change

in

net

assets

(10,799,875)

(9,904,636)

#### Net

#### Assets:
Beginning

of

year

207,021,446

216,926,082

End

of

year

$

196,221,571

$

207,021,446

#### CAPITAL

#### TRANSACTIONS:

#### Class

#### I

#### Shares
Proceeds

from

shares

issued

$

6,909,191

$

5,686,534

Dividends

reinvested

10,307,133

2,259,062

Cost

of

shares

redeemed

(18,458,065)

(21,283,737)

Total

Class

I

Shares

(1,241,741)

(13,338,141)

#### Class

#### II

#### Shares
Proceeds

from

shares

issued

4,163,096

8,154,267

Dividends

reinvested

4,122,999

818,478

Cost

of

shares

redeemed

(5,786,456)

(14,062,608)

Total

Class

II

Shares

2,499,639

(5,089,863)

#### Class

#### IV

#### Shares
Proceeds

from

shares

issued

963,293

536,069

Dividends

reinvested

1,656,548

349,765

Cost

of

shares

redeemed

(2,175,744)

(2,297,985)

Total

Class

IV

Shares

444,097

(1,412,151)

Change

in

net

assets

from

capital

transactions

$

1,701,995

$

(19,840,155)

Equity

Funds

(II) -

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### Multi-Manager

#### Small

#### Company

#### Fund

#### NVIT

#### Real

#### Estate

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
$

948,278

$

2,651,346

$

3,786,862

$

3,585,554

22,487,438

26,298,270

7,491,556

12,195,562

8,854,129

13,702,540

(10,585,999)

5,999,302

32,289,845

42,652,156

692,419

21,780,418

(20,291,400)

(7,792,904)

(3,723,838)

(3,268,436)

(7,192,012)

(2,350,271)

(1,765,154)

(1,640,516)

(1,996,591)

(722,043)

—

—

(29,480,003)

(10,865,218)

(5,488,992)

(4,908,952)

(28,186,418)

(6,048,921)

(14,826,663)

(18,794,225)

(25,376,576)

25,738,017

(19,623,236)

(1,922,759)

380,121,142

354,383,125

214,203,251

216,126,010

$

354,744,566

$

380,121,142

$

194,580,015

$

214,203,251

$

8,486,900

$

12,822,688

$

7,961,437

$

4,629,115

20,291,400

7,792,904

3,723,838

3,268,436

(41,471,069)

(41,420,053)

(17,449,669)

(20,157,592)

(12,692,769)

(20,804,461)

(5,764,394)

(12,260,041)

30,575,667

44,743,625

8,960,755

6,693,057

7,192,012

2,350,271

1,765,154

1,640,516

(53,068,495)

(31,434,116)

(19,788,178)

(14,867,757)

(15,300,816)

15,659,780

(9,062,269)

(6,534,184)

1,130,420

2,147,540

—

—

1,996,591

722,043

—

—

(3,319,844)

(3,773,823)

—

—

(192,833)

(904,240)

—

—

$

(28,186,418)

$

(6,048,921)

$

(14,826,663)

$

(18,794,225)

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

Equity

Funds

(II) #### NVIT

#### Multi-Manager

#### Small

#### Cap

#### Value

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### SHARE

#### TRANSACTIONS:

#### Class

#### I

#### Shares
Issued

747,511

583,749

Reinvested

1,109,587

234,551

Redeemed

(1,981,825)

(2,202,181)

Total

Class

I

Shares

(124,727)

(1,383,881)

#### Class

#### II

#### Shares
Issued

488,987

884,415

Reinvested

478,315

91,552

Redeemed

(670,499)

(1,517,325)

Total

Class

II

Shares

296,803

(541,358)

#### Class

#### IV

#### Shares
Issued

104,540

55,289

Reinvested

178,339

36,313

Redeemed

(231,210)

(237,055)

Total

Class

IV

Shares

51,669

(145,453)

Total

change

in

shares

223,745

(2,070,692)

Equity

Funds

(II) -

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### Multi-Manager

#### Small

#### Company

#### Fund

#### NVIT

#### Real

#### Estate

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
434,182

656,692

1,014,919

617,645

1,036,512

416,973

474,732

388,984

(2,133,824)

(2,143,164)

(2,220,183)

(2,586,185)

(663,130)

(1,069,499)

(730,532)

(1,579,556)

1,807,667

2,544,496

1,179,987

849,271

425,180

144,188

228,647

198,205

(3,156,535)

(1,869,124)

(2,602,726)

(1,948,807)

(923,688)

819,560

(1,194,092)

(901,331)

57,445

106,161

—

—

102,197

38,708

—

—

(169,640)

(195,083)

—

—

(9,998)

(50,214)

—

—

(1,596,816)

(300,153)

(1,924,624)

(2,480,887)

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

Equity

Funds

(II) #### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Victory

#### Mid

#### Cap

#### Value

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### OPERATIONS:
Net

investment

income

$

3,482,863

$

3,209,258

Net

realized

gains

(losses)

(5,868,153)

32,736,968

Net

change

in

unrealized

appreciation/depreciation

12,056,923

(8,256,600)

Change

in

net

assets

resulting

from

operations

9,671,633

27,689,626

#### Distributions

#### to

#### Shareholders

#### From:
Distributable

earnings:

Class

I

(2,146,593)

(719,604)

Class

II

(25,912,515)

(8,523,256)

Change

in

net

assets

from

shareholder

distributions

(28,059,108)

(9,242,860)

Change

in

net

assets

from

capital

transactions

132,504,028

(28,777,438)

Change

in

net

assets

114,116,553

(10,330,672)

#### Net

#### Assets:
Beginning

of

year

326,721,657

337,052,329

End

of

year

$

440,838,210

$

326,721,657

#### CAPITAL

#### TRANSACTIONS:

#### Class

#### I

#### Shares
Proceeds

from

shares

issued

$

7,924,853

$

5,181,877

Dividends

reinvested

2,146,593

719,604

Cost

of

shares

redeemed

(6,537,833)

(6,161,985)

Total

Class

I

Shares

3,533,613

(260,504)

#### Class

#### II

#### Shares
Proceeds

from

shares

issued

144,238,288

4,465,858

Dividends

reinvested

25,912,515

8,523,256

Cost

of

shares

redeemed

(41,180,388)

(41,506,048)

Total

Class

II

Shares

128,970,415

(28,516,934)

Change

in

net

assets

from

capital

transactions

$

132,504,028

$

(28,777,438)

#### SHARE

#### TRANSACTIONS:

#### Class

#### I

#### Shares
Issued

1,028,804

632,078

Reinvested

283,056

87,308

Redeemed

(822,022)

(771,707)

Total

Class

I

Shares

489,838

(52,321)

#### Class

#### II

#### Shares
Issued

19,173,110

546,943

Reinvested

3,381,645

1,025,453

Redeemed

(5,209,336)

(5,080,153)

Total

Class

II

Shares

17,345,419

(3,507,757)

Total

change

in

shares

17,835,257

(3,560,078)

Equity

Funds

(II) -

December

31,

2025

-

Financial

Highlights

-

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Allspring

#### Discovery

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Loss(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Loss

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### Portfolio

#### Turnover(b)(f)

#### Class

#### I

#### Shares
12/31/2025

$

7.43 $

(0.04)

$

0.48 $

0.44 $

—

$

(0.08)

$

(0.08)

$

7.79 5.91%

$

335,276

0.82%

(0.57)%

0.88%

72.91%

12/31/2024

6.27 (0.03)

1.19 1.16 —

—

—

7.43 18.50%

351,465

0.82%

(0.47)%

0.88%

62.68%

12/31/2023

5.20 (0.02)

1.09 1.07 —

—

—

6.27 20.58%

330,070

0.82%

(0.34)%

0.87%

53.01%

12/31/2022

11.56 (0.04)

(4.12)

(4.16)

—

(2.20)

(2.20)

5.20 (37.61)%

299,552

0.82%

(0.59)%

0.89%

52.92%

12/31/2021

13.85 (0.09)

(0.35)

(0.44)

(0.02)

(1.83)

(1.85)

11.56 (4.70)%

524,188

0.82%

(0.71)%

0.88%

56.85%

#### Class

#### II

#### Shares
12/31/2025

6.40 (0.05)

0.41 0.36 —

(0.08)

(0.08)

6.68 5.62%

96,340

1.07%

(0.82)%

1.13%

72.91%

12/31/2024

5.42 (0.04)

1.02 0.98 —

—

—

6.40 18.08%

111,069

1.07%

(0.72)%

1.13%

62.68%

12/31/2023

4.50 (0.03)

0.95 0.92 —

—

—

5.42 20.44%

113,717

1.07%

(0.59)%

1.12%

53.01%

12/31/2022

10.47 (0.05)

(3.72)

(3.77)

—

(2.20)

(2.20)

4.50 (37.82)%

106,384

1.07%

(0.84)%

1.15%

52.92%

12/31/2021

12.72 (0.12)

(0.30)

(0.42)

—

(1.83)

(1.83)

10.47 (4.93)%

168,596

1.07%

(0.96)%

1.13%

56.85%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

-

Financial

Highlights

-

December

31,

2025

-

Equity

Funds

(II) #### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### BlackRock

#### Equity

#### Dividend

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### Portfolio

#### Turnover(b)(f)

#### Class

#### I

#### Shares
12/31/2025

$

20.23 $

0.38 $

3.89 $

4.27 $

(0.35)

$

(0.91)

$

(1.26)

$

23.24 21.44%

$

61,896

0.80%

1.72%

0.83%

57.78%

12/31/2024

19.49 0.39 1.55 1.94 (0.36)

(0.84)

(1.20)

20.23 9.86%

54,856

0.80%

1.89%

0.84%

50.55%

12/31/2023

19.32 0.40 1.78 2.18 (0.35)

(1.66)

(2.01)

19.49 11.99%

57,789

0.80%

2.05%

0.84%

41.27%

12/31/2022

22.79 0.36 (1.32)

(0.96)

(0.30)

(2.21)

(2.51)

19.32 (3.99)%

54,699

0.80%

1.67%

0.84%

52.53%

12/31/2021

19.39 0.32 3.60 3.92 (0.29)

(0.23)

(0.52)

22.79 20.29%

59,202

0.80%

1.46%

0.85%

49.65%

#### Class

#### II

#### Shares
12/31/2025

19.95 0.32 3.82 4.14 (0.29)

(0.91)

(1.20)

22.89 21.10%

505,309

1.05%

1.47%

1.08%

57.78%

12/31/2024

19.24 0.34 1.52 1.86 (0.31)

(0.84)

(1.15)

19.95 9.57%

455,595

1.05%

1.65%

1.09%

50.55%

12/31/2023

19.09 0.35 1.77 2.12 (0.31)

(1.66)

(1.97)

19.24 11.77%

454,664

1.05%

1.80%

1.09%

41.27%

12/31/2022

22.57 0.30 (1.32)

(1.02)

(0.25)

(2.21)

(2.46)

19.09 (4.29)%

435,196

1.05%

1.42%

1.09%

52.53%

12/31/2021

19.21 0.26 3.57 3.83 (0.24)

(0.23)

(0.47)

22.57 20.00%

461,237

1.05%

1.21%

1.10%

49.65%

#### Class

#### IV

#### Shares
12/31/2025

20.24 0.38 3.89 4.27 (0.35)

(0.91)

(1.26)

23.25 21.42%

21,150

0.80%

1.76%

0.83%

57.78%

12/31/2024

19.51 0.40 1.53 1.93 (0.36)

(0.84)

(1.20)

20.24 9.79%

18,760

0.80%

1.90%

0.84%

50.55%

12/31/2023

19.33 0.40 1.79 2.19 (0.35)

(1.66)

(2.01)

19.51 12.04%

18,675

0.80%

2.05%

0.84%

41.27%

12/31/2022

22.80 0.36 (1.32)

(0.96)

(0.30)

(2.21)

(2.51)

19.33 (3.99)%

17,690

0.80%

1.67%

0.84%

52.53%

12/31/2021

19.40 0.32 3.60 3.92 (0.29)

(0.23)

(0.52)

22.80 20.28%

20,018

0.80%

1.46%

0.85%

49.65%

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

Equity

Funds

(II) -

December

31,

2025

-

Financial

Highlights

-

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### GQG

#### US

#### Quality

#### Equity

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)(f)

#### Portfolio

#### Turnover(b)(g)

#### Class

#### I

#### Shares
12/31/2025

$

11.38 $

0.15 $

0.09 $

0.24 $

(0.12)

$

(0.45)

$

(0.57)

$

11.05 2.14%

$

8,264

0.78%

1.31%

0.84%

140.61%

12/31/2024

12.04 0.03 1.04 1.07 (0.03)

(1.70)

(1.73)

11.38 8.63%

7,843

0.78%

0.23%

0.83%

8.36%

12/31/2023

11.31 0.04 2.18 2.22 (0.04)

(1.45)

(1.49)

12.04 20.59%

7,800

0.85%

0.36%

0.91%

92.57%

12/31/2022

15.84 0.06 (3.64)

(3.58)

(0.06)

(0.89)

(0.95)

11.31 (22.92)%

6,576

0.86%

0.49%

0.92%

30.18%

12/31/2021

14.08 0.04 3.65 3.69 (0.05)

(1.88)

(1.93)

15.84 26.81%

9,380

0.87%

0.28%

0.94%

17.60%

#### Class

#### II

#### Shares
12/31/2025

11.36 0.13 0.10 0.23 (0.11)

(0.45)

(0.56)

11.03 2.04%

83,584

0.87%

1.17%

1.09%

140.61%

12/31/2024

12.03 0.02 1.03 1.05 (0.02)

(1.70)

(1.72)

11.36 8.47%

94,129

0.87%

0.15%

1.08%

8.36%

12/31/2023

11.29 0.04 2.18 2.22 (0.03)

(1.45)

(1.48)

12.03 20.68%

97,601

0.87%

0.34%

1.09%

92.57%

12/31/2022

15.82 0.06 (3.64)

(3.58)

(0.06)

(0.89)

(0.95)

11.29 (22.95)%

89,538

0.87%

0.49%

1.09%

30.18%

12/31/2021

14.07 0.04 3.64 3.68 (0.05)

(1.88)

(1.93)

15.82 26.76%

132,963

0.87%

0.27%

1.10%

17.60%

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) Expense

ratios

include

expenses

reimbursed

to

the

Advisor

for

the

years

2025

and

2024. (f) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(g) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

-

Financial

Highlights

-

December

31,

2025

-

Equity

Funds

(II) #### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Invesco

#### Small

#### Cap

#### Growth

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Loss(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Net

#### Investment

#### Loss

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)(f)

#### Portfolio

#### Turnover(b)(g)

#### Class

#### I

#### Shares
12/31/2025

$

16.63 $

(0.10)

$

2.74 $

2.64 $

—

$

(1.14)

$

(1.14)

$

18.13 16.36%

$

146,917

1.07%

(0.58)%

1.08%

86.94%

12/31/2024

13.72 (0.09)

3.00 2.91 —

—

—

16.63 21.21%

95,860

1.08%

(0.59)%

1.09%

116.42%

12/31/2023

11.68 (0.05)

2.09 2.04 —

—

—

13.72 17.47%

74,780

1.09%

(0.43)%

1.09%

90.98%

12/31/2022

19.86 (0.07)

(5.83)

(5.90)

—

(2.28)

(2.28)

11.68 (30.33)%(h)

64,673

1.09%

(0.49)%

1.11%

77.32%

12/31/2021

19.65 (0.13)

2.16 2.03 —

(1.82)

(1.82)

19.86 10.25%(h)

96,458

1.09%

(0.64)%

1.12%

61.82%

#### Class

#### II

#### Shares
12/31/2025

13.87 (0.11)

2.26 2.15 —

(1.14)

(1.14)

14.88 16.08%

98,470

1.32%

(0.82)%

1.33%

86.94%

12/31/2024

11.47 (0.11)

2.51 2.40 —

—

—

13.87 20.92%

86,242

1.33%

(0.83)%

1.34%

116.42%

12/31/2023

9.79 (0.07)

1.75 1.68 —

—

—

11.47 17.16%

61,076

1.34%

(0.67)%

1.34%

90.98%

12/31/2022

17.19 (0.09)

(5.03)

(5.12)

—

(2.28)

(2.28)

9.79 (30.51)%

49,741

1.34%

(0.73)%

1.36%

77.32%

12/31/2021

17.26 (0.16)

1.91 1.75 —

(1.82)

(1.82)

17.19 10.05%

66,855

1.34%

(0.89)%

1.37%

61.82%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) Expense

ratios

include

expenses

reimbursed

to

the

Advisor

for

the

years

2025

and

2024. (f) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(g) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(h) Includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

values

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

values

and

returns

for

shareholder

transactions.

Equity

Funds

(II) -

December

31,

2025

-

Financial

Highlights

-

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Jacobs

#### Levy

#### Large

#### Cap

#### Core

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### Portfolio

#### Turnover(b)(f)

#### Class

#### I

#### Shares
12/31/2025

$

10.00 $

0.04 $

1.10 $

1.14 $

(0.05)

$

(1.25)

$

(1.30)

$

9.84 11.88%

$

197,077

0.77%

0.44%

0.82%

89.97%

12/31/2024

12.59 0.06 2.22 2.28 (0.04)

(4.83)

(4.87)

10.00 21.48%

198,083

0.77%

0.49%

0.82%

66.02%

12/31/2023

11.05 0.06 2.44 2.50 (0.06)

(0.90)

(0.96)

12.59 23.39%

182,646

0.79%

0.50%

0.84%

166.06%

12/31/2022

15.15 0.05 (2.64)

(2.59)

(0.05)

(1.46)

(1.51)

11.05 (17.06)%

162,956

0.83%

0.41%

0.83%

10.20%

12/31/2021

12.24 0.04 3.19 3.23 (0.04)

(0.28)

(0.32)

15.15 26.57%

216,356

0.84%

0.30%

0.84%

12.58%

#### Class

#### II

#### Shares
12/31/2025

9.67 0.03 1.05 1.08 (0.04)

(1.25)

(1.29)

9.46 11.66%

47,270

0.87%

0.34%

0.92%

89.97%

12/31/2024

12.31 0.05 2.17 2.22 (0.03)

(4.83)

(4.86)

9.67 21.48%

50,617

0.87%

0.39%

0.92%

66.02%

12/31/2023

10.83 0.05 2.38 2.43 (0.05)

(0.90)

(0.95)

12.31 23.20%

48,678

0.89%

0.40%

0.94%

166.06%

12/31/2022

14.88 0.04 (2.59)

(2.55)

(0.04)

(1.46)

(1.50)

10.83 (17.11)%

45,596

0.93%

0.32%

0.93%

10.20%

12/31/2021

12.03 0.03 3.13 3.16 (0.03)

(0.28)

(0.31)

14.88 26.42%

57,249

0.94%

0.20%

0.94%

12.58%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

-

Financial

Highlights

-

December

31,

2025

-

Equity

Funds

(II) #### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Jacobs

#### Levy

#### Large

#### Cap

#### Growth

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Loss(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Income
(Loss)

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### Portfolio

#### Turnover(b)(f)

#### Class

#### I

#### Shares
12/31/2025

$

9.78 $

—

$

1.37 $

1.37 $

(0.39)

$

(1.34)

$

(1.73)

$

9.42 14.20%

$

168,202

0.70%

0.03%

0.72%

97.60%

12/31/2024

8.50 —

2.10 2.10 (0.08)

(0.74)

(0.82)

9.78 26.06%

141,377

0.70%

(0.04)%

0.71%

100.08%

12/31/2023

6.97 —

2.39 2.39 (0.44)

(0.42)

(0.86)

8.50 35.36%

108,357

0.81%

(0.01)%

0.87%

106.31%

12/31/2022

10.48 —

(1.20)

(1.20)

(0.50)

(1.81)

(2.31)

6.97 (12.49)%

79,244

0.81%

0.03%

0.88%

136.52%

12/31/2021

8.94 (0.01)

3.42 3.41 —

(1.87)

(1.87)

10.48 40.45%

93,990

0.81%

(0.11)%

0.90%

107.88%

#### Class

#### II

#### Shares
12/31/2025

9.24 (0.02)

1.28 1.26 (0.37)

(1.34)

(1.71)

8.79 13.82%

331,579

0.95%

(0.22)%

0.97%

97.60%

12/31/2024

8.07 (0.02)

1.99 1.97 (0.06)

(0.74)

(0.80)

9.24 25.86%

293,196

0.95%

(0.25)%

0.96%

100.08%

12/31/2023

6.67 (0.02)

2.28 2.26 (0.44)

(0.42)

(0.86)

8.07 34.99%

232,429

1.06%

(0.26)%

1.12%

106.31%

12/31/2022

10.11 (0.02)

(1.15)

(1.17)

(0.46)

(1.81)

(2.27)

6.67 (12.64)%

149,006

1.06%

(0.23)%

1.14%

136.52%

12/31/2021

8.70 (0.03)

3.31 3.28 —

(1.87)

(1.87)

10.11 40.03%(g)

187,861

1.06%

(0.36)%

1.15%

107.88%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(g) Includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

values

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

values

and

returns

for

shareholder

transactions.

Equity

Funds

(II) -

December

31,

2025

-

Financial

Highlights

-

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Multi-Manager

#### Small

#### Cap

#### Value

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income

#### (Loss)(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Income
(Loss)

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### Portfolio

#### Turnover(b)(f)

#### Class

#### I

#### Shares
12/31/2025

$

9.87 $

0.05 $

0.16 $

0.21 $

(0.12)

$

(0.68)

$

(0.80)

$

9.28 2.17%

$

126,788

1.06%

0.50%

1.10%

63.49%

12/31/2024

9.42 0.08 0.53 0.61 (0.07)

(0.09)

(0.16)

9.87 6.53%

136,084

1.06%

0.79%

1.10%

40.66%

12/31/2023

8.47 0.03 1.40 1.43 (0.04)

(0.44)

(0.48)

9.42 17.45%

142,939

1.06%

0.39%

1.10%

54.06%

12/31/2022

11.58 0.04 (1.52)

(1.48)

(0.03)

(1.60)

(1.63)

8.47 (12.91)%

131,645

1.06%

0.35%

1.11%

52.48%

12/31/2021

8.77 (0.01)

2.82 2.81 —

—

—

11.58 32.04%

165,179

1.06%

(0.06)%

1.13%

60.03%

#### Class

#### II

#### Shares
12/31/2025

9.22 0.02 0.15 0.17 (0.10)

(0.68)

(0.78)

8.61 1.87%

48,801

1.31%

0.26%

1.35%

63.49%

12/31/2024

8.82 0.05 0.50 0.55 (0.06)

(0.09)

(0.15)

9.22 6.30%

49,501

1.31%

0.54%

1.35%

40.66%

12/31/2023

7.96 0.01 1.31 1.32 (0.02)

(0.44)

(0.46)

8.82 17.15%

52,154

1.31%

0.14%

1.35%

54.06%

12/31/2022

11.00 0.01 (1.44)

(1.43)

(0.01)

(1.60)

(1.61)

7.96 (13.16)%

49,703

1.31%

0.11%

1.36%

52.48%

12/31/2021

8.36 (0.03)

2.67 2.64 —

—

—

11.00 31.58%

60,496

1.31%

(0.30)%

1.38%

60.03%

#### Class

#### IV

#### Shares
12/31/2025

9.86 0.05 0.16 0.21 (0.12)

(0.68)

(0.80)

9.27 2.16%

20,633

1.06%

0.50%

1.10%

63.49%

12/31/2024

9.42 0.08 0.52 0.60 (0.07)

(0.09)

(0.16)

9.86 6.43%

21,437

1.06%

0.79%

1.10%

40.66%

12/31/2023

8.46 0.03 1.41 1.44 (0.04)

(0.44)

(0.48)

9.42 17.59%

21,833

1.06%

0.39%

1.10%

54.06%

12/31/2022

11.57 0.04 (1.52)

(1.48)

(0.03)

(1.60)

(1.63)

8.46 (12.94)%

19,877

1.06%

0.36%

1.11%

52.48%

12/31/2021

8.77 (0.01)

2.81 2.80 —

—

—

11.57 31.93%

24,718

1.06%

(0.06)%

1.13%

60.03%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

-

Financial

Highlights

-

December

31,

2025

-

Equity

Funds

(II) #### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Multi-Manager

#### Small

#### Company

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income

#### (Loss)(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Income
(Loss)

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### Portfolio

#### Turnover(b)(f)

#### Class

#### I

#### Shares
12/31/2025

$

19.97 $

0.06 $

1.94 $

2.00 $

(0.20)

$

(1.50)

$

(1.70)

$

20.27 10.35%

$

252,312

1.04%

0.33%

1.07%

75.06%

12/31/2024

18.22 0.15 2.19 2.34 (0.02)

(0.57)

(0.59)

19.97 13.08%

261,850

1.04%

0.78%

1.07%

69.07%

12/31/2023

16.16 0.08 2.17 2.25 (0.09)

(0.10)

(0.19)

18.22 13.99%

258,290

1.04%

0.47%

1.06%

80.61%

12/31/2022

25.89 0.10 (4.82)

(4.72)

(0.08)

(4.93)

(5.01)

16.16 (18.77)%

261,535

1.05%

0.48%

1.07%

74.80%

12/31/2021

19.99 (0.02)

6.17 6.15 —

(0.25)

(0.25)

25.89 30.84%

350,780

1.06%

(0.07)%

1.08%

74.63%

#### Class

#### II

#### Shares
12/31/2025

17.51 0.01 1.69 1.70 (0.16)

(1.50)

(1.66)

17.55 10.05%

77,775

1.29%

0.08%

1.32%

75.06%

12/31/2024

16.06 0.10 1.92 2.02 —

(0.57)

(0.57)

17.51 12.84%

93,772

1.29%

0.57%

1.32%

69.07%

12/31/2023

14.27 0.03 1.91 1.94 (0.05)

(0.10)

(0.15)

16.06 13.69%

72,835

1.29%

0.21%

1.31%

80.61%

12/31/2022

23.58 0.04 (4.37)

(4.33)

(0.05)

(4.93)

(4.98)

14.27 (18.98)%

68,627

1.30%

0.23%

1.32%

74.80%

12/31/2021

18.27 (0.07)

5.63 5.56 —

(0.25)

(0.25)

23.58 30.51%

78,214

1.31%

(0.31)%

1.33%

74.63%

#### Class

#### IV

#### Shares
12/31/2025

19.93 0.06 1.94 2.00 (0.20)

(1.50)

(1.70)

20.23 10.37%

24,657

1.04%

0.33%

1.07%

75.06%

12/31/2024

18.18 0.15 2.19 2.34 (0.02)

(0.57)

(0.59)

19.93 13.12%

24,499

1.04%

0.80%

1.07%

69.07%

12/31/2023

16.13 0.08 2.16 2.24 (0.09)

(0.10)

(0.19)

18.18 13.96%

23,259

1.04%

0.47%

1.06%

80.61%

12/31/2022

25.85 0.10 (4.81)

(4.71)

(0.08)

(4.93)

(5.01)

16.13 (18.76)%

21,765

1.05%

0.48%

1.07%

74.80%

12/31/2021

19.97 (0.02)

6.15 6.13 —

(0.25)

(0.25)

25.85 30.77%

28,226

1.06%

(0.08)%

1.08%

74.63%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

Equity

Funds

(II) -

December

31,

2025

-

Financial

Highlights

-

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Real

#### Estate

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### Portfolio

#### Turnover(b)(f)

#### Class

#### I

#### Shares
12/31/2025

$

7.98 $

0.15 $

(0.11)

$

0.04 $

(0.13)

$

(0.09)

$

(0.22)

$

7.80 0.58%

$

129,051

0.84%

1.97%

0.93%

111.04%

12/31/2024

7.37 0.14 0.66 0.80 (0.19)

—

(0.19)

7.98 10.72%

137,795

0.83%

1.75%

0.93%

70.65%

12/31/2023

6.84 0.15 0.70 0.85 (0.16)

(0.16)

(0.32)

7.37 12.88%

138,949

0.84%

2.16%

0.93%

107.42%

12/31/2022

10.55 0.15 (3.09)

(2.94)

(0.13)

(0.64)

(0.77)

6.84 (28.52)%

136,237

0.84%

1.83%

0.93%

92.95%

12/31/2021

7.26 0.07 3.32 3.39 (0.10)

—

(0.10)

10.55 46.75%

202,790

0.85%

0.82%

0.94%

65.02%

#### Class

#### II

#### Shares
12/31/2025

7.86 0.13 (0.11)

0.02 (0.11)

(0.09)

(0.20)

7.68 0.33%

65,529

1.09%

1.69%

1.18%

111.04%

12/31/2024

7.26 0.11 0.66 0.77 (0.17)

—

(0.17)

7.86 10.49%

76,408

1.08%

1.52%

1.18%

70.65%

12/31/2023

6.74 0.13 0.70 0.83 (0.15)

(0.16)

(0.31)

7.26 12.64%

77,177

1.09%

1.92%

1.18%

107.42%

12/31/2022

10.41 0.13 (3.06)

(2.93)

(0.10)

(0.64)

(0.74)

6.74 (28.72)%

76,361

1.09%

1.54%

1.18%

92.95%

12/31/2021

7.17 0.05 3.27 3.32 (0.08)

—

(0.08)

10.41 46.33%

118,765

1.10%

0.57%

1.19%

65.02%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

-

Financial

Highlights

-

December

31,

2025

-

Equity

Funds

(II) #### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Victory

#### Mid

#### Cap

#### Value

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### Portfolio

#### Turnover(b)(f)

#### Class

#### I

#### Shares
12/31/2025

$

8.08 $

0.09 $

0.11 $

0.20 $

(0.08)

$

(0.66)

$

(0.74)

$

7.54 2.39%

$

27,239

0.85%

1.14%

0.97%

62.79%

12/31/2024

7.66 0.08 0.58 0.66 (0.09)

(0.15)

(0.24)

8.08 8.54%

25,239

0.92%

1.04%

0.99%

88.43%

12/31/2023

8.43 0.11 0.54 0.65 (0.13)

(1.29)

(1.42)

7.66 8.82%

24,318

0.93%

1.33%

0.99%

36.55%

12/31/2022

9.52 0.13 (0.39)

(0.26)

(0.13)

(0.70)

(0.83)

8.43 (2.59)%

24,558

0.93%

1.44%

0.99%

93.03%

12/31/2021

7.73 0.07 1.80 1.87 (0.08)

—

(0.08)

9.52 24.20%

22,901

0.93%

0.84%

1.00%

56.28%

#### Class

#### II

#### Shares
12/31/2025

8.16 0.08 0.11 0.19 (0.07)

(0.66)

(0.73)

7.62 2.30%

413,600

0.95%

1.06%

1.07%

62.79%

12/31/2024

7.73 0.08 0.58 0.66 (0.08)

(0.15)

(0.23)

8.16 8.49%

301,483

1.01%

0.95%

1.08%

88.43%

12/31/2023

8.50 0.10 0.54 0.64 (0.12)

(1.29)

(1.41)

7.73 8.63%

312,734

1.02%

1.24%

1.08%

36.55%

12/31/2022

9.59 0.12 (0.39)

(0.27)

(0.12)

(0.70)

(0.82)

8.50 (2.66)%

325,615

1.02%

1.32%

1.08%

93.03%

12/31/2021

7.79 0.07 1.80 1.87 (0.07)

—

(0.07)

9.59 24.02%

360,185

1.02%

0.73%

1.09%

56.28%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

Equity

Funds

(II) -

December

31,

2025

-

Notes

to

Financial

Statements

-

1. #### Organization
Nationwide

Variable

Insurance

Trust

("NVIT"

or

the

"Trust")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

management

investment

company,

organized

as

a

statutory

trust

under

the

laws

of

the

State

of

Delaware.

The

Trust

has

authorized

an

unlimited

number

of

shares

of

beneficial

interest

("shares"),

without

par

value.

The

Trust

currently

offers

shares

to

life

insurance

company

separate

accounts

to

fund

the

benefits

payable

under

variable

life

insurance

policies

and

variable

annuity

contracts.

As

of

December

31,

2025,

the

Trust

operates

sixty-nine

(69) separate

series,

or

mutual

funds,

each

with

its

own

objective(s)

and

investment

strategies.

This

report

contains

the

financial

statements

and

financial

highlights

for

the

ten

(10) series

listed

below

(each,

a

"Fund";

collectively,

the

"Funds").

Nationwide

Fund

Advisors

("NFA")

serves

as

investment

adviser

to

the

Funds.

NFA

is

a

wholly

owned

subsidiary

of

Nationwide

Financial

Services,

Inc.

("NFS"),

a

holding

company

which

is

a

direct

wholly

owned

subsidiary

of

Nationwide

Corporation.

Nationwide

Corporation,

in

turn,

is

owned

by

Nationwide

Mutual

Insurance

Company

and

Nationwide

Mutual

Fire

Insurance

Company.

NVIT

Allspring

Discovery

Fund ("Discovery")

NVIT

BlackRock

Equity

Dividend

Fund

("Equity

Dividend")

NVIT

GQG

US

Quality

Equity

Fund

(formerly,

NVIT

Calvert

Equity

Fund)

("US

Quality

Equity")

NVIT

Invesco

Small

Cap

Growth

Fund

("Small

Cap

Growth")

NVIT

Jacobs

Levy

Large

Cap

Core

Fund

("JL

Large

Cap

Core")

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund

("JL

Large

Cap

Growth")

NVIT

Multi-Manager

Small

Cap

Value

Fund

("Small

Cap

Value")

NVIT

Multi-Manager

Small

Company

Fund

("Small

Company")

NVIT

Real

Estate

Fund

("Real

Estate")

NVIT

Victory

Mid

Cap

Value

Fund

("Mid

Cap

Value")

Only

separate

accounts

established

by

Nationwide

Life

Insurance

Company

("NLIC"),

a

wholly

owned

subsidiary

of

NFS,

and

Nationwide

Life

and

Annuity

Insurance

Company

("NLAIC"),

a

wholly

owned

subsidiary

of

NLIC,

hold

shares

of

Equity

Dividend,

Small

Cap

Growth,

JL

Large

Cap

Core,

and

Real

Estate.

Shares

of

Discovery,

US

Quality

Equity,

JL

Large

Cap

Growth,

Small

Cap

Value,

Small

Company,

and

Mid

Cap

Value

are

held

by

separate

accounts

established

by

NLIC,

NLAIC,

and

other

affiliated

insurance

companies.

The

Funds,

as

applicable,

currently

offer Class

I,

Class

II

and

Class

IV shares.

Each

share

class

of

a

Fund

represents

interests

in

the

same

portfolio

of

investments

of

that

Fund

and

the

classes

are

identical

except

for

any

differences

in

the

distribution

or

service

fees,

administrative

services

fees,

class

specific

expenses,

certain

voting

rights,

and

class

names

or

designations.

Each Fund,

except

Real

Estate

and

US

Quality

Equity,

is

a

diversified

fund

as

defined

in

the

1940

Act.

Real

Estate

and

US

Quality

Equity

are

non-diversified

funds,

as

defined

in

the

1940

Act.

Effective

June

18,

2025,

NVIT

Calvert

Equity

Fund

was

renamed

to

"NVIT

GQG

US

Quality

Equity

Fund".

2. #### Summary

#### of

#### Significant

#### Accounting

#### Policies
The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Funds

in

the

accounting

and

the

preparation

of

their

financial

statements.

The

Funds

are

investment

companies

and

follow

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Codification

Topic

946

("ASC

946").

The

policies

are

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

("U.S.

GAAP"),

including,

but

not

limited

to,

ASC

946. The

preparation

of

financial

statements

requires

fund

management

to

make

estimates

and

assumptions

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

expenses

for

the

period.

The

Funds

utilize

various

methods

to

measure

the

value

of

their

investments

on

a

recurring

basis.

Amounts

received

upon

the

sale

of

such

investments

could

differ

from

those

estimated

values

and

those

differences

could

be

material.

(a) #### Security

#### Valuation
U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

Pursuant

to

procedures

approved

by

the

Board

of

Trustees

of

the

Trust

(the

"Board

of

Trustees"),

NFA

assigns

a

fair

value,

as

defined

by

U.S.

GAAP,

to

a

Fund's

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

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

measurements)

when

market

prices

are

not

readily

available

or

reliable.

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Equity

Funds

(II) The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

—

Quoted

prices

in

active

markets

for

identical

assets

Level

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

—

Significant

unobservable

inputs

(including

a

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.

Securities

for

which

market-based

quotations

are

readily

available

are

valued

at

the

current

market

value

as

of

"Valuation

Time".

Valuation

Time

is

as

of

the

close

of

regular

trading

on

the

New

York

Stock

Exchange

(usually

4:00

p.m.

Eastern

time).

Equity

securities

are

generally

valued

at

the

last

quoted

sale

price

or

official

closing

price,

or,

if

there

is

no

such

price,

the

last

quoted

bid

price

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Prices

are

taken

from

the

primary

market

or

exchange

on

which

each

security

trades.

Shares

of

registered

open-end

management

investment

companies

are

valued

at

net

asset

value

("NAV")

as

reported

by

such

company.

Shares

of

exchange

traded

funds

("ETFs")

are

generally

valued

at

the

last

quoted

sale

price

or

official

closing

price,

or,

if

there

is

no

such

price,

the

last

quoted

bid

price

provided

by

an

independent

pricing

service.

Master

limited

partnerships

("MLPs")

are

publicly

traded

partnerships

and

are

treated

as

partnerships

for

U.S.

federal

income

tax

purposes.

Investments

in

MLPs

are

valued

at

the

last

quoted

sale

price

or

official

closing

price,

or,

if

there

is

no

such

price,

the

last

quoted

bid

price

provided

by

an

independent

pricing

service.

Equity

securities,

shares

of

registered

open-

end

management

investment

companies,

shares

of

ETFs

and

MLPs

valued

in

this

manner

are

generally

categorized

as

Level

investments

within

the

hierarchy.

Repurchase

agreements

are

valued

at

amortized

cost,

which

approximates

fair

value,

and

are

generally

categorized

as

Level

investments

within

the

hierarchy.

Debt

and

other

fixed-income

securities

are

generally

valued

at

the

bid

evaluation

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board

of

Trustees.

Evaluations

provided

by

independent

pricing

service

providers

may

be

determined

without

exclusive

reliance

on

quoted

prices

and

may

use

broker-dealer

quotations,

individual

trading

characteristics

and

other

market

data,

reported

trades

or

valuation

estimates

from

their

internal

pricing

models.

The

independent

pricing

service

providers'

internal

models

use

inputs

that

are

observable

such

as

issuer

details,

interest

rates,

yield

curves,

prepayment

speeds,

credit

risks/spreads,

default

rates,

anticipated

timing

of

principal

repayments,

and

quoted

prices

for

similar

assets

and

are

generally

categorized

as

Level

investments

within

the

hierarchy.

Debt

obligations

generally

involve

some

risk

of

default

with

respect

to

interest

and/or

principal

payments.

The

Board

of

Trustees

has

delegated

authority

to

NFA,

and

the

Trust's

administrator,

Nationwide

Fund

Management

LLC

("NFM"),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

("FVC")

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i) market-based

quotations

are

not

readily

available;

(ii) an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii) a

significant

event

has

occurred

that

affects

the

value

of

a

Fund's

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer's

operations);

(iv) the

securities

are

illiquid;

(v) the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi) any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i) a

multiple

of

earnings;

(ii) the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii) the

yield-to-maturity

for

debt

issues;

or

(iv) a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

Each

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

Equity

Funds

(II) -

December

31,

2025

-

Notes

to

Financial

Statements

-

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

investments;

otherwise,

they

are

classified

as

Level

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

("non-U.S.

securities")

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

The

following

tables

provide

a

summary

of

the

inputs

used

to

value

the

Funds'

net

assets

as

of

December

31,

2025. Please

refer

to

the

Statements

of

Investments

for

additional

information

on

portfolio

holdings.

#### Discovery

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Common

Stocks

$

424,864,906

$

–

$

–

$

424,864,906

Repurchase

Agreements

–

35,253,594

–

35,253,594

#### Total

#### $

#### 424,864,906

#### $

#### 35,253,594

#### $

#### –

#### $

#### 460,118,500

#### Equity

#### Dividend

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Common

Stocks

Aerospace

&

Defense

$

15,214,379

$

2,535,946

$

–

$

17,750,325

Air

Freight

&

Logistics

3,405,371

–

–

3,405,371

Automobiles

3,188,964

–

–

3,188,964

Banks

71,486,303

–

–

71,486,303

Beverages

7,062,572

–

–

7,062,572

Broadline

Retail

14,723,085

–

–

14,723,085

Building

Products

3,820,278

–

–

3,820,278

Capital

Markets

24,115,597

–

–

24,115,597

Chemicals

18,709,141

–

–

18,709,141

Commercial

Services

&

Supplies

–

8,364,005

–

8,364,005

Communications

Equipment

7,713,938

–

–

7,713,938

Consumer

Staples

Distribution

&

Retail

13,367,549

–

–

13,367,549

Containers

&

Packaging

12,814,102

–

–

12,814,102

Diversified

Telecommunication

Services

3,414,477

–

–

3,414,477

Electric

Utilities

15,768,279

–

–

15,768,279

Electronic

Equipment,

Instruments

&

Components

6,816,965

–

–

6,816,965

Entertainment

10,126,553

–

–

10,126,553

Financial

Services

11,550,083

–

–

11,550,083

Food

Products

9,430,982

–

–

9,430,982

Ground

Transportation

4,022,312

–

–

4,022,312

Health

Care

Equipment

&

Supplies

37,645,356

–

–

37,645,356

Health

Care

Providers

&

Services

32,016,408

–

–

32,016,408

Health

Care

REITs

2,882,839

–

–

2,882,839

Household

Products

–

5,678,300

–

5,678,300

Industrial

Conglomerates

3,914,871

–

–

3,914,871

Industrial

REITs

7,499,474

–

–

7,499,474

Insurance

15,012,819

–

–

15,012,819

Interactive

Media

&

Services

18,039,791

–

–

18,039,791

Leisure

Products

6,405,676

–

–

6,405,676

Machinery

6,199,905

–

–

6,199,905

Media

5,971,305

3,913,079

–

9,884,384

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Equity

Funds

(II) #### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Metals

&

Mining

$

10,255,121

$

–

$

–

$

10,255,121

Multi-Utilities

7,838,405

–

–

7,838,405

Oil,

Gas

&

Consumable

Fuels

–

21,437,162

–

21,437,162

Pharmaceuticals

4,940,285

8,126,969

–

13,067,254

Professional

Services

18,618,162

–

–

18,618,162

Residential

REITs

3,865,892

–

–

3,865,892

Semiconductors

&

Semiconductor

Equipment

7,297,260

–

–

7,297,260

Software

10,129,905

–

–

10,129,905

Specialized

REITs

4,593,335

–

–

4,593,335

Technology

Hardware,

Storage

&

Peripherals

18,445,297

12,781,245

–

31,226,542

Tobacco

5,665,341

–

–

5,665,341

Trading

Companies

&

Distributors

9,258,156

–

–

9,258,156

Wireless

Telecommunication

Services

1,513,426

–

–

1,513,426

#### Total

#### Common

#### Stocks

#### $

#### 494,759,959

#### $

#### 62,836,706

#### $

#### –

#### $

#### 557,596,665
Master

Limited

Partnership

6,909,347

–

–

6,909,347

Repurchase

Agreements

–

27,255,351

–

27,255,351

#### Total

#### $

#### 501,669,306

#### $

#### 90,092,057

#### $

#### –

#### $

#### 591,761,363

#### US

#### Quality

#### Equity

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Common

Stocks

$

91,326,407

$

–

$

–

$

91,326,407

Repurchase

Agreement

–

5,043,142

–

5,043,142

#### Total

#### $

#### 91,326,407

#### $

#### 5,043,142

#### $

#### –

#### $

#### 96,369,549

#### Small

#### Cap

#### Growth

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Common

Stocks

$

238,740,969

$

–

$

–

$

238,740,969

Repurchase

Agreements

–

24,366,686

–

24,366,686

#### Total

#### $

#### 238,740,969

#### $

#### 24,366,686

#### $

#### –

#### $

#### 263,107,655

#### JL

#### Large

#### Cap

#### Core

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Common

Stocks

$

243,400,404

$

–

$

–

$

243,400,404

Repurchase

Agreement

–

5,852,027

–

5,852,027

#### Total

#### $

#### 243,400,404

#### $

#### 5,852,027

#### $

#### –

#### $

#### 249,252,431

#### JL

#### Large

#### Cap

#### Growth

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Common

Stocks

$

501,936,607

$

–

$

–

$

501,936,607

Repurchase

Agreements

–

12,890,616

–

12,890,616

Total

Return

Swaps†

–

1,684,051

–

1,684,051

#### Total

#### Assets

#### $

#### 501,936,607

#### $

#### 14,574,667

#### $

#### –

#### $

#### 516,511,274
Equity

Funds

(II) -

December

31,

2025

-

Notes

to

Financial

Statements

-

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Liabilities:
Total

Return

Swaps†

$

–

$

(1,353,581)

$

–

$

(1,353,581)

#### Total

#### Liabilities

#### $

#### –

#### $

#### (1,353,581)

#### $

#### –

#### $

#### (1,353,581)

#### Total

#### $

#### 501,936,607

#### $

#### 13,221,086

#### $

#### –

#### $

#### 515,157,693

#### Small

#### Cap

#### Value

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Common

Stocks

Aerospace

&

Defense

$

2,467,495

$

–

$

–

$

2,467,495

Air

Freight

&

Logistics

238,989

–

–

238,989

Automobile

Components

5,876,155

–

–

5,876,155

Banks

20,419,984

–

–

20,419,984

Biotechnology

5,618,605

–

–

5,618,605

Broadline

Retail

153,612

–

–

153,612

Building

Products

5,381,867

–

–

5,381,867

Capital

Markets

2,114,838

–

–

2,114,838

Chemicals

7,959,584

–

–

7,959,584

Commercial

Services

&

Supplies

1,258,130

–

–

1,258,130

Communications

Equipment

1,515,696

–

–

1,515,696

Construction

&

Engineering

3,241,419

–

–

3,241,419

Consumer

Finance

4,520,318

–

–

4,520,318

Consumer

Staples

Distribution

&

Retail

2,016,203

–

–

2,016,203

Containers

&

Packaging

414,510

–

–

414,510

Distributors

837,119

–

–

837,119

Diversified

Consumer

Services

50,964

–

–

50,964

Diversified

REITs

137,372

–

–

137,372

Diversified

Telecommunication

Services

822,606

–

–

822,606

Electric

Utilities

236,699

–

–

236,699

Electrical

Equipment

1,504,595

–

–

1,504,595

Electronic

Equipment,

Instruments

&

Components

9,994,612

–

–

9,994,612

Energy

Equipment

&

Services

853,275

–

–

853,275

Entertainment

1,634,315

–

–

1,634,315

Financial

Services

2,011,080

–

–

2,011,080

Food

Products

1,862,884

–

–

1,862,884

Gas

Utilities

211,253

–

–

211,253

Ground

Transportation

5,789,918

–

–

5,789,918

Health

Care

Equipment

&

Supplies

4,183,507

–

–

4,183,507

Health

Care

Providers

&

Services

9,296,545

–

–

9,296,545

Health

Care

REITs

224,133

–

–

224,133

Health

Care

Technology

528,048

–

–

528,048

Hotel

&

Resort

REITs

2,098,428

–

–

2,098,428

Hotels,

Restaurants

&

Leisure

1,955,115

–

–

1,955,115

Household

Durables

5,982,190

–

–

5,982,190

Independent

Power

and

Renewable

Electricity

Producers

–

–

–

–

Insurance

15,620,020

–

–

15,620,020

Interactive

Media

&

Services

586,472

–

–

586,472

IT

Services

181,273

–

–

181,273

Leisure

Products

3,308,899

–

–

3,308,899

Life

Sciences

Tools

&

Services

1,874,671

–

–

1,874,671

Machinery

4,548,433

–

–

4,548,433

Marine

Transportation

184,396

–

–

184,396

Media

1,217,937

–

–

1,217,937

Metals

&

Mining

4,246,330

–

–

4,246,330

Mortgage

Real

Estate

Investment

Trusts

(REITs)

156,357

–

–

156,357

Multi-Utilities

834,776

–

–

834,776

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Equity

Funds

(II) #### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Office

REITs

$

655,105

$

–

$

–

$

655,105

Oil,

Gas

&

Consumable

Fuels

6,408,143

–

–

6,408,143

Paper

&

Forest

Products

1,334,406

–

–

1,334,406

Passenger

Airlines

2,380,288

–

–

2,380,288

Personal

Care

Products

2,574,060

–

–

2,574,060

Pharmaceuticals

2,972,580

–

–

2,972,580

Professional

Services

9,735,146

–

–

9,735,146

Real

Estate

Management

&

Development

3,886,339

–

–

3,886,339

Residential

REITs

757,432

–

–

757,432

Retail

REITs

1,897,393

–

–

1,897,393

Semiconductors

&

Semiconductor

Equipment

56,851

–

–

56,851

Software

4,047,694

–

–

4,047,694

Specialty

Retail

5,667,065

–

–

5,667,065

Technology

Hardware,

Storage

&

Peripherals

173,747

–

–

173,747

Textiles,

Apparel

&

Luxury

Goods

688,075

–

–

688,075

Trading

Companies

&

Distributors

2,054,242

–

–

2,054,242

Water

Utilities

1,072,101

–

–

1,072,101

Wireless

Telecommunication

Services

139,906

–

–

139,906

#### Total

#### Common

#### Stocks

#### $

#### 192,672,200

#### $

#### –

#### $

#### –

#### $

#### 192,672,200
Repurchase

Agreements

–

12,377,611

–

12,377,611

Rights

–

–

–

–

#### Total

#### $

#### 192,672,200

#### $

#### 12,377,611

#### $

#### –

#### $

#### 205,049,811

#### Small

#### Company

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Common

Stocks

Aerospace

&

Defense

$

21,824,229

$

–

$

–

$

21,824,229

Air

Freight

&

Logistics

510,186

–

–

510,186

Automobile

Components

6,612,761

–

–

6,612,761

Banks

35,659,138

–

–

35,659,138

Biotechnology

19,273,767

–

–

19,273,767

Broadline

Retail

1,674,702

–

–

1,674,702

Building

Products

2,431,959

–

–

2,431,959

Capital

Markets

10,419,097

–

–

10,419,097

Chemicals

1,502,740

–

–

1,502,740

Commercial

Services

&

Supplies

3,916,289

–

–

3,916,289

Communications

Equipment

6,289,862

–

–

6,289,862

Construction

&

Engineering

13,423,502

–

–

13,423,502

Consumer

Finance

9,040,444

–

–

9,040,444

Consumer

Staples

Distribution

&

Retail

3,344,464

–

–

3,344,464

Containers

&

Packaging

742,030

–

–

742,030

Distributors

1,273,130

–

–

1,273,130

Diversified

Consumer

Services

90,408

–

–

90,408

Diversified

REITs

214,049

–

–

214,049

Diversified

Telecommunication

Services

1,476,178

–

–

1,476,178

Electric

Utilities

398,090

–

–

398,090

Electrical

Equipment

4,338,338

–

–

4,338,338

Electronic

Equipment,

Instruments

&

Components

12,765,750

–

–

12,765,750

Energy

Equipment

&

Services

4,987,878

–

–

4,987,878

Entertainment

1,726,924

–

–

1,726,924

Financial

Services

4,276,291

–

–

4,276,291

Food

Products

3,257,884

–

–

3,257,884

Gas

Utilities

2,203,191

–

–

2,203,191

Ground

Transportation

5,871,618

–

–

5,871,618

Equity

Funds

(II) -

December

31,

2025

-

Notes

to

Financial

Statements

-

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Health

Care

Equipment

&

Supplies

$

5,116,292

$

–

$

–

$

5,116,292

Health

Care

Providers

&

Services

13,001,592

–

–

13,001,592

Health

Care

REITs

475,293

–

–

475,293

Health

Care

Technology

2,214,626

–

–

2,214,626

Hotel

&

Resort

REITs

3,550,210

–

–

3,550,210

Hotels,

Restaurants

&

Leisure

3,928,116

–

–

3,928,116

Household

Durables

10,617,960

–

–

10,617,960

Independent

Power

and

Renewable

Electricity

Producers

2,078,488

–

–

2,078,488

Insurance

16,052,503

–

–

16,052,503

Interactive

Media

&

Services

1,019,030

–

–

1,019,030

IT

Services

379,366

–

–

379,366

Leisure

Products

719,750

–

–

719,750

Life

Sciences

Tools

&

Services

4,645,497

–

–

4,645,497

Machinery

10,827,237

–

–

10,827,237

Marine

Transportation

53,686

–

–

53,686

Media

1,430,320

–

–

1,430,320

Metals

&

Mining

9,036,609

–

–

9,036,609

Mortgage

Real

Estate

Investment

Trusts

(REITs)

370,981

–

–

370,981

Multi-Utilities

2,353,985

–

–

2,353,985

Office

REITs

1,142,967

–

–

1,142,967

Oil,

Gas

&

Consumable

Fuels

8,326,865

–

–

8,326,865

Paper

&

Forest

Products

2,248,302

–

–

2,248,302

Passenger

Airlines

5,202,541

–

–

5,202,541

Personal

Care

Products

1,076,781

–

–

1,076,781

Pharmaceuticals

7,934,176

–

–

7,934,176

Professional

Services

2,838,200

–

–

2,838,200

Real

Estate

Management

&

Development

916,582

–

–

916,582

Residential

REITs

1,243,078

–

–

1,243,078

Retail

REITs

3,425,242

–

–

3,425,242

Semiconductors

&

Semiconductor

Equipment

17,827,818

–

–

17,827,818

Software

12,421,229

–

–

12,421,229

Specialty

Retail

13,393,434

–

–

13,393,434

Technology

Hardware,

Storage

&

Peripherals

278,179

–

–

278,179

Textiles,

Apparel

&

Luxury

Goods

1,004,623

–

–

1,004,623

Trading

Companies

&

Distributors

3,774,957

–

–

3,774,957

Water

Utilities

1,884,073

–

–

1,884,073

Wireless

Telecommunication

Services

197,454

–

–

197,454

#### Total

#### Common

#### Stocks

#### $

#### 352,552,941

#### $

#### –

#### $

#### –

#### $

#### 352,552,941
Repurchase

Agreements

–

36,955,258

–

36,955,258

Rights

–

–

–

–

#### Total

#### $

#### 352,552,941

#### $

#### 36,955,258

#### $

#### –

#### $

#### 389,508,199

#### Real

#### Estate

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Common

Stocks

$

191,742,515

$

–

$

–

$

191,742,515

#### Total

#### $

#### 191,742,515

#### $

#### –

#### $

#### –

#### $

#### 191,742,515

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Equity

Funds

(II) 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.

#### Mid

#### Cap

#### Value

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Common

Stocks

Aerospace

&

Defense

$

13,975,154

$

–

$

–

$

13,975,154

Automobile

Components

5,772,186

–

–

5,772,186

Banks

15,204,977

–

–

15,204,977

Building

Products

7,269,335

–

–

7,269,335

Capital

Markets

7,246,624

–

–

7,246,624

Chemicals

14,149,638

–

–

14,149,638

Commercial

Services

&

Supplies

4,371,056

–

–

4,371,056

Consumer

Staples

Distribution

&

Retail

20,167,191

–

–

20,167,191

Containers

&

Packaging

19,309,735

–

–

19,309,735

Electric

Utilities

10,632,386

–

–

10,632,386

Electrical

Equipment

10,420,231

–

–

10,420,231

Electronic

Equipment,

Instruments

&

Components

19,102,394

–

–

19,102,394

Energy

Equipment

&

Services

5,323,626

–

–

5,323,626

Food

Products

5,464,425

–

–

5,464,425

Ground

Transportation

17,372,661

–

–

17,372,661

Health

Care

Equipment

&

Supplies

5,832,567

–

–

5,832,567

Health

Care

Providers

&

Services

20,519,095

–

–

20,519,095

Hotels,

Restaurants

&

Leisure

15,447,219

–

–

15,447,219

Household

Durables

5,444,330

–

–

5,444,330

Insurance

35,148,995

–

–

35,148,995

IT

Services

4,606,800

–

–

4,606,800

Life

Sciences

Tools

&

Services

7,438,530

–

–

7,438,530

Machinery

23,716,706

–

–

23,716,706

Metals

&

Mining

11,208,471

–

–

11,208,471

Multi-Utilities

7,763,978

–

–

7,763,978

Oil,

Gas

&

Consumable

Fuels

20,886,744

–

–

20,886,744

Personal

Care

Products

5,612,992

–

–

5,612,992

Professional

Services

5,658,744

–

–

5,658,744

Residential

REITs

13,488,013

–

–

13,488,013

Retail

REITs

7,486,107

–

–

7,486,107

Semiconductors

&

Semiconductor

Equipment

14,597,757

–

–

14,597,757

Software

5,520,410

–

–

5,520,410

Specialized

REITs

8,031,501

–

–

8,031,501

Specialty

Retail

25,511,631

–

–

25,511,631

Water

Utilities

6,626,138

–

–

6,626,138

#### Total

#### Common

#### Stocks

#### $

#### 426,328,347

#### $

#### –

#### $

#### –

#### $

#### 426,328,347
Repurchase

Agreements

–

37,743,320

–

37,743,320

#### Total

#### $

#### 426,328,347

#### $

#### 37,743,320

#### $

#### –

#### $

#### 464,071,667
†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

and

equity

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

For

centrally

cleared

swaps,

only

the

variation

margin

on

swap

contracts

is

reported

in

the

Statements

of

Asset

and

Liabilities.

As

of

December

31,

2025,

Small

Cap

Value

held

one

common

stock

investment

and

one

rights

investment

that

were

categorized

as

Level

investments

which

were

each

valued

at

$0.

As

of

December

31,

2025,

Small

Company

held

two

common

stock

investments

and

one

rights

investment

that

were

categorized

as

Level

investments

which

were

each

valued

at

$0.

As

of

December

31,

2025,

Mid

Cap

Value

held

one

common

stock

investment

that

was

categorized

as

a

Level

investment

which

was

valued

at

$0.

Equity

Funds

(II) -

December

31,

2025

-

Notes

to

Financial

Statements

-

(b) #### Cash

#### Overdraft
Certain

Funds

may

have

overdrawn

U.S.

dollar

and/or

foreign

currency

balances

with

the

Funds'

custodian

bank,

JPMorgan

Chase

Bank,

N.A.

("JPMorgan").

To

offset

the

overdraft,

JPMorgan

advanced

an

amount

equal

to

the

overdraft.

Consistent

with

the

Funds'

borrowing

policy,

the

advance

is

deemed

a

temporary

loan

to

the

Funds.

Such

loans

are

payable

upon

demand

and

bear

interest

from

the

date

of

such

advance

to

the

date

of

payment

at

the

rate

agreed

upon

with

JPMorgan

under

the

custody

agreement.

These

advances

are

separate

from,

and

were

not

made

pursuant

to,

the

credit

agreement

discussed

in

Note

4. A

Fund

with

an

overdraft

is

subject

to

a

lien

by

JPMorgan

on

the

Fund's

account

and

JPMorgan

may

charge

the

Fund's

account

for

any

amounts

owed

to

JPMorgan.

JPMorgan

also

has

the

right

to

set

off

as

appropriate

and

apply

all

deposits

and

credits

held

by

or

owing

to

JPMorgan

against

such

amount,

subject

to

the

terms

of

the

custody

agreement.

As

of December

31,

2025,

the

Funds

did

not

have

overdrawn

balances.

(c) #### Foreign

#### Currency

#### Transactions&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The

accounting

records

of

the

Funds

are

maintained

in

U.S.

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

exchange

between

the

foreign

currency

and

the

U.S.

dollar

in

order

to

determine

the

value

of

the

Funds'

investments,

assets,

and

liabilities.

Purchases

and

sales

of

securities,

receipts

of

income,

and

payments

of

expenses

are

converted

at

the

prevailing

rate

of

exchange

on

the

respective

date

of

such

transactions.

The

accounting

records

of

a

Fund

do

not

differentiate

that

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

from

those

resulting

from

changes

in

the

market

prices

of

the

relevant

securities.

Each

portion

contributes

to

the

net

realized

gains

or

losses

from

transactions

in

investment

securities

and

net

change

in

unrealized

appreciation/depreciation

in

the

value

of

investment

securities.

Net

currency

gains

or

losses,

realized

and

unrealized,

that

are

a

result

of

differences

between

the

amount

recorded

on

a

Fund's

accounting

records,

and

the

U.S.

dollar

equivalent

amount

actually

received

or

paid

for

interest

or

dividends,

receivables

and

payables

for

investments

sold

or

purchased,

and

foreign

cash,

are

included

in

the

Statements

of

Operations

under

"Net

realized

gains

(losses)

from

foreign

currency

transactions"

and

"Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

translation

of

assets

and

liabilities

denominated

in

foreign

currencies,"

if

applicable.

(d) #### Swap

#### Contracts&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
*Total* 

*Return* 

*Swap* 

*Contracts*

—

Certain

Funds

entered

into

total

return

swap

contracts

to

take

long

and

short

positions

in

equities

or

to

obtain

exposure

to

a

foreign

market

and/or

foreign

index

without

owning

such

securities

or

investing

directly

in

that

foreign

market

and/or

foreign

index,

as

applicable,

to

meet

each

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Total

return

swap

contracts

are

agreements

in

which

the

Fund

and

the

counterparty

each

agree

to

pay

the

other

party

the

difference

between

the

relative

investment

performance

that

would

have

been

achieved

if

the

notional

amount

of

the

total

return

swap

contract

had

been

invested

in

the

particular

foreign

market

and/or

foreign

indices

and

the

return

for

payments

equal

to

the

fixed

or

floating

rate

of

interest.

The

counterparty

to

a

total

return

swap

contract

is

a

financial

institution.

Each

Fund

has

segregated

liquid

assets

to

cover

its

obligations

under

the

total

return

swap

contract.

Total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that

a

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap's

market

value.

The

market

value

also

includes

interest

charges

and

credits

("financing

fees")

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between

a

Fund

and

the

counterparty.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

a

Fund

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

Total

return

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

an

independent

pricing

service.

An

independent

pricing

service

can

utilize

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as,

but

not

limited

to,

discounted

cash

flows,

trades,

and

values

of

the

underlying

reference

instruments,

such

as

the

foreign

market

and/or

foreign

index.

Total

return

swap

contracts

are

generally

categorized

as

Level

investments

within

the

hierarchy.

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Equity

Funds

(II) The

Funds'

swap

agreements

are

disclosed

in

the

Statements

of

Assets

and

Liabilities

under

"Swap

contracts,

at

value"

for

over-the

counter

("OTC")

swaps

and

under

"Receivable/payable

for

variation

margin on

centrally

cleared swap

contracts"

for

centrally

cleared

swaps,

in

a

table

in

the

Statement

of

Investments, and

in

the

Statements

of

Operations

under

"Net

realized

gains

(losses)

from

expiration

or

closing

of

swap

contracts"

and

"Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

swap

contracts,"

as

applicable.

(e) #### Forward

#### Foreign

#### Currency

#### Contracts&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Certain

Funds

entered

into

forward

foreign

currency

contracts

in

connection

with

planned

purchases

or

sales

of

securities

denominated

in

a

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

to

express

a

view

on

a

foreign

currency

vs.

the

U.S.

dollar

or

other

foreign

currency, to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

and/or

to

seek

to

protect

against

anticipated

changes

in

future

foreign

currency

exchange

rate,

as

applicable,

to

meet

each

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

A

forward

foreign

currency

contract

involves

an

obligation

to

purchase

or

sell

a

specific

currency

at

a

future

date,

which

may

be

any

fixed

number

of

days

from

the

date

of

the

contract

agreed

upon

by

the

parties,

at

a

price

set

at

the

time

of

the

contract.

Forward

foreign

currency

contracts

are

generally

valued

at

the

mean

of

the

last

quoted

bid

and

ask

prices,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

investments

within

the

hierarchy.

The

market

value

of

a

forward

foreign

currency

contract

fluctuates

with

changes

in

foreign

currency

exchange

rates.

All

commitments

are

marked-to-market

daily

at

the

applicable

exchange

rates

and

any

resulting

unrealized

appreciation

or

depreciation

is

recorded.

Realized

gains

or

losses

are

recorded

at

the

time

the

forward

foreign

currency

contract

matures

or

at

the

time

of

delivery

of

the

currency.

Forward

foreign

currency

contracts

entail

the

risk

of

unanticipated

movements

in

the

value

of

the

foreign

currency

relative

to

the

U.S.

dollar,

and

the

risk

that

the

counterparties

to

the

contracts

may

be

unable

to

meet

their

obligations

under

the

contract.

The Funds' forward

foreign

currency

contracts

are

disclosed

in

the

Statements

of

Assets

and

Liabilities

under

"Unrealized

appreciation/(depreciation)

on

forward

foreign

currency

contracts,"

in

a

table

in

the

Statement

of

Investments

and

in

the

Statements

of

Operations

under

"Net

realized

gains

(losses)

from

settlement

of

forward

foreign

currency

contracts"

and

"Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

forward

foreign

currency

contracts,"

as

applicable.

(f) #### Futures

#### Contracts
Certain

Funds are

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

their

objectives. Certain Funds

entered

into

financial

futures

contracts

("futures

contracts")

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/

or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

each

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, a

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, a

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 a

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

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, a

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, a

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. A

Fund's

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because a

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.

Equity

Funds

(II) -

December

31,

2025

-

Notes

to

Financial

Statements

-

The

Funds'

futures

contracts

are

reflected

in

the

Statements

of

Assets

and

Liabilities

under

"Receivable/Payable

for

variation

margin

on

futures

contracts,"

in

a

table

in

the

Statement

of

Investments

and

in

the

Statements

of

Operations

under

"Net

realized

gains

(losses)

from

expiration

or

closing

of

futures

contracts"

and

"Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

futures

contracts,"

as

applicable.

As

of December

31,

2025, the

Funds

had

no

open

futures

contracts.

The

following

is

a

summary

of

the

Funds'

derivative

instruments

categorized

by

risk

exposure

as

of

December

31,

2025:

#### Fair

#### Values

#### of

#### Derivatives

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### as

#### of

#### December

#### 31,

#### 2025:

#### The

#### Effect

#### of

#### Derivative

#### Instruments

#### on

#### the

#### Statements

#### of

#### Operations

#### for

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025:

#### Change

#### in

#### Unrealized

#### Appreciation/Depreciation

#### on

#### Derivatives

#### Recognized

#### in

#### the

#### Statements

#### of

#### Operations

#### for

#### the Year

#### Ended December

#### 31,

#### 2025:
The

following is

a

summary

of

the

Funds'

average

volume

of

derivative

instruments

held for

the year

ended December

31,

2025:

The

Funds

are

required

to

disclose

information

about

offsetting

and

related

arrangements

to

enable

users

of

the

financial

statements

to

understand

the

effect

of

those

arrangements

on

the

Funds'

financial

position.

In

order

to

better

define

its

contractual

rights

and

to

secure

rights

that

will

help

certain

Funds

mitigate

their

counterparty

risk,

certain

Funds

entered

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

("ISDA

Master

Agreement")

or

a

similar

agreement

with

each

of

their

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

certain

Funds

and

a

counterparty

that

governs

OTC

derivatives

and

forward

foreign

currency

contracts

and

typically

contains,

among

other

things,

collateral

posting

items,

if

applicable,

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

certain

Funds

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instrument's

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

#### JL

#### Large

#### Cap

#### Growth

#### Assets:

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value
Swap

Contracts†

Equity

risk

Swap

contracts,

at

value

$

1,684,051

#### Total

#### $

#### 1,684,051

#### Liabilities:
Swap

Contracts†

Equity

risk

Swap

contracts,

at

value

$

(1,353,581)

#### Total

#### $

#### (1,353,581)
†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

and

equity

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

For

centrally

cleared

swaps,

only

the

variation

margin

on

swap

contracts

is

reported

in

the

Statements

of

Asset

and

Liabilities.

#### JL

#### Large

#### Cap

#### Growth

#### Realized

#### Gains

#### (Losses):

#### Total
Swap

Contracts

Equity

risk

$

2,391,197

#### $

#### 2,391,197

#### JL

#### Large

#### Cap

#### Growth

#### Unrealized

#### Appreciation/Depreciation:

#### Total
Swap

Contracts

Equity

risk

$

1,980,158

#### $

#### 1,980,158

#### JL

#### Large

#### Cap

#### Growth

#### Total

#### Return

#### Swaps:
Average

Notional

Balance

—

Receives

Float

Rate

$

149,063,851

Average

Notional

Balance

—

Pays

Float

Rate

$

(138,243,965)

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Equity

Funds

(II) Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

(close-out

netting)

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

The

counterparty

is

a

financial

institution.

As

of December

31,

2025,

certain

Funds

may

have

entered

into

futures

contracts.

The

futures

contract

agreements

do

not

provide

for netting

arrangements.

For

financial

reporting

purposes,

certain Funds

do

not

offset

derivative

assets

and

derivative

liabilities

that

may

be

subject

to

netting

arrangements

on

the

"Statements

of

Assets

and

Liabilities".

The

following

tables

set

forth certain

Funds' net

exposure

by

counterparty

for

forward

foreign

currency

contracts

and

OTC

swap

contracts,

as

applicable,

that

are

subject

to

enforceable

master

netting

arrangements

or

similar

arrangements

as

of

December

31,

2025:

(g) #### Securities

#### Lending
During

the

year

ended

December

31,

2025, certain

Funds entered

into

securities

lending

transactions.

To

generate

additional

income,

the

Funds

lent

their

portfolio

securities,

up

to

1/3%

of

the

total

assets

of

a

Fund,

to

brokers,

dealers,

and

other

financial

institutions.

JPMorgan

serves

as

securities

lending

agent

for

the

securities

lending

program

for

the

Funds.

Securities

lending

transactions

are

considered

to

be

overnight

and

continuous

and

can

be

terminated

by

a

Fund

or

the

borrower

at

any

time.

The

Funds

receive

payments

from JPMorgan

equivalent

to

any

dividends

and/or

interest

while

on

loan,

in

lieu

of

income

which

is

included

as

"Dividend

income"

and/or

"Interest

income",

as

applicable,

on

the

Statements

of

Operations.

The

Funds

also

receive

interest

that

would

have

been

earned

on

the

securities

loaned

while

simultaneously

seeking

to

earn

income

on

the

investment

of

cash

collateral

or

receiving

a

fee

with

respect

to

the

receipt

of

non-cash

collateral.

Securities

lending

income

includes

any

fees

charged

to

borrowers

less

expenses

associated

with

the

loan.

Income

from

the

securities

lending

program

is

recorded

when

earned

from JPMorgan

and

reflected

in

the

Statements

of

Operations

under

"Income

from

securities

lending

(net

of

fees)".

There

may

be

risks

of

delay

or

restrictions

in

recovery

of

the

securities

or

disposal

of

collateral

should

the

borrower

of

the

securities

fail

financially.

Loans

are

made,

however,

only

to

borrowers

deemed

by JPMorgan

to

be

of

good

standing

and

creditworthy.

Loans

are

subject

to

termination

by

the

Funds

or

the

borrower

at

any

time,

and,

therefore,

are

not

considered

to

be

illiquid

investments.

For

Funds

to

which

JPMorgan

is

not

an

affiliate,

JPMorgan

receives

a

fee

based

on

a

percentage

of

earnings

(less

any

rebates

paid

to

the

borrower)

derived

from

the

investment

of

cash

collateral,

or

a

percentage

of

the

fee

paid

by

the

borrower

for

loans

collateralized

by

non-cash

collateral.

For

Funds

to

which

JPMorgan

is

an

affiliate,

JPMorgan

receives

a

flat

fee

based

on

a

percentage

of

the

market

value

of

loaned

securities.

#### JL

#### Large

#### Cap

#### Growth

#### Offsetting

#### of

#### Financial

#### Assets,

#### Derivative

#### Assets

#### and

#### Collateral

#### Received

#### by

#### Counterparty:

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Description

#### Gross

#### Amounts

#### of

#### Recognized

#### Asset

#### Derivatives

#### Available

#### for

#### Offset

#### Collateral

#### Received

#### Net

#### Amount

#### of

#### Asset

#### Derivatives
JPMorgan

Chase

Bank

NA

Swap

Contracts

$

1,684,051

$

(1,349,665)

$

—

$

334,386

#### Total

#### $

#### 1,684,051

#### $

#### (1,349,665)

#### $

#### —

#### $

#### 334,386

#### Offsetting

#### of

#### Financial

#### Liabilities,

#### Derivative

#### Liabilities

#### and

#### Collateral

#### Pledged

#### by

#### Counterparty:

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Description

#### Gross

#### Amounts

#### of

#### Recognized

#### Liability

#### Derivatives

#### Available

#### for

#### Offset

#### Collateral

#### Pledged

#### Net

#### Amount

#### of

#### Liability

#### Derivatives
JPMorgan

Chase

Bank

NA

Swap

Contracts

(1,349,665)

1,349,665

—

—

#### Total

#### $

#### (1,349,665)

#### $

#### 1,349,665

#### $

#### —

#### $

#### —
Equity

Funds

(II) -

December

31,

2025

-

Notes

to

Financial

Statements

-

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

December

31,

2025,

which

were

comprised

of

repurchase

agreements

purchased

with

cash

collateral,

as

shown

on each

Fund's

Statement

of

Investments,

were

as

follows:

The

Trust's

securities

lending

policies

and

procedures

require

that

the

borrower

(i) deliver

cash

or

U.S.

Government

securities

as

collateral

with

respect

to

each

new

loan

of

U.S.

securities,

equal

to

at

least

102%

of

the

value

of

the

portfolio

securities

loaned,

and

with

respect

to

each

new

loan

of

non-U.S.

securities,

collateral

of

at

least

105%

of

the

value

of

the

portfolio

securities

loaned;

and

(ii) at

all

times

thereafter

mark-to-market

the

collateral

on

a

daily

basis

so

that

the

market

value

of

such

collateral

is

at

least

100%

of

the

value

of

securities

loaned.

Cash

collateral

received

is

generally

invested

in

joint

repurchase

agreements

and

shown

in

the

Statement

of

Investments

and

included

in

calculating

the

Fund's

total

assets.

U.S.

Government

securities

received

as

collateral,

if

any,

are

held

in

safe-keeping

by

JPMorgan

or

The

Bank

of

New

York

Mellon

and

cannot

be

sold

or

repledged

by

the

Funds

and

accordingly

are

not

reflected

in

the

Fund's

total

assets.

For

additional

information

on

the

non-cash

collateral

received,

if

any,

please

refer

to

the

Statement

of

Investments.

The

Securities

Lending

Agency

Agreement

between

the

Trust

and

JPMorgan

provides

that

in

the

event

of

a

default

by

a

borrower

with

respect

to

any

loan,

the

Fund

may

terminate

the

loan

and

JPMorgan

will

exercise

any

and

all

remedies

provided

under

the

applicable

borrower

agreement

to

make

the

Fund

whole.

These

remedies

include

purchasing

replacement

securities

by

applying

the

collateral

held

from

the

defaulting

borrower

against

the

purchase

cost

of

the

replacement

securities.

If,

despite

such

efforts

by

JPMorgan

to

exercise

these

remedies,

the

collateral

is

less

than

the

purchase

cost

of

the

replacement

securities,

JPMorgan

is

responsible

for

such

shortfall,

subject

to

certain

limitations

which

are

set

forth

in

detail

in

the

Securities

Lending

Agency

Agreement.

As

of December

31,

2025,

the

Securities

Lending

Agency

Agreement

does

not

permit

the

Funds

to

enforce

a

netting

arrangement.

(h) #### Joint

#### Repurchase

#### Agreements
During

the year

ended December

31,

2025,

certain

Funds,

along

with

other

series

of

the

Trust,

pursuant

to

procedures

adopted

by

the

Board

of

Trustees

and

applicable

guidance

from

the

SEC,

transferred

cash

collateral

received

from

securities

lending

transactions,

through

a

joint

account

at

JPMorgan,

the

Funds'

custodian,

the

daily

aggregate

balance

of

which

is

invested

in

one

or

more

joint

repurchase

agreements

("repo"

or

collectively

"repos")

collateralized

by

U.S.

Treasury

or

federal

agency

obligations.

For

repos,

each

Fund

participates

on

a

pro

rata

basis

with

other

clients

of

JPMorgan

in

its

share

of

the

underlying

collateral

under

such

repos

and

in

its

share

of

proceeds

from

any

repurchase

or

other

disposition

of

the

underlying

collateral.

In

repos,

the

seller

of

a

security

agrees

to

repurchase

the

security

at

a

mutually

agreed-upon

time

and

price,

which

reflects

the

effective

rate

of

return

for

the

term

of

the

agreement.

For

repos,

The

Bank

of

New

York

Mellon

or

JPMorgan

takes

possession

of

the

collateral

pledged

for

investments

in

such

repos.

The

underlying

collateral

is

valued

daily

on

a

mark-to-market

basis

to

ensure

that

the

value

is

equal

to

or

greater

than

the

repurchase

price,

including

accrued

interest.

In

the

event

of

default

of

the

obligation

to

repurchase,

the

Funds

have

the

right

to

liquidate

the

collateral

and

apply

the

proceeds

in

satisfaction

of

the

obligation.

If

the

seller

defaults

and

the

value

of

the

collateral

declines

or

if

bankruptcy

proceedings

are

commenced

with

respect

to

the

seller

of

the

security,

realization

of

the

collateral

by

the

Funds

may

be

delayed

or

limited.

l

#### Fund

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities
Discovery

$

35,253,594

Equity

Dividend

27,255,351

US

Quality

Equity

5,043,142

Small

Cap

Growth

24,366,686

JL

Large

Cap

Core

5,852,027

JL

Large

Cap

Growth

12,890,616

Small

Cap

Value

12,377,611

Small

Company

36,955,258

Mid

Cap

Value

37,743,320

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Equity

Funds

(II) As

of

December

31,

2025,

the

joint

repos

on

a

gross

basis

were

as

follows:

Bank

of

America

NA,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$98,020,961,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.50%,

maturing

5/1/2049

-

9/1/2050;

total

market

value

$99,960,000.

Barclays

Capital,

Inc,

3.45%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$50,009,583,

collateralized

by

U.S.

Government

Treasury

Securities,

4.38%,

maturing

1/31/2032;

total

market

value

$51,000,051.

BNP

Paribas

Securities

Corp.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$89,018,838,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.63%,

maturing

7/31/2026

-

11/15/2054;

total

market

value

$90,780,000.

BofA

Securities,

Inc.,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$50,010,694,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.34%

-

5.25%,

maturing

10/20/2034

-

2/20/2073;

total

market

value

$51,000,000.

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$131,688,142,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$134,293,264.

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$148,531,680,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$151,470,009.

CF

Secured,

LLC,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$215,045,867,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.13%

-

7.50%,

maturing

3/31/2026

-

4/20/2071;

total

market

value

$219,346,790.

Citi

Global

Market,

Inc.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$138,529,316,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.38%

-

4.25%,

maturing

2/15/2028

-

10/31/2029;

total

market

value

$141,270,038.

MetLife,

Inc.,

3.83%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$150,031,917,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$153,077,523.

Pershing

LLC,

3.72%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$215,044,433,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

2/15/2026

-

12/20/2075;

total

market

value

$219,300,007.

Equity

Funds

(II) -

December

31,

2025

-

Notes

to

Financial

Statements

-

As

of December

31,

2025, certain

Funds'

investment in

joint

repos

was

subject

to

an

enforceable

netting

arrangement.

The

Funds'

proportionate

holding

in

joint

repos

was

as

follows:

#### Discovery

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
Bank

of

America

NA

$

500,000

$

–

$

500,000

$

(500,000)

$

–

Barclays

Capital,

Inc

15,000,000

–

15,000,000

(15,000,000)

–

BofA

Securities,

Inc.

4,000,000

–

4,000,000

(4,000,000)

–

Cantor

Fitzgerald

&

Co.

753,594

–

753,594

(753,594)

–

CF

Secured,

LLC

12,000,000

–

12,000,000

(12,000,000)

–

Pershing

LLC

3,000,000

–

3,000,000

(3,000,000)

–

#### Total
$

35,253,594

$

–

$

35,253,594

$

(35,253,594)

$

–

#### Equity

#### Dividend

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
Bank

of

America

NA

$

4,900,000

$

–

$

4,900,000

$

(4,900,000)

$

–

Cantor

Fitzgerald

&

Co.

3,355,351

–

3,355,351

(3,355,351)

–

Cantor

Fitzgerald

&

Co.

2,000,000

–

2,000,000

(2,000,000)

–

Citi

Global

Market,

Inc.

10,000,000

–

10,000,000

(10,000,000)

–

MetLife,

Inc.

2,000,000

–

2,000,000

(2,000,000)

–

Pershing

LLC

5,000,000

–

5,000,000

(5,000,000)

–

#### Total
$

27,255,351

$

–

$

27,255,351

$

(27,255,351)

$

–

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Equity

Funds

(II) #### US

#### Quality

#### Equity

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
Cantor

Fitzgerald

&

Co.

$

5,043,142

$

–

$

5,043,142

$

(5,043,142)

$

–

#### Total
$

5,043,142

$

–

$

5,043,142

$

(5,043,142)

$

–

#### Small

#### Cap

#### Growth

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
Bank

of

America

NA

$

1,000,000

$

–

$

1,000,000

$

(1,000,000)

$

–

Barclays

Capital,

Inc

5,000,000

–

5,000,000

(5,000,000)

–

BNP

Paribas

Securities

Corp.

7,000,000

–

7,000,000

(7,000,000)

–

Cantor

Fitzgerald

&

Co.

1,366,686

–

1,366,686

(1,366,686)

–

Cantor

Fitzgerald

&

Co.

2,000,000

–

2,000,000

(2,000,000)

–

Citi

Global

Market,

Inc.

7,000,000

–

7,000,000

(7,000,000)

–

Pershing

LLC

1,000,000

–

1,000,000

(1,000,000)

–

#### Total
$

24,366,686

$

–

$

24,366,686

$

(24,366,686)

$

–

#### JL

#### Large

#### Cap

#### Core

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
Cantor

Fitzgerald

&

Co.

$

5,852,027

$

–

$

5,852,027

$

(5,852,027)

$

–

#### Total
$

5,852,027

$

–

$

5,852,027

$

(5,852,027)

$

–

Equity

Funds

(II) -

December

31,

2025

-

Notes

to

Financial

Statements

-

#### JL

#### Large

#### Cap

#### Growth

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
BNP

Paribas

Securities

Corp.

$

10,000,000

$

–

$

10,000,000

$

(10,000,000)

$

–

Cantor

Fitzgerald

&

Co.

2,890,616

–

2,890,616

(2,890,616)

–

#### Total
$

12,890,616

$

–

$

12,890,616

$

(12,890,616)

$

–

#### Small

#### Cap

#### Value

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
Bank

of

America

NA

$

3,000,000

$

–

$

3,000,000

$

(3,000,000)

$

–

BNP

Paribas

Securities

Corp.

3,000,000

–

3,000,000

(3,000,000)

–

Cantor

Fitzgerald

&

Co.

3,357,611

–

3,357,611

(3,357,611)

–

Cantor

Fitzgerald

&

Co.

1,000,000

–

1,000,000

(1,000,000)

–

CF

Secured,

LLC

1,000,000

–

1,000,000

(1,000,000)

–

MetLife,

Inc.

1,000,000

–

1,000,000

(1,000,000)

–

Pershing

LLC

20,000

–

20,000

(20,000)

–

#### Total
$

12,377,611

$

–

$

12,377,611

$

(12,377,611)

$

–

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Equity

Funds

(II) #### Small

#### Company

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
Barclays

Capital,

Inc

$

5,000,000

$

–

$

5,000,000

$

(5,000,000)

$

–

BNP

Paribas

Securities

Corp.

15,000,000

–

15,000,000

(15,000,000)

–

Cantor

Fitzgerald

&

Co.

2,955,258

–

2,955,258

(2,955,258)

–

Citi

Global

Market,

Inc.

3,000,000

–

3,000,000

(3,000,000)

–

MetLife,

Inc.

1,000,000

–

1,000,000

(1,000,000)

–

Pershing

LLC

10,000,000

–

10,000,000

(10,000,000)

–

#### Total
$

36,955,258

$

–

$

36,955,258

$

(36,955,258)

$

–

#### Mid

#### Cap

#### Value

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
BNP

Paribas

Securities

Corp.

$

10,000,000

$

–

$

10,000,000

$

(10,000,000)

$

–

Cantor

Fitzgerald

&

Co.

4,743,320

–

4,743,320

(4,743,320)

–

Cantor

Fitzgerald

&

Co.

3,000,000

–

3,000,000

(3,000,000)

–

CF

Secured,

LLC

9,000,000

–

9,000,000

(9,000,000)

–

Citi

Global

Market,

Inc.

5,000,000

–

5,000,000

(5,000,000)

–

MetLife,

Inc.

2,000,000

–

2,000,000

(2,000,000)

–

Pershing

LLC

4,000,000

–

4,000,000

(4,000,000)

–

#### Total
$

37,743,320

$

–

$

37,743,320

$

(37,743,320)

$

–

\*

As

of

December

31,

2025,

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.

Equity

Funds

(II) -

December

31,

2025

-

Notes

to

Financial

Statements

-

(i) #### Security

#### Transactions

#### and

#### Investment

#### Income
Security

transactions

are

accounted

for

on

the

date

the

security

is

purchased

or

sold.

Security

gains

and

losses

are

calculated

on

the

identified

cost

basis.

Interest

income

is

recognized

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts,

and

is

recorded

as

such

on

a

Fund's

Statement

of

Operations.

Dividend

income

and

expenses,

as

applicable,

are

recorded

on

the

ex-dividend

date

and

are

recorded

as

such

on

a

Fund's

Statement

of

Operations,

except

for

certain

dividends

from

foreign

securities,

which

are

recorded

as

soon

as

the

Trust

is

informed

on

or

after

the

ex-dividend

date.

Income

from

non-cash

dividends,

if

any,

is

recorded

at

the

fair

value

of

the

securities

and

is

recorded

as

such

on

a

Fund's

Statement

of

Operations.

Foreign

income

and

capital

gains

may

be

subject

to

foreign

withholding

taxes,

a

portion

of

which

may

be

reclaimable,

and

capital

gains

taxes

at

various

rates.

Under

applicable

foreign

law,

a

withholding

tax

may

be

imposed

on

interest

and

dividends

paid

by

a

foreign

security

and

capital

gains

from

the

sale

of

a

foreign

security.

Foreign

income

or

capital

gains

subject

to

foreign

withholding

taxes

are

recorded

net

of

the

applicable

withholding

tax.

For

certain

securities,

including

a

real

estate

investment

trust

("REIT"),

a

Fund

records

distributions

received

in

excess

of

earnings

and

profits

of

such

security

as

a

reduction

of

cost

of

investments

and/or

realized

gain

(referred

to

as

a

return

of

capital).

Additionally,

a

REIT

may

characterize

distributions

it

pays

as

long-term

capital

gains.

Such

distributions

are

based

on

estimates

if

actual

amounts

are

not

available.

Actual

distributions

of

income,

long-term

capital

gain

and

return

of

capital

may

differ

from

the

estimated

amounts.

A

Fund

will

recharacterize

the

estimated

amounts

of

the

components

of

distributions

as

necessary,

once

the

issuers

provide

information

about

the

actual

composition

of

the

distributions.

Any

portion

of

a

distribution

deemed

a

return

of

capital

is

generally

not

taxable

to

a

Fund.

A

Fund

records

as

dividend

income

the

amount

characterized

as

ordinary

income

and

records

as

realized

gain

the

amount

characterized

by

a

REIT

as

long-term

capital

gain

in

the

Statements

of

Operations.

The

amount

characterized

as

return

of

capital

is

a

reduction

to

the

cost

of

investments

in

the

Statements

of

Assets

and

Liabilities

if

the

security

is

still

held;

otherwise

it

is

recorded

as

an

adjustment

to

realized

gains

(losses)

from

transactions

in

investment

securities

in

the

Statements

of

Operations.

These

characterizations

are

reflected

in

the

accompanying

financial

statements.

(j) #### Distributions

#### to

#### Shareholders
Distributions

from

net

investment

income,

if

any,

are

declared

and

paid

quarterly.

Distributions

from

net

realized

capital

gains,

if

any,

are

declared

and

distributed

at

least

annually.

All

distributions

are

recorded

on

the

ex-dividend

date.

Dividends

and

distributions

to

shareholders

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

"book/tax"

differences

are

considered

either

permanent

or

temporary.

Permanent

differences

are

reclassified

within

the

capital

accounts

based

on

their

nature

for

federal

income

tax

purposes;

temporary

differences

do

not

require

reclassification.

The

permanent

differences

as

of

December

31,

2025

are

primarily

attributable

to

investments

in

passive

foreign

investment

companies

("PFICs"),

net

operating

losses,

investments

in

partnerships,

and

treatment

of

notional

principal

contracts.

Temporary

differences

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

and

tax

purposes;

these

differences

will

reverse

at

some

time

in

the

future.

The

temporary

differences

as

of

December

31,

2025

may

primarily

be

attributable

to

outstanding

wash

sale

loss

deferrals,

investments

in

partnerships,

and treatment

of

notional

principal

contracts.

These

reclassifications

have

no

effect

upon

the

NAV

of a

Fund.

Any

distribution

in

excess

of

current

and

accumulated

earnings

and

profits

for

federal

income

tax

purposes

is

reported

as

a

return

of

capital

distribution.

Reclassifications

for

the

year

ended

December

31,

2025

were

as

follows:

#### Fund

#### Capital

#### Total

#### Distributable

#### Earnings
(Loss)

Discovery

$

(2,510,746)

$

2,510,746

Equity

Dividend

(831) 831

US

Quality

Equity

–

–

Small

Cap

Growth

(1,616,065)

1,616,065

JL

Large

Cap

Core

–

–

JL

Large

Cap

Growth

–

–

Small

Cap

Value

–

–

Small

Company

–

–

Real

Estate

–

–

Mid

Cap

Value

(60) 60

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Equity

Funds

(II) (k) #### Federal

#### Income

#### Taxes
Each Fund

elected

to

be

treated

as,

and

intends

to

qualify

each

year

as,

a

"regulated

investment

company"

("RIC")

by

complying

with

the

requirements

of

Subchapter

M

of

the

U.S.

Internal

Revenue

Code

of

1986

(the

"Code"),

as

amended,

and

to

make

distributions

of

net

investment

income

and

net

realized

capital

gains

sufficient

to

relieve

a

Fund

from

all,

or

substantially

all,

federal

income

taxes.

The

aforementioned

distributions

may

be

made

in

cash

or

via

consent

dividends.

Consent

dividends,

agreed

to

by

each

shareholder,

are

taxable

to

the

shareholders

as

if

they

were

paid

in

cash

during

their

current

tax

year.

A

Fund

recognizes

a

tax

benefit

from

an

uncertain

position

only

if

it

is

more

likely

than

not

that

the

position

is

sustainable,

based

solely

on

its

technical

merits

and

consideration

of

the

relevant

taxing

authorities'

widely

understood

administrative

practices

and

precedents.

Each

year,

a

Fund

undertakes

an

affirmative

evaluation

of

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

tax

returns

to

determine

whether

it

is

more

likely

than

not

(i.e.,

greater

than

percent)

that

each

tax

position

will

be

sustained

upon

examination

by

a

taxing

authority.

The

Funds

file

U.S.

federal

income

tax

returns

and,

if

applicable,

returns

in

various

foreign

jurisdictions

in

which

they

invest.

Generally,

a

Fund

is

subject

to

examinations

by

such

taxing

authorities

for

up

to

three

years

after

the

filing

of

the

return

for

the

tax

period.

The

Funds

adopted

FASB

Accounting

Standards

Update

2023-09,

Income

Taxes

(Topic

740)—Improvements

to

Income

Tax

Disclosures

("ASU

2023-09").

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disclosure

of

income

taxes

paid

by

jurisdiction.

During

the

year

ended

December

31,

2025,

the

Funds

did

not

pay

a

significant

amount

of

foreign

or

U.S.

federal,

state

or

local

income

taxes

and

therefore

did

not

include

any

additional

disclosures

in

these

financial

statements.

(l) #### Allocation

#### of

#### Expenses,

#### Income

#### and

#### Gains

#### and

#### Losses
Expenses

directly

attributable

to

a

Fund

are

charged

to

that

Fund.

Expenses

not

directly

attributable

to

a

Fund

are

allocated

proportionally

among

various

or

all

series

of

the

Trust.

Income,

fund

level

expenses,

and

realized

and

unrealized

gains

or

losses

are

allocated

to

each

class

of

shares

of

a

Fund

based

on

the

value

of

the

outstanding

shares

of

that

class

relative

to

the

total

value

of

the

outstanding

shares

of

that

Fund.

Expenses

specific

to

a

class

(such

as

Rule

12b-1

and

administrative

services

fees)

are

charged

to

that

specific

class.

(m) #### European

#### Union

#### ("EU")

#### Reclaims
As

a

result

of

several

court

cases,

certain

Funds

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

certain

countries

across

the

European

Union

("EU

reclaims").

Since

uncertainty

exists

as

to

the

ultimate

resolution

of

these

proceedings,

the

likelihood

of

receipt

of

these

EU

reclaims,

and

the

potential

timing

of

payment,

EU

Reclaim

amounts

are

generally

not

reflected

in

the

financial

statements

until

payments

are

received

by

the

Fund

or

NFA

believes

it

is

more

likely

than

not

that

amounts

for

a

certain

country

will

be

received.

Income

recognized

for

EU

reclaims

is

reflected

as

European

Union

tax

reclaims

in

the

Statements

of

Operations.

Any

fees

associated

with

these

filings

are

reflected

as

European

Union

tax

reclaim

fees

in

the

Statements

of

Operations.

(n) #### Reportable

#### Segment

#### Disclosure
The

Principal

Executive

Officer

acts

as

the

Funds'

Chief

Operating

Decision

Maker

("CODM')

and

is

responsible

for

assessing

performance

and

allocating

resources

with

respect

to

the

Funds.

The

CODM

has

concluded

that

each

Fund

operates

as

a

single

operating

segment

since

the

Funds

each

have

a

single

investment

strategy

as

disclosed

in

its

prospectus,

against

which

the

CODM

assesses

performance.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

presented

within

the

Funds'

financial

statements.

3. #### Transactions

#### with

#### Affiliates
Under

the

terms

of

the

Trust's

Investment

Advisory

Agreement,

NFA

manages

the

investments

of

the

assets

and

supervises

the

daily

business

affairs

of

the

Funds

in

accordance

with

policies

and

procedures

established

by

the

Board

of

Trustees.

NFA

has

selected

the

subadviser

for

each Fund

as

noted

below,

and

provides

investment

management

evaluation

services

in

monitoring,

on

an

ongoing

basis,

the

performance

of

the

subadvisers.

Equity

Funds

(II) -

December

31,

2025

-

Notes

to

Financial

Statements

-

As

of

December

31,

2025,

the

subadviser

for each

Fund is

as

follows:

Under

the

terms

of

the

Investment

Advisory

Agreement,

each

Fund

pays

NFA

an

investment

advisory

fee

based

on

that

Fund's

average

daily

net

assets.

During

the

year

ended

December

31,

2025,

the

Funds

paid

investment

advisory

fees

to

NFA

according

to

the

following

schedule.

The

Trust

and

NFA

have

entered

into

a

written

contract

waiving

a

portion

of

investment

advisory

fees

of

the

Funds

as

listed

in

the

following

table

until

April

30,

2026. #### Fund

#### Subadviser
Discovery

Allspring

Global

Investments,

LLC

Equity

Dividend

BlackRock

Investment

Management,

LLC

US

Quality

Equity

GQG

Partners

LLC(a)

Small

Cap

Growth

Invesco

Advisers,

Inc.

("Invesco")

JL

Large

Cap

Core

Jacobs

Levy

Equity

Management,

Inc.

("Jacobs

Levy")

JL

Large

Cap

Growth

Jacobs

Levy

Small

Cap

Value

Jacobs

Levy

WCM

Investment

Management,

LLC

Small

Company

Jacobs

Levy

Invesco

Real

Estate

Wellington

Management

Capital,

LLP

Mid

Cap

Value

Victory

Capital

Management

Inc.

(a) Effective

June

18,

2025,

GQG

Partners

LLC

was

appointed

as

the

subadviser

to

the

Fund.

Effective

end

of

business

on

June

17,

2025,

Atlanta

Capital

Management

Company,

L.L.C.

was

terminated

and

ceased

serving

as

subadviser

to

the

Fund.

#### Fund

#### Fee

#### Schedule

#### Advisory

#### Fee

#### (annual

#### rate)
Discovery

Up

to

$1

billion

0.75%

$1

billion

and

more

0.70%

Equity

Dividend

Up

to

$100

million

0.70%

$100

million

up

to

$250

million

0.65%

$250

million

up

to

$500

million

0.60%

$500

million

and

more

0.55%

US

Quality

Fund

Up

to

$1

billion

0.65%

$1

billion

and

more

0.60%

Small

Cap

Growth

Up

to

$200

million

0.84%

$200

million

and

more

0.79%

JL

Large

Cap

Core

Up

to

$1

billion

0.60%

$1

billion

and

more

0.55%

JL

Large

Cap

Growth

Up

to

$1

billion

0.40%

$1

billion

and

more

0.35%

Small

Cap

Value

Up

to

$200

million

0.87%

$200

million

and

more

0.82%

Small

Company

Up

to

$200

million

0.885%

$200

million

and

more

0.835%

Real

Estate

Up

to

$500

million

0.70%

$500

million

up

to

$1

billion

0.65%

$1

billion

and

more

0.60%

Mid

Cap

Value

Up

to

$1

billion

0.75%

$1

billion

and

more

0.73%

#### Fund

#### Advisory

#### Fee

#### Waiver

#### (annual

#### rate)
Discovery

0.029%

US

Quality

Equity

0.050 Small

Cap

Growth

0.009 JL

Large

Cap

Core

0.055 Small

Company

0.027 Real

Estate

0.013 Mid

Cap

Value

0.03605 96

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Equity

Funds

(II) During

the

year

ended December

31,

2025,

the

following

table

provides

the

waiver

of

such

investment

advisory

fees

by

NFA

for

which

NFA

shall

not

be

entitled

to

later

seek

recoupment.

During

the year

ended December

31,

2025,

NFA

voluntarily

waived

investment

advisory

fees

payable

by

Real

Estate,

for

which

NFA

shall

not

be

entitled

to

later

seek

recoupment.

The

following

table

provides

the

voluntary

waivers

which may

be

discontinued

at

anytime

at

the

discretion

of

NFA.

For

the

year

ended

December

31,

2025,

the

effective

advisory

fee

rates

before

and

after

contractual

and

voluntary

advisory

fee

waivers

and

expense

reimbursements, due

to the

expense

limitation

agreement

described

below,

were

as

follows:

From

these

fees,

pursuant

to

the

subadvisory

agreement,

NFA

pays

fees

to

the

unaffiliated

subadvisers.

The

Trust

and

NFA

have

entered

into

a

written

Expense

Limitation

Agreement

that

limits

certain

Funds'

operating

expenses,

(excluding

any

taxes,

interest,

compensation

payable

to

parties

not

affiliated

with

the

Adviser

for

the

recovery

of

tax

reclaims,

brokerage

commissions,

Rule

12b-1

fees,

acquired

fund

fees

and

expenses,

short-sale

dividend

expenses,

administrative

services

fees,

other

expenses

which

are

capitalized

in

accordance

with

generally

accepted

accounting

principles

and

expenses

incurred

by a

Fund

in

connection

with

any

merger

or

reorganization,

and

may

exclude

other

nonroutine

expenses

not

incurred

in

the

ordinary

course

of a

Fund's

business)

from

exceeding

the

amounts

listed

in

the

following

table

until

at

least

April

30,

2026. #### Fund

#### Amount
Discovery

$

126,836

US

Quality

Equity

48,435

Small

Cap

Growth

18,555

JL

Large

Cap

Core

131,922

Small

Company

94,591

Real

Estate

26,271

Mid

Cap

Value

118,017

#### Fund

#### Amount
Real

Estate

$

166,266

#### Fund

#### Effective

#### Advisory

#### Fee

#### Rate

#### Before

#### Contractual\*

#### and

#### Voluntary\*\*

#### Fee

#### Waivers

#### and

#### Expense

#### Reimbursements

#### \*\*\*

#### Effective

#### Advisory

#### Fee

#### Rate

#### After

#### Contractual\*

#### Fee

#### Waivers

#### Effective

#### Advisory

#### Fee

#### Rate

#### After

#### Contractual\*

#### and

#### Voluntary\*\*

#### Fee

#### Waivers

#### Effective

#### Advisory

#### Fee

#### Rate

#### After

#### Contractual\*

#### and

#### Voluntary\*\*

#### Fee

#### Waivers

#### and

#### Expense

#### Reimbursements
Discovery

0.75 %

0.72 %

0.72 %

0.69 %

Equity

Dividend

0.63 N/A

&nbsp;&nbsp;&nbsp;&nbsp; N/A

0.59 US

Quality

Equity

0.65 0.60 0.60 0.59 Small

Cap

Growth

0.84 0.83 0.83 0.83 JL

Large

Cap

Core

0.60 0.55 0.55 0.55 JL

Large

Cap

Growth

0.40 N/A

&nbsp;&nbsp;&nbsp;&nbsp; N/A

0.38 Small

Cap

Value

0.87 N/A

&nbsp;&nbsp;&nbsp;&nbsp; N/A

0.82 Small

Company

0.85 0.83 0.83 0.83 Real

Estate

0.70 0.69 0.60 0.60 Mid

Cap

Value

0.75 0.71 0.71 0.63 N/A

—

Not

Applicable.

\*

Please

see

above

for

additional

information

regarding

contractual

waivers.

\*\*

Voluntary

waivers

may

be

discontinued

at

any

time

at

the

discretion

of

NFA.

#### Fund

#### Classes

#### Amount

#### (annual

#### rate)
Discovery

All

Classes

0.78%

Equity

Dividend

All

Classes

0.65 US

Quality

Equity

All

Classes

0.78 Small

Cap

Growth

All

Classes

0.94 JL

Large

Cap

Growth

All

Classes

0.45 Small

Cap

Value

All

Classes

0.91 Mid

Cap

Value

All

Classes

0.73 Equity

Funds

(II) -

December

31,

2025

-

Notes

to

Financial

Statements

-

On

November

14,

2025,

the

Trust

and

NFA

have

entered

into

a

written

Expense

Limitation

Agreement

that

limits

certain

Funds'

operating

expenses,

(excluding

any

interest,

taxes,

fees

paid

to

non-affiliated

parties

in

connection

with

the

recovery

of

tax

reclaims,

brokerage

commissions

and

other

costs

incurred

in

connection

with

the

purchase

and

sales

of

portfolio

securities,

short

sale

dividend

expenses,

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),

including

the

effect

of

any

fees

waived

by

NFA

or

any

of

its

affiliates

pursuant

to

any

other

expense

limitation

agreement

or

fee

waiver

agreement

as

detailed

above,

from

exceeding

the

amounts

listed

in

the

following

table

until

November

14,

2027. NFA

may

request

and

receive

reimbursement

from

a

Fund

for

advisory

fees

waived

or

other

expenses

reimbursed

by

NFA

pursuant

to

the

Expense

Limitation

Agreement

at

a

date

not

to

exceed

three

years

from

the

date

on

which

the

corresponding

waiver

or

reimbursement

to

the

Fund

was

made.

However,

no

reimbursement

may

be

made

unless:

(i) the

Fund's

assets

exceed

$100

million

and

(ii) the

total

annual

expense

ratio

of

the

class

making

such

reimbursement

is

no

higher

than

the

amount

of

the

expense

limitation

that

was

in

place

at

the

time

NFA

waived

the

fees

or

reimbursed

the

expenses

and

does

not

cause

the

expense

ratio

to

exceed

the

current

expense

limitation.

Reimbursement

by

a

Fund

of

amounts

previously

waived

or

reimbursed

by

NFA

is

not

permitted

except

as

provided

for

in

the

Expense

Limitation

Agreement.

The

Expense

Limitation

Agreement

may

be

changed

or

eliminated

only

with

the

consent

of

the

Board

of

Trustees.

As

of

December

31,

2025,

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:

Pursuant

to

the

Expense

Limitation

Agreement,

during

the

year

ended

December

31,

2025,

certain

Funds

reimbursed

NFA

in

the

following

amounts:

NFM,

a

wholly

owned

subsidiary

of

NFS

Distributors,

Inc.

("NFSDI")

(a

wholly

owned

subsidiary

of

NFS),

provides

various

administrative

and

accounting

services

for

the

Funds

and

serves

as

Transfer

and

Dividend

Disbursing

Agent

for

the

Funds.

NFM

has

entered

into

agreements

with

third-party

service

providers

to

provide

certain

sub-administration

and

sub-transfer

agency

services

to

the

Funds.

NFM

pays

the

service

providers

a

fee

for

these

services.

#### Fund

#### Classes

#### Amount

#### (annual

#### rate)
Small

Cap

Growth

Class

I

1.17%

JL

Large

Cap

Growth

Class

I

0.72%

Class

II

0.97%

Mid

Cap

Value

Class

I

0.86%

Class

II

1.01%

#### Fund

#### Fiscal

#### Year

#### 2023

#### Amount

#### Fiscal

#### Year

#### 2024

#### Amount

#### Fiscal

#### Year

#### 2025

#### Amount

#### Total
Discovery

$

78,715

$

118,489

$

114,812

$

312,016

Equity

Dividend

203,503

190,756

178,110

572,369

US

Quality

Equity

7,186

—

8,145

15,331

Small

Cap

Growth

—

—

—

—

JL

Large

Cap

Core

—

—

—

—

JL

Large

Cap

Growth

146,108

51,901

94,104

292,113

Small

Cap

Value

79,693

89,070

85,597

254,360

Small

Company

—

—

—

—

Real

Estate

—

—

—

—

Mid

Cap

Value

106,191

96,289

270,812

473,292

#### Fund

#### Amount
US

Quality

Equity

$

5,800

Small

Cap

Growth

$

21,584

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Equity

Funds

(II) 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.

For

the

year

ended

December

31,

2025,

NFM

earned

an

aggregate

of

$1,372,325

in

fees

from

the

Funds

under

the

Joint

Fund

Administration

and

Transfer

Agency

Agreement.

Under

the

terms

of

the

Joint

Fund

Administration

and

Transfer

Agency

Agreement

and

a

letter

agreement

between

NFM

and

the

Trust,

the

Trust

has

agreed

to

reimburse

NFM

for

certain

costs

related

to

each

Fund's

portion

of

ongoing

administration,

monitoring

and

annual

(compliance

audit)

testing

of

the

Trust's

Rule

38a-1

Compliance

Program

subject

to

the

pre-approval

of

the

Trust's

Audit

Committee.

These

costs

are

allocated

among

the

series

of

the

Trust

based

upon

their

relative

net

assets.

For

the

year

ended

December

31,

2025,

the

Funds' aggregate

portion

of

such

costs

amounted

to

$13,401.

In

addition,

the

Trust

pays

out-of-pocket

expenses

reasonably

incurred

by

NFM

in

providing

services

to

the

Funds

and

the

Trust,

including,

but

not

limited

to,

the

cost

of

pricing

services

that

NFM

utilizes.

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.

The

Trust

and

NFD

have

entered

into

a

written

contract

waiving

distribution

fees

for

Class

II

shares

of

the

Funds

according

to

the

following

schedule

until

at

least

April

30,

2026:

During

the year

ended December

31,

2025, each

Fund's

waiver

of

such

distribution

fees

by

NFD,

for

which

NFD

shall

not

be

entitled

to

reimbursement

by

the

Funds

for

any

amount

waived,

were

as

follows:

Under

the

terms

of

an

Administrative

Services

Plan,

the

Funds

pay

fees

to

servicing

organizations,

such

as

broker-dealers,

including

NFS,

and

financial

institutions,

that

agree

to

provide

administrative

support

services

to

the

shareholders

of

certain

classes.

These

services

may

include,

but

are

not

limited

to,

the

following:

(i) establishing

and

maintaining

shareholder

accounts;

(ii) processing

purchase

and

redemption

transactions;

(iii) arranging

bank

wires;

(iv) performing

shareholder

sub-accounting;

(v) answering

inquiries

regarding

the

Funds;

and

(vi) other

such

services.

These

fees

are

calculated

at

an

annual

rate

of

up

to

0.25%

of

the

average

daily

net

assets

of

Class

I

and

Class

II

shares

of

the

Fund

and

up

to

0.20%

of

the

average

daily

net

assets

of

Class

IV

shares

of

each Fund.

#### Combined

#### Fee

#### Schedule
Up

to

$25

billion

0.025%

$25

billion

and

more

0.020 #### Fund

#### Class

#### II

#### Shares
Discovery

0.25%

Equity

Dividend

0.25%

US

Quality

Equity

0.25%

Small

Cap

Growth

0.25%

JL

Large

Cap

Core

0.25%

JL

Large

Cap

Growth

0.25%

Small

Cap

Value

0.25%

Small

Company

0.25%

Real

Estate

0.25%

Mid

Cap

Value

0.25%

#### Fund

#### Distribution

#### Fee

#### Waiver

#### (Annual

#### Rate)
US

Quality

Equity

0.16%

#### Fund

#### Amount
US

Quality

Equity

$

142,005

Equity

Funds

(II) -

December

31,

2025

-

Notes

to

Financial

Statements

-

For the

year

ended

December

31,

2025,

the

effective

rates

for

administrative

services

fees

were

as

follows:

For

the

year

ended

December

31,

2025,

each

Fund's

total

administrative

services

fees

were

as

follows:

4. #### Line

#### of

#### Credit

#### and

#### Interfund

#### Lending
The

Trust

and

NMF

(together,

the

"Trusts") renewed

the credit

agreement

with

JPMorgan,

The

Bank

of

New

York

Mellon,

and

Wells

Fargo

Bank

National

Association

(the

"Lenders"),

permitting

the

Trusts,

in

aggregate,

to

borrow

up

to

$100,000,000.

Advances

taken

by

a

Fund

under

this

arrangement

would

be

primarily

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

the

Fund's

borrowing

restrictions.

The

line

of

credit

requires

a

commitment

fee

of

0.15%

per

year

on

$100,000,000.

Such

commitment

fee

shall

be

payable

quarterly

in

arrears

on

the

last

business

day

of

each

March,

June,

September

and

December

and

on

the

termination

date.

Borrowings

under

this

arrangement

accrued

interest

at

the

Federal

Funds

Rate

plus

the

applicable

margin.

Interest

costs,

if

any,

would

be

shown

on

the

Statement

of

Operations.

No

compensating

balances

are

required

under

the

terms

of

the

line

of

credit.

In

addition,

a

Fund

may

not

draw

any

portion

of

the

line

of

credit

that

is

provided

by

a

bank

that

is

an

affiliate

of

the

Fund's

subadviser,

if

applicable.

In

addition

to

any

rights

and

remedies

of

the

Lenders

provided

by

law,

each

Lender

has

the

right,

upon

any

amount

becoming

due

and

payable

by

the

Fund,

to

set-off

as

appropriate

and

apply

all

deposits

and

credits

held

by

or

owing

to

such

Lender

against

such

amount,

subject

to

the

terms

of

the

credit

agreement.

The

line

of

credit

is

renewed

annually,

and

next

expires

on

July

1,

2026. During

the

year

ended December

31,

2025,

the

Funds

had

no

borrowings

under

the

line

of

credit.

Pursuant

to

an

exemptive

order

issued

by

the

SEC

(the

"Order"),

the

Funds

may

participate

in

an

interfund

lending

program

among

Funds

managed

by

NFA.

The

program

allows

the

participating

Funds

to

borrow

money

from

and

loan

money

to

each

other

for

temporary

purposes,

subject

to

the

conditions

in

the

Order.

A

loan

can

only

be

made

through

the

program

if

the

interfund

loan

rate

on

that

day

is

more

favorable

to

both

the

borrowing

and

lending

Funds

as

compared

to

rates

available

through

short-term

bank

loans

or

investments

in

overnight

repurchase

agreements

and

money

market

funds,

respectively,

as

detailed

in

the

Order.

Further,

a

Fund

may

participate

in

the

program

only

if

and

to

the

extent

that

such

participation

is

consistent

with

its

investment

objectives

and

limitations.

Interfund

loans

have

a

maximum

duration

of

seven

days

and

may

be

called

on

one

business

day's

notice. During

the

year

ended December

31,

2025,

none

of

the

Funds

engaged

in

interfund

lending.

#### Fund

#### Class

#### I

#### Class

#### II

#### Class

#### IV
Discovery

0.07 %

0.07 %

N/A

Equity

Dividend

0.15 0.15 0.15 %

US

Quality

Equity

0.05 0.05 N/A

Small

Cap

Growth

0.15 0.15 N/A

JL

Large

Cap

Core

0.15 N/A

N/A

JL

Large

Cap

Growth

0.25 0.25 N/A

Small

Cap

Value

0.15 0.15 0.15 Small

Company

0.15 0.15 0.15 Real

Estate

0.15 0.15 N/A

Mid

Cap

Value

0.16 0.01 N/A

N/A

—

Not

Applicable.

#### Fund

#### Amount
Discovery

$

306,161

Equity

Dividend

833,362

US

Quality

Equity

48,434

Small

Cap

Growth

309,217

JL

Large

Cap

Core

288,307

JL

Large

Cap

Growth

1,145,584

Small

Cap

Value

288,714

Small

Company

525,524

Real

Estate

303,151

Mid

Cap

Value

68,508

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Equity

Funds

(II) 5. #### Investment

#### Transactions
For

the

year

ended

December

31,

2025,

purchases

and

sales

of

securities

(excluding

short-term

securities)

were

as

follows:

6. #### Portfolio

#### Investment

#### Risks
(a) #### Associated

#### with

#### Foreign

#### Securities

#### and

#### Currencies&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Investments

in

securities

of

foreign

issuers

carry

certain

risks

not

ordinarily

associated

with

investments

in

securities

of

U.S.

issuers.

These

risks

include

foreign

currency

fluctuations,

future

disruptive

political

and

economic

developments

and

the

possible

imposition

of

exchange

controls

or

other

unfavorable

foreign

government

laws

and

restrictions.

In

addition,

investments

in

certain

countries

may

carry

risks

of

expropriation

of

assets,

confiscatory

taxation,

political

or

social

instability,

or

diplomatic

developments

that

adversely

affect

investments

in

those

countries.

Certain

countries

also

may

impose

substantial

restrictions

on

investments

in

their

capital

markets

by

foreign

entities,

including

restrictions

on

investments

in

issuers

in

industries

deemed

sensitive

to

relevant

national

interests.

These

factors

may

limit

the

investment

opportunities

available

and

result

in

a

lack

of

liquidity

and

high

price

volatility

with

respect

to

securities

of

issuers

from

developing

countries.

(b) #### Risks

#### Associated

#### with

#### REIT

#### and

#### Real

#### Estate

#### Investments&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Investments

in

REITs

and

in

real

estate

securities

carry

certain

risks

associated

with

direct

ownership

of

real

estate

and

with

the

real

estate

industry

in

general.

These

risks

include

possible

declines

in

the

value

of

real

estate,

possible

lack

of

availability

of

mortgage

funds,

unexpected

vacancies

of

properties,

and

the

relative

lack

of

liquidity

associated

with

investments

in

real

estate.

(c) #### Risks

#### Associated

#### with

#### Interest

#### Rates&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Prices

of

fixed-income

securities

generally

increase

when

interest

rates

decline

and

decrease

when

interest

rates

increase.

Prices

of

longer-term

securities

generally

change

more

in

response

to

interest

rate

changes

than

prices

of

shorter-term

securities.

To

the

extent

a

Fund

invests

a

substantial

portion

of

its

assets

in

fixed-income

securities

with

longer-term

maturities,

rising

interest

rates

are

more

likely

to

cause

the

value

of

the

Fund's

investments

to

decline

significantly.

(d) #### Risks

#### Associated

#### with

#### Social

#### Policy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The

Fund's

social

policy

may

cause

it

to

underperform

similar

mutual

funds

that

do

not

have

a

social

policy.

This

can

occur

because:

undervalued

stocks

that

do

not

meet

the

social

criteria

could

outperform

those

that

do;

economic

or

political

changes

could

make

certain

companies

less

attractive

for

investment;

or

the

social

policy

could

cause

the

Fund

to

seek

or

avoid

stocks

that

subsequently

perform

well.

7. #### Indemnifications
Under

the

Trust's

organizational

documents,

the

Trust's

Officers

and

Trustees

are

indemnified

by

the

Trust

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

the

Trust

has

entered

into

indemnification

agreements

with

its

Trustees

and

certain

of

its

Officers.

Trust

Officers

receive

no

compensation

from

the

Trust

for

serving

as

its

Officers.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Trust's

maximum

liability

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

made

against

the

Trust.

Based

on

experience,

however,

the

Trust

expects

the

risk

of

loss

to

be

remote.

#### Fund

#### Purchases

#### Sales
Discovery

$

315,989,450

$

378,115,895

Equity

Dividend

310,168,914

354,700,599

US

Quality

Equity

133,371,012

142,242,240

Small

Cap

Growth

202,625,907

174,725,973

JL

Large

Cap

Core

216,090,617

245,741,884

JL

Large

Cap

Growth

457,269,954

437,264,673

Small

Cap

Value

119,835,963

133,659,486

Small

Company

261,057,158

312,354,300

Real

Estate

224,262,479

238,396,092

Mid

Cap

Value

304,864,687

202,590,180

Equity

Funds

(II) -

December

31,

2025

-

Notes

to

Financial

Statements

-

8. #### New

#### Accounting

#### Pronouncements
On

September

20,

2023,

the

SEC

adopted

amendments

to

the

current

rule

regarding

registered

fund

names,

as

well

as

certain

forms

and

disclosure

requirements.

The

amendments

are

intended

to

modernize

and

enhance

the

investor

protections

provided

by

Rule

35d-1

under

the

1940

Act

given

the

important

information

that

fund

names

can

convey

to

investors.

Management

is

currently

evaluating

the

implications

of

the

new

rule

and

the

impact

on

the

Funds'

financial

statement

disclosures

and

reporting

requirements.

9. #### Recaptured

#### Brokerage

#### Commissions
The

Funds

have

entered

into

agreements

with

brokers

whereby

the

brokers

will

return

a

portion

of

the

Funds'

brokerage

commissions

on

behalf

of

certain

Funds.

Such

amounts,

under

such

agreements,

are

included

in

net

realized

gains

(losses)

from

transactions

in

investment

securities

presented

in

the

Funds'

Statements

of

Operations.

During

the year

ended

December

31,

2025,

the

Funds

recaptured

the

following

amounts

of

brokerage

commissions:

10. #### Federal

#### Tax

#### Information
The

tax

character

of

distributions

paid

during

the

year

ended December

31,

2025

was

as

follows:

#### Fund

#### Amount
Discovery

$

1,005

US

Quality

Equity

678

JL

Large

Cap

Core

JL

Large

Cap

Growth

Small

Cap

Value

3,935

Small

Company

Real

Estate

5,079

Mid

Cap

Value

10,255

#### Distributions

#### paid

#### from

#### Fund

#### Ordinary

#### Income\*

#### Net

#### Long-Term

#### Capital

#### Gains

#### Total

#### Taxable

#### Distributions

#### Return

#### of

#### Capital

#### Total

#### Distributions

#### Paid
Discovery

$

–

$

4,764,209

$

4,764,209

$

–

$

4,764,209

Equity

Dividend

16,164,304

14,176,604

30,340,908

–

30,340,908

US

Quality

Equity

1,557,755

2,997,768

4,555,523

–

4,555,523

Small

Cap

Growth

–

14,318,561

14,318,561

–

14,318,561

JL

Large

Cap

Core

15,073,475

14,780,244

29,853,719

–

29,853,719

JL

Large

Cap

Growth

41,196,080

37,721,882

78,917,962

–

78,917,962

Small

Cap

Value

8,008,529

8,078,151

16,086,680

–

16,086,680

Small

Company

10,410,896

19,069,107

29,480,003

–

29,480,003

Real

Estate

3,160,964

2,328,028

5,488,992

–

5,488,992

Mid

Cap

Value

9,842,305

18,216,803

28,059,108

–

28,059,108

\*

Ordinary

Income

amounts

include

taxable

market

discount

and

net

short-term

capital

gains,

if

any.

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Equity

Funds

(II) The

tax

character

of

distributions

paid

during

the

year

ended December

31,

2024

was

as

follows:

As

of

December

31,

2025,

the

components

of

accumulated

earnings/(deficit)

on

a

tax

basis

were

as

follows:

As

of

December

31,

2025,

the

tax

cost

of

investments

(including

derivative

contracts)

and

the

breakdown

of

unrealized

appreciation/

(depreciation)

for

each

Fund

was

as

follows:

As

of

December

31,

2025,

for

federal

income

tax

purposes,

the

Funds

have

capital

loss

carryforwards

available

to

offset

future

capital

gains,

if

any,

to

the

extent

provided

by

the

U.S.

Treasury

regulations

and

in

any

given

year

may

be

limited

due

to

large

shareholder

redemptions

or

contributions.

Capital

loss

carryforwards

do

not

expire.

The

following

table

represents

capital

loss

carryforwards

available

as

of

December

31,

2025. #### Distributions

#### paid

#### from

#### Fund

#### Ordinary

#### Income\*

#### Net

#### Long-Term

#### Capital

#### Gains

#### Total

#### Taxable

#### Distributions

#### Return

#### of

#### Capital

#### Total

#### Distributions

#### Paid
Discovery

$

–

$

–

$

–

$

–

$

–

Equity

Dividend

13,750,065

16,142,071

29,892,136

–

29,892,136

US

Quality

Equity

1,864,725

12,184,075

14,048,800

–

14,048,800

Small

Cap

Growth

–

–

–

–

–

JL

Large

Cap

Core

10,738,331

72,078,183

82,816,514

–

82,816,514

JL

Large

Cap

Growth

17,391,619

16,111,192

33,502,811

–

33,502,811

Small

Cap

Value

1,506,281

1,921,024

3,427,305

–

3,427,305

Small

Company

336,350

10,528,868

10,865,218

–

10,865,218

Real

Estate

4,691,693

217,259

4,908,952

–

4,908,952

Mid

Cap

Value

4,687,956

4,554,904

9,242,860

–

9,242,860

\*

Ordinary

Income

amounts

include

taxable

market

discount

and

net

short-term

capital

gains,

if

any.

#### Fund

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### Accumulated

#### Earnings

#### Distributions

#### Payable

#### Accumulated

#### Capital

#### and

#### Other

#### Losses

#### Unrealized

#### Appreciation/

#### (Depreciation)\*

#### Total

#### Accumulated

#### Earnings
(Deficit)

Discovery

$

–

$

26,950,377

$

26,950,377

$

–

$

–

$

108,618,560

$

135,568,937

Equity

Dividend

13,417,781

44,902,092

58,319,873

–

–

121,642,509

179,962,382

US

Quality

Equity

215,166

24,033,074

24,248,240

–

–

474,595

24,722,835

Small

Cap

Growth

–

10,052,232

10,052,232

–

–

62,874,506

72,926,738

JL

Large

Cap

Core

3,802,510

12,860,149

16,662,659

–

–

69,966,061

86,628,720

JL

Large

Cap

Growth

7,621,281

23,347,323

30,968,604

–

–

117,325,390

148,293,994

Small

Cap

Value

273,043

4,186,334

4,459,377

–

–

25,145,756

29,605,133

Small

Company

138,335

22,096,969

22,235,304

–

–

71,367,316

93,602,620

Real

Estate

665,721

7,446,721

8,112,442

–

–

40,237,998

48,350,440

Mid

Cap

Value

592,276

–

592,276

–

(4,297,507)

36,010,719

32,305,488

\*

The

difference

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

is

primarily

attributable

to

timing

differences

in

recognizing

certain

gains

and

losses

on

investment

transactions.

#### Fund

#### Tax

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation/
(Depreciation)

Discovery

$

351,499,940

$

122,813,355

$

(14,194,795)

$

108,618,560

Equity

Dividend

470,139,503

145,772,810

(24,150,950)

121,621,860

US

Quality

Equity

95,894,954

3,435,608

(2,961,013)

474,595

Small

Cap

Growth

200,233,149

66,315,376

(3,440,870)

62,874,506

JL

Large

Cap

Core

179,286,370

76,539,303

(6,573,242)

69,966,061

JL

Large

Cap

Growth

397,832,303

139,869,613

(22,544,223)

117,325,390

Small

Cap

Value

179,904,055

38,379,313

(13,233,557)

25,145,756

Small

Company

318,140,884

89,239,586

(17,872,271)

71,367,315

Real

Estate

151,504,517

43,843,651

(3,605,653)

40,237,998

Mid

Cap

Value

428,061,299

44,022,702

(8,012,334)

36,010,368

#### Fund

#### Amount
Mid

Cap

Value

$

(4,297,507)

Equity

Funds

(II) -

December

31,

2025

-

Notes

to

Financial

Statements

-

11. #### Subsequent

#### Events
On

December

10,

2025,

the

Board

of

Trustees

approved

the

termination

of

WCM

Investment

Management,

LLC

as

a

subadviser

to

the

NVIT

Multi-

Manager

Small

Cap

Value

Fund.

Jacobs

Levy

Equity

Management,

Inc.

will

continue

to

serve

as

the

Fund's

sole

subadviser.

The

change

will

be

effective

on

or

about

March

2,

2026

(the

"Effective

Date").

As

of

the

Effective

Date, the

Fund

will

be

renamed

"

NVIT

Small

Cap

Value

Fund".

Management

has

evaluated

the

impact

of

subsequent

events

on

the

Funds

and

has

determined

that

there

are

no

additional

subsequent

events

requiring

recognition

or

disclosure

in

the

financial

statements.

-

Report

of

Independent

Registered

Public

Accounting

Firm

-

December

31,

2025

-

Equity

Funds

(II) #### To

#### the

#### Board

#### of

#### Trustees

#### of

#### Nationwide

#### Variable

#### Insurance

#### Trust

#### and

#### Shareholders

#### of

#### NVIT

#### Allspring

#### Discovery

#### Fund,

#### NVIT

#### BlackRock

#### Equity

#### Dividend

#### Fund,

#### NVIT

#### GQG

#### US

#### Quality

#### Equity

#### Fund,

#### NVIT

#### Invesco

#### Small

#### Cap

#### Growth

#### Fund,

#### NVIT

#### Jacobs

#### Levy

#### Large

#### Cap

#### Core

#### Fund,

#### NVIT

#### Jacobs

#### Levy

#### Large

#### Cap

#### Growth

#### Fund,

#### NVIT

#### Multi-Manager

#### Small

#### Cap

#### Value

#### Fund,

#### NVIT

#### Multi-Manager

#### Small

#### Company

#### Fund,

#### NVIT

#### Real

#### Estate

#### Fund

#### and

#### NVIT

#### Victory

#### Mid

#### Cap

#### Value

#### Fund

#### Opinions

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

statements

of

investments,

of

NVIT

Allspring

Discovery

Fund,

NVIT

BlackRock

Equity

Dividend

Fund,

NVIT

GQG

US

Quality

Equity

Fund,

NVIT

Invesco

Small

Cap

Growth

Fund,

NVIT

Jacobs

Levy

Large

Cap

Core

Fund,

NVIT

Jacobs

Levy

Large

Cap

Growth

Fund,

NVIT

Multi-Manager

Small

Cap

Value

Fund,

NVIT

Multi-Manager

Small

Company

Fund,

NVIT

Real

Estate

Fund

and

NVIT

Victory

Mid

Cap

Value

Fund

(ten

of

the

funds

constituting

Nationwide

Variable

Insurance

Trust,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

December

31,

2025,

the

related

statements

of

operations

for

the

year

ended

December

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

December

31,

2025,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinions
These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

#### /s/PricewaterhouseCoopers

#### LLP

#### Philadelphia,

#### Pennsylvania

#### February

#### 20,

#### 2026
We

have

served

as

the

auditor

of

one

or

more

investment

companies

of

Nationwide

Funds,

which

includes

the

investment

companies

of

Nationwide

Variable

Insurance

Trust,

since

1997. Equity

Funds

(II) -

December

31,

2025

(Unaudited)

-

Supplemental

Information

-

#### Other

#### Federal

#### Tax

#### Information
For

the

year

ended

December

31,

2025, certain

dividends

paid

by

the

Funds

may

be

subject

to

a

maximum

tax

rate

of

20%

as

provided

for

by

the

Jobs

and

Growth

Tax

Relief

Reconciliation

Act

of

2003. The

Funds

intend

to

designate

the

maximum

amount

allowable

as

taxed

at

a

maximum

rate

of

15%.

Complete

information

will

be

reported

in

conjunction

with

your

2025

Form

1099-DIV.

For

the

taxable

year

ended

December

31,

2025,

the

following

percentages

of

income

dividends

paid

by

the

Funds

qualify

for

the

dividends

received

deduction

available

to

corporations:

The

Funds

designate

the

following

amounts,

or

the

maximum

amount

allowable

under

the

Internal

Revenue

Code,

as

long

term

capital

gain

distributions

qualifying

for

the

maximum

20%

income

tax

rate

for

individuals:

#### Fund

#### Dividends

#### Received

#### Deduction
Discovery

–

%

Equity

Dividend

40.22 US

Quality

Equity

95.90 Small

Cap

Growth

–

JL

Large

Cap

Core

19.25 JL

Large

Cap

Growth

4.13 Small

Cap

Value

23.31 Small

Company

29.80 Real

Estate

0.72 Mid

Cap

Value

59.30 #### Fund

#### Amount
Discovery

$

4,764,209

Equity

Dividend

14,176,604

US

Quality

Equity

2,997,768

Small

Cap

Growth

14,318,561

JL

Large

Cap

Core

14,780,244

JL

Large

Cap

Growth

37,721,882

Small

Cap

Value

8,078,151

Small

Company

19,069,107

Real

Estate

2,328,028

Mid

Cap

Value

18,216,803

P.O.

Box

701

Milwaukee,

WI

53201-0701

#### nationwide.com/mutualfunds
NAR-CEQ-2

(2-26)

#### Annual

#### Financial

#### Statements
December

31,

2025

Nationwide

Variable

Insurance

Trust

1940

Act

Funds

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

NVIT

GS

International

Equity

Insights

Fund

NVIT

GS

Large

Cap

Equity

Fund

NVIT

GS

Small

Cap

Equity

Insights

Fund

NVIT

U.S.

130/30

Equity

Fund

#### IMPORTANT

#### INFORMATION
If

you

wish

to

receive

reports

and

other

Fund

documents

via

eDelivery

you

may

choose

this

option

by:

-

Calling

1-800-848-6331

-

Logging

into

your

account

at

https://www.nationwide.com/personal/investing/mutual-funds/

and

choosing

'Log

in',

or

by

contacting

your

financial

intermediary

(such

as

a

broker-dealer

or

bank).

You

can

access

the

full

report

and

other

details

online

at

https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html

Nationwide

Funds®

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.

Copies

of

the

first

and

third-quarter

holdings

are

available

with

the

Fund's

regulatory

documents

at

https://www.nationwide.com/mutual-funds-prospectuses.jsp.

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

N-MFP

are

available

on

the

SEC's

website

at

http://www.sec.gov

.

Forms

N-PORT

and

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

1-800-SEC-0330.

The

Trust

also

makes

this

information

available

to

investors

on

https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html

or

upon

request

without

charge.

Statement

Regarding

Availability

of

Proxy

Voting

Record

Federal

law

requires

the

Trust

and

each

of

its

investment

advisers

and

subadvisers

to

adopt

procedures

for

voting

proxies

(the

"Proxy

Voting

Guidelines")

and

to

provide

a

summary

of

those

Proxy

Voting

Guidelines

used

to

vote

the

securities

held

by

a

Fund.

The

Funds'

proxy

voting

policies

and

procedures,

as

well

as

information

regarding

how

the

Funds

voted

for

proxies

relating

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

is

available:

-

By

calling

1-800-848-0920

-

On

the

Fund's

website

at

https://www.nationwide.com/personal/investing/mutual-funds/proxy-voting/

-

On

the

SEC's

website

at

http://www.sec.gov

Funds

are

required

to

disclose

proxy

votes

using

the

issuer's

proxy

card

language

and

order,

categorize

votes

by

topic,

and

report

shares

voted

versus

shares

loaned

but

not

recalled.

#### Before

#### purchasing

#### a

#### variable

#### annuity,

#### 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

#### 1-800-848-6331.

#### Read

#### the

#### prospectus

#### carefully

#### before

#### making

#### a

#### purchase.
Variable

annuities

are

issued

by

Nationwide

Life

Insurance

Company,

Columbus,

Ohio.

The

Nationwide

Variable

Insurance

Trust

(NVIT)

Funds

are

distributed

by

Nationwide

Fund

Distributors

LLC

(NFD),

member

FINRA,

Columbus,

Ohio.

NFD

is

not

affiliated

with

any

subadviser

contracted

by

Nationwide

Fund

Advisors,

except

for

Nationwide

Asset

Management,

LLC,

and

is

not

affiliated

with

Morningstar,

Inc.

Nationwide,

the

Nationwide

N

and

Eagle,

and

Nationwide

is

on

your

side

are

service

marks

of

Nationwide

Mutual

Insurance

Company.©2026

Nationwide

Table

of

Contents

#### Statements

#### of

#### Investments

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Statements

#### of

#### Operations

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets

#### Financial

#### Highlights

#### Notes

#### to

#### Financial

#### Statements

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

#### Supplemental

#### Information

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

#### Common

#### Stocks

#### 99

#### .3

#### %

#### Shares

#### Value

#### ($)

#### AUSTRALIA

#### 0

#### .5

#### %

#### Metals

#### &

#### Mining

#### 0

#### .5

#### %
Anglogold

Ashanti

plc

25,193

2,164,014

#### BELGIUM

#### 0

#### .7

#### %

#### Electrical

#### Equipment

#### 0

#### .2

#### %
Cenergy

Holdings

SA

45,153

795,204

#### Metals

#### &

#### Mining

#### 0

#### .5

#### %
Viohalco

SA

131,045

1,828,325

2,623,529

#### BRAZIL

#### 4

#### .2

#### %

#### Banks

#### 1

#### .8

#### %
Banco

ABC

Brasil

SA

(Preference)

\*

112,100

483,165

Banco

Bradesco

SA,

ADR

(a) 1,127,900

3,755,907

Banco

Bradesco

SA

681,300

1,925,874

Banco

do

Brasil

SA

242,700

954,895

7,119,841

#### Electric

#### Utilities

#### 0

#### .9

#### %
Cia

Energetica

de

Minas

Gerais,

ADR

(a) 908,171

1,816,342

Transmissora

Alianca

de

Energia

Eletrica

SA

239,800

1,839,543

3,655,885

#### Ground

#### Transportation

#### 0

#### .1

#### %
Tegma

Gestao

Logistica

SA

14,600

98,341

Vamos

Locacao

de

Caminhoes

Maquinas

e

Equipamentos

SA

\*

382,800

224,628

322,969

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0

#### .1

#### %
Rede

D'Or

Sao

Luiz

SA

Reg.

S

(b) 70,300

520,573

#### Household

#### Durables

#### 0

#### .1

#### %
Cury

Construtora

e

Incorporadora

SA

18,900

111,120

Even

Construtora

e

Incorporadora

S/A

129,200

183,178

294,298

#### Metals

#### &

#### Mining

#### 0

#### .9

#### %
Vale

SA,

Class

B,

ADR

290,500

3,785,215

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0

#### .1

#### %
Petroleo

Brasileiro

SA,

ADR

35,850

424,823

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0

#### .0

#### %

#### †
JHSF

Participacoes

SA

62,600

90,000

#### Transportation

#### Infrastructure

#### 0

#### .1

#### %
Motiva

Infraestrutura

de

Mobilidade

SA

181,400

496,426

#### Water

#### Utilities

#### 0

#### .1

#### %
Cia

De

Sanena

Do

Parana

46,300

338,733

17,048,763

#### CHILE

#### 0

#### .7

#### %

#### Banks

#### 0

#### .4

#### %
Banco

de

Chile

7,014,756

1,338,288

#### Broadline

#### Retail

#### 0

#### .0

#### %

#### †
Ripley

Corp.

SA

301,905

140,532

#### Industrial

#### Conglomerates

#### 0

#### .3

#### %
Quinenco

SA

201,175

973,797

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### CHILE

#### Marine

#### Transportation

#### 0

#### .0

#### %

#### †
Cia

Sud

Americana

de

Vapores

SA

3,285,659

169,945

2,622,562

#### CHINA

#### 26

#### .6

#### %

#### Automobile

#### Components

#### 0

#### .6

#### %
Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

H

Reg.

S

(b) 69,200

596,676

Huayu

Automotive

Systems

Co.

Ltd.,

Class

A

649,986

1,860,507

2,457,183

#### Automobiles

#### 1

#### .4

#### %
BYD

Co.

Ltd.,

Class

H

96,500

1,175,078

Geely

Automobile

Holdings

Ltd.

813,000

1,866,073

Yadea

Group

Holdings

Ltd.

Reg.

S

(b) 1,460,000

2,130,295

Zhejiang

Leapmotor

Technology

Co.

Ltd.,

Class

H

Reg.

S

\*(b)

102,100

633,228

5,804,674

#### Banks

#### 1

#### .9

#### %
Agricultural

Bank

of

China

Ltd.,

Class

H

497,000

368,635

Bank

of

Shanghai

Co.

Ltd.,

Class

A

47,980

69,343

China

Construction

Bank

Corp.,

Class

H

4,388,000

4,324,531

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

3,437,000

2,784,913

7,547,422

#### Biotechnology

#### 0

#### .3

#### %
3SBio,

Inc.

Reg.

S

\*(b)

210,500

653,121

Innovent

Biologics,

Inc.

Reg.

S

\*(b)

39,500

384,927

1,038,048

#### Broadline

#### Retail

#### 2

#### .9

#### %
Alibaba

Group

Holding

Ltd.

562,300

10,290,877

JD.com,

Inc.,

Class

A

18,350

263,240

PDD

Holdings,

Inc.,

ADR

\*

10,480

1,188,327

11,742,444

#### Capital

#### Markets

#### 0

#### .6

#### %
China

Galaxy

Securities

Co.

Ltd.,

Class

H

700,000

897,750

China

International

Capital

Corp.

Ltd.,

Class

H

Reg.

S

(b) 282,400

706,060

SooChow

Securities

Co.

Ltd.,

Class

A

634,150

822,205

2,426,015

#### Chemicals

#### 0

#### .1

#### %
Shanghai

Putailai

New

Energy

Technology

Group

Co.

Ltd.,

Class

A

118,550

462,203

Zhejiang

Longsheng

Group

Co.

Ltd.,

Class

A

88,900

135,621

597,824

#### Construction

#### &

#### Engineering

#### 0

#### .4

#### %
China

Conch

Venture

Holdings

Ltd.

130,500

157,619

Sinopec

Engineering

Group

Co.

Ltd.,

Class

H

1,669,500

1,643,172

1,800,791

#### Electrical

#### Equipment

#### 1

#### .7

#### %
Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

55,400

2,900,313

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### CHINA

#### Electrical

#### Equipment
Goldwind

Science

&

Technology

Co.

Ltd.,

Class

H

309,200

530,728

Harbin

Electric

Co.

Ltd.,

Class

H

390,000

826,817

Sun

King

Technology

Group

Ltd.

844,000

207,661

Sungrow

Power

Supply

Co.

Ltd.,

Class

A

42,000

1,023,146

TBEA

Co.

Ltd.,

Class

A

223,510

710,887

Zhejiang

Chint

Electrics

Co.

Ltd.,

Class

A

131,000

522,902

6,722,454

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0

#### .1

#### %
AAC

Technologies

Holdings,

Inc.

75,000

374,732

#### Energy

#### Equipment

#### &

#### Services

#### 0

#### .0

#### %

#### †
Anton

Oilfield

Services

Group

896,000

91,956

#### Entertainment

#### 0

#### .5

#### %
NetEase,

Inc.

74,300

2,044,668

#### Financial

#### Services

#### 0

#### .1

#### %
China

Development

Bank

Financial

Leasing

Co.

Ltd.,

Class

H

Reg.

S

(b) 1,106,000

244,429

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0

#### .9

#### %
H

World

Group

Ltd.

30,500

144,077

H

World

Group

Ltd.,

ADR

(a) 24,200

1,138,610

Meituan,

Class

B

Reg.

S

\*(b)

13,860

182,892

Trip.com

Group

Ltd.

28,000

2,008,544

3,474,123

#### Household

#### Durables

#### 0

#### .2

#### %
Haier

Smart

Home

Co.

Ltd.,

Class

H

264,000

820,426

TCL

Electronics

Holdings

Ltd.

\*

53,000

70,654

891,080

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0

#### .4

#### %
Huaneng

Power

International,

Inc.,

Class

H

1,180,000

868,052

Shenergy

Co.

Ltd.,

Class

A

653,600

727,680

1,595,732

#### Insurance

#### 1

#### .9

#### %
China

Life

Insurance

Co.

Ltd.,

Class

H

255,000

891,237

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

A

219,200

1,312,479

People's

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

H

1,390,000

1,201,403

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

1,676,000

3,513,914

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

A

76,000

743,064

7,662,097

#### Interactive

#### Media

#### &

#### Services

#### 5

#### .9

#### %
Kuaishou

Technology

Reg.

S

(b) 205,000

1,670,849

Tencent

Holdings

Ltd.

285,500

21,877,075

23,547,924

#### Machinery

#### 0

#### .9

#### %
Lonking

Holdings

Ltd.

3,229,000

1,225,646

Sany

Heavy

Equipment

International

Holdings

Co.

Ltd.

469,000

521,086

Sany

Heavy

Industry

Co.

Ltd.,

Class

A

115,100

347,572

Weichai

Power

Co.

Ltd.,

Class

A

373,000

914,012

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### CHINA

#### Machinery
Weichai

Power

Co.

Ltd.,

Class

H

81,000

194,947

Zhuzhou

CRRC

Times

Electric

Co.

Ltd.,

Class

H

49,600

239,166

3,442,429

#### Metals

#### &

#### Mining

#### 3

#### .7

#### %
Baoshan

Iron

&

Steel

Co.

Ltd.,

Class

A

392,223

417,833

China

Gold

International

Resources

Corp.

Ltd.

9,400

188,756

China

Hongqiao

Group

Ltd.

851,500

3,538,386

China

Nonferrous

Mining

Corp.

Ltd.

98,000

184,146

China

Oriental

Group

Co.

Ltd.

1,604,000

269,989

CMOC

Group

Ltd.,

Class

H

351,000

863,815

Jiangxi

Copper

Co.

Ltd.,

Class

H

389,000

2,133,170

Western

Mining

Co.

Ltd.,

Class

A

181,400

714,838

Zhaojin

Mining

Industry

Co.

Ltd.,

Class

H

100,000

393,398

Zijin

Mining

Group

Co.

Ltd.,

Class

A

537,350

2,639,250

Zijin

Mining

Group

Co.

Ltd.,

Class

H

768,000

3,471,402

14,814,983

#### Pharmaceuticals

#### 1

#### .2

#### %
China

Shineway

Pharmaceutical

Group

Ltd.

128,000

141,244

Consun

Pharmaceutical

Group

Ltd.

648,000

1,298,111

CSPC

Pharmaceutical

Group

Ltd.

1,164,000

1,256,443

Simcere

Pharmaceutical

Group

Ltd.

Reg.

S

(b) 184,000

282,042

Sino

Biopharmaceutical

Ltd.

2,425,000

1,921,053

4,898,893

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0

#### .1

#### %
Shenzhen

Goodix

Technology

Co.

Ltd.,

Class

A

22,400

252,430

TongFu

Microelectronics

Co.

Ltd.,

Class

A

47,800

257,096

509,526

#### Specialty

#### Retail

#### 0

#### .2

#### %
Pop

Mart

International

Group

Ltd.

Reg.

S

(b) 10,800

259,155

Topsports

International

Holdings

Ltd.

Reg.

S

(b) 1,204,000

449,440

708,595

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0

#### .3

#### %
Xiaomi

Corp.,

Class

B

Reg.

S

\*(b)

221,200

1,116,410

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0

#### .2

#### %
Li

Ning

Co.

Ltd.

390,000

933,811

#### Transportation

#### Infrastructure

#### 0

#### .1

#### %
Qingdao

Port

International

Co.

Ltd.,

Class

H

Reg.

S

(b) 419,000

373,565

Qinhuangdao

Port

Co.

Ltd.,

Class

H

265,500

90,328

463,893

106,952,136

#### COLOMBIA

#### 0

#### .1

#### %

#### Banks

#### 0

#### .1

#### %
Grupo

Cibest

SA,

ADR

4,342

276,195

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### CZECH

#### REPUBLIC

#### 0

#### .2

#### %

#### Banks

#### 0

#### .2

#### %
Komercni

Banka

A/S

17,714

1,001,038

#### HONG

#### KONG

#### 0

#### .9

#### %

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0

#### .3

#### %
Wasion

Holdings

Ltd.

620,000

1,364,706

#### Food

#### Products

#### 0

#### .5

#### %
WH

Group

Ltd.

Reg.

S

(b) 1,818,500

2,024,583

#### Household

#### Durables

#### 0

#### .1

#### %
Skyworth

Group

Ltd.

\*

400,000

240,889

3,630,178

#### INDIA

#### 15

#### .3

#### %

#### Automobile

#### Components

#### 0

#### .2

#### %
Bharat

Forge

Ltd.

6,039

98,801

Bosch

Ltd.

1,486

595,853

694,654

#### Automobiles

#### 1

#### .8

#### %
Eicher

Motors

Ltd.

13,751

1,118,116

Mahindra

&

Mahindra

Ltd.

57,983

2,393,243

Maruti

Suzuki

India

Ltd.

10,586

1,967,930

Tata

Motors

Passenger

Vehicles

Ltd.

262,576

1,072,043

TVS

Motor

Co.

Ltd.

10,420

430,942

6,982,274

#### Banks

#### 4

#### .3

#### %
Bank

of

Baroda

86,756

285,626

Bank

of

India

395,262

632,644

Canara

Bank

343,616

592,278

HDFC

Bank

Ltd.

691,267

7,638,531

ICICI

Bank

Ltd.,

ADR

198,617

5,918,786

Punjab

National

Bank

135,385

186,160

State

Bank

of

India

144,845

1,582,935

16,836,960

#### Biotechnology

#### 0

#### .2

#### %
Biocon

Ltd.

222,022

973,002

#### Capital

#### Markets

#### 0

#### .1

#### %
HDFC

Asset

Management

Co.

Ltd.

Reg.

S

(b) 11,776

350,098

Motilal

Oswal

Financial

Services

Ltd.

21,049

199,948

550,046

#### Construction

#### &

#### Engineering

#### 0

#### .4

#### %
Larsen

&

Toubro

Ltd.

38,639

1,755,604

#### Consumer

#### Finance

#### 0

#### .4

#### %
Muthoot

Finance

Ltd.

31,212

1,323,686

Shriram

Finance

Ltd.

38,033

421,576

1,745,262

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .4

#### %
Indus

Towers

Ltd.

\*

320,453

1,493,579

#### Electric

#### Utilities

#### 0

#### .2

#### %
Power

Grid

Corp.

of

India

Ltd.

276,986

814,800

#### Electrical

#### Equipment

#### 0

#### .6

#### %
GE

Vernova

T&D

India

Ltd.

23,643

827,394

Graphite

India

Ltd.

46,445

331,211

Hitachi

Energy

India

Ltd.

4,678

953,154

Polycab

India

Ltd.

1,170

99,184

Siemens

Energy

India

Ltd.

\*

9,119

259,746

2,470,689

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### INDIA

#### Financial

#### Services

#### 0

#### .1

#### %
Power

Finance

Corp.

Ltd.

130,500

517,490

#### Food

#### Products

#### 0

#### .0

#### %

#### †
Avanti

Feeds

Ltd.

8,769

81,393

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0

#### .1

#### %
NTPC

Ltd.

146,510

536,973

#### Insurance

#### 0

#### .0

#### %

#### †
Life

Insurance

Corp.

of

India

13,677

130,091

#### IT

#### Services

#### 0

#### .5

#### %
Coforge

Ltd.

4,619

85,483

Infosys

Ltd.,

ADR

(a) 96,022

1,711,113

Persistent

Systems

Ltd.

1,342

93,499

1,890,095

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0

#### .0

#### %

#### †
Syngene

International

Ltd.

Reg.

S

(b) 22,819

165,124

#### Machinery

#### 0

#### .9

#### %
Cummins

India

Ltd.

55,225

2,732,523

Jamna

Auto

Industries

Ltd.

346,210

487,567

Tata

Motors

Ltd.

\*

81,943

378,811

3,598,901

#### Metals

#### &

#### Mining

#### 0

#### .7

#### %
Hindalco

Industries

Ltd.

281,010

2,772,767

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 2

#### .0

#### %
Bharat

Petroleum

Corp.

Ltd.

564,024

2,409,883

Indian

Oil

Corp.

Ltd.

1,699,936

3,148,476

Petronet

LNG

Ltd.

6,809

21,523

Reliance

Industries

Ltd.

109,310

1,907,959

7,487,841

#### Passenger

#### Airlines

#### 0

#### .1

#### %
InterGlobe

Aviation

Ltd.

Reg.

S

(b) 5,024

282,821

#### Pharmaceuticals

#### 0

#### .8

#### %
JB

Chemicals

&

Pharmaceuticals

Ltd.

19,048

385,137

Laurus

Labs

Ltd.

Reg.

S

(b) 125,487

1,545,813

Lupin

Ltd.

5,481

128,480

Pfizer

Ltd.

1,886

104,456

Zydus

Lifesciences

Ltd.

110,790

1,129,959

3,293,845

#### Tobacco

#### 0

#### .0

#### %

#### †
ITC

Ltd.

34,302

153,955

#### Wireless

#### Telecommunication

#### Services

#### 1

#### .5

#### %
Bharti

Airtel

Ltd.

264,933

6,215,093

61,443,259

#### INDONESIA

#### 0

#### .6

#### %

#### Banks

#### 0

#### .1

#### %
Bank

CIMB

Niaga

Tbk.

PT

2,311,300

248,105

#### Chemicals

#### 0

#### .1

#### %
Chandra

Asri

Pacific

Tbk.

PT

545,600

229,021

#### Food

#### Products

#### 0

#### .2

#### %
Bumitama

Agri

Ltd.

854,300

897,250

#### Media

#### 0

#### .1

#### %
Elang

Mahkota

Teknologi

Tbk.

PT

15,194,200

988,553

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### INDONESIA

#### Metals

#### &

#### Mining

#### 0

#### .1

#### %
Trimegah

Bangun

Persada

Tbk.

PT

3,064,900

206,739

2,569,668

#### MEXICO

#### 1

#### .9

#### %

#### Banks

#### 0

#### .5

#### %
Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

227,878

2,112,562

#### Construction

#### Materials

#### 0

#### .2

#### %
Cemex

SAB

de

CV,

ADR

72,190

829,463

#### Metals

#### &

#### Mining

#### 1

#### .1

#### %
Grupo

Mexico

SAB

de

CV

Series B

369,405

3,487,988

Industrias

Penoles

SAB

de

CV

\*

13,300

699,244

4,187,232

#### Passenger

#### Airlines

#### 0

#### .0

#### %

#### †
Controladora

Vuela

Cia

de

Aviacion

SAB

de

CV,

ADR

\*

17,460

155,045

#### Transportation

#### Infrastructure

#### 0

#### .1

#### %
Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

ADR

64,033

Promotora

y

Operadora

de

Infraestructura

SAB

de

CV

12,047

178,850

242,883

7,527,185

#### PHILIPPINES

#### 0

#### .5

#### %

#### Banks

#### 0

#### .2

#### %
Metropolitan

Bank

&

Trust

Co.

980,600

1,141,748

#### Transportation

#### Infrastructure

#### 0

#### .3

#### %
International

Container

Terminal

Services,

Inc.

107,720

1,032,847

2,174,595

#### POLAND

#### 1

#### .0

#### %

#### Banks

#### 0

#### .0

#### %

#### †
Bank

Millennium

SA

\*

29,411

135,815

#### Electric

#### Utilities

#### 0

#### .1

#### %
PGE

Polska

Grupa

Energetyczna

SA

\*

237,395

580,602

#### Insurance

#### 0

#### .1

#### %
Powszechny

Zaklad

Ubezpieczen

SA

32,552

602,425

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0

#### .8

#### %
ORLEN

SA

103,681

2,764,378

4,083,220

#### QATAR

#### 0

#### .7

#### %

#### Banks

#### 0

#### .4

#### %
Qatar

International

Islamic

Bank

QSC

262,196

822,116

Qatar

National

Bank

QPSC

88,002

450,983

1,273,099

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .2

#### %
Ooredoo

QPSC

254,394

908,539

#### Wireless

#### Telecommunication

#### Services

#### 0

#### .1

#### %
Vodafone

Qatar

PQSC

893,232

596,699

2,778,337

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### RUSSIA

#### 0

#### .0

#### %

#### †

#### Banks

#### 0

#### .0

#### %

#### †
Sberbank

of

Russia

PJSC

\*^∞

819,980

VTB

Bank

PJSC

\*^∞

109,749

#### Chemicals

#### 0

#### .0

#### %

#### †
PhosAgro

PJSC

\*^∞

7,500

PhosAgro

PJSC,

GDR

Reg.

S

\*^∞

#### SAUDI

#### ARABIA

#### 3

#### .4

#### %

#### Banks

#### 2

#### .4

#### %
Al

Rajhi

Bank

48,473

1,260,067

Arab

National

Bank

217,646

1,253,668

Banque

Saudi

Fransi

114,414

512,674

Riyad

Bank

570,871

4,130,030

Saudi

Awwal

Bank

221,757

1,912,321

Saudi

National

Bank

(The)

89,595

904,610

9,973,370

#### Construction

#### &

#### Engineering

#### 0

#### .3

#### %
Al

Babtain

Power

&

Telecommunication

Co.

59,768

1,025,481

#### Electrical

#### Equipment

#### 0

#### .3

#### %
Riyadh

Cables

Group

Co.

31,333

1,089,159

#### Metals

#### &

#### Mining

#### 0

#### .3

#### %
Arabian

Pipes

Co.

318,333

401,453

Saudi

Arabian

Mining

Co.

\*

43,851

712,595

1,114,048

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0

#### .1

#### %
Saudi

Arabian

Oil

Co.

Reg.

S

(b) 78,579

499,251

13,701,309

#### SOUTH

#### AFRICA

#### 3

#### .1

#### %

#### Broadline

#### Retail

#### 0

#### .9

#### %
Naspers

Ltd.,

Class

N

56,988

3,785,170

#### Financial

#### Services

#### 0

#### .7

#### %
FirstRand

Ltd.

543,790

2,974,671

#### Insurance

#### 0

#### .1

#### %
Momentum

Group

Ltd.

153,216

353,864

Old

Mutual

Ltd.

114,581

103,110

456,974

#### Metals

#### &

#### Mining

#### 1

#### .4

#### %
DRDGOLD

Ltd.

166,381

521,982

Gold

Fields

Ltd.,

ADR

93,922

4,100,636

Northam

Platinum

Holdings

Ltd.

20,261

414,108

5,036,726

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0

#### .0

#### %

#### †
Exxaro

Resources

Ltd.

8,486

91,793

12,345,334

#### SOUTH

#### KOREA

#### 14

#### .2

#### %

#### Air

#### Freight

#### &

#### Logistics

#### 0

#### .3

#### %
Hyundai

Glovis

Co.

Ltd.

10,958

1,370,113

#### Automobile

#### Components

#### 0

#### .2

#### %
Hankook

&

Co.

Co

Ltd.

∞

12,628

229,172

Hyundai

Mobis

Co.

Ltd.

1,995

516,920

Nexen

Tire

Corp.

19,939

103,777

849,869

#### Banks

#### 0

#### .9

#### %
KB

Financial

Group,

Inc.

25,653

2,217,653

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### SOUTH

#### KOREA

#### Banks
Shinhan

Financial

Group

Co.

Ltd.

23,130

1,234,328

3,451,981

#### Biotechnology

#### 0

#### .3

#### %
Alteogen,

Inc.

\*

1,475

458,830

Samsung

Episholdings

Co.

Ltd.

\*

1,116

575,605

1,034,435

#### Capital

#### Markets

#### 0

#### .1

#### %
Daou

Technology,

Inc.

10,195

272,004

#### Electric

#### Utilities

#### 0

#### .1

#### %
Korea

Electric

Power

Corp.

\*

15,223

494,785

#### Electrical

#### Equipment

#### 0

#### .4

#### %
Bosung

Power

Technology

Co.

Ltd.

\*

71,572

255,625

Ecopro

Co.

Ltd.

2,793

174,164

HD

Hyundai

Electric

Co.

Ltd.

1,203

647,268

LS

Corp.

2,811

386,751

1,463,808

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0

#### .2

#### %
Mcnex

Co.

Ltd.

36,860

738,291

#### Household

#### Durables

#### 0

#### .1

#### %
LG

Electronics,

Inc.

(Preference)

11,434

382,868

#### Interactive

#### Media

#### &

#### Services

#### 0

#### .0

#### %

#### †
NAVER

Corp.

633

106,069

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0

#### .4

#### %
Samsung

Biologics

Co.

Ltd.

Reg.

S

\*(b)

1,487

1,742,273

#### Machinery

#### 1

#### .5

#### %
Hanwha

Engine

\*

22,890

678,392

HD

Hyundai

Heavy

Industries

Co.

Ltd.

814

286,315

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

7,043

1,990,972

Samsung

Heavy

Industries

Co.

Ltd.

\*

149,376

2,479,577

SNT

Energy

Co.

Ltd.

15,583

393,926

5,829,182

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0

#### .3

#### %
HD

Hyundai

Co.

Ltd.

8,828

1,145,779

#### Pharmaceuticals

#### 0

#### .4

#### %
Yuhan

Corp.

\*

19,834

1,544,807

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 3

#### .3

#### %
D.I

Corp.

\*

9,583

142,332

DB

HiTek

Co.

Ltd.

11,981

557,540

LEENO

Industrial,

Inc.

\*

4,523

188,207

LOT

Vacuum

Co.

Ltd.

\*

18,280

157,526

SK

hynix,

Inc.

25,394

11,499,048

TES

Co.

Ltd.

10,420

318,667

WONIK

IPS

Co.

Ltd.

\*

6,691

310,659

13,173,979

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 5

#### .7

#### %
Samsung

Electronics

Co.

Ltd.

253,907

21,161,701

Samsung

Electronics

Co.

Ltd.

(Preference)

35,481

2,177,414

23,339,115

56,939,358

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### TAIWAN

#### 20

#### .3

#### %

#### Communications

#### Equipment

#### 0

#### .0

#### %

#### †
EZconn

Corp.

3,000

128,320

#### Construction

#### &

#### Engineering

#### 0

#### .4

#### %
United

Integrated

Services

Co.

Ltd.

56,000

1,679,943

#### Electrical

#### Equipment

#### 0

#### .2

#### %
Hong

TAI

Electric

Industrial

264,000

289,033

HUA

ENG

Wire

&

Cable

Co.

Ltd.

207,000

252,649

Wonderful

Hi-Tech

Co.

Ltd.

46,000

63,773

605,455

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 4

#### .1

#### %
ACES

Electronic

Co.

Ltd.

78,000

154,039

Argosy

Research,

Inc.

29,000

146,276

Channel

Well

Technology

Co.

Ltd.

183,000

405,293

Chunghwa

Precision

Test

Tech

Co.

Ltd.

14,000

1,006,316

Compeq

Manufacturing

Co.

Ltd.

496,000

1,469,646

Delta

Electronics,

Inc.

80,000

2,434,200

Eson

Precision

Ind

Co.

Ltd.

39,000

95,068

Gold

Circuit

Electronics

Ltd.

19,000

412,941

Holy

Stone

Enterprise

Co.

Ltd.

116,000

375,292

Hon

Hai

Precision

Industry

Co.

Ltd.

508,000

3,690,988

Ichia

Technologies,

Inc.

296,000

590,708

Kaimei

Electronic

Corp.

90,000

260,198

Lelon

Electronics

Corp.

308,000

1,044,095

New

Era

Electronics

Co.

Ltd.

174,000

324,908

Sea

Sonic

Electronics

Co.

Ltd.

107,000

231,567

Simplo

Technology

Co.

Ltd.

72,000

822,266

TA-I

Technology

Co.

Ltd.

225,000

408,559

TPK

Holding

Co.

Ltd.

106,000

136,292

Tripod

Technology

Corp.

185,000

1,856,733

Unimicron

Technology

Corp.

45,000

312,618

Zhen

Ding

Technology

Holding

Ltd.

32,000

143,382

16,321,385

#### Insurance

#### 0

#### .2

#### %
Cathay

Financial

Holding

Co.

Ltd.

284,000

683,509

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 14

#### .6

#### %
ADATA

Technology

Co.

Ltd.

46,000

402,818

Alchip

Technologies

Ltd.

6,000

670,254

AP

Memory

Technology

Corp.

18,000

256,643

Ardentec

Corp.

167,000

657,133

ASE

Technology

Holding

Co.

Ltd.

76,000

602,493

Contrel

Technology

Co.

Ltd.

98,000

146,653

Keystone

Microtech

Corp.

12,000

157,609

King

Yuan

Electronics

Co.

Ltd.

113,000

890,086

MediaTek,

Inc.

36,000

1,631,217

Powertech

Technology,

Inc.

174,000

948,099

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

1,050,000

51,296,045

Topco

Scientific

Co.

Ltd.

66,000

611,251

Win

Semiconductors

Corp.

42,000

243,424

ZillTek

Technology

Corp.

63,000

363,758

58,877,483

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0

#### .8

#### %
Asia

Vital

Components

Co.

Ltd.

30,000

1,426,609

Asustek

Computer,

Inc.

109,000

1,890,408

3,317,017

81,613,112

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### THAILAND

#### 1

#### .6

#### %

#### Banks

#### 0

#### .9

#### %
Kiatnakin

Phatra

Bank

PCL

42,400

91,321

Krung

Thai

Bank

PCL

2,527,600

2,260,764

SCB

X

PCL

281,400

1,237,070

3,589,155

#### Food

#### Products

#### 0

#### .5

#### %
Charoen

Pokphand

Foods

PCL

2,775,900

1,920,687

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0

#### .0

#### %

#### †
Bumrungrad

Hospital

PCL

26,500

132,471

#### Wireless

#### Telecommunication

#### Services

#### 0

#### .2

#### %
Advanced

Info

Service

PCL

61,300

607,066

6,249,379

#### TURKEY

#### 0

#### .9

#### %

#### Banks

#### 0

#### .1

#### %
Turkiye

Garanti

Bankasi

A/S

90,687

303,854

#### Construction

#### &

#### Engineering

#### 0

#### .1

#### %
Enka

Insaat

ve

Sanayi

A/S

296,459

545,430

#### Diversified

#### REITs

#### 0

#### .0

#### %

#### †
Torunlar

Gayrimenkul

Yatirim

Ortakligi

A/S

84,405

145,688

#### Metals

#### &

#### Mining

#### 0

#### .2

#### %
Borusan

Birlesik

Boru

Fabrikalari

Sanayi

ve

Ticaret

A/S

\*

38,898

503,671

CVK

Maden

Isletmeleri

Sanayi

ve

Ticaret

A/S

\*

312,543

192,850

Iskenderun

Demir

ve

Celik

A/S

189,621

155,996

Kocaer

Celik

Sanayi

ve

Ticaret

A/S

253,207

62,349

914,866

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0

#### .5

#### %
Turkiye

Petrol

Rafinerileri

A/S

394,752

1,698,359

3,608,197

#### UNITED

#### ARAB

#### EMIRATES

#### 1

#### .4

#### %

#### Banks

#### 1

#### .1

#### %
Abu

Dhabi

Commercial

Bank

PJSC

586,070

2,282,072

Abu

Dhabi

Islamic

Bank

PJSC

147,272

832,481

Dubai

Islamic

Bank

PJSC

219,203

552,513

Emirates

NBD

Bank

PJSC

83,749

635,078

4,302,144

#### Construction

#### &

#### Engineering

#### 0

#### .2

#### %
NMDC

Group

PJSC

19,673

108,739

Orascom

Construction

plc

Reg.

S

57,129

514,969

623,708

#### Industrial

#### Conglomerates

#### 0

#### .1

#### %
Dubai

Investments

PJSC

546,778

532,977

5,458,829

#### UNITED

#### STATES

#### 0

#### .5

#### %

#### Biotechnology

#### 0

#### .5

#### %
BeOne

Medicines

Ltd.,

Class

H

\*

90,600

2,105,323

#### Total

#### Common

#### Stocks

#### (cost

#### $300,901,875)

#### 398,915,520

#### Rights

#### 0

#### .0

#### %

#### †

#### Number

#### of

#### Rights

#### Value

#### ($)

#### BRAZIL

#### 0

#### .0

#### %

#### †

#### Banks

#### 0

#### .0

#### %

#### †
Banco

ABC

Brasil

SA,

expiring

02/02/26\*∞

7,410

5,412

#### Total

#### Rights

#### (cost

#### $0)

#### 5,412

#### Repurchase

#### Agreements

#### 0

#### .8

#### %

#### Principal

#### Amount

#### ($)
Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$2,160,461,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$2,203,200.(c)

(d) 2,160,000

2,160,000

Pershing

LLC,

3.72%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$1,000,207,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

2/15/2026

-

12/20/2075;

total

market

value

$1,020,000.(c)

(d) 1,000,000

1,000,000

#### Total

#### Repurchase

#### Agreements

#### (cost

#### $3,160,000)

#### 3,160,000

#### Total

#### Investments

#### (cost

#### $304,061,875)

#### —

#### 100.1%

#### 402,080,932

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (0.1)%

#### (#### 293,909

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $401,787,023

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

\*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$3,026,561,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$3,160,000.

(b) Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

December

31,

2025

was

$16,813,625

which

represents

4.18%

of

net

assets.

(c) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$3,160,000.

(d) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

ACES

Alternative

Credit

Enhancement

Services

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

TA

Tax

Allocation

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Futures

#### contracts

#### outstanding

#### as

#### of

#### December

#### 31,

#### 2025:

#### Description

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### ($)

#### Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Long

#### Contracts
MSCI

Emerging

Markets

E-Mini

Index

3/2026

USD

4,869,330

96,747

#### Net

#### contracts
96,747

#### Currency:
USD

United

States

Dollar

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

GS

International

Equity

Insights

Fund

#### Common

#### Stocks

#### 99

#### .5

#### %

#### Shares

#### Value

#### ($)

#### AUSTRALIA

#### 6

#### .2

#### %

#### Banks

#### 1

#### .1

#### %
Commonwealth

Bank

of

Australia

53,831

5,755,299

Westpac

Banking

Corp.

100,266

2,574,677

8,329,976

#### Broadline

#### Retail

#### 0

#### .6

#### %
Wesfarmers

Ltd.

81,293

4,381,933

#### Capital

#### Markets

#### 0

#### .0

#### %

#### †
HUB24

Ltd.

1,202

76,520

#### Commercial

#### Services

#### &

#### Supplies

#### 0

#### .4

#### %
Brambles

Ltd.

178,618

2,737,908

#### Construction

#### &

#### Engineering

#### 0

#### .0

#### %

#### †
Monadelphous

Group

Ltd.

13,971

245,872

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0

#### .1

#### %
Codan

Ltd.

22,006

415,726

#### Financial

#### Services

#### 0

#### .1

#### %
Challenger

Ltd.

122,819

768,534

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0

#### .1

#### %
Sigma

Healthcare

Ltd.

272,007

533,552

#### Health

#### Care

#### Technology

#### 0

#### .1

#### %
Pro

Medicus

Ltd.

4,460

653,078

#### Insurance

#### 0

#### .5

#### %
QBE

Insurance

Group

Ltd.

107,658

1,426,232

Suncorp

Group

Ltd.

218,908

2,571,382

3,997,614

#### Metals

#### &

#### Mining

#### 3

#### .2

#### %
BHP

Group

Ltd.

53,952

1,628,059

Capricorn

Metals

Ltd.

\*

27,722

264,313

Evolution

Mining

Ltd.

362,958

3,053,564

Glencore

plc

748,214

4,070,085

Northern

Star

Resources

Ltd.

192,252

3,410,248

Perenti

Ltd.

246,562

457,249

Perseus

Mining

Ltd.

278,125

1,047,317

Ramelius

Resources

Ltd.

200,735

554,104

Regis

Resources

Ltd.

262,397

1,314,089

Rio

Tinto

plc,

ADR

(a) 77,690

6,217,530

Sandfire

Resources

Ltd.

\*

128,004

1,531,213

23,547,771

45,688,484

#### AUSTRIA

#### 0

#### .4

#### %

#### Banks

#### 0

#### .3

#### %
BAWAG

Group

AG

Reg.

S

(b) 9,595

1,442,282

Raiffeisen

Bank

International

AG

20,111

899,324

2,341,606

#### Construction

#### &

#### Engineering

#### 0

#### .1

#### %
Porr

Ag

7,404

278,181

Strabag

SE

3,908

372,059

650,240

2,991,846

#### BELGIUM

#### 0

#### .8

#### %

#### Banks

#### 0

#### .3

#### %
KBC

Ancora

22,510

1,929,089

#### Pharmaceuticals

#### 0

#### .5

#### %
UCB

SA

12,971

3,617,835

5,546,924

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### CHINA

#### 0

#### .6

#### %

#### Automobile

#### Components

#### 0

#### .1

#### %
Nexteer

Automotive

Group

Ltd.

1,050,000

859,034

#### Banks

#### 0

#### .1

#### %
BOC

Hong

Kong

Holdings

Ltd.

80,500

407,021

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0

#### .1

#### %
AAC

Technologies

Holdings,

Inc.

122,000

609,563

#### Industrial

#### Conglomerates

#### 0

#### .1

#### %
Fosun

International

Ltd.

2,377,500

1,334,696

#### Metals

#### &

#### Mining

#### 0

#### .2

#### %
MMG

Ltd.

\*

984,000

1,104,673

4,314,987

#### DENMARK

#### 2

#### .5

#### %

#### Banks

#### 1

#### .3

#### %
AL

Sydbank

10,518

937,872

Danske

Bank

A/S

123,795

6,175,544

Jyske

Bank

A/S

(Registered)

3,325

454,710

Ringkjoebing

Landbobank

A/S

5,391

1,296,936

8,865,062

#### Biotechnology

#### 0

#### .2

#### %
Genmab

A/S

\*

5,133

1,586,172

Zealand

Pharma

A/S,

Class

A

\*

2,555

185,936

1,772,108

#### Electrical

#### Equipment

#### 0

#### .1

#### %
Vestas

Wind

Systems

A/S

38,938

1,051,273

#### Pharmaceuticals

#### 0

#### .8

#### %
Novo

Nordisk

A/S,

Class

B

120,124

6,123,056

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0

#### .1

#### %
Pandora

A/S

7,501

829,666

18,641,165

#### FINLAND

#### 1

#### .9

#### %

#### Banks

#### 1

#### .4

#### %
Nordea

Bank

Abp

537,415

10,130,452

#### Communications

#### Equipment

#### 0

#### .2

#### %
Nokia

OYJ

269,411

1,744,981

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .0

#### %

#### †
Elisa

OYJ

6,169

273,782

#### Machinery

#### 0

#### .3

#### %
Wartsila

OYJ

Abp

56,992

2,016,371

14,165,586

#### FRANCE

#### 10

#### .5

#### %

#### Aerospace

#### &

#### Defense

#### 2

#### .6

#### %
Airbus

SE

2,007

465,530

Dassault

Aviation

SA

9,575

3,068,230

Safran

SA

27,459

9,555,210

Thales

SA

21,149

5,712,353

18,801,323

#### Automobile

#### Components

#### 0

#### .4

#### %
Valeo

SE

205,499

2,803,292

#### Chemicals

#### 1

#### .4

#### %
Air

Liquide

SA

55,381

10,421,863

#### Electrical

#### Equipment

#### 0

#### .4

#### %
Legrand

SA

13,621

2,024,162

Nexans

SA

4,388

645,279

2,669,441

NVIT

GS

International

Equity

Insights

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### FRANCE

#### Energy

#### Equipment

#### &

#### Services

#### 0

#### .2

#### %
Vallourec

SACA

15,392

283,121

Viridien

\*

7,416

857,837

1,140,958

#### Food

#### Products

#### 0

#### .9

#### %
Danone

SA

76,106

6,867,000

#### Ground

#### Transportation

#### 0

#### .0

#### %

#### †
Ayvens

SA

Reg.

S

(b) 20,069

268,674

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0

#### .5

#### %
EssilorLuxottica

SA

12,093

3,823,492

#### Insurance

#### 0

#### .7

#### %
AXA

SA

105,276

5,063,228

#### Multi-Utilities

#### 0

#### .4

#### %
Engie

SA

101,447

2,667,406

#### Office

#### REITs

#### 0

#### .1

#### %
Gecina

SA

9,213

874,107

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0

#### .9

#### %
Gaztransport

Et

Technigaz

SA

1,690

310,051

TotalEnergies

SE

100,248

6,533,951

6,844,002

#### Retail

#### REITs

#### 0

#### .5

#### %
Klepierre

SA

49,000

1,940,106

Unibail-Rodamco-Westfield

14,112

1,533,771

3,473,877

#### Software

#### 0

#### .2

#### %
Dassault

Systemes

SE

51,239

1,431,123

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 1

#### .3

#### %
Christian

Dior

SE

225,175

Hermes

International

SCA

3,197

7,898,826

LVMH

Moet

Hennessy

Louis

Vuitton

SE

2,287

1,724,170

9,848,171

76,997,957

#### GEORGIA

#### 0

#### .2

#### %

#### Banks

#### 0

#### .2

#### %
Lion

Finance

Group

plc

9,558

1,186,862

TBC

Bank

Group

plc

7,401

401,239

1,588,101

#### GERMANY

#### 11

#### .5

#### %

#### Aerospace

#### &

#### Defense

#### 0

#### .9

#### %
MTU

Aero

Engines

AG

10,428

4,349,699

Rheinmetall

AG

1,208

2,215,112

6,564,811

#### Automobile

#### Components

#### 0

#### .5

#### %
Aumovio

SE

\*

8,414

423,997

Continental

AG

42,826

3,418,814

3,842,811

#### Automobiles

#### 0

#### .8

#### %
Mercedes-Benz

Group

AG

86,489

6,103,435

#### Capital

#### Markets

#### 1

#### .1

#### %
Deutsche

Bank

AG

(Registered)

198,397

7,716,581

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .1

#### %
Deutsche

Telekom

AG

(Registered)

12,585

408,224

#### Electrical

#### Equipment

#### 1

#### .0

#### %
Nordex

SE

\*(a)

29,993

1,026,094

Siemens

Energy

AG

\*

42,559

6,014,765

7,040,859

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### GERMANY

#### Household

#### Products

#### 0

#### .5

#### %
Henkel

AG

&

Co.

KGaA

38,737

2,959,368

Henkel

AG

&

Co.

KGaA

(Preference)

4,552

372,031

3,331,399

#### Industrial

#### Conglomerates

#### 1

#### .3

#### %
Siemens

AG

(Registered)

34,601

9,717,208

#### Insurance

#### 2

#### .1

#### %
Allianz

SE

(Registered)

33,611

15,416,299

Talanx

AG

5,897

787,163

16,203,462

#### Interactive

#### Media

#### &

#### Services

#### 0

#### .3

#### %
Scout24

SE

Reg.

S

(b) 24,883

2,508,098

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0

#### .2

#### %
Sartorius

AG

(Preference)

4,285

1,238,885

#### Machinery

#### 0

#### .4

#### %
Duerr

AG

11,110

294,357

Knorr-Bremse

AG

21,187

2,369,285

2,663,642

#### Multi-Utilities

#### 1

#### .2

#### %
E.ON

SE

479,491

9,089,664

#### Passenger

#### Airlines

#### 0

#### .0

#### %

#### †
Deutsche

Lufthansa

AG

(Registered)

36,291

358,860

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0

#### .5

#### %
Infineon

Technologies

AG

78,021

3,457,021

#### Software

#### 0

#### .5

#### %
Nemetschek

SE

6,729

733,726

SAP

SE

10,716

2,621,973

3,355,699

#### Specialty

#### Retail

#### 0

#### .1

#### %
Zalando

SE

Reg.

S

\*(b)

14,447

428,946

84,029,605

#### HONG

#### KONG

#### 1

#### .6

#### %

#### Automobile

#### Components

#### 0

#### .0

#### %

#### †
Johnson

Electric

Holdings

Ltd.

(a) 77,000

291,751

#### Banks

#### 0

#### .3

#### %
Bank

of

East

Asia

Ltd.

(The)

816,200

1,395,422

Dah

Sing

Banking

Group

Ltd.

118,400

161,908

Dah

Sing

Financial

Holdings

Ltd.

90,800

411,858

1,969,188

#### Capital

#### Markets

#### 0

#### .3

#### %
Hong

Kong

Exchanges

&

Clearing

Ltd.

47,400

2,476,648

#### Food

#### Products

#### 0

#### .3

#### %
WH

Group

Ltd.

Reg.

S

(b) 2,113,500

2,353,015

#### Insurance

#### 0

#### .3

#### %
Prudential

plc

128,505

1,982,735

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0

#### .4

#### %
Hongkong

Land

Holdings

Ltd.

305,300

2,118,922

Swire

Properties

Ltd.

266,000

716,271

2,835,193

11,908,530

#### INDONESIA

#### 0

#### .1

#### %

#### Industrial

#### Conglomerates

#### 0

#### .1

#### %
Jardine

Matheson

Holdings

Ltd.

13,200

900,288

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

GS

International

Equity

Insights

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### IRELAND

#### 0

#### .1

#### %

#### Banks

#### 0

#### .1

#### %
AIB

Group

plc

81,178

872,313

#### ITALY

#### 2

#### .1

#### %

#### Banks

#### 1

#### .0

#### %
Banca

Monte

dei

Paschi

di

Siena

SpA

201,817

2,148,473

Credito

Emiliano

SpA

13,432

240,117

FinecoBank

Banca

Fineco

SpA

88,054

2,286,685

UniCredit

SpA

30,400

2,523,677

7,198,952

#### Capital

#### Markets

#### 0

#### .1

#### %
Azimut

Holding

SpA

5,406

225,853

Banca

Generali

SpA

10,636

712,398

938,251

#### Energy

#### Equipment

#### &

#### Services

#### 0

#### .1

#### %
Saipem

SpA

(a) 190,227

542,364

#### Financial

#### Services

#### 0

#### .4

#### %
Banca

Mediolanum

SpA

128,888

2,934,813

#### Insurance

#### 0

#### .3

#### %
Unipol

Assicurazioni

SpA

97,267

2,339,704

#### IT

#### Services

#### 0

#### .0

#### %

#### †
Reply

SpA

551

74,091

#### Leisure

#### Products

#### 0

#### .1

#### %
Technogym

SpA

Reg.

S

(b) 32,883

620,775

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0

#### .1

#### %
Safilo

Group

SpA

\*

298,517

671,498

15,320,448

#### IVORY

#### COAST

#### 0

#### .3

#### %

#### Metals

#### &

#### Mining

#### 0

#### .3

#### %
Endeavour

Mining

plc

37,812

1,957,867

#### JAPAN

#### 24

#### .0

#### %

#### Automobile

#### Components

#### 1

#### .0

#### %
Exedy

Corp.

12,900

462,724

KYB

Corp.

6,700

191,145

Press

Kogyo

Co.

Ltd.

40,500

209,523

Sumitomo

Electric

Industries

Ltd.

151,200

6,121,932

6,985,324

#### Automobiles

#### 0

#### .7

#### %
Isuzu

Motors

Ltd.

242,900

3,786,663

Subaru

Corp.

46,800

1,005,125

Toyota

Motor

Corp.

17,400

372,218

5,164,006

#### Banks

#### 1

#### .1

#### %
Awa

Bank

Ltd.

(The)

7,200

200,930

Chiba

Bank

Ltd.

(The)

(a) 23,000

255,703

Chugin

Financial

Group,

Inc.

(a) 67,500

1,062,210

Hirogin

Holdings,

Inc.

27,100

272,847

Kyoto

Financial

Group,

Inc.

(a) 16,300

355,444

Mitsubishi

UFJ

Financial

Group,

Inc.

77,400

1,229,135

Musashino

Bank

Ltd.

(The)

(a) 11,900

368,279

Nishi-Nippon

Financial

Holdings,

Inc.

10,600

217,084

Shiga

Bank

Ltd.

(The)

(a) 4,100

187,530

Sumitomo

Mitsui

Financial

Group,

Inc.

103,600

3,334,195

Yokohama

Financial

Group,

Inc.

71,900

592,613

8,075,970

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### JAPAN

#### Building

#### Products

#### 0

#### .4

#### %
AGC,

Inc.

(a) 87,100

2,889,727

#### Capital

#### Markets

#### 0

#### .9

#### %
Daiwa

Securities

Group,

Inc.

232,200

2,034,046

IwaiCosmo

Holdings,

Inc.

52,500

1,097,170

Nomura

Holdings,

Inc.

107,700

895,895

SBI

Holdings,

Inc.

96,600

2,084,755

Tokai

Tokyo

Financial

Holdings,

Inc.

127,900

559,916

6,671,782

#### Chemicals

#### 0

#### .4

#### %
Sakai

Chemical

Industry

Co.

Ltd.

(a) 13,200

268,178

Shin-Etsu

Chemical

Co.

Ltd.

80,800

2,512,726

2,780,904

#### Commercial

#### Services

#### &

#### Supplies

#### 0

#### .3

#### %
TOPPAN

Holdings,

Inc.

78,600

2,333,983

#### Construction

#### &

#### Engineering

#### 0

#### .7

#### %
Chudenko

Corp.

25,100

720,796

Kajima

Corp.

22,800

850,224

Kinden

Corp.

2,600

112,876

Nishimatsu

Construction

Co.

Ltd.

(a) 21,400

779,471

Obayashi

Corp.

63,200

1,320,159

Seikitokyu

Kogyo

Co.

Ltd.

(a) 20,900

220,128

Taikisha

Ltd.

14,800

311,578

Taisei

Corp.

3,900

369,719

Toda

Corp.

78,000

629,686

5,314,637

#### Construction

#### Materials

#### 0

#### .0

#### %

#### †
Taiheiyo

Cement

Corp.

4,700

116,741

#### Consumer

#### Finance

#### 0

#### .2

#### %
Acom

Co.

Ltd.

158,700

500,032

Credit

Saison

Co.

Ltd.

19,500

523,991

Orient

Corp.

36,900

250,605

1,274,628

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0

#### .0

#### %

#### †
Tsuruha

Holdings,

Inc.

(a) 18,000

330,420

#### Distributors

#### 0

#### .1

#### %
PALTAC

Corp.

16,000

492,859

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .4

#### %
NTT,

Inc.

2,908,900

2,934,785

#### Electric

#### Utilities

#### 0

#### .1

#### %
Kyushu

Electric

Power

Co.,

Inc.

84,500

906,515

#### Electrical

#### Equipment

#### 1

#### .5

#### %
Fuji

Electric

Co.

Ltd.

(a) 27,200

2,061,980

Fujikura

Ltd.

6,300

703,616

Idec

Corp.

9,400

175,361

Mabuchi

Motor

Co.

Ltd.

(a) 79,200

727,846

Mitsubishi

Electric

Corp.

231,900

6,803,129

Nitto

Kogyo

Corp.

(a) 9,100

239,237

10,711,169

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 1

#### .1

#### %
Ibiden

Co.

Ltd.

(a) 4,800

204,261

Iriso

Electronics

Co.

Ltd.

(a) 33,600

690,524

Murata

Manufacturing

Co.

Ltd.

151,400

3,143,008

Nippon

Electric

Glass

Co.

Ltd.

(a) 13,700

538,974

Sumida

Corp.

(a) 69,400

507,340

TDK

Corp.

201,500

2,850,950

NVIT

GS

International

Equity

Insights

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### JAPAN

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components
V

Technology

Co.

Ltd.

6,200

118,097

8,053,154

#### Energy

#### Equipment

#### &

#### Services

#### 0

#### .1

#### %
Modec,

Inc.

(a) 13,300

1,012,371

#### Entertainment

#### 0

#### .1

#### %
Nintendo

Co.

Ltd.

6,900

466,090

Shochiku

Co.

Ltd.

(a) 2,900

219,556

685,646

#### Financial

#### Services

#### 1

#### .0

#### %
ORIX

Corp.

220,900

6,421,964

Sony

Financial

Group,

Inc.

\*

763,200

807,593

Tokyo

Century

Corp.

28,100

362,851

7,592,408

#### Ground

#### Transportation

#### 0

#### .2

#### %
Kyushu

Railway

Co.

31,200

812,865

West

Japan

Railway

Co.

(a) 42,900

857,862

1,670,727

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0

#### .1

#### %
Heiwa

Corp.

(a) 78,500

1,016,915

#### Household

#### Durables

#### 0

#### .5

#### %
Haseko

Corp.

87,900

1,740,653

Sony

Group

Corp.

76,500

1,955,352

3,696,005

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0

#### .2

#### %
Electric

Power

Development

Co.

Ltd.

57,000

1,151,869

#### Industrial

#### Conglomerates

#### 0

#### .5

#### %
Hitachi

Ltd.

107,800

3,344,349

#### Insurance

#### 0

#### .5

#### %
Sompo

Holdings,

Inc.

101,300

3,448,738

#### IT

#### Services

#### 0

#### .9

#### %
Fujitsu

Ltd.

86,800

2,379,848

NEC

Corp.

90,500

3,051,577

Nomura

Research

Institute

Ltd.

24,100

927,770

NSD

Co.

Ltd.

14,700

325,191

6,684,386

#### Leisure

#### Products

#### 0

#### .0

#### %

#### †
Noritsu

Koki

Co.

Ltd.

25,900

306,444

#### Machinery

#### 2

#### .0

#### %
Daifuku

Co.

Ltd.

(a) 5,900

185,984

FANUC

Corp.

22,300

867,909

Fuji

Corp.

(a) 20,600

479,568

Glory

Ltd.

4,800

121,462

Hitachi

Construction

Machinery

Co.

Ltd.

(a) 34,400

1,018,228

Kyokuto

Kaihatsu

Kogyo

Co.

Ltd.

(a) 11,100

221,595

Mitsubishi

Heavy

Industries

Ltd.

114,900

2,814,127

Mitsui

E&S

Co.

Ltd.

(a) 31,700

1,126,349

Nabtesco

Corp.

(a) 60,200

1,442,464

NGK

Insulators

Ltd.

217,000

4,647,797

Nikkiso

Co.

Ltd.

(a) 73,700

748,003

NTN

Corp.

(a) 121,000

283,555

Tsugami

Corp.

(a) 17,700

324,993

Tsukishima

Holdings

Co.

Ltd.

16,700

301,175

14,583,209

#### Media

#### 0

#### .1

#### %
Nippon

Television

Holdings,

Inc.

6,700

162,456

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### JAPAN

#### Media
Tv

Tokyo

Holdings

Corp.

13,900

406,711

569,167

#### Metals

#### &

#### Mining

#### 0

#### .3

#### %
JX

Advanced

Metals

Corp.

(a) 178,700

2,242,411

Nippon

Steel

Corp.

39,700

162,359

2,404,770

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0

#### .9

#### %
Cosmo

Energy

Holdings

Co.

Ltd.

13,000

346,402

ENEOS

Holdings,

Inc.

857,300

6,058,271

6,404,673

#### Passenger

#### Airlines

#### 0

#### .1

#### %
ANA

Holdings,

Inc.

43,000

816,741

#### Pharmaceuticals

#### 2

#### .2

#### %
Astellas

Pharma,

Inc.

203,800

2,722,973

Daiichi

Sankyo

Co.

Ltd.

86,400

1,840,117

Eisai

Co.

Ltd.

5,900

175,040

Otsuka

Holdings

Co.

Ltd.

14,300

807,873

Takeda

Pharmaceutical

Co.

Ltd.

327,100

10,162,007

15,708,010

#### Professional

#### Services

#### 0

#### .1

#### %
Tanseisha

Co.

Ltd.

51,000

513,985

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0

#### .5

#### %
Daiwa

House

Industry

Co.

Ltd.

36,500

1,212,150

Mitsui

Fudosan

Co.

Ltd.

74,100

843,065

Tokyu

Fudosan

Holdings

Corp.

162,100

1,474,349

3,529,564

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 1

#### .7

#### %
Advantest

Corp.

32,600

4,115,554

Japan

Material

Co.

Ltd.

89,900

889,768

Lasertec

Corp.

(a) 1,300

246,721

Renesas

Electronics

Corp.

\*

148,100

2,028,270

SCREEN

Holdings

Co.

Ltd.

(a) 11,500

1,114,963

SUMCO

Corp.

(a) 33,200

302,821

Tazmo

Co.

Ltd.

(a) 31,800

419,844

Tokyo

Electron

Ltd.

3,100

680,814

Tokyo

Seimitsu

Co.

Ltd.

13,300

940,454

Ulvac,

Inc.

3,600

163,038

Yamaichi

Electronics

Co.

Ltd.

35,300

1,321,818

12,224,065

#### Software

#### 0

#### .1

#### %
Trend

Micro,

Inc.

\*(a)

26,300

1,089,008

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0

#### .8

#### %
Canon,

Inc.

(a) 31,700

938,397

FUJIFILM

Holdings

Corp.

231,600

4,948,403

Ricoh

Co.

Ltd.

(a) 31,600

277,422

6,164,222

#### Tobacco

#### 0

#### .8

#### %
Japan

Tobacco,

Inc.

(a) 159,900

5,754,329

#### Trading

#### Companies

#### &

#### Distributors

#### 0

#### .4

#### %
Inaba

Denki

Sangyo

Co.

Ltd.

14,400

234,518

Mitsubishi

Corp.

98,500

2,257,063

Sumitomo

Corp.

2,700

93,379

2,584,960

#### Wireless

#### Telecommunication

#### Services

#### 1

#### .0

#### %
KDDI

Corp.

173,300

2,997,807

SoftBank

Corp.

117,000

160,624

SoftBank

Group

Corp.

139,200

3,924,365

7,082,796

175,075,961

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

GS

International

Equity

Insights

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### NETHERLANDS

#### 4

#### .8

#### %

#### Banks

#### 0

#### .8

#### %
ING

Groep

NV

206,740

5,811,708

#### Capital

#### Markets

#### 0

#### .0

#### %

#### †
Van

Lanschot

Kempen

NV,

CVA

3,902

241,421

#### Construction

#### &

#### Engineering

#### 0

#### .1

#### %
Fugro

NV

(a) 8,225

82,071

Koninklijke

BAM

Groep

NV

57,666

626,527

708,598

#### Financial

#### Services

#### 0

#### .3

#### %
EXOR

NV

21,739

1,842,355

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 3

#### .6

#### %
ASM

International

NV

5,937

3,578,935

ASML

Holding

NV

20,395

21,800,541

BE

Semiconductor

Industries

NV

5,536

860,881

26,240,357

34,844,439

#### NEW

#### ZEALAND

#### 0

#### .2

#### %

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0

#### .2

#### %
Fisher

&

Paykel

Healthcare

Corp.

Ltd.

81,561

1,769,688

#### NIGERIA

#### 0

#### .2

#### %

#### Wireless

#### Telecommunication

#### Services

#### 0

#### .2

#### %
Airtel

Africa

plc

Reg.

S

(b) 311,512

1,476,943

#### NORWAY

#### 0

#### .2

#### %

#### Aerospace

#### &

#### Defense

#### 0

#### .2

#### %
Kongsberg

Gruppen

ASA

48,253

1,237,042

#### Food

#### Products

#### 0

#### .0

#### %

#### †
Orkla

ASA

8,253

92,129

#### Marine

#### Transportation

#### 0

#### .0

#### %

#### †
Wallenius

Wilhelmsen

ASA

16,439

164,632

1,493,803

#### PORTUGAL

#### 0

#### .4

#### %

#### Banks

#### 0

#### .1

#### %
Banco

Comercial

Portugues

SA,

Class

R

800,073

838,394

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0

#### .0

#### %

#### †
Jeronimo

Martins

SGPS

SA

7,189

171,245

#### Electric

#### Utilities

#### 0

#### .3

#### %
EDP

SA

427,257

1,963,859

2,973,498

#### SINGAPORE

#### 0

#### .7

#### %

#### Aerospace

#### &

#### Defense

#### 0

#### .1

#### %
Singapore

Technologies

Engineering

Ltd.

73,700

480,846

#### Banks

#### 0

#### .3

#### %
Oversea-Chinese

Banking

Corp.

Ltd.

142,400

2,187,402

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .2

#### %
Singapore

Telecommunications

Ltd.

498,800

1,767,271

#### Industrial

#### Conglomerates

#### 0

#### .1

#### %
Keppel

Ltd.

79,000

634,132

5,069,651

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### SOUTH

#### AFRICA

#### 0

#### .4

#### %

#### Metals

#### &

#### Mining

#### 0

#### .4

#### %
Anglo

American

plc

62,835

2,589,391

#### SPAIN

#### 3

#### .1

#### %

#### Banks

#### 1

#### .9

#### %
Banco

Bilbao

Vizcaya

Argentaria

SA

274,873

6,429,319

Banco

Santander

SA

240,739

2,825,035

Bankinter

SA

14,749

244,214

CaixaBank

SA

230,552

2,815,556

Unicaja

Banco

SA

Reg.

S

(b) 560,028

1,818,795

14,132,919

#### Construction

#### &

#### Engineering

#### 0

#### .0

#### %

#### †
Obrascon

Huarte

Lain

SA

\*

239,634

100,270

#### Containers

#### &

#### Packaging

#### 0

#### .1

#### %
Vidrala

SA

5,011

530,614

#### Gas

#### Utilities

#### 0

#### .2

#### %
Naturgy

Energy

Group

SA

40,388

1,229,762

#### Specialty

#### Retail

#### 0

#### .7

#### %
Industria

de

Diseno

Textil

SA

76,851

5,062,204

#### Transportation

#### Infrastructure

#### 0

#### .2

#### %
Aena

SME

SA

Reg.

S

(b) 59,384

1,662,387

22,718,156

#### SWEDEN

#### 2

#### .0

#### %

#### Banks

#### 0

#### .3

#### %
Svenska

Handelsbanken

AB,

Class

A

(a) 143,728

2,096,053

Swedbank

AB,

Class

A

7,204

250,621

2,346,674

#### Communications

#### Equipment

#### 0

#### .7

#### %
Telefonaktiebolaget

LM

Ericsson,

Class

B

489,892

4,782,412

#### Financial

#### Services

#### 0

#### .2

#### %
Investor

AB,

Class

A

19,079

677,507

Investor

AB,

Class

B

31,266

1,115,770

1,793,277

#### Machinery

#### 0

#### .5

#### %
Atlas

Copco

AB,

Class

B

15,673

251,354

Epiroc

AB,

Class

A

4,648

105,170

Epiroc

AB,

Class

B

57,798

1,166,312

Sandvik

AB

60,334

1,954,231

3,477,067

#### Metals

#### &

#### Mining

#### 0

#### .2

#### %
Boliden

AB

\*

26,114

1,445,152

#### Specialty

#### Retail

#### 0

#### .1

#### %
H

&

M

Hennes

&

Mauritz

AB,

Class

B

(a) 43,500

875,003

14,719,585

#### SWITZERLAND

#### 4

#### .2

#### %

#### Capital

#### Markets

#### 1

#### .2

#### %
UBS

Group

AG

(Registered)

188,295

8,704,325

#### Electrical

#### Equipment

#### 1

#### .7

#### %
ABB

Ltd.

(Registered)

149,997

11,087,974

Accelleron

Industries

AG

1,800

139,669

R&S

Group

Holding

AG

\*

17,702

352,626

11,580,269

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0

#### .4

#### %
Sonova

Holding

AG

(Registered)

12,757

3,291,512

NVIT

GS

International

Equity

Insights

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### SWITZERLAND

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0

#### .0

#### %

#### †
Lonza

Group

AG

(Registered)

142,754

#### Machinery

#### 0

#### .2

#### %
Burckhardt

Compression

Holding

AG

152,438

Schindler

Holding

AG

(a) 1,773

668,174

Schindler

Holding

AG

(Registered)

2,377

842,529

1,663,141

#### Professional

#### Services

#### 0

#### .5

#### %
SGS

SA

(Registered)

(a) 34,726

3,981,142

#### Specialty

#### Retail

#### 0

#### .0

#### %

#### †
Avolta

AG

3,000

177,922

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0

#### .2

#### %
Cie

Financiere

Richemont

SA

(Registered)

7,093

1,530,784

31,071,849

#### UNITED

#### KINGDOM

#### 9

#### .7

#### %

#### Aerospace

#### &

#### Defense

#### 0

#### .6

#### %
Babcock

International

Group

plc

15,989

266,142

BAE

Systems

plc

26,126

600,611

Rolls-Royce

Holdings

plc

209,233

3,252,137

4,118,890

#### Banks

#### 2

#### .8

#### %
HSBC

Holdings

plc

790,837

12,398,582

Lloyds

Banking

Group

plc

4,872,880

6,421,686

NatWest

Group

plc

157,030

1,369,609

20,189,877

#### Broadline

#### Retail

#### 0

#### .2

#### %
Next

plc

9,260

1,703,698

#### Capital

#### Markets

#### 0

#### .1

#### %
IG

Group

Holdings

plc

32,799

581,399

Investec

plc

40,324

298,110

879,509

#### Construction

#### &

#### Engineering

#### 0

#### .2

#### %
Balfour

Beatty

plc

130,404

1,243,827

Costain

Group

plc

96,206

205,526

1,449,353

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0

#### .0

#### %

#### †
Tesco

plc

46,784

278,546

#### Energy

#### Equipment

#### &

#### Services

#### 0

#### .1

#### %
Hunting

plc

86,917

430,925

#### Financial

#### Services

#### 0

#### .0

#### %

#### †
Paragon

Banking

Group

plc

20,690

236,946

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0

#### .8

#### %
Compass

Group

plc

87,633

2,788,044

InterContinental

Hotels

Group

plc

24,202

3,390,146

6,178,190

#### Household

#### Products

#### 0

#### .3

#### %
Reckitt

Benckiser

Group

plc

28,675

2,321,561

#### Industrial

#### Conglomerates

#### 0

#### .2

#### %
DCC

plc

(a) 16,336

1,015,295

Smiths

Group

plc

22,358

704,525

1,719,820

#### Insurance

#### 0

#### .4

#### %
Beazley

plc

162,423

1,814,459

Lancashire

Holdings

Ltd.

89,346

767,350

2,581,809

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### UNITED

#### KINGDOM

#### Machinery

#### 0

#### .0

#### %

#### †
Rotork

plc

39,523

172,763

#### Multi-Utilities

#### 0

#### .1

#### %
National

Grid

plc

69,774

1,075,295

#### Passenger

#### Airlines

#### 0

#### .1

#### %
easyJet

plc

152,289

1,043,804

#### Pharmaceuticals

#### 1

#### .6

#### %
AstraZeneca

plc,

ADR

127,346

11,706,918

#### Professional

#### Services

#### 0

#### .5

#### %
Intertek

Group

plc

43,610

2,704,597

RELX

plc

15,123

611,699

3,316,296

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0

#### .1

#### %
Grainger

plc

211,961

518,480

#### Specialty

#### Retail

#### 0

#### .2

#### %
Kingfisher

plc

272,064

1,140,795

#### Tobacco

#### 1

#### .2

#### %
British

American

Tobacco

plc

5,365

304,076

Imperial

Brands

plc

200,338

8,422,562

8,726,638

#### Wireless

#### Telecommunication

#### Services

#### 0

#### .2

#### %
Vodafone

Group

plc,

ADR

120,727

1,594,804

71,384,917

#### UNITED

#### STATES

#### 10

#### .8

#### %

#### Construction

#### Materials

#### 0

#### .4

#### %
Holcim

AG

33,334

3,267,844

#### Energy

#### Equipment

#### &

#### Services

#### 0

#### .4

#### %
Tenaris

SA

159,800

3,082,570

#### Entertainment

#### 0

#### .4

#### %
Spotify

Technology

SA

\*

4,903

2,847,221

#### Food

#### Products

#### 2

#### .2

#### %
Nestle

SA

(Registered)

165,736

16,473,068

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0

#### .8

#### %
Alcon

AG

(a) 70,866

5,629,131

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0

#### .0

#### %

#### †
Carnival

plc,

ADR

\*(a)

4,156

126,051

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0

#### .2

#### %
QIAGEN

NV

(a) 29,924

1,365,807

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0

#### .9

#### %
BP

plc,

ADR

(a) 182,265

6,330,063

#### Pharmaceuticals

#### 5

#### .5

#### %
GSK

plc,

ADR

(a) 102,002

5,002,178

Novartis

AG

(Registered)

95,423

13,181,563

Roche

Holding

AG

26,852

11,097,074

Sanofi

SA

111,949

10,861,038

40,141,853

79,263,608

#### Total

#### Common

#### Stocks

#### (cost

#### $592,800,286)

#### 729,375,590

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

GS

International

Equity

Insights

Fund

#### Repurchase

#### Agreements

#### 4

#### .3

#### %

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Bank

of

America

NA,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$5,001,069,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.50%,

maturing

5/1/2049

-

9/1/2050;

total

market

value

$5,100,000.(c)

(d) 5,000,000

5,000,000

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$8,137,510,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$8,298,491.(c)

(d) 8,135,775

8,135,775

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$7,001,493,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$7,140,000.(c)

(d) 7,000,000

7,000,000

Pershing

LLC,

3.72%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$11,002,273,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

2/15/2026

-

12/20/2075;

total

market

value

$11,220,000.

(c)(d) 11,000,000

11,000,000

#### Total

#### Repurchase

#### Agreements

#### (cost

#### $31,135,775)

#### 31,135,775

#### Total

#### Investments

#### (cost

#### $623,936,061)

#### —

#### 103.8%

#### 760,511,365

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (3.8)%

#### (#### 28,092,748

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $732,418,617
\*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$45,523,252,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$31,135,775

and

by

$21,951,552

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.75%,

and

maturity

dates

ranging

from

1/15/2026

-

8/15/2055,

a

total

value

of

$53,087,327.

(b) Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

December

31,

2025

was

$12,579,915

which

represents

1.72%

of

net

assets.

(c) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$31,135,775.

(d) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

ADR

American

Depositary

Receipt

BAM

Build

America

Mutual

CVA

Dutch

Certification

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

NVIT

GS

International

Equity

Insights

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Futures

#### contracts

#### outstanding

#### as

#### of

#### December

#### 31,

#### 2025:

#### Description

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### ($)

#### Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Long

#### Contracts
Hang

Seng

Index

1/2026

HKD

164,776

(1,573)

MSCI

Singapore

Index

1/2026

SGD

34,678

(138) EURO

STOXX

Index

3/2026

EUR

1,372,869

25,600

FTSE

Index

3/2026

GBP

535,999

6,574

SPI

Index

3/2026

AUD

144,748

2,083

TOPIX

Index

3/2026

JPY

653,760

10,335

#### Net

#### contracts
42,881

#### Currency:
AUD

Australian

Dollar

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

JPY

Japanese

Yen

SGD

Singapore

Dollar

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

GS

Large

Cap

Equity

Fund

#### Common

#### Stocks

#### 99

#### .9

#### %

#### Shares

#### Value

#### ($)

#### Aerospace

#### &

#### Defense

#### 3

#### .1

#### %
GE

Aerospace

49,147

15,138,751

Northrop

Grumman

Corp.

1,510

861,017

RTX

Corp.

78,365

14,372,141

30,371,909

#### Automobile

#### Components

#### 0

#### .1

#### %
BorgWarner,

Inc.

12,820

577,669

#### Automobiles

#### 2

#### .8

#### %
Ford

Motor

Co.

564,301

7,403,629

Tesla,

Inc.\*

44,031

19,801,621

27,205,250

#### Banks

#### 2

#### .9

#### %
Bank

of

America

Corp.

279,919

15,395,545

Citizens

Financial

Group,

Inc.

8,571

500,632

Cullen/Frost

Bankers,

Inc.

2,334

295,554

FNB

Corp.

39,780

680,238

JPMorgan

Chase

&

Co.

32,334

10,418,662

PNC

Financial

Services

Group,

Inc.

(The)

2,414

503,874

27,794,505

#### Beverages

#### 1

#### .5

#### %
Coca-Cola

Co.

(The)

208,574

14,581,408

Primo

Brands

Corp.,

Class

A

11,151

182,319

14,763,727

#### Biotechnology

#### 2

#### .2

#### %
AbbVie,

Inc.

30,429

6,952,722

Exelixis,

Inc.\*

23,955

1,049,948

Regeneron

Pharmaceuticals,

Inc.

15,195

11,728,565

Vertex

Pharmaceuticals,

Inc.\*

1,549

702,254

Viking

Therapeutics,

Inc.\*

9,122

320,912

20,754,401

#### Broadline

#### Retail

#### 3

#### .4

#### %
Amazon.com,

Inc.\*

133,685

30,857,172

Macy's,

Inc.

17,877

394,188

Ollie's

Bargain

Outlet

Holdings,

Inc.\*

12,151

1,331,871

32,583,231

#### Building

#### Products

#### 0

#### .3

#### %
Carrier

Global

Corp.

53,537

2,828,895

#### Capital

#### Markets

#### 3

#### .1

#### %
CME

Group,

Inc.

36,353

9,927,277

Coinbase

Global,

Inc.,

Class

A\*

1,319

298,279

Evercore,

Inc.,

Class

A

17,264

5,874,076

Invesco

Ltd.

5,903

155,072

Morgan

Stanley

64,171

11,392,277

Stifel

Financial

Corp.

18,409

2,305,175

29,952,156

#### Chemicals

#### 1

#### .1

#### %
Axalta

Coating

Systems

Ltd.\*

116,233

3,755,488

Element

Solutions,

Inc.

15,189

379,573

Linde

plc

11,801

5,031,829

Mosaic

Co.

(The)

62,289

1,500,542

10,667,432

#### Commercial

#### Services

#### &

#### Supplies

#### 0

#### .2

#### %
Clean

Harbors,

Inc.\*

7,698

1,805,027

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Construction

#### &

#### Engineering

#### 0

#### .4

#### %
Comfort

Systems

USA,

Inc.

3,670

3,425,174

#### Construction

#### Materials

#### 0

#### .5

#### %
Vulcan

Materials

Co.

17,232

4,914,911

#### Consumer

#### Finance

#### 2

#### .0

#### %
American

Express

Co.

6,741

2,493,833

OneMain

Holdings,

Inc.

41,058

2,773,468

SoFi

Technologies,

Inc.\*

141,583

3,706,643

Synchrony

Financial

121,690

10,152,597

19,126,541

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0

#### .6

#### %
Casey's

General

Stores,

Inc.

11,226

6,204,722

#### Diversified

#### Consumer

#### Services

#### 1

#### .1

#### %
Bright

Horizons

Family

Solutions,

Inc.\*

92,658

9,395,521

Grand

Canyon

Education,

Inc.\*

5,338

887,763

10,283,284

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .1

#### %
Iridium

Communications,

Inc.

33,326

579,206

#### Electrical

#### Equipment

#### 0

#### .1

#### %
Vertiv

Holdings

Co.,

Class

A

6,167

999,116

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0

#### .1

#### %
Coherent

Corp.\*

3,628

669,620

#### Energy

#### Equipment

#### &

#### Services

#### 0

#### .1

#### %
Halliburton

Co.

13,430

379,532

NOV,

Inc.

48,593

759,508

1,139,040

#### Entertainment

#### 0

#### .5

#### %
Netflix,

Inc.\*

52,194

4,893,709

#### Financial

#### Services

#### 4

#### .2

#### %
Berkshire

Hathaway,

Inc.,

Class

B\*

47,556

23,904,023

Visa,

Inc.,

Class

A

48,704

17,080,980

40,985,003

#### Food

#### Products

#### 0

#### .7

#### %
Tyson

Foods,

Inc.,

Class

A

117,078

6,863,112

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1

#### .4

#### %
Boston

Scientific

Corp.\*

124,144

11,837,130

Medtronic

plc

21,741

2,088,441

13,925,571

#### Health

#### Care

#### Providers

#### &

#### Services

#### 2

#### .6

#### %
Chemed

Corp.

4,737

2,026,773

Encompass

Health

Corp.

8,702

923,630

Quest

Diagnostics,

Inc.

4,673

810,906

UnitedHealth

Group,

Inc.

36,246

11,965,167

Universal

Health

Services,

Inc.,

Class

B

44,667

9,738,299

25,464,775

#### Health

#### Care

#### REITs

#### 0

#### .6

#### %
Alexandria

Real

Estate

Equities,

Inc.

118,742

5,811,234

#### Hotel

#### &

#### Resort

#### REITs

#### 0

#### .1

#### %
Park

Hotels

&

Resorts,

Inc.

117,133

1,225,211

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 4

#### .0

#### %
Airbnb,

Inc.,

Class

A\*

73,374

9,958,319

NVIT

GS

Large

Cap

Equity

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Hotels,

#### Restaurants

#### &

#### Leisure
Aramark

121,169

4,466,289

Dutch

Bros,

Inc.,

Class

A\*

30,348

1,857,904

Expedia

Group,

Inc.

36,696

10,396,344

Norwegian

Cruise

Line

Holdings

Ltd.\*

57,422

1,281,659

Royal

Caribbean

Cruises

Ltd.

17,755

4,952,225

Viking

Holdings

Ltd.\*

67,639

4,830,101

Wyndham

Hotels

&

Resorts,

Inc.

9,653

729,381

38,472,222

#### Household

#### Durables

#### 0

#### .3

#### %
DR

Horton,

Inc.

4,601

662,682

NVR,

Inc.\*

2,107,611

PulteGroup,

Inc.

3,716

435,738

3,206,031

#### Household

#### Products

#### 0

#### .9

#### %
Procter

&

Gamble

Co.

(The)

61,171

8,766,416

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0

#### .1

#### %
AES

Corp.

(The)

39,456

565,799

#### Insurance

#### 1

#### .3

#### %
Erie

Indemnity

Co.,

Class

A

9,568

2,742,667

Kinsale

Capital

Group,

Inc.

1,730

676,638

Loews

Corp.

36,079

3,799,479

Marsh

&

McLennan

Cos.,

Inc.

11,346

2,104,910

MetLife,

Inc.

14,640

1,155,682

Principal

Financial

Group,

Inc.

19,461

1,716,655

12,196,031

#### Interactive

#### Media

#### &

#### Services

#### 7

#### .4

#### %
Alphabet,

Inc.,

Class

A

132,625

41,511,625

Meta

Platforms,

Inc.,

Class

A

39,461

26,047,811

Reddit,

Inc.,

Class

A\*

15,096

3,470,118

71,029,554

#### IT

#### Services

#### 0

#### .4

#### %
International

Business

Machines

Corp.

13,109

3,883,017

#### Leisure

#### Products

#### 0

#### .0

#### %

#### †
Brunswick

Corp.

3,362

249,595

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0

#### .5

#### %
Bio-Techne

Corp.

5,705

335,511

Medpace

Holdings,

Inc.\*

6,286

3,530,532

Revvity,

Inc.

11,500

1,112,625

4,978,668

#### Machinery

#### 1

#### .2

#### %
Mueller

Industries,

Inc.

95,150

10,923,220

Nordson

Corp.

2,607

626,801

Toro

Co.

(The)

3,914

308,110

11,858,131

#### Marine

#### Transportation

#### 1

#### .1

#### %
Kirby

Corp.\*

92,096

10,147,137

#### Media

#### 1

#### .4

#### %
Charter

Communications,

Inc.,

Class

A\*

1,752

365,730

Fox

Corp.,

Class

A

133,912

9,784,950

Fox

Corp.,

Class

B

2,401

155,897

Nexstar

Media

Group,

Inc.,

Class

A

12,745

2,587,872

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Media
Omnicom

Group,

Inc.

9,782

789,897

13,684,346

#### Metals

#### &

#### Mining

#### 1

#### .4

#### %
Anglogold

Ashanti

plc

12,356

1,053,720

Freeport-McMoRan,

Inc.

42,805

2,174,066

Southern

Copper

Corp.

69,568

9,980,921

13,208,707

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 1

#### .6

#### %
Antero

Resources

Corp.\*

40,002

1,378,469

APA

Corp.

39,033

954,747

Chevron

Corp.

47,127

7,182,626

ConocoPhillips

61,815

5,786,502

15,302,344

#### Passenger

#### Airlines

#### 0

#### .9

#### %
Delta

Air

Lines,

Inc.

52,023

3,610,396

Southwest

Airlines

Co.

118,833

4,911,368

8,521,764

#### Pharmaceuticals

#### 3

#### .9

#### %
Bristol-Myers

Squibb

Co.

116,542

6,286,275

Eli

Lilly

&

Co.

14,607

15,697,851

Johnson

&

Johnson

65,853

13,628,278

Zoetis,

Inc.,

Class

A

19,686

2,476,893

38,089,297

#### Professional

#### Services

#### 1

#### .5

#### %
CACI

International,

Inc.,

Class

A\*

9,030

4,811,274

Equifax,

Inc.

5,284

1,146,523

SS&C

Technologies

Holdings,

Inc.

92,664

8,100,687

14,058,484

#### Residential

#### REITs

#### 0

#### .8

#### %
Camden

Property

Trust

53,990

5,943,219

Invitation

Homes,

Inc.

57,721

1,604,067

7,547,286

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 11

#### .7

#### %
Broadcom,

Inc.

75,974

26,294,601

Entegris,

Inc.

12,947

1,090,785

Micron

Technology,

Inc.

31,984

9,128,553

MKS,

Inc.

2,641

422,032

NVIDIA

Corp.

369,551

68,921,262

Texas

Instruments,

Inc.

42,793

7,424,158

113,281,391

#### Software

#### 12

#### .9

#### %
Dolby

Laboratories,

Inc.,

Class

A

79,854

5,128,224

Fortinet,

Inc.\*

100,506

7,981,181

Intuit,

Inc.

10,823

7,169,372

Microsoft

Corp.

136,715

66,118,108

Oracle

Corp.

71,892

14,012,470

Palantir

Technologies,

Inc.,

Class

A\*

7,510

1,334,903

Palo

Alto

Networks,

Inc.\*

44,791

8,250,502

Rubrik,

Inc.,

Class

A\*

19,794

1,513,845

Samsara,

Inc.,

Class

A\*

47,854

1,696,424

ServiceNow,

Inc.\*

71,675

10,979,893

Strategy,

Inc.,

Class

A\*

1,306

198,447

124,383,369

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

GS

Large

Cap

Equity

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Specialized

#### REITs

#### 0

#### .4

#### %
Equinix,

Inc.

987

756,200

Public

Storage

10,572

2,743,434

Weyerhaeuser

Co.

18,770

444,661

3,944,295

#### Specialty

#### Retail

#### 1

#### .4

#### %
Carvana

Co.,

Class

A\*

558

235,487

TJX

Cos.,

Inc.

(The)

86,331

13,261,305

13,496,792

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 6

#### .5

#### %
Apple,

Inc.

203,238

55,252,283

Western

Digital

Corp.

43,545

7,501,497

62,753,780

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0

#### .4

#### %
Birkenstock

Holding

plc\*

34,651

1,417,226

Ralph

Lauren

Corp.,

Class

A

7,369

2,605,752

4,022,978

#### Tobacco

#### 1

#### .5

#### %
Philip

Morris

International,

Inc.

89,898

14,419,639

#### Trading

#### Companies

#### &

#### Distributors

#### 0

#### .0

#### %

#### †
Watsco,

Inc.

836

281,690

#### Wireless

#### Telecommunication

#### Services

#### 0

#### .6

#### %
T-Mobile

US,

Inc.

27,902

5,665,222

#### Total

#### Investments

#### (cost

#### $689,885,436)

#### —

#### 99.9%

#### 963,828,416

#### Other

#### assets

#### in

#### excess

#### of

#### liabilities

#### —

#### 0.1%

#### 509,697

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 964,338,113
\*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

REIT

Real

Estate

Investment

Trust

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### 99

#### .4

#### %

#### Shares

#### Value

#### ($)

#### Aerospace

#### &

#### Defense

#### 1

#### .5

#### %
Astronics

Corp.\*

1,391

75,448

Byrna

Technologies,

Inc.\*

2,547

42,764

Mercury

Systems,

Inc.\*(a)

12,177

889,043

Moog,

Inc.,

Class

A

7,390

1,799,834

Redwire

Corp.\*(a)

19,185

145,806

2,952,895

#### Automobile

#### Components

#### 1

#### .4

#### %
Adient

plc\*

32,002

613,478

American

Axle

&

Manufacturing

Holdings,

Inc.\*(a)

69,954

448,405

Dana,

Inc.

21,672

514,927

LCI

Industries(a)

7,467

906,046

Solid

Power,

Inc.\*(a)

65,101

276,679

2,759,535

#### Banks

#### 8

#### .2

#### %
Ameris

Bancorp(a)

12,627

937,807

Associated

Banc-Corp.

34,980

901,085

BancFirst

Corp.(a)

3,214

340,748

Bank

of

Hawaii

Corp.

7,002

478,727

Capitol

Federal

Financial,

Inc.

64,718

440,730

Chemung

Financial

Corp.

3,319

185,200

City

Holding

Co.

56,382

Community

Trust

Bancorp,

Inc.

9,753

551,044

Dime

Community

Bancshares,

Inc.

2,875

86,509

FB

Financial

Corp.

910

50,778

First

Bancorp,

Inc.

(The)

3,325

87,913

First

Financial

Bancorp(a)

26,430

661,279

First

Financial

Bankshares,

Inc.

5,448

162,732

First

Merchants

Corp.

10,946

410,256

Flushing

Financial

Corp.

4,623

70,131

Glacier

Bancorp,

Inc.

5,867

258,441

Hancock

Whitney

Corp.(a)

11,990

763,523

Hanmi

Financial

Corp.

6,538

176,722

Heritage

Commerce

Corp.

33,024

396,618

Home

Bancorp,

Inc.

3,097

179,007

Hope

Bancorp,

Inc.

7,737

84,798

International

Bancshares

Corp.

12,102

804,057

Kearny

Financial

Corp.

3,620

26,824

National

Bank

Holdings

Corp.,

Class

A

2,219

84,344

Northrim

Bancorp,

Inc.

14,840

394,892

Origin

Bancorp,

Inc.

727

27,342

Park

National

Corp.

20,849

Provident

Financial

Services,

Inc.

26,865

530,584

Red

River

Bancshares,

Inc.

16,286

Seacoast

Banking

Corp.

of

Florida

1,329

41,757

ServisFirst

Bancshares,

Inc.

9,626

691,051

SmartFinancial,

Inc.

676

25,005

Sound

Financial

Bancorp,

Inc.

707

30,846

Southern

First

Bancshares,

Inc.\*

5,940

306,029

Southside

Bancshares,

Inc.

11,397

346,355

Texas

Capital

Bancshares,

Inc.\*

9,774

884,938

Timberland

Bancorp,

Inc.

11,993

TriCo

Bancshares

13,855

656,311

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Banks
TrustCo

Bank

Corp.

15,524

641,607

Trustmark

Corp.

16,827

655,412

United

Bankshares,

Inc.(a)

24,852

954,317

United

Community

Banks,

Inc.

20,352

635,389

Washington

Trust

Bancorp,

Inc.(a)

6,485

191,632

WesBanco,

Inc.

23,822

791,843

Westamerica

Bancorp

4,630

221,453

16,271,546

#### Biotechnology

#### 9

#### .0

#### %
ACADIA

Pharmaceuticals,

Inc.\*(a)

11,545

308,367

Allogene

Therapeutics,

Inc.\*(a)

117,603

161,116

Amicus

Therapeutics,

Inc.\*

77,865

1,108,798

Annexon,

Inc.\*

105,886

531,548

Apogee

Therapeutics,

Inc.\*

2,702

203,947

Arcturus

Therapeutics

Holdings,

Inc.\*(a)

17,421

106,791

Arcutis

Biotherapeutics,

Inc.\*

4,850

140,844

Aurinia

Pharmaceuticals,

Inc.\*

18,942

302,125

BioCryst

Pharmaceuticals,

Inc.\*(a)

11,277

87,961

Bridgebio

Pharma,

Inc.\*

4,017

307,260

Celcuity,

Inc.\*(a)

1,154

115,100

Celldex

Therapeutics,

Inc.\*(a)

6,952

188,816

CG

oncology,

Inc.\*(a)

6,233

258,794

Cogent

Biosciences,

Inc.\*

13,045

463,358

Corvus

Pharmaceuticals,

Inc.\*

14,730

113,421

CRISPR

Therapeutics

AG\*

3,943

206,771

Cullinan

Therapeutics,

Inc.\*

23,011

238,164

Denali

Therapeutics,

Inc.\*

58,804

970,854

Design

Therapeutics,

Inc.\*(a)

21,319

199,972

Dyne

Therapeutics,

Inc.\*

20,203

395,171

Enanta

Pharmaceuticals,

Inc.\*

8,755

138,066

Erasca,

Inc.\*

93,169

346,589

Heron

Therapeutics,

Inc.\*(a)

33,640

43,732

Ideaya

Biosciences,

Inc.\*(a)

13,634

471,327

Immunome,

Inc.\*

1,234

26,506

Janux

Therapeutics,

Inc.\*

2,998

41,372

Keros

Therapeutics,

Inc.\*

10,188

207,428

Kodiak

Sciences,

Inc.\*

9,526

266,347

Krystal

Biotech,

Inc.\*(a)

22,435

Kymera

Therapeutics,

Inc.\*

5,370

417,840

Larimar

Therapeutics,

Inc.\*(a)

52,135

198,634

Lexeo

Therapeutics,

Inc.\*(a)

21,707

215,550

Madrigal

Pharmaceuticals,

Inc.\*

1,780

1,036,565

Mineralys

Therapeutics,

Inc.\*

11,527

418,315

Mirum

Pharmaceuticals,

Inc.\*

11,531

910,834

Monte

Rosa

Therapeutics,

Inc.\*

1,920

30,106

Myriad

Genetics,

Inc.\*

52,573

323,324

Nurix

Therapeutics,

Inc.\*(a)

20,359

386,210

Nuvalent,

Inc.,

Class

A\*

2,932

294,930

ORIC

Pharmaceuticals,

Inc.\*(a)

6,453

52,786

Praxis

Precision

Medicines,

Inc.\*

1,719

506,658

Protagonist

Therapeutics,

Inc.\*(a)

4,320

377,309

Prothena

Corp.

plc\*

26,286

251,031

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Biotechnology
PTC

Therapeutics,

Inc.\*

4,962

376,914

Puma

Biotechnology,

Inc.\*

26,031

154,884

Relay

Therapeutics,

Inc.\*

4,145

35,067

Rhythm

Pharmaceuticals,

Inc.\*

1,158

123,952

Rigel

Pharmaceuticals,

Inc.\*

15,884

680,312

Spyre

Therapeutics,

Inc.\*

3,799

124,455

Syndax

Pharmaceuticals,

Inc.\*(a)

10,566

221,992

TG

Therapeutics,

Inc.\*(a)

20,421

608,750

Travere

Therapeutics,

Inc.\*

7,649

292,268

Vera

Therapeutics,

Inc.,

Class

A\*

15,524

786,135

Veracyte,

Inc.\*(a)

14,275

600,977

Viridian

Therapeutics,

Inc.\*

16,597

516,499

17,915,277

#### Broadline

#### Retail

#### 0

#### .1

#### %
Kohl's

Corp.

12,290

250,839

Savers

Value

Village,

Inc.\*

3,093

28,888

279,727

#### Building

#### Products

#### 0

#### .3

#### %
Griffon

Corp.

8,253

607,833

Tecnoglass,

Inc.(a)

1,665

83,783

691,616

#### Capital

#### Markets

#### 2

#### .0

#### %
BGC

Group,

Inc.,

Class

A

46,765

417,611

Cohen

&

Steers,

Inc.

9,726

610,598

GCM

Grosvenor,

Inc.,

Class

A(a)

48,327

547,062

Piper

Sandler

Cos.

2,242

761,630

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

3,536

53,712

Victory

Capital

Holdings,

Inc.,

Class

A(a)

19,163

1,208,994

Virtus

Investment

Partners,

Inc.

33,282

WisdomTree,

Inc.(a)

31,735

386,850

4,019,739

#### Chemicals

#### 1

#### .4

#### %
Aspen

Aerogels,

Inc.\*

6,331

17,917

Avient

Corp.

2,486

77,663

Innospec,

Inc.

15,692

1,201,066

Minerals

Technologies,

Inc.

13,196

804,296

Perimeter

Solutions,

Inc.\*

4,518

124,380

Stepan

Co.

10,868

514,708

2,740,030

#### Commercial

#### Services

#### &

#### Supplies

#### 1

#### .2

#### %
Deluxe

Corp.(a)

1,391

31,061

Ennis,

Inc.

16,353

294,518

Healthcare

Services

Group,

Inc.\*

44,024

841,739

HNI

Corp.

4,697

197,462

Interface,

Inc.,

Class

A

1,065

29,735

Montrose

Environmental

Group,

Inc.\*(a)

39,856

989,624

Pitney

Bowes,

Inc.

1,635

17,282

2,401,421

#### Communications

#### Equipment

#### 0

#### .7

#### %
Applied

Optoelectronics,

Inc.\*

7,385

257,441

Calix,

Inc.\*

4,459

236,015

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Communications

#### Equipment
CommScope

Holding

Co.,

Inc.\*

39,719

720,106

Viavi

Solutions,

Inc.\*

12,987

231,428

1,444,990

#### Construction

#### &

#### Engineering

#### 2

#### .5

#### %
Arcosa,

Inc.

1,363

144,914

Argan,

Inc.

1,718

538,284

Construction

Partners,

Inc.,

Class

A\*(a)

2,086

226,435

Dycom

Industries,

Inc.\*

2,067

698,439

Great

Lakes

Dredge

&

Dock

Corp.\*

1,922

25,217

Limbach

Holdings,

Inc.\*(a)

731

56,908

Matrix

Service

Co.\*

7,807

91,342

MYR

Group,

Inc.\*

4,279

934,962

Primoris

Services

Corp.(a)

11,410

1,416,438

Tutor

Perini

Corp.(a)

13,564

909,059

5,041,998

#### Construction

#### Materials

#### 0

#### .7

#### %
Knife

River

Corp.\*

2,335

164,267

United

States

Lime

&

Minerals,

Inc.(a)

9,574

1,146,391

1,310,658

#### Consumer

#### Finance

#### 2

#### .6

#### %
Dave,

Inc.\*

2,198

486,659

Encore

Capital

Group,

Inc.\*(a)

20,211

1,098,468

Enova

International,

Inc.\*

6,264

984,701

FirstCash

Holdings,

Inc.

2,957

471,287

LendingClub

Corp.\*

5,919

112,106

LendingTree,

Inc.\*

23,466

Medallion

Financial

Corp.

8,477

87,228

OppFi,

Inc.(a)

21,475

224,628

PROG

Holdings,

Inc.

35,438

1,045,067

Regional

Management

Corp.

15,882

615,427

5,149,037

#### Containers

#### &

#### Packaging

#### 0

#### .3

#### %
O-I

Glass,

Inc.\*

41,540

613,130

#### Diversified

#### Consumer

#### Services

#### 2

#### .4

#### %
Adtalem

Global

Education,

Inc.\*

37,870

American

Public

Education,

Inc.\*

10,191

385,220

European

Wax

Center,

Inc.,

Class

A\*

111,654

401,954

Frontdoor,

Inc.\*

4,876

281,296

Graham

Holdings

Co.,

Class

B

660

725,076

Laureate

Education,

Inc.\*

48,771

1,642,120

McGraw

Hill,

Inc.\*

14,950

246,675

Perdoceo

Education

Corp.(a)

22,799

668,695

Universal

Technical

Institute,

Inc.\*

14,123

369,034

4,757,940

#### Diversified

#### REITs

#### 0

#### .1

#### %
Alpine

Income

Property

Trust,

Inc.(a)

7,217

120,668

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .5

#### %
ATN

International,

Inc.

3,414

77,839

Bandwidth,

Inc.,

Class

A\*

19,456

300,595

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Diversified

#### Telecommunication

#### Services
Liberty

Latin

America

Ltd.,

Class

A\*

61,586

455,121

Liberty

Latin

America

Ltd.,

Class

C\*

27,753

207,037

1,040,592

#### Electric

#### Utilities

#### 0

#### .0

#### %

#### †
Oklo,

Inc.,

Class

A\*(a)

702

50,376

#### Electrical

#### Equipment

#### 1

#### .9

#### %
American

Superconductor

Corp.\*

11,451

329,560

Amprius

Technologies,

Inc.\*(a)

18,103

142,833

Array

Technologies,

Inc.\*(a)

5,591

51,549

Bloom

Energy

Corp.,

Class

A\*

17,880

1,553,593

Eos

Energy

Enterprises,

Inc.\*(a)

13,590

155,741

Nextpower,

Inc.,

Class

A\*

8,340

726,497

NuScale

Power

Corp.,

Class

A\*(a)

8,447

119,694

Plug

Power,

Inc.\*(a)

25,747

50,722

Powell

Industries,

Inc.(a)

897

285,946

Preformed

Line

Products

Co.(a)

1,794

370,838

Thermon

Group

Holdings,

Inc.\*

1,109

41,210

3,828,183

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 4

#### .1

#### %
908

Devices,

Inc.\*(a)

13,380

70,245

Advanced

Energy

Industries,

Inc.(a)

3,972

831,618

Fabrinet\*

4,071

1,853,445

Knowles

Corp.\*

51,648

1,106,817

Novanta,

Inc.\*

29,985

OSI

Systems,

Inc.\*

63,765

PC

Connection,

Inc.

529

30,555

Sanmina

Corp.\*(a)

9,602

1,440,972

TTM

Technologies,

Inc.\*

25,056

1,728,864

Vishay

Intertechnology,

Inc.(a)

66,306

960,774

8,117,040

#### Energy

#### Equipment

#### &

#### Services

#### 2

#### .3

#### %
Borr

Drilling

Ltd.

73,991

298,184

Core

Laboratories,

Inc.(a)

37,355

598,801

Expro

Group

Holdings

NV\*

25,535

340,892

Helix

Energy

Solutions

Group,

Inc.\*

30,551

191,555

Liberty

Energy,

Inc.,

Class

A

7,738

142,843

Noble

Corp.

plc

9,570

270,257

Oceaneering

International,

Inc.\*(a)

50,504

1,213,611

Patterson-UTI

Energy,

Inc.(a)

133,589

816,229

Seadrill

Ltd.\*

17,817

616,468

Transocean

Ltd.\*

42,791

176,727

4,665,567

#### Entertainment

#### 0

#### .4

#### %
AMC

Entertainment

Holdings,

Inc.,

Class

A\*(a)

42,253

65,915

Cinemark

Holdings,

Inc.(a)

11,709

272,117

CuriosityStream,

Inc.

16,554

62,905

Madison

Square

Garden

Entertainment

Corp.,

Class

A\*(a)

5,433

292,784

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Entertainment
Starz

Entertainment

Corp.

3,157

36,937

730,658

#### Financial

#### Services

#### 1

#### .6

#### %
Alerus

Financial

Corp.

3,263

73,483

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

30,232

1,348,347

Burford

Capital

Ltd.(a)

35,945

320,630

Marqeta,

Inc.,

Class

A\*(a)

2,411

11,452

NCR

Atleos

Corp.\*(a)

13,621

519,096

Pagseguro

Digital

Ltd.,

Class

A

56,620

545,817

Payoneer

Global,

Inc.\*

3,526

19,816

Paysign,

Inc.\*(a)

5,708

29,396

Remitly

Global,

Inc.\*

9,523

131,417

Security

National

Financial

Corp.,

Class

A\*

5,407

48,717

Velocity

Financial,

Inc.\*

4,340

90,099

3,138,270

#### Food

#### Products

#### 0

#### .6

#### %
Alico,

Inc.(a)

1,062

38,635

BRC,

Inc.,

Class

A\*(a)

50,108

55,620

Cal-Maine

Foods,

Inc.

12,695

1,010,141

SunOpta,

Inc.\*

30,152

114,578

1,218,974

#### Gas

#### Utilities

#### 0

#### .4

#### %
New

Jersey

Resources

Corp.

817

37,680

ONE

Gas,

Inc.

10,089

779,375

817,055

#### Ground

#### Transportation

#### 0

#### .0

#### %

#### †
FTAI

Infrastructure,

Inc.

5,898

27,190

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 4

#### .6

#### %
Accuray,

Inc.\*

18,789

15,493

Artivion,

Inc.\*(a)

9,452

431,106

AtriCure,

Inc.\*

25,733

1,017,997

Cerus

Corp.\*(a)

123,821

255,071

CVRx,

Inc.\*

3,500

24,850

Delcath

Systems,

Inc.\*(a)

17,562

177,376

Embecta

Corp.

20,455

243,005

Glaukos

Corp.\*

13,482

1,522,253

Haemonetics

Corp.\*

6,263

501,979

Inogen,

Inc.\*

29,241

196,500

Integer

Holdings

Corp.\*

9,047

709,556

iRadimed

Corp.

8,199

797,599

iRhythm

Technologies,

Inc.\*

5,039

894,120

LeMaitre

Vascular,

Inc.(a)

5,686

461,135

Pulmonx

Corp.\*(a)

8,865

19,592

RxSight,

Inc.\*

21,430

223,301

SI-BONE,

Inc.\*

18,171

358,332

TransMedics

Group,

Inc.\*(a)

10,134

1,232,801

9,082,066

#### Health

#### Care

#### Providers

#### &

#### Services

#### 3

#### .4

#### %
Addus

HomeCare

Corp.\*(a)

53,158

agilon

health,

Inc.\*(a)

146,131

100,640

Castle

Biosciences,

Inc.\*

1,827

71,070

Community

Health

Systems,

Inc.\*

25,082

78,256

CorVel

Corp.\*

2,862

193,672

Enhabit,

Inc.\*

22,569

208,086

Fulgent

Genetics,

Inc.\*

5,109

134,213

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Health

#### Care

#### Providers

#### &

#### Services
GeneDx

Holdings

Corp.,

Class

A\*

3,034

394,602

Guardant

Health,

Inc.\*(a)

14,648

1,496,147

HealthEquity,

Inc.\*

9,928

909,504

Hims

&

Hers

Health,

Inc.\*(a)

13,624

442,371

LifeStance

Health

Group,

Inc.\*

100,702

708,942

Nano-X

Imaging

Ltd.\*(a)

14,757

41,320

OPKO

Health,

Inc.\*(a)

152,810

192,541

Pennant

Group,

Inc.

(The)\*

18,160

511,204

Privia

Health

Group,

Inc.\*

20,357

482,665

Progyny,

Inc.\*

3,508

90,085

Talkspace,

Inc.\*

10,999

39,926

Viemed

Healthcare,

Inc.\*

81,367

604,557

6,752,959

#### Health

#### Care

#### REITs

#### 0

#### .6

#### %
Global

Medical

REIT,

Inc.(a)

6,806

229,635

Sabra

Health

Care

REIT,

Inc.

(a) 51,263

970,921

1,200,556

#### Health

#### Care

#### Technology

#### 0

#### .1

#### %
Phreesia,

Inc.\*

8,773

148,439

Schrodinger,

Inc.\*

2,765

49,438

197,877

#### Hotel

#### &

#### Resort

#### REITs

#### 1

#### .7

#### %
Apple

Hospitality

REIT,

Inc.

100,841

1,194,966

Braemar

Hotels

&

Resorts,

Inc.(a)

10,463

30,029

Chatham

Lodging

Trust

95,282

648,870

RLJ

Lodging

Trust(a)

107,825

803,296

Service

Properties

Trust(a)

11,301

20,794

Xenia

Hotels

&

Resorts,

Inc.(a)

56,138

793,791

3,491,746

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1

#### .3

#### %
Bloomin'

Brands,

Inc.(a)

9,714

59,935

Brightstar

Lottery

plc

54,766

847,778

First

Watch

Restaurant

Group,

Inc.\*

9,776

147,422

Global

Business

Travel

Group

I\*(a)

14,573

111,484

Lindblad

Expeditions

Holdings,

Inc.\*

5,764

83,117

Monarch

Casino

&

Resort,

Inc.

644

61,631

Portillo's,

Inc.,

Class

A\*(a)

8,268

37,537

Red

Rock

Resorts,

Inc.,

Class

A(a)

8,512

527,318

Shake

Shack,

Inc.,

Class

A\*

1,501

121,836

Super

Group

SGHC

Ltd.

44,778

535,097

2,533,155

#### Household

#### Durables

#### 0

#### .9

#### %
Century

Communities,

Inc.

12,848

762,529

Champion

Homes,

Inc.\*

1,829

154,550

Dream

Finders

Homes,

Inc.,

Class

A\*

19,725

337,297

La-Z-Boy,

Inc.

5,111

190,487

LGI

Homes,

Inc.\*

2,149

92,321

Lovesac

Co.

(The)\*

4,198

61,921

Meritage

Homes

Corp.

2,876

189,241

1,788,346

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Household

#### Products

#### 0

#### .4

#### %
Energizer

Holdings,

Inc.(a)

41,357

822,591

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0

#### .6

#### %
Hallador

Energy

Co.\*

1,558

29,665

Ormat

Technologies,

Inc.

10,207

1,127,567

1,157,232

#### Industrial

#### REITs

#### 0

#### .3

#### %
LXP

Industrial

Trust(a)

10,199

505,666

#### Insurance

#### 2

#### .4

#### %
AMERISAFE,

Inc.

25,388

975,153

HCI

Group,

Inc.

1,238

237,312

Investors

Title

Co.(a)

993

247,893

Octave

Specialty

Group,

Inc.\*

25,638

199,464

Oscar

Health,

Inc.,

Class

A\*

19,536

280,732

Safety

Insurance

Group,

Inc.

9,656

752,299

Selective

Insurance

Group,

Inc.

2,146

179,556

Stewart

Information

Services

Corp.

16,444

1,155,355

Tiptree,

Inc.,

Class

A

11,121

203,181

Universal

Insurance

Holdings,

Inc.

17,839

602,958

4,833,903

#### Interactive

#### Media

#### &

#### Services

#### 0

#### .5

#### %
EverQuote,

Inc.,

Class

A\*

4,975

134,325

fuboTV,

Inc.\*(a)

61,332

154,557

Grindr,

Inc.\*(a)

10,052

136,104

QuinStreet,

Inc.\*

40,162

577,128

1,002,114

#### IT

#### Services

#### 0

#### .4

#### %
Applied

Digital

Corp.\*(a)

11,987

293,921

BigBear.ai

Holdings,

Inc.\*(a)

9,020

48,708

DigitalOcean

Holdings,

Inc.\*(a)

4,250

204,510

Fastly,

Inc.,

Class

A\*

26,235

267,073

814,212

#### Leisure

#### Products

#### 0

#### .9

#### %
JAKKS

Pacific,

Inc.

2,597

43,837

MasterCraft

Boat

Holdings,

Inc.\*(a)

25,643

484,909

Peloton

Interactive,

Inc.,

Class

A\*

98,559

607,124

Smith

&

Wesson

Brands,

Inc.

9,272

91,515

Topgolf

Callaway

Brands

Corp.\*

55,036

642,270

1,869,655

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 1

#### .0

#### %
10X

Genomics,

Inc.,

Class

A\*

27,454

447,775

Adaptive

Biotechnologies

Corp.\*

60,673

985,330

Cytek

Biosciences,

Inc.\*(a)

74,881

378,149

Maravai

LifeSciences

Holdings,

Inc.,

Class

A\*(a)

31,501

102,378

Niagen

Bioscience,

Inc.\*

5,628

35,794

1,949,426

#### Machinery

#### 2

#### .5

#### %
Aebi

Schmidt

Holding

AG

19,468

246,270

Atmus

Filtration

Technologies,

Inc.

9,635

500,153

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Machinery
Chart

Industries,

Inc.\*

3,457

712,937

ESCO

Technologies,

Inc.

4,811

940,021

Federal

Signal

Corp.

5,011

544,145

Gencor

Industries,

Inc.\*

5,075

65,772

Gorman-Rupp

Co.

(The)(a)

14,373

Hyster-Yale,

Inc.

1,020

30,304

Kadant,

Inc.

688

196,094

Kennametal,

Inc.

1,063

30,200

Microvast

Holdings,

Inc.\*

51,753

144,908

Miller

Industries,

Inc.

14,282

533,718

Omega

Flex,

Inc.

3,376

99,389

Palladyne

AI

Corp.\*(a)

13,508

57,544

Proto

Labs,

Inc.\*

3,845

194,519

REV

Group,

Inc.

12,169

739,997

Wabash

National

Corp.

2,275

19,679

5,070,023

#### Marine

#### Transportation

#### 1

#### .0

#### %
Costamare

Bulkers

Holdings

Ltd.\*

2,273

35,027

Costamare,

Inc.

43,064

679,980

Matson,

Inc.

3,683

455,035

Pangaea

Logistics

Solutions

Ltd.

34,266

235,750

Safe

Bulkers,

Inc.

138,205

666,148

2,071,940

#### Media

#### 0

#### .6

#### %
AMC

Networks,

Inc.,

Class

A\*

13,713

130,548

Cable

One,

Inc.(a)

5,422

611,873

Entravision

Communications

Corp.,

Class

A

62,540

183,242

Gray

Media,

Inc.(a)

38,973

188,629

USA

TODAY

Co.,

Inc.\*(a)

15,695

80,829

1,195,121

#### Metals

#### &

#### Mining

#### 2

#### .9

#### %
Century

Aluminum

Co.\*

4,571

179,092

Coeur

Mining,

Inc.\*

87,820

1,565,831

Hecla

Mining

Co.

109,169

2,094,953

Ivanhoe

Electric,

Inc.\*(a)

15,474

247,274

Novagold

Resources,

Inc.\*

126,309

1,177,200

SSR

Mining,

Inc.\*

12,795

280,466

US

Gold

Corp.\*(a)

13,060

253,495

5,798,311

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0

#### .6

#### %
BrightSpire

Capital,

Inc.,

Class

A

32,144

180,006

Invesco

Mortgage

Capital,

Inc.

(a) 27,367

230,157

Ladder

Capital

Corp.,

Class

A(a)

20,639

226,823

Nexpoint

Real

Estate

Finance,

Inc.(a)

12,316

173,409

Orchid

Island

Capital,

Inc.(a)

24,860

178,992

TPG

RE

Finance

Trust,

Inc.

26,192

225,513

1,214,900

#### Multi-Utilities

#### 0

#### .3

#### %
Black

Hills

Corp.

7,232

502,045

#### Office

#### REITs

#### 0

#### .5

#### %
Douglas

Emmett,

Inc.(a)

89,829

987,221

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 1

#### .9

#### %
Clean

Energy

Fuels

Corp.\*

40,387

84,813

Core

Natural

Resources,

Inc.

(a) 2,411

213,398

Crescent

Energy

Co.,

Class

A

9,490

79,621

DHT

Holdings,

Inc.

20,044

244,737

Diversified

Energy

Co.

28,431

411,681

Encore

Energy

Corp.\*(a)

36,859

91,410

Energy

Fuels,

Inc.\*(a)

8,186

119,024

Golar

LNG

Ltd.

9,546

355,207

Granite

Ridge

Resources,

Inc.

(a) 5,074

23,848

Infinity

Natural

Resources,

Inc.,

Class

A\*

2,169

31,949

Magnolia

Oil

&

Gas

Corp.,

Class

A(a)

21,707

475,166

Par

Pacific

Holdings,

Inc.\*(a)

8,739

307,088

PBF

Energy,

Inc.,

Class

A

3,321

90,066

Peabody

Energy

Corp.(a)

7,415

220,226

REX

American

Resources

Corp.\*

1,572

50,807

SFL

Corp.

Ltd.(a)

63,253

494,006

SM

Energy

Co.

717

13,408

Uranium

Energy

Corp.\*(a)

36,098

421,625

VAALCO

Energy,

Inc.

7,232

26,324

3,754,404

#### Passenger

#### Airlines

#### 1

#### .5

#### %
Allegiant

Travel

Co.\*(a)

5,871

500,620

JetBlue

Airways

Corp.\*(a)

218,700

995,085

SkyWest,

Inc.\*

12,908

1,296,092

Sun

Country

Airlines

Holdings,

Inc.\*

11,378

163,730

2,955,527

#### Personal

#### Care

#### Products

#### 0

#### .2

#### %
Herbalife

Ltd.\*

24,617

317,313

#### Pharmaceuticals

#### 2

#### .3

#### %
Aclaris

Therapeutics,

Inc.\*

39,629

119,283

Amneal

Pharmaceuticals,

Inc.\*

63,481

799,861

Arvinas,

Inc.\*

15,032

178,279

Atea

Pharmaceuticals,

Inc.\*

6,055

21,616

Axsome

Therapeutics,

Inc.\*

2,998

547,555

Collegium

Pharmaceutical,

Inc.\*

8,732

404,292

Crinetics

Pharmaceuticals,

Inc.\*(a)

6,544

304,623

Edgewise

Therapeutics,

Inc.\*

5,193

128,864

EyePoint,

Inc.\*(a)

7,129

130,247

Harmony

Biosciences

Holdings,

Inc.\*

8,456

316,423

Innoviva,

Inc.\*

2,823

56,432

Ligand

Pharmaceuticals,

Inc.\*

808

152,769

Liquidia

Corp.\*(a)

8,013

276,368

SIGA

Technologies,

Inc.

30,563

186,740

Supernus

Pharmaceuticals,

Inc.\*

4,044

200,987

Tarsus

Pharmaceuticals,

Inc.\*(a)

1,957

160,239

Terns

Pharmaceuticals,

Inc.\*

12,614

509,606

Theravance

Biopharma,

Inc.\*

2,763

51,696

Third

Harmonic

Bio,

Inc.\*∞

12,914

4,545,880

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Professional

#### Services

#### 1

#### .6

#### %
Alight,

Inc.,

Class

A

378,372

737,825

ICF

International,

Inc.

776

66,193

Innodata,

Inc.\*(a)

3,273

166,759

Legalzoom.com,

Inc.\*

74,848

743,241

Planet

Labs

PBC\*

15,851

312,582

Verra

Mobility

Corp.,

Class

A\*

55,367

1,240,774

3,267,374

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0

#### .4

#### %
Compass,

Inc.,

Class

A\*

13,924

147,177

Douglas

Elliman,

Inc.\*

33,408

79,177

Forestar

Group,

Inc.\*

6,220

153,198

FRP

Holdings,

Inc.\*(a)

9,825

223,912

Kennedy-Wilson

Holdings,

Inc.

(a) 26,794

259,098

862,562

#### Residential

#### REITs

#### 1

#### .0

#### %
NexPoint

Residential

Trust,

Inc.

36,167

1,088,627

UMH

Properties,

Inc.(a)

61,983

986,149

2,074,776

#### Retail

#### REITs

#### 1

#### .6

#### %
Acadia

Realty

Trust(a)

8,159

167,586

CBL

&

Associates

Properties,

Inc.(a)

17,454

645,798

FrontView

REIT,

Inc.(a)

3,560

52,546

Macerich

Co.

(The)

10,595

195,584

Phillips

Edison

&

Co.,

Inc.

15,142

538,601

Tanger,

Inc.(a)

4,984

166,316

Urban

Edge

Properties

61,886

1,187,592

Whitestone

REIT

12,080

167,791

3,121,814

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 3

#### .4

#### %
ACM

Research,

Inc.,

Class

A\*

5,325

210,071

Axcelis

Technologies,

Inc.\*(a)

2,342

188,156

Credo

Technology

Group

Holding

Ltd.\*

10,461

1,505,233

Diodes,

Inc.\*

18,985

936,720

FormFactor,

Inc.\*

2,860

159,531

MaxLinear,

Inc.,

Class

A\*

43,401

756,479

Rigetti

Computing,

Inc.\*(a)

13,433

297,541

Semtech

Corp.\*

11,100

817,959

Silicon

Laboratories,

Inc.\*

10,005

1,307,654

SiTime

Corp.\*

1,509

532,964

6,712,308

#### Software

#### 5

#### .3

#### %
A10

Networks,

Inc.

6,766

119,691

Adeia,

Inc.

16,475

284,194

Appian

Corp.,

Class

A\*

1,005

35,597

Arteris,

Inc.\*

35,303

547,196

Box,

Inc.,

Class

A\*(a)

27,666

827,490

C3.ai,

Inc.,

Class

A\*(a)

18,817

253,653

Cerence,

Inc.\*(a)

14,590

155,967

Cipher

Mining,

Inc.\*(a)

3,683

54,361

Cleanspark,

Inc.\*(a)

25,905

262,159

Clear

Secure,

Inc.,

Class

A

17,119

600,534

Commvault

Systems,

Inc.\*

5,429

680,579

Consensus

Cloud

Solutions,

Inc.\*

7,668

167,316

Core

Scientific,

Inc.\*

18,417

268,152

D-Wave

Quantum,

Inc.\*(a)

21,523

562,826

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Software
Five9,

Inc.\*

13,762

275,928

Hut

Corp.\*(a)

4,307

197,864

Intapp,

Inc.\*

2,507

114,871

InterDigital,

Inc.(a)

2,710

862,810

MARA

Holdings,

Inc.\*(a)

15,904

142,818

Mitek

Systems,

Inc.\*

16,056

169,391

Pagaya

Technologies

Ltd.,

Class

A\*

19,208

401,447

Q2

Holdings,

Inc.\*

3,258

235,097

Red

Violet,

Inc.(a)

6,153

350,413

Rezolve

AI

plc\*(a)

7,048

18,113

Riot

Platforms,

Inc.\*(a)

25,385

321,628

SoundHound

AI,

Inc.,

Class

A\*(a)

17,864

178,104

Terawulf,

Inc.\*(a)

28,522

327,718

Varonis

Systems,

Inc.,

Class

B\*

18,360

602,208

Zeta

Global

Holdings

Corp.,

Class

A\*(a)

72,359

1,472,506

10,490,631

#### Specialized

#### REITs

#### 0

#### .5

#### %
Four

Corners

Property

Trust,

Inc.(a)

15,062

347,330

Smartstop

Self

Storage

REIT,

Inc.(a)

18,634

576,536

923,866

#### Specialty

#### Retail

#### 3

#### .0

#### %
Abercrombie

&

Fitch

Co.,

Class

A\*

1,736

218,510

American

Eagle

Outfitters,

Inc.

55,866

1,473,186

Boot

Barn

Holdings,

Inc.\*(a)

5,666

999,879

Buckle,

Inc.

(The)

3,771

201,447

Citi

Trends,

Inc.\*

3,651

151,736

EVgo,

Inc.,

Class

A\*

7,102

20,667

Haverty

Furniture

Cos.,

Inc.

24,882

581,244

Revolve

Group,

Inc.,

Class

A\*

22,543

680,573

Shoe

Carnival,

Inc.

10,310

174,033

Stitch

Fix,

Inc.,

Class

A\*

42,615

223,729

Urban

Outfitters,

Inc.\*(a)

1,117

84,065

Victoria's

Secret

&

Co.\*(a)

1,275

69,067

Winmark

Corp.

822

332,861

Zumiez,

Inc.\*(a)

29,410

766,130

5,977,127

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0

#### .6

#### %
Corsair

Gaming,

Inc.\*(a)

8,114

48,197

Eastman

Kodak

Co.\*(a)

15,812

133,770

IonQ,

Inc.\*(a)

23,677

1,062,387

1,244,354

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 1

#### .0

#### %
G-III

Apparel

Group

Ltd.

12,059

349,228

Kontoor

Brands,

Inc.

5,375

328,359

Movado

Group,

Inc.

28,271

582,948

Steven

Madden

Ltd.(a)

19,234

800,904

2,061,439

#### Trading

#### Companies

#### &

#### Distributors

#### 1

#### .2

#### %
Custom

Truck

One

Source,

Inc.\*

10,978

63,233

DNOW,

Inc.\*

75,750

1,003,688

GATX

Corp.

2,725

462,160

NPK

International,

Inc.\*

4,197

50,028

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Trading

#### Companies

#### &

#### Distributors
Rush

Enterprises,

Inc.,

Class

A

13,577

732,343

Xometry,

Inc.,

Class

A\*(a)

2,157

128,277

2,439,729

#### Water

#### Utilities

#### 0

#### .1

#### %
American

States

Water

Co.

1,933

140,104

Middlesex

Water

Co.

894

45,075

185,179

#### Wireless

#### Telecommunication

#### Services

#### 0

#### .1

#### %
Spok

Holdings,

Inc.

9,842

129,816

#### Total

#### Common

#### Stocks

#### (cost

#### $169,838,465)

#### 198,009,276

#### Rights

#### 0

#### .0

#### %

#### †

#### Number

#### of

#### Rights

#### Biotechnology

#### 0

#### .0

#### %

#### †
Cargo

Therapeutics,

Inc.,

CVR\*∞

20,331

#### Total

#### Rights

#### (cost

#### $0)

#### 0

#### Repurchase

#### Agreements

#### 15

#### .8

#### %

#### Principal

#### Amount

#### ($)
Bank

of

America

NA,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$5,001,069,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.50%,

maturing

5/1/2049

-

9/1/2050;

total

market

value

$5,100,000.

(b)(c) 5,000,000

5,000,000

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$1,594,049,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$1,625,584.(b)(c)

1,593,709

1,593,709

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$7,001,493,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$7,140,000.(b)(c)

7,000,000

7,000,000

#### Repurchase

#### Agreements

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
CF

Secured,

LLC,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$1,000,213,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.13%

-

7.50%,

maturing

3/31/2026

-

4/20/2071;

total

market

value

$1,020,218.(b)(c)

1,000,000

1,000,000

Citi

Global

Market,

Inc.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$10,002,117,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.38%

-

4.25%,

maturing

2/15/2028

-

10/31/2029;

total

market

value

$10,200,003.(b)(c)

10,000,000

10,000,000

Pershing

LLC,

3.72%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$7,001,447,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

2/15/2026

-

12/20/2075;

total

market

value

$7,140,000.(b)(c)

7,000,000

7,000,000

#### Total

#### Repurchase

#### Agreements

#### (cost

#### $31,593,709)

#### 31,593,709

#### Total

#### Investments

#### (cost

#### $201,432,174)

#### —

#### 115.2%

#### 229,602,985

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (15.2)%

#### (#### 30,263,825

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 199,339,160

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

GS

Small

Cap

Equity

Insights

Fund

\*

Denotes

a

non-income

producing

security.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$40,210,822,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$31,593,709

and

by

$10,131,156

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.75%,

and

maturity

dates

ranging

from

1/15/2026

-

8/15/2055,

a

total

value

of

$41,724,865.

(b) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$31,593,709.

(c) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

CVR

Contingent

Value

Rights

REIT

Real

Estate

Investment

Trust

NVIT

GS

Small

Cap

Equity

Insights

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Futures

#### contracts

#### outstanding

#### as

#### of

#### December

#### 31,

#### 2025:

#### Description

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### ($)

#### Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Long

#### Contracts
Russell

2000

E-Mini

Index

3/2026

USD

374,700

(11,316)

#### Net

#### contracts
(11,316)

#### Currency:
USD

United

States

Dollar

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

U.S.

130/30

Equity

Fund

#### Common

#### Stocks

#### 97

#### .5

#### %

#### Shares

#### Value

#### ($)

#### Aerospace

#### &

#### Defense

#### 1

#### .0

#### %
Lockheed

Martin

Corp.

20,620

9,973,275

#### Air

#### Freight

#### &

#### Logistics

#### 0

#### .3

#### %
Expeditors

International

of

Washington,

Inc.

19,111

2,847,730

#### Automobile

#### Components

#### 0

#### .1

#### %
Lear

Corp.

5,715

654,939

#### Automobiles

#### 1

#### .3

#### %
General

Motors

Co.

118,169

9,609,503

Tesla,

Inc.\*

5,915

2,660,094

12,269,597

#### Banks

#### 0

#### .2

#### %
BOK

Financial

Corp.

13,869

1,642,922

#### Beverages

#### 0

#### .9

#### %
Monster

Beverage

Corp.\*

114,071

8,745,824

#### Biotechnology

#### 1

#### .5

#### %
Alnylam

Pharmaceuticals,

Inc.\*

3,582

1,424,382

Halozyme

Therapeutics,

Inc.\*

38,948

2,621,200

Incyte

Corp.\*

108,280

10,694,816

14,740,398

#### Broadline

#### Retail

#### 3

#### .0

#### %
Amazon.com,

Inc.\*

76,298

17,611,104

Coupang,

Inc.\*

241,026

5,685,803

Dillard's,

Inc.,

Class

A

1,052

637,870

MercadoLibre,

Inc.\*

2,487

5,009,465

28,944,242

#### Building

#### Products

#### 1

#### .7

#### %
A

O

Smith

Corp.

89,416

5,980,142

Masco

Corp.

137,748

8,741,488

Trex

Co.,

Inc.\*

55,424

1,944,274

16,665,904

#### Capital

#### Markets

#### 3

#### .4

#### %
Bank

of

New

York

Mellon

Corp.

(The)

36,403

4,226,024

Interactive

Brokers

Group,

Inc.,

Class

A

248,122

15,956,726

Jefferies

Financial

Group,

Inc.

71,347

4,421,373

Northern

Trust

Corp.

55,279

7,550,559

State

Street

Corp.

7,666

988,991

33,143,673

#### Chemicals

#### 1

#### .1

#### %
Celanese

Corp.,

Class

A

91,969

3,888,449

Westlake

Corp.

95,753

7,079,977

10,968,426

#### Communications

#### Equipment

#### 1

#### .6

#### %
Arista

Networks,

Inc.\*

121,475

15,916,869

#### Construction

#### &

#### Engineering

#### 3

#### .1

#### %
Comfort

Systems

USA,

Inc.

14,053

13,115,524

EMCOR

Group,

Inc.

9,879

6,043,874

MasTec,

Inc.\*

32,674

7,102,347

Primoris

Services

Corp.

29,559

3,669,454

29,931,199

#### Consumer

#### Finance

#### 1

#### .2

#### %
Ally

Financial,

Inc.

257,985

11,684,141

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 2

#### .4

#### %
Maplebear,

Inc.\*

203,356

9,146,953

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail
Target

Corp.

141,547

13,836,219

22,983,172

#### Containers

#### &

#### Packaging

#### 1

#### .1

#### %
Crown

Holdings,

Inc.

108,021

11,122,922

#### Entertainment

#### 1

#### .0

#### %
Netflix,

Inc.\*

21,666

2,031,404

ROBLOX

Corp.,

Class

A\*

13,351

1,081,832

Roku,

Inc.,

Class

A\*

61,345

6,655,319

9,768,555

#### Financial

#### Services

#### 1

#### .0

#### %
Corebridge

Financial,

Inc.

323,364

9,755,892

#### Food

#### Products

#### 1

#### .5

#### %
Archer-Daniels-Midland

Co.

145,741

8,378,650

Smithfield

Foods,

Inc.

123,350

2,754,405

Tyson

Foods,

Inc.,

Class

A

65,364

3,831,638

14,964,693

#### Ground

#### Transportation

#### 2

#### .0

#### %
JB

Hunt

Transport

Services,

Inc.

31,280

6,078,955

Landstar

System,

Inc.

51,130

7,347,381

Lyft,

Inc.,

Class

A\*

227,910

4,414,617

Ryder

System,

Inc.

8,474

1,621,839

19,462,792

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 3

#### .9

#### %
Align

Technology,

Inc.\*

66,959

10,455,648

Edwards

Lifesciences

Corp.\*

189,746

16,175,846

GE

HealthCare

Technologies,

Inc.

138,952

11,396,843

38,028,337

#### Health

#### Care

#### Providers

#### &

#### Services

#### 2

#### .2

#### %
Centene

Corp.\*

246,892

10,159,606

McKesson

Corp.

3,595

2,948,942

Molina

Healthcare,

Inc.\*

49,279

8,551,878

21,660,426

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 4

#### .3

#### %
Airbnb,

Inc.,

Class

A\*

27,376

3,715,471

Booking

Holdings,

Inc.

3,612

19,343,452

Domino's

Pizza,

Inc.

29,261

12,196,570

Las

Vegas

Sands

Corp.

110,573

7,197,196

42,452,689

#### Household

#### Durables

#### 0

#### .1

#### %
Garmin

Ltd.

2,796

567,169

#### Household

#### Products

#### 0

#### .8

#### %
Clorox

Co.

(The)

80,078

8,074,265

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 1

#### .0

#### %
Talen

Energy

Corp.\*

19,302

7,235,162

Vistra

Corp.

15,404

2,485,127

9,720,289

#### Insurance

#### 3

#### .8

#### %
CNA

Financial

Corp.

51,391

2,453,406

Everest

Group

Ltd.

20,889

7,088,682

First

American

Financial

Corp.

24,692

1,517,076

Globe

Life,

Inc.

96,835

13,543,343

Hanover

Insurance

Group,

Inc.

(The)

1,253

229,011

NVIT

U.S.

130/30

Equity

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Insurance
Reinsurance

Group

of

America,

Inc.

40,773

8,295,675

Travelers

Cos.,

Inc.

(The)

13,111

3,802,977

36,930,170

#### Interactive

#### Media

#### &

#### Services

#### 7

#### .0

#### %
Alphabet,

Inc.,

Class

C

107,236

33,650,657

Match

Group,

Inc.

341,505

11,027,196

Meta

Platforms,

Inc.,

Class

A

32,173

21,237,076

Snap,

Inc.,

Class

A\*

294,842

2,379,375

68,294,304

#### IT

#### Services

#### 1

#### .4

#### %
VeriSign,

Inc.

56,633

13,758,987

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0

#### .7

#### %
West

Pharmaceutical

Services,

Inc.

23,422

6,444,329

#### Machinery

#### 1

#### .7

#### %
Graco,

Inc.

68,607

5,623,716

Otis

Worldwide

Corp.

126,985

11,092,140

16,715,856

#### Media

#### 0

#### .8

#### %
Trade

Desk,

Inc.

(The),

Class

A\*

208,655

7,920,544

#### Metals

#### &

#### Mining

#### 0

#### .2

#### %
Commercial

Metals

Co.

23,726

1,642,314

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 2

#### .7

#### %
HF

Sinclair

Corp.

128,223

5,908,516

Phillips

92,477

11,933,232

Valero

Energy

Corp.

53,475

8,705,195

26,546,943

#### Passenger

#### Airlines

#### 1

#### .7

#### %
Southwest

Airlines

Co.

401,120

16,578,290

#### Professional

#### Services

#### 0

#### .4

#### %
FTI

Consulting,

Inc.\*

20,407

3,486,128

#### Residential

#### REITs

#### 2

#### .1

#### %
Camden

Property

Trust

102,503

11,283,530

Essex

Property

Trust,

Inc.

35,879

9,388,817

20,672,347

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 12

#### .5

#### %
Amkor

Technology,

Inc.

21,096

832,870

Broadcom,

Inc.

28,959

10,022,710

Cirrus

Logic,

Inc.\*

24,597

2,914,744

Lam

Research

Corp.

14,123

2,417,575

NVIDIA

Corp.

408,644

76,212,106

QUALCOMM,

Inc.

117,056

20,022,429

Skyworks

Solutions,

Inc.

154,017

9,766,218

122,188,652

#### Software

#### 11

#### .2

#### %
Adobe,

Inc.\*

36,664

12,832,033

Atlassian

Corp.,

Class

A\*

16,399

2,658,934

Docusign,

Inc.,

Class

A\*

11,850

810,540

Dropbox,

Inc.,

Class

A\*

140,028

3,892,778

Fortinet,

Inc.\*

129,977

10,321,474

Manhattan

Associates,

Inc.\*

46,866

8,122,346

Microsoft

Corp.

77,649

37,552,609

Nutanix,

Inc.,

Class

A\*

92,760

4,794,764

Palantir

Technologies,

Inc.,

Class

A\*

70,436

12,519,999

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Software
Pegasystems,

Inc.

38,411

2,293,905

ServiceNow,

Inc.\*

59,810

9,162,294

Zoom

Communications,

Inc.,

Class

A\*

34,219

2,952,758

Zscaler,

Inc.\*

8,066

1,814,205

109,728,639

#### Specialized

#### REITs

#### 0

#### .1

#### %
Millrose

Properties,

Inc.

34,196

1,021,435

#### Specialty

#### Retail

#### 4

#### .1

#### %
Best

Buy

Co.,

Inc.

65,813

4,404,864

Lowe's

Cos.,

Inc.

65,424

15,777,652

O'Reilly

Automotive,

Inc.\*

166,965

15,228,877

Wayfair,

Inc.,

Class

A\*

23,946

2,404,418

Williams-Sonoma,

Inc.

14,688

2,623,130

40,438,941

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 3

#### .9

#### %
Apple,

Inc.

140,154

38,102,266

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 1

#### .5

#### %
Deckers

Outdoor

Corp.\*

140,516

14,567,294

#### Total

#### Investments

#### (cost

#### $739,249,771)

#### —

#### 97.5%

#### 951,727,779

#### Other

#### assets

#### in

#### excess

#### of

#### liabilities

#### —

#### 2.5%

#### 24,705,233

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 976,433,012
\*

Denotes

a

non-income

producing

security.

REIT

Real

Estate

Investment

Trust

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

U.S.

130/30

Equity

Fund

#### OTC

#### Total

#### return

#### swap

#### contracts

#### outstanding

#### as

#### of

#### December

#### 31,

#### 2025

#### :

#### Reference

#### Entity

#### Payments

#### Made

#### by

#### Fund

#### Payments

#### Received

#### by

#### Fund

#### Frequency

#### of

#### Payments

#### Made/

#### Received

#### Counterparty

#### Maturity

#### Date

#### Quantity

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Value

#### ($)
Advanced

Micro

Devices,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

26,933

31,781

31,781

AeroVironment,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

16,030

33,823

33,823

Alcoa

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

73,046

90,577

90,577

Amentum

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

115,924

34,777

34,777

API

Group

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

43,834

26,300

26,300

Apollo

Global

Management,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

20,441

26,573

26,573

Avis

Budget

Group,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.52%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

15,089

7,846

7,846

Bath

&

Body

Works,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

208,582

22,944

22,944

Best

Buy

Co.,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

111,390

5,569

5,569

Blackstone

Secured

Lending

Fund

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

23,020

2,302

2,302

BrightSpring

Health

Services,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

56,327

10,702

10,702

Caesars

Entertainment,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

189,268

24,605

24,605

CareTrust

REIT,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

9,730

4,233

4,233

Carpenter

Technology

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

10,398

39,096

39,096

Casella

Waste

Systems,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

59,441

139,686

139,686

Charter

Communications,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

7,510

6,384

6,384

Cleveland-Cliffs,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

276,460

35,940

35,940

Coherent

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/29/2026

30,573

68,484

68,484

Corebridge

Financial,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

3,666

NVIT

U.S.

130/30

Equity

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Reference

#### Entity

#### Payments

#### Made

#### by

#### Fund

#### Payments

#### Received

#### by

#### Fund

#### Frequency

#### of

#### Payments

#### Made/

#### Received

#### Counterparty

#### Maturity

#### Date

#### Quantity

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Value

#### ($)
Diamondback

Energy,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

35,823

32,957

32,957

Dillard's,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

6,750

162,337

162,337

Dropbox,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

290,515

40,672

40,672

Dutch

Bros,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

60,779

49,839

49,839

D-Wave

Quantum,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.52%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

26,120

2,612

2,612

EchoStar

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

63,096

31,548

31,548

Elanco

Animal

Health,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2026

319,868

41,583

41,583

Emerson

Electric

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

33,328

70,619

70,619

Entegris,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2026

11,808

28,812

28,812

EQT

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

98,809

85,470

85,470

Erie

Indemnity

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

7,833

9,400

9,400

Everest

Group

Ltd.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

15,364

1,383

1,383

Expand

Energy

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

52,468

56,928

56,928

Figure

Technology

Solutions,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.77%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

10,891

9,148

9,148

Globus

Medical,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

56,861

34,117

34,117

GXO

Logistics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/29/2026

124,725

49,890

49,890

HealthEquity,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

38,896

34,617

34,617

Hims

&

Hers

Health,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.39%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

38,279

21,819

21,819

Ingersoll

Rand,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

60,249

86,156

86,156

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

U.S.

130/30

Equity

Fund

#### Reference

#### Entity

#### Payments

#### Made

#### by

#### Fund

#### Payments

#### Received

#### by

#### Fund

#### Frequency

#### of

#### Payments

#### Made/

#### Received

#### Counterparty

#### Maturity

#### Date

#### Quantity

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Value

#### ($)
IonQ,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2026

10,597

4,663

4,663

JBT

Marel

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/29/2026

45,488

119,633

119,633

Joby

Aviation,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

348,825

6,976

6,976

Labcorp

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

4,999

10,948

10,948

Lattice

Semiconductor

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/29/2026

71,083

71,083

71,083

Lithia

Motors,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

4,291

15,662

15,662

Loar

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

51,388

27,750

27,750

MACOM

Technology

Solutions

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

36,122

129,678

129,678

Maplebear,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

60,155

1,203

1,203

Match

Group,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2026

4,170

542

542

Mirion

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

210,608

58,970

58,970

Modine

Manufacturing

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

16,083

26,376

26,376

Molina

Healthcare,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

14,267

41,089

41,089

NuScale

Power

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.64%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

107,498

15,050

15,050

Old

National

Bancorp

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

185,603

29,696

29,696

Oracle

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

23,224

53,415

53,415

Phillips

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/29/2026

23,296

15,841

15,841

Planet

Fitness,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2026

39,624

28,926

28,926

Quest

Diagnostics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2026

26,734

52,399

52,399

NVIT

U.S.

130/30

Equity

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Reference

#### Entity

#### Payments

#### Made

#### by

#### Fund

#### Payments

#### Received

#### by

#### Fund

#### Frequency

#### of

#### Payments

#### Made/

#### Received

#### Counterparty

#### Maturity

#### Date

#### Quantity

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Value

#### ($)
RadNet,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

67,466

9,445

9,445

RBC

Bearings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

15,631

69,714

69,714

Realty

Income

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

85,342

33,283

33,283

Revolution

Medicines,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/29/2026

86,438

1,729

1,729

Rocket

Cos.,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

280,329

196,230

196,230

Rocket

Lab

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

26,529

18,305

18,305

Royal

Caribbean

Cruises

Ltd.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

17,155

30,536

30,536

Sanmina

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

37,462

73,426

73,426

Shift4

Payments,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

1.39%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

52,869

77,189

77,189

Sirius

XM

Holdings,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

213,217

47,974

47,974

Snap,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/29/2026

123,143

–

–

SPX

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

2,486

8,577

8,577

Texas

Pacific

Land

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

12,687

69,271

69,271

Thermo

Fisher

Scientific,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

2/26/2027

727

1,270

1,270

TTM

Technologies,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

52,230

74,167

74,167

Unity

Software,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

46,417

44,560

44,560

Uranium

Energy

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

167,465

15,072

15,072

Viper

Energy,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

119,291

41,752

41,752

WillScot

Holdings

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

96,433

9,643

9,643

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

U.S.

130/30

Equity

Fund

#### Reference

#### Entity

#### Payments

#### Made

#### by

#### Fund

#### Payments

#### Received

#### by

#### Fund

#### Frequency

#### of

#### Payments

#### Made/

#### Received

#### Counterparty

#### Maturity

#### Date

#### Quantity

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Value

#### ($)
Zurn

Elkay

Water

Solutions

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

79,468

57,217

57,217

–

–

#### Total

#### unrealized

#### appreciation
3,051,266

3,051,266

–

–

A

O

Smith

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

25,589

(22,007)

(22,007)

AGNC

Investment

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

515,429

(72,160)

(72,160)

Align

Technology,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2026

28,784

(57,136)

(57,136)

Ally

Financial,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

74,729

(22,419)

(22,419)

Amazon.com,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

4,841

(8,278)

(8,278)

Amcor

plc

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

581,242

(30,537)

(30,537)

Apple,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

53,077

(64,754)

(64,754)

Archer-Daniels-

Midland

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

56,094

(9,536)

(9,536)

Argan,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

19,334

(40,988)

(40,988)

Arista

Networks,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/30/2026

6,629

(9,347)

(9,347)

Atlassian

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

9,083

(7,176)

(7,176)

Bank

of

New

York

Mellon

Corp.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2026

110,671

(86,323)

(86,323)

BOK

Financial

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

4,546

(5,410)

(5,410)

Bridgebio

Pharma,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

16,106

(16,267)

(16,267)

Celanese

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

105,853

(55,044)

(55,044)

Centene

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

61,506

(3,690)

(3,690)

Chord

Energy

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

33,900

(22,035)

(22,035)

Ciena

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

24,715

(110,970)

(110,970)

NVIT

U.S.

130/30

Equity

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Reference

#### Entity

#### Payments

#### Made

#### by

#### Fund

#### Payments

#### Received

#### by

#### Fund

#### Frequency

#### of

#### Payments

#### Made/

#### Received

#### Counterparty

#### Maturity

#### Date

#### Quantity

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Value

#### ($)
Cirrus

Logic,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

11,040

(20,976)

(20,976)

Comfort

Systems

USA,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

3/31/2026

1,474

(20,105)

(20,105)

Commercial

Metals

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

103,063

(70,083)

(70,083)

Crown

Holdings,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

22,095

(16,792)

(16,792)

Deckers

Outdoor

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

8,046

(10,943)

(10,943)

Dominion

Energy,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

10/30/2026

81,946

(16,184)

(16,184)

EMCOR

Group,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2026

10,622

(58,527)

(58,527)

Essex

Property

Trust,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

8,990

(20,138)

(20,138)

Expeditors

International

of

Washington,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

44,521

(15,137)

(15,137)

Fortinet,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

25,080

(22,572)

(22,572)

FTI

Consulting,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

35,067

(64,523)

(64,523)

GE

HealthCare

Technologies,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2026

24,242

(31,757)

(31,757)

General

Motors

Co.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2026

108,943

(93,691)

(93,691)

Graphic

Packaging

Holding

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

70,434

(2,113)

(2,113)

Halozyme

Therapeutics,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/29/2026

28,911

(11,564)

(11,564)

Hanover

Insurance

Group,

Inc.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

13,716

(7,681)

(7,681)

HF

Sinclair

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

13,828

(2,489)

(2,489)

Incyte

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

8/31/2026

52,321

(7,325)

(7,325)

International

Paper

Co.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

132,871

(14,211)

(14,211)

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

U.S.

130/30

Equity

Fund

#### Reference

#### Entity

#### Payments

#### Made

#### by

#### Fund

#### Payments

#### Received

#### by

#### Fund

#### Frequency

#### of

#### Payments

#### Made/

#### Received

#### Counterparty

#### Maturity

#### Date

#### Quantity

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Value

#### ($)
JB

Hunt

Transport

Services,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

14,292

(26,726)

(26,726)

Jefferies

Financial

Group,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

125,944

(95,717)

(95,717)

Lam

Research

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

101,180

(234,079)

(234,079)

Lear

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

46,010

(44,170)

(44,170)

Lockheed

Martin

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

7,023

(6,180)

(6,180)

Manhattan

Associates,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

13,393

(19,286)

(19,286)

Masco

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

33,686

(24,928)

(24,928)

McKesson

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

18,203

(113,223)

(113,223)

Medical

Properties

Trust,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

116,772

(15,208)

(15,208)

Meta

Platforms,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

14,560

(77,678)

(77,678)

Microsoft

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

6,177

(18,222)

(18,222)

Nutanix,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

37,350

(10,085)

(10,085)

NVIDIA

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

86,958

(89,567)

(89,567)

Pegasystems,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2026

11,752

(18,803)

(18,803)

Pilgrim's

Pride

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

6/30/2026

(16) (16) Primo

Brands

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

217,416

(4,348)

(4,348)

Protagonist

Therapeutics,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

18,100

(1,448)

(1,448)

Reinsurance

Group

of

America,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/30/2026

1,785

(2,499)

(2,499)

ROBLOX

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

35,462

(27,660)

(27,660)

NVIT

U.S.

130/30

Equity

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Reference

#### Entity

#### Payments

#### Made

#### by

#### Fund

#### Payments

#### Received

#### by

#### Fund

#### Frequency

#### of

#### Payments

#### Made/

#### Received

#### Counterparty

#### Maturity

#### Date

#### Quantity

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Value

#### ($)
Ryder

System,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

5/29/2026

5,343

(3,313)

(3,313)

SentinelOne,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

107,265

(28,962)

(28,962)

ServiceNow,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

53,960

(56,118)

(56,118)

Skyworks

Solutions,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

32,786

(34,425)

(34,425)

Travelers

Cos.,

Inc.

(The)

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

35,128

(42,856)

(42,856)

Trex

Co.,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

88,003

(36,961)

(36,961)

Tyson

Foods,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

11/30/2026

132,462

(6,623)

(6,623)

UGI

Corp.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

173,469

(13,010)

(13,010)

Vail

Resorts,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

23,215

(42,019)

(42,019)

Valero

Energy

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

38,278

(35,981)

(35,981)

Vistra

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

12/31/2026

56,179

(59,718)

(59,718)

Wayfair,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

9/30/2026

10,587

(6,564)

(6,564)

West

Pharmaceutical

Services,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

7/31/2026

20,859

(36,086)

(36,086)

Westlake

Corp.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

6,816

(2,795)

(2,795)

Williams-Sonoma,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

4/30/2026

41,297

(116,045)

(116,045)

Xcel

Energy,

Inc.

Increases

in

total

return

of

reference

entity

OBFR

-

0.25%

and

decreases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

65,548

(15,732)

(15,732)

Zscaler,

Inc.

OBFR

+

0.30%

and

decreases

in

total

return

of

reference

entity

Increases

in

total

return

of

reference

entity

Monthly

JPMorgan

Chase

Bank

NA

1/29/2027

11,561

(28,903)

(28,903)

–

–

#### Total

#### unrealized

#### depreciation
(2,546,842)

(2,546,842)

–

–

#### Net

#### unrealized

#### appreciation
504,424

504,424

#### Financing

#### Costs

#### of

#### Swap

#### Contracts
(6,825)

(6,825)

#### Total

#### Unrealized

#### Appreciation
(Depreciation)

#### including

#### Financing

#### Costs

#### of

#### Swap

#### Contracts
497,599

497,599

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

U.S.

130/30

Equity

Fund

OBFR

Overnight

Bank

Funding

Rate

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

#### Index

#### Reference

#### Rate
Overnight

Bank

Funding

Rate

(OBFR)

3.65%

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Assets

and

Liabilities

-

December

31,

2025

-

1940

Act

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### GS

#### Emerging

#### Markets

#### Equity

#### Insights

#### Fund

#### Assets:
Investment

securities,

at

value

\*

$

398,920,932

Repurchase

agreements,

at

value

3,160,000

Cash

4,283,562

Deposits

with

broker

for

futures

contracts

191,899

Foreign

currencies,

at

value

494,828

Interest

and

dividends

receivable

1,772,289

Security

lending

income

receivable

12,999

Receivable

for

investments

sold

—

Receivable

for

capital

shares

issued

—

Reclaims

receivable

71,683

Swap

contracts,

at

value

(Note

2)

—

Receivable

for

variation

margin

on

centrally

cleared

swap

contracts

—

Due

from

broker

—

Prepaid

expenses

979

Total

Assets

408,909,171

#### Liabilities:
Payable

for

investments

purchased

—

Payable

for

capital

shares

redeemed

1,747,014

Payable

for

variation

margin

on

futures

contracts

51,777

Swap

contracts,

at

value

(Note

2)

—

Cash

overdraft

(Note

2)

—

Payable

upon

return

of

securities

loaned

(Note

2)

3,160,000

Accrued

expenses

and

other

payables:

Investment

advisory

fees

314,691

Fund

administration

fees

25,681

Accounting

and

transfer

agent

fees

885

Trustee

fees

Deferred

capital

gain

country

tax

1,718,914

Custodian

fees

18,577

Compliance

program

costs

(Note

3)

Professional

fees

79,563

Printing

fees

3,382

Other

1,164

Total

Liabilities

7,122,148

#### Net

#### Assets
$

401,787,023

\*

Includes

value

of

securities

on

loan

(Note

2)

3,026,561

Cost

of

investment

securities

300,901,875

Cost

of

repurchase

agreements

3,160,000

Cost

of

foreign

currencies

489,837

#### Represented

#### by:
Capital

$

256,750,473

Total

distributable

earnings

(loss)

145,036,550

#### Net

#### Assets
$

401,787,023

1940

Act

Funds

-

December

31,

2025

-

Statements

of

Assets

and

Liabilities

-

#### NVIT

#### GS

#### International

#### Equity

#### Insights

#### Fund

#### NVIT

#### GS

#### Large

#### Cap

#### Equity

#### Fund

#### NVIT

#### GS

#### Small

#### Cap

#### Equity

#### Insights

#### Fund

#### NVIT

#### U.S.

#### 130/30

#### Equity

#### Fund
$

729,375,590

$

963,828,416

$

198,009,276

$

951,727,779

31,135,775

—

31,593,709

—

—

720,033

1,320,799

25,273,511

184,075

—

31,460

—

724,080

—

—

—

529,709

429,088

169,622

333,112

11,159

—

5,420

—

—

—

—

1,118,100

—

9,602

—

8,093

4,347,019

—

—

—

—

—

—

3,051,266

—

—

—

282,493

—

—

—

7,290

779

2,254

1,401

766,308,186

964,989,393

231,130,525

981,803,045

—

—

—

2,030,219

1,327,732

79,448

10,796

80,471

4,750

—

2,955

—

—

—

—

2,553,667

696,739

—

—

—

31,135,775

—

31,593,709

—

459,768

451,236

121,407

623,969

33,948

50,960

18,310

46,976

1,065

5,291

4,737

2,532

7,196

—

—

—

—

126,203

18,215

18,458

5,129

779

2,073

1,058

30,106

24,122

16,276

20,715

2,680

2,843

3,132

2,021

69,929

9,896

1,289

3,216

33,889,569

651,280

31,791,365

5,370,033

$

732,418,617

$

964,338,113

$

199,339,160

$

976,433,012

45,523,252

—

40,210,822

—

592,800,286

689,885,436

169,838,465

739,249,771

31,135,775

—

31,593,709

—

719,254

—

—

—

$

432,009,391

$

216,251,854

$

156,886,161

$

669,341,412

300,409,226

748,086,259

42,452,999

307,091,600

$

732,418,617

$

964,338,113

$

199,339,160

$

976,433,012

-

Statements

of

Assets

and

Liabilities

-

December

31,

2025

-

1940

Act

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### GS

#### Emerging

#### Markets

#### Equity

#### Insights

#### Fund

#### Net

#### Assets:
Class

Y

Shares

$

401,787,023

Total

$

401,787,023

#### Shares

#### Outstanding
(unlimited

number

of

shares

authorized):

Class

Y

Shares

36,691,504

Total

36,691,504

#### Net

#### asset

#### value

#### and

#### offering

#### price

#### per

#### share
(Net

assets

by

class

divided

by

shares

outstanding

by

class,

respectively):

Class

Y

Shares

$

.95

1940

Act

Funds

-

December

31,

2025

-

Statements

of

Assets

and

Liabilities

-

#### NVIT

#### GS

#### International

#### Equity

#### Insights

#### Fund

#### NVIT

#### GS

#### Large

#### Cap

#### Equity

#### Fund

#### NVIT

#### GS

#### Small

#### Cap

#### Equity

#### Insights

#### Fund

#### NVIT

#### U.S.

#### 130/30

#### Equity

#### Fund
$

732,418,617

$

964,338,113

$

199,339,160

$

976,433,012

$

732,418,617

$

964,338,113

$

199,339,160

$

976,433,012

53,190,453

74,928,844

16,283,111

84,134,892

53,190,453

74,928,844

16,283,111

84,134,892

$

.77

$

.87

$

.24

$

.61

-

Statements

of

Operations

-

For

the

Year

Ended

December

31,

2025

-

1940

Act

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### GS

#### Emerging

#### Markets

#### Equity

#### Insights

#### Fund

#### INVESTMENT

#### INCOME:
Dividend

income

$

17,074,017

Income

from

non-cash

dividends

973,105

Interest

income

185,860

Income

from

securities

lending

(net

of

fees)

(Note

2)

89,812

Foreign

tax

withholding

(2,044,165)

European

Union

tax

reclaims

(Note

2)

—

Total

Income

16,278,629

#### EXPENSES:
Investment

advisory

fees

4,972,199

Fund

administration

fees

186,029

Professional

fees

148,838

Printing

fees

8,676

Trustee

fees

19,933

Custodian

fees

45,026

Accounting

and

transfer

agent

fees

12,002

Compliance

program

costs

(Note

3)

2,307

European

Union

tax

reclaims

filing

fees

(Note

2)

—

Other

5,498

Total

expenses

before

earnings

credit

and

fees

waived

5,400,508

Earnings

credit

(Note

4)

—

Investment

advisory

fees

voluntarily

waived

(Note

3)

—

Net

Expenses

5,400,508

#### NET

#### INVESTMENT

#### INCOME
10,878,121

#### REALIZED/UNREALIZED

#### GAINS
(LOSSES)

#### FROM

#### INVESTMENTS:
Net

realized

gains

(losses)

from:

Transactions

in

investment

securities

(Note

9)†

108,917,691

Expiration

or

closing

of

futures

contracts

(Note

2)

1,981,902

Foreign

currency

transactions

(Note

2)

(893,973)

Expiration

or

closing

of

swap

contracts

(Note

2)

—

Net

realized

gains

(losses)

110,005,620

Net

change

in

unrealized

appreciation/depreciation

in

the

value

of:

Investment

securities

††

42,446,211

Futures

contracts

(Note

2)

356,277

Translation

of

assets

and

liabilities

denominated

in

foreign

currencies

(Note

2)

(8,225)

Swap

contracts

(Note

2)

—

Net

change

in

unrealized

appreciation/depreciation

42,794,263

Net

realized/unrealized

gains

(losses)

152,799,883

#### CHANGE

#### IN

#### NET

#### ASSETS

#### RESULTING

#### FROM

#### OPERATIONS
$

163,678,004

†

Net

of

capital

gain

country

taxes

$

(700,703)

††

Net

of

(increase)

decrease

in

deferred

capital

gain

country

tax

accrual

on

unrealized

appreciation/

depreciation

$

(583,069)

1940

Act

Funds

-

For

the

Year

Ended

December

31,

2025

-

Statements

of

Operations

-

#### NVIT

#### GS

#### International

#### Equity

#### Insights

#### Fund

#### NVIT

#### GS

#### Large

#### Cap

#### Equity

#### Fund

#### NVIT

#### GS

#### Small

#### Cap

#### Equity

#### Insights

#### Fund

#### NVIT

#### U.S.

#### 130/30

#### Equity

#### Fund
$

25,733,646

$

23,137,793

$

2,918,556

$

7,733,696

121,502

492,671

88,963

843,457

328,447

658,176

106,211

1,014,385

140,203

41,966

82,639

—

(2,363,061)

(10,823)

(6,793)

—

303,643

—

—

—

24,264,380

24,319,783

3,189,576

9,591,538

5,746,900

10,078,656

1,353,888

7,589,381

255,002

535,716

89,462

393,177

75,879

95,722

35,533

67,234

10,335

20,603

2,086

11,221

30,645

72,712

7,632

39,025

229,537

66,402

13,190

22,506

13,718

11,274

1,138

6,008

3,494

8,813

839

4,607

58,576

—

—

—

8,493

23,534

1,973

9,973

6,432,579

10,913,432

1,505,741

8,143,132

—

—

—

(22,506)

—

(219,079)

—

—

6,432,579

10,694,353

1,505,741

8,120,626

17,831,801

13,625,430

1,683,835

1,470,912

165,489,133

481,994,804

15,108,254

72,908,280

1,065,229

209,441

(75,810)

—

52,903

—

—

—

–

—

—

23,083,335

166,607,265

482,204,245

15,032,444

95,991,615

101,096,447

(285,799,746)

12,181,626

22,947,712

138,311

—

64,774

—

492,544

—

—

—

—

—

—

2,676,101

101,727,302

(285,799,746)

12,246,400

25,623,813

268,334,567

196,404,499

27,278,844

121,615,428

$

286,166,368

$

210,029,929

$

28,962,679

$

123,086,340

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

1940

Act

Funds

#### NVIT

#### GS

#### Emerging

#### Markets

#### Equity

#### Insights

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### OPERATIONS:
Net

investment

income

$

10,878,121

$

13,647,734

Net

realized

gains

110,005,620

50,024,485

Net

change

in

unrealized

appreciation/depreciation

42,794,263

8,204,151

Change

in

net

assets

resulting

from

operations

163,678,004

71,876,370

#### Distributions

#### to

#### Shareholders

#### From:
Distributable

earnings:

Class

Y

(19,850,783)

(18,484,370)

Change

in

net

assets

from

shareholder

distributions

(19,850,783)

(18,484,370)

Change

in

net

assets

from

capital

transactions

(308,087,928)

(236,669,740)

Change

in

net

assets

(164,260,707)

(183,277,740)

#### Net

#### Assets:
Beginning

of

year

566,047,730

749,325,470

End

of

year

$

401,787,023

$

566,047,730

#### CAPITAL

#### TRANSACTIONS:

#### Class

#### Y

#### Shares
Proceeds

from

shares

issued

$

22,455,204

$

32,495,127

Dividends

reinvested

19,850,783

18,484,370

Cost

of

shares

redeemed

(350,393,915)

(287,649,237)

Total

Class

Y

Shares

(308,087,928)

(236,669,740)

Change

in

net

assets

from

capital

transactions

$

(308,087,928)

$

(236,669,740)

#### SHARE

#### TRANSACTIONS:

#### Class

#### Y

#### Shares
Issued

2,166,855

3,748,667

Reinvested

1,926,598

2,211,049

Redeemed

(33,745,425)

(32,895,825)

Total

Class

Y

Shares

(29,651,972)

(26,936,109)

Total

change

in

shares

(29,651,972)

(26,936,109)

1940

Act

Funds

-

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### GS

#### International

#### Equity

#### Insights

#### Fund

#### NVIT

#### GS

#### Large

#### Cap

#### Equity

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
$

17,831,801

$

17,619,823

$

13,625,430

$

13,508,256

166,607,265

93,672,655

482,204,245

357,230,760

101,727,302

(60,872,859)

(285,799,746)

125,186,973

286,166,368

50,419,619

210,029,929

495,925,989

(59,600,111)

(26,709,804)

(366,174,563)

(37,522,083)

(59,600,111)

(26,709,804)

(366,174,563)

(37,522,083)

(515,606,141)

250,437,403

(919,641,084)

(596,796,637)

(289,039,884)

274,147,218

(1,075,785,718)

(138,392,731)

1,021,458,501

747,311,283

2,040,123,831

2,178,516,562

$

732,418,617

$

1,021,458,501

$

964,338,113

$

2,040,123,831

$

355,720,333

$

461,852,042

$

320,672,915

$

11,152,136

59,600,111

26,709,804

366,174,563

37,522,083

(930,926,585)

(238,124,443)

(1,606,488,562)

(645,470,856)

(515,606,141)

250,437,403

(919,641,084)

(596,796,637)

$

(515,606,141)

$

250,437,403

$

(919,641,084)

$

(596,796,637)

26,638,645

41,702,498

22,525,156

857,156

4,649,120

2,398,643

29,409,800

2,798,862

(74,637,576)

(21,350,030)

(123,088,259)

(49,668,946)

(43,349,811)

22,751,111

(71,153,303)

(46,012,928)

(43,349,811)

22,751,111

(71,153,303)

(46,012,928)

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

1940

Act

Funds

+

#### NVIT

#### GS

#### Small

#### Cap

#### Equity

#### Insights

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### OPERATIONS:
Net

investment

income

$

1,683,835

$

1,561,005

Net

realized

gains

15,032,444

54,997,513

Net

change

in

unrealized

appreciation/depreciation

12,246,400

(14,524,079)

Change

in

net

assets

resulting

from

operations

28,962,679

42,034,439

#### Distributions

#### to

#### Shareholders

#### From:
Distributable

earnings:

Class

Y

(31,347,464)

(1,461,042)

Change

in

net

assets

from

shareholder

distributions

(31,347,464)

(1,461,042)

Change

in

net

assets

from

capital

transactions

9,386,707

(73,030,873)

Change

in

net

assets

7,001,922

(32,457,476)

#### Net

#### Assets:
Beginning

of

year

192,337,238

224,794,714

End

of

year

$

199,339,160

$

192,337,238

#### CAPITAL

#### TRANSACTIONS:

#### Class

#### Y

#### Shares
Proceeds

from

shares

issued

$

23,333,282

$

1,913,497

Dividends

reinvested

31,347,464

1,461,042

Cost

of

shares

redeemed

(45,294,039)

(76,405,412)

Total

Class

Y

Shares

9,386,707

(73,030,873)

Change

in

net

assets

from

capital

transactions

$

9,386,707

$

(73,030,873)

#### SHARE

#### TRANSACTIONS:

#### Class

#### Y

#### Shares
Issued

1,907,006

160,728

Reinvested

2,663,730

111,748

Redeemed

(3,645,524)

(6,169,432)

Total

Class

Y

Shares

925,212

(5,896,956)

Total

change

in

shares

925,212

(5,896,956)

1940

Act

Funds

-

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### U.S.

#### 130/30

#### Equity

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
$

1,470,912

$

4,516,898

95,991,615

163,521,410

25,623,813

6,440,677

123,086,340

174,478,985

(169,553,805)

(67,918,516)

(169,553,805)

(67,918,516)

(55,184,312)

53,751,623

(101,651,777)

160,312,092

1,078,084,789

917,772,697

$

976,433,012

$

1,078,084,789

$

67,862,617

$

225,656,579

169,553,805

67,918,516

(292,600,734)

(239,823,472)

(55,184,312)

53,751,623

$

(55,184,312)

$

53,751,623

5,505,734

17,719,456

14,999,063

5,994,573

(22,999,342)

(19,906,061)

(2,494,545)

3,807,968

(2,494,545)

3,807,968

-

Financial

Highlights

-

December

31,

2025

-

1940

Act

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### GS

#### Emerging

#### Markets

#### Equity

#### Insights

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)

#### Portfolio

#### Turnover(b)

#### Class

#### Y

#### Shares
12/31/2025

$

8.53 $

0.19 $

2.62 $

2.81 $

(0.39)

$

—

$

(0.39)

$

10.95 33.28%

$

401,787

1.00%

2.02%

1.00%

150.11%

12/31/2024

8.03 0.17 0.61 0.78 (0.28)

—

(0.28)

8.53 9.79%

566,048

1.00%

1.97%

1.00%

153.24%

12/31/2023

7.33 0.19 0.78 0.97 (0.27)

—

(0.27)

8.03 13.43%

749,325

0.99%

2.47%

0.99%

160.74%

12/31/2022

12.27 0.27 (2.54)

(2.27)

(0.41)

(2.26)

(2.67)

7.33 (18.86)%

440,867

0.98%

2.81%

0.98%

157.70%

12/31/2021

12.54 0.32 (0.27)

0.05 (0.24)

(0.08)

(0.32)

12.27 0.33%

536,099

0.98%

2.39%

0.98%

188.81%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

1940

Act

Funds

-

December

31,

2025

-

Financial

Highlights

-

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### GS

#### International

#### Equity

#### Insights

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)

#### Portfolio

#### Turnover(b)

#### Class

#### Y

#### Shares
12/31/2025

$

10.58 $

0.28 $

4.01 $

4.29 $

(0.57)

$

(0.53)

$

(1.10)

$

13.77 41.44%

$

732,419

0.82%

2.27%

0.82%

148.53%

12/31/2024

10.13 0.22 0.51 0.73 (0.28)

—

(0.28)

10.58 7.09%

1,021,459

0.79%

2.04%

0.79%

169.60%

12/31/2023

8.76 0.24 1.45 1.69 (0.32)

—

(0.32)

10.13 19.52%

747,311

0.80%

2.47%

0.80%

152.26%

12/31/2022

11.46 0.32 (2.02)

(1.70)

(0.48)

(0.52)

(1.00)

8.76 (14.29)%

780,568

0.77%

3.30%

0.77%

158.67%

12/31/2021

10.80 0.28 0.99 1.27 (0.61)

—

(0.61)

11.46 11.65%

1,190,973

0.76%

2.43%

0.76%

156.27%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

-

Financial

Highlights

-

December

31,

2025

-

1940

Act

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### GS

#### Large

#### Cap

#### Equity

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### Portfolio

#### Turnover(b)

#### Class

#### Y

#### Shares
12/31/2025

$

13.97 $

0.10 $

1.74 $

1.84 $

(0.17)

$

(2.77)

$

(2.94)

$

12.87 14.12%

$

964,338

0.57%

0.72%

0.58%

148.19%

12/31/2024

11.34 0.08 2.79 2.87 (0.09)

(0.15)

(0.24)

13.97 25.37%

2,040,124

0.58%

0.62%

0.58%

124.07%

12/31/2023

9.28 0.08 2.08 2.16 (0.10)

—

(0.10)

11.34 23.31%

2,178,517

0.57%

0.83%

0.57%

190.89%

12/31/2022

15.55 0.10 (3.06)

(2.96)

(0.11)

(3.20)

(3.31)

9.28 (19.64)%(f)

2,307,008

0.57%

0.85%

0.57%

203.75%

12/31/2021

12.26 0.10 3.57 3.67 (0.11)

(0.27)

(0.38)

15.55 30.06%(f)

3,044,622

0.57%

0.67%

0.57%

207.61%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(f) Includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

values

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

values

and

returns

for

shareholder

transactions.

1940

Act

Funds

-

December

31,

2025

-

Financial

Highlights

-

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### GS

#### Small

#### Cap

#### Equity

#### Insights

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)

#### Portfolio

#### Turnover(b)

#### Class

#### Y

#### Shares
12/31/2025

$

12.52 $

0.11 $

1.74 $

1.85 $

(0.12)

$

(2.01)

$

(2.13)

$

12.24 15.51%

$

199,339

0.78%

0.87%

0.78%

155.51%

12/31/2024

10.58 0.08 1.95 2.03 (0.09)

—

(0.09)

12.52 19.18%

192,337

0.78%

0.70%

0.78%

153.92%

12/31/2023

8.92 0.09 1.67 1.76 (0.10)

—

(0.10)

10.58 19.83%

224,795

0.75%

0.92%

0.75%

151.16%

12/31/2022

14.29 0.10 (2.87)

(2.77)

(0.08)

(2.52)

(2.60)

8.92 (19.68)%

226,448

0.75%

0.85%

0.75%

158.45%

12/31/2021

11.68 0.06 2.63 2.69 (0.08)

—

(0.08)

14.29 23.02%

297,076

0.77%

0.42%

0.77%

171.52%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

-

Financial

Highlights

-

December

31,

2025

-

1940

Act

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### U.S.

#### 130/30

#### Equity

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)

#### Portfolio

#### Turnover(b)

#### Class

#### Y

#### Shares
12/31/2025

$

12.44 $

0.02 $

1.49 $

1.51 $

(0.19)

$

(2.15)

$

(2.34)

$

11.61 12.68%(e)

$

976,433

0.80%

0.14%

0.80%

95.81%

12/31/2024

11.08 0.06 2.25 2.31 —

(0.95)

(0.95)

12.44 21.64%

1,078,085

0.80%

0.48%

0.80%

98.83%

12/31/2023

12.90 0.08 2.86 2.94 (2.36)

(2.40)

(4.76)

11.08 26.17%

917,773

0.80%

0.66%

0.80%

71.61%

12/31/2022

16.63 0.11 0.10 0.21 (0.93)

(3.01)

(3.94)

12.90 1.64%

1,005,389

0.79%

0.69%

0.79%

113.42%

12/31/2021

12.22 0.08 4.33 4.41 —

—

—

16.63 36.09%

1,389,716

0.78%

0.56%

0.78%

102.12%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) Includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

values

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

values

and

returns

for

shareholder

transactions.

1940

Act

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

1. #### Organization
Nationwide

Variable

Insurance

Trust

("NVIT"

or

the

"Trust")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

management

investment

company,

organized

as

a

statutory

trust

under

the

laws

of

the

State

of

Delaware.

The

Trust

has

authorized

an

unlimited

number

of

shares

of

beneficial

interest

("shares"),

without

par

value.

The

Trust

currently

offers

shares

to

life

insurance

company

separate

accounts

to

fund

the

benefits

payable

under

variable

life

insurance

policies

and

variable

annuity

contracts.

As

of

December

31,

2025,

the

Trust

operates

sixty-nine

(69) separate

series,

or

mutual

funds,

each

with

its

own

objective(s)

and

investment

strategies.

This

report

contains

the

financial

statements

and

financial

highlights

for

the

five

(5) series

listed

below

(each,

a

"Fund";

collectively,

the

"Funds").

Nationwide

Fund

Advisors

("NFA")

serves

as

investment

adviser

to

the

Funds.

NFA

is

a

wholly

owned

subsidiary

of

Nationwide

Financial

Services,

Inc.

("NFS"),

a

holding

company

which

is

a

direct

wholly

owned

subsidiary

of

Nationwide

Corporation.

Nationwide

Corporation,

in

turn,

is

owned

by

Nationwide

Mutual

Insurance

Company

and

Nationwide

Mutual

Fire

Insurance

Company.

NVIT

GS

Emerging

Markets

Equity

Insights

Fund

("GS

Emerging

Markets")

NVIT

GS

International

Equity

Insights

Fund

("GS

International")

NVIT

GS

Large

Cap

Equity Fund

("GS

Large

Cap")

NVIT

GS

Small

Cap

Equity

Insights

Fund

("GS

Small

Cap")

NVIT

U.S.

130/30

Equity

Fund

("U.S.

130/30")

Only

other

series

of

the

Trust

that

operate

as

a

fund-of-funds,

such

as

the

NVIT Blueprint

Funds,

hold

shares

of GS

Large

Cap,

GS

Small

Cap

and

U.S.

130/30.

Shares

of

GS

Emerging

Markets

and

GS

International

are

held

by

other

series

of

the

Trust

that

operate

as

a

fund-of-funds,

such

as

the

NVIT

Blueprint

Funds

and

NVIT

Investor

Destinations

Funds.

The

Funds

currently

offer Class

Y shares.

Each

Fund

is

a

diversified

fund,

as

defined

in

the

1940

Act.

2. #### Summary

#### of

#### Significant

#### Accounting

#### Policies
The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Funds

in

the

accounting

and

the

preparation

of

their

financial

statements.

The

Funds

are

investment

companies

and

follow

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Codification

Topic

946

("ASC

946").

The

policies

are

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

("U.S.

GAAP"),

including,

but

not

limited

to,

ASC

946. The

preparation

of

financial

statements

requires

fund

management

to

make

estimates

and

assumptions

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

expenses

for

the

period.

The

Funds

utilize

various

methods

to

measure

the

value

of

their

investments

on

a

recurring

basis.

Amounts

received

upon

the

sale

of

such

investments

could

differ

from

those

estimated

values

and

those

differences

could

be

material.

(a) #### Security

#### Valuation
U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

Pursuant

to

procedures

approved

by

the

Board

of

Trustees

of

the

Trust

(the

"Board

of

Trustees"),

NFA

assigns

a

fair

value,

as

defined

by

U.S.

GAAP,

to

a

Fund's

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

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

—

Quoted

prices

in

active

markets

for

identical

assets

Level

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

—

Significant

unobservable

inputs

(including

a

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.

-

Notes

to

Financial

Statements

-

December

31,

2025

-

1940

Act

Funds

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.

Securities

for

which

market-based

quotations

are

readily

available

are

valued

at

the

current

market

value

as

of

"Valuation

Time".

Valuation

Time

is

as

of

the

close

of

regular

trading

on

the

New

York

Stock

Exchange

(usually

4:00

p.m.

Eastern

time).

Equity

securities

are

generally

valued

at

the

last

quoted

sale

price

or

official

closing

price,

or,

if

there

is

no

such

price,

the

last

quoted

bid

price

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Prices

are

taken

from

the

primary

market

or

exchange

on

which

each

security

trades.

Shares

of

registered

open-end

management

investment

companies

are

valued

at

net

asset

value

("NAV")

as

reported

by

such

company.

Shares

of

exchange

traded

funds

("ETFs")

are

generally

valued

at

the

last

quoted

sale

price

or

official

closing

price,

or,

if

there

is

no

such

price,

the

last

quoted

bid

price

provided

by

an

independent

pricing

service.

Master

limited

partnerships

("MLPs")

are

publicly

traded

partnerships

and

are

treated

as

partnerships

for

U.S.

federal

income

tax

purposes.

Investments

in

MLPs

are

valued

at

the

last

quoted

sale

price

or

official

closing

price,

or,

if

there

is

no

such

price,

the

last

quoted

bid

price

provided

by

an

independent

pricing

service.

Equity

securities,

shares

of

registered

open-

end

management

investment

companies,

shares

of

ETFs

and

MLPs

valued

in

this

manner

are

generally

categorized

as

Level

investments

within

the

hierarchy.

Repurchase

agreements

are

valued

at

amortized

cost,

which

approximates

fair

value,

and

are

generally

categorized

as

Level

investments

within

the

hierarchy.

The

Board

of

Trustees

has

delegated

authority

to

NFA,

and

the

Trust's

administrator,

Nationwide

Fund

Management

LLC

("NFM"),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

("FVC")

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i) market-based

quotations

are

not

readily

available;

(ii) an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii) a

significant

event

has

occurred

that

affects

the

value

of

a

Fund's

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer's

operations);

(iv) the

securities

are

illiquid;

(v) the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi) any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i) a

multiple

of

earnings;

(ii) the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii) the

yield-to-maturity

for

debt

issues;

or

(iv) a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

Each

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

investments;

otherwise,

they

are

classified

as

Level

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

("non-U.S.

securities")

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

1940

Act

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

The

following

tables

provide

a

summary

of

the

inputs

used

to

value

the

Funds'

net

assets

as

of

December

31,

2025. Please

refer

to

the

Statements

of

Investments

for

additional

information

on

portfolio

holdings.

#### GS

#### Emerging

#### Markets

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Common

Stocks

Air

Freight

&

Logistics

$

–

$

1,370,113

$

–

$

1,370,113

Automobile

Components

–

4,001,706

–

4,001,706

Automobiles

–

12,786,947

–

12,786,947

Banks

13,300,520

47,351,057

–

60,651,577

Biotechnology

575,605

4,575,203

–

5,150,808

Broadline

Retail

1,188,327

14,479,818

–

15,668,145

Capital

Markets

–

3,248,065

–

3,248,065

Chemicals

–

826,845

–

826,845

Communications

Equipment

–

128,320

–

128,320

Construction

&

Engineering

157,619

7,273,338

–

7,430,957

Construction

Materials

829,463

–

–

829,463

Consumer

Finance

–

1,745,262

–

1,745,262

Diversified

REITs

–

145,688

–

145,688

Diversified

Telecommunication

Services

–

2,402,119

–

2,402,119

Electric

Utilities

1,816,342

3,729,730

–

5,546,072

Electrical

Equipment

–

13,146,769

–

13,146,769

Electronic

Equipment,

Instruments

&

Components

–

18,799,114

–

18,799,114

Energy

Equipment

&

Services

–

91,956

–

91,956

Entertainment

–

2,044,668

–

2,044,668

Financial

Services

244,429

3,492,162

–

3,736,591

Food

Products

–

4,923,913

–

4,923,913

Ground

Transportation

–

322,969

–

322,969

Health

Care

Providers

&

Services

–

653,044

–

653,044

Hotels,

Restaurants

&

Leisure

1,138,610

2,335,513

–

3,474,123

Household

Durables

–

1,809,136

–

1,809,136

Independent

Power

and

Renewable

Electricity

Producers

–

2,132,705

–

2,132,705

Industrial

Conglomerates

–

1,506,774

–

1,506,774

Insurance

–

9,535,096

–

9,535,096

Interactive

Media

&

Services

–

23,653,994

–

23,653,994

IT

Services

1,711,113

178,982

–

1,890,095

Life

Sciences

Tools

&

Services

–

1,907,397

–

1,907,397

Machinery

378,811

12,491,701

–

12,870,512

Marine

Transportation

–

169,945

–

169,945

Media

–

988,554

–

988,554

Metals

&

Mining

12,343,072

24,481,843

–

36,824,915

Oil,

Gas

&

Consumable

Fuels

424,823

13,687,402

–

14,112,225

Passenger

Airlines

155,045

282,820

–

437,865

Pharmaceuticals

–

9,737,544

–

9,737,544

Real

Estate

Management

&

Development

–

90,000

–

90,000

Semiconductors

&

Semiconductor

Equipment

–

72,560,988

–

72,560,988

Specialty

Retail

–

708,595

–

708,595

Technology

Hardware,

Storage

&

Peripherals

–

27,772,541

–

27,772,541

Textiles,

Apparel

&

Luxury

Goods

–

933,811

–

933,811

Tobacco

–

153,955

–

153,955

Transportation

Infrastructure

242,883

1,993,166

–

2,236,049

Water

Utilities

–

338,733

–

338,733

Wireless

Telecommunication

Services

607,066

6,811,791

–

7,418,857

#### Total

#### Common

#### Stocks

#### $

#### 35,113,728

#### $

#### 363,801,792

#### $

#### –

#### $

#### 398,915,520
Futures

Contracts#

96,747

–

–

96,747

Repurchase

Agreements

–

3,160,000

–

3,160,000

-

Notes

to

Financial

Statements

-

December

31,

2025

-

1940

Act

Funds

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Rights

$

–

$

5,412

$

–

$

5,412

#### Total

#### $

#### 35,210,475

#### $

#### 366,967,204

#### $

#### –

#### $

#### 402,177,679

#### GS

#### International

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Common

Stocks

Aerospace

&

Defense

$

–

$

31,202,913

$

–

$

31,202,913

Automobile

Components

–

14,782,211

–

14,782,211

Automobiles

–

11,267,442

–

11,267,442

Banks

–

97,214,701

–

97,214,701

Biotechnology

–

1,772,108

–

1,772,108

Broadline

Retail

–

6,085,631

–

6,085,631

Building

Products

–

2,889,727

–

2,889,727

Capital

Markets

–

27,705,036

–

27,705,036

Chemicals

–

13,202,767

–

13,202,767

Commercial

Services

&

Supplies

–

5,071,891

–

5,071,891

Communications

Equipment

–

6,527,393

–

6,527,393

Construction

&

Engineering

–

8,468,970

–

8,468,970

Construction

Materials

–

3,384,585

–

3,384,585

Consumer

Finance

–

1,274,628

–

1,274,628

Consumer

Staples

Distribution

&

Retail

–

780,211

–

780,211

Containers

&

Packaging

–

530,614

–

530,614

Distributors

–

492,859

–

492,859

Diversified

Telecommunication

Services

–

5,384,062

–

5,384,062

Electric

Utilities

–

2,870,374

–

2,870,374

Electrical

Equipment

–

33,053,010

–

33,053,010

Electronic

Equipment,

Instruments

&

Components

–

9,078,444

–

9,078,444

Energy

Equipment

&

Services

–

6,209,187

–

6,209,187

Entertainment

2,847,220

685,647

–

3,532,867

Financial

Services

–

15,168,334

–

15,168,334

Food

Products

–

25,785,213

–

25,785,213

Gas

Utilities

–

1,229,762

–

1,229,762

Ground

Transportation

–

1,939,401

–

1,939,401

Health

Care

Equipment

&

Supplies

–

14,513,823

–

14,513,823

Health

Care

Providers

&

Services

–

533,552

–

533,552

Health

Care

Technology

–

653,078

–

653,078

Hotels,

Restaurants

&

Leisure

126,051

7,195,106

–

7,321,157

Household

Durables

–

3,696,005

–

3,696,005

Household

Products

–

5,652,960

–

5,652,960

Independent

Power

and

Renewable

Electricity

Producers

–

1,151,869

–

1,151,869

Industrial

Conglomerates

–

17,650,494

–

17,650,494

Insurance

–

35,617,289

–

35,617,289

Interactive

Media

&

Services

–

2,508,098

–

2,508,098

IT

Services

–

6,758,476

–

6,758,476

Leisure

Products

–

927,219

–

927,219

Life

Sciences

Tools

&

Services

–

2,747,446

–

2,747,446

Machinery

–

24,576,194

–

24,576,194

Marine

Transportation

–

164,632

–

164,632

Media

–

569,167

–

569,167

Metals

&

Mining

6,217,530

26,832,095

–

33,049,625

Multi-Utilities

–

12,832,366

–

12,832,366

Office

REITs

–

874,107

–

874,107

Oil,

Gas

&

Consumable

Fuels

6,330,063

13,248,675

–

19,578,738

Passenger

Airlines

–

2,219,405

–

2,219,405

Pharmaceuticals

16,709,096

60,588,574

–

77,297,670

1940

Act

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Professional

Services

$

–

$

7,811,423

$

–

$

7,811,423

Real

Estate

Management

&

Development

–

6,883,237

–

6,883,237

Retail

REITs

–

3,473,877

–

3,473,877

Semiconductors

&

Semiconductor

Equipment

–

41,921,444

–

41,921,444

Software

–

5,875,830

–

5,875,830

Specialty

Retail

–

7,684,871

–

7,684,871

Technology

Hardware,

Storage

&

Peripherals

–

6,164,222

–

6,164,222

Textiles,

Apparel

&

Luxury

Goods

–

12,880,118

–

12,880,118

Tobacco

–

14,480,967

–

14,480,967

Trading

Companies

&

Distributors

–

2,584,960

–

2,584,960

Transportation

Infrastructure

–

1,662,387

–

1,662,387

Wireless

Telecommunication

Services

1,594,804

8,559,739

–

10,154,543

#### Total

#### Common

#### Stocks

#### $

#### 33,824,764

#### $

#### 695,550,826

#### $

#### –

#### $

#### 729,375,590
Futures

Contracts#

44,592

–

–

44,592

Repurchase

Agreements

–

31,135,775

–

31,135,775

#### Total

#### Assets

#### $

#### 33,869,356

#### $

#### 726,686,601

#### $

#### –

#### $

#### 760,555,957

#### Liabilities:
Futures

Contracts#

$

(1,711)

$

–

$

–

$

(1,711)

#### Total

#### Liabilities

#### $

#### (1,711)

#### $

#### –

#### $

#### –

#### $

#### (1,711)

#### Total

#### $

#### 33,867,645

#### $

#### 726,686,601

#### $

#### –

#### $

#### 760,554,246

#### GS

#### Large

#### Cap

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Common

Stocks

$

963,828,416

$

–

$

–

$

963,828,416

#### Total

#### $

#### 963,828,416

#### $

#### –

#### $

#### –

#### $

#### 963,828,416

#### GS

#### Small

#### Cap

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Common

Stocks

Aerospace

&

Defense

$

2,952,895

$

–

$

–

$

2,952,895

Automobile

Components

2,759,535

–

–

2,759,535

Banks

16,271,546

–

–

16,271,546

Biotechnology

17,915,276

–

–

17,915,276

Broadline

Retail

279,728

–

–

279,728

Building

Products

691,616

–

–

691,616

Capital

Markets

4,019,739

–

–

4,019,739

Chemicals

2,740,030

–

–

2,740,030

Commercial

Services

&

Supplies

2,401,421

–

–

2,401,421

Communications

Equipment

1,444,990

–

–

1,444,990

Construction

&

Engineering

5,041,998

–

–

5,041,998

Construction

Materials

1,310,658

–

–

1,310,658

Consumer

Finance

5,149,037

–

–

5,149,037

Containers

&

Packaging

613,130

–

–

613,130

Diversified

Consumer

Services

4,757,940

–

–

4,757,940

Diversified

REITs

120,668

–

–

120,668

Diversified

Telecommunication

Services

1,040,592

–

–

1,040,592

Electric

Utilities

50,376

–

–

50,376

Electrical

Equipment

3,828,183

–

–

3,828,183

Electronic

Equipment,

Instruments

&

Components

8,117,040

–

–

8,117,040

Energy

Equipment

&

Services

4,665,567

–

–

4,665,567

-

Notes

to

Financial

Statements

-

December

31,

2025

-

1940

Act

Funds

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Entertainment

$

730,658

$

–

$

–

$

730,658

Financial

Services

3,138,270

–

–

3,138,270

Food

Products

1,218,974

–

–

1,218,974

Gas

Utilities

817,055

–

–

817,055

Ground

Transportation

27,190

–

–

27,190

Health

Care

Equipment

&

Supplies

9,082,066

–

–

9,082,066

Health

Care

Providers

&

Services

6,752,959

–

–

6,752,959

Health

Care

REITs

1,200,556

–

–

1,200,556

Health

Care

Technology

197,877

–

–

197,877

Hotel

&

Resort

REITs

3,491,746

–

–

3,491,746

Hotels,

Restaurants

&

Leisure

2,533,155

–

–

2,533,155

Household

Durables

1,788,346

–

–

1,788,346

Household

Products

822,591

–

–

822,591

Independent

Power

and

Renewable

Electricity

Producers

1,157,232

–

–

1,157,232

Industrial

REITs

505,666

–

–

505,666

Insurance

4,833,903

–

–

4,833,903

Interactive

Media

&

Services

1,002,114

–

–

1,002,114

IT

Services

814,212

–

–

814,212

Leisure

Products

1,869,655

–

–

1,869,655

Life

Sciences

Tools

&

Services

1,949,426

–

–

1,949,426

Machinery

5,070,023

–

–

5,070,023

Marine

Transportation

2,071,940

–

–

2,071,940

Media

1,195,121

–

–

1,195,121

Metals

&

Mining

5,798,311

–

–

5,798,311

Mortgage

Real

Estate

Investment

Trusts

(REITs)

1,214,900

–

–

1,214,900

Multi-Utilities

502,045

–

–

502,045

Office

REITs

987,221

–

–

987,221

Oil,

Gas

&

Consumable

Fuels

3,754,404

–

–

3,754,404

Passenger

Airlines

2,955,527

–

–

2,955,527

Personal

Care

Products

317,313

–

–

317,313

Pharmaceuticals

4,545,880

–

–

4,545,880

Professional

Services

3,267,374

–

–

3,267,374

Real

Estate

Management

&

Development

862,562

–

–

862,562

Residential

REITs

2,074,776

–

–

2,074,776

Retail

REITs

3,121,814

–

–

3,121,814

Semiconductors

&

Semiconductor

Equipment

6,712,308

–

–

6,712,308

Software

10,490,631

–

–

10,490,631

Specialized

REITs

923,866

–

–

923,866

Specialty

Retail

5,977,127

–

–

5,977,127

Technology

Hardware,

Storage

&

Peripherals

1,244,354

–

–

1,244,354

Textiles,

Apparel

&

Luxury

Goods

2,061,439

–

–

2,061,439

Trading

Companies

&

Distributors

2,439,729

–

–

2,439,729

Water

Utilities

185,179

–

–

185,179

Wireless

Telecommunication

Services

129,816

–

–

129,816

#### Total

#### Common

#### Stocks

#### $

#### 198,009,276

#### $

#### –

#### $

#### –

#### $

#### 198,009,276
Repurchase

Agreements

–

31,593,709

–

31,593,709

Rights

–

–

–

–

#### Total

#### Assets

#### $

#### 198,009,276

#### $

#### 31,593,709

#### $

#### –

#### $

#### 229,602,985

#### Liabilities:
Futures

Contracts#

$

(11,316)

$

–

$

–

$

(11,316)

#### Total

#### Liabilities

#### $

#### (11,316)

#### $

#### –

#### $

#### –

#### $

#### (11,316)

#### Total

#### $

#### 197,997,960

#### $

#### 31,593,709

#### $

#### –

#### $

#### 229,591,669
1940

Act

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

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.

(b) #### Cash

#### Overdraft
Certain

Funds

may

have

overdrawn

U.S.

dollar

and/or

foreign

currency

balances

with

the

Funds'

custodian

bank,

JPMorgan

Chase

Bank,

N.A.

("JPMorgan").

To

offset

the

overdraft,

JPMorgan

advanced

an

amount

equal

to

the

overdraft.

Consistent

with

the

Funds'

borrowing

policy,

the

advance

is

deemed

a

temporary

loan

to

the

Funds.

Such

loans

are

payable

upon

demand

and

bear

interest

from

the

date

of

such

advance

to

the

date

of

payment

at

the

rate

agreed

upon

with

JPMorgan

under

the

custody

agreement.

These

advances

are

separate

from,

and

were

not

made

pursuant

to,

the

credit

agreement

discussed

in

Note

4. A

Fund

with

an

overdraft

is

subject

to

a

lien

by

JPMorgan

on

the

Fund's

account

and

JPMorgan

may

charge

the

Fund's

account

for

any

amounts

owed

to

JPMorgan.

JPMorgan

also

has

the

right

to

set

off

as

appropriate

and

apply

all

deposits

and

credits

held

by

or

owing

to

JPMorgan

against

such

amount,

subject

to

the

terms

of

the

custody

agreement.

As

of

December

31,

2025,

Funds

that

had

overdrawn

balances

were

as

follows:

(c) #### Foreign

#### Currency

#### Transactions&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The

accounting

records

of

the

Funds

are

maintained

in

U.S.

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

exchange

between

the

foreign

currency

and

the

U.S.

dollar

in

order

to

determine

the

value

of

the

Funds'

investments,

assets,

and

liabilities.

Purchases

and

sales

of

securities,

receipts

of

income,

and

payments

of

expenses

are

converted

at

the

prevailing

rate

of

exchange

on

the

respective

date

of

such

transactions.

The

accounting

records

of

a

Fund

do

not

differentiate

that

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

from

those

resulting

from

changes

in

the

market

prices

of

the

relevant

securities.

Each

portion

contributes

to

the

net

realized

gains

or

losses

from

transactions

in

investment

securities

and

net

change

in

unrealized

appreciation/depreciation

in

the

value

of

investment

securities.

Net

currency

gains

or

losses,

realized

and

unrealized,

that

are

a

result

of

differences

between

the

amount

recorded

on

a

Fund's

accounting

records,

and

the

U.S.

dollar

equivalent

amount

actually

received

or

paid

for

interest

or

dividends,

receivables

and

payables

for

investments

sold

or

purchased,

and

foreign

cash,

are

included

in

the

Statements

of

Operations

under

"Net

realized

gains

(losses)

from

foreign

currency

transactions"

and

"Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

translation

of

assets

and

liabilities

denominated

in

foreign

currencies,"

if

applicable.

#### U.S.

#### 130/30

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Common

Stocks

$

951,727,779

$

–

$

–

$

951,727,779

Total

Return

Swaps†

–

3,051,266

–

3,051,266

#### Total

#### Assets

#### $

#### 951,727,779

#### $

#### 3,051,266

#### $

#### –

#### $

#### 954,779,045

#### Liabilities:
Total

Return

Swaps†

$

–

$

(2,553,667)

$

–

$

(2,553,667)

#### Total

#### Liabilities

#### $

#### –

#### $

#### (2,553,667)

#### $

#### –

#### $

#### (2,553,667)

#### Total

#### $

#### 951,727,779

#### $

#### 497,599

#### $

#### –

#### $

#### 952,225,378
#

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

Assets

and

Liabilities.

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

For

centrally

cleared

swaps,

only

the

variation

margin

on

swap

contracts

is

reported

in

the

Statements

of

Asset

and

Liabilities.

As

of

December

31,

2025,

GS

Emerging

Markets

held

four

common

stock

investments

that

were

categorized

as

Level

investments

which

were

valued

at

$0.

#### Fund

#### U.S.

#### Dollar

#### Amount
GS

International

$

696,739

-

Notes

to

Financial

Statements

-

December

31,

2025

-

1940

Act

Funds

(d) #### Swap

#### Contracts&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
*Total* 

*Return* 

*Swap* 

*Contracts*

—

Certain

Funds

entered

into

total

return

swap

contracts

to

take

long

and

short

positions

in

equities

or

to

obtain

exposure

to

a

foreign

market

and/or

foreign

index

without

owning

such

securities

or

investing

directly

in

that

foreign

market

and/or

foreign

index,

as

applicable,

to

meet

each

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Total

return

swap

contracts

are

agreements

in

which

the

Fund

and

the

counterparty

each

agree

to

pay

the

other

party

the

difference

between

the

relative

investment

performance

that

would

have

been

achieved

if

the

notional

amount

of

the

total

return

swap

contract

had

been

invested

in

the

particular

foreign

market

and/or

foreign

indices

and

the

return

for

payments

equal

to

the

fixed

or

floating

rate

of

interest.

The

counterparty

to

a

total

return

swap

contract

is

a

financial

institution.

Each

Fund

has

segregated

liquid

assets

to

cover

its

obligations

under

the

total

return

swap

contract.

Total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that

a

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap's

market

value.

The

market

value

also

includes

interest

charges

and

credits

("financing

fees")

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between

a

Fund

and

the

counterparty.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

a

Fund

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

Total

return

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

an

independent

pricing

service.

An

independent

pricing

service

can

utilize

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as,

but

not

limited

to,

discounted

cash

flows,

trades,

and

values

of

the

underlying

reference

instruments,

such

as

the

foreign

market

and/or

foreign

index.

Total

return

swap

contracts

are

generally

categorized

as

Level

investments

within

the

hierarchy.

The

Funds'

swap

agreements

are

disclosed

in

the

Statements

of

Assets

and

Liabilities

under

"Swap

contracts,

at

value"

for

over-the

counter

("OTC")

swaps

and

under

"Receivable/payable

for

variation

margin on

centrally

cleared swap

contracts"

for

centrally

cleared

swaps,

in

a

table

in

the

Statement

of

Investments, and

in

the

Statements

of

Operations

under

"Net

realized

gains

(losses)

from

expiration

or

closing

of

swap

contracts"

and

"Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

swap

contracts,"

as

applicable.

(e) #### Futures

#### Contracts
Certain

Funds are

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

their

objectives. Certain Funds

entered

into

financial

futures

contracts

("futures

contracts")

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/

or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

each

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, a

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, a

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 a

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

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, a

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.

1940

Act

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

Should

market

conditions

change

unexpectedly, a

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. A

Fund's

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because a

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

Funds'

futures

contracts

are

reflected

in

the

Statements

of

Assets

and

Liabilities

under

"Receivable/Payable

for

variation

margin

on

futures

contracts,"

in

a

table

in

the

Statement

of

Investments

and

in

the

Statements

of

Operations

under

"Net

realized

gains

(losses)

from

expiration

or

closing

of

futures

contracts"

and

"Net

change

in

unrealized

appreciation/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

December

31,

2025:

#### Fair

#### Values

#### of

#### Derivatives

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### as

#### of

#### December

#### 31,

#### 2025:

#### GS

#### Emerging

#### Markets

#### Assets:

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value
Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

96,747

#### Total

#### $

#### 96,747

#### GS

#### International

#### Assets:

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value
Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

44,592

#### Total

#### $

#### 44,592

#### Liabilities:
Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

(1,711)

#### Total

#### $

#### (1,711)

#### GS

#### Small

#### Cap

#### Liabilities:

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value
Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

(11,316)

#### Total

#### $

#### (11,316)

#### U.S.

#### 130/30

#### Assets:

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value
Swap

Contracts†

Equity

risk

Swap

contracts,

at

value

$

3,051,266

#### Total

#### $

#### 3,051,266

-

Notes

to

Financial

Statements

-

December

31,

2025

-

1940

Act

Funds

#### The

#### Effect

#### of

#### Derivative

#### Instruments

#### on

#### the

#### Statements

#### of

#### Operations

#### for

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025:

#### Change

#### in

#### Unrealized

#### Appreciation/Depreciation

#### on

#### Derivatives

#### Recognized

#### in

#### the

#### Statements

#### of

#### Operations

#### for

#### the Year

#### Ended December

#### 31,

#### 2025:

#### Liabilities:
Swap

Contracts†

Equity

risk

Swap

contracts,

at

value

$

(2,553,667)

#### Total

#### $

#### (2,553,667)
#

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

Assets

and

Liabilities.

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

For

centrally

cleared

swaps,

only

the

variation

margin

on

swap

contracts

is

reported

in

the

Statements

of

Asset

and

Liabilities.

#### GS

#### Emerging

#### Markets

#### Realized

#### Gains

#### (Losses):

#### Total
Futures

Contracts

Equity

risk

$

1,981,902

#### $

#### 1,981,902

#### GS

#### International

#### Realized

#### Gains

#### (Losses):

#### Total
Futures

Contracts

Equity

risk

$

1,065,229

#### $

#### 1,065,229

#### GS

#### Large

#### Cap

#### Realized

#### Gains

#### (Losses):

#### Total
Futures

Contracts

Equity

risk

$

209,441

#### $

#### 209,441

#### GS

#### Small

#### Cap

#### Realized

#### Gains

#### (Losses):

#### Total
Futures

Contracts

Equity

risk

$

(75,810)

#### $

#### (75,810)

#### U.S.

#### 130/30

#### Realized

#### Gains

#### (Losses):

#### Total
Swap

Contracts

Equity

risk

$

23,083,335

#### $

#### 23,083,335

#### GS

#### Emerging

#### Markets

#### Unrealized

#### Appreciation/Depreciation:

#### Total
Futures

Contracts

Equity

risk

$

356,277

#### $

#### 356,277

#### GS

#### International

#### Unrealized

#### Appreciation/Depreciation:

#### Total
Futures

Contracts

Equity

risk

$

138,311

#### $

#### 138,311
1940

Act

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

The

following is

a

summary

of

the

Funds'

average

volume

of

derivative

instruments

held for

the year

ended December

31,

2025:

The

Funds

are

required

to

disclose

information

about

offsetting

and

related

arrangements

to

enable

users

of

the

financial

statements

to

understand

the

effect

of

those

arrangements

on

the

Funds'

financial

position.

In

order

to

better

define

its

contractual

rights

and

to

secure

rights

that

will

help

certain

Funds

mitigate

their

counterparty

risk,

certain

Funds

entered

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

("ISDA

Master

Agreement")

or

a

similar

agreement

with

each

of

their

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

certain

Funds

and

a

counterparty

that

governs

OTC

derivatives

and

forward

foreign

currency

contracts

and

typically

contains,

among

other

things,

collateral

posting

items,

if

applicable,

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

certain

Funds

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instrument's

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

(close-out

netting)

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

The

counterparty

is

a

financial

institution.

For

financial

reporting

purposes,

certain Funds

do

not

offset

derivative

assets

and

derivative

liabilities

that

may

be

subject

to

netting

arrangements

on

the

"Statements

of

Assets

and

Liabilities".

As

of December

31,

2025,

certain

Funds

may

have

entered

into

futures

contracts.

The

futures

contract

agreements

do

not

provide

for netting

arrangements.

#### GS

#### Small

#### Cap

#### Unrealized

#### Appreciation/Depreciation:

#### Total
Futures

Contracts

Equity

risk

$

64,774

#### $

#### 64,774

#### U.S.

#### 130/30

#### Unrealized

#### Appreciation/Depreciation:

#### Total
Swap

Contracts

Equity

risk

$

2,676,101

#### $

#### 2,676,101

#### GS

#### Emerging

#### Markets

#### Futures

#### Contracts:
Average

Notional

Balance

Long

$

4,909,812

#### GS

#### International

#### Futures

#### Contracts:
Average

Notional

Balance

Long

$

9,003,255

#### GS

#### Large

#### Cap

#### Futures

#### Contracts:
Average

Notional

Balance

Long

$

6,367,635

#### GS

#### Small

#### Cap

#### Futures

#### Contracts:
Average

Notional

Balance

Long

$

2,125,501

#### U.S.

#### 130/30

#### Total

#### Return

#### Swaps:
Average

Notional

Balance

—

Receives

Float

Rate

$

328,892,948

Average

Notional

Balance

—

Pays

Float

Rate

$

(307,682,689)

-

Notes

to

Financial

Statements

-

December

31,

2025

-

1940

Act

Funds

The

following

tables

set

forth certain

Funds' net

exposure

by

counterparty

for OTC

swap

contracts,

as

applicable,

that

are

subject

to

enforceable

master

netting

arrangements

or

similar

arrangements

as

of

December

31,

2025:

(f) #### Securities

#### Lending
During

the

year

ended

December

31,

2025, certain

Funds entered

into

securities

lending

transactions.

To

generate

additional

income,

the

Funds

lent

their

portfolio

securities,

up

to

1/3%

of

the

total

assets

of

a

Fund,

to

brokers,

dealers,

and

other

financial

institutions.

JPMorgan

serves

as

securities

lending

agent

for

the

securities

lending

program

for

the

Funds.

Securities

lending

transactions

are

considered

to

be

overnight

and

continuous

and

can

be

terminated

by

a

Fund

or

the

borrower

at

any

time.

The

Funds

receive

payments

from JPMorgan

equivalent

to

any

dividends

and/or

interest

while

on

loan,

in

lieu

of

income

which

is

included

as

"Dividend

income"

and/or

"Interest

income",

as

applicable,

on

the

Statements

of

Operations.

The

Funds

also

receive

interest

that

would

have

been

earned

on

the

securities

loaned

while

simultaneously

seeking

to

earn

income

on

the

investment

of

cash

collateral

or

receiving

a

fee

with

respect

to

the

receipt

of

non-cash

collateral.

Securities

lending

income

includes

any

fees

charged

to

borrowers

less

expenses

associated

with

the

loan.

Income

from

the

securities

lending

program

is

recorded

when

earned

from JPMorgan

and

reflected

in

the

Statements

of

Operations

under

"Income

from

securities

lending

(net

of

fees)".

There

may

be

risks

of

delay

or

restrictions

in

recovery

of

the

securities

or

disposal

of

collateral

should

the

borrower

of

the

securities

fail

financially.

Loans

are

made,

however,

only

to

borrowers

deemed

by JPMorgan

to

be

of

good

standing

and

creditworthy.

Loans

are

subject

to

termination

by

the

Funds

or

the

borrower

at

any

time,

and,

therefore,

are

not

considered

to

be

illiquid

investments.

For

Funds

to

which

JPMorgan

is

not

an

affiliate,

JPMorgan

receives

a

fee

based

on

a

percentage

of

earnings

(less

any

rebates

paid

to

the

borrower)

derived

from

the

investment

of

cash

collateral,

or

a

percentage

of

the

fee

paid

by

the

borrower

for

loans

collateralized

by

non-cash

collateral.

For

Funds

to

which

JPMorgan

is

an

affiliate,

JPMorgan

receives

a

flat

fee

based

on

a

percentage

of

the

market

value

of

loaned

securities.

#### U.S.

#### 130/30

#### Offsetting

#### of

#### Financial

#### Assets,

#### Derivative

#### Assets

#### and

#### Collateral

#### Received

#### by

#### Counterparty:

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Description

#### Gross

#### Amounts

#### of

#### Recognized

#### Asset

#### Derivatives

#### Available

#### for

#### Offset

#### Collateral

#### Received

#### Net

#### Amount

#### of

#### Asset

#### Derivatives
JPMorgan

Chase

Bank

NA

Swap

Contracts

$

3,051,266

$

(2,546,842)

$

—

$

504,424

#### Total

#### $

#### 3,051,266

#### $

#### (2,546,842)

#### $

#### —

#### $

#### 504,424

#### Offsetting

#### of

#### Financial

#### Liabilities,

#### Derivative

#### Liabilities

#### and

#### Collateral

#### Pledged

#### by

#### Counterparty:

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Description

#### Gross

#### Amounts

#### of

#### Recognized

#### Liability

#### Derivatives

#### Available

#### for

#### Offset

#### Collateral

#### Pledged

#### Net

#### Amount

#### of

#### Liability

#### Derivatives
JPMorgan

Chase

Bank

NA

Swap

Contracts

(2,546,842)

2,546,842

—

—

#### Total

#### $

#### (2,546,842)

#### $

#### 2,546,842

#### $

#### —

#### $

#### —
1940

Act

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

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

December

31,

2025,

which

were

comprised

of

repurchase

agreements

purchased

with

cash

collateral,

as

shown

on each

Fund's

Statement

of

Investments,

were

as

follows:

The

Trust's

securities

lending

policies

and

procedures

require

that

the

borrower

(i) deliver

cash

or

U.S.

Government

securities

as

collateral

with

respect

to

each

new

loan

of

U.S.

securities,

equal

to

at

least

102%

of

the

value

of

the

portfolio

securities

loaned,

and

with

respect

to

each

new

loan

of

non-U.S.

securities,

collateral

of

at

least

105%

of

the

value

of

the

portfolio

securities

loaned;

and

(ii) at

all

times

thereafter

mark-to-market

the

collateral

on

a

daily

basis

so

that

the

market

value

of

such

collateral

is

at

least

100%

of

the

value

of

securities

loaned.

Cash

collateral

received

is

generally

invested

in

joint

repurchase

agreements

and

shown

in

the

Statement

of

Investments

and

included

in

calculating

the

Fund's

total

assets.

U.S.

Government

securities

received

as

collateral,

if

any,

are

held

in

safe-keeping

by

JPMorgan

or

The

Bank

of

New

York

Mellon

and

cannot

be

sold

or

repledged

by

the

Funds

and

accordingly

are

not

reflected

in

the

Fund's

total

assets.

For

additional

information

on

the

non-cash

collateral

received,

if

any,

please

refer

to

the

Statement

of

Investments.

The

Securities

Lending

Agency

Agreement

between

the

Trust

and

JPMorgan

provides

that

in

the

event

of

a

default

by

a

borrower

with

respect

to

any

loan,

the

Fund

may

terminate

the

loan

and

JPMorgan

will

exercise

any

and

all

remedies

provided

under

the

applicable

borrower

agreement

to

make

the

Fund

whole.

These

remedies

include

purchasing

replacement

securities

by

applying

the

collateral

held

from

the

defaulting

borrower

against

the

purchase

cost

of

the

replacement

securities.

If,

despite

such

efforts

by

JPMorgan

to

exercise

these

remedies,

the

collateral

is

less

than

the

purchase

cost

of

the

replacement

securities,

JPMorgan

is

responsible

for

such

shortfall,

subject

to

certain

limitations

which

are

set

forth

in

detail

in

the

Securities

Lending

Agency

Agreement.

As

of December

31,

2025,

the

Securities

Lending

Agency

Agreement

does

not

permit

the

Funds

to

enforce

a

netting

arrangement.

(g) #### Joint

#### Repurchase

#### Agreements
During

the year

ended December

31,

2025,

certain

Funds,

along

with

other

series

of

the

Trust,

pursuant

to

procedures

adopted

by

the

Board

of

Trustees

and

applicable

guidance

from

the

SEC,

transferred

cash

collateral

received

from

securities

lending

transactions,

through

a

joint

account

at

JPMorgan,

the

Funds'

custodian,

the

daily

aggregate

balance

of

which

is

invested

in

one

or

more

joint

repurchase

agreements

("repo"

or

collectively

"repos")

collateralized

by

U.S.

Treasury

or

federal

agency

obligations.

For

repos,

each

Fund

participates

on

a

pro

rata

basis

with

other

clients

of

JPMorgan

in

its

share

of

the

underlying

collateral

under

such

repos

and

in

its

share

of

proceeds

from

any

repurchase

or

other

disposition

of

the

underlying

collateral.

In

repos,

the

seller

of

a

security

agrees

to

repurchase

the

security

at

a

mutually

agreed-upon

time

and

price,

which

reflects

the

effective

rate

of

return

for

the

term

of

the

agreement.

For

repos,

The

Bank

of

New

York

Mellon

or

JPMorgan

takes

possession

of

the

collateral

pledged

for

investments

in

such

repos.

The

underlying

collateral

is

valued

daily

on

a

mark-to-market

basis

to

ensure

that

the

value

is

equal

to

or

greater

than

the

repurchase

price,

including

accrued

interest.

In

the

event

of

default

of

the

obligation

to

repurchase,

the

Funds

have

the

right

to

liquidate

the

collateral

and

apply

the

proceeds

in

satisfaction

of

the

obligation.

If

the

seller

defaults

and

the

value

of

the

collateral

declines

or

if

bankruptcy

proceedings

are

commenced

with

respect

to

the

seller

of

the

security,

realization

of

the

collateral

by

the

Funds

may

be

delayed

or

limited.

#### Fund

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities
GS

Emerging

Markets

$

3,160,000

GS

International

31,135,775

GS

Small

Cap

31,593,709

-

Notes

to

Financial

Statements

-

December

31,

2025

-

1940

Act

Funds

As

of December

31,

2025, certain

Funds'

investment in

joint

repos

was

subject

to

an

enforceable

netting

arrangement.

The

Funds'

proportionate

holding

in

joint

repos

was

as

follows:

As

of

December

31,

2025,

the

joint

repos

on

a

gross

basis

were

as

follows:

Bank

of

America

NA,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$98,020,961,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.50%,

maturing

5/1/2049

-

9/1/2050;

total

market

value

$99,960,000.

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$131,688,142,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$134,293,264.

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$148,531,680,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$151,470,009.

CF

Secured,

LLC,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$215,045,867,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.13%

-

7.50%,

maturing

3/31/2026

-

4/20/2071;

total

market

value

$219,346,790.

Citi

Global

Market,

Inc.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$138,529,316,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.38%

-

4.25%,

maturing

2/15/2028

-

10/31/2029;

total

market

value

$141,270,038.

Pershing

LLC,

3.72%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$215,044,433,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

2/15/2026

-

12/20/2075;

total

market

value

$219,300,007.

#### GS

#### Emerging

#### Markets

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
Cantor

Fitzgerald

&

Co.

$

2,160,000

$

–

$

2,160,000

$

(2,160,000)

$

–

Pershing

LLC

1,000,000

–

1,000,000

(1,000,000)

–

#### Total
$

3,160,000

$

–

$

3,160,000

$

(3,160,000)

$

–

1940

Act

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

(h) #### Security

#### Transactions

#### and

#### Investment

#### Income
Security

transactions

are

accounted

for

on

the

date

the

security

is

purchased

or

sold.

Security

gains

and

losses

are

calculated

on

the

identified

cost

basis.

Interest

income

is

recognized

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts,

and

is

recorded

as

such

on

a

Fund's

Statement

of

Operations.

Dividend

income

and

expenses,

as

applicable,

are

recorded

on

the

ex-dividend

date

and

are

recorded

as

such

on

a

Fund's

Statement

of

Operations,

except

for

certain

dividends

from

foreign

securities,

which

are

recorded

as

soon

as

the

Trust

is

informed

on

or

after

the

ex-dividend

date.

Income

from

non-cash

dividends,

if

any,

is

recorded

at

the

fair

value

of

the

securities

and

is

recorded

as

such

on

a

Fund's

Statement

of

Operations.

#### GS

#### International

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
Bank

of

America

NA

$

5,000,000

$

–

$

5,000,000

$

(5,000,000)

$

–

Cantor

Fitzgerald

&

Co.

8,135,775

–

8,135,775

(8,135,775)

–

Cantor

Fitzgerald

&

Co.

7,000,000

–

7,000,000

(7,000,000)

–

Pershing

LLC

11,000,000

–

11,000,000

(11,000,000)

–

#### Total
$

31,135,775

$

–

$

31,135,775

$

(31,135,775)

$

–

#### GS

#### Small

#### Cap

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
Bank

of

America

NA

$

5,000,000

$

–

$

5,000,000

$

(5,000,000)

$

–

Cantor

Fitzgerald

&

Co.

1,593,709

–

1,593,709

(1,593,709)

–

Cantor

Fitzgerald

&

Co.

7,000,000

–

7,000,000

(7,000,000)

–

CF

Secured,

LLC

1,000,000

–

1,000,000

(1,000,000)

–

Citi

Global

Market,

Inc.

10,000,000

–

10,000,000

(10,000,000)

–

Pershing

LLC

7,000,000

–

7,000,000

(7,000,000)

–

#### Total
$

31,593,709

$

–

$

31,593,709

$

(31,593,709)

$

–

\*

As

of

December

31,

2025,

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.

-

Notes

to

Financial

Statements

-

December

31,

2025

-

1940

Act

Funds

Foreign

income

and

capital

gains

may

be

subject

to

foreign

withholding

taxes,

a

portion

of

which

may

be

reclaimable,

and

capital

gains

taxes

at

various

rates.

Under

applicable

foreign

law,

a

withholding

tax

may

be

imposed

on

interest

and

dividends

paid

by

a

foreign

security

and

capital

gains

from

the

sale

of

a

foreign

security.

Foreign

income

or

capital

gains

subject

to

foreign

withholding

taxes

are

recorded

net

of

the

applicable

withholding

tax.

For

certain

securities,

including

a

real

estate

investment

trust

("REIT"),

a

Fund

records

distributions

received

in

excess

of

earnings

and

profits

of

such

security

as

a

reduction

of

cost

of

investments

and/or

realized

gain

(referred

to

as

a

return

of

capital).

Additionally,

a

REIT

may

characterize

distributions

it

pays

as

long-term

capital

gains.

Such

distributions

are

based

on

estimates

if

actual

amounts

are

not

available.

Actual

distributions

of

income,

long-term

capital

gain

and

return

of

capital

may

differ

from

the

estimated

amounts.

A

Fund

will

recharacterize

the

estimated

amounts

of

the

components

of

distributions

as

necessary,

once

the

issuers

provide

information

about

the

actual

composition

of

the

distributions.

Any

portion

of

a

distribution

deemed

a

return

of

capital

is

generally

not

taxable

to

a

Fund.

A

Fund

records

as

dividend

income

the

amount

characterized

as

ordinary

income

and

records

as

realized

gain

the

amount

characterized

by

a

REIT

as

long-term

capital

gain

in

the

Statements

of

Operations.

The

amount

characterized

as

return

of

capital

is

a

reduction

to

the

cost

of

investments

in

the

Statements

of

Assets

and

Liabilities

if

the

security

is

still

held;

otherwise

it

is

recorded

as

an

adjustment

to

realized

gains

(losses)

from

transactions

in

investment

securities

in

the

Statements

of

Operations.

These

characterizations

are

reflected

in

the

accompanying

financial

statements.

(i) #### Distributions

#### to

#### Shareholders
Distributions

from

net

investment

income,

if

any,

are

declared

and

paid

quarterly.

Distributions

from

net

realized

capital

gains,

if

any,

are

declared

and

distributed

at

least

annually.

All

distributions

are

recorded

on

the

ex-dividend

date.

Dividends

and

distributions

to

shareholders

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

"book/tax"

differences

are

considered

either

permanent

or

temporary.

Permanent

differences

are

reclassified

within

the

capital

accounts

based

on

their

nature

for

federal

income

tax

purposes;

temporary

differences

do

not

require

reclassification.

The

permanent

differences

as

of

December

31,

2025

are

primarily

attributable

to

foreign

capital

gains

tax,

foreign

currency

gain/loss,

investments

in

passive

foreign

investment

companies

("PFICs"),

investments

in

real

estate

investment

trusts,

reclassifications

due

to

corporate

actions,

tax

method

changes,

non-taxable

distributions,

and

treatment

of

notional

principal

contracts.

Temporary

differences

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

and

tax

purposes;

these

differences

will

reverse

at

some

time

in

the

future.

The

temporary

differences

as

of

December

31,

2025

may

primarily

be

attributable

to

treatment

of

notional

principal

contracts,

outstanding

wash

sale

loss

deferrals,

treatment

of

corporate

actions,

and

investments

in

PFICs.

These

reclassifications

have

no

effect

upon

the

NAV

of a

Fund.

Any

distribution

in

excess

of

current

and

accumulated

earnings

and

profits

for

federal

income

tax

purposes

is

reported

as

a

return

of

capital

distribution.

Reclassifications

for

the

year

ended

December

31,

2025

were

as

follows:

(j) #### Federal

#### Income

#### Taxes
Each Fund

elected

to

be

treated

as,

and

intends

to

qualify

each

year

as,

a

"regulated

investment

company"

("RIC")

by

complying

with

the

requirements

of

Subchapter

M

of

the

U.S.

Internal

Revenue

Code

of

1986

(the

"Code"),

as

amended,

and

to

make

distributions

of

net

investment

income

and

net

realized

capital

gains

sufficient

to

relieve

a

Fund

from

all,

or

substantially

all,

federal

income

taxes.

The

aforementioned

distributions

may

be

made

in

cash

or

via

consent

dividends.

Consent

dividends,

agreed

to

by

each

shareholder,

are

taxable

to

the

shareholders

as

if

they

were

paid

in

cash

during

their

current

tax

year.

A

Fund

recognizes

a

tax

benefit

from

an

uncertain

position

only

if

it

is

more

likely

than

not

that

the

position

is

sustainable,

based

solely

on

its

technical

merits

and

consideration

of

the

relevant

taxing

authorities'

widely

understood

administrative

practices

and

precedents.

Each

year,

a

Fund

undertakes

an

affirmative

evaluation

of

tax

positions

taken

or

expected

to

be

taken

in

the

course

#### Fund

#### Capital

#### Total

#### Distributable

#### Earnings
(Loss)

GS

Emerging

Markets

$

228,906

$

(228,906)

GS

International

–

–

GS

Large

Cap

–

–

GS

Small

Cap

–

–

U.S.

130/30

–

–

1940

Act

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

of

preparing

tax

returns

to

determine

whether

it

is

more

likely

than

not

(i.e.,

greater

than

percent)

that

each

tax

position

will

be

sustained

upon

examination

by

a

taxing

authority.

The

Funds

file

U.S.

federal

income

tax

returns

and,

if

applicable,

returns

in

various

foreign

jurisdictions

in

which

they

invest.

Generally,

a

Fund

is

subject

to

examinations

by

such

taxing

authorities

for

up

to

three

years

after

the

filing

of

the

return

for

the

tax

period.

The

Funds

adopted

FASB

Accounting

Standards

Update

2023-09,

Income

Taxes

(Topic

740)—Improvements

to

Income

Tax

Disclosures

("ASU

2023-09").

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disclosure

of

income

taxes

paid

by

jurisdiction.

During

the

year

ended

December

31,

2025,

the

Funds

did

not

pay

a

significant

amount

of

foreign

or

U.S.

federal,

state

or

local

income

taxes

and

therefore

did

not

include

any

additional

disclosures

in

these

financial

statements.

(k) #### Allocation

#### of

#### Expenses
Expenses

directly

attributable

to

a

Fund

are

charged

to

that

Fund.

Expenses

not

directly

attributable

to

a

Fund

are

allocated

proportionally

among

various

or

all

series

of

the

Trust.

(l) #### European

#### Union

#### ("EU")

#### Reclaims
As

a

result

of

several

court

cases,

certain

Funds

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

certain

countries

across

the

European

Union

("EU

reclaims").

Since

uncertainty

exists

as

to

the

ultimate

resolution

of

these

proceedings,

the

likelihood

of

receipt

of

these

EU

reclaims,

and

the

potential

timing

of

payment,

EU

Reclaim

amounts

are

generally

not

reflected

in

the

financial

statements

until

payments

are

received

by

the

Fund

or

NFA

believes

it

is

more

likely

than

not

that

amounts

for

a

certain

country

will

be

received.

Income

recognized

for

EU

reclaims

is

reflected

as

European

Union

tax

reclaims

in

the

Statements

of

Operations.

Any

fees

associated

with

these

filings

are

reflected

as

European

Union

tax

reclaim

fees

in

the

Statements

of

Operations.

(m) #### Reportable

#### Segment

#### Disclosure
The

Principal

Executive

Officer

acts

as

the

Funds'

Chief

Operating

Decision

Maker

("CODM')

and

is

responsible

for

assessing

performance

and

allocating

resources

with

respect

to

the

Funds.

The

CODM

has

concluded

that

each

Fund

operates

as

a

single

operating

segment

since

the

Funds

each

have

a

single

investment

strategy

as

disclosed

in

its

prospectus,

against

which

the

CODM

assesses

performance.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

presented

within

the

Funds'

financial

statements.

3. #### Transactions

#### with

#### Affiliates
Under

the

terms

of

the

Trust's

Investment

Advisory

Agreement,

NFA

manages

the

investments

of

the

assets

and

supervises

the

daily

business

affairs

of

the

Funds

in

accordance

with

policies

and

procedures

established

by

the

Board

of

Trustees.

NFA

has

selected

the

subadviser

for

each Fund

as

noted

below,

and

provides

investment

management

evaluation

services

in

monitoring,

on

an

ongoing

basis,

the

performance

of

the

subadvisers.

As

of

December

31,

2025,

the

subadviser

for each

Fund is

as

follows:

#### Fund

#### Subadviser
GS

Emerging

Markets

Equity

Goldman

Sachs

Asset

Management,

L.P.

("GSAM")

GS

International

GSAM

GS

Large

Cap

GSAM

GS

Small

Cap

GSAM

U.S.

130/30

Jacobs

Levy

Equity

Management,

Inc.

-

Notes

to

Financial

Statements

-

December

31,

2025

-

1940

Act

Funds

Under

the

terms

of

the

Investment

Advisory

Agreement,

each

Fund

pays

NFA

an

investment

advisory

fee

based

on

that

Fund's

average

daily

net

assets.

During

the

year

ended

December

31,

2025,

the

Funds

paid

investment

advisory

fees

to

NFA

according

to

the

following

schedule.

During

the year

ended December

31,

2025,

NFA

voluntarily

waived

investment

advisory

fees

payable

by

GS

Large

Cap,

for

which

NFA

shall

not

be

entitled

to

later

seek

recoupment.

The

following

table

provides

the

voluntary

waivers

which may

be

discontinued

at

anytime

at

the

discretion

of

NFA.

For

the

year

ended December

31,

2025,

the

effective

advisory

fee

rates

before

and

after

voluntary

advisory

fee

waivers

were

as

follows:

From

these

fees,

pursuant

to

the

subadvisory

agreement,

NFA

pays

fees

to

the

unaffiliated

subadvisers.

NFM,

a

wholly

owned

subsidiary

of

NFS

Distributors,

Inc.

("NFSDI")

(a

wholly

owned

subsidiary

of

NFS),

provides

various

administrative

and

accounting

services

for

the

Funds

and

serves

as

Transfer

and

Dividend

Disbursing

Agent

for

the

Funds.

NFM

has

entered

into

agreements

with

third-party

service

providers

to

provide

certain

sub-administration

and

sub-transfer

agency

services

to

the

Funds.

NFM

pays

the

service

providers

a

fee

for

these

services.

#### Fund

#### Fee

#### Schedule

#### Advisory

#### Fee

#### (annual

#### rate)
GS

Emerging

Markets

Equity

Up

to

$100

million

0.95%

$100

million

up

to

$200

million

0.93%

$200

million

up

to

$500

million

0.91%

$500

million

and

more

0.89%

GS

International

Up

to

$200

million

0.78%

$200

million

up

to

$500

million

0.73%

$500

million

up

to

$1

billion

0.70%

$1

billion

up

to

$2

billion

0.68%

$2

billion

and

more

0.67%

GS

Large

Cap

Up

to

$200

million

0.58%

$200

million

up

to

$500

million

0.55%

$500

million

up

to

$1

billion

0.53%

$1

billion

up

to

$2

billion

0.52%

$2

billion

and

more

0.51%

GS

Small

Cap

Up

to

$100

million

0.72%

$100

million

up

to

$200

million

0.68%

$200

million

and

more

0.66%

U.S.

130/30

Up

to

$200

million

0.93%

$200

million

up

to

$500

million

0.73%

$500

million

and

more

0.68%

#### Fund

#### Amount
GS

Large

Cap

$

219,079

#### Fund

#### Effective

#### Advisory

#### Fee

#### Rate

#### Before

#### Voluntary\*\*

#### Fee

#### Waivers

#### \*\*

#### Effective

#### Advisory

#### Fee

#### Rate

#### After

#### Voluntary\*\*

#### Fee

#### Waivers
GS

Emerging

Markets

0.92 %

0.92 %

GS

International

0.73 0.73 GS

Large

Cap

0.53 0.52 GS

Small

Cap

0.70 0.70 U.S.

130/30

0.74 0.74 \*\*

Voluntary

waivers

may

be

discontinued

at

any

time

at

the

discretion

of

NFA.

1940

Act

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

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.

For

the

year

ended

December

31,

2025,

NFM

earned

an

aggregate

of

$1,459,386

in

fees

from

the

Funds

under

the

Joint

Fund

Administration

and

Transfer

Agency

Agreement.

Under

the

terms

of

the

Joint

Fund

Administration

and

Transfer

Agency

Agreement

and

a

letter

agreement

between

NFM

and

the

Trust,

the

Trust

has

agreed

to

reimburse

NFM

for

certain

costs

related

to

each

Fund's

portion

of

ongoing

administration,

monitoring

and

annual

(compliance

audit)

testing

of

the

Trust's

Rule

38a-1

Compliance

Program

subject

to

the

pre-approval

of

the

Trust's

Audit

Committee.

These

costs

are

allocated

among

the

series

of

the

Trust

based

upon

their

relative

net

assets.

For

the

year

ended

December

31,

2025,

the

Funds' aggregate

portion

of

such

costs

amounted

to

$20,060.

In

addition,

the

Trust

pays

out-of-pocket

expenses

reasonably

incurred

by

NFM

in

providing

services

to

the

Funds

and

the

Trust,

including,

but

not

limited

to,

the

cost

of

pricing

services

that

NFM

utilizes.

4. #### Line

#### of

#### Credit,

#### Interfund

#### Lending

#### and

#### Earnings

#### Credit
The

Trust

and

NMF

(together,

the

"Trusts") renewed

the credit

agreement

with

JPMorgan,

The

Bank

of

New

York

Mellon,

and

Wells

Fargo

Bank

National

Association

(the

"Lenders"),

permitting

the

Trusts,

in

aggregate,

to

borrow

up

to

$100,000,000.

Advances

taken

by

a

Fund

under

this

arrangement

would

be

primarily

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

the

Fund's

borrowing

restrictions.

The

line

of

credit

requires

a

commitment

fee

of

0.15%

per

year

on

$100,000,000.

Such

commitment

fee

shall

be

payable

quarterly

in

arrears

on

the

last

business

day

of

each

March,

June,

September

and

December

and

on

the

termination

date.

Borrowings

under

this

arrangement

accrued

interest

at

the

Federal

Funds

Rate

plus

the

applicable

margin.

Interest

costs,

if

any,

would

be

shown

on

the

Statement

of

Operations.

No

compensating

balances

are

required

under

the

terms

of

the

line

of

credit.

In

addition,

a

Fund

may

not

draw

any

portion

of

the

line

of

credit

that

is

provided

by

a

bank

that

is

an

affiliate

of

the

Fund's

subadviser,

if

applicable.

In

addition

to

any

rights

and

remedies

of

the

Lenders

provided

by

law,

each

Lender

has

the

right,

upon

any

amount

becoming

due

and

payable

by

the

Fund,

to

set-off

as

appropriate

and

apply

all

deposits

and

credits

held

by

or

owing

to

such

Lender

against

such

amount,

subject

to

the

terms

of

the

credit

agreement.

The

line

of

credit

is

renewed

annually,

and

next

expires

on

July

1,

2026. During

the

year

ended December

31,

2025,

the

Funds

had

no

borrowings

under

the

line

of

credit.

Pursuant

to

an

exemptive

order

issued

by

the

Securities

and

Exchange

Commission

("SEC")

(the

"Order"),

the

Funds

may

participate

in

an

interfund

lending

program

among

Fund

managed

by

NFA.

The

program

allows

the

participating

Funds

to

borrow

money

from

and

loan

money

to

each

other

for

temporary

purposes,

subject

to

the

conditions

in

the

Order.

A

loan

can

only

be

made

through

the

program

if

the

interfund

loan

rate

on

that

day

is

more

favorable

to

both

the

borrowing

and

lending

Funds

as

compared

to

rates

available

through

short-term

bank

loans

or

investments

in

overnight

repurchase

agreements

and

money

market

funds,

respectively,

as

detailed

in

the

Order.

Further,

a

Fund

may

participate

in

the

program

only

if

and

to

the

extent

that

such

participation

is

consistent

with

its

investment

objectives

and

limitations.

Interfund

loans

have

a

maximum

duration

of

seven

days

and

may

be

called

on

one

business

day's

notice. During

the

year

ended December

31,

2025,

none

of

the

Funds

engaged

in

interfund

lending.

JPMorgan

provides

earnings

credits

for

cash

balances

maintained

in

U.S.

130/30's

custody

accounts,

which

are

used

to

offset

custody

fees

of the

Fund.

Credits

earned,

if

any,

are

presented

in

the

Statements

of

Operations.

5. #### Investment

#### Transactions
For

the

year

ended

December

31,

2025,

purchases

and

sales

of

securities

(excluding

short-term

securities)

were

as

follows:

#### Combined

#### Fee

#### Schedule
Up

to

$25

billion

0.025%

$25

billion

and

more

0.020 #### Fund

#### Purchases

#### Sales
GS

Emerging

Markets

$

795,861,029

$

1,107,001,499

GS

International

1,151,825,569

1,691,204,011

GS

Large

Cap

2,723,628,823

3,978,755,873

GS

Small

Cap

297,151,445

315,907,566

U.S.

130/30

953,285,777

1,145,053,681

-

Notes

to

Financial

Statements

-

December

31,

2025

-

1940

Act

Funds

6. #### Portfolio

#### Investment

#### Risks
(a) #### Associated

#### with

#### Foreign

#### Securities

#### and

#### Currencies&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Investments

in

securities

of

foreign

issuers

carry

certain

risks

not

ordinarily

associated

with

investments

in

securities

of

U.S.

issuers.

These

risks

include

foreign

currency

fluctuations,

future

disruptive

political

and

economic

developments

and

the

possible

imposition

of

exchange

controls

or

other

unfavorable

foreign

government

laws

and

restrictions.

In

addition,

investments

in

certain

countries

may

carry

risks

of

expropriation

of

assets,

confiscatory

taxation,

political

or

social

instability,

or

diplomatic

developments

that

adversely

affect

investments

in

those

countries.

Certain

countries

also

may

impose

substantial

restrictions

on

investments

in

their

capital

markets

by

foreign

entities,

including

restrictions

on

investments

in

issuers

in

industries

deemed

sensitive

to

relevant

national

interests.

These

factors

may

limit

the

investment

opportunities

available

and

result

in

a

lack

of

liquidity

and

high

price

volatility

with

respect

to

securities

of

issuers

from

developing

countries.

(b) #### Risks

#### Associated

#### with

#### REIT

#### and

#### Real

#### Estate

#### Investments&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Investments

in

REITs

and

in

real

estate

securities

carry

certain

risks

associated

with

direct

ownership

of

real

estate

and

with

the

real

estate

industry

in

general.

These

risks

include

possible

declines

in

the

value

of

real

estate,

possible

lack

of

availability

of

mortgage

funds,

unexpected

vacancies

of

properties,

and

the

relative

lack

of

liquidity

associated

with

investments

in

real

estate.

7. #### Indemnifications
Under

the

Trust's

organizational

documents,

the

Trust's

Officers

and

Trustees

are

indemnified

by

the

Trust

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

the

Trust

has

entered

into

indemnification

agreements

with

its

Trustees

and

certain

of

its

Officers.

Trust

Officers

receive

no

compensation

from

the

Trust

for

serving

as

its

Officers.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Trust's

maximum

liability

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

made

against

the

Trust.

Based

on

experience,

however,

the

Trust

expects

the

risk

of

loss

to

be

remote.

8. #### New

#### Accounting

#### Pronouncements
On

September

20,

2023,

the

SEC

adopted

amendments

to

the

current

rule

regarding

registered

fund

names,

as

well

as

certain

forms

and

disclosure

requirements.

The

amendments

are

intended

to

modernize

and

enhance

the

investor

protections

provided

by

Rule

35d-1

under

the

1940

Act

given

the

important

information

that

fund

names

can

convey

to

investors.

Management

is

currently

evaluating

the

implications

of

the

new

rule

and

the

impact

on

the

Funds'

financial

statement

disclosures

and

reporting

requirements.

9. #### Recaptured

#### Brokerage

#### Commissions
The

Funds

have

entered

into

agreements

with

brokers

whereby

the

brokers

will

return

a

portion

of

the

Funds'

brokerage

commissions

on

behalf

of

certain

Funds.

Such

amounts,

under

such

agreements,

are

included

in

net

realized

gains

(losses)

from

transactions

in

investment

securities

presented

in

the

Funds'

Statements

of

Operations.

During

the year

ended

December

31,

2025,

the

Funds

recaptured

the

following

amounts

of

brokerage

commissions:

#### Fund

#### Amount
U.S.

130/30

$

1940

Act

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

10. #### Federal

#### Tax

#### Information
The

tax

character

of

distributions

paid

during

the

year

ended December

31,

2025

was

as

follows:

The

tax

character

of

distributions

paid

during

the

year

ended December

31,

2024

was

as

follows:

As

of

December

31,

2025,

the

components

of

accumulated

earnings/(deficit)

on

a

tax

basis

were

as

follows:

As

of

December

31,

2025,

the

tax

cost

of

investments

(including

derivative

contracts)

and

the

breakdown

of

unrealized

appreciation/

(depreciation)

for

each

Fund

was

as

follows:

During

the

year

ended December

31,

2025,

the

Funds

had

capital

loss

carryforwards

that

were

utilized

and

are

no

longer

eligible

to

offset

future

capital

gains,

if

any,

in

the

following

amounts.

#### Distributions

#### paid

#### from

#### Fund

#### Ordinary

#### Income\*

#### Net

#### Long-Term

#### Capital

#### Gains

#### Total

#### Taxable

#### Distributions

#### Return

#### of

#### Capital

#### Total

#### Distributions

#### Paid
GS

Emerging

Markets

$

19,850,783

$

–

$

19,850,783

$

–

$

19,850,783

GS

International

30,957,247

28,642,864

59,600,111

–

59,600,111

GS

Large

Cap

227,384,905

138,789,658

366,174,563

–

366,174,563

GS

Small

Cap

3,886,559

27,460,905

31,347,464

–

31,347,464

U.S.

130/30

63,600,627

105,953,178

169,553,805

–

169,553,805

\*

Ordinary

Income

amounts

include

taxable

market

discount

and

net

short-term

capital

gains,

if

any.

#### Distributions

#### paid

#### from

#### Fund

#### Ordinary

#### Income\*

#### Net

#### Long-Term

#### Capital

#### Gains

#### Total

#### Taxable

#### Distributions

#### Return

#### of

#### Capital

#### Total

#### Distributions

#### Paid
GS

Emerging

Markets

$

18,484,370

$

–

$

18,484,370

$

–

$

18,484,370

GS

International

26,709,804

–

26,709,804

–

26,709,804

GS

Large

Cap

16,572,868

20,949,215

37,522,083

–

37,522,083

GS

Small

Cap

1,461,042

–

1,461,042

–

1,461,042

U.S.

130/30

5,917,799

62,000,717

67,918,516

–

67,918,516

\*

Ordinary

Income

amounts

include

taxable

market

discount

and

net

short-term

capital

gains,

if

any.

#### Fund

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### Accumulated

#### Earnings

#### Distributions

#### Payable

#### Accumulated

#### Capital

#### and

#### Other

#### Losses

#### Unrealized

#### Appreciation/

#### (Depreciation)\*

#### Total

#### Accumulated

#### Earnings
(Deficit)

GS

Emerging

Markets

$

21,666,917

$

38,212,481

$

59,879,398

$

–

$

–

$

85,157,152

$

145,036,550

GS

International

110,527,273

57,737,552

168,264,825

–

–

132,144,401

300,409,226

GS

Large

Cap

33,129,176

450,952,676

484,081,852

–

–

264,004,407

748,086,259

GS

Small

Cap

4,267,838

10,993,664

15,261,502

–

–

27,191,497

42,452,999

U.S.

130/30

42,654,859

54,326,212

96,981,071

–

–

210,110,529

307,091,600

\*

The

difference

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

is

primarily

attributable

to

timing

differences

in

recognizing

certain

gains

and

losses

on

investment

transactions.

#### Fund

#### Tax

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation/
(Depreciation)

GS

Emerging

Markets

$

315,259,422

$

95,107,336

$

(8,189,079)

$

86,918,257

GS

International

628,762,040

138,401,962

(6,609,756)

131,792,206

GS

Large

Cap

699,824,010

284,583,033

(20,578,627)

264,004,406

GS

Small

Cap

202,400,172

36,566,910

(9,375,413)

27,191,497

U.S.

130/30

742,114,849

248,331,134

(38,220,605)

210,110,529

#### Fund

#### Utilized
GS

Emerging

Markets

$

54,580,033

-

Notes

to

Financial

Statements

-

December

31,

2025

-

1940

Act

Funds

11. #### Subsequent

#### Events
Management

has

evaluated

the

impact

of

subsequent

events

on

the

Funds

and

has

determined

that

there

are

no subsequent

events

requiring

recognition

or

disclosure

in

the

financial

statements.

1940

Act

Funds

-

December

31,

2025

-

Report

of

Independent

Registered

Public

Accounting

Firm

-

#### To

#### the

#### Board

#### of

#### Trustees

#### of

#### Nationwide

#### Variable

#### Insurance

#### Trust

#### and

#### Shareholders

#### of

#### NVIT

#### GS

#### Emerging

#### Markets

#### Equity

#### Insights

#### Fund,

#### NVIT

#### GS

#### International

#### Equity

#### Insights

#### Fund,

#### NVIT

#### GS

#### Large

#### Cap

#### Equity

#### Fund,

#### NVIT

#### GS

#### Small

#### Cap

#### Equity

#### Insights

#### Fund

#### and

#### NVIT

#### U.S.

#### 130/30

#### Equity

#### Fund

#### Opinions

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

statements

of

investments,

of

NVIT

GS

Emerging

Markets

Equity

Insights

Fund,

NVIT

GS

International

Equity

Insights

Fund,

NVIT

GS

Large

Cap

Equity

Fund,

NVIT

GS

Small

Cap

Equity

Insights

Fund

and

NVIT

U.S.

130/30

Equity

Fund

(five

of

the

funds

constituting

Nationwide

Variable

Insurance

Trust,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

December

31,

2025,

the

related

statements

of

operations

for

the

year

ended

December

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

December

31,

2025,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinions
These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

relevant

ethical

requirements

relating

to

our

audits,

which

include

standards

of

the

American

Institute

of

Certified

Public

Accountants

(AICPA)

Code

of

Professional

Conduct,

as

well

as

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

auditing

standards

of

the

PCAOB

and

in

accordance

with

auditing

standards

generally

accepted

in

the

United

States

of

America.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

#### /s/PricewaterhouseCoopers

#### LLP

#### Philadelphia,

#### Pennsylvania

#### February

#### 20,

#### 2026
We

have

served

as

the

auditor

of

one

or

more

investment

companies

of

Nationwide

Funds,

which

includes

the

investment

companies

of

Nationwide

Variable

Insurance

Trust,

since

1997. 80

-

Supplemental

Information

-

December

31,

2025

(Unaudited)

-

1940

Act

Funds

#### Other

#### Federal

#### Tax

#### Information
For

the

year

ended

December

31,

2025, certain

dividends

paid

by

the

Fund

may

be

subject

to

a

maximum

tax

rate

of

20%

as

provided

for

by

the

Jobs

and

Growth

Tax

Relief

Reconciliation

Act

of

2003. The

Fund

intends

to

designate

the

maximum

amount

allowable

as

taxed

at

a

maximum

rate

of

15%.

Complete

information

will

be

reported

in

conjunction

with

your

2025

Form

1099-DIV.

For

the

taxable

year

ended

December

31,

2025,

the

following

percentages

of

income

dividends

paid

by

the

Funds

qualify

for

the

dividends

received

deduction

available

to

corporations:

The

Funds

designate

the

following

amounts,

or

the

maximum

amount

allowable

under

the

Internal

Revenue

Code,

as

long

term

capital

gain

distributions

qualifying

for

the

maximum

20%

income

tax

rate

for

individuals:

Certain

Funds

have

derived

net

income

from

sources

within

foreign

countries.

As

of

December

31,

2025,

the

foreign

source

income

for

each

Fund

was

as

follows:

Certain

Funds

intend

to

elect

to

pass

through

to

shareholders

the

income

tax

credit

for

taxes

paid

to

foreign

countries.

As

of

December

31,

2025,

the

foreign

tax

credit

for

each

Fund

was

as

follows:

#### Fund

#### Dividends

#### Received

#### Deduction
GS

Emerging

Markets

–

%

GS

International

–

GS

Large

Cap

.28

GS

Small

Cap

.14

U.S.

130/30

.73

#### Fund

#### Amount
GS

Emerging

Markets

$

–

GS

International

28,642,864

GS

Large

Cap

138,789,658

GS

Small

Cap

27,460,905

U.S.

130/30

105,953,178

#### Fund

#### Amount

#### Per

#### Share
GS

Emerging

Markets

$

14,768,764

$

0.4025 GS

International

24,507,275

0.4607 GS

Large

Cap

–

–

GS

Small

Cap

–

–

U.S.

130/30

–

–

#### Fund

#### Amount

#### Per

#### Share
GS

Emerging

Markets

$

2,523,522

$

0.0688 GS

International

1,218,827

0.0229 GS

Large

Cap

–

–

GS

Small

Cap

–

–

U.S.

130/30

–

–

P.O.

Box

701

Milwaukee,

WI

53201-0701

#### nationwide.com/mutualfunds

(2-26)

#### Annual

#### Financial

#### Statements
December

31,

2025

Nationwide

Variable

Insurance

Trust

Fixed

Income

Funds

NVIT

DoubleLine

Total

Return

Tactical

Fund

NVIT

Government

Bond

Fund

NVIT

Government

Money

Market

Fund

NVIT

J.P.

Morgan

Inflation

Managed

Fund

NVIT

Loomis

Core

Bond

Fund

NVIT

Loomis

Short

Term

Bond

Fund

NVIT

Loomis

Short

Term

High

Yield

Fund

*(*

*formerly,* 

*NVIT* 

*Federated* 

*High* 

*Income* 

*Bond* 

*Fund*

*)*

#### IMPORTANT

#### INFORMATION
If

you

wish

to

receive

reports

and

other

Fund

documents

via

eDelivery

you

may

choose

this

option

by:

-

Calling

1-800-848-6331

-

Logging

into

your

account

at

https://www.nationwide.com/personal/investing/mutual-funds/

and

choosing

'Log

in',

or

by

contacting

your

financial

intermediary

(such

as

a

broker-dealer

or

bank).

You

can

access

the

full

report

and

other

details

online

at

https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html

Nationwide

Funds®

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.

Copies

of

the

first

and

third-quarter

holdings

are

available

with

the

Fund's

regulatory

documents

at

https://www.nationwide.com/mutual-funds-prospectuses.jsp.

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

N-MFP

are

available

on

the

SEC's

website

at

http://www.sec.gov

.

Forms

N-PORT

and

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

1-800-SEC-0330.

The

Trust

also

makes

this

information

available

to

investors

on

https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html

or

upon

request

without

charge.

Statement

Regarding

Availability

of

Proxy

Voting

Record

Federal

law

requires

the

Trust

and

each

of

its

investment

advisers

and

subadvisers

to

adopt

procedures

for

voting

proxies

(the

"Proxy

Voting

Guidelines")

and

to

provide

a

summary

of

those

Proxy

Voting

Guidelines

used

to

vote

the

securities

held

by

a

Fund.

The

Funds'

proxy

voting

policies

and

procedures,

as

well

as

information

regarding

how

the

Funds

voted

for

proxies

relating

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

is

available:

-

By

calling

1-800-848-0920

-

On

the

Fund's

website

at

https://www.nationwide.com/personal/investing/mutual-funds/proxy-voting/

-

On

the

SEC's

website

at

http://www.sec.gov

Funds

are

required

to

disclose

proxy

votes

using

the

issuer's

proxy

card

language

and

order,

categorize

votes

by

topic,

and

report

shares

voted

versus

shares

loaned

but

not

recalled.

#### Before

#### purchasing

#### a

#### variable

#### annuity,

#### 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

#### 1-800-848-6331.

#### Read

#### the

#### prospectus

#### carefully

#### before

#### making

#### a

#### purchase.
Variable

annuities

are

issued

by

Nationwide

Life

Insurance

Company,

Columbus,

Ohio.

The

Nationwide

Variable

Insurance

Trust

(NVIT)

Funds

are

distributed

by

Nationwide

Fund

Distributors

LLC

(NFD),

member

FINRA,

Columbus,

Ohio.

NFD

is

not

affiliated

with

any

subadviser

contracted

by

Nationwide

Fund

Advisors,

except

for

Nationwide

Asset

Management,

LLC,

and

is

not

affiliated

with

Morningstar,

Inc.

Nationwide,

the

Nationwide

N

and

Eagle,

and

Nationwide

is

on

your

side

are

service

marks

of

Nationwide

Mutual

Insurance

Company.©2026

Nationwide

Table

of

Contents

#### Statements

#### of

#### Investments

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Statements

#### of

#### Operations

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets

#### Financial

#### Highlights

#### Notes

#### to

#### Financial

#### Statements

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

#### Supplemental

#### Information

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

#### Asset-Backed

#### Securities

#### 12

#### .1

#### %

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Airlines

#### 0

#### .9

#### %
Blackbird

Capital

II

Aircraft

Lease

Ltd.,

Series

2021-

1A,

Class

B,

3.45%,

7/15/2046(a)

477,620

458,945

Sprite

Ltd.,

Series

2021-

1,

Class

A,

3.75%,

11/15/2046(a)

153,002

149,665

Thunderbolt

III

Aircraft

Lease

Ltd.,

Series

2019-1,

Class

A,

3.67%,

11/15/2039(a)

333,520

331,033

939,643

#### Automobiles

#### 0

#### .1

#### %
Stellantis

Financial

Underwritten

Enhanced

Lease

Trust,

Series

2025-

CA,

Class

C,

4.44%,

8/20/2030(a)

100,000

100,127

#### Home

#### Equity

#### 2

#### .8

#### %
HSI

Asset

Securitization

Corp.

Trust,

Series

2007-

NC1,

Class

A3,

4.21%,

4/25/2037(b)

372,233

244,000

J.P.

Morgan

Mortgage

Acquisition

Trust,

Series

2006-RM1,

Class

A5,

4.33%,

8/25/2036(b)

1,502,277

664,659

MASTR

Asset-Backed

Securities

Trust,

Series

2007-HE1,

Class

A3,

4.27%,

5/25/2037(b)

601,362

586,087

PRET

LLC,

Series

2024-

NPL7,

Class

A1,

5.93%,

10/25/2054(a)(c)

712,383

712,821

Renaissance

Home

Equity

Loan

Trust,

Series

2007-

1,

Class

AF4,

5.76%,

4/25/2037(c)

2,781,357

707,989

2,915,556

#### Other

#### 7

#### .9

#### %
Acrec

Fl

LLC,

Series

2025-

FL3,

Class

A,

5.04%,

8/18/2042(a)(b)

100,000

99,781

ACRES

LLC,

Series

2025-

FL3,

Class

A,

5.35%,

8/18/2040(a)(b)

50,000

50,063

AMSR

Trust,

Series

2024-

SFR1,

Class

B,

4.29%,

7/17/2041(a)(c)

746,000

734,582

AREIT

Ltd.,

Series

2025-

CRE10,

Class

A,

5.12%,

12/17/2029(a)(b)

100,000

99,906

CIFC

Funding

Ltd.,

Series

2025-7A,

Class

D1,

6.37%,

1/22/2039(a)(b)

500,000

500,297

DataBank

Issuer,

Series

2021-1A,

Class

A2,

2.06%,

2/27/2051(a)

155,000

154,299

#### Asset-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Other
DataBank

Issuer

II

LLC,

Series

2025-1A,

Class

A2,

5.18%,

9/27/2055(a)

100,000

98,504

Empower

CLO

Ltd.,

Series

2023-2A,

Class

AR,

5.22%,

10/15/2038(a)(b)

500,000

499,988

FMC

GMSR

Issuer

Trust,

Series

2020-GT1,

Class

A,

4.45%,

1/25/2026(a)(b)

1,000,000

994,593

GoodLeap

Sustainable

Home

Solutions

Trust,

Series

2021-5CS,

Class

C,

3.50%,

10/20/2048(a)

452,427

169,990

Home

Partners

of

America

Trust

Series

2021-1,

Class

D,

2.48%,

9/17/2041(a)

977,567

886,944

Series

2021-1,

Class

F,

3.33%,

9/17/2041(a)

574,464

519,692

Invesco

CLO

Ltd.,

Series

2021-3A,

Class

DR,

6.96%,

10/22/2034(a)(b)

500,000

499,398

KREF

Ltd.,

Series

2021-

FL2,

Class

A,

4.92%,

2/15/2039(a)(b)

37,288

37,199

LCM

XV

LP,

Series

15A,

Class

DR,

7.85%,

7/20/2030(a)(b)

187,689

188,333

MF1

LLC,

Series

2025-

FL17,

Class

A,

5.05%,

2/18/2040(a)(b)

100,000

99,813

MF1

Ltd.,

Series

2022-

FL8,

Class

A,

5.08%,

2/19/2037(a)(b)

6,493

6,491

Progress

Residential

Trust,

Series

2022-SFR3,

Class

A,

3.20%,

4/17/2039(a)

467,254

460,867

Rockford

Tower

CLO

Ltd.,

Series

2017-3A,

Class

A,

5.34%,

10/20/2030(a)(b)

49,656

49,665

Scalelogix

Abs

Us

Issuer

LLC,

Series

2025-1A,

Class

B,

6.16%,

7/25/2055(a)

150,000

150,543

Stack

Infrastructure

Issuer

LLC,

Series

2025-1A,

Class

A2,

5.00%,

5/25/2050(a)

100,000

98,798

STWD

Ltd.,

Series

2021-

FL2,

Class

A,

5.05%,

4/18/2038(a)(b)

41,898

41,900

Sunrun

Atlas

Issuer

LLC,

Series

2019-2,

Class

A,

3.61%,

2/1/2055(a)

403,477

388,970

TRTX

Issuer

Ltd.,

Series

2022-FL5,

Class

A,

5.39%,

2/15/2039(a)(b)

59,226

59,201

Vibrant

CLO

XR

Ltd.,

Series

2018-10RA,

Class

C1,

8.88%,

4/20/2036(a)(b)

500,000

503,246

Vivint

Solar

Financing

VII

LLC,

Series

2020-1A,

Class

A,

2.21%,

7/31/2051(a)

347,409

324,680

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Asset-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Other
Voya

CLO

Ltd.,

Series

2023-

1A,

Class

A1R,

4.96%,

1/20/2039(a)(b)

500,000

500,328

8,218,071

#### Student

#### Loan

#### 0

#### .4

#### %
SoFi

Professional

Loan

Program

Trust,

Series

2018-B,

Class

BFX,

3.83%,

8/25/2047(a)

489,506

477,111

#### Total

#### Asset-Backed

#### Securities

#### (cost

#### $14,427,518)

#### 12,650,508

#### Collateralized

#### Mortgage

#### Obligations

#### 20

#### .9

#### %
Alternative

Loan

Trust,

Series

2005-64CB,

Class

1A12,

4.65%,

12/25/2035(b)

700,504

591,783

Angel

Oak

Mortgage

Trust

Series

2025-6,

Class

M1A,

6.33%,

4/25/2070(a)(b)

900,000

918,565

Series

2025-13,

Class

M1,

5.74%,

10/25/2070(a)(b)

700,000

701,836

Bear

Stearns

ALT-A

Trust,

Series

2006-1,

Class

11A1,

4.33%,

2/25/2036(b)

BRAVO

Residential

Funding

Trust,

Series

2025-

NQM9,

Class

M1,

6.02%,

9/25/2065(a)(b)

1,000,000

1,010,329

Chase

Mortgage

Finance

Trust,

Series

2007-S5,

Class

1A10,

6.00%,

7/25/2037

CHL

Mortgage

Pass-Through

Trust,

Series

2006-20,

Class

1A36,

5.75%,

2/25/2037

1,023,285

423,809

CIM

Trust,

Series

2023-

R4,

Class

A1,

5.00%,

5/25/2062(a)(b)

697,847

697,396

FHLMC

REMICS

Series

5004,

Class

LS,

IO,

2.16%,

7/25/2050(b)

2,177,049

267,449

Series

5009,

Class

ZN,

3.50%,

7/25/2050

1,514,206

1,034,285

Series

5025,

Class

GB,

1.50%,

10/25/2050

1,626,000

1,072,483

Series

375,

Class

C1,

IO,

2.50%,

1/25/2051

2,191,637

343,336

Series

5129,

Class

TZ,

2.50%,

8/25/2051

2,011,804

1,054,240

Series

5131,

Class

IG,

IO,

3.50%,

8/25/2051

1,584,461

287,300

Series

5198,

Class

KZ,

2.00%,

2/25/2052

1,759,458

1,091,689

Series

5524,

Class

FB,

5.07%,

4/25/2055(b)

1,038,579

1,037,028

#### Collateralized

#### Mortgage

#### Obligations

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FHLMC

STACR

REMIC

Trust,

Series

2024-DNA3,

Class

M2,

5.32%,

10/25/2044(a)

(b) 900,000

899,442

FNMA

REMICS

Series

2025-35,

Class

KY,

3.50%,

4/25/2046

1,155,000

1,053,798

Series

2020-77,

Class

S,

IO,

0.28%,

11/25/2050(b)

5,100,817

226,904

Series

2023-36,

Class

,

IO,

2.50%,

10/25/2052

1,845,905

287,226

Series

2025-95,

Class

FG,

4.97%,

7/25/2055(b)

1,070,911

1,073,450

GCAT

Trust,

Series

2019-

NQM3,

Class

M1,

3.45%,

11/25/2059(a)(b)

700,000

659,739

GNMA

REMICS

Series

2019-84,

Class

SA,

IO,

2.81%,

7/20/2049(b)

3,458,988

36,116

Series

2020-79,

Class

IN,

IO,

2.50%,

6/20/2050

5,914,585

840,372

Series

2020-151,

Class

MI,

IO,

2.50%,

10/20/2050

2,421,681

348,372

Series

2021-57,

Class

IA,

IO,

2.50%,

12/20/2050

2,781,782

402,095

Series

2021-30,

Class

KI,

IO,

3.00%,

2/20/2051

2,308,296

380,023

Series

2022-61,

Class

EI,

IO,

3.00%,

7/20/2051

3,189,181

519,500

IndyMac

IMSC

Mortgage

Loan

Trust,

Series

2007-

HOA1,

Class

A11,

4.21%,

7/25/2047(b)

573,650

390,064

New

Residential

Mortgage

Loan

Trust

Series

2021-NQ1R,

Class

M1,

2.27%,

7/25/2055(a)(b)

550,000

470,376

Series

2025-NQM5,

Class

A3,

5.46%,

8/25/2065(a)(c)

203,986

204,859

Series

2025-NQM5,

Class

M1,

6.09%,

8/25/2065(a)(b)

285,000

286,563

PRET

LLC,

Series

2024-

NPL9,

Class

A1,

5.85%,

12/25/2054(a)(c)

577,893

578,216

PRPM

Trust,

Series

2025-

NQM5,

Class

M1,

5.90%,

10/25/2070(a)(b)

500,000

501,445

RALI

Trust,

Series

2006-

QS17,

Class

A7,

6.00%,

12/25/2036

774,753

650,587

Verus

Securitization

Trust

Series

2021-6,

Class

B1,

4.05%,

10/25/2066(a)(b)

600,000

484,200

Series

2024-R1,

Class

M1,

5.90%,

9/25/2069(a)(b)

1,000,000

1,001,551

#### Total

#### Collateralized

#### Mortgage

#### Obligations

#### (cost

#### $21,933,887)

#### 21,826,430

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

#### Commercial

#### Mortgage-Backed

#### Securities

#### 7

#### .7

#### %

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
BANK

Series

2020-BN30,

Class

XB,

IO,

0.72%,

12/15/2053(b)

3,036,000

91,341

Series

2017-BNK6,

Class

XA,

IO,

0.76%,

7/15/2060(b)

3,397,950

27,428

Series

2018-BN10,

Class

XA,

IO,

0.68%,

2/15/2061(b)

2,636,512

30,624

BBCMS

Mortgage

Trust

Series

2020-C6,

Class

XA,

IO,

1.02%,

2/15/2053(b)

1,854,334

62,081

Series

2021-C12,

Class

XA,

IO,

0.92%,

11/15/2054(b)

2,637,775

100,226

Series

2022-C18,

Class

XD,

IO,

2.17%,

12/15/2055(a)(b)

1,000,000

135,199

Series

2025-5C37,

Class

A3,

5.02%,

9/15/2058

49,000

50,125

Series

2025-5C38,

Class

A3,

5.15%,

11/15/2058

51,000

52,465

Series

2025-C32,

Class

XA,

IO,

1.13%,

2/15/2062(b)

998,676

81,994

Benchmark

Mortgage

Trust

Series

2020-B19,

Class

XA,

IO,

1.66%,

9/15/2053(b)

1,121,357

51,869

Series

2021-B27,

Class

XA,

IO,

1.23%,

7/15/2054(b)

1,938,193

90,341

Series

2024-V8,

Class

A1,

5.51%,

7/15/2057

82,915

84,371

Series

2025-V19,

Class

A3,

5.25%,

1/15/2058(b)

100,000

103,293

Series

2025-V16,

Class

A3,

5.44%,

8/15/2058(b)

100,000

103,919

Series

2025-V17,

Class

A3,

5.07%,

9/15/2058

48,000

49,180

Series

2025-V18,

Class

A3,

5.18%,

10/15/2058

100,000

102,980

BMO

Mortgage

Trust

Series

2024-5C7,

Class

AS,

5.89%,

11/15/2057(b)

50,000

51,383

Series

2025-5C12,

Class

AS,

5.56%,

10/15/2058

49,000

50,214

Series

2025-5C13,

Class

AS,

5.58%,

12/15/2058

150,000

154,388

BPR

Trust,

Series

2021-

TY,

Class

A,

4.92%,

9/15/2038(a)(b)

100,000

99,969

BSTN

Commercial

Mortgage

Trust,

Series

2025-

HUB,

Class

A,

4.90%,

4/13/2041(a)(b)

100,000

100,396

BX

Commercial

Mortgage

Trust

Series

2021-XL2,

Class

D,

5.26%,

10/15/2038(a)(b)

70,000

69,913

Series

2024-MF,

Class

D,

6.44%,

2/15/2039(a)(b)

88,545

88,764

BX

Trust,

Series

2025-

ARIA,

Class

C,

5.52%,

12/13/2042(a)(b)

100,000

100,679

BXMT

Ltd.,

Series

2021-

FL4,

Class

A,

4.90%,

5/15/2038(a)(b)

74,711

74,324

#### Commercial

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
CD

Mortgage

Trust,

Series

2017-CD6,

Class

XA,

IO,

0.89%,

11/13/2050(b)

4,141,858

47,751

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C4,

Class

XA,

IO,

1.44%,

5/10/2058(b)

696,168

517

CSAIL

Commercial

Mortgage

Trust

Series

2016-C6,

Class

XA,

IO,

1.75%,

1/15/2049(b)

349,547

Series

2017-CX10,

Class

XA,

IO,

0.84%,

11/15/2050(b)

4,941,933

63,096

CSMC,

Series

2021-

B33,

Class

A1,

3.05%,

10/10/2043(a)

85,095

81,408

CSMC

Trust,

Series

2017-

CALI,

Class

F,

3.78%,

11/10/2032(a)(b)

250,000

23,205

ELP

Commercial

Mortgage

Trust,

Series

2025-

ELP,

Class

D,

5.43%,

11/13/2042(a)(b)

100,000

100,028

FNMA

ACES

REMICS

Series

2022-M4,

Class

A1X,

2.46%,

5/25/2030(b)

954,066

915,058

Series

2020-M7,

Class

X2,

IO,

1.24%,

3/25/2031(b)

5,093,961

197,706

Series

2022-M5,

Class

X,

IO,

0.59%,

1/1/2034(b)

13,031,000

364,282

GNMA

REMICS

Series

2021-35,

Class

,

IO,

1.03%,

12/16/2062(b)

4,077,793

293,808

Series

2021-52,

Class

,

IO,

0.72%,

4/16/2063(b)

4,533,706

245,757

Series

2021-129,

Class

,

IO,

0.98%,

6/16/2063(b)

5,114,707

359,053

Series

2021-79,

Class

,

IO,

0.87%,

8/16/2063(b)

4,612,164

296,289

Series

2021-65,

Class

,

IO,

0.87%,

8/16/2063(b)

4,624,781

300,849

Series

2021-150,

Class

,

IO,

1.04%,

11/16/2063(b)

5,545,002

418,428

Series

2022-49,

Class

,

IO,

0.76%,

3/16/2064(b)

6,308,863

315,956

Series

2021-208,

Class

,

IO,

0.76%,

6/16/2064(b)

6,075,187

325,989

Series

2024-29,

Class

AI,

IO,

0.73%,

10/16/2065(b)

7,404,187

425,904

GPMT

Ltd.,

Series

2021-

FL3,

Class

A,

5.35%,

7/16/2035(a)(b)

13,146

13,138

GS

Mortgage

Securities

Trust

Series

2016-GS4,

Class

XA,

IO,

0.50%,

11/10/2049(b)

4,823,259

7,518

Series

2017-GS8,

Class

XA,

IO,

0.93%,

11/10/2050(b)

4,563,879

53,245

Series

2018-GS9,

Class

C,

4.34%,

3/10/2051(b)

100,000

91,603

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Commercial

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2020-COR7,

Class

XA,

IO,

1.64%,

5/13/2053(b)

1,188,588

53,146

LoanCore

Issuer

LLC,

Series

2025-CRE8,

Class

A,

5.12%,

8/17/2042(a)(b)

100,000

100,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2017-C33,

Class

XA,

IO,

1.23%,

5/15/2050(b)

2,180,510

27,151

Morgan

Stanley

Capital

I

Trust,

Series

2019-L3,

Class

XA,

IO,

0.60%,

11/15/2052(b)

2,795,326

55,729

SG

Commercial

Mortgage

Securities

Trust,

Series

2016-C5,

Class

XA,

IO,

1.81%,

10/10/2048(b)

2,204,492

6,197

Velocity

Commercial

Capital

Loan

Trust,

Series

2025-5,

Class

A,

5.32%,

12/25/2055(a)(b)

497,683

499,165

Wells

Fargo

Commercial

Mortgage

Trust

Series

2017-C42,

Class

C,

4.30%,

12/15/2050(b)

161,000

146,590

Series

2021-C59,

Class

XA,

IO,

1.48%,

4/15/2054(b)

1,623,474

91,073

Series

2024-5C1,

Class

A3,

5.93%,

7/15/2057

48,000

50,254

Series

2025-5C7,

Class

A3,

5.20%,

12/15/2058

52,000

53,490

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### (cost

#### $8,415,141)

#### 8,030,853

#### Corporate

#### Bonds

#### 12

#### .2

#### %

#### Aerospace

#### &

#### Defense

#### 0

#### .2

#### %
Goat

Holdco

LLC

,

6.75%,

2/1/2032(a)

20,000

20,541

Lockheed

Martin

Corp.

,

5.00%,

8/15/2035

34,000

34,630

Northrop

Grumman

Corp.

,

4.03%,

10/15/2047

18,000

14,458

5.20%,

6/1/2054

58,000

54,220

Textron,

Inc.

,

5.50%,

5/15/2035

29,000

30,040

TransDigm,

Inc.

,

6.38%,

5/31/2033(a)

30,000

30,784

6.25%,

1/31/2034(a)

5,000

5,188

6.75%,

1/31/2034(a)

5,000

5,209

195,070

#### Automobile

#### Components

#### 0

#### .1

#### %
American

Axle

&

Manufacturing,

Inc.

,

6.38%,

10/15/2032(a)

15,000

15,277

7.75%,

10/15/2033(a)

10,000

10,186

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Automobile

#### Components
Clarios

Global

LP

,

6.75%,

2/15/2030(a)

35,000

36,533

6.75%,

9/15/2032(a)

40,000

41,480

Dornoch

Debt

Merger

Sub,

Inc.

,

6.63%,

10/15/2029(a)

10,000

8,657

112,133

#### Automobiles

#### 0

#### .1

#### %
Hyundai

Capital

America

,

5.30%,

1/8/2029(a)

54,000

55,396

Nissan

Motor

Acceptance

Co.

LLC

,

6.13%,

9/30/2030(a)

20,000

20,003

75,399

#### Banks

#### 1

#### .2

#### %
Banco

de

Credito

del

Peru

S.A.

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.45%),

3.25%,

9/30/2031(d)

62,000

61,143

Banco

Internacional

del

Peru

SAA

Interbank

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.07%),

6.40%,

4/30/2035(a)(d)

150,000

157,500

Banco

Mercantil

del

Norte

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.07%),

8.38%,

5/20/2031(a)(d)(e)

200,000

210,000

Bank

of

America

Corp.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.68%),

6.63%,

5/01/2030(d)(e)

16,000

16,671

(SOFR

+

1.65%),

5.47%,

1/23/2035(d)

24,000

25,001

(SOFR

+

1.70%),

5.74%,

2/12/2036(d)

27,000

28,134

Citigroup,

Inc.

,

Series

GG,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.89%),

6.88%,

8/15/2030(d)(e)

17,000

17,665

(SOFR

+

1.46%),

4.95%,

5/7/2031(d)

30,000

30,641

(SOFR

+

1.17%),

4.50%,

9/11/2031(d)

20,000

20,062

(SOFR

+

2.66%),

6.17%,

5/25/2034(d)

15,000

15,930

JPMorgan

Chase

&

Co.

,

(SOFR

+

1.01%),

5.14%,

1/24/2031(d)

26,000

26,873

(SOFR

+

1.44%),

5.10%,

4/22/2031(d)

32,000

33,039

(SOFR

+

0.93%),

4.26%,

10/22/2031(d)

16,000

15,952

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Banks
JPMorgan

Chase

&

Co.,

(SOFR

+

1.46%),

5.29%,

7/22/2035(d)

59,000

60,869

(SOFR

+

1.64%),

5.58%,

7/23/2036(d)

19,000

19,655

PNC

Financial

Services

Group,

Inc.

(The)

,

(SOFR

+

1.42%),

5.37%,

7/21/2036(d)

21,000

21,598

Royal

Bank

of

Canada

,

(SOFR

+

0.98%),

4.31%,

11/3/2031(d)

65,000

64,680

Toronto-Dominion

Bank

(The)

,

4.93%,

10/15/2035

15,000

14,989

Truist

Financial

Corp.

,

(SOFR

+

2.45%),

7.16%,

10/30/2029(d)

13,000

14,024

(SOFR

+

1.57%),

5.15%,

8/5/2032(d)

30,000

30,971

United

Overseas

Bank

Ltd.

,

Reg.

S,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.23%),

2.00%,

10/14/2031(d)

200,000

196,370

Wells

Fargo

&

Co.

,

(SOFR

+

1.50%),

5.15%,

4/23/2031(d)

71,000

73,287

(SOFR

+

1.34%),

4.89%,

9/15/2036(d)

72,000

71,775

1,226,829

#### Biotechnology

#### 0

#### .1

#### %
AbbVie,

Inc.

,

5.50%,

3/15/2064

31,000

30,096

Amgen,

Inc.

,

5.75%,

3/2/2063

49,000

47,809

Biogen,

Inc.

,

5.05%,

1/15/2031

65,000

67,057

144,962

#### Broadline

#### Retail

#### 0

#### .0

#### %

#### †
Wayfair

LLC

,

7.25%,

10/31/2029(a)

25,000

26,092

6.75%,

11/15/2032(a)

10,000

10,281

36,373

#### Building

#### Products

#### 0

#### .3

#### %
Amrize

Finance

US

LLC

,

4.95%,

4/7/2030

12,000

12,270

Builders

FirstSource,

Inc.

,

6.38%,

3/1/2034(a)

30,000

31,018

6.75%,

5/15/2035(a)

15,000

15,683

Carlisle

Cos.,

Inc.

,

5.55%,

9/15/2040

12,000

12,161

Cornerstone

Building

Brands,

Inc.

,

9.50%,

8/15/2029(a)

15,000

11,100

CRH

America

Finance,

Inc.

,

4.40%,

2/9/2031

35,000

35,058

EMRLD

Borrower

LP

,

6.63%,

12/15/2030(a)

30,000

31,245

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Building

#### Products
Griffon

Corp.

,

5.75%,

3/1/2028

40,000

40,078

Miter

Brands

Acquisition

Holdco,

Inc.

,

6.75%,

4/1/2032(a)

30,000

30,756

Owens

Corning

,

5.70%,

6/15/2034

27,000

28,381

Quikrete

Holdings,

Inc.

,

6.75%,

3/1/2033(a)

25,000

26,107

Standard

Building

Solutions,

Inc.

,

6.50%,

8/15/2032(a)

65,000

66,919

5.88%,

3/15/2034(a)

10,000

10,029

350,805

#### Capital

#### Markets

#### 0

#### .2

#### %
Bank

of

New

York

Mellon

Corp.

(The)

,

(SOFR

+

1.23%),

5.06%,

7/22/2032(d)

24,000

24,874

Goldman

Sachs

Group,

Inc.

(The)

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.46%),

6.85%,

2/10/2030(d)(e)

15,000

15,599

(SOFR

+

1.06%),

4.37%,

10/21/2031(d)

36,000

35,914

(SOFR

+

1.55%),

5.33%,

7/23/2035(d)

33,000

33,906

Morgan

Stanley

,

Series

I,

(SOFR

+

1.07%),

4.36%,

10/22/2031(d)

36,000

35,882

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.43%),

5.95%,

1/19/2038(d)

15,000

15,785

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.80%),

5.94%,

2/7/2039(d)

33,000

34,682

196,642

#### Chemicals

#### 0

#### .2

#### %
Celanese

US

Holdings

LLC

,

6.50%,

4/15/2030

10,000

10,050

6.75%,

4/15/2033

10,000

9,947

EQUATE

Petrochemical

Co.

KSC

,

Reg.

S,

4.25%,

11/3/2026

200,000

199,563

Olin

Corp.

,

6.63%,

4/1/2033(a)

10,000

9,925

Solstice

Advanced

Materials,

Inc.

,

5.63%,

9/30/2033(a)

5,000

5,044

WR

Grace

Holdings

LLC

,

5.63%,

8/15/2029(a)

20,000

19,038

253,567

#### Commercial

#### Services

#### &

#### Supplies

#### 0

#### .4

#### %
Allied

Universal

Holdco

LLC

,

7.88%,

2/15/2031(a)

60,000

63,233

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Commercial

#### Services

#### &

#### Supplies
Element

Fleet

Management

Corp.

,

5.04%,

3/25/2030(a)

31,000

31,683

Garda

World

Security

Corp.

,

6.50%,

1/15/2031(a)

15,000

15,349

8.25%,

8/1/2032(a)

45,000

45,735

8.38%,

11/15/2032(a)

30,000

30,558

Madison

IAQ

LLC

,

5.88%,

6/30/2029(a)

50,000

49,696

Republic

Services,

Inc.

,

5.15%,

3/15/2035

29,000

29,929

Rollins,

Inc.

,

5.25%,

2/24/2035

33,000

33,669

Veralto

Corp.

,

5.35%,

9/18/2028

10,000

10,311

5.45%,

9/18/2033

15,000

15,655

Veritiv

Operating

Co.

,

10.50%,

11/30/2030(a)

15,000

16,128

Waste

Connections,

Inc.

,

5.25%,

9/1/2035

25,000

25,875

367,821

#### Communications

#### Equipment

#### 0

#### .0

#### %

#### †
CommScope

LLC

,

9.50%,

12/15/2031(a)

5,000

5,050

Motorola

Solutions,

Inc.

,

5.20%,

8/15/2032

26,000

26,807

31,857

#### Construction

#### &

#### Engineering

#### 0

#### .2

#### %
Bioceanico

Sovereign

Certificate

Ltd.

,

Reg.

S,

0.00%,

6/5/2034(f)

103,364

84,397

MasTec,

Inc.

,

5.90%,

6/15/2029

30,000

31,255

Quanta

Services,

Inc.

,

5.25%,

8/9/2034

49,000

50,240

165,892

#### Consumer

#### Finance

#### 0

#### .4

#### %
American

Express

Co.

,

(SOFR

+

1.44%),

5.02%,

4/25/2031(d)

77,000

79,352

Avolon

Holdings

Funding

Ltd.

,

5.75%,

3/1/2029(a)

54,000

55,838

4.70%,

1/30/2031(a)

9,000

8,942

Azorra

Finance

Ltd.

,

7.75%,

4/15/2030(a)

15,000

15,839

7.25%,

1/15/2031(a)

25,000

26,196

GGAM

Finance

Ltd.

,

6.88%,

4/15/2029(a)

60,000

62,231

Global

Aircraft

Leasing

Co.

Ltd.

,

8.75%,

9/1/2027(a)

90,000

93,334

Macquarie

Airfinance

Holdings

Ltd.

,

5.20%,

3/27/2028(a)

15,000

15,226

5.15%,

3/17/2030(a)

15,000

15,206

OneMain

Finance

Corp.

,

6.13%,

5/15/2030

20,000

20,392

7.50%,

5/15/2031

20,000

21,043

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Consumer

#### Finance
OneMain

Finance

Corp.,

6.50%,

3/15/2033

25,000

25,216

438,815

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0

#### .1

#### %
Kroger

Co.

(The)

,

5.65%,

9/15/2064

31,000

29,571

United

Natural

Foods,

Inc.

,

6.75%,

10/15/2028(a)

60,000

60,056

US

Foods,

Inc.

,

5.75%,

4/15/2033(a)

40,000

40,744

130,371

#### Containers

#### &

#### Packaging

#### 0

#### .1

#### %
CCL

Industries,

Inc.

,

3.05%,

6/1/2030(a)

33,000

31,107

Clydesdale

Acquisition

Holdings,

Inc.

,

6.75%,

4/15/2032(a)

30,000

30,848

Sonoco

Products

Co.

,

4.60%,

9/1/2029

15,000

15,121

Trident

TPI

Holdings,

Inc.

,

12.75%,

12/31/2028(a)

15,000

15,369

92,445

#### Distributors

#### 0

#### .0

#### %

#### †
Dealer

Tire

LLC

,

8.00%,

2/1/2028(a)

15,000

15,012

#### Diversified

#### Consumer

#### Services

#### 0

#### .1

#### %
Graham

Holdings

Co.

,

5.63%,

12/1/2033(a)

25,000

25,241

Mavis

Tire

Express

Services

Topco

Corp.

,

6.50%,

5/15/2029(a)

15,000

14,851

Wand

NewCo

3,

Inc.

,

7.63%,

1/30/2032(a)

40,000

42,333

82,425

#### Diversified

#### REITs

#### 0

#### .1

#### %
VICI

Properties

LP

,

4.63%,

12/1/2029(a)

66,000

65,871

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .3

#### %
Altice

France

SA

,

6.88%,

7/15/2032(a)

10,000

9,589

AT&T,

Inc.

,

6.05%,

8/15/2056

68,000

68,400

Bell

Canada

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.39%),

6.88%,

9/15/2055(d)

18,000

18,571

CCO

Holdings

LLC

,

5.13%,

5/1/2027(a)

20,000

19,973

4.75%,

3/1/2030(a)

30,000

28,651

4.75%,

2/1/2032(a)

20,000

18,279

4.25%,

1/15/2034(a)

10,000

8,503

Cipher

Compute

LLC

,

7.13%,

11/15/2030(a)

15,000

15,277

Flash

Compute

LLC

,

7.25%,

12/31/2030(a)

20,000

19,815

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Diversified

#### Telecommunication

#### Services
Level

Financing,

Inc.

,

6.88%,

6/30/2033(a)

30,000

30,698

TELUS

Corp.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.71%),

7.00%,

10/15/2055(d)

30,000

31,230

Uniti

Group

LP

,

8.63%,

6/15/2032(a)

15,000

14,776

Verizon

Communications,

Inc.

,

5.75%,

11/30/2045

38,000

37,729

Windstream

Services

LLC

,

8.25%,

10/1/2031(a)

5,000

5,249

7.50%,

10/15/2033(a)

5,000

5,125

331,865

#### Electric

#### Utilities

#### 0

#### .9

#### %
AEP

Texas,

Inc.

,

5.45%,

5/15/2029

17,000

17,599

Alliant

Energy

Corp.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.08%),

5.75%,

4/1/2056(d)

15,000

14,973

Arizona

Public

Service

Co.

,

5.90%,

8/15/2055

68,000

69,138

Commonwealth

Edison

Co.

,

5.95%,

6/1/2055

67,000

69,633

Duke

Energy

Corp.

,

5.00%,

8/15/2052

9,000

7,946

5.80%,

6/15/2054

56,000

55,372

Entergy

Arkansas

LLC

,

5.75%,

6/1/2054

16,000

16,126

Entergy

Corp.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.67%),

7.13%,

12/1/2054(d)

29,000

30,449

Entergy

Louisiana

LLC

,

4.75%,

9/15/2052

22,000

19,145

Evergy

Kansas

Central,

Inc.

,

5.70%,

3/15/2053

32,000

31,666

JSW

Hydro

Energy

Ltd.

,

Reg.

S,

4.13%,

5/18/2031

139,000

129,141

Kentucky

Utilities

Co.

,

5.85%,

8/15/2055

12,000

12,092

Mexico

Generadora

de

Energia

S

de

rl

,

Reg.

S,

5.50%,

12/6/2032

103,924

105,624

Minejesa

Capital

BV

,

Reg.

S,

4.63%,

8/10/2030

143,840

143,064

NextEra

Energy

Capital

Holdings,

Inc.

,

5.90%,

3/15/2055

32,000

32,352

Niagara

Mohawk

Power

Corp.

,

4.65%,

10/3/2030(a)

31,000

31,191

NRG

Energy,

Inc.

,

6.00%,

2/1/2033(a)

15,000

15,297

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Electric

#### Utilities
Southern

Co.

(The)

,

Series

2025,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.07%),

6.38%,

3/15/2055(d)

9,000

9,393

Trans-Allegheny

Interstate

Line

Co.

,

5.00%,

1/15/2031(a)

65,000

66,772

Virginia

Electric

and

Power

Co.

,

5.55%,

8/15/2054

13,000

12,601

Series

D,

5.60%,

9/15/2055

15,000

14,569

Vistra

Operations

Co.

LLC

,

4.38%,

5/1/2029(a)

16,000

15,799

919,942

#### Electrical

#### Equipment

#### 0

#### .1

#### %
Hubbell,

Inc.

,

4.80%,

11/15/2035

17,000

16,890

Molex

Electronic

Technologies

LLC

,

5.25%,

4/30/2032(a)

37,000

37,984

Vertiv

Group

Corp.

,

4.13%,

11/15/2028(a)

34,000

33,582

88,456

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0

#### .2

#### %
Amphenol

Corp.

,

5.30%,

11/15/2055

49,000

46,810

Arrow

Electronics,

Inc.

,

5.15%,

8/21/2029

35,000

35,798

Avnet,

Inc.

,

6.25%,

3/15/2028

61,000

63,178

Flex

Ltd.

,

5.38%,

11/13/2035

16,000

15,962

161,748

#### Energy

#### Equipment

#### &

#### Services

#### 0

#### .1

#### %
Kodiak

Gas

Services

LLC

,

6.50%,

10/1/2033(a)

15,000

15,318

6.75%,

10/1/2035(a)

15,000

15,423

Nabors

Industries,

Inc.

,

9.13%,

1/31/2030(a)

10,000

10,455

7.63%,

11/15/2032(a)

10,000

9,829

WBI

Operating

LLC

,

6.50%,

10/15/2033(a)

30,000

29,887

Weatherford

International

Ltd.

,

6.75%,

10/15/2033(a)

35,000

35,844

116,756

#### Entertainment

#### 0

#### .1

#### %
Netflix,

Inc.

,

5.38%,

11/15/2029(a)

24,000

25,018

5.40%,

8/15/2054

19,000

18,412

Warnermedia

Holdings,

Inc.

,

4.05%,

3/15/2029

10,000

9,678

4.28%,

3/15/2032

5,000

4,389

5.05%,

3/15/2042

10,000

7,038

64,535

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Financial

#### Services

#### 0

#### .2

#### %
Block

Financial

LLC

,

5.38%,

9/15/2032

71,000

71,458

Fiserv,

Inc.

,

4.55%,

2/15/2031

32,000

31,670

5.45%,

3/15/2034

26,000

26,362

Freedom

Mortgage

Holdings

LLC

,

8.38%,

4/1/2032(a)

5,000

5,263

Global

Payments,

Inc.

,

5.55%,

11/15/2035

15,000

14,909

PennyMac

Financial

Services,

Inc.

,

7.88%,

12/15/2029(a)

35,000

37,242

6.88%,

5/15/2032(a)

10,000

10,469

Rocket

Cos.,

Inc.

,

6.38%,

8/1/2033(a)

15,000

15,639

213,012

#### Food

#### Products

#### 0

#### .2

#### %
Bunge

Ltd.

Finance

Corp.

,

4.65%,

9/17/2034

35,000

34,341

Campbell's

Co.

(The)

,

5.40%,

3/21/2034

13,000

13,241

Flowers

Foods,

Inc.

,

5.75%,

3/15/2035

30,000

30,077

JBS

USA

Holding

Lux

Sarl

,

3.75%,

12/1/2031

47,000

44,632

Mars,

Inc.

,

5.70%,

5/1/2055(a)

34,000

33,868

156,159

#### Gas

#### Utilities

#### 0

#### .0

#### %

#### †
National

Fuel

Gas

Co.

,

5.95%,

3/15/2035

12,000

12,543

Southern

Natural

Gas

Co.

LLC

,

5.45%,

8/1/2035(a)

7,000

7,163

19,706

#### Ground

#### Transportation

#### 0

#### .6

#### %
Burlington

Northern

Santa

Fe

LLC

,

5.50%,

3/15/2055

28,000

27,535

CSX

Corp.

,

3.35%,

9/15/2049

80,000

56,239

Dcli

Bidco

LLC

,

7.75%,

11/15/2029(a)

25,000

25,698

Genesee

&

Wyoming,

Inc.

,

6.25%,

4/15/2032(a)

60,000

61,875

Lima

Metro

Line

Finance

Ltd.

,

Reg.

S,

5.88%,

7/5/2034

76,241

79,002

Penske

Truck

Leasing

Co.

LP

,

5.25%,

2/1/2030(a)

64,000

65,902

Simpar

Europe

SA

,

Reg.

S,

5.20%,

1/26/2031

200,000

161,000

Star

Leasing

Co.

LLC

,

7.63%,

2/15/2030(a)

15,000

13,953

Triton

Container

International

Ltd.

,

3.25%,

3/15/2032

31,000

28,175

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Ground

#### Transportation
Uber

Technologies,

Inc.

,

4.80%,

9/15/2034

65,000

64,981

Watco

Cos.

LLC

,

7.13%,

8/1/2032(a)

55,000

57,602

641,962

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0

#### .1

#### %
Bausch

+

Lomb

Corp.

,

8.38%,

10/1/2028(a)

30,000

31,313

GE

HealthCare

Technologies,

Inc.

,

4.80%,

1/15/2031

31,000

31,573

Solventum

Corp.

,

5.40%,

3/1/2029

11,000

11,393

VSP

Optical

Group,

Inc.

,

5.45%,

12/1/2035(a)

11,000

11,073

Zimmer

Biomet

Holdings,

Inc.

,

5.20%,

9/15/2034

30,000

30,577

115,929

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0

#### .3

#### %
Cardinal

Health,

Inc.

,

4.90%,

9/15/2045

71,000

63,995

Community

Health

Systems,

Inc.

,

6.00%,

1/15/2029(a)

20,000

19,994

Elevance

Health,

Inc.

,

5.13%,

2/15/2053

66,000

59,569

Laboratory

Corp.

of

America

Holdings

,

4.80%,

10/1/2034

64,000

63,433

LifePoint

Health,

Inc.

,

10.00%,

6/1/2032(a)

20,000

21,242

Quest

Diagnostics,

Inc.

,

5.00%,

12/15/2034

29,000

29,329

Radiology

Partners,

Inc.

,

8.50%,

7/15/2032(a)

30,000

31,339

Tenet

Healthcare

Corp.

,

5.50%,

11/15/2032(a)

5,000

5,069

293,970

#### Health

#### Care

#### REITs

#### 0

#### .0

#### %

#### †
Omega

Healthcare

Investors,

Inc.

,

3.38%,

2/1/2031

16,000

14,938

3.25%,

4/15/2033

18,000

16,001

30,939

#### Health

#### Care

#### Technology

#### 0

#### .0

#### %

#### †
IQVIA,

Inc.

,

6.25%,

2/1/2029

19,000

20,028

#### Hotel

#### &

#### Resort

#### REITs

#### 0

#### .0

#### %

#### †
RHP

Hotel

Properties

LP

,

6.50%,

6/15/2033(a)

25,000

25,988

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0

#### .6

#### %
Acushnet

Co.

,

5.63%,

12/1/2033(a)

15,000

15,169

Caesars

Entertainment,

Inc.

,

6.00%,

10/15/2032(a)

30,000

29,173

Carnival

Corp.

,

5.13%,

5/1/2029(a)

10,000

10,111

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Hotels,

#### Restaurants

#### &

#### Leisure
Carnival

Corp.,

5.88%,

6/15/2031(a)

30,000

30,987

5.75%,

8/1/2032(a)

30,000

30,788

6.13%,

2/15/2033(a)

11,000

11,359

Expedia

Group,

Inc.

,

3.80%,

2/15/2028

74,000

73,591

Fertitta

Entertainment

LLC

,

6.75%,

1/15/2030(a)

10,000

9,508

Full

House

Resorts,

Inc.

,

8.25%,

2/15/2028(a)

15,000

13,031

Life

Time,

Inc.

,

6.00%,

11/15/2031(a)

40,000

40,980

Light

&

Wonder

International,

Inc.

,

6.25%,

10/1/2033(a)

25,000

25,310

Lindblad

Expeditions

LLC

,

7.00%,

9/15/2030(a)

15,000

15,648

Marriott

International,

Inc.

,

4.50%,

10/15/2031

31,000

31,067

5.35%,

3/15/2035

31,000

31,849

McDonald's

Corp.

,

5.45%,

8/14/2053

33,000

32,035

NCL

Corp.

Ltd.

,

5.88%,

1/15/2031(a)

10,000

9,962

6.25%,

9/15/2033(a)

10,000

9,996

Rivers

Enterprise

Borrower

LLC

,

6.63%,

2/1/2033(a)

45,000

46,006

Rivers

Enterprise

Lender

LLC

,

6.25%,

10/15/2030(a)

10,000

10,207

Royal

Caribbean

Cruises

Ltd.

,

5.38%,

7/15/2027(a)

16,000

16,121

5.38%,

1/15/2036

13,000

13,055

Sabre

GLBL,

Inc.

,

8.63%,

6/1/2027(a)

3,000

3,060

10.75%,

11/15/2029(a)

8,000

6,803

10.75%,

3/15/2030(a)

10,000

8,223

Viking

Cruises

Ltd.

,

5.88%,

10/15/2033(a)

35,000

35,541

Voyager

Parent

LLC

,

9.25%,

7/1/2032(a)

15,000

15,917

575,497

#### Household

#### Durables

#### 0

#### .0

#### %

#### †
Newell

Brands,

Inc.

,

6.38%,

5/15/2030

10,000

9,766

Taylor

Morrison

Communities,

Inc.

,

5.75%,

11/15/2032(a)

20,000

20,578

Whirlpool

Corp.

,

6.50%,

6/15/2033

15,000

14,545

44,889

#### Household

#### Products

#### 0

#### .0

#### %

#### †
Energizer

Holdings,

Inc.

,

6.00%,

9/15/2033(a)

15,000

14,388

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0

#### .1

#### %
PSEG

Power

LLC

,

5.20%,

5/15/2030(a)

22,000

22,500

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers
Southern

Power

Co.

,

Series

B,

4.90%,

10/1/2035

18,000

17,806

Talen

Energy

Supply

LLC

,

6.25%,

2/1/2034(a)

15,000

15,299

55,605

#### Industrial

#### REITs

#### 0

#### .1

#### %
First

Industrial

LP

,

5.25%,

1/15/2031

40,000

40,827

Lineage

OP

LP

,

5.25%,

7/15/2030(a)

34,000

34,301

75,128

#### Insurance

#### 0

#### .3

#### %
Acrisure

LLC

,

6.75%,

7/1/2032(a)

25,000

25,753

Alliant

Holdings

Intermediate

LLC

,

6.50%,

10/1/2031(a)

40,000

41,228

APH

Somerset

Investor

LLC

,

7.88%,

11/1/2029(a)

15,000

15,150

Arthur

J

Gallagher

&

Co.

,

4.85%,

12/15/2029

16,000

16,372

Athene

Global

Funding

,

4.72%,

10/8/2029(a)

14,000

14,001

5.03%,

7/17/2030(a)

18,000

18,134

Brown

&

Brown,

Inc.

,

6.25%,

6/23/2055

12,000

12,478

Guardian

Life

Global

Funding

,

4.80%,

4/28/2030(a)

27,000

27,572

MetLife,

Inc.

,

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.08%),

6.35%,

3/15/2055(d)

26,000

27,418

New

York

Life

Insurance

Co.

,

6.75%,

11/15/2039(a)

13,000

14,836

Panther

Escrow

Issuer

LLC

,

7.13%,

6/1/2031(a)

50,000

51,812

Prudential

Financial,

Inc.

,

5.20%,

3/14/2035

21,000

21,537

Travelers

Cos.,

Inc.

(The)

,

5.70%,

7/24/2055

12,000

12,255

Willis

North

America,

Inc.

,

4.55%,

3/15/2031

18,000

18,022

316,568

#### Interactive

#### Media

#### &

#### Services

#### 0

#### .1

#### %
Meta

Platforms,

Inc.

,

5.60%,

5/15/2053

55,000

52,644

#### IT

#### Services

#### 0

#### .1

#### %
CoreWeave,

Inc.

,

9.25%,

6/1/2030(a)

15,000

13,947

Kyndryl

Holdings,

Inc.

,

4.10%,

10/15/2041

61,000

48,316

VeriSign,

Inc.

,

5.25%,

6/1/2032

38,000

39,058

101,321

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Leisure

#### Products

#### 0

#### .0

#### %

#### †
Mattel,

Inc.

,

5.00%,

11/17/2030

12,000

12,083

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0

#### .0

#### %

#### †
Illumina,

Inc.

,

4.75%,

12/12/2030

25,000

25,239

#### Machinery

#### 0

#### .1

#### %
Husky

Injection

Molding

Systems

Ltd.

,

9.00%,

2/15/2029(a)

75,000

78,655

Westinghouse

Air

Brake

Technologies

Corp.

,

4.90%,

5/29/2030

65,000

66,506

145,161

#### Marine

#### Transportation

#### 0

#### .2

#### %
Yinson

Bergenia

Production

BV

,

8.50%,

1/31/2045(a)

200,000

209,358

#### Media

#### 0

#### .3

#### %
Clear

Channel

Outdoor

Holdings,

Inc.

,

7.50%,

6/1/2029(a)

10,000

9,929

7.13%,

2/15/2031(a)

20,000

20,943

Directv

Financing

LLC

,

8.88%,

2/1/2030(a)

20,000

20,236

DirecTV

Financing

LLC

,

5.88%,

8/15/2027(a)

21,000

21,123

DISH

DBS

Corp.

,

5.75%,

12/1/2028(a)

15,000

14,726

5.13%,

6/1/2029

10,000

8,875

EchoStar

Corp.

,

10.75%,

11/30/2029

10,000

11,058

Gray

Media,

Inc.

,

9.63%,

7/15/2032(a)

15,000

15,567

7.25%,

8/15/2033(a)

15,000

15,327

Lamar

Media

Corp.

,

5.38%,

11/1/2033(a)

20,000

19,869

McGraw-Hill

Education,

Inc.

,

7.38%,

9/1/2031(a)

20,000

21,101

Neptune

Bidco

US,

Inc.

,

10.38%,

5/15/2031(a)

10,000

10,254

Sirius

XM

Radio

LLC

,

5.50%,

7/1/2029(a)

85,000

85,696

Univision

Communications,

Inc.

,

7.38%,

6/30/2030(a)

30,000

30,493

Videotron

Ltd.

,

5.70%,

1/15/2035(a)

30,000

30,668

335,865

#### Metals

#### &

#### Mining

#### 0

#### .3

#### %
ArcelorMittal

SA

,

6.00%,

6/17/2034

16,000

17,200

Corp.

Nacional

del

Cobre

de

Chile

,

Reg.

S,

3.00%,

9/30/2029

200,000

189,803

Novelis

Corp.

,

6.88%,

1/30/2030(a)

10,000

10,384

Rio

Tinto

Finance

USA

plc

,

5.75%,

3/14/2055

17,000

17,334

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Metals

#### &

#### Mining
Vale

Overseas

Ltd.

,

6.40%,

6/28/2054

17,000

17,348

Volcan

Cia

Minera

SAA

,

8.50%,

10/28/2032(a)

20,000

20,578

272,647

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0

#### .0

#### %

#### †
Starwood

Property

Trust,

Inc.

,

5.25%,

10/15/2028(a)

30,000

30,218

#### Multi-Utilities

#### 0

#### .2

#### %
Black

Hills

Corp.

,

6.00%,

1/15/2035

29,000

30,927

CMS

Energy

Corp.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.96%),

6.50%,

6/1/2055(d)

16,000

16,452

Consumers

Energy

Co.

,

4.50%,

1/15/2031

19,000

19,209

DTE

Energy

Co.

,

5.85%,

6/1/2034

41,000

43,719

NiSource,

Inc.

,

5.35%,

4/1/2034

26,000

26,803

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.45%),

6.95%,

11/30/2054(d)

13,000

13,531

5.85%,

4/1/2055

26,000

25,918

Southern

Co.

Gas

Capital

Corp.

,

Series

A,

4.05%,

9/15/2028

10,000

10,003

WEC

Energy

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.91%),

5.63%,

5/15/2056(d)

23,000

23,145

209,707

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 1

#### .0

#### %
Antero

Midstream

Partners

LP

,

5.75%,

7/1/2034(a)

12,000

12,091

Buckeye

Partners

LP

,

6.88%,

7/1/2029(a)

60,000

62,413

Cheniere

Energy

Partners

LP

,

4.00%,

3/1/2031

15,000

14,606

Cheniere

Energy,

Inc.

,

4.63%,

10/15/2028

56,000

55,905

5.65%,

4/15/2034

16,000

16,598

Chord

Energy

Corp.

,

6.00%,

10/1/2030(a)

15,000

15,184

6.75%,

3/15/2033(a)

25,000

25,853

Colonial

Enterprises,

Inc.

,

5.63%,

11/15/2035(a)

18,000

18,140

Cosan

Overseas

Ltd.

,

Reg.

S,

8.25%,

2/05/2026(g)

100,000

100,850

DT

Midstream,

Inc.

,

4.13%,

6/15/2029(a)

16,000

15,789

Eastern

Energy

Gas

Holdings

LLC

,

5.65%,

10/15/2054

31,000

29,987

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
Enterprise

Products

Operating

LLC

,

5.55%,

2/16/2055

34,000

32,950

Expand

Energy

Corp.

,

6.75%,

4/15/2029(a)

10,000

10,059

4.75%,

2/1/2032

16,000

15,784

Florida

Gas

Transmission

Co.

LLC

,

5.75%,

7/15/2035(a)

12,000

12,452

GNL

Quintero

SA

,

Reg.

S,

4.63%,

7/31/2029

94,160

94,076

Gulfport

Energy

Operating

Corp.

,

6.75%,

9/1/2029(a)

65,000

67,124

Gulfstream

Natural

Gas

System

LLC

,

5.60%,

7/23/2035(a)

19,000

19,473

Harvest

Midstream

I

LP

,

7.50%,

5/15/2032(a)

30,000

31,271

Hilcorp

Energy

I

LP

,

7.25%,

2/15/2035(a)

15,000

14,256

Kinder

Morgan

Energy

Partners

LP

,

6.95%,

1/15/2038

14,000

15,725

Matador

Resources

Co.

,

6.50%,

4/15/2032(a)

20,000

20,283

NGL

Energy

Operating

LLC

,

8.13%,

2/15/2029(a)

10,000

10,380

NGPL

PipeCo

LLC

,

3.25%,

7/15/2031(a)

33,000

30,359

Permian

Resources

Operating

LLC

,

6.25%,

2/1/2033(a)

17,000

17,438

Peru

LNG

Srl

,

Reg.

S,

5.38%,

3/22/2030

150,020

144,794

Petroleos

Mexicanos

,

6.75%,

9/21/2047

50,000

41,110

Tallgrass

Energy

Partners

LP

,

7.38%,

2/15/2029(a)

20,000

20,671

6.75%,

3/15/2034(a)

10,000

10,000

Venture

Global

LNG,

Inc.

,

8.38%,

6/1/2031(a)

20,000

19,888

9.88%,

2/1/2032(a)

10,000

10,331

Venture

Global

Plaquemines

LNG

LLC

,

6.13%,

12/15/2030(a)

5,000

5,092

7.50%,

5/1/2033(a)

5,000

5,402

6.50%,

1/15/2034(a)

15,000

15,364

Viper

Energy

Partners

LLC

,

4.90%,

8/1/2030

22,000

22,252

Vital

Energy,

Inc.

,

7.88%,

4/15/2032(a)

10,000

9,853

1,063,803

#### Paper

#### &

#### Forest

#### Products

#### 0

#### .0

#### %

#### †
Suzano

Netherlands

BV

,

5.50%,

1/15/2036

20,000

19,828

#### Passenger

#### Airlines

#### 0

#### .0

#### %

#### †
American

Airlines,

Inc.

,

8.50%,

5/15/2029(a)

20,000

20,918

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Passenger

#### Airlines
JetBlue

Airways

Corp.

,

9.88%,

9/20/2031(a)

10,000

10,074

30,992

#### Pharmaceuticals

#### 0

#### .1

#### %
Bausch

Health

Cos.,

Inc.

,

5.25%,

1/30/2030(a)

10,000

7,000

14.00%,

10/15/2030(a)

1,000

1,010

Merck

&

Co.,

Inc.

,

5.70%,

9/15/2055

41,000

41,413

Royalty

Pharma

plc

,

5.95%,

9/25/2055

18,000

17,890

Zoetis,

Inc.

,

4.15%,

8/17/2028

34,000

34,183

4.70%,

2/1/2043

12,000

11,014

112,510

#### Professional

#### Services

#### 0

#### .2

#### %
Amentum

Holdings,

Inc.

,

7.25%,

8/1/2032(a)

15,000

15,811

CACI

International,

Inc.

,

6.38%,

6/15/2033(a)

10,000

10,347

Jacobs

Engineering

Group,

Inc.

,

5.90%,

3/1/2033

57,000

60,042

Paychex,

Inc.

,

5.35%,

4/15/2032

65,000

67,313

Verisk

Analytics,

Inc.

,

5.25%,

6/5/2034

30,000

30,716

VT

Topco,

Inc.

,

8.50%,

8/15/2030(a)

15,000

15,670

199,899

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0

#### .0

#### %

#### †
Anywhere

Real

Estate

Group

LLC

,

5.25%,

4/15/2030(a)

15,000

13,973

7.00%,

4/15/2030(a)

15,000

14,936

28,909

#### Residential

#### REITs

#### 0

#### .1

#### %
American

Homes

Rent

LP

,

5.50%,

2/1/2034

44,000

45,434

Essential

Properties

LP

,

5.40%,

12/1/2035

17,000

17,031

Sun

Communities

Operating

LP

,

2.70%,

7/15/2031

35,000

31,806

94,271

#### Retail

#### REITs

#### 0

#### .1

#### %
Agree

LP

,

5.63%,

6/15/2034

20,000

20,906

Phillips

Edison

Grocery

Center

Operating

Partnership

I

LP

,

5.75%,

7/15/2034

32,000

33,458

54,364

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0

#### .2

#### %
Broadcom,

Inc.

,

3.50%,

2/15/2041

89,000

72,400

Marvell

Technology,

Inc.

,

5.95%,

9/15/2033

60,000

64,151

NVIT

DoubleLine

Total

Return

Tactical

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Semiconductors

#### &

#### Semiconductor

#### Equipment
NXP

BV

,

4.85%,

8/19/2032

25,000

25,132

Qnity

Electronics,

Inc.

,

6.25%,

8/15/2033(a)

15,000

15,548

Qorvo,

Inc.

,

3.38%,

4/1/2031(a)

20,000

18,503

195,734

#### Software

#### 0

#### .2

#### %
AppLovin

Corp.

,

5.38%,

12/1/2031

15,000

15,554

AthenaHealth

Group,

Inc.

,

6.50%,

2/15/2030(a)

35,000

34,895

Atlassian

Corp.

,

5.25%,

5/15/2029

19,000

19,528

Cloud

Software

Group,

Inc.

,

9.00%,

9/30/2029(a)

10,000

10,415

6.63%,

8/15/2033(a)

15,000

14,866

Ellucian

Holdings,

Inc.

,

6.50%,

12/1/2029(a)

20,000

20,393

Oracle

Corp.

,

5.20%,

9/26/2035

16,000

15,329

5.88%,

9/26/2045

24,000

21,675

Roper

Technologies,

Inc.

,

4.25%,

9/15/2028

18,000

18,064

Workday,

Inc.

,

3.80%,

4/1/2032

16,000

15,310

186,029

#### Specialized

#### REITs

#### 0

#### .1

#### %
American

Tower

Corp.

,

4.70%,

12/15/2032

32,000

32,007

3.70%,

10/15/2049

10,000

7,425

Equinix,

Inc.

,

3.90%,

4/15/2032

31,000

29,794

2.95%,

9/15/2051

57,000

35,698

Extra

Space

Storage

LP

,

4.95%,

1/15/2033

16,000

16,173

5.40%,

2/1/2034

31,000

31,813

152,910

#### Specialty

#### Retail

#### 0

#### .2

#### %
AutoZone,

Inc.

,

5.13%,

6/15/2030

30,000

30,940

Lowe's

Cos.,

Inc.

,

5.63%,

4/15/2053

16,000

15,512

Michaels

Cos.,

Inc.

(The)

,

5.25%,

5/1/2028(a)

10,000

9,614

O'Reilly

Automotive,

Inc.

,

5.75%,

11/20/2026

14,000

14,188

5.00%,

8/19/2034

16,000

16,116

Staples,

Inc.

,

10.75%,

9/1/2029(a)

15,000

14,913

Victra

Holdings

LLC

,

8.75%,

9/15/2029(a)

50,000

52,750

154,033

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0

#### .1

#### %
Dell,

Inc.

,

6.50%,

4/15/2038

14,000

15,021

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals
Hewlett

Packard

Enterprise

Co.

,

5.00%,

10/15/2034

68,000

67,402

NetApp,

Inc.

,

5.50%,

3/17/2032

14,000

14,563

96,986

#### Tobacco

#### 0

#### .1

#### %
BAT

Capital

Corp.

,

5.63%,

8/15/2035

31,000

32,290

4.54%,

8/15/2047

38,000

31,522

Philip

Morris

International,

Inc.

,

5.38%,

2/15/2033

30,000

31,371

5.25%,

2/13/2034

31,000

32,042

127,225

#### Trading

#### Companies

#### &

#### Distributors

#### 0

#### .1

#### %
Aviation

Capital

Group

LLC

,

5.38%,

7/15/2029(a)

20,000

20,474

FTAI

Aviation

Investors

LLC

,

5.88%,

4/15/2033(a)

10,000

10,162

GATX

Corp.

,

5.50%,

6/15/2035

18,000

18,445

5.20%,

3/15/2044

17,000

16,015

Herc

Holdings,

Inc.

,

7.00%,

6/15/2030(a)

15,000

15,786

5.75%,

3/15/2031(a)

5,000

5,074

6.00%,

3/15/2034(a)

5,000

5,067

QXO

Building

Products,

Inc.

,

6.75%,

4/30/2032(a)

15,000

15,666

United

Rentals

North

America,

Inc.

,

5.38%,

11/15/2033(a)

10,000

9,993

WESCO

Distribution,

Inc.

,

6.38%,

3/15/2033(a)

5,000

5,221

121,903

#### Transportation

#### Infrastructure

#### 0

#### .3

#### %
Adani

International

Container

Terminal

Pvt

Ltd.

,

Reg.

S,

3.00%,

2/16/2031

153,000

140,954

Rutas

&

Finance

Ltd.

,

Reg.

S,

0.00%,

9/30/2036(f)

146,667

110,469

Seaspan

Corp.

,

5.50%,

8/1/2029(a)

25,000

23,741

275,164

#### Wireless

#### Telecommunication

#### Services

#### 0

#### .1

#### %
T-Mobile

USA,

Inc.

,

5.50%,

1/15/2055

87,000

82,398

#### Total

#### Corporate

#### Bonds

#### (cost

#### $12,464,988)

#### 12,656,560

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

DoubleLine

Total

Return

Tactical

Fund

#### Foreign

#### Government

#### Securities

#### 0

#### .5

#### %

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### DOMINICAN

#### REPUBLIC

#### 0

#### .1

#### %
Dominican

Republic

Government

Bond

,

Reg.

S,

5.50%,

2/22/2029

150,000

151,665

#### GUATEMALA

#### 0

#### .2

#### %
Republic

of

Guatemala

,

Reg.

S,

4.50%,

5/3/2026

200,000

199,500

#### MOROCCO

#### 0

#### .2

#### %
Kingdom

of

Morocco

,

Reg.

S,

5.95%,

3/8/2028

200,000

205,715

#### Total

#### Foreign

#### Government

#### Securities

#### (cost

#### $549,139)

#### 556,880

#### Mortgage-Backed

#### Securities

#### 15

#### .8

#### %
FHLMC

Gold

Pool

Pool#

Q50135

3.50%,

8/1/2047

1,096,638

1,035,285

Pool#

G08775

4.00%,

8/1/2047

342,890

330,741

Pool#

Q51461

3.50%,

10/1/2047

477,367

448,750

FHLMC

UMBS

Pool

Pool#

SD5677

5.00%,

3/1/2054

522,759

527,422

Pool#

SD6874

5.50%,

11/1/2054

857,897

883,787

Pool#

SL1124

6.00%,

4/1/2055

1,420,876

1,471,548

Pool#

SL3352

5.00%,

11/1/2055

1,634,358

1,651,550

FNMA

Pool

Pool#

BL6290

2.08%,

5/1/2030

2,100,000

1,930,476

Pool#

BS9551

5.94%,

9/1/2053

1,866,774

1,951,766

FNMA

UMBS

Pool

Pool#

MA2888

2.50%,

1/1/2047

844,812

737,092

Pool#

AS9937

3.00%,

7/1/2047

853,667

773,784

Pool#

FM8215

2.50%,

3/1/2051

1,168,957

1,008,853

Pool#

CB0705

3.00%,

6/1/2051

1,119,796

999,255

Pool#

MA4416

3.50%,

9/1/2051

935,019

870,050

Pool#

FS9671

5.50%,

11/1/2054

864,855

890,956

Pool#

FA0627

5.50%,

2/1/2055

923,395

944,738

#### Total

#### Mortgage-Backed

#### Securities

#### (cost

#### $17,460,393)

#### 16,456,053

#### U.S.

#### Treasury

#### Obligations

#### 20

#### .3

#### %

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
U.S.

Treasury

Inflation

Linked

Notes

0.38%,

7/15/2027

292,835

289,416

1.63%,

10/15/2027

373,715

376,510

0.50%,

1/15/2028

290,404

285,274

U.S.

Treasury

Notes

0.75%,

3/31/2026

5,000,000

4,967,082

0.75%,

5/31/2026

4,000,000

3,953,964

0.75%,

1/31/2028

9,650,000

9,124,150

0.63%,

8/15/2030

2,500,000

2,175,391

#### Total

#### U.S.

#### Treasury

#### Obligations

#### (cost

#### $20,982,273)

#### 21,171,787

#### Investment

#### Company

#### 1

#### .0

#### %

#### Shares

#### Fixed

#### Income

#### Fund

#### 1

#### .0

#### %
DoubleLine

Floating

Rate

Fund,

Class

I

112,959

1,013,241

#### Total

#### Investment

#### Company

#### (cost

#### $1,065,202)

#### 1,013,241

#### Short-Term

#### Investment

#### 6

#### .2

#### %

#### Principal

#### Amount

#### ($)

#### U.S.

#### Treasury

#### Obligation

#### 6

#### .2

#### %
U.S.

Treasury

Bills,

3.62%,

3/12/2026

6,500,000

6,455,818

#### Total

#### Short-Term

#### Investment

#### (cost

#### $6,454,735)

#### 6,455,818

#### Total

#### Investments

#### (cost

#### $103,753,276)

#### —

#### 96.7%

#### 100,818,130

#### Other

#### assets

#### in

#### excess

#### of

#### liabilities

#### —

#### 3.3%

#### 3,463,499

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 104,281,629
†

Amount

rounds

to

less

than

0.1%.

(a) Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

December

31,

2025

was

$25,429,681

which

represents

24.39%

of

net

assets.

(b) Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets. See

Note

–

for

further

information.

The

interest

rate

shown

was

the

current

rate

as

of

December

31,

2025. (c) Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

December

31,

2025. (d) Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

December

31,

2025. NVIT

DoubleLine

Total

Return

Tactical

Fund

-

December

31,

2025

-

Statement

of

Investments

-

(e) Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

December

31,

2025. The

maturity

date

reflects

the

next

call

date.

(f) Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

(g) Perpetual

bond

security.

The

maturity

date

reflects

the

next

call

date.

ACES

Alternative

Credit

Enhancement

Services

CLO

Collateralized

Loan

Obligations

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

IO

Interest

only

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

UMBS

Uniform

Mortgage-Backed

Securities

#### Futures

#### contracts

#### outstanding

#### as

#### of

#### December

#### 31,

#### 2025:

#### Description

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### ($)

#### Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Long

#### Contracts
U.S.

Treasury

Year

Note

3/2026

USD

39,878,711

29,428

U.S.

Treasury

Year

Note

3/2026

USD

19,893,453

13,296

U.S.

Treasury

Year

Ultra

Note

3/2026

USD

1,955,266

1,368

U.S.

Treasury

Long

Bond

3/2026

USD

8,207,156

(33,750)

#### Total

#### long

#### contracts
10,342

#### Short

#### Contracts
U.S.

Treasury

Ultra

Bond

(32)

3/2026

USD

(3,776,000)

39,380

#### Total

#### short

#### contracts
39,380

#### Net

#### contracts
49,722

#### Currency:
USD

United

States

Dollar

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Government

Bond

Fund

#### Asset-Backed

#### Securities

#### 4

#### .4

#### %

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Automobiles

#### 0

#### .3

#### %
Chesapeake

Funding

II

LLC,

Series

2023-2A,

Class

A1,

6.16%,

10/15/2035(a)

710,202

717,706

#### Equipment

#### Loans

#### &

#### Leases

#### 0

#### .3

#### %
CCG

Receivables

Trust,

Series

2023-2,

Class

A2,

6.28%,

4/14/2032(a)

680,490

688,387

Dell

Equipment

Finance

Trust,

Series

2023-3,

Class

A3,

5.93%,

4/23/2029(a)

218,479

219,631

908,018

#### Home

#### Equity

#### 0

#### .6

#### %
BRAVO

Residential

Funding

Trust

Series

2024-CES1,

Class

A1A,

6.38%,

4/25/2054(a)

(b) 642,724

651,219

Series

2025-CES3,

Class

A1B,

5.19%,

12/25/2055(a)

(b) 1,088,743

1,088,804

1,740,023

#### Other

#### 3

#### .2

#### %
Alterna

Funding

III

LLC,

Series

2024-1A,

Class

A,

6.26%,

5/16/2039(a)

550,356

551,592

FCI

Funding

LLC,

Series

2024-1A,

Class

A,

5.44%,

8/15/2036(a)

489,062

489,769

FNA

LLC,

Series

2025-

1,

Class

A,

5.62%,

3/15/2045(a)(c)

1,163,396

1,171,506

Goodgreen,

Series

2022-

1A,

Class

A,

3.84%,

10/15/2056(a)

527,221

456,874

HTS

Fund

II

LLC,

Series

2025-1,

Class

A,

5.35%,

6/23/2045(a)

1,400,000

1,403,139

Progress

Residential

Trust,

Series

2022-SFR2,

Class

D,

3.95%,

4/17/2027(a)

1,900,000

1,870,736

RCKTL,

Series

2025-

2A,

Class

B,

4.60%,

11/27/2034(a)

950,000

951,292

Reach

ABS

Trust

Series

2025-1A,

Class

A,

4.96%,

8/16/2032(a)

218,047

218,696

Series

2025-2A,

Class

A,

4.93%,

8/18/2032(a)

340,816

342,172

Renew,

Series

2018-1,

Class

M,

4.45%,

9/20/2053(a)

813,838

749,878

Tricon

Residential

Trust,

Series

2024-SFR1,

Class

B,

4.75%,

4/17/2041(a)

325,000

324,149

8,529,803

#### Total

#### Asset-Backed

#### Securities

#### (cost

#### $11,916,398)

#### 11,895,550

#### Collateralized

#### Mortgage

#### Obligations

#### 6

#### .3

#### %

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Angel

Oak

Mortgage

Trust,

Series

2020-1,

Class

A1,

2.47%,

12/25/2059(a)(c)

104,807

102,583

Barclays

Mortgage

Loan

Trust,

Series

2022-INV1,

Class

A1,

4.47%,

2/25/2062(a)(b)

707,662

705,346

Cross

Mortgage

Trust,

Series

2024-H1,

Class

A1,

6.09%,

12/25/2068(a)(b)

748,615

754,523

FNMA

REMICS

Series

2015-92,

Class

PA,

2.50%,

12/25/2041

1,643,205

1,547,689

Series

2013-59,

Class

MX,

2.50%,

9/25/2042

5,679,871

5,468,711

Series

2015-88,

Class

JA,

2.50%,

12/25/2045

1,299,463

1,227,331

GCAT

Trust

Series

2024-NQM1,

Class

A1,

6.01%,

1/25/2059(a)(b)

811,793

818,076

Series

2022-HX1,

Class

A1,

2.89%,

12/27/2066(a)(c)

993,183

933,855

New

Residential

Mortgage

Loan

Trust

Series

2017-2A,

Class

A4,

4.00%,

3/25/2057(a)(c)

435,728

423,005

Series

2017-6A,

Class

B1,

3.85%,

8/27/2057(a)(c)

1,342,557

1,317,137

OBX

Trust

Series

2023-NQM1,

Class

A1,

6.12%,

11/25/2062(a)(c)

930,437

927,535

Series

2024-NQM1,

Class

A1,

5.93%,

11/25/2063(a)(b)

598,950

602,752

Series

2024-NQM2,

Class

A1,

5.88%,

12/25/2063(a)(b)

915,342

921,380

Starwood

Mortgage

Residential

Trust,

Series

2022-3,

Class

A1,

4.16%,

3/25/2067(a)(c)

1,213,819

1,209,676

#### Total

#### Collateralized

#### Mortgage

#### Obligations

#### (cost

#### $17,434,579)

#### 16,959,599

#### Commercial

#### Mortgage-Backed

#### Securities

#### 3

#### .7

#### %
FHLMC

Multifamily

Structured

Pass-Through

Certificates

REMICS

Series

K-154,

Class

A2,

4.35%,

1/25/2033(c)

2,800,000

2,803,511

Series

K-157,

Class

A2,

4.20%,

5/25/2033

7,200,000

7,130,087

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### (cost

#### $9,747,247)

#### 9,933,598

#### Mortgage-Backed

#### Securities

#### 58

#### .9

#### %
FHLMC

Gold

Pool

Pool#

V83452

4.00%,

9/1/2047

1,426,650

1,380,976

NVIT

Government

Bond

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FHLMC

Gold

Pool

Pool#

G08881

3.50%,

6/1/2049

924,135

865,044

FHLMC

Non

Gold

Pool

Pool#

847558

,

6.92%,

6/1/2035

(c) 191,130

199,595

FHLMC

Pool

Gold

Pool

Pool#

WN5200

,

4.25%,

1/1/2030

3,902,000

3,917,978

FHLMC

UMBS

Pool

Pool#

SD8025

3.50%,

11/1/2049

2,111,620

1,973,384

Pool#

SD8030

3.00%,

12/1/2049

1,153,857

1,034,091

Pool#

SD8050

3.00%,

3/1/2050

1,712,533

1,532,634

Pool#

SD8080

2.00%,

6/1/2050

2,069,342

1,693,175

Pool#

SD8171

1.50%,

10/1/2051

2,655,816

2,049,117

Pool#

SD8182

2.00%,

12/1/2051

3,521,148

2,854,304

Pool#

RA6433

2.50%,

12/1/2051

2,581,261

2,183,426

Pool#

SD8199

2.00%,

3/1/2052

4,412,556

3,578,049

Pool#

QE0958

2.00%,

3/1/2052

3,273,469

2,654,654

Pool#

SD8200

2.50%,

3/1/2052

3,479,064

2,958,954

Pool#

QE0799

2.50%,

4/1/2052

2,355,122

1,996,215

Pool#

SD8213

3.00%,

5/1/2052

3,993,837

3,544,895

Pool#

SD8214

3.50%,

5/1/2052

3,023,102

2,801,712

Pool#

SD1413

3.50%,

7/1/2052

3,326,415

3,082,812

Pool#

SD2253

3.50%,

12/1/2052

5,848,351

5,423,115

Pool#

SD8288

5.00%,

1/1/2053

2,518,305

2,521,791

Pool#

SD8302

6.50%,

2/1/2053

761,738

792,656

Pool#

SD6605

5.50%,

9/1/2053

4,187,374

4,268,707

Pool#

SD8378

7.00%,

11/1/2053

492,598

518,686

FNMA

Pool

Pool#

BZ2178

4.41%,

10/1/2029

2,899,000

2,936,988

Pool#

BZ5226

4.04%,

10/1/2030

6,064,000

6,031,372

Pool#

745684

6.32%,

4/1/2034(c)

540,814

558,231

Pool#

790760

6.39%,

9/1/2034(c)

232,498

239,274

Pool#

799144

5.91%,

4/1/2035(c)

54,930

55,765

Pool#

822705

6.75%,

4/1/2035(c)

102,868

105,952

Pool#

815217

6.46%,

5/1/2035(c)

385,981

396,010

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FNMA

Pool

Pool#

821377

6.51%,

5/1/2035(c)

33,556

34,420

Pool#

783609

6.79%,

5/1/2035(c)

295,381

304,444

Pool#

826181

6.33%,

7/1/2035(c)

482,780

497,141

Pool#

873932

6.31%,

8/1/2036

5,026,279

5,011,955

Pool#

745866

6.23%,

9/1/2036(c)

541,260

560,820

FNMA

UMBS

Pool

Pool#

BM5426

3.00%,

12/1/2047

7,194,343

6,531,836

Pool#

CA1564

4.50%,

4/1/2048

953,920

946,965

Pool#

BM5267

4.50%,

12/1/2048

2,265,679

2,250,304

Pool#

MA3746

4.00%,

8/1/2049

904,258

871,198

Pool#

BP5843

2.50%,

5/1/2050

4,577,209

3,890,615

Pool#

MA4096

2.50%,

8/1/2050

3,029,090

2,588,292

Pool#

MA4119

2.00%,

9/1/2050

3,765,525

3,078,121

Pool#

MA4183

2.50%,

11/1/2050

2,535,725

2,166,193

Pool#

CB0456

2.50%,

5/1/2051

3,063,654

2,596,377

Pool#

FS3885

3.00%,

11/1/2051

2,470,942

2,187,093

Pool#

MA4492

2.00%,

12/1/2051

4,311,817

3,499,090

Pool#

FS1648

2.50%,

1/1/2052

2,717,618

2,306,278

Pool#

FS1476

3.00%,

3/1/2052

1,576,606

1,397,484

Pool#

MA4577

2.00%,

4/1/2052

11,510,228

9,331,630

Pool#

FS1749

2.50%,

4/1/2052

3,695,878

3,142,188

Pool#

MA4698

3.00%,

8/1/2052

1,658,074

1,469,053

Pool#

FS3157

4.50%,

11/1/2052

2,510,235

2,478,024

Pool#

MA4805

4.50%,

11/1/2052

2,407,664

2,359,280

Pool#

MA4980

6.00%,

4/1/2053

987,866

1,018,992

Pool#

FS7087

5.50%,

8/1/2053

3,114,076

3,176,975

Pool#

FA0253

5.00%,

9/1/2053

2,608,911

2,605,932

Pool#

MA5189

5.00%,

11/1/2053

1,498,248

1,497,773

Pool#

MA5192

6.50%,

11/1/2053

945,230

982,965

Pool#

FS7990

4.00%,

2/1/2054

4,444,290

4,235,391

Pool#

FS8795

6.00%,

8/1/2054

5,086,601

5,222,900

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Government

Bond

Fund

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
GNMA

II

Pool

Pool#

MA8429

5.50%,

11/20/2052

1,501,113

1,529,694

Pool#

MA8571

6.00%,

1/20/2053

1,031,838

1,059,611

Pool#

MA8647

5.00%,

2/20/2053

1,512,128

1,517,178

Pool#

MA8726

5.50%,

3/20/2053

3,388,984

3,445,210

Pool#

MA8727

6.00%,

3/20/2053

1,017,146

1,043,694

Pool#

MA8801

5.50%,

4/20/2053

2,094,662

2,128,384

Pool#

MA9018

6.00%,

7/20/2053

867,442

888,312

Pool#

MA9490

6.50%,

2/20/2054

1,003,991

1,039,930

Pool#

MA9543

6.50%,

3/20/2054

1,204,400

1,247,403

Pool#

MA9852

6.00%,

8/20/2054

1,057,603

1,079,478

Pool#

787508

6.50%,

5/20/2064

1,944,372

2,016,037

#### Total

#### Mortgage-Backed

#### Securities

#### (cost

#### $166,799,964)

#### 159,384,222

#### U.S.

#### Government

#### Agency

#### Securities

#### 8

#### .0

#### %
FFCB,

3.19%,

3/9/2033

2,475,000

2,319,609

Tennessee

Valley

Authority

4.38%,

8/1/2034

5,750,000

5,802,768

4.88%,

5/15/2035

13,000,000

13,450,132

#### Total

#### U.S.

#### Government

#### Agency

#### Securities

#### (cost

#### $21,085,685)

#### 21,572,509

#### U.S.

#### Treasury

#### Obligations

#### 12

#### .3

#### %
U.S.

Treasury

Bonds

2.50%,

2/15/2046

5,150,000

3,586,291

2.25%,

8/15/2046

5,000,000

3,290,430

1.25%,

5/15/2050

(d) 6,000,000

2,872,031

4.25%,

2/15/2054

1,250,000

1,130,078

4.63%,

2/15/2055

2,000,000

1,926,485

4.63%,

11/15/2055

3,500,000

3,372,031

U.S.

Treasury

Notes

4.25%,

1/15/2028

(d) 5,000,000

5,073,633

3.50%,

10/15/2028

3,000,000

2,996,953

3.88%,

6/30/2030

3,000,000

3,022,617

#### U.S.

#### Treasury

#### Obligations

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
U.S.

Treasury

Notes

3.63%,

9/30/2030

(d) 2,000,000

1,992,265

3.63%,

10/31/2030

(d) 4,000,000

3,983,125

#### Total

#### U.S.

#### Treasury

#### Obligations

#### (cost

#### $35,902,255)

#### 33,245,939

#### Short-Term

#### Investment

#### 4

#### .7

#### %

#### U.S.

#### Government

#### Agency

#### Security

#### 4

#### .7

#### %
Resolution

Funding

Corp.,

2.48%,

1/15/2030(e)

15,000,000

12,844,512

#### Total

#### Short-Term

#### Investment

#### (cost

#### $13,636,239)

#### 12,844,512

#### Total

#### Investments

#### (cost

#### $276,522,367)

#### —

#### 98.3%

#### 265,835,929

#### Other

#### assets

#### in

#### excess

#### of

#### liabilities

#### —

#### 1.7%

#### 4,506,819

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 270,342,748
(a) Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

December

31,

2025

was

$20,611,418

which

represents

7.62%

of

net

assets.

(b) Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

December

31,

2025. (c) Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets. See

Note

–

for

further

information.

The

interest

rate

shown

was

the

current

rate

as

of

December

31,

2025. (d) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$12,490,783,

which

was

collateralized

by

$12,917,001

in

the

form

of

U.S

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

4.38%,

and

maturity

dates

ranging

from

1/15/2026

-

2/15/2055.

(e) Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

FFCB

Federal

Farm

Credit

Bank

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

REMICS

Real

Estate

Mortgage

Investment

Conduits

UMBS

Uniform

Mortgage-Backed

Securities

NVIT

Government

Bond

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Futures

#### contracts

#### outstanding

#### as

#### of

#### December

#### 31,

#### 2025:

#### Description

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### ($)

#### Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Long

#### Contracts
U.S.

Treasury

Year

Note

3/2026

USD

20,670,117

(13,525)

#### Net

#### contracts
(13,525)

#### Currency:
USD

United

States

Dollar

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Government

Money

Market

Fund

#### U.S.

#### Government

#### Agency

#### Securities

#### 15

#### .5

#### %

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FFCB

(SOFR

+

0.01%),

3.72%,

5/20/2026(a)

6,800,000

6,800,000

(SOFR

+

0.14%),

3.85%,

9/25/2026(a)

3,000,000

3,000,000

(SOFR

+

0.14%),

3.85%,

11/23/2026(a)

16,000,000

16,000,000

(SOFR

+

0.14%),

3.85%,

12/2/2026(a)

9,700,000

9,700,000

(SOFR

+

0.09%),

3.80%,

5/12/2027(a)

5,400,000

5,400,000

FHLB

(SOFR

+

0.00%),

3.71%,

1/5/2026(a)

20,000,000

20,000,000

(SOFR

+

0.15%),

3.86%,

1/5/2026(a)

8,000,000

8,000,000

(SOFR

+

0.00%),

3.71%,

1/14/2026

19,700,000

19,700,000

4.02%,

2/5/2026

8,000,000

7,969,278

(SOFR

+

0.03%),

3.74%,

2/19/2026(a)

5,100,000

5,100,000

(SOFR

+

0.00%),

3.71%,

3/20/2026(a)

9,800,000

9,800,000

(SOFR

-

0.01%),

3.71%,

3/26/2026(a)

10,000,000

10,000,000

(SOFR

-

0.01%),

3.71%,

3/27/2026(a)

15,500,000

15,500,000

(SOFR

+

0.00%),

3.77%,

4/2/2026(a)

21,000,000

21,000,000

3.67%,

4/8/2026

12,000,000

11,882,630

(SOFR

+

0.02%),

3.73%,

4/16/2026(a)

8,500,000

8,500,000

3.59%,

4/17/2026

8,600,000

8,510,106

(SOFR

+

0.01%),

3.72%,

4/20/2026(a)

7,000,000

7,000,000

3.62%,

4/22/2026

11,300,000

11,175,267

3.62%,

4/24/2026

5,000,000

4,943,845

(SOFR

+

0.00%),

3.71%,

4/24/2026(a)

9,700,000

9,700,000

(SOFR

+

0.02%),

3.73%,

5/7/2026(a)

10,200,000

10,200,000

4.13%,

5/13/2026

16,500,000

16,500,000

(SOFR

+

0.01%),

3.72%,

5/20/2026(a)

4,100,000

4,100,000

(SOFR

+

0.01%),

3.72%,

5/26/2026(a)

5,000,000

5,000,000

(SOFR

+

0.01%),

3.72%,

6/2/2026(a)

7,600,000

7,600,000

4.03%,

6/3/2026

15,700,000

15,700,000

(SOFR

+

0.01%),

3.72%,

6/5/2026(a)

16,000,000

16,000,000

4.16%,

6/9/2026

18,400,000

18,400,000

3.66%,

6/10/2026

12,000,000

11,808,160

3.86%,

6/10/2026

14,200,000

14,200,000

(SOFR

+

0.02%),

3.73%,

6/18/2026(a)

7,000,000

7,000,000

(SOFR

+

0.03%),

3.74%,

6/29/2026(a)

7,000,000

7,000,000

3.56%,

6/30/2026

11,500,000

11,299,038

(SOFR

+

0.00%),

0.00%,

7/6/2026(a)

8,100,000

8,100,000

#### U.S.

#### Government

#### Agency

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FHLB

(SOFR

+

0.14%),

3.85%,

9/10/2026(a)

3,000,000

3,000,000

(SOFR

+

0.14%),

3.85%,

9/14/2026(a)

4,000,000

4,000,000

(SOFR

+

0.14%),

3.85%,

9/18/2026(a)

7,500,000

7,500,000

3.80%,

11/6/2026

27,200,000

27,200,000

3.84%,

11/6/2026

13,600,000

13,600,000

3.81%,

12/4/2026

13,200,000

13,200,000

3.83%,

12/4/2026

12,800,000

12,800,000

(SOFR

+

0.05%),

3.76%,

12/23/2026(a)

7,600,000

7,598,816

(SOFR

+

0.10%),

3.81%,

3/16/2027(a)

7,000,000

7,000,000

(SOFR

+

0.15%),

3.86%,

8/26/2027(a)

5,000,000

5,000,000

(SOFR

+

0.14%),

3.85%,

9/23/2027(a)

3,500,000

3,500,000

(SOFR

+

0.18%),

3.89%,

10/8/2027(a)

12,300,000

12,300,000

(SOFR

+

0.15%),

3.86%,

11/19/2027(a)

8,500,000

8,500,000

FHLMC

(SOFR

+

0.12%),

3.89%,

4/2/2026(a)

4,300,000

4,300,000

(SOFR

+

0.14%),

3.85%,

10/16/2026(a)

8,000,000

8,000,000

FNMA

(SOFR

+

0.10%),

3.81%,

6/18/2026(a)

6,900,000

6,900,000

(SOFR

+

0.14%),

3.85%,

9/11/2026(a)

4,000,000

4,000,000

(SOFR

+

0.14%),

3.85%,

10/23/2026(a)

4,000,000

4,000,000

(SOFR

+

0.14%),

3.85%,

11/20/2026(a)

8,000,000

8,000,000

(SOFR

+

0.14%),

3.85%,

12/11/2026(a)

5,500,000

5,500,000

#### Total

#### U.S.

#### Government

#### Agency

#### Securities

#### (cost

#### $538,487,140)

#### 538,487,140

#### U.S.

#### Treasury

#### Obligations

#### 41

#### .3

#### %
U.S.

Treasury

Bills

3.96%,

1/2/2026

59,500,000

59,493,521

3.87%,

1/8/2026

35,200,000

35,173,649

3.90%,

1/13/2026

9,900,000

9,887,295

3.88%,

1/15/2026

21,100,000

21,068,450

3.87%,

1/20/2026

42,900,000

42,812,830

4.07%,

1/22/2026

84,400,000

84,205,132

3.96%,

1/29/2026

33,200,000

33,099,195

3.82%,

2/10/2026

23,800,000

23,700,172

4.05%,

2/12/2026

33,200,000

33,046,229

3.76%,

2/17/2026

62,300,000

61,997,189

4.13%,

2/19/2026

51,500,000

51,219,679

3.78%,

2/24/2026

10,100,000

10,043,415

3.82%,

3/10/2026

6,100,000

6,056,561

3.80%,

3/12/2026

14,700,000

14,593,384

3.80%,

3/17/2026

15,000,000

14,882,812

4.11%,

3/19/2026

21,000,000

20,822,804

3.80%,

3/24/2026

34,100,000

33,808,729

NVIT

Government

Money

Market

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### U.S.

#### Treasury

#### Obligations

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
U.S.

Treasury

Bills

3.77%,

4/9/2026

14,500,000

14,354,150

3.65%,

4/14/2026

35,000,000

34,638,498

3.76%,

4/16/2026

23,600,000

23,346,349

3.73%,

4/23/2026

22,400,000

22,144,939

3.60%,

4/28/2026

18,100,000

17,890,877

3.71%,

4/30/2026

15,300,000

15,115,907

0.00%,

5/5/2026

19,000,000

18,777,668

3.77%,

5/7/2026

15,300,000

15,101,865

4.09%,

5/14/2026

26,100,000

25,721,050

3.78%,

5/21/2026

15,200,000

14,980,698

3.74%,

5/28/2026

25,700,000

25,314,864

3.70%,

6/4/2026

52,600,000

51,782,085

3.65%,

6/11/2026

11,700,000

11,512,676

3.55%,

6/25/2026

18,300,000

17,989,980

0.00%,

7/2/2026

16,400,000

16,111,406

4.09%,

7/9/2026

20,200,000

19,783,754

3.59%,

11/27/2026

35,100,000

33,986,745

3.50%,

12/24/2026

14,000,000

13,530,743

U.S.

Treasury

Notes

(US

Treasury

Month

Bill

Money

Market

Yield

+

0.25%),

3.85%,

1/31/2026(a)

30,700,000

30,700,955

1.63%,

2/15/2026

5,000,000

4,983,785

0.50%,

2/28/2026

7,500,000

7,455,225

4.63%,

2/28/2026

22,200,000

22,212,115

4.50%,

3/31/2026

5,500,000

5,504,750

(US

Treasury

Month

Bill

Money

Market

Yield

+

0.15%),

3.75%,

4/30/2026(a)

69,000,000

69,000,027

4.88%,

5/31/2026

5,300,000

5,314,586

4.63%,

6/30/2026

6,400,000

6,414,500

(US

Treasury

Month

Bill

Money

Market

Yield

+

0.18%),

3.78%,

7/31/2026(a)

44,300,000

44,282,301

4.38%,

7/31/2026

1,400,000

1,405,131

3.75%,

8/31/2026

4,800,000

4,801,325

3.50%,

9/30/2026

14,600,000

14,577,481

1.13%,

10/31/2026

8,400,000

8,229,324

(US

Treasury

Month

Bill

Money

Market

Yield

+

0.21%),

3.81%,

10/31/2026(a)

43,000,000

43,015,965

4.13%,

10/31/2026

4,200,000

4,213,317

4.25%,

11/30/2026

19,500,000

19,609,889

1.25%,

12/31/2026

11,500,000

11,235,983

4.25%,

12/31/2026

23,100,000

23,242,489

(US

Treasury

Month

Bill

Money

Market

Yield

+

0.10%),

3.70%,

1/31/2027(a)

67,000,000

66,999,137

(US

Treasury

Month

Bill

Money

Market

Yield

+

0.16%),

3.76%,

4/30/2027(a)

20,000,000

20,000,000

(US

Treasury

Month

Bill

Money

Market

Yield

+

0.16%),

3.76%,

7/31/2027(a)

38,600,000

38,581,161

(US

Treasury

Month

Bill

Money

Market

Yield

+

0.19%),

3.79%,

10/31/2027(a)

34,600,000

34,621,617

#### Total

#### U.S.

#### Treasury

#### Obligations

#### (cost

#### $1,434,396,363)

#### 1,434,396,363

#### Repurchase

#### Agreements

#### 44

#### .2

#### %

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Banco

Santander

SA,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$411,087,680,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

2.00%

-

7.50%,

maturing

9/1/2029

-

6/1/2063;

total

market

value

$420,322,229.(b)

411,000,000

411,000,000

Canadian

Imperial

Bank

of

Commerce,

3.83%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$315,067,025,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.75%

-

7.50%,

maturing

8/31/2027

-

4/15/2060;

total

market

value

$321,300,000.(b)

315,000,000

315,000,000

MUFG

Securities

Ltd.,

3.82%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$160,033,956,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.63%,

maturing

11/15/2026

-

2/15/2055;

total

market

value

$163,200,032.(b)

160,000,000

160,000,000

MUFG

Securities

Ltd.,

3.83%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$200,042,556,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.25%

-

6.50%,

maturing

12/1/2027

-

3/1/2055;

total

market

value

$214,728,125.(b)

200,000,000

200,000,000

Nomura

Securities

International,

Inc.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$100,021,333,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.00%

-

6.00%,

maturing

7/1/2038

-

2/15/2067;

total

market

value

$102,020,876.(b)

100,000,000

100,000,000

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Government

Money

Market

Fund

#### Repurchase

#### Agreements

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
RBC

Dominion

Securities,

Inc.,

3.82%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$200,042,444,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

4/15/2029

-

7/15/2066;

total

market

value

$204,000,087.(b)

200,000,000

200,000,000

Royal

Bank

of

Canada,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$150,032,083,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

1.75%

-

4.50%,

maturing

4/30/2027

-

8/15/2047;

total

market

value

$153,000,052.(b)

150,000,000

150,000,000

#### Total

#### Repurchase

#### Agreements

#### (cost

#### $1,536,000,000)

#### 1,536,000,000

#### Total

#### Investments

#### (cost

#### $3,508,883,503)

#### —

#### 101.0%

#### 3,508,883,503

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (1.0)%

#### (#### 34,020,618

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $3,474,862,885
(a) Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

December

31,

2025. (b) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

FFCB

Federal

Farm

Credit

Bank

FHLB

Federal

Home

Loan

Bank

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

SOFR

Secured

Overnight

Financing

Rate

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.
NVIT

J.P.

Morgan

Inflation

Managed

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Asset-Backed

#### Securities

#### 3

#### .4

#### %

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Airlines

#### 0

#### .1

#### %
American

Airlines

Pass-

Through

Trust,

Series

2021-1,

Class

B,

3.95%,

7/11/2030

240,900

232,344

#### Automobiles

#### 2

#### .7

#### %
AmeriCredit

Automobile

Receivables

Trust,

Series

2023-2,

Class

B,

5.84%,

7/18/2029

430,000

437,668

Avis

Budget

Rental

Car

Funding

AESOP

LLC

Series

2022-1A,

Class

A,

3.83%,

8/21/2028(a)

500,000

497,990

Series

2024-2A,

Class

B,

5.57%,

10/20/2028(a)

500,000

508,872

Series

2024-1A,

Class

A,

5.36%,

6/20/2030(a)

100,000

103,108

Bridgecrest

Lending

Auto

Securitization

Trust

Series

2024-3,

Class

A3,

5.34%,

4/17/2028

43,459

43,525

Series

2024-1,

Class

C,

5.65%,

4/16/2029

270,000

272,687

Series

2025-2,

Class

C,

5.17%,

3/17/2031

40,000

40,515

Series

2025-3,

Class

C,

4.81%,

5/15/2031

55,000

55,364

CarMax

Auto

Owner

Trust,

Series

2025-3,

Class

A3,

4.35%,

7/15/2030

30,000

30,259

Carvana

Auto

Receivables

Trust,

Series

2025-

P3,

Class

A3,

4.04%,

11/11/2030

35,000

35,087

Credit

Acceptance

Auto

Loan

Trust

Series

2024-2A,

Class

A,

5.95%,

6/15/2034(a)

500,000

508,849

Series

2025-1A,

Class

C,

5.71%,

7/16/2035(a)

100,000

101,461

Series

2025-2A,

Class

A,

4.50%,

11/15/2035(a)

50,000

50,261

Drive

Auto

Receivables

Trust

Series

2024-2,

Class

B,

4.52%,

7/16/2029

475,000

476,919

Series

2025-2,

Class

C,

4.39%,

9/15/2032

20,000

19,987

Series

2025-1,

Class

C,

4.99%,

9/15/2032

17,000

17,215

Exeter

Automobile

Receivables

Trust

Series

2024-1A,

Class

C,

5.41%,

5/15/2030

410,000

414,296

Series

2025-4A,

Class

C,

4.57%,

6/16/2031

60,000

60,160

Series

2025-3A,

Class

C,

5.09%,

10/15/2031

27,000

27,418

Series

2025-5A,

Class

C,

4.68%,

3/15/2032

25,000

25,076

#### Asset-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Automobiles
GLS

Auto

Receivables

Issuer

Trust,

Series

2025-4A,

Class

C,

4.74%,

8/15/2031(a)

25,000

25,101

GM

Financial

Automobile

Leasing

Trust,

Series

2025-3,

Class

A3,

4.17%,

8/21/2028

100,000

100,522

GM

Financial

Consumer

Automobile

Receivables

Trust,

Series

2023-1,

Class

A4,

4.59%,

7/17/2028

142,000

142,828

Hertz

Vehicle

Financing

III

LLC,

Series

2025-3A,

Class

A,

5.06%,

12/26/2029(a)

100,000

101,241

Honda

Auto

Receivables

Owner

Trust,

Series

2025-3,

Class

A3,

4.04%,

2/21/2030

100,000

100,571

Mercedes-Benz

Auto

Lease

Trust,

Series

2025-A,

Class

A4,

4.69%,

2/18/2031

15,000

15,262

Nissan

Auto

Receivables

Owner

Trust,

Series

2025-A,

Class

A3,

4.49%,

12/17/2029

100,000

101,308

Santander

Drive

Auto

Receivables

Trust

Series

2024-4,

Class

A3,

4.85%,

1/16/2029

76,432

76,628

Series

2024-4,

Class

C,

4.95%,

4/15/2030

550,000

555,780

Series

2024-2,

Class

C,

5.84%,

6/17/2030

500,000

510,858

Series

2024-3,

Class

C,

5.64%,

8/15/2030

456,000

464,789

Series

2025-4,

Class

C,

4.52%,

1/15/2032

5,000

5,011

SFS

Auto

Receivables

Securitization

Trust

Series

2024-1A,

Class

A4,

4.94%,

1/21/2031(a)

120,000

121,855

Series

2024-1A,

Class

B,

5.38%,

1/21/2031(a)

535,000

546,328

Toyota

Lease

Owner

Trust,

Series

2025-B,

Class

A3,

3.96%,

11/20/2028(a)

45,000

45,111

Volkswagen

Auto

Lease

Trust,

Series

2025-B,

Class

A3,

4.01%,

1/22/2029

50,000

50,196

6,690,106

#### Equipment

#### Loans

#### &

#### Leases

#### 0

#### .0

#### %

#### †
SCF

Equipment

Leasing

LLC,

Series

2024-1A,

Class

B,

5.56%,

4/20/2032(a)

100,000

103,061

#### Other

#### 0

#### .6

#### %
AMSR

Trust,

Series

2021-

SFR3,

Class

E1,

2.33%,

10/17/2038(a)

100,000

97,630

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

J.P.

Morgan

Inflation

Managed

Fund

#### Asset-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Other
Hilton

Grand

Vacations

Trust,

Series

2025-3EXT,

Class

B,

4.90%,

10/25/2044(a)

110,000

110,361

Lendmark

Funding

Trust,

Series

2024-2A,

Class

A,

4.47%,

2/21/2034(a)

607,000

608,273

NMABS

Issuer

I

LLC,

Series

2025-1A,

Class

A,

5.14%,

11/22/2055(a)

559,883

559,198

Stream

Innovations

Issuer

Trust,

Series

2025-

1A,

Class

A,

5.05%,

9/15/2045(a)

77,894

78,654

1,454,116

#### Total

#### Asset-Backed

#### Securities

#### (cost

#### $8,460,257)

#### 8,479,627

#### Collateralized

#### Mortgage

#### Obligation

#### 0

#### .1

#### %
FHLMC

REMICS,

Series

4995,

Class

QE,

1.25%,

7/25/2050

365,223

286,114

#### Total

#### Collateralized

#### Mortgage

#### Obligation

#### (cost

#### $275,872)

#### 286,114

#### Corporate

#### Bonds

#### 27

#### .8

#### %

#### Aerospace

#### &

#### Defense

#### 0

#### .7

#### %
Boeing

Co.

(The)

,

6.39%,

5/1/2031

720,000

781,339

L3Harris

Technologies,

Inc.

,

3.85%,

12/15/2026

190,000

189,767

Leidos,

Inc.

,

2.30%,

2/15/2031

230,000

206,941

RTX

Corp.

,

5.75%,

1/15/2029

640,000

669,395

1,847,442

#### Automobiles

#### 0

#### .3

#### %
Hyundai

Capital

America

,

2.38%,

10/15/2027(a)

550,000

533,611

1.80%,

1/10/2028(a)

100,000

95,390

Stellantis

Finance

US,

Inc.

,

2.69%,

9/15/2031(a)

200,000

175,358

804,359

#### Banks

#### 8

#### .9

#### %
ABN

AMRO

Bank

NV

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.10%),

2.47%,

12/13/2029(a)(b)

300,000

285,917

AIB

Group

plc

,

(United

States

SOFR

Compounded

Index

+

1.91%),

5.87%,

3/28/2035(a)(b)

360,000

379,927

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Banks
Australia

&

New

Zealand

Banking

Group

Ltd.

,

4.40%,

5/19/2026(a)

470,000

470,492

Banco

Santander

SA

,

2.75%,

12/3/2030

600,000

545,437

Bank

of

America

Corp.

,

(CME

Term

SOFR

Month

+

1.84%),

3.82%,

1/20/2028(b)

280,000

279,329

(SOFR

+

1.53%),

1.90%,

7/23/2031(b)

2,260,000

2,030,043

(SOFR

+

1.65%),

5.47%,

1/23/2035(b)

520,000

541,694

Bank

of

Ireland

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.10%),

2.03%,

9/30/2027(a)(b)

520,000

511,806

Banque

Federative

du

Credit

Mutuel

SA

,

5.54%,

1/22/2030(a)

260,000

270,116

Barclays

plc

,

(SOFR

+

1.74%),

5.69%,

3/12/2030(b)

540,000

561,931

(SOFR

+

1.23%),

5.37%,

2/25/2031(b)

200,000

206,714

BNP

Paribas

SA

,

(SOFR

+

1.28%),

5.28%,

11/19/2030(a)(b)

500,000

514,675

BPCE

SA

,

(SOFR

+

1.09%),

2.05%,

10/19/2027(a)(b)

660,000

649,231

(SOFR

+

1.31%),

2.28%,

1/20/2032(a)(b)

660,000

584,785

CaixaBank

SA

,

(SOFR

+

1.79%),

5.58%,

7/3/2036(a)(b)

620,000

637,019

Citibank

NA

,

5.80%,

9/29/2028

970,000

1,017,212

Citigroup,

Inc.

,

(SOFR

+

1.17%),

2.56%,

5/1/2032(b)

900,000

816,774

Cooperatieve

Rabobank

UA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.40%),

5.56%,

2/28/2029(a)(b)

300,000

308,711

Credit

Agricole

SA

,

(SOFR

+

1.13%),

5.23%,

1/9/2029(a)(b)

250,000

255,276

(SOFR

+

1.69%),

5.34%,

1/10/2030(a)(b)

250,000

257,369

Danske

Bank

A/S

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.40%),

5.71%,

3/1/2030(a)(b)

240,000

249,360

NVIT

J.P.

Morgan

Inflation

Managed

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Banks
DNB

Bank

ASA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.68%),

1.61%,

3/30/2028(a)(b)

300,000

291,314

Fifth

Third

Bancorp

,

2.55%,

5/5/2027

100,000

98,110

3.95%,

3/14/2028

240,000

239,559

HSBC

Holdings

plc

,

(CME

Term

SOFR

Month

+

1.87%),

3.97%,

5/22/2030(b)

510,000

503,801

(SOFR

+

2.39%),

2.85%,

6/4/2031(b)

980,000

916,035

Huntington

Bancshares,

Inc.

,

(SOFR

+

1.28%),

5.27%,

1/15/2031(b)

395,000

406,436

ING

Groep

NV

,

(SOFR

+

1.01%),

1.73%,

4/1/2027(b)

260,000

258,375

KeyCorp

,

(United

States

SOFR

Compounded

Index

+

1.23%),

5.12%,

4/4/2031(b)

260,000

267,024

Lloyds

Banking

Group

plc

,

3.75%,

1/11/2027

200,000

199,683

M&T

Bank

Corp.

,

(SOFR

+

1.40%),

5.18%,

7/8/2031(b)

205,000

210,458

Mitsubishi

UFJ

Financial

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.17%),

5.16%,

4/24/2031(b)

240,000

247,346

Mizuho

Financial

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.12%),

5.38%,

5/26/2030(b)

590,000

610,378

National

Bank

of

Canada

,

5.60%,

12/18/2028

250,000

260,957

NatWest

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.05%),

5.12%,

5/23/2031(b)

380,000

390,071

Norinchukin

Bank

(The)

,

4.67%,

9/9/2030(a)

200,000

201,307

PNC

Financial

Services

Group,

Inc.

(The)

,

(SOFR

+

1.34%),

5.30%,

1/21/2028(b)

125,000

126,616

(SOFR

+

1.07%),

5.22%,

1/29/2031(b)

420,000

434,564

Royal

Bank

of

Canada

,

(SOFR

+

0.98%),

4.31%,

11/3/2031(b)

280,000

278,623

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Banks
Santander

UK

Group

Holdings

plc

,

(SOFR

+

2.60%),

6.53%,

1/10/2029(b)

430,000

449,253

Societe

Generale

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.00%),

1.79%,

6/9/2027(a)(b)

1,200,000

1,187,202

Standard

Chartered

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.20%),

5.40%,

8/12/2036(a)(b)

220,000

224,247

Sumitomo

Mitsui

Financial

Group,

Inc.

,

1.90%,

9/17/2028

810,000

765,019

Truist

Financial

Corp.

,

(SOFR

+

1.62%),

5.44%,

1/24/2030(b)

575,000

595,316

US

Bancorp

,

(SOFR

+

1.56%),

5.38%,

1/23/2030(b)

90,000

93,212

(SOFR

+

1.86%),

5.68%,

1/23/2035(b)

100,000

105,590

Wells

Fargo

&

Co.

,

(SOFR

+

1.50%),

5.20%,

1/23/2030(b)

980,000

1,009,253

(CME

Term

SOFR

Month

+

1.43%),

2.88%,

10/30/2030(b)

440,000

418,569

(SOFR

+

1.99%),

5.56%,

7/25/2034(b)

120,000

125,809

22,287,945

#### Beverages

#### 0

#### .1

#### %
Constellation

Brands,

Inc.

,

2.88%,

5/1/2030

150,000

141,122

#### Biotechnology

#### 0

#### .3

#### %
AbbVie,

Inc.

,

3.20%,

11/21/2029

545,000

528,528

Amgen,

Inc.

,

5.25%,

3/2/2030

60,000

62,234

Regeneron

Pharmaceuticals,

Inc.

,

1.75%,

9/15/2030

140,000

124,896

715,658

#### Capital

#### Markets

#### 2

#### .3

#### %
Brookfield

Finance,

Inc.

,

4.25%,

6/2/2026

110,000

110,031

Deutsche

Bank

AG

,

(SOFR

+

1.32%),

2.55%,

1/7/2028(b)

440,000

432,719

(SOFR

+

1.72%),

3.04%,

5/28/2032(b)

340,000

312,137

Goldman

Sachs

Group,

Inc.

(The)

,

3.50%,

11/16/2026

540,000

538,118

(SOFR

+

1.09%),

1.99%,

1/27/2032(b)

450,000

399,766

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

J.P.

Morgan

Inflation

Managed

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Capital

#### Markets
Goldman

Sachs

Group,

Inc.

(The),

(SOFR

+

1.28%),

2.62%,

4/22/2032(b)

910,000

829,750

Macquarie

Group

Ltd.

,

(CME

Term

SOFR

Month

+

2.01%),

5.03%,

1/15/2030(a)(b)

210,000

213,766

Morgan

Stanley

,

(SOFR

+

1.45%),

5.17%,

1/16/2030(b)

1,295,000

1,329,403

(SOFR

+

1.02%),

1.93%,

4/28/2032(b)

550,000

482,547

Nomura

Holdings,

Inc.

,

2.33%,

1/22/2027

500,000

491,174

2.68%,

7/16/2030

230,000

212,614

UBS

Group

AG

,

(SOFR

+

1.06%),

4.40%,

9/23/2031(a)(b)

480,000

477,665

5,829,690

#### Chemicals

#### 0

#### .1

#### %
RPM

International,

Inc.

,

2.95%,

1/15/2032

130,000

117,831

Westlake

Corp.

,

3.60%,

8/15/2026

120,000

119,546

237,377

#### Construction

#### &

#### Engineering

#### 0

#### .1

#### %
Quanta

Services,

Inc.

,

2.35%,

1/15/2032

130,000

114,490

5.10%,

8/9/2035

25,000

25,053

139,543

#### Consumer

#### Finance

#### 1

#### .7

#### %
AerCap

Ireland

Capital

DAC

,

2.45%,

10/29/2026

175,000

172,621

3.00%,

10/29/2028

1,100,000

1,066,438

Aircastle

Ltd.

,

5.25%,

3/15/2030(a)

200,000

204,175

American

Express

Co.

,

(SOFR

+

0.93%),

5.04%,

7/26/2028(b)

125,000

127,110

(United

States

SOFR

Compounded

Index

+

1.02%),

5.09%,

1/30/2031(b)

100,000

103,075

Avolon

Holdings

Funding

Ltd.

,

4.38%,

5/1/2026(a)

250,000

250,076

2.53%,

11/18/2027(a)

810,000

785,271

Capital

One

Financial

Corp.

,

(SOFR

+

1.56%),

5.46%,

7/26/2030(b)

550,000

569,975

General

Motors

Financial

Co.,

Inc.

,

4.90%,

10/6/2029

450,000

457,130

2.35%,

1/8/2031

75,000

67,386

Macquarie

Airfinance

Holdings

Ltd.

,

6.40%,

3/26/2029(a)

470,000

492,511

4,295,768

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0

#### .1

#### %
Kroger

Co.

(The)

,

5.00%,

9/15/2034

150,000

150,829

#### Containers

#### &

#### Packaging

#### 0

#### .2

#### %
Graphic

Packaging

International

LLC

,

1.51%,

4/15/2026(a)

140,000

138,723

Smurfit

Westrock

Financing

DAC

,

5.42%,

1/15/2035

200,000

205,929

Sonoco

Products

Co.

,

5.00%,

9/1/2034

240,000

237,743

582,395

#### Diversified

#### REITs

#### 0

#### .2

#### %
WP

Carey,

Inc.

,

2.40%,

2/1/2031

580,000

522,734

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .3

#### %
AT&T,

Inc.

,

1.65%,

2/1/2028

475,000

452,783

NBN

Co.

Ltd.

,

2.63%,

5/5/2031(a)

210,000

192,894

Verizon

Communications,

Inc.

,

4.78%,

2/15/2035

120,000

118,149

5.40%,

7/2/2037(a)

108,000

109,156

872,982

#### Electric

#### Utilities

#### 2

#### .8

#### %
Atlantic

City

Electric

Co.

,

4.00%,

10/15/2028

125,000

125,180

Baltimore

Gas

and

Electric

Co.

,

5.30%,

6/1/2034

200,000

206,982

CenterPoint

Energy

Houston

Electric

LLC

,

Series

AA,

3.00%,

2/1/2027

190,000

188,381

Cleveland

Electric

Illuminating

Co.

(The)

,

3.50%,

4/1/2028(a)

475,000

467,172

Duke

Energy

Carolinas

LLC

,

6.45%,

10/15/2032

425,000

470,976

Duquesne

Light

Holdings,

Inc.

,

2.53%,

10/1/2030(a)

350,000

317,955

Edison

International

,

5.25%,

11/15/2028

380,000

385,119

Evergy,

Inc.

,

2.90%,

9/15/2029

200,000

190,579

Fells

Point

Funding

Trust

,

3.05%,

1/31/2027(a)

385,000

380,348

Fortis,

Inc.

,

3.06%,

10/4/2026

410,000

406,612

Georgia

Power

Co.

,

4.85%,

3/15/2031

455,000

466,827

ITC

Holdings

Corp.

,

2.95%,

5/14/2030(a)

140,000

132,145

NextEra

Energy

Capital

Holdings,

Inc.

,

2.25%,

6/1/2030

725,000

666,741

Niagara

Mohawk

Power

Corp.

,

1.96%,

6/27/2030(a)

150,000

135,619

NRG

Energy,

Inc.

,

2.45%,

12/2/2027(a)

240,000

231,929

NVIT

J.P.

Morgan

Inflation

Managed

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Electric

#### Utilities
NRG

Energy,

Inc.,

5.41%,

10/15/2035(a)

5,000

4,994

Pacific

Gas

and

Electric

Co.

,

4.55%,

7/1/2030

590,000

587,465

5.70%,

3/1/2035

125,000

128,508

PPL

Capital

Funding,

Inc.

,

5.25%,

9/1/2034

150,000

153,615

SCE

Recovery

Funding

LLC

,

4.45%,

3/15/2036

175,000

175,375

Southern

California

Edison

Co.

,

5.45%,

3/1/2035

425,000

430,896

Southwestern

Electric

Power

Co.

,

Series

M,

4.10%,

9/15/2028

400,000

399,720

Virginia

Electric

and

Power

Co.

,

5.15%,

3/15/2035

150,000

152,619

Vistra

Operations

Co.

LLC

,

5.70%,

12/30/2034(a)

190,000

196,111

7,001,868

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0

#### .1

#### %
Amphenol

Corp.

,

4.40%,

2/15/2033

260,000

257,268

#### Energy

#### Equipment

#### &

#### Services

#### 0

#### .1

#### %
Halliburton

Co.

,

2.92%,

3/1/2030

120,000

113,515

Schlumberger

Holdings

Corp.

,

3.90%,

5/17/2028(a)

160,000

159,651

273,166

#### Entertainment

#### 0

#### .1

#### %
Take-Two

Interactive

Software,

Inc.

,

5.60%,

6/12/2034

210,000

219,176

#### Financial

#### Services

#### 0

#### .7

#### %
Corebridge

Financial,

Inc.

,

3.65%,

4/5/2027

90,000

89,430

Fiserv,

Inc.

,

5.35%,

3/15/2031

360,000

369,399

Global

Payments,

Inc.

,

2.15%,

1/15/2027

665,000

651,012

LSEG

Finance

plc

,

2.00%,

4/6/2028(a)

270,000

258,275

Nationwide

Building

Society

,

5.13%,

7/29/2029(a)

270,000

277,359

1,645,475

#### Food

#### Products

#### 0

#### .4

#### %
Bimbo

Bakeries

USA,

Inc.

,

6.05%,

1/15/2029(a)

210,000

219,550

Bunge

Ltd.

Finance

Corp.

,

4.20%,

9/17/2029

330,000

330,188

5.15%,

8/4/2035

50,000

50,790

JBS

USA

Holding

Lux

Sarl

,

5.50%,

1/15/2036(a)

255,000

259,120

Mars,

Inc.

,

5.00%,

3/1/2032(a)

130,000

133,997

993,645

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Gas

#### Utilities

#### 0

#### .0

#### %

#### †
ONE

Gas,

Inc.

,

2.00%,

5/15/2030

70,000

64,029

#### Ground

#### Transportation

#### 0

#### .1

#### %
Canadian

Pacific

Railway

Co.

,

2.05%,

3/5/2030

60,000

55,142

Penske

Truck

Leasing

Co.

LP

,

5.55%,

5/1/2028(a)

100,000

102,854

Uber

Technologies,

Inc.

,

4.80%,

9/15/2034

190,000

189,945

4.80%,

9/15/2035

10,000

9,947

357,888

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0

#### .1

#### %
Zimmer

Biomet

Holdings,

Inc.

,

5.50%,

2/19/2035

170,000

176,299

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0

#### .7

#### %
Cencora,

Inc.

,

5.15%,

2/15/2035

200,000

204,411

Cigna

Group

(The)

,

5.25%,

1/15/2036

260,000

264,682

CVS

Health

Corp.

,

1.88%,

2/28/2031

230,000

201,801

HCA,

Inc.

,

4.13%,

6/15/2029

415,000

413,593

3.50%,

9/1/2030

300,000

288,497

Humana,

Inc.

,

3.95%,

3/15/2027

150,000

149,565

Quest

Diagnostics,

Inc.

,

2.95%,

6/30/2030

170,000

160,830

1,683,379

#### Health

#### Care

#### REITs

#### 0

#### .3

#### %
Alexandria

Real

Estate

Equities,

Inc.

,

3.38%,

8/15/2031

260,000

243,027

Healthpeak

OP

LLC

,

2.13%,

12/1/2028

280,000

264,437

Welltower

OP

LLC

,

2.75%,

1/15/2032

270,000

245,629

753,093

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0

#### .2

#### %
Expedia

Group,

Inc.

,

3.25%,

2/15/2030

480,000

460,355

#### Industrial

#### REITs

#### 0

#### .1

#### %
Goodman

US

Finance

Three

LLC

,

3.70%,

3/15/2028(a)

110,000

108,864

Prologis

LP

,

4.75%,

6/15/2033

210,000

211,772

320,636

#### Insurance

#### 0

#### .5

#### %
Aon

North

America,

Inc.

,

5.45%,

3/1/2034

240,000

249,412

Athene

Global

Funding

,

2.72%,

1/7/2029(a)

320,000

302,728

Brown

&

Brown,

Inc.

,

5.25%,

6/23/2032

145,000

148,281

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

J.P.

Morgan

Inflation

Managed

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Insurance
CNO

Global

Funding

,

1.75%,

10/7/2026(a)

200,000

196,445

F&G

Global

Funding

,

2.30%,

4/11/2027(a)

360,000

351,497

Five

Corners

Funding

Trust

II

,

2.85%,

5/15/2030(a)

120,000

112,971

1,361,334

#### Interactive

#### Media

#### &

#### Services

#### 0

#### .1

#### %
Meta

Platforms,

Inc.

,

4.60%,

11/15/2032

10,000

10,080

4.88%,

11/15/2035

135,000

134,819

144,899

#### Leisure

#### Products

#### 0

#### .1

#### %
Hasbro,

Inc.

,

3.90%,

11/19/2029

180,000

177,022

#### Media

#### 0

#### .5

#### %
Comcast

Corp.

,

5.17%,

1/15/2037(a)

697,000

687,220

Time

Warner

Cable

Enterprises

LLC

,

8.38%,

7/15/2033

405,000

467,344

1,154,564

#### Metals

#### &

#### Mining

#### 0

#### .2

#### %
Glencore

Funding

LLC

,

2.50%,

9/1/2030(a)

380,000

348,188

Steel

Dynamics,

Inc.

,

1.65%,

10/15/2027

100,000

96,049

444,237

#### Multi-Utilities

#### 0

#### .6

#### %
Ameren

Corp.

,

5.00%,

1/15/2029

200,000

204,461

Consumers

Energy

Co.

,

4.63%,

5/15/2033

90,000

90,267

DTE

Energy

Co.

,

5.20%,

4/1/2030

210,000

216,673

NiSource,

Inc.

,

5.25%,

3/30/2028

170,000

174,287

Public

Service

Enterprise

Group,

Inc.

,

1.60%,

8/15/2030

90,000

79,767

Puget

Energy,

Inc.

,

2.38%,

6/15/2028

280,000

267,930

Sempra

,

3.70%,

4/1/2029

365,000

359,237

1,392,622

#### Office

#### REITs

#### 0

#### .2

#### %
COPT

Defense

Properties

LP

,

2.00%,

1/15/2029

140,000

130,754

Kilroy

Realty

LP

,

2.65%,

11/15/2033

330,000

270,745

401,499

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 1

#### .6

#### %
APA

Infrastructure

Ltd.

,

5.13%,

9/16/2034(a)

70,000

70,541

Cheniere

Energy

Partners

LP

,

5.55%,

10/30/2035(a)

20,000

20,448

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
Cheniere

Energy,

Inc.

,

5.65%,

4/15/2034

150,000

155,607

Columbia

Pipelines

Holding

Co.

LLC

,

5.68%,

1/15/2034(a)

530,000

546,074

Coterra

Energy,

Inc.

,

3.90%,

5/15/2027

220,000

219,169

Enbridge,

Inc.

,

5.70%,

3/8/2033

340,000

358,118

Energy

Transfer

LP

,

5.25%,

7/1/2029

210,000

216,106

5.70%,

4/1/2035

330,000

341,592

Eni

SpA

,

4.25%,

5/9/2029(a)

260,000

259,953

Enterprise

Products

Operating

LLC

,

3.95%,

2/15/2027

120,000

120,112

Kinder

Morgan,

Inc.

,

5.20%,

6/1/2033

250,000

257,253

MPLX

LP

,

4.13%,

3/1/2027

140,000

140,063

4.25%,

12/1/2027

100,000

100,264

2.65%,

8/15/2030

90,000

83,356

NGPL

PipeCo

LLC

,

3.25%,

7/15/2031(a)

140,000

128,794

ONEOK,

Inc.

,

4.95%,

10/15/2032

270,000

271,224

Ovintiv,

Inc.

,

5.38%,

1/1/2026

130,000

130,000

Plains

All

American

Pipeline

LP

,

3.55%,

12/15/2029

210,000

204,011

Sabine

Pass

Liquefaction

LLC

,

4.50%,

5/15/2030

170,000

170,688

Shell

Finance

US,

Inc.

,

4.75%,

1/6/2036

50,000

49,926

Williams

Cos.,

Inc.

(The)

,

5.60%,

3/15/2035

170,000

176,797

4,020,096

#### Pharmaceuticals

#### 0

#### .1

#### %
Takeda

Pharmaceutical

Co.

Ltd.

,

2.05%,

3/31/2030

200,000

182,744

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0

#### .1

#### %
Mitsui

Fudosan

Co.

Ltd.

,

3.65%,

7/20/2027(a)

200,000

199,365

#### Residential

#### REITs

#### 0

#### .3

#### %
Essex

Portfolio

LP

,

1.65%,

1/15/2031

260,000

226,902

Mid-America

Apartments

LP

,

1.70%,

2/15/2031

210,000

183,941

UDR,

Inc.

,

3.20%,

1/15/2030

160,000

153,731

2.10%,

8/1/2032

100,000

85,439

650,013

NVIT

J.P.

Morgan

Inflation

Managed

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Retail

#### REITs

#### 0

#### .4

#### %
Brixmor

Operating

Partnership

LP

,

2.25%,

4/1/2028

230,000

220,835

NNN

REIT,

Inc.

,

4.30%,

10/15/2028

260,000

261,518

4.60%,

2/15/2031

50,000

50,346

Realty

Income

Corp.

,

4.13%,

10/15/2026

180,000

180,178

Regency

Centers

LP

,

2.95%,

9/15/2029

100,000

95,900

3.70%,

6/15/2030

110,000

107,897

916,674

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0

#### .5

#### %
Broadcom,

Inc.

,

4.11%,

9/15/2028

605,000

606,663

4.80%,

2/15/2036

53,000

52,297

Marvell

Technology,

Inc.

,

2.95%,

4/15/2031

340,000

314,902

5.45%,

7/15/2035

32,000

32,970

NXP

BV

,

2.50%,

5/11/2031

420,000

380,092

1,386,924

#### Software

#### 0

#### .4

#### %
Cadence

Design

Systems,

Inc.

,

4.70%,

9/10/2034

40,000

39,986

Oracle

Corp.

,

4.50%,

5/6/2028

230,000

229,953

2.88%,

3/25/2031

300,000

269,578

4.80%,

9/26/2032

100,000

96,542

Roper

Technologies,

Inc.

,

4.90%,

10/15/2034

180,000

179,607

Synopsys,

Inc.

,

5.15%,

4/1/2035

200,000

203,269

1,018,935

#### Specialized

#### REITs

#### 0

#### .5

#### %
American

Tower

Corp.

,

1.45%,

9/15/2026

600,000

589,049

Crown

Castle,

Inc.

,

4.45%,

2/15/2026

170,000

169,969

Equinix,

Inc.

,

2.90%,

11/18/2026

180,000

178,214

Extra

Space

Storage

LP

,

2.20%,

10/15/2030

300,000

271,412

1,208,644

#### Specialty

#### Retail

#### 0

#### .1

#### %
AutoZone,

Inc.

,

1.65%,

1/15/2031

170,000

148,951

O'Reilly

Automotive,

Inc.

,

3.60%,

9/1/2027

240,000

238,587

387,538

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0

#### .0

#### %

#### †
Dell

International

LLC

,

5.30%,

4/1/2032

110,000

113,137

#### Tobacco

#### 0

#### .3

#### %
Altria

Group,

Inc.

,

2.45%,

2/4/2032

350,000

309,499

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Tobacco
BAT

Capital

Corp.

,

2.26%,

3/25/2028

400,000

384,908

694,407

#### Trading

#### Companies

#### &

#### Distributors

#### 0

#### .0

#### %

#### †
Aviation

Capital

Group

LLC

,

5.13%,

4/10/2030(a)

120,000

121,841

#### Water

#### Utilities

#### 0

#### .1

#### %
American

Water

Capital

Corp.

,

5.25%,

3/1/2035

250,000

257,717

#### Wireless

#### Telecommunication

#### Services

#### 0

#### .2

#### %
T-Mobile

USA,

Inc.

,

4.95%,

3/15/2028

190,000

193,522

3.88%,

4/15/2030

360,000

354,015

547,537

#### Total

#### Corporate

#### Bonds

#### (cost

#### $69,144,319)

#### 69,415,870

#### Foreign

#### Government

#### Security

#### 0

#### .1

#### %

#### MEXICO

#### 0

#### .1

#### %
United

Mexican

States

,

6.00%,

5/13/2030

200,000

209,600

#### Total

#### Foreign

#### Government

#### Security

#### (cost

#### $205,022)

#### 209,600

#### Mortgage-Backed

#### Securities

#### 14

#### .6

#### %
FHLMC

Pool

Gold

Pool

Pool#

WN1011

2.21%,

7/1/2029

1,000,000

944,091

Pool#

WN4013

4.47%,

12/1/2033

625,000

624,028

FHLMC

UMBS

Pool

Pool#

SD8157

3.00%,

7/1/2051

283,816

252,210

Pool#

RA6606

3.00%,

1/1/2052

104,425

93,442

Pool#

SD1549

3.50%,

4/1/2052

196,594

183,155

Pool#

RA7779

4.50%,

8/1/2052

142,868

141,062

Pool#

SD8267

5.00%,

11/1/2052

87,400

87,615

FNMA

Pool

Pool#

BS6526

3.50%,

10/1/2029

1,691,000

1,665,547

Pool#

AN9043

3.44%,

5/1/2030

1,549,802

1,512,496

Pool#

BZ5419

4.17%,

11/1/2030

1,656,000

1,659,107

Pool#

BZ3977

4.42%,

6/1/2032

500,000

501,252

Pool#

BZ3982

4.66%,

6/1/2032

397,637

404,262

Pool#

BZ5943

4.78%,

6/1/2032

500,000

508,294

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

J.P.

Morgan

Inflation

Managed

Fund

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FNMA

Pool

Pool#

BZ4488

4.42%,

8/1/2032

205,000

205,292

Pool#

BZ4871

4.23%,

10/1/2032

205,000

203,062

Pool#

AN8880

3.69%,

6/1/2033

1,400,000

1,340,081

Pool#

CB5339

5.00%,

11/1/2052

475,492

475,704

FNMA

UMBS

Pool

Pool#

FM4389

3.50%,

9/1/2050

114,455

106,925

Pool#

MA4468

3.50%,

11/1/2051

121,941

113,566

Pool#

CB2523

2.50%,

1/1/2052

40,572

34,648

Pool#

MA4655

4.00%,

7/1/2052

48,347

46,140

Pool#

CB6031

5.00%,

4/1/2053

196,063

196,789

Pool#

FS6259

4.50%,

6/1/2053

201,966

199,378

FNMA/FHLMC

UMBS,

Year,

Single

Family

Conventional

Pool

TBA

6.00%,

1/25/2056

75,000

77,004

FNMA/FHLMC

UMBS,

Year,

Single

Family

TBA

3.00%,

1/25/2056

6,000,000

5,306,016

3.50%,

1/25/2056

2,500,000

2,311,035

4.00%,

1/25/2056

3,000,000

2,845,274

5.00%,

1/25/2056

8,775,000

8,750,320

5.50%,

1/25/2056

4,160,000

4,218,168

GNMA

II

Pool

Pool#

MA6868

4.00%,

9/20/2050

197,425

188,822

Pool#

786082

3.00%,

11/20/2051

58,757

52,193

Pool#

MA8148

3.00%,

7/20/2052

255,809

230,151

Pool#

788066

4.00%,

7/20/2065

1,122,604

1,070,619

#### Total

#### Mortgage-Backed

#### Securities

#### (cost

#### $36,453,936)

#### 36,547,748

#### U.S.

#### Treasury

#### Obligations

#### 53

#### .4

#### %
U.S.

Treasury

Inflation

Linked

Notes

0.38%,

7/15/2027

(c) 9,364,077

9,254,724

1.25%,

4/15/2028

36,267,557

36,119,308

2.38%,

10/15/2028

26,777,978

27,574,733

1.63%,

4/15/2030

32,956,227

33,117,797

#### U.S.

#### Treasury

#### Obligations

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
U.S.

Treasury

Inflation

Linked

Notes

1.88%,

7/15/2035

27,307,828

27,234,712

#### Total

#### U.S.

#### Treasury

#### Obligations

#### (cost

#### $133,906,536)

#### 133,301,274

#### Total

#### Investments

#### (cost

#### $248,445,942)

#### —

#### 99.4%

#### 248,240,233

#### Other

#### assets

#### in

#### excess

#### of

#### liabilities

#### —

#### 0.6%

#### 1,555,113

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 249,795,346
†

Amount

rounds

to

less

than

0.1%.

(a) Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

December

31,

2025

was

$21,846,712

which

represents

8.75%

of

net

assets.

(b) Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

December

31,

2025. (c) Security

or

a

portion

of

the

security

was

used

to

cover

the

margin

requirement

for

swaps

contracts.

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

REIT

Real

Estate

Investment

Trust

UMBS

Uniform

Mortgage-Backed

Securities

NVIT

J.P.

Morgan

Inflation

Managed

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Centrally

#### Cleared

#### Credit

#### default

#### swap

#### contracts

#### outstanding

#### -

#### buy

#### protection

#### as

#### of

#### December

#### 31,

#### 2025

#### 1

#### :

#### Reference

#### Obligation/Index

#### Financing

#### Rate

#### Paid

#### by

#### the

#### Fund

#### (%)

#### Payment

#### Frequency

#### Maturity

#### Date

#### Implied

#### Credit

#### Spread

#### (%)

#### 2

#### Notional

#### Amount

#### 3

#### Upfront

#### Payments
(Receipts)

#### ($)

#### 4

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Value

#### ($)
Markit

CDX

North

American

Investment

Grade

Index

Series

45-V1

1.00 Quarterly

12/20/2030

0.50 USD

32,230,000

(678,047)

(60,713)

(738,760)

(678,047)

(60,713)

(738,760)

The

Fund,

as

a

buyer

of

credit

protection,

pays

periodic

payments

and

any

upfront

premium

to

the

protection

seller,

and

is

obligated

to

receive

a

contingent

payment,

upon

occurrence

of

a

credit

event

with

respect

to

an

underlying

reference

obligation,

as

defined

under

the

terms

of

each

individual

swap

contract.

Implied

credit

spreads

are

an

indication

of

the

seller's

performance

risk,

related

to

the

likelihood

of

a

credit

event

occurring

that

would

require

a

seller

to

make

a

payment

to

a

buyer.

Implied

credit

spreads

are

used

to

determine

the

value

of

swap

contracts

and

reflect

the

cost

of

buying/selling

protection,

which

may

include

upfront

payments

made

to

enter

into

the

contract.

Therefore,

higher

spreads

would

indicate

a

greater

likelihood

that

a

seller

will

be

obligated

to

perform

(i.e.,

make

payment)

under

the

swap

contract.

Increasing

values,

in

absolute

terms

and

relative

notional

amounts,

are

also

indicative

of

greater

performance

risk.

Implied

credit

spreads

for

credit

default

swaps

on

credit

indices

are

linked

to

the

weighted

average

spread

across

the

underlying

reference

obligations

included

in

a

particular

index.

The

notional

amount

is

the

maximum

amount

that

a

seller

of

credit

protection

would

be

obligated

to

pay

and

a

buyer

of

credit

protection

would

receive,

upon

occurrence

of

a

credit

event.

Upfront

premiums

generally

related

to

payments

received

or

paid

at

the

initiation

of

the

swap

agreement

to

compensate

for

differences

between

the

stated

terms

of

the

swap

agreement

and

current

market

conditions

(credit

spreads,

interest

rates

and

other

relevant

factors).

#### Currency:
USD

United

States

dollar

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

J.P.

Morgan

Inflation

Managed

Fund

#### Centrally

#### Cleared

#### Inflation-Linked

#### swap

#### contracts

#### outstanding

#### as

#### of

#### December

#### 31,

#### 2025

#### :

#### Floating

#### Rate

#### Index

#### Fixed

#### Rate

#### Pay/

#### Receive

#### Floating

#### Rate

#### Maturity

#### Date

#### Notional

#### Amount

#### Upfront

#### Payment
(Receipts)

#### ($)

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Value

#### ($)

Month

USCPI

At

Termination

2.43%

At

Termination

Rec

11/25/2035

USD

2,045,000

563

(3,520)

(2,957)

Month

USCPI

At

Termination

2.59%

At

Termination

Rec

11/6/2028

USD

570,000

767

(3,847)

(3,080)

Month

USCPI

At

Termination

2.53%

At

Termination

Rec

10/24/2030

USD

520,000

(915) (2,375)

(3,290)

Month

USCPI

At

Termination

2.49%

At

Termination

Rec

10/24/2035

USD

405,000

–

(2,238)

(2,238)

Month

USCPI

At

Termination

2.57%

At

Termination

Rec

11/4/2028

USD

1,675,000

(8,513)

(8,282)

Month

USCPI

At

Termination

2.49%

At

Termination

Rec

11/4/2035

USD

250,000

(1,655)

(1,446)

Month

USCPI

At

Termination

2.53%

At

Termination

Rec

11/4/2030

USD

345,000

(85) (2,146)

(2,231)

Month

USCPI

At

Termination

2.53%

At

Termination

Rec

11/4/2030

USD

690,000

(4,706)

(4,462)

Month

USCPI

At

Termination

2.74%

At

Termination

Rec

9/15/2028

USD

370,000

–

(3,097)

(3,097)

Month

USCPI

At

Termination

2.48%

At

Termination

Rec

11/4/2035

USD

810,000

(4,379)

(4,337)

Month

USCPI

At

Termination

2.42%

At

Termination

Rec

12/23/2035

USD

880,000

2,047

(4,069)

(2,022)

Month

USCPI

At

Termination

2.40%

At

Termination

Rec

12/2/2035

USD

2,555,000

–

(2,053)

(2,053)

Month

USCPI

At

Termination

2.43%

At

Termination

Rec

12/8/2030

USD

3,775,000

3,592

(15,228)

(11,636)

Month

USCPI

At

Termination

2.49%

At

Termination

Rec

11/18/2030

USD

24,350,000

–

(122,733)

(122,733)

Month

USCPI

At

Termination

2.48%

At

Termination

Rec

11/18/2035

USD

41,980,000

–

(231,068)

(231,068)

Month

USCPI

At

Termination

2.46%

At

Termination

Rec

11/24/2030

USD

9,105,000

(1,369)

(34,086)

(35,455)

Month

USCPI

At

Termination

2.49%

At

Termination

Rec

11/24/2028

USD

11,260,000

(94) (38,381)

(38,475)

Month

USCPI

At

Termination

2.72%

At

Termination

Rec

10/6/2028

USD

465,000

–

(3,705)

(3,705)

Month

USCPI

At

Termination

2.56%

At

Termination

Rec

10/2/2035

USD

305,000

–

(3,294)

(3,294)

#### Total

#### unrealized

#### depreciation
5,232

(491,093)

(485,861)

#### Net

#### unrealized

#### depreciation
5,232

(491,093)

(485,861)

–

–

–

#### Currency:
USD

United

States

dollar

NVIT

J.P.

Morgan

Inflation

Managed

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Centrally

#### Cleared

#### Interest

#### rate

#### swap

#### contracts

#### outstanding

#### as

#### of

#### December

#### 31,

#### 2025

#### :

#### Floating

#### Rate

#### Index

#### Fixed

#### Rate

#### Pay/

#### Receive

#### Floating

#### Rate

#### Maturity

#### Date

#### Notional

#### Amount

#### Upfront

#### Payment
(Receipts)

#### ($)

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Value

#### ($)

Day

SOFR

annually

4.06%

annually

Pay

11/18/2035

USD

16,355,000

–

(80,280)

(80,280)

Day

SOFR

annually

4.13%

annually

Pay

12/12/2035

USD

2,277,000

–

(6,367)

(6,367)

Day

SOFR

annually

4.10%

annually

Pay

12/12/2035

USD

2,278,000

–

(8,396)

(8,396)

Day

SOFR

annually

4.03%

annually

Pay

4/29/2035

USD

1,900,000

–

(5,563)

(5,563)

#### Total

#### unrealized

#### depreciation
–

(100,606)

(100,606)

#### Net

#### unrealized

#### depreciation
–

(100,606)

(100,606)

#### Currency:
USD

United

States

dollar

As

of

December

31,

2025,

the

Fund

had

$3,873,078

segregated

as

collateral

for

swap

contracts.

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

#### Index

#### Reference

#### Rate

Month

United

States

Consumer

Price

Index

(USCPI)

3.24%

Day

Secured

Overnight

Financing

Rate

(SOFR)

3.87%

#### Futures

#### contracts

#### outstanding

#### as

#### of

#### December

#### 31,

#### 2025:

#### Description

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### ($)

#### Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Long

#### Contracts
U.S.

Treasury

Year

Note

3/2026

USD

44,075,500

(257,799)

U.S.

Treasury

Long

Bond

3/2026

USD

1,733,906

(16,900)

#### Total

#### long

#### contracts
(274,699)

#### Short

#### Contracts
U.S.

Treasury

Year

Note

(32)

3/2026

USD

(6,681,250)

1,657

U.S.

Treasury

Year

Note

(85)

3/2026

USD

(9,290,898)

31,767

U.S.

Treasury

Year

Ultra

Note

(3)

3/2026

USD

(345,047)

2,128

U.S.

Treasury

Ultra

Bond

(35)

3/2026

USD

(4,130,000)

71,282

#### Total

#### short

#### contracts
106,834

#### Net

#### contracts
(167,865)

#### Currency:
USD

United

States

Dollar

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Loomis

Core

Bond

Fund

#### Asset-Backed

#### Securities

#### 12

#### .2

#### %

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Airlines

#### 0

#### .4

#### %
AASET,

Series

2025-

1A,

Class

A,

5.94%,

2/16/2050(a)

480,149

489,330

British

Airways

Pass-Through

Trust,

Series

2021-1,

Class

B,

3.90%,

9/15/2031(a)

2,766,469

2,655,816

PK

Alift

Loan

Funding

LP,

Series

2025-2,

Class

A,

4.75%,

3/15/2043(a)

1,167,259

1,169,459

United

Airlines

Pass-Through

Trust

Series

2020-1,

Class

B,

4.88%,

1/15/2026

12,602

12,602

Series

2020-1,

Class

A,

5.88%,

10/15/2027

3,502,601

3,591,398

Series

2024-1,

Class

AA,

5.45%,

2/15/2037

2,655,184

2,729,677

Series

2024-1,

Class

A,

5.88%,

2/15/2037

2,896,564

2,967,163

13,615,445

#### Automobiles

#### 6

#### .3

#### %
Ally

Auto

Receivables

Trust,

Series

2025-1,

Class

A3,

3.96%,

3/15/2030

2,010,000

2,016,170

American

Credit

Acceptance

Receivables

Trust,

Series

2025-2,

Class

C,

5.11%,

3/12/2031(a)

3,095,000

3,125,653

AmeriCredit

Automobile

Receivables

Trust,

Series

2022-2,

Class

B,

4.81%,

4/18/2028

631,154

631,615

AutoNation

Finance

Trust,

Series

2025-1A,

Class

A3,

4.62%,

11/13/2029(a)

2,180,000

2,199,973

Avis

Budget

Rental

Car

Funding

AESOP

LLC

Series

2024-1A,

Class

A,

5.36%,

6/20/2030(a)

8,370,000

8,630,127

Series

2025-2A,

Class

A,

5.12%,

8/20/2031(a)

2,945,000

3,017,483

BMW

Vehicle

Lease

Trust,

Series

2025-1,

Class

A3,

4.43%,

6/26/2028

1,655,000

1,669,302

BofA

Auto

Trust,

Series

2025-1A,

Class

A3,

4.35%,

11/20/2029(a)

1,515,000

1,525,038

Bridgecrest

Lending

Auto

Securitization

Trust

Series

2025-2,

Class

A3,

4.78%,

12/15/2028

6,445,000

6,475,760

Series

2025-3,

Class

A3,

4.66%,

1/15/2029

3,665,000

3,680,575

Carmax

Auto

Owner

Trust,

Series

2025-4,

Class

A3,

3.97%,

12/16/2030

2,555,000

2,559,012

CarMax

Auto

Owner

Trust,

Series

2025-2,

Class

A3,

4.48%,

3/15/2030

2,875,000

2,906,284

#### Asset-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Automobiles
CarMax

Select

Receivables

Trust

Series

2024-A,

Class

A3,

5.40%,

11/15/2028

1,000,000

1,009,096

Series

2025-A,

Class

A3,

4.77%,

9/17/2029

4,565,000

4,603,779

Carvana

Auto

Receivables

Trust

Series

2025-P3,

Class

A3,

4.04%,

11/11/2030

3,558,000

3,566,890

Series

2025-P2,

Class

A4,

4.75%,

6/10/2031

6,015,000

6,108,600

Chesapeake

Funding

II

LLC,

Series

2023-2A,

Class

A1,

6.16%,

10/15/2035(a)

531,231

536,844

Credit

Acceptance

Auto

Loan

Trust

Series

2025-1A,

Class

A,

5.02%,

3/15/2035(a)

11,265,000

11,394,106

Series

2025-2A,

Class

B,

4.87%,

1/15/2036(a)

3,770,000

3,803,042

Enterprise

Fleet

Financing

LLC

Series

2025-1,

Class

A3,

4.82%,

2/20/2029(a)

1,075,000

1,093,211

Series

2025-3,

Class

A3,

4.46%,

9/20/2029(a)

5,110,000

5,173,758

Exeter

Automobile

Receivables

Trust

Series

2025-2A,

Class

A3,

4.74%,

1/16/2029

7,590,000

7,611,507

Series

2025-1A,

Class

C,

5.09%,

5/15/2031

8,147,000

8,247,396

Exeter

Select

Automobile

Receivables

Trust,

Series

2025-1,

Class

A3,

4.69%,

4/15/2030

1,250,000

1,263,791

First

Investors

Auto

Owner

Trust,

Series

2025-

1A,

Class

C,

4.75%,

12/15/2031(a)

4,040,000

4,048,149

Ford

Credit

Auto

Lease

Trust

Series

2024-B,

Class

A3,

4.99%,

12/15/2027

1,070,000

1,075,952

Series

2025-A,

Class

A3,

4.72%,

6/15/2028

1,355,000

1,366,397

Ford

Credit

Auto

Owner

Trust,

Series

2024-1,

Class

A,

4.87%,

8/15/2036(a)(b)

2,482,000

2,545,281

GLS

Auto

Receivables

Issuer

Trust

Series

2024-4A,

Class

A3,

4.75%,

7/17/2028(a)

1,000,000

1,002,734

Series

2025-4A,

Class

A3,

4.29%,

7/16/2029(a)

1,920,000

1,925,341

Series

2025-2A,

Class

C,

5.11%,

1/15/2031(a)

1,840,000

1,859,978

GLS

Auto

Select

Receivables

Issuer

Trust,

Series

2025-

4A,

Class

A2,

4.17%,

2/18/2031(a)

1,715,000

1,719,840

NVIT

Loomis

Core

Bond

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Asset-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Automobiles
GLS

Auto

Select

Receivables

Trust

Series

2025-1A,

Class

A2,

4.71%,

4/15/2030(a)

1,097,821

1,105,946

Series

2025-3A,

Class

A2,

4.46%,

10/15/2030(a)

2,113,742

2,126,916

GM

Financial

Automobile

Leasing

Trust

Series

2024-2,

Class

A3,

5.39%,

7/20/2027

2,192,538

2,201,661

Series

2025-1,

Class

A3,

4.66%,

2/21/2028

1,825,000

1,839,946

Series

2025-3,

Class

A3,

4.17%,

8/21/2028

4,355,000

4,377,719

Harley-Davidson

Motorcycle

Trust,

Series

2023-A,

Class

A3,

5.05%,

12/15/2027

1,784,118

1,789,490

Huntington

Bank

Auto

Credit-

Linked

Notes,

Series

2024-2,

Class

B1,

5.44%,

10/20/2032(a)

425,106

429,668

Hyundai

Auto

Receivables

Trust,

Series

2025-B,

Class

A3,

4.36%,

12/17/2029

2,110,000

2,130,143

LAD

Auto

Receivables

Trust

Series

2025-1A,

Class

A3,

4.69%,

7/16/2029(a)

2,930,000

2,953,956

Series

2025-2A,

Class

A3,

4.25%,

1/15/2030(a)

7,985,000

8,017,065

M&T

Bank

Auto

Receivables

Trust,

Series

2025-

1A,

Class

A3,

4.73%,

6/17/2030(a)

935,000

947,682

NextGear

Floorplan

Master

Owner

Trust,

Series

2025-

2A,

Class

A2,

4.23%,

10/15/2030(a)

2,805,000

2,810,300

Octane

Receivables

Trust

Series

2024-3A,

Class

A2,

4.94%,

5/20/2030(a)

540,208

543,143

Series

2025-1A,

Class

A2,

4.25%,

2/20/2031(a)

5,220,000

5,223,380

Santander

Drive

Auto

Receivables

Trust

Series

2025-3,

Class

A2,

4.63%,

10/16/2028

4,172,546

4,185,292

Series

2024-5,

Class

A3,

4.62%,

11/15/2028

1,452,464

1,454,830

Series

2025-1,

Class

A3,

4.74%,

1/16/2029

3,910,000

3,918,506

Series

2024-3,

Class

A3,

5.63%,

1/16/2029

2,094,043

2,102,412

Series

2025-2,

Class

A3,

4.67%,

8/15/2029

10,805,000

10,864,170

Series

2025-4,

Class

A3,

4.17%,

4/15/2030

3,325,000

3,337,433

Series

2025-1,

Class

C,

5.04%,

3/17/2031

3,081,000

3,117,966

SBNA

Auto

Lease

Trust,

Series

2024-B,

Class

A3,

5.56%,

11/22/2027(a)

1,803,182

1,812,773

#### Asset-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Automobiles
SFS

Auto

Receivables

Securitization

Trust

Series

2025-1A,

Class

A3,

4.75%,

7/22/2030(a)

910,000

919,664

Series

2025-2A,

Class

A3,

4.44%,

12/20/2030(a)

5,965,000

6,015,534

Stellantis

Financial

Underwritten

Enhanced

Lease

Trust

Series

2025-BA,

Class

A3,

4.27%,

1/22/2029(a)

5,340,000

5,368,596

Series

2025-CA,

Class

A3,

4.11%,

4/20/2029(a)

9,585,000

9,598,774

Toyota

Lease

Owner

Trust,

Series

2025-B,

Class

A3,

3.96%,

11/20/2028(a)

3,830,000

3,839,435

USB

Auto

Owner

Trust,

Series

2025-1A,

Class

A3,

4.49%,

6/17/2030(a)

870,000

877,076

Westlake

Automobile

Receivables

Trust

Series

2023-4A,

Class

A3,

6.24%,

7/15/2027(a)

381,173

381,717

Series

2024-3A,

Class

A3,

4.71%,

4/17/2028(a)

3,000,000

3,009,611

Series

2025-1A,

Class

A3,

4.75%,

8/15/2028(a)

2,675,000

2,689,656

Series

2025-2A,

Class

A3,

4.51%,

5/15/2029(a)

1,690,000

1,698,752

Series

2025-3A,

Class

A3,

4.22%,

6/15/2029(a)

2,400,000

2,408,151

Series

2025-1A,

Class

C,

5.14%,

10/15/2030(a)

1,769,000

1,787,650

Wheels

Fleet

Lease

Funding

LLC,

Series

2024-2A,

Class

A1,

4.87%,

6/21/2039(a)

3,103,419

3,133,982

Wheels

Fleet

Lease

Funding

LLC,

Series

2025-3A,

Class

A1,

4.08%,

9/18/2040(a)

3,605,000

3,614,338

World

Omni

Auto

Receivables

Trust

Series

2024-C,

Class

A3,

4.43%,

12/17/2029

2,424,000

2,438,435

Series

2025-C,

Class

A3,

4.08%,

11/15/2030

6,335,000

6,370,463

World

Omni

Select

Auto

Trust

Series

2024-A,

Class

A2A,

5.37%,

2/15/2028

69,780

69,823

Series

2024-A,

Class

A3,

4.98%,

2/15/2030

1,250,000

1,256,261

231,160,999

#### Credit

#### Card

#### 0

#### .5

#### %
BA

Credit

Card

Trust,

Series

2023-A1,

Class

A1,

4.79%,

5/15/2028

2,912,000

2,921,710

Capital

One

Multi-Asset

Execution

Trust,

Series

2023-A1,

Class

A,

4.42%,

5/15/2028

4,000,000

4,007,666

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Loomis

Core

Bond

Fund

#### Asset-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Credit

#### Card
Chase

Issuance

Trust,

Series

2023-A1,

Class

A,

5.16%,

9/15/2028

8,500,000

8,579,990

Discover

Card

Execution

Note

Trust,

Series

2023-A1,

Class

A,

4.31%,

3/15/2028

4,000,000

4,004,069

19,513,435

#### Equipment

#### Loans

#### &

#### Leases

#### 0

#### .4

#### %
Amur

Equipment

Finance

Receivables

XI

LLC,

Series

2022-2A,

Class

A2,

5.30%,

6/21/2028(a)

69,743

69,882

Auxilior

Term

Funding

LLC,

Series

2023-1A,

Class

A2,

6.18%,

12/15/2028(a)

248,447

249,679

Dllad

LLC

Series

2024-1A,

Class

A2,

5.50%,

8/20/2027(a)

282,540

283,790

Series

2024-1A,

Class

A3,

5.30%,

7/20/2029(a)

1,250,000

1,276,024

MetroNet

Infrastructure

Issuer

LLC,

Series

2025-2A,

Class

A2,

5.40%,

8/20/2055(a)

2,595,000

2,622,517

OWN

Equipment

Fund

II

LLC,

Series

2025-1M,

Class

A,

5.48%,

9/26/2033(a)

2,372,559

2,386,393

SCF

Equipment

Leasing

LLC

Series

2025-1A,

Class

A3,

5.11%,

11/21/2033(a)

1,980,000

2,021,174

Series

2025-2A,

Class

A3,

4.33%,

6/20/2036(a)

5,125,000

5,140,657

14,050,116

#### Other

#### 4

#### .4

#### %
720

East

CLO

V

Ltd.,

Series

2024-2A,

Class

A1,

5.41%,

7/20/2037(a)(c)

8,500,000

8,514,578

Affirm

Master

Trust,

Series

2025-2A,

Class

A,

4.67%,

7/15/2033(a)

6,660,000

6,705,044

Applebee's

Funding

LLC,

Series

2025-1A,

Class

A2,

6.72%,

6/7/2055(a)

12,135,000

12,207,786

Ares

XXXIX

CLO

Ltd.,

Series

2016-39A,

Class

AR3,

5.30%,

7/18/2037(a)(c)

14,900,000

14,933,510

BHG

Securitization

Trust,

Series

2025-2CON,

Class

A,

4.84%,

9/17/2036(a)

2,703,434

2,728,115

Bluepeak

ABS

Issuer

LLC,

Series

2025-1A,

Class

A2,

5.86%,

12/20/2055(a)

9,155,000

9,192,850

Cedar

Funding

VIII

CLO

Ltd.,

Series

2017-8A,

Class

DRR,

6.83%,

1/17/2038(a)

(c) 3,269,319

3,278,535

Cerberus

Loan

Funding

XXXIX

LP,

Series

2022-

3A,

Class

AR,

5.30%,

1/15/2033(a)(c)

1,739,424

1,741,012

#### Asset-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Other
Cerberus

Loan

Funding

XXXVII

LP,

Series

2022-

1A,

Class

A1,

5.68%,

4/15/2034(a)(c)

5,600,000

5,600,638

Compass

Datacenters

Issuer

III

LLC,

Series

2025-

1A,

Class

A2,

5.66%,

2/25/2050(a)

1,300,000

1,314,989

CVS

Pass-Through

Trust

6.04%,

12/10/2028

1,977,638

1,997,553

6.94%,

1/10/2030

4,492,477

4,661,753

CyrusOne

Data

Centers

Issuer

I

LLC,

Series

2025-

1A,

Class

A2,

5.91%,

2/20/2050(a)

2,170,000

2,202,084

DB

Master

Finance

LLC,

Series

2021-1A,

Class

A2I,

2.05%,

11/20/2051(a)

4,018,560

3,941,864

Frontier

Issuer

LLC,

Series

2023-1,

Class

A2,

6.60%,

8/20/2053(a)

2,090,000

2,109,149

GreenSky

Home

Improvement

Issuer

Trust,

Series

2024-2,

Class

A4,

5.15%,

10/27/2059(a)

690,407

701,671

Hilton

Grand

Vacations

Trust

Series

2022-2A,

Class

A,

4.30%,

1/25/2037(a)

198,073

197,482

Series

2023-1A,

Class

A,

5.72%,

1/25/2038(a)

356,117

364,337

Magnetite

XVII

Ltd.,

Series

2016-17A,

Class

AR2,

5.38%,

4/20/2037(a)(c)

8,500,000

8,522,500

Marathon

CLO

Ltd.,

Series

2020-15A,

Class

A1R3,

5.30%,

8/15/2037(a)(c)

8,750,000

8,755,049

New

Economy

Assets

Phase

Sponsor

LLC,

Series

2021-1,

Class

A1,

1.91%,

10/20/2061(a)

7,268,000

6,067,272

OneMain

Financial

Issuance

Trust,

Series

2019-

2A,

Class

A,

3.14%,

10/14/2036(a)

3,625,000

3,573,716

Planet

Fitness

Master

Issuer

LLC,

Series

2025-1A,

Class

A2I,

5.27%,

12/6/2055(a)

2,475,000

2,485,338

Reach

ABS

Trust,

Series

2024-2A,

Class

A,

5.88%,

7/15/2031(a)

519,198

521,324

Regional

Management

Issuance

Trust

Series

2024-2,

Class

A,

5.11%,

12/15/2033(a)

1,865,000

1,879,472

Series

2024-1,

Class

A,

5.83%,

7/15/2036(a)

929,000

946,965

SBA

Tower

Trust,

2.59%,

10/15/2031(a)

3,130,000

2,823,902

Shentel

Issuer

LLC,

Series

2025-1A,

Class

A2,

5.64%,

12/20/2055(a)

6,270,000

6,326,722

NVIT

Loomis

Core

Bond

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Asset-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Other
SoFi

Consumer

Loan

Program

Trust,

Series

2025-2,

Class

A,

4.82%,

6/25/2034(a)

1,371,745

1,379,656

Textainer

Marine

Containers

VII

Ltd.

Series

2020-2A,

Class

A,

2.10%,

9/20/2045(a)

2,052,917

1,948,998

Series

2021-2A,

Class

A,

2.23%,

4/20/2046(a)

2,365,667

2,240,581

TIF

Funding

III

LLC,

Series

2024-1A,

Class

A,

5.48%,

4/20/2049(a)

3,480,213

3,493,299

Tricon

American

Homes

Trust,

Series

2019-SFR1,

Class

A,

2.75%,

3/17/2038(a)

7,497,035

7,466,720

Wellington

Management

CLO

Ltd.

Series

2024-3A,

Class

A1,

5.24%,

7/18/2037(a)(c)

1,350,000

1,353,602

Series

2024-3A,

Class

B,

5.53%,

7/18/2037(a)(c)

500,000

500,886

Wise

CLO

Ltd.,

Series

2024-2A,

Class

A,

5.36%,

7/15/2037(a)(c)

8,500,000

8,514,382

Zayo

Issuer

LLC,

Series

2025-2A,

Class

A2,

5.95%,

6/20/2055(a)

7,765,000

7,963,659

159,156,993

#### Student

#### Loan

#### 0

#### .2

#### %
Navient

Private

Education

Refi

Loan

Trust

Series

2021-EA,

Class

A,

0.97%,

12/16/2069(a)

3,530,724

3,184,338

Series

2021-GA,

Class

A,

1.58%,

4/15/2070(a)

3,627,899

3,295,434

6,479,772

#### Total

#### Asset-Backed

#### Securities

#### (cost

#### $443,979,380)

#### 443,976,760

#### Collateralized

#### Mortgage

#### Obligations

#### 0

#### .2

#### %
FNMA

REMICS,

Series

2007-6,

Class

PA,

5.50%,

2/25/2037

22,730

23,737

GNMA

REMICS,

Series

2023-19,

Class

WB,

5.64%,

11/20/2051(c)

1,727,325

1,788,209

NYMT

Loan

Trust,

Series

2024-BPL2,

Class

A1,

6.51%,

5/25/2039(a)(b)

4,393,000

4,432,486

Verus

Securitization

Trust,

Series

2021-3,

Class

A1,

1.05%,

6/25/2066(a)(c)

2,160,388

1,905,918

#### Total

#### Collateralized

#### Mortgage

#### Obligations

#### (cost

#### $8,333,343)

#### 8,150,350

#### Commercial

#### Mortgage-Backed

#### Securities

#### 1

#### .7

#### %

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
ALA

Trust,

Series

2025-

OANA,

Class

A,

5.49%,

6/15/2040(a)(c)

1,845,000

1,851,916

Aventura

Mall

Trust,

Series

2018-AVM,

Class

A,

4.11%,

7/5/2040(a)(c)

1,400,000

1,389,323

BANK5,

Series

2024-

5YR11,

Class

A3,

5.89%,

11/15/2057

14,000,000

14,716,276

BANK5

Trust,

Series

2024-

5YR6,

Class

A3,

6.23%,

5/15/2057

2,600,000

2,739,621

Benchmark

Mortgage

Trust,

Series

2024-V7,

Class

A3,

6.23%,

5/15/2056(c)

2,405,000

2,538,235

BFLD

Commercial

Mortgage

Trust,

Series

2025-

660F,

Class

A,

5.25%,

11/15/2042(a)(c)

4,060,000

4,071,415

BMO

Mortgage

Trust,

Series

2024-5C6,

Class

A3,

5.32%,

9/15/2057

10,888,000

11,197,009

BX

Trust

Series

2024-VLT4,

Class

A,

5.24%,

6/15/2041(a)(c)

275,000

274,914

Series

2025-DELC,

Class

A,

5.51%,

12/15/2042(a)(c)

2,260,000

2,262,819

Series

2025-VLT7,

Class

A,

5.45%,

7/15/2044(a)(c)

8,630,000

8,643,375

Citigroup

Commercial

Mortgage

Trust,

Series

2018-C6,

Class

A4,

4.41%,

11/10/2051

4,505,000

4,492,743

CSMC

OA

LLC,

Series

2014-

USA,

Class

A2,

3.95%,

9/15/2037(a)

2,010,000

1,846,373

Extended

Stay

America

Trust,

Series

2025-ESH,

Class

A,

5.05%,

10/15/2042(a)(c)

1,240,000

1,241,936

GS

Mortgage

Securities

Corp.

Trust,

Series

2013-PEMB,

Class

A,

3.55%,

3/5/2033(a)

(c) 125,000

89,375

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2025-BMS,

Class

A,

5.35%,

1/15/2042(a)(c)

3,740,000

3,738,827

NY

Commercial

Mortgage

Trust,

Series

2025-

299P,

Class

A,

5.66%,

2/10/2047(a)(c)

739,000

776,694

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### (cost

#### $61,613,542)

#### 61,870,851

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Loomis

Core

Bond

Fund

#### Corporate

#### Bonds

#### 34

#### .7

#### %

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Aerospace

#### &

#### Defense

#### 0

#### .4

#### %
Boeing

Co.

(The)

,

2.20%,

2/4/2026

4,607,000

4,598,231

3.25%,

2/1/2035

3,500,000

3,064,547

3.55%,

3/1/2038(d)

1,060,000

892,255

GE

Capital

Funding

LLC

,

4.55%,

5/15/2032

1,207,000

1,219,278

Rolls-Royce

plc

,

5.75%,

10/15/2027(a)(d)

3,620,000

3,710,876

13,485,187

#### Automobiles

#### 0

#### .6

#### %
General

Motors

Co.

,

5.63%,

4/15/2030(d)

4,395,000

4,579,256

Honda

Motor

Co.

Ltd.

,

4.69%,

7/8/2030(d)

4,270,000

4,323,296

Hyundai

Capital

America

,

1.80%,

1/10/2028(a)(d)

672,000

641,017

4.25%,

9/18/2028(a)(d)

2,150,000

2,150,739

5.15%,

3/27/2030(a)(d)

4,920,000

5,040,233

Stellantis

Finance

US,

Inc.

,

6.45%,

3/18/2035(a)(d)

4,010,000

4,168,434

20,902,975

#### Banks

#### 5

#### .9

#### %
Bank

of

America

Corp.

,

4.45%,

3/3/2026

4,155,000

4,157,994

(CME

Term

SOFR

Month

+

1.47%),

3.97%,

2/7/2030(e)

2,340,000

2,326,824

(SOFR

+

2.15%),

2.59%,

4/29/2031(e)

4,605,000

4,290,851

Bank

of

Montreal

,

(United

States

SOFR

Compounded

Index

+

0.67%),

5.00%,

1/27/2029(d)(e)

1,855,000

1,890,146

Bank

of

Nova

Scotia

(The)

,

(SOFR

+

1.09%),

4.34%,

9/15/2031(d)(e)

6,945,000

6,921,159

Barclays

plc

,

(SOFR

+

2.21%),

5.83%,

5/9/2027(e)

8,000,000

8,045,019

BNP

Paribas

SA

,

4.38%,

5/12/2026(a)(d)

8,500,000

8,497,942

CaixaBank

SA

,

(SOFR

+

1.36%),

4.89%,

7/3/2031(a)(e)

4,995,000

5,063,919

Canadian

Imperial

Bank

of

Commerce

,

(SOFR

+

1.03%),

4.86%,

3/30/2029(d)(e)

8,935,000

9,082,707

Citigroup,

Inc.

,

(SOFR

+

1.14%),

4.64%,

5/7/2028(e)

12,360,000

12,460,333

Citizens

Financial

Group,

Inc.

,

(SOFR

+

2.01%),

5.84%,

1/23/2030(e)

1,336,000

1,393,453

Commonwealth

Bank

of

Australia

,

4.42%,

3/14/2028(d)

4,660,000

4,717,393

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Banks
Credit

Agricole

SA

,

(SOFR

+

1.13%),

5.23%,

1/9/2029(a)(d)(e)

3,622,000

3,698,446

Federation

des

Caisses

Desjardins

du

Quebec

,

4.57%,

8/26/2030(a)(d)

4,360,000

4,388,429

Fifth

Third

Bank

NA

,

(SOFR

+

0.81%),

4.97%,

1/28/2028(d)(e)

1,390,000

1,403,083

HSBC

Holdings

plc

,

(SOFR

+

1.57%),

5.24%,

5/13/2031(d)(e)

3,260,000

3,358,702

(SOFR

+

1.43%),

5.13%,

11/6/2036(d)(e)

2,305,000

2,311,304

HSBC

USA,

Inc.

,

4.65%,

6/3/2028(d)

3,115,000

3,161,916

Huntington

Bancshares,

Inc.

,

(SOFR

+

1.28%),

5.27%,

1/15/2031(e)

2,627,000

2,703,057

Huntington

National

Bank

(The)

,

5.65%,

1/10/2030

2,000,000

2,095,770

ING

Groep

NV

,

(SOFR

+

1.01%),

4.86%,

3/25/2029(d)(e)

1,770,000

1,796,480

KBC

Group

NV

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.85%),

4.45%,

9/23/2031(a)(d)(e)

9,450,000

9,425,802

M&T

Bank

Corp.

,

(SOFR

+

1.40%),

5.18%,

7/8/2031(d)(e)

3,540,000

3,634,250

Mizuho

Financial

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.92%),

4.71%,

7/8/2031(d)(e)

8,545,000

8,655,327

Morgan

Stanley

Private

Bank

NA

,

(SOFR

+

1.08%),

4.73%,

7/18/2031(d)(e)

6,770,000

6,862,732

(SOFR

+

1.02%),

4.47%,

11/19/2031(e)

9,774,000

9,799,588

NatWest

Markets

plc

,

4.79%,

3/21/2028(a)(d)

6,360,000

6,462,668

Norinchukin

Bank

(The)

,

4.67%,

9/9/2030(a)(d)

3,380,000

3,402,090

PNC

Financial

Services

Group,

Inc.

(The)

,

(United

States

SOFR

Compounded

Index

+

1.73%),

6.62%,

10/20/2027(e)

2,671,000

2,724,267

Royal

Bank

of

Canada

,

(SOFR

+

0.89%),

4.50%,

8/6/2029(d)(e)

13,930,000

14,065,296

(SOFR

+

1.03%),

5.15%,

2/4/2031(e)

1,275,000

1,312,627

NVIT

Loomis

Core

Bond

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Banks
Santander

Holdings

USA,

Inc.

,

(SOFR

+

2.36%),

6.50%,

3/9/2029(d)(e)

1,280,000

1,333,811

Santander

UK

Group

Holdings

plc

,

(United

States

SOFR

Compounded

Index

+

1.58%),

5.14%,

9/22/2036(d)(e)

3,200,000

3,191,599

Societe

Generale

SA

,

(SOFR

+

1.65%),

5.51%,

5/22/2031(a)(d)(e)

7,330,000

7,555,176

Svenska

Handelsbanken

AB

,

4.38%,

5/23/2028(a)(d)

6,340,000

6,403,471

Truist

Bank

,

(SOFR

+

0.77%),

4.42%,

7/24/2028(d)(e)

7,125,000

7,165,812

(SOFR

+

0.91%),

4.14%,

10/23/2029(e)

4,795,000

4,791,342

Wells

Fargo

&

Co.

,

3.00%,

4/22/2026(d)

5,000,000

4,986,222

(SOFR

+

1.51%),

3.53%,

3/24/2028(d)(e)

3,183,000

3,162,307

(SOFR

+

1.07%),

5.71%,

4/22/2028(e)

3,500,000

3,572,445

(SOFR

+

1.50%),

3.35%,

3/2/2033(d)(e)

3,000,000

2,800,011

(SOFR

+

2.02%),

5.39%,

4/24/2034(d)(e)

5,665,000

5,894,048

(SOFR

+

1.74%),

5.61%,

4/23/2036(e)

3,900,000

4,087,636

215,053,454

#### Beverages

#### 0

#### .1

#### %
Bacardi-Martini

BV

,

5.55%,

2/1/2030(a)

3,485,000

3,594,721

#### Biotechnology

#### 0

#### .3

#### %
Amgen,

Inc.

,

4.05%,

8/18/2029(d)

1,675,000

1,673,627

5.25%,

3/2/2030(d)

1,019,000

1,056,934

CSL

Finance

plc

,

4.25%,

4/27/2032(a)

7,000,000

6,881,669

9,612,230

#### Broadline

#### Retail

#### 0

#### .4

#### %
Amazon.com,

Inc.

,

4.65%,

11/20/2035(d)

9,326,000

9,288,286

eBay,

Inc.

,

4.25%,

3/6/2029

4,020,000

4,031,586

Macy's

Retail

Holdings

LLC

,

5.88%,

3/15/2030(a)

1,120,000

1,125,676

14,445,548

#### Building

#### Products

#### 0

#### .1

#### %
Carrier

Global

Corp.

,

2.49%,

2/15/2027

1,046,000

1,028,991

2.72%,

2/15/2030(d)

3,515,000

3,309,240

4,338,231

#### Capital

#### Markets

#### 3

#### .9

#### %
Antares

Holdings

LP

,

6.35%,

10/23/2029(a)(d)

1,885,000

1,922,385

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Capital

#### Markets
Apollo

Debt

Solutions

BDC

,

5.88%,

8/30/2030(d)

2,730,000

2,761,272

Ares

Capital

Corp.

,

5.80%,

3/8/2032(d)

1,850,000

1,868,175

Bain

Capital

Specialty

Finance,

Inc.

,

5.95%,

3/15/2030(d)

1,125,000

1,120,658

Bank

of

New

York

Mellon

(The)

,

(SOFR

+

1.14%),

4.73%,

4/20/2029(e)

7,720,000

7,847,148

Bank

of

New

York

Mellon

Corp.

(The)

,

(SOFR

+

0.89%),

4.94%,

2/11/2031(e)

3,075,000

3,162,003

Barings

BDC,

Inc.

,

5.20%,

9/15/2028(d)

4,635,000

4,612,281

BGC

Group,

Inc.

,

6.15%,

4/2/2030(d)

1,835,000

1,900,039

Blue

Owl

Credit

Income

Corp.

,

6.60%,

9/15/2029

2,575,000

2,648,238

Brookfield

Asset

Management

Ltd.

,

4.65%,

11/15/2030(d)

9,125,000

9,190,403

Carlyle

Secured

Lending,

Inc.

,

5.75%,

2/15/2031

2,870,000

2,825,423

Deutsche

Bank

AG

,

(SOFR

+

1.72%),

5.30%,

5/9/2031(d)(e)

7,520,000

7,704,739

(SOFR

+

1.30%),

4.95%,

8/4/2031(d)(e)

3,780,000

3,818,214

Goldman

Sachs

Group,

Inc.

(The)

,

(SOFR

+

1.33%),

4.94%,

10/21/2036(e)

9,131,000

9,064,538

Golub

Capital

BDC,

Inc.

,

7.05%,

12/5/2028(d)

4,821,000

5,087,271

Golub

Capital

Private

Credit

Fund

,

5.45%,

8/15/2028(a)(d)

1,125,000

1,131,999

Hercules

Capital,

Inc.

,

6.00%,

6/16/2030

2,285,000

2,313,979

HPS

Corporate

Lending

Fund

,

5.45%,

1/14/2028

2,241,000

2,264,914

5.45%,

11/15/2030(a)(d)

2,960,000

2,951,311

KKR

&

Co.,

Inc.

,

5.10%,

8/7/2035(d)

3,477,000

3,477,011

LPL

Holdings,

Inc.

,

5.15%,

6/15/2030

3,370,000

3,436,773

Main

Street

Capital

Corp.

,

5.40%,

8/15/2028

5,085,000

5,112,021

Marex

Group

plc

,

5.83%,

5/8/2028(d)

6,085,000

6,183,418

Morgan

Stanley

,

3.63%,

1/20/2027

4,000,000

3,989,586

(CME

Term

SOFR

Month

+

1.40%),

3.77%,

1/24/2029(e)

2,825,000

2,809,042

(SOFR

+

1.11%),

5.23%,

1/15/2031(e)

2,750,000

2,836,590

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Loomis

Core

Bond

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Capital

#### Markets
Morgan

Stanley,

(SOFR

+

1.02%),

1.93%,

4/28/2032(d)(e)

4,630,000

4,062,166

Morgan

Stanley

Direct

Lending

Fund

,

6.00%,

5/19/2030

1,220,000

1,248,972

MSD

Investment

Corp.

,

6.25%,

5/31/2030(a)(d)

1,615,000

1,625,180

6.13%,

2/5/2031(a)

1,119,000

1,110,765

Nasdaq,

Inc.

,

5.35%,

6/28/2028

1,231,000

1,270,291

New

Mountain

Finance

Corp.

,

6.88%,

2/1/2029(d)

1,835,000

1,864,314

North

Haven

Private

Income

Fund

LLC

,

5.13%,

9/25/2028(a)(d)

1,885,000

1,881,519

Nuveen

LLC

,

5.55%,

1/15/2030(a)(d)

1,000,000

1,041,318

TPG

Operating

Group

II

LP

,

5.38%,

1/15/2036(d)

6,095,000

6,075,153

UBS

Group

AG

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.75%),

4.75%,

5/12/2028(a)(d)(e)

10,000,000

10,080,876

(SOFR

+

1.73%),

3.09%,

5/14/2032(a)(e)

1,250,000

1,159,715

(SOFR

+

1.29%),

4.84%,

11/6/2033(a)(e)

10,538,000

10,548,110

144,007,810

#### Chemicals

#### 0

#### .9

#### %
Dow

Chemical

Co.

(The)

,

4.80%,

1/15/2031

7,440,000

7,397,840

Eastman

Chemical

Co.

,

5.00%,

8/1/2029(d)

1,525,000

1,555,849

LYB

International

Finance

III

LLC

,

5.13%,

1/15/2031(d)

1,766,000

1,772,552

Mosaic

Co.

(The)

,

4.35%,

1/15/2029(d)

2,104,000

2,109,993

PPG

Industries,

Inc.

,

4.38%,

3/15/2031(d)

5,850,000

5,843,004

Syensqo

Finance

America

LLC

,

5.85%,

6/4/2034(a)(d)

7,891,000

8,231,804

Westlake

Corp.

,

6.38%,

11/15/2055

4,730,000

4,653,480

31,564,522

#### Commercial

#### Services

#### &

#### Supplies

#### 0

#### .2

#### %
Element

Fleet

Management

Corp.

,

5.04%,

3/25/2030(a)(d)

2,175,000

2,222,882

4.64%,

11/24/2030(a)

6,210,000

6,227,316

8,450,198

#### Construction

#### Materials

#### 0

#### .1

#### %
Eagle

Materials,

Inc.

,

5.00%,

3/15/2036

2,617,000

2,563,434

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Consumer

#### Finance

#### 1

#### .6

#### %
Ally

Financial,

Inc.

,

(SOFR

+

1.78%),

5.55%,

7/31/2033(d)(e)

10,655,000

10,733,000

American

Express

Co.

,

(SOFR

+

1.24%),

4.80%,

10/24/2036(e)

3,840,000

3,791,763

Avolon

Holdings

Funding

Ltd.

,

4.95%,

10/15/2032(a)

11,300,000

11,176,882

Capital

One

Financial

Corp.

,

(SOFR

+

1.25%),

4.49%,

9/11/2031(d)(e)

3,390,000

3,385,028

Caterpillar

Financial

Services

Corp.

,

3.95%,

11/14/2028(d)

8,620,000

8,640,264

Ford

Motor

Credit

Co.

LLC

,

5.80%,

3/5/2027(d)

2,690,000

2,723,505

5.11%,

5/3/2029(d)

585,000

585,903

Macquarie

Airfinance

Holdings

Ltd.

,

5.20%,

3/27/2028(a)

3,625,000

3,679,732

Stellantis

Financial

Services

US

Corp.

,

4.95%,

9/15/2028(a)(d)

7,100,000

7,197,559

Synchrony

Financial

,

(SOFR

+

1.68%),

5.45%,

3/6/2031(d)(e)

1,205,000

1,235,487

Toyota

Motor

Credit

Corp.

,

4.65%,

9/3/2032(d)

5,123,000

5,170,686

58,319,809

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0

#### .2

#### %
Alimentation

Couche-Tard,

Inc.

,

4.15%,

9/29/2028(a)

7,725,000

7,733,176

#### Containers

#### &

#### Packaging

#### 0

#### .6

#### %
Amcor

Flexibles

North

America,

Inc.

,

4.80%,

3/17/2028

5,645,000

5,722,568

Amcor

Group

Finance

plc

,

5.45%,

5/23/2029(d)

3,615,000

3,736,971

Sealed

Air

Corp.

,

1.57%,

10/15/2026(a)(d)

4,545,000

4,448,496

Silgan

Holdings,

Inc.

,

1.40%,

4/1/2026(a)

2,350,000

2,330,022

Sonoco

Products

Co.

,

4.60%,

9/1/2029(d)

4,680,000

4,717,538

20,955,595

#### Diversified

#### REITs

#### 0

#### .3

#### %
Equinix

Europe

Financing

Corp.

LLC

,

4.60%,

11/15/2030

5,920,000

5,937,841

VICI

Properties

LP

,

4.75%,

4/1/2028

2,675,000

2,703,156

Vornado

Realty

LP

,

2.15%,

6/1/2026(d)

3,400,000

3,362,523

12,003,520

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .3

#### %
AT&T,

Inc.

,

4.35%,

3/1/2029(d)

2,955,000

2,970,403

NVIT

Loomis

Core

Bond

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Diversified

#### Telecommunication

#### Services
AT&T,

Inc.,

2.55%,

12/1/2033(d)

8,073,000

6,890,065

Sprint

Capital

Corp.

,

6.88%,

11/15/2028(d)

195,000

209,260

10,069,728

#### Electric

#### Utilities

#### 2

#### .7

#### %
AES

Panama

Generation

Holdings

SRL

,

4.38%,

5/31/2030(a)

2,439,259

2,291,745

Alliant

Energy

Finance

LLC

,

4.25%,

6/15/2028(a)(d)

9,525,000

9,472,768

American

Electric

Power

Co.,

Inc.

,

Series

D,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.94%),

6.05%,

3/15/2056(d)(e)

3,309,000

3,251,192

Capital

Power

US

Holdings,

Inc.

,

5.26%,

6/1/2028(a)

2,315,000

2,359,827

Duke

Energy

Ohio,

Inc.

,

5.25%,

4/1/2033

4,385,000

4,542,350

Electricite

de

France

SA

,

5.70%,

5/23/2028(a)(d)

779,000

804,949

Enel

Finance

International

NV

,

4.38%,

9/30/2030(a)

10,220,000

10,176,793

Evergy

Missouri

West,

Inc.

,

3.75%,

3/15/2032(a)

3,140,000

2,900,981

Fells

Point

Funding

Trust

,

3.05%,

1/31/2027(a)

6,825,000

6,742,532

Florida

Power

&

Light

Co.

,

5.60%,

2/15/2066(d)

9,005,000

8,863,762

IPALCO

Enterprises,

Inc.

,

5.75%,

4/1/2034

2,309,000

2,352,696

Kentucky

Utilities

Co.

,

Series

KENT,

5.45%,

4/15/2033(d)

3,675,000

3,854,670

NextEra

Energy

Capital

Holdings,

Inc.

,

4.69%,

9/1/2027

4,095,000

4,143,661

1.90%,

6/15/2028(d)

2,320,000

2,210,769

NSTAR

Electric

Co.

,

4.85%,

3/1/2030

1,175,000

1,199,863

Pacific

Gas

and

Electric

Co.

,

5.00%,

6/4/2028(d)

1,840,000

1,871,542

6.15%,

3/1/2055(d)

5,225,000

5,168,952

PPL

Capital

Funding,

Inc.

,

4.13%,

4/15/2030(d)

472,000

468,909

Public

Service

Co.

of

New

Hampshire

,

4.40%,

7/1/2028

3,450,000

3,482,200

RWE

Finance

US

LLC

,

5.88%,

9/18/2055(a)

5,802,000

5,673,099

Southern

California

Edison

Co.

,

5.85%,

11/1/2027

2,100,000

2,157,803

Virginia

Electric

and

Power

Co.

,

Series

D,

5.60%,

9/15/2055(d)

6,170,000

5,992,570

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Electric

#### Utilities
Vistra

Operations

Co.

LLC

,

3.70%,

1/30/2027(a)

6,000,000

5,957,940

Xcel

Energy,

Inc.

,

4.75%,

3/21/2028(d)

1,520,000

1,539,702

97,481,275

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0

#### .1

#### %
TD

SYNNEX

Corp.

,

4.30%,

1/17/2029

3,540,000

3,533,575

#### Energy

#### Equipment

#### &

#### Services

#### 0

#### .1

#### %
Schlumberger

Holdings

Corp.

,

3.90%,

5/17/2028(a)

4,389,000

4,379,412

#### Financial

#### Services

#### 0

#### .7

#### %
Apollo

Global

Management,

Inc.

,

5.15%,

8/12/2035

2,275,000

2,279,105

Atlas

Warehouse

Lending

Co.

LP

,

4.95%,

11/15/2030(a)

3,465,000

3,476,515

Block

Financial

LLC

,

5.38%,

9/15/2032

4,705,000

4,735,332

Global

Payments,

Inc.

,

4.88%,

11/15/2030(d)

9,107,000

9,117,155

Nationwide

Building

Society

,

4.35%,

9/30/2030(a)(d)

6,790,000

6,792,546

26,400,653

#### Food

#### Products

#### 0

#### .6

#### %
Campbell's

Co.

(The)

,

4.55%,

3/21/2031

8,125,000

8,084,437

Cargill,

Inc.

,

5.38%,

10/23/2055(a)(d)

4,120,000

3,965,091

JBS

USA

Holding

Lux

Sarl

,

3.63%,

1/15/2032(d)

641,000

599,830

6.25%,

3/1/2056(a)(d)

8,330,000

8,290,695

20,940,053

#### Ground

#### Transportation

#### 0

#### .4

#### %
Ashtead

Capital,

Inc.

,

4.38%,

8/15/2027(a)

2,500,000

2,497,716

4.00%,

5/1/2028(a)

6,500,000

6,428,895

4.25%,

11/1/2029(a)(d)

1,730,000

1,708,995

Burlington

Northern

Santa

Fe

LLC

,

5.55%,

3/15/2056

2,850,000

2,809,363

13,444,969

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0

#### .1

#### %
GE

HealthCare

Technologies,

Inc.

,

4.15%,

12/15/2028

1,858,000

1,863,121

4.80%,

8/14/2029(d)

1,741,000

1,779,572

3,642,693

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0

#### .8

#### %
CVS

Health

Corp.

,

5.00%,

2/20/2026(d)

8,000,000

8,003,041

1.75%,

8/21/2030(d)

4,080,000

3,623,939

6.20%,

9/15/2055(d)

4,600,000

4,670,568

Elevance

Health,

Inc.

,

4.00%,

9/15/2028

7,730,000

7,718,311

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Loomis

Core

Bond

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Health

#### Care

#### Providers

#### &

#### Services
HCA,

Inc.

,

5.38%,

9/1/2026(d)

690,000

691,490

3.13%,

3/15/2027

1,099,000

1,087,491

5.63%,

9/1/2028(d)

145,000

149,462

UnitedHealth

Group,

Inc.

,

2.00%,

5/15/2030(d)

3,050,000

2,781,699

28,726,001

#### Health

#### Care

#### REITs

#### 0

#### .2

#### %
Healthpeak

OP

LLC

,

3.25%,

7/15/2026

1,025,000

1,020,014

Omega

Healthcare

Investors,

Inc.

,

5.20%,

7/1/2030

5,060,000

5,149,476

6,169,490

#### Hotel

#### &

#### Resort

#### REITs

#### 0

#### .1

#### %
Host

Hotels

&

Resorts

LP

,

4.25%,

12/15/2028(d)

1,415,000

1,416,387

5.70%,

6/15/2032(d)

3,355,000

3,503,078

4,919,465

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0

#### .3

#### %
Brightstar

Lottery

plc

,

5.25%,

1/15/2029(a)(d)

4,145,000

4,135,588

Las

Vegas

Sands

Corp.

,

5.63%,

6/15/2028

6,405,000

6,567,015

10,702,603

#### Household

#### Products

#### 0

#### .2

#### %
Procter

&

Gamble

Co.

(The)

,

4.10%,

11/3/2032(d)

6,167,000

6,130,588

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0

#### .0

#### %

#### †
Alexander

Funding

Trust

II

,

7.47%,

7/31/2028(a)(d)

1,770,000

1,885,761

#### Industrial

#### REITs

#### 0

#### .1

#### %
LXP

Industrial

Trust

,

6.75%,

11/15/2028

1,878,000

1,992,943

2.38%,

10/1/2031(d)

471,000

411,730

2,404,673

#### Insurance

#### 4

#### .2

#### %
American

National

Global

Funding

,

4.63%,

12/15/2028(a)

3,828,000

3,843,791

5.25%,

6/3/2030(a)

5,725,000

5,817,134

American

National

Group,

Inc.

,

6.00%,

7/15/2035(d)

3,290,000

3,336,150

Athene

Global

Funding

,

4.83%,

5/9/2028(a)(d)

5,105,000

5,146,374

5.38%,

1/7/2030(a)(d)

1,130,000

1,155,353

Brighthouse

Financial

Global

Funding

,

5.65%,

6/10/2029(a)(d)

4,150,000

4,240,698

CNO

Global

Funding

,

4.38%,

9/8/2028(a)

5,400,000

5,406,658

4.70%,

12/11/2030(a)

3,647,000

3,651,679

F&G

Global

Funding

,

4.65%,

9/8/2028(a)(d)

2,385,000

2,400,145

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Insurance
Fortitude

Global

Funding

,

4.63%,

10/6/2028(a)(d)

3,575,000

3,575,705

GA

Global

Funding

Trust

,

5.50%,

4/1/2032(a)(d)

3,658,000

3,738,931

Global

Atlantic

Fin

Co.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.55%),

7.25%,

3/1/2056(a)(e)

5,125,000

5,149,023

Jackson

National

Life

Global

Funding

,

4.70%,

6/5/2028(a)(d)

6,900,000

6,969,158

4.55%,

9/9/2030(a)(d)

5,015,000

4,995,558

Lincoln

Financial

Global

Funding

,

4.63%,

5/28/2028(a)

4,860,000

4,906,150

MassMutual

Global

Funding

II

,

4.95%,

1/10/2030(a)

4,628,000

4,737,914

Mutual

of

Omaha

Cos.

Global

Funding

,

5.00%,

4/1/2030(a)(d)

1,545,000

1,579,137

New

York

Life

Global

Funding

,

4.15%,

7/25/2028(a)

8,595,000

8,641,586

NLG

Global

Funding

,

5.40%,

1/23/2030(a)

390,000

400,856

4.35%,

9/15/2030(a)(d)

8,335,000

8,225,294

Pacific

Life

Global

Funding

II

,

4.85%,

2/10/2030(a)

4,620,000

4,721,889

Pine

Street

Trust

III

,

6.22%,

5/15/2054(a)(d)

2,995,000

3,036,155

Pricoa

Global

Funding

I

,

4.75%,

8/26/2032(a)(d)

5,655,000

5,693,306

Protective

Life

Corp.

,

4.70%,

1/15/2031(a)

3,414,000

3,424,756

RGA

Global

Funding

,

4.60%,

11/25/2030(a)

5,539,000

5,536,631

5.00%,

8/25/2032(a)(d)

8,840,000

8,906,963

Sammons

Financial

Group

Global

Funding

,

4.95%,

6/12/2030(a)(d)

7,675,000

7,783,771

SBL

Holdings,

Inc.

,

5.90%,

9/26/2028(a)(d)

8,015,000

7,972,528

Western-Southern

Global

Funding

,

4.50%,

7/16/2028(a)

5,358,000

5,397,986

4.70%,

12/10/2032(a)

8,440,000

8,390,240

Willis

North

America,

Inc.

,

4.55%,

3/15/2031

4,323,000

4,328,377

153,109,896

#### Interactive

#### Media

#### &

#### Services

#### 0

#### .1

#### %
Meta

Platforms,

Inc.

,

5.63%,

11/15/2055

4,150,000

3,983,049

#### IT

#### Services

#### 0

#### .5

#### %
CGI,

Inc.

,

4.95%,

3/14/2030(a)

7,805,000

7,909,588

Gartner,

Inc.

,

5.60%,

11/20/2035(d)

9,075,000

9,050,647

NVIT

Loomis

Core

Bond

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### IT

#### Services
Kyndryl

Holdings,

Inc.

,

2.05%,

10/15/2026

1,054,000

1,036,673

17,996,908

#### Leisure

#### Products

#### 0

#### .1

#### %
Polaris,

Inc.

,

5.60%,

3/1/2031(d)

2,330,000

2,354,331

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0

#### .1

#### %
Illumina,

Inc.

,

4.75%,

12/12/2030

4,705,000

4,749,941

#### Machinery

#### 0

#### .6

#### %
CNH

Industrial

Capital

LLC

,

4.75%,

3/21/2028

3,065,000

3,099,864

4.50%,

10/16/2030(d)

5,959,000

5,959,191

Cummins,

Inc.

,

5.30%,

5/9/2035

4,420,000

4,583,405

Daimler

Truck

Finance

North

America

LLC

,

4.65%,

10/12/2030(a)(d)

5,230,000

5,266,998

5.63%,

1/13/2035(a)(d)

2,475,000

2,562,199

21,471,657

#### Media

#### 0

#### .4

#### %
Charter

Communications

Operating

LLC

,

3.70%,

4/1/2051

3,165,000

1,992,152

Comcast

Corp.

,

3.30%,

2/1/2027(d)

2,740,000

2,723,945

2.65%,

2/1/2030(d)

3,905,000

3,685,553

2.94%,

11/1/2056

3,432,000

1,928,354

Paramount

Global

,

5.85%,

9/1/2043

3,570,000

2,939,250

13,269,254

#### Metals

#### &

#### Mining

#### 0

#### .1

#### %
Glencore

Funding

LLC

,

5.19%,

4/1/2030(a)

3,050,000

3,134,386

#### Multi-Utilities

#### 0

#### .4

#### %
Black

Hills

Corp.

,

3.05%,

10/15/2029

1,350,000

1,288,375

Dominion

Energy,

Inc.

,

4.60%,

5/15/2028

5,135,000

5,194,930

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.26%),

6.00%,

2/15/2056(d)(e)

2,501,000

2,512,537

DTE

Energy

Co.

,

4.95%,

7/1/2027

2,513,000

2,546,095

NiSource,

Inc.

,

5.25%,

3/30/2028(d)

485,000

497,232

Southern

Co.

Gas

Capital

Corp.

,

3.25%,

6/15/2026

1,250,000

1,245,553

Series

20-A,

1.75%,

1/15/2031(d)

3,120,000

2,760,414

16,045,136

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 1

#### .8

#### %
Aker

BP

ASA

,

6.00%,

6/13/2033(a)

1,000,000

1,046,455

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
APA

Corp.

,

6.75%,

2/15/2055(d)

2,770,000

2,758,799

Boardwalk

Pipelines

LP

,

5.95%,

6/1/2026(d)

1,237,000

1,240,781

5.38%,

2/15/2036(d)

4,235,000

4,256,018

Cheniere

Energy

Partners

LP

,

4.50%,

10/1/2029

795,000

796,671

Chevron

USA,

Inc.

,

4.69%,

4/15/2030

4,990,000

5,104,983

DT

Midstream,

Inc.

,

4.13%,

6/15/2029(a)

675,000

666,101

Energy

Transfer

LP

,

4.75%,

1/15/2026(d)

3,500,000

3,500,612

Enterprise

Products

Operating

LLC

,

Series

E,

(CME

Term

SOFR

Month

+

3.29%),

5.25%,

8/16/2077(d)(e)

2,500,000

2,495,721

MPLX

LP

,

1.75%,

3/1/2026(d)

3,343,000

3,329,816

NGPL

PipeCo

LLC

,

3.25%,

7/15/2031(a)(d)

5,400,000

4,967,782

Occidental

Petroleum

Corp.

,

6.45%,

9/15/2036

2,165,000

2,307,296

ONEOK,

Inc.

,

3.25%,

6/1/2030(d)

2,270,000

2,160,667

5.80%,

11/1/2030(d)

1,209,000

1,274,420

6.25%,

10/15/2055(d)

5,081,000

5,091,725

Phillips

,

1.30%,

2/15/2026(d)

624,000

621,630

Plains

All

American

Pipeline

LP

,

5.60%,

1/15/2036

2,960,000

2,994,235

Raizen

Fuels

Finance

SA

,

6.25%,

7/8/2032(a)(d)

5,310,000

4,460,400

Santos

Finance

Ltd.

,

5.75%,

11/13/2035(a)

2,432,000

2,418,489

South

Bow

USA

Infrastructure

Holdings

LLC

,

5.03%,

10/1/2029(d)

1,876,000

1,902,978

Targa

Resources

Corp.

,

6.13%,

5/15/2055(d)

3,685,000

3,661,855

Targa

Resources

Partners

LP

,

5.00%,

1/15/2028

1,500,000

1,500,373

4.88%,

2/1/2031

1,266,000

1,273,740

Valero

Energy

Partners

LP

,

4.50%,

3/15/2028(d)

320,000

322,176

Var

Energi

ASA

,

5.00%,

5/18/2027(a)

3,815,623

3,846,373

7.50%,

1/15/2028(a)

1,000,000

1,058,971

65,059,067

#### Other

#### Specialized

#### Funds

#### 0

#### .0

#### %

#### †
Prologis

Targeted

US

Logistics

Fund

LP

,

4.25%,

1/15/2031(a)(d)

2,080,000

2,064,630

#### Passenger

#### Airlines

#### 0

#### .3

#### %
Air

Canada

,

3.88%,

8/15/2026(a)(d)

2,510,000

2,498,037

Southwest

Airlines

Co.

,

4.38%,

11/15/2028(d)

4,035,000

4,043,443

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Loomis

Core

Bond

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Passenger

#### Airlines
United

Airlines,

Inc.

,

4.38%,

4/15/2026(a)(d)

817,000

815,980

4.63%,

4/15/2029(a)(d)

3,032,000

3,018,849

10,376,309

#### Pharmaceuticals

#### 0

#### .4

#### %
Bayer

US

Finance

LLC

,

6.25%,

1/21/2029(a)

1,335,000

1,403,353

Merck

&

Co.,

Inc.

,

4.95%,

9/15/2035(d)

3,202,000

3,251,775

5.55%,

12/4/2055

5,420,000

5,347,574

Sanofi

SA

,

4.20%,

11/3/2032(d)

5,074,000

5,066,255

15,068,957

#### Residential

#### REITs

#### 0

#### .2

#### %
Essential

Properties

LP

,

5.40%,

12/1/2035

2,875,000

2,880,290

Mid-America

Apartments

LP

,

4.65%,

1/15/2033(d)

5,482,000

5,474,702

8,354,992

#### Retail

#### REITs

#### 0

#### .1

#### %
Kite

Realty

Group

LP

,

4.00%,

10/1/2026

1,256,000

1,253,894

Kite

Realty

Group

Trust

,

4.75%,

9/15/2030(d)

2,124,000

2,147,453

3,401,347

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0

#### .4

#### %
Analog

Devices,

Inc.

,

4.25%,

6/15/2028

6,925,000

6,982,099

Intel

Corp.

,

5.20%,

2/10/2033(d)

588,000

599,104

Microchip

Technology,

Inc.

,

5.05%,

2/15/2030(d)

2,025,000

2,066,288

NXP

BV

,

4.30%,

8/19/2028

3,580,000

3,593,284

13,240,775

#### Software

#### 0

#### .5

#### %
Microsoft

Corp.

,

3.45%,

8/8/2036(d)

5,000,000

4,566,072

Oracle

Corp.

,

2.95%,

4/1/2030(d)

1,000,000

923,169

5.95%,

9/26/2055(d)

12,155,000

10,769,503

Roper

Technologies,

Inc.

,

4.25%,

9/15/2028

1,880,000

1,886,666

VMware

LLC

,

2.20%,

8/15/2031

2,540,000

2,256,929

20,402,339

#### Specialized

#### REITs

#### 0

#### .6

#### %
Crown

Castle,

Inc.

,

4.45%,

2/15/2026

430,000

429,921

3.70%,

6/15/2026

3,870,000

3,861,243

CubeSmart

LP

,

3.13%,

9/1/2026

3,125,000

3,104,385

EPR

Properties

,

4.75%,

12/15/2026

3,408,000

3,417,847

4.50%,

6/1/2027

385,000

385,588

4.95%,

4/15/2028(d)

340,000

342,474

3.75%,

8/15/2029(d)

140,000

135,628

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Specialized

#### REITs
EPR

Properties,

4.75%,

11/15/2030(d)

6,815,000

6,761,907

Extra

Space

Storage

LP

,

5.70%,

4/1/2028(d)

1,213,000

1,253,228

2.35%,

3/15/2032(d)

1,535,000

1,343,675

21,035,896

#### Specialty

#### Retail

#### 0

#### .5

#### %
AutoNation,

Inc.

,

4.45%,

1/15/2029

7,745,000

7,766,312

Home

Depot,

Inc.

(The)

,

2.88%,

4/15/2027(d)

3,200,000

3,165,894

Lowe's

Cos.,

Inc.

,

4.85%,

10/15/2035(d)

7,870,000

7,805,799

18,738,005

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0

#### .3

#### %
Dell

International

LLC

,

6.02%,

6/15/2026

134,000

134,586

4.75%,

10/6/2032(d)

6,040,000

6,032,063

Hewlett

Packard

Enterprise

Co.

,

4.40%,

10/15/2030(d)

6,640,000

6,619,687

12,786,336

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0

#### .1

#### %
PVH

Corp.

,

5.50%,

6/13/2030

4,966,000

5,047,593

#### Tobacco

#### 0

#### .4

#### %
BAT

Capital

Corp.

,

2.26%,

3/25/2028(d)

4,275,000

4,113,703

BAT

International

Finance

plc

,

1.67%,

3/25/2026(d)

3,036,000

3,019,237

Imperial

Brands

Finance

plc

,

4.50%,

6/30/2028(a)(d)

5,970,000

6,018,071

Philip

Morris

International,

Inc.

,

5.63%,

11/17/2029(d)

1,816,000

1,909,121

15,060,132

#### Trading

#### Companies

#### &

#### Distributors

#### 0

#### .1

#### %
Aviation

Capital

Group

LLC

,

5.13%,

4/10/2030(a)

3,765,000

3,822,752

#### Wireless

#### Telecommunication

#### Services

#### 0

#### .2

#### %
SoftBank

Corp.

,

4.70%,

7/9/2030(a)(d)

3,376,000

3,386,629

T-Mobile

USA,

Inc.

,

2.40%,

3/15/2029(d)

2,561,000

2,425,702

2.88%,

2/15/2031(d)

550,000

510,494

3.30%,

2/15/2051

2,660,000

1,778,146

8,100,971

#### Total

#### Corporate

#### Bonds

#### (cost

#### $1,267,355,991)

#### 1,266,536,008
NVIT

Loomis

Core

Bond

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Foreign

#### Government

#### Security

#### 0

#### .1

#### %

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### MEXICO

#### 0

#### .1

#### %
United

Mexican

States

,

5.38%,

3/22/2033

4,670,000

4,627,970

#### Total

#### Foreign

#### Government

#### Security

#### (cost

#### $4,653,428)

#### 4,627,970

#### Mortgage-Backed

#### Securities

#### 23

#### .6

#### %
FHLMC

Gold

Pool

Pool#

C03795

3.50%,

4/1/2042

333,171

319,066

Pool#

Q08997

3.50%,

6/1/2042

182,685

175,742

Pool#

Q19480

4.00%,

6/1/2043

670,852

652,292

Pool#

V80509

4.00%,

10/1/2043

86,962

85,059

Pool#

Q29697

3.50%,

11/1/2044

228,125

217,282

Pool#

G07961

3.50%,

3/1/2045

192,547

183,236

Pool#

V82196

4.50%,

1/1/2046

81,456

81,402

Pool#

G61281

3.50%,

1/1/2048

542,099

510,146

FHLMC

UMBS

Pool

Pool#

SB0492

2.00%,

10/1/2035

6,441,150

5,980,586

Pool#

SB0861

2.50%,

2/1/2037

4,350,913

4,125,952

Pool#

SB8260

5.00%,

10/1/2038

3,075,956

3,115,887

Pool#

SD8018

4.00%,

10/1/2049

1,398,860

1,347,284

Pool#

QA7325

3.00%,

2/1/2050

896,129

804,188

Pool#

QA6750

3.00%,

2/1/2050

86,149

77,409

Pool#

QA8311

3.00%,

3/1/2050

775,936

700,880

Pool#

RA2650

3.00%,

5/1/2050

769,542

692,482

Pool#

SD8084

3.00%,

8/1/2050

6,467,496

5,776,041

Pool#

SD7535

2.50%,

2/1/2051

18,096,493

15,671,978

Pool#

QB9401

2.00%,

3/1/2051

1,707,590

1,403,510

Pool#

QC2992

2.50%,

6/1/2051

16,370,621

13,945,165

Pool#

SD1372

2.50%,

9/1/2051

17,592,623

14,985,885

Pool#

RA5910

3.50%,

9/1/2051

6,032,016

5,614,105

Pool#

SD8178

2.50%,

11/1/2051

5,883,297

5,010,219

Pool#

SD8181

1.50%,

12/1/2051

6,524,447

5,038,011

Pool#

RA6433

2.50%,

12/1/2051

8,604,204

7,278,088

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FHLMC

UMBS

Pool

Pool#

SD8199

2.00%,

3/1/2052

52,617,814

42,666,678

Pool#

SD3771

2.50%,

3/1/2052

11,838,637

10,140,958

Pool#

SD8200

2.50%,

3/1/2052

11,596,882

9,863,181

Pool#

SD1607

2.50%,

3/1/2052

9,081,570

7,873,008

Pool#

QE0799

2.50%,

4/1/2052

7,850,406

6,654,049

Pool#

SD1011

2.50%,

4/1/2052

6,915,271

5,868,521

Pool#

SD8213

3.00%,

5/1/2052

3,993,837

3,544,895

Pool#

SD5351

3.00%,

6/1/2052

10,448,761

9,467,343

Pool#

SD1042

3.00%,

6/1/2052

3,682,354

3,327,824

Pool#

SD5726

3.00%,

7/1/2052

7,575,508

6,780,139

Pool#

SD1440

3.50%,

7/1/2052

5,176,425

4,812,857

Pool#

SD2254

3.50%,

7/1/2052

1,430,461

1,331,085

Pool#

QE6924

4.00%,

8/1/2052

6,748,095

6,428,912

Pool#

SD8244

4.00%,

9/1/2052

2,162,621

2,063,905

Pool#

SD1716

5.00%,

9/1/2052

6,936,292

7,027,215

Pool#

SD1686

5.50%,

9/1/2052

6,784,134

6,980,613

Pool#

SD8255

3.50%,

10/1/2052

3,518,321

3,260,664

Pool#

SD1853

5.50%,

11/1/2052

3,041,107

3,154,726

Pool#

SD8288

5.00%,

1/1/2053

25,322,951

25,358,006

Pool#

SD8302

6.50%,

2/1/2053

1,269,563

1,321,093

Pool#

SD8309

6.00%,

3/1/2053

1,182,335

1,217,786

Pool#

SD2921

4.50%,

5/1/2053

13,035,217

12,875,377

Pool#

SD8338

4.00%,

6/1/2053

4,222,362

4,010,130

Pool#

SD4084

5.50%,

10/1/2053

7,199,965

7,390,132

Pool#

SD6706

4.50%,

1/1/2054

17,490,830

17,120,248

Pool#

RJ1975

6.00%,

7/1/2054

2,550,759

2,636,464

Pool#

RJ2655

5.00%,

10/1/2054

6,414,063

6,442,070

Pool#

SD6767

6.00%,

10/1/2054

14,375,452

14,813,631

Pool#

SL0046

6.00%,

1/1/2055

7,916,123

8,209,134

Pool#

SL1788

5.50%,

6/1/2055

7,766,221

7,969,591

Pool#

RQ0055

5.00%,

10/1/2055

8,891,185

8,869,342

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Loomis

Core

Bond

Fund

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FNMA

Pool

Pool#

464969

6.34%,

4/1/2028

2,168,083

2,162,437

Pool#

468516

5.17%,

6/1/2028

739,056

748,197

Pool#

468127

5.70%,

5/1/2041

1,010,381

1,058,247

FNMA

UMBS

Pool

Pool#

FM6329

2.00%,

3/1/2036

6,475,939

6,001,927

Pool#

CA9439

2.50%,

3/1/2036

12,955,121

12,343,383

Pool#

CB3424

3.00%,

5/1/2037

5,705,592

5,538,598

Pool#

FS4267

4.50%,

3/1/2038

1,855,105

1,870,766

Pool#

AH9471

4.50%,

4/1/2041

181,089

182,655

Pool#

AH4038

4.50%,

4/1/2041

140,684

141,569

Pool#

AI3506

4.50%,

6/1/2041

6,986

7,032

Pool#

FS3014

5.00%,

10/1/2042

10,282,963

10,511,469

Pool#

AL2866

3.50%,

11/1/2042

4,056,816

3,878,079

Pool#

AQ9328

3.50%,

1/1/2043

68,630

65,522

Pool#

AB9046

3.50%,

4/1/2043

410,483

391,465

Pool#

AT2021

3.50%,

4/1/2043

279,697

267,200

Pool#

AR9398

3.50%,

6/1/2043

645,633

610,994

Pool#

AB9864

3.50%,

7/1/2043

144,673

137,940

Pool#

AS0212

3.50%,

8/1/2043

619,055

589,858

Pool#

AS0210

3.50%,

8/1/2043

385,618

367,631

Pool#

AU3742

3.50%,

8/1/2043

216,529

206,497

Pool#

AU6857

4.00%,

9/1/2043

227,001

221,520

Pool#

AU4386

4.00%,

10/1/2043

64,846

63,365

Pool#

AS1559

4.00%,

1/1/2044

397,752

388,547

Pool#

AW2478

4.50%,

6/1/2044

79,641

79,443

Pool#

AL6432

4.00%,

1/1/2045

425,563

412,425

Pool#

AS5175

3.50%,

6/1/2045

386,131

366,793

Pool#

AS6464

3.50%,

1/1/2046

358,531

339,720

Pool#

BC0180

4.00%,

1/1/2046

1,903,654

1,841,335

Pool#

AS7908

3.00%,

9/1/2046

4,149,574

3,767,758

Pool#

AS8483

3.00%,

12/1/2046

1,798,128

1,625,354

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FNMA

UMBS

Pool

Pool#

MA2863

3.00%,

1/1/2047

2,835,775

2,560,856

Pool#

AS8784

3.00%,

2/1/2047

1,841,256

1,663,313

Pool#

BE7557

3.50%,

2/1/2047

3,218,089

3,043,291

Pool#

BM2003

4.00%,

10/1/2047

2,677,978

2,589,183

Pool#

BJ3716

3.50%,

12/1/2047

1,699,764

1,598,328

Pool#

MA3210

3.50%,

12/1/2047

689,816

646,003

Pool#

BM3355

3.50%,

2/1/2048

1,100,848

1,036,581

Pool#

MA3305

3.50%,

3/1/2048

3,458,113

3,246,635

Pool#

CA2208

4.50%,

8/1/2048

739,865

730,898

Pool#

CA2469

4.00%,

10/1/2048

694,489

670,487

Pool#

MA3745

3.50%,

8/1/2049

3,756,032

3,510,545

Pool#

BO8947

3.00%,

1/1/2050

518,812

466,806

Pool#

FM4334

3.00%,

4/1/2050

1,129,592

1,016,443

Pool#

FS2253

3.50%,

4/1/2050

5,809,846

5,430,812

Pool#

CA5689

3.00%,

5/1/2050

1,625,220

1,467,264

Pool#

BP9581

2.50%,

8/1/2050

1,058,007

912,595

Pool#

FM5316

2.00%,

12/1/2050

1,336,256

1,091,135

Pool#

BR4515

2.00%,

2/1/2051

1,969,547

1,615,674

Pool#

BR4029

2.00%,

2/1/2051

1,711,005

1,409,261

Pool#

BR4051

2.00%,

2/1/2051

1,381,820

1,137,117

Pool#

BR2667

2.00%,

2/1/2051

1,189,425

977,956

Pool#

FM7151

2.00%,

5/1/2051

746,584

611,418

Pool#

FM7189

2.50%,

5/1/2051

2,176,615

1,877,342

Pool#

FS3080

3.00%,

5/1/2051

7,440,949

6,726,646

Pool#

FM7398

2.50%,

6/1/2051

11,927,923

10,373,810

Pool#

FM7738

2.50%,

6/1/2051

1,686,890

1,445,398

Pool#

FM8178

2.50%,

7/1/2051

1,247,796

1,062,815

Pool#

CB1038

2.50%,

7/1/2051

1,036,081

886,662

Pool#

FS2041

2.00%,

8/1/2051

7,220,773

5,868,732

Pool#

FS3391

2.50%,

8/1/2051

4,748,950

4,112,649

Pool#

FP0012

3.00%,

8/1/2051

3,169,735

2,861,714

NVIT

Loomis

Core

Bond

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FNMA

UMBS

Pool

Pool#

FM9563

3.00%,

10/1/2051

10,949,067

9,821,385

Pool#

FS5928

2.50%,

1/1/2052

9,611,154

8,199,672

Pool#

CB2665

3.00%,

1/1/2052

13,169,435

11,662,028

Pool#

BU8883

3.00%,

3/1/2052

16,186,385

14,335,578

Pool#

FS5448

3.00%,

3/1/2052

10,548,677

9,521,180

Pool#

FS2122

3.00%,

3/1/2052

4,552,927

4,041,673

Pool#

MA4577

2.00%,

4/1/2052

16,443,182

13,330,900

Pool#

FS1380

3.50%,

4/1/2052

6,261,278

5,858,069

Pool#

MA4600

3.50%,

5/1/2052

3,484,049

3,228,902

Pool#

FS1855

4.00%,

5/1/2052

6,030,721

5,779,444

Pool#

FS1804

4.00%,

5/1/2052

5,851,829

5,608,015

Pool#

FS6731

3.00%,

6/1/2052

10,661,774

9,650,688

Pool#

FS2074

3.00%,

6/1/2052

4,209,506

3,799,496

Pool#

FS2513

4.00%,

7/1/2052

5,620,964

5,364,399

Pool#

FS2323

4.00%,

7/1/2052

4,869,617

4,667,545

Pool#

FS2293

4.50%,

7/1/2052

13,917,688

13,726,293

Pool#

FS2257

4.50%,

7/1/2052

2,591,286

2,558,035

Pool#

BV8011

3.00%,

8/1/2052

8,023,063

7,107,343

Pool#

MA4733

4.50%,

9/1/2052

15,559,956

15,252,073

Pool#

FS2790

5.00%,

9/1/2052

9,762,003

9,843,821

Pool#

MA4782

3.50%,

10/1/2052

12,452,452

11,540,523

Pool#

MA4805

4.50%,

11/1/2052

4,815,329

4,718,560

Pool#

MA4839

4.00%,

12/1/2052

4,245,175

4,031,687

Pool#

MA4980

6.00%,

4/1/2053

2,634,310

2,717,311

Pool#

FS4736

6.50%,

5/1/2053

4,632,097

4,829,059

Pool#

DA1019

6.50%,

9/1/2053

380,580

396,674

Pool#

FS7835

5.50%,

10/1/2053

8,482,385

8,622,086

Pool#

MA5248

6.50%,

1/1/2054

3,869,425

4,019,607

Pool#

MA5273

6.50%,

2/1/2054

2,496,301

2,593,107

Pool#

CB8628

6.00%,

6/1/2054

3,646,014

3,786,891

Pool#

FS8585

5.50%,

7/1/2054

15,266,447

15,666,197

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FNMA

UMBS

Pool

Pool#

FS9717

6.00%,

7/1/2054

5,227,916

5,392,988

Pool#

CB8858

6.00%,

7/1/2054

3,165,404

3,269,933

Pool#

FS8795

6.00%,

8/1/2054

16,107,569

16,539,184

Pool#

FS9406

6.00%,

8/1/2054

4,031,557

4,150,007

Pool#

FS9008

5.50%,

9/1/2054

6,234,754

6,376,623

Pool#

FS9980

6.00%,

9/1/2054

11,858,099

12,220,573

Pool#

FS9012

6.00%,

9/1/2054

836,027

867,676

Pool#

CB9361

5.00%,

10/1/2054

12,717,912

12,772,184

Pool#

MA5499

6.50%,

10/1/2054

6,747,024

7,012,776

Pool#

FA0470

6.00%,

1/1/2055

10,376,854

10,775,409

Pool#

DF3697

5.50%,

11/1/2055

3,546,698

3,600,759

GNMA

II

Pool

Pool#

MA0699

3.50%,

1/20/2043

345,245

326,573

Pool#

MA0783

3.50%,

2/20/2043

430,977

404,497

Pool#

MA2892

3.50%,

6/20/2045

21,281

19,836

Pool#

MA3663

3.50%,

5/20/2046

248,124

231,164

Pool#

MA3803

3.50%,

7/20/2046

117,332

108,550

Pool#

MA4262

3.50%,

2/20/2047

10,003

9,305

Pool#

MA4510

3.50%,

6/20/2047

378,129

352,565

Pool#

MA4586

3.50%,

7/20/2047

256,999

238,711

Pool#

MA4837

3.50%,

11/20/2047

443,879

413,325

Pool#

MA4962

3.50%,

1/20/2048

260,805

241,963

Pool#

MA6542

3.50%,

3/20/2050

282,586

260,648

Pool#

BT6867

3.00%,

5/20/2050

2,809,269

2,528,825

Pool#

MA6994

2.00%,

11/20/2050

8,522,143

7,060,729

Pool#

MA7590

3.00%,

9/20/2051

8,924,069

8,028,974

Pool#

MA7705

2.50%,

11/20/2051

12,589,477

10,865,098

Pool#

MA8099

3.50%,

6/20/2052

6,181,374

5,683,954

Pool#

MA8349

5.50%,

10/20/2052

6,855,376

6,987,247

Pool#

MA8429

5.50%,

11/20/2052

2,865,761

2,920,325

Pool#

MA8430

6.00%,

11/20/2052

2,755,747

2,830,967

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Loomis

Core

Bond

Fund

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
GNMA

II

Pool

Pool#

MA8571

6.00%,

1/20/2053

1,212,410

1,245,044

Pool#

MA8726

5.50%,

3/20/2053

9,828,053

9,991,110

Pool#

MA8727

6.00%,

3/20/2053

2,123,293

2,178,711

Pool#

MA8950

6.50%,

6/20/2053

1,990,918

2,065,897

Pool#

MA9608

7.00%,

4/20/2054

1,697,699

1,758,670

Pool#

MA9852

6.00%,

8/20/2054

3,966,010

4,048,042

#### Total

#### Mortgage-Backed

#### Securities

#### (cost

#### $883,210,495)

#### 862,164,650

#### Municipal

#### Bonds

#### 0

#### .4

#### %

#### California

#### 0

#### .1

#### %
State

of

California,

GO,

7.55%,

4/1/2039

3,000,000

3,640,732

#### District

#### of

#### Columbia

#### 0

#### .2

#### %
Metropolitan

Washington

Airports

Authority,

RB,

Series

D,

7.46%,

10/1/2046

6,000,000

7,131,752

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue,

RB,

Series

D,

8.00%,

10/1/2047

2,000,000

2,474,899

9,606,651

#### Michigan

#### 0

#### .1

#### %
University

of

Michigan,

RB,

Series

C,

3.60%,

4/1/2047

3,285,000

2,752,130

#### Total

#### Municipal

#### Bonds

#### (cost

#### $17,423,971)

#### 15,999,513

#### U.S.

#### Treasury

#### Obligations

#### 24

#### .9

#### %
U.S.

Treasury

Bonds

1.75%,

8/15/2041

12,661,900

8,543,320

2.00%,

11/15/2041

18,000,000

12,562,734

2.38%,

2/15/2042

55,000,000

40,485,156

3.25%,

5/15/2042

11,500,000

9,590,820

3.13%,

2/15/2043

23,000,000

18,602,148

3.88%,

2/15/2043

6,200,000

5,577,578

3.88%,

5/15/2043

18,000,000

16,147,266

4.63%,

5/15/2044

58,097,000

57,039,453

3.00%,

11/15/2044

30,860,000

23,865,871

4.63%,

11/15/2044

54,195,000

53,106,866

4.75%,

2/15/2045

16,215,000

16,132,658

4.88%,

8/15/2045

33,223,000

33,544,848

2.25%,

8/15/2046

7,000,000

4,606,602

1.25%,

5/15/2050

75,000,000

35,900,391

2.25%,

2/15/2052

54,800,000

33,248,188

2.88%,

5/15/2052

6,375,000

4,454,531

4.50%,

11/15/2054

70,491,100

66,487,426

4.63%,

2/15/2055

13,355,000

12,864,100

4.75%,

5/15/2055

15,775,000

15,501,402

#### U.S.

#### Treasury

#### Obligations

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
U.S.

Treasury

Bonds

4.63%,

11/15/2055

22,957,000

22,117,635

U.S.

Treasury

Notes

3.50%,

10/31/2027

18,306,000

18,310,290

3.63%,

10/31/2030

111,485,000

111,014,673

3.50%,

11/30/2030

22,079,000

21,856,485

4.13%,

10/31/2031

20,308,000

20,620,553

4.13%,

11/30/2031

14,817,000

15,039,834

4.25%,

5/15/2035

10,380,000

10,465,959

4.25%,

8/15/2035

136,934,700

137,918,918

4.00%,

11/15/2035

(d) 84,761,000

83,542,561

#### Total

#### U.S.

#### Treasury

#### Obligations

#### (cost

#### $948,857,760)

#### 909,148,266

#### Repurchase

#### Agreements

#### 4

#### .1

#### %
BofA

Securities,

Inc.

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$7,001,497,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.34%

-

5.25%,

maturing

10/20/2034

-

2/20/2073;

total

market

value

$7,140,000.

(f)(g) 7,000,000

7,000,000

Cantor

Fitzgerald

&

Co.

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$9,466,056,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$9,653,318.

(f)(g) 9,464,037

9,464,037

Cantor

Fitzgerald

&

Co.

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$40,008,533,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$40,800,003.

(f)(g) 40,000,000

40,000,000

CF

Secured,

LLC

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$23,004,907,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.13%

-

7.50%,

maturing

3/31/2026

-

4/20/2071;

total

market

value

$23,465,005.

(f)(g) 23,000,000

23,000,000

NVIT

Loomis

Core

Bond

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Repurchase

#### Agreements

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Citi

Global

Market,

Inc.

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$8,001,693,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.38%

-

4.25%,

maturing

2/15/2028

-

10/31/2029;

total

market

value

$8,160,002.

(f)(g) 8,000,000

8,000,000

MetLife,

Inc.

3.83%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$46,009,788,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$46,943,774.

(f)(g) 46,000,000

46,000,000

Pershing

LLC

3.72%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$14,002,893,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

2/15/2026

-

12/20/2075;

total

market

value

$14,280,000.

(f)(g) 14,000,000

14,000,000

#### Total

#### Repurchase

#### Agreements

#### (cost

#### $147,464,037)

#### 147,464,037

#### Total

#### Investments

#### (cost

#### $3,782,891,947)

#### —

#### 101.9%

#### 3,719,938,405

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (1.9)%

#### (#### 70,263,525

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 3,649,674,880
†

Amount

rounds

to

less

than

0.1%.

(a) Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

December

31,

2025

was

$799,447,489

which

represents

21.90%

of

net

assets.

(b) Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

December

31,

2025. (c) Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets. See

Note

–

for

further

information.

The

interest

rate

shown

was

the

current

rate

as

of

December

31,

2025. (d) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$358,284,952,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$147,464,037

and

by

$223,197,779

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

5.38%,

and

maturity

dates

ranging

from

1/2/2026

-

11/15/2055,

a

total

value

of

$370,661,816.

(e) Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

December

31,

2025. (f) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$147,464,037.

(g) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

CLO

Collateralized

Loan

Obligations

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

RB

Revenue

Bond

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

UMBS

Uniform

Mortgage-Backed

Securities

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Loomis

Short

Term

Bond

Fund

#### Asset-Backed

#### Securities

#### 23

#### .3

#### %

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Airlines

#### 0

#### .3

#### %
British

Airways

Pass-Through

Trust,

Series

2021-1,

Class

B,

3.90%,

9/15/2031(a)

874,947

839,951

PK

Alift

Loan

Funding

LP,

Series

2025-2,

Class

A,

4.75%,

3/15/2043(a)

405,366

406,130

United

Airlines

Pass-Through

Trust

Series

2020-1,

Class

A,

5.88%,

10/15/2027

1,020,175

1,046,038

Series

2019-2,

Class

B,

3.50%,

5/1/2028

65,487

63,940

Volofin

Finance

Designated

Activity

Co.,

Series

2024-

1A,

Class

A,

5.94%,

6/15/2037(a)

944,513

962,484

3,318,543

#### Automobiles

#### 16

#### .2

#### %
Ally

Auto

Receivables

Trust,

Series

2025-1,

Class

A3,

3.96%,

3/15/2030

1,335,000

1,339,098

American

Credit

Acceptance

Receivables

Trust

Series

2023-3,

Class

C,

6.44%,

10/12/2029(a)

1,148,622

1,153,608

Series

2025-2,

Class

C,

5.11%,

3/12/2031(a)

1,030,000

1,040,201

AmeriCredit

Automobile

Receivables

Trust

Series

2024-1,

Class

A3,

5.43%,

1/18/2029

3,118,376

3,141,958

Series

2023-2,

Class

B,

5.84%,

7/18/2029

5,365,000

5,460,670

ARI

Fleet

Lease

Trust,

Series

2024-A,

Class

A2,

5.30%,

11/15/2032(a)

290,814

292,574

AutoNation

Finance

Trust,

Series

2025-1A,

Class

A2,

4.72%,

4/10/2028(a)

1,086,603

1,088,973

Avis

Budget

Rental

Car

Funding

AESOP

LLC

Series

2023-3A,

Class

A,

5.44%,

2/22/2028(a)

3,920,000

3,966,940

Series

2025-1A,

Class

A,

4.80%,

8/20/2029(a)

295,000

299,619

BMW

Vehicle

Lease

Trust

Series

2025-1,

Class

A3,

4.43%,

6/26/2028

1,115,000

1,124,636

Series

2025-2,

Class

A3,

3.97%,

9/25/2028

3,945,000

3,955,553

BMW

Vehicle

Owner

Trust,

Series

2023-A,

Class

A3,

5.47%,

2/25/2028

511,438

514,523

BofA

Auto

Trust,

Series

2025-1A,

Class

A3,

4.35%,

11/20/2029(a)

1,000,000

1,006,626

Bridgecrest

Lending

Auto

Securitization

Trust

Series

2024-3,

Class

B,

5.37%,

10/16/2028

635,000

638,146

#### Asset-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Automobiles
Series

2025-2,

Class

A3,

4.78%,

12/15/2028

1,365,000

1,371,515

Series

2025-3,

Class

A3,

4.66%,

1/15/2029

905,000

908,846

Capital

One

Prime

Auto

Receivables

Trust

Series

2024-1,

Class

A2A,

4.61%,

10/15/2027

198,645

198,906

Series

2023-2,

Class

A3,

5.82%,

6/15/2028

2,247,406

2,273,349

CarMax

Auto

Owner

Trust

Series

2023-2,

Class

A3,

5.05%,

1/18/2028

2,459,622

2,471,277

Series

2025-2,

Class

A2A,

4.59%,

7/17/2028

1,480,561

1,484,937

Series

2024-4,

Class

A3,

4.60%,

10/15/2029

925,000

934,754

CarMax

Select

Receivables

Trust,

Series

2025-A,

Class

A3,

4.77%,

9/17/2029

2,975,000

3,000,272

Carvana

Auto

Receivables

Trust

Series

2024-P2,

Class

A3,

5.33%,

7/10/2029

1,427,546

1,438,253

Series

2024-P4,

Class

A3,

4.64%,

1/10/2030

950,000

955,760

Series

2025-P2,

Class

A3,

4.55%,

8/12/2030

1,710,000

1,724,636

Series

2025-P3,

Class

A3,

4.04%,

11/11/2030

1,370,000

1,373,423

Chase

Auto

Owner

Trust

Series

2024-3A,

Class

A3,

5.22%,

7/25/2029(a)

3,195,000

3,232,388

Series

2024-5A,

Class

A3,

4.18%,

8/27/2029(a)

1,760,000

1,765,761

Chesapeake

Funding

II

LLC

Series

2023-1A,

Class

A1,

5.65%,

5/15/2035(a)

1,814,864

1,823,337

Series

2024-1A,

Class

A1,

5.52%,

5/15/2036(a)

516,568

522,699

Citizens

Auto

Receivables

Trust

Series

2024-1,

Class

A3,

5.11%,

4/17/2028(a)

822,734

827,253

Series

2024-2,

Class

A3,

5.33%,

8/15/2028(a)

1,866,845

1,879,743

Credit

Acceptance

Auto

Loan

Trust

Series

2023-2A,

Class

B,

6.61%,

7/15/2033(a)

6,600,000

6,651,628

Series

2023-3A,

Class

C,

7.62%,

12/15/2033(a)

555,000

572,715

Series

2025-1A,

Class

A,

5.02%,

3/15/2035(a)

630,000

637,220

Drive

Auto

Receivables

Trust,

Series

2024-2,

Class

B,

4.52%,

7/16/2029

1,670,000

1,676,748

Enterprise

Fleet

Financing

LLC

Series

2025-1,

Class

A2,

4.65%,

10/20/2027(a)

661,935

664,723

NVIT

Loomis

Short

Term

Bond

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Asset-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Automobiles
Series

2025-3,

Class

A2,

4.50%,

4/20/2028(a)

1,255,000

1,261,356

Series

2024-2,

Class

A3,

5.61%,

4/20/2028(a)

1,665,000

1,693,286

Series

2024-1,

Class

A2,

5.23%,

3/20/2030(a)

1,012,685

1,020,250

Series

2023-2,

Class

A2,

5.56%,

4/22/2030(a)

890,672

895,624

Exeter

Automobile

Receivables

Trust

Series

2025-2A,

Class

A3,

4.74%,

1/16/2029

2,475,000

2,482,013

Series

2025-4A,

Class

A3,

4.39%,

9/17/2029

360,000

361,563

Series

2024-4A,

Class

C,

5.48%,

8/15/2030

555,000

561,191

Exeter

Select

Automobile

Receivables

Trust,

Series

2025-1,

Class

A2,

4.83%,

10/16/2028

394,039

395,281

Fifth

Third

Auto

Trust,

Series

2023-1,

Class

A3,

5.53%,

8/15/2028

2,221,582

2,240,002

First

Investors

Auto

Owner

Trust,

Series

2025-

1A,

Class

C,

4.75%,

12/15/2031(a)

1,345,000

1,347,713

Flagship

Credit

Auto

Trust,

Series

2023-2,

Class

C,

5.81%,

5/15/2029(a)

5,315,000

5,308,401

Ford

Credit

Auto

Lease

Trust,

Series

2025-A,

Class

A3,

4.72%,

6/15/2028

1,735,000

1,749,594

Ford

Credit

Auto

Owner

Trust,

Series

2023-B,

Class

A3,

5.23%,

5/15/2028

1,397,192

1,406,224

GECU

Auto

Receivables

Trust,

Series

2023-

1A,

Class

A3,

5.63%,

8/15/2028(a)

1,537,737

1,545,126

GLS

Auto

Receivables

Issuer

Trust

Series

2023-3A,

Class

B,

5.89%,

1/18/2028(a)

577,222

577,925

Series

2024-3A,

Class

B,

5.08%,

1/16/2029(a)

1,635,000

1,645,032

Series

2025-2A,

Class

C,

5.11%,

1/15/2031(a)

610,000

616,623

GLS

Auto

Select

Receivables

Issuer

Trust,

Series

2025-

4A,

Class

A2,

4.17%,

2/18/2031(a)

1,140,000

1,143,217

GLS

Auto

Select

Receivables

Trust

Series

2023-2A,

Class

A2,

6.37%,

6/15/2028(a)

380,841

382,586

Series

2024-3A,

Class

A2,

5.59%,

10/15/2029(a)

1,461,742

1,477,217

Series

2024-4A,

Class

A2,

4.43%,

12/17/2029(a)

772,972

775,724

#### Asset-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Automobiles
Series

2025-1A,

Class

A2,

4.71%,

4/15/2030(a)

1,403,834

1,414,224

Series

2024-2A,

Class

A2,

5.58%,

6/17/2030(a)

420,443

425,294

Series

2025-3A,

Class

A2,

4.46%,

10/15/2030(a)

820,112

825,224

GM

Financial

Automobile

Leasing

Trust

Series

2024-3,

Class

A3,

4.21%,

10/20/2027

1,550,000

1,552,378

Series

2025-1,

Class

A3,

4.66%,

2/21/2028

2,315,000

2,333,959

GM

Financial

Consumer

Automobile

Receivables

Trust

Series

2023-2,

Class

A3,

4.47%,

2/16/2028

659,157

660,307

Series

2023-4,

Class

A3,

5.78%,

8/16/2028

1,690,407

1,707,441

Harley-Davidson

Motorcycle

Trust

Series

2023-B,

Class

A3,

5.69%,

8/15/2028

1,136,986

1,146,978

Series

2024-A,

Class

A3,

5.37%,

3/15/2029

2,907,608

2,935,893

Series

2023-B,

Class

A4,

5.78%,

4/15/2031

1,460,000

1,492,423

Hertz

Vehicle

Financing

III

LLC

Series

2023-3A,

Class

A,

5.94%,

2/25/2028(a)

2,490,000

2,527,264

Series

2024-1A,

Class

A,

5.44%,

1/25/2029(a)

1,540,000

1,572,212

Hertz

Vehicle

Financing

LLC,

Series

2022-2A,

Class

A,

2.33%,

6/26/2028(a)

1,565,000

1,528,581

Honda

Auto

Receivables

Owner

Trust

Series

2023-2,

Class

A3,

4.93%,

11/15/2027

1,140,708

1,145,996

Series

2023-3,

Class

A3,

5.41%,

2/18/2028

1,931,915

1,945,448

Series

2023-4,

Class

A3,

5.67%,

6/21/2028

690,975

698,515

Huntington

Auto

Trust,

Series

2024-1A,

Class

A3,

5.23%,

1/16/2029(a)

1,777,931

1,795,282

Hyundai

Auto

Receivables

Trust

Series

2023-C,

Class

A3,

5.54%,

10/16/2028

1,058,728

1,069,397

Series

2025-B,

Class

A3,

4.36%,

12/17/2029

1,430,000

1,443,652

LAD

Auto

Receivables

Trust

Series

2024-1A,

Class

A3,

5.23%,

1/18/2028(a)

381,631

382,246

Series

2024-2A,

Class

A3,

5.61%,

8/15/2028(a)

1,235,971

1,243,163

Series

2023-4A,

Class

B,

6.39%,

10/16/2028(a)

760,000

772,940

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Loomis

Short

Term

Bond

Fund

#### Asset-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Automobiles
Series

2024-3A,

Class

A3,

4.52%,

3/15/2029(a)

1,060,000

1,064,590

Series

2025-1A,

Class

A3,

4.69%,

7/16/2029(a)

1,850,000

1,865,125

M&T

Bank

Auto

Receivables

Trust,

Series

2025-

1A,

Class

A3,

4.73%,

6/17/2030(a)

1,250,000

1,266,954

Merchants

Fleet

Funding

LLC,

Series

2023-1A,

Class

A,

7.21%,

5/20/2036(a)

1,605,223

1,612,362

NextGear

Floorplan

Master

Owner

Trust

Series

2024-1A,

Class

A2,

5.12%,

3/15/2029(a)

1,915,000

1,941,185

Series

2025-2A,

Class

A2,

4.23%,

10/15/2030(a)

1,855,000

1,858,505

Nissan

Auto

Receivables

Owner

Trust,

Series

2023-B,

Class

A3,

5.93%,

3/15/2028

686,214

691,934

Octane

Receivables

Trust

Series

2025-1A,

Class

A2,

4.25%,

2/20/2031(a)

1,730,000

1,731,120

Series

2024-2A,

Class

A2,

5.80%,

7/20/2032(a)

1,657,990

1,671,780

PenFed

Auto

Receivables

Owner

Trust,

Series

2024-A,

Class

A3,

4.70%,

6/15/2029(a)

1,515,000

1,521,702

Prestige

Auto

Receivables

Trust

Series

2025-1A,

Class

A2,

4.87%,

12/15/2027(a)

1,184,174

1,184,385

Series

2023-1A,

Class

C,

5.65%,

2/15/2028(a)

2,342,361

2,344,736

Santander

Drive

Auto

Receivables

Trust

Series

2023-4,

Class

B,

5.77%,

12/15/2028

2,575,000

2,599,673

Series

2024-3,

Class

A3,

5.63%,

1/16/2029

1,611,862

1,618,304

Series

2023-5,

Class

B,

6.16%,

12/17/2029

3,950,000

4,004,392

Series

2025-4,

Class

A3,

4.17%,

4/15/2030

1,110,000

1,114,151

Series

2023-3,

Class

C,

5.77%,

11/15/2030

1,155,000

1,176,432

SBNA

Auto

Lease

Trust

Series

2024-A,

Class

A3,

5.39%,

11/20/2026(a)

286,220

286,712

Series

2024-B,

Class

A3,

5.56%,

11/22/2027(a)

1,270,423

1,277,181

Series

2024-C,

Class

A3,

4.56%,

2/22/2028(a)

747,791

749,555

SBNA

Auto

Receivables

Trust,

Series

2024-A,

Class

A3,

5.32%,

12/15/2028(a)

281,210

282,180

SFS

Auto

Receivables

Securitization

Trust

Series

2023-1A,

Class

A3,

5.47%,

10/20/2028(a)

2,298,208

2,313,049

#### Asset-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Automobiles
Series

2024-3A,

Class

A3,

4.55%,

6/20/2030(a)

1,195,000

1,202,923

Series

2025-1A,

Class

A3,

4.75%,

7/22/2030(a)

1,150,000

1,162,213

Series

2025-2A,

Class

A3,

4.44%,

12/20/2030(a)

1,980,000

1,996,774

Stellantis

Financial

Underwritten

Enhanced

Lease

Trust

Series

2025-BA,

Class

A3,

4.27%,

1/22/2029(a)

3,585,000

3,604,198

Series

2025-CA,

Class

A3,

4.11%,

4/20/2029(a)

3,315,000

3,319,764

Toyota

Auto

Receivables

Owner

Trust

Series

2023-B,

Class

A3,

4.71%,

2/15/2028

1,588,544

1,594,545

Series

2023-C,

Class

A3,

5.16%,

4/17/2028

807,973

812,763

Series

2024-D,

Class

A3,

4.40%,

6/15/2029

1,250,000

1,258,693

Toyota

Lease

Owner

Trust

Series

2024-B,

Class

A3,

4.21%,

9/20/2027(a)

3,755,000

3,761,480

Series

2025-B,

Class

A3,

3.96%,

11/20/2028(a)

2,550,000

2,556,282

USB

Auto

Owner

Trust,

Series

2025-1A,

Class

A3,

4.49%,

6/17/2030(a)

580,000

584,717

Volkswagen

Auto

Lease

Trust,

Series

2023-A,

Class

A3,

5.81%,

10/20/2026

956,254

957,264

Volkswagen

Auto

Loan

Enhanced

Trust

Series

2024-1,

Class

A2A,

4.65%,

11/22/2027

1,503,997

1,507,660

Series

2023-1,

Class

A3,

5.02%,

6/20/2028

1,092,732

1,098,926

VStrong

Auto

Receivables

Trust,

Series

2024-A,

Class

B,

5.77%,

7/15/2030(a)

355,000

360,557

Westlake

Automobile

Receivables

Trust

Series

2024-2A,

Class

A3,

5.56%,

2/15/2028(a)

1,665,000

1,672,206

Series

2024-3A,

Class

A3,

4.71%,

4/17/2028(a)

2,115,000

2,121,776

Series

2025-1A,

Class

A3,

4.75%,

8/15/2028(a)

540,000

542,958

Series

2023-3A,

Class

C,

6.02%,

9/15/2028(a)

4,815,000

4,866,148

Series

2025-2A,

Class

A3,

4.51%,

5/15/2029(a)

455,000

457,356

Series

2025-3A,

Class

A3,

4.22%,

6/15/2029(a)

1,595,000

1,600,417

Wheels

Fleet

Lease

Funding

LLC

Series

2023-1A,

Class

A,

5.80%,

4/18/2038(a)

1,686,266

1,697,023

Series

2024-1A,

Class

A1,

5.49%,

2/18/2039(a)

1,392,456

1,409,689

NVIT

Loomis

Short

Term

Bond

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Asset-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Automobiles
Series

2024-2A,

Class

A1,

4.87%,

6/21/2039(a)

1,322,393

1,335,416

World

Omni

Auto

Receivables

Trust

Series

2023-B,

Class

A3,

4.66%,

5/15/2028

1,161,806

1,164,414

Series

2025-C,

Class

A2A,

4.19%,

10/16/2028

1,380,000

1,382,638

Series

2023-D,

Class

A3,

5.79%,

2/15/2029

943,200

954,392

Series

2024-C,

Class

A3,

4.43%,

12/17/2029

2,230,000

2,243,281

World

Omni

Select

Auto

Trust,

Series

2024-A,

Class

A3,

4.98%,

2/15/2030

1,090,000

1,095,459

205,415,972

#### Credit

#### Card

#### 1

#### .7

#### %
Brex

Commercial

Charge

Card

Master

Trust,

Series

2024-1,

Class

A1,

6.05%,

7/15/2027(a)

5,625,000

5,641,988

Citibank

Credit

Card

Issuance

Trust,

Series

2025-A1,

Class

A,

4.30%,

6/21/2030

5,290,000

5,351,427

Mercury

Financial

Credit

Card

Master

Trust,

Series

2024-2A,

Class

A,

6.56%,

7/20/2029(a)

1,470,000

1,478,035

Mission

Lane

Credit

Card

Master

Trust,

Series

2024-B,

Class

A,

5.88%,

1/15/2030(a)

1,355,000

1,364,394

Synchrony

Card

Funding

LLC,

Series

2023-A1,

Class

A,

5.54%,

7/15/2029

1,055,000

1,063,874

World

Financial

Network

Credit

Card

Master

Trust

Series

2023-A,

Class

A,

5.02%,

3/15/2030

5,960,000

5,983,053

Series

2024-A,

Class

A,

5.47%,

2/15/2031

1,290,000

1,315,467

22,198,238

#### Equipment

#### Loans

#### &

#### Leases

#### 1

#### .7

#### %
Auxilior

Term

Funding

LLC,

Series

2023-1A,

Class

A2,

6.18%,

12/15/2028(a)

228,886

230,021

Crockett

Partners

Equipment

Co.

IIA

LLC,

Series

2024-

1C,

Class

A,

6.05%,

1/20/2031(a)

2,110,638

2,147,766

Dell

Equipment

Finance

Trust,

Series

2023-3,

Class

A3,

5.93%,

4/23/2029(a)

2,353,015

2,365,421

DLLMT

LLC,

Series

2023-

1A,

Class

A3,

5.34%,

3/22/2027(a)

2,631,389

2,642,727

#### Asset-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Equipment

#### Loans

#### &

#### Leases
GreatAmerica

Leasing

Receivables

Funding

LLC,

Series

2023-1,

Class

A3,

5.15%,

7/15/2027(a)

4,235,443

4,258,441

HPEFS

Equipment

Trust,

Series

2025-2A,

Class

A2,

4.07%,

11/22/2032(a)

2,580,000

2,582,720

Kubota

Credit

Owner

Trust,

Series

2025-2A,

Class

A2,

4.48%,

4/17/2028(a)

665,000

668,491

M&T

Equipment

Notes,

Series

2023-1A,

Class

A3,

5.74%,

7/15/2030(a)

1,166,031

1,172,909

OWN

Equipment

Fund

I

LLC,

Series

2024-2M,

Class

A,

5.70%,

12/20/2032(a)

1,097,435

1,112,860

Post

Road

Equipment

Finance

LLC,

Series

2024-1A,

Class

A2,

5.59%,

11/15/2029(a)

235,719

236,737

SCF

Equipment

Leasing

LLC

Series

2024-1A,

Class

A2,

5.88%,

11/20/2029(a)

312,580

313,994

Series

2025-1A,

Class

A2,

4.82%,

7/22/2030(a)

458,231

459,767

Series

2025-2A,

Class

A2,

4.26%,

12/22/2031(a)

2,930,000

2,934,041

21,125,895

#### Other

#### 3

#### .4

#### %
ACHV

ABS

TRUST

Series

2024-1PL,

Class

A,

5.90%,

4/25/2031(a)

127,392

128,011

Series

2024-2PL,

Class

A,

5.07%,

10/27/2031(a)

293,562

295,201

Affirm

Asset

Securitization

Trust

Series

2024-A,

Class

1A,

5.61%,

2/15/2029(a)

5,450,000

5,458,487

Series

2024-X2,

Class

A,

5.22%,

12/17/2029(a)

46,384

46,397

BHG

Securitization

Trust

Series

2024-1CON,

Class

A,

5.81%,

4/17/2035(a)

372,035

380,262

Series

2025-2CON,

Class

A,

4.84%,

9/17/2036(a)

832,515

840,115

Series

2023-B,

Class

A,

6.92%,

12/17/2036(a)

792,909

831,104

Bluepeak

ABS

Issuer

LLC,

Series

2025-1A,

Class

A2,

5.86%,

12/20/2055(a)

2,935,000

2,947,134

CyrusOne

Data

Centers

Issuer

I

LLC,

Series

2025-

1A,

Class

A2,

5.91%,

2/20/2050(a)

1,340,000

1,359,812

GreenSky

Home

Improvement

Issuer

Trust,

Series

2024-2,

Class

A2,

5.25%,

10/27/2059(a)

623,667

625,310

Hilton

Grand

Vacations

Trust

Series

2023-1A,

Class

A,

5.72%,

1/25/2038(a)

609,982

624,063

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Loomis

Short

Term

Bond

Fund

#### Asset-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Other
Series

2024-1B,

Class

A,

5.75%,

9/15/2039(a)

753,448

771,455

Series

2025-3EXT,

Class

A,

4.56%,

10/25/2044(a)

1,535,000

1,539,081

Invesco

CLO

Ltd.,

Series

2021-1A,

Class

A1,

5.17%,

4/15/2034(a)(b)

1,350,000

1,350,632

MVW

LLC,

Series

2024-

1A,

Class

A,

5.32%,

2/20/2043(a)

641,588

654,040

New

Economy

Assets

Phase

Sponsor

LLC,

Series

2021-1,

Class

A1,

1.91%,

10/20/2061(a)

2,350,000

1,961,762

Reach

ABS

Trust,

Series

2024-2A,

Class

A,

5.88%,

7/15/2031(a)

342,256

343,657

Regional

Management

Issuance

Trust,

Series

2024-1,

Class

A,

5.83%,

7/15/2036(a)

1,225,000

1,248,689

Republic

Finance

Issuance

Trust,

Series

2024-A,

Class

A,

5.91%,

8/20/2032(a)

960,000

969,723

Shentel

Issuer

LLC,

Series

2025-1A,

Class

A2,

5.64%,

12/20/2055(a)

2,105,000

2,124,043

Sierra

Timeshare

Receivables

Funding

LLC,

Series

2024-2A,

Class

A,

5.14%,

6/20/2041(a)

1,451,682

1,474,245

SoFi

Consumer

Loan

Program

Trust

Series

2025-1,

Class

A,

4.80%,

2/27/2034(a)

844,149

847,232

Series

2025-2,

Class

A,

4.82%,

6/25/2034(a)

910,450

915,701

Stream

Innovations

Issuer

Trust,

Series

2024-

1A,

Class

A,

6.27%,

7/15/2044(a)

236,177

245,500

Trafigura

Securitisation

Finance

plc,

Series

2024-

1A,

Class

A2,

5.98%,

11/15/2027(a)

2,675,000

2,708,879

Tricon

American

Homes

Trust

Series

2019-SFR1,

Class

E,

3.40%,

3/17/2038(a)

2,000,000

1,990,097

Series

2020-SFR2,

Class

C,

2.03%,

11/17/2039(a)

1,000,000

951,435

Tricon

Residential

Trust,

Series

2022-SFR1,

Class

D,

4.75%,

4/17/2039(a)

2,250,000

2,237,190

Verizon

Master

Trust

Series

2024-4,

Class

A1A,

5.21%,

6/20/2029

5,866,000

5,900,622

#### Asset-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Other
Series

2025-7,

Class

A1A,

3.96%,

8/20/2031

2,025,000

2,029,641

43,799,520

#### Total

#### Asset-Backed

#### Securities

#### (cost

#### $293,882,893)

#### 295,858,168

#### Collateralized

#### Mortgage

#### Obligations

#### 0

#### .0

#### %

#### †
GSAA

Trust,

Series

2004-

NC1,

Class

AF6,

5.26%,

11/25/2033(c)

620

615

Towd

Point

Mortgage

Trust,

Series

2018-3,

Class

A1,

3.75%,

5/25/2058(a)(b)

204,481

201,474

#### Total

#### Collateralized

#### Mortgage

#### Obligations

#### (cost

#### $208,703)

#### 202,089

#### Commercial

#### Mortgage-Backed

#### Securities

#### 2

#### .6

#### %
ALA

Trust,

Series

2025-

OANA,

Class

A,

5.49%,

6/15/2040(a)(b)

795,000

797,980

BANK5

Series

2023-5YR3,

Class

A3,

6.72%,

9/15/2056(b)

1,520,000

1,605,820

Series

2023-5YR4,

Class

A3,

6.50%,

12/15/2056

562,649

592,064

BBCMS

Mortgage

Trust,

Series

2024-5C25,

Class

A3,

5.95%,

3/15/2057

1,485,000

1,553,275

Benchmark

Mortgage

Trust,

Series

2023-V2,

Class

A3,

5.81%,

5/15/2055(b)

2,590,000

2,674,904

BFLD

Commercial

Mortgage

Trust,

Series

2025-

660F,

Class

A,

5.25%,

11/15/2042(a)(b)

1,370,000

1,373,852

BX

Trust

Series

2024-VLT4,

Class

A,

5.24%,

6/15/2041(a)(b)

1,665,000

1,664,479

Series

2025-DELC,

Class

A,

5.51%,

12/15/2042(a)(b)

710,000

710,886

Series

2025-VLT7,

Class

A,

5.45%,

7/15/2044(a)(b)

2,870,000

2,874,448

COMM

Mortgage

Trust,

Series

2024-CBM,

Class

A2,

5.87%,

12/10/2041(a)(b)

210,000

213,762

CSMC

OA

LLC

Series

2014-USA,

Class

A1,

3.30%,

9/15/2037(a)

366,176

336,373

Series

2014-USA,

Class

A2,

3.95%,

9/15/2037(a)

1,545,000

1,419,227

DC

Commercial

Mortgage

Trust,

Series

2023-

DC,

Class

A,

6.31%,

9/12/2040(a)

1,190,000

1,225,185

NVIT

Loomis

Short

Term

Bond

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Commercial

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Extended

Stay

America

Trust,

Series

2025-ESH,

Class

A,

5.05%,

10/15/2042(a)(b)

440,000

440,687

FHLMC

Multifamily

Structured

Pass-Through

Certificates

REMICS,

Series

K531,

Class

AS,

4.54%,

9/25/2029(b)

7,502,881

7,489,427

GS

Mortgage

Securities

Corp.

Trust

Series

2013-PEMB,

Class

A,

3.55%,

3/5/2033(a)(b)

380,000

271,700

Series

2012-BWTR,

Class

A,

2.95%,

11/5/2034(a)

963,550

846,045

Series

2023-SHIP,

Class

A,

4.32%,

9/10/2038(a)(b)

1,825,000

1,822,274

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2025-BMS,

Class

A,

5.35%,

1/15/2042(a)(b)

1,660,000

1,659,479

SCOTT

Trust,

Series

2023-

SFS,

Class

A,

5.91%,

3/10/2040(a)

115,000

118,008

SPGN

Mortgage

Trust,

Series

2022-TFLM,

Class

D,

7.25%,

2/15/2039(a)(b)

2,880,000

2,872,416

TCO

Commercial

Mortgage

Trust,

Series

2024-

DPM,

Class

A,

4.99%,

12/15/2039(a)(b)

1,055,000

1,057,287

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### (cost

#### $33,109,847)

#### 33,619,578

#### Corporate

#### Bonds

#### 47

#### .9

#### %

#### Aerospace

#### &

#### Defense

#### 0

#### .4

#### %
Boeing

Co.

(The)

,

6.30%,

5/1/2029(d)

1,970,000

2,091,053

Lockheed

Martin

Corp.

,

4.15%,

8/15/2028

2,880,000

2,898,339

4,989,392

#### Automobile

#### Components

#### 0

#### .2

#### %
ZF

North

America

Capital,

Inc.

,

7.50%,

3/24/2031(a)(d)

1,865,000

1,885,062

#### Automobiles

#### 1

#### .3

#### %
Honda

Motor

Co.

Ltd.

,

4.44%,

7/8/2028(d)

2,838,000

2,865,331

Hyundai

Capital

America

,

4.88%,

11/1/2027(a)(d)

895,000

906,725

4.25%,

9/18/2028(a)

375,000

375,129

5.15%,

3/27/2030(a)(d)

1,915,000

1,961,798

Mercedes-Benz

Finance

North

America

LLC

,

4.65%,

4/1/2027(a)

3,630,000

3,661,816

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Automobiles
Nissan

Motor

Acceptance

Co.

LLC

,

5.30%,

9/13/2027(a)(d)

2,290,000

2,293,113

5.63%,

9/29/2028(a)(d)

1,750,000

1,754,931

Stellantis

Finance

US,

Inc.

,

5.75%,

3/18/2030(a)(d)

2,289,000

2,361,377

16,180,220

#### Banks

#### 9

#### .3

#### %
ABN

AMRO

Bank

NV

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.65%),

6.34%,

9/18/2027(a)(d)(e)

1,800,000

1,827,627

ASB

Bank

Ltd.

,

5.35%,

6/15/2026(a)

4,110,000

4,135,404

Bank

of

Montreal

,

(United

States

SOFR

Compounded

Index

+

0.67%),

5.00%,

1/27/2029(e)

1,160,000

1,181,978

Bank

of

Nova

Scotia

(The)

,

(SOFR

+

1.09%),

4.34%,

9/15/2031(e)

2,700,000

2,690,731

Banque

Federative

du

Credit

Mutuel

SA

,

5.19%,

2/16/2028(a)

2,115,000

2,162,716

4.59%,

10/16/2028(a)

1,825,000

1,843,715

Barclays

plc

,

(SOFR

+

1.08%),

4.48%,

11/11/2029(e)

2,883,000

2,898,909

BNP

Paribas

SA

,

(SOFR

+

1.45%),

4.79%,

5/9/2029(a)(d)(e)

3,420,000

3,457,985

(SOFR

+

1.28%),

5.28%,

11/19/2030(a)(e)

645,000

663,930

CaixaBank

SA

,

(SOFR

+

1.14%),

4.63%,

7/3/2029(a)(d)(e)

5,745,000

5,802,129

Canadian

Imperial

Bank

of

Commerce

,

5.24%,

6/28/2027(d)

2,335,000

2,379,251

(SOFR

+

1.03%),

4.86%,

3/30/2029(d)(e)

3,105,000

3,156,330

Citibank

NA

,

(SOFR

+

0.71%),

4.88%,

11/19/2027(e)

4,855,000

4,889,975

Citigroup,

Inc.

,

(SOFR

+

1.14%),

4.64%,

5/7/2028(d)(e)

4,085,000

4,118,160

Commonwealth

Bank

of

Australia

,

4.42%,

3/14/2028

1,445,000

1,462,797

Credit

Agricole

SA

,

(SOFR

+

1.13%),

5.23%,

1/9/2029(a)(d)(e)

1,091,000

1,114,027

Fifth

Third

Bank

NA

,

(SOFR

+

0.81%),

4.97%,

1/28/2028(e)

1,830,000

1,847,224

HSBC

Holdings

plc

,

(SOFR

+

1.04%),

5.13%,

11/19/2028(e)

4,440,000

4,522,210

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Loomis

Short

Term

Bond

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Banks
HSBC

USA,

Inc.

,

4.65%,

6/3/2028(d)

495,000

502,456

Huntington

Bancshares,

Inc.

,

(SOFR

+

2.02%),

6.21%,

8/21/2029(e)

2,115,000

2,218,220

Huntington

National

Bank

(The)

,

(SOFR

+

0.72%),

4.87%,

4/12/2028(e)

2,980,000

3,004,590

JPMorgan

Chase

&

Co.

,

(SOFR

+

0.86%),

4.51%,

10/22/2028(d)(e)

2,915,000

2,943,568

(SOFR

+

0.93%),

4.26%,

10/22/2031(e)

2,883,000

2,874,254

Morgan

Stanley

Private

Bank

NA

,

(SOFR

+

1.02%),

4.47%,

11/19/2031(e)

3,589,000

3,598,396

National

Bank

of

Canada

,

(SOFR

+

1.04%),

5.60%,

7/2/2027(d)(e)

2,880,000

2,901,462

NatWest

Markets

plc

,

4.79%,

3/21/2028(a)(d)

2,190,000

2,225,353

Norinchukin

Bank

(The)

,

4.67%,

9/9/2030(a)(d)

1,250,000

1,258,170

PNC

Bank

NA

,

(SOFR

+

0.73%),

4.43%,

7/21/2028(d)(e)

5,085,000

5,119,012

Royal

Bank

of

Canada

,

(United

States

SOFR

Compounded

Index

+

0.86%),

4.52%,

10/18/2028(e)

2,905,000

2,933,366

(SOFR

+

0.89%),

4.50%,

8/6/2029(e)

3,100,000

3,130,109

Santander

UK

Group

Holdings

plc

,

(United

States

SOFR

Compounded

Index

+

1.58%),

5.14%,

9/22/2036(d)(e)

885,000

882,677

Societe

Generale

SA

,

5.25%,

2/19/2027(a)

5,075,000

5,132,674

Svenska

Handelsbanken

AB

,

4.38%,

5/23/2028(a)(d)

4,235,000

4,277,397

Swedbank

AB

,

6.14%,

9/12/2026(a)(d)

1,370,000

1,389,730

Toronto-Dominion

Bank

(The)

,

4.57%,

6/2/2028(d)

4,555,000

4,612,759

Truist

Bank

,

(SOFR

+

0.77%),

4.42%,

7/24/2028(e)

4,815,000

4,842,580

US

Bank

NA

,

(SOFR

+

0.69%),

4.51%,

10/22/2027(d)(e)

3,221,000

3,234,032

Wells

Fargo

&

Co.

,

(SOFR

+

1.07%),

5.71%,

4/22/2028(e)

1,925,000

1,964,845

(SOFR

+

1.50%),

5.15%,

4/23/2031(d)(e)

2,870,000

2,962,423

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Banks
Wells

Fargo

Bank

NA

,

5.25%,

12/11/2026(d)

2,850,000

2,884,351

Westpac

New

Zealand

Ltd.

,

5.13%,

2/26/2027(a)(d)

2,825,000

2,863,024

117,910,546

#### Beverages

#### 0

#### .2

#### %
Bacardi-Martini

BV

,

5.55%,

2/1/2030(a)

2,235,000

2,305,366

#### Biotechnology

#### 0

#### .3

#### %
AbbVie,

Inc.

,

4.65%,

3/15/2028(d)

4,085,000

4,153,498

#### Broadline

#### Retail

#### 0

#### .1

#### %
eBay,

Inc.

,

4.25%,

3/6/2029

960,000

962,767

#### Capital

#### Markets

#### 4

#### .6

#### %
Antares

Holdings

LP

,

3.75%,

7/15/2027(a)(d)

687,000

671,718

6.35%,

10/23/2029(a)(d)

1,060,000

1,081,023

Apollo

Debt

Solutions

BDC

,

5.88%,

8/30/2030

700,000

708,019

Ares

Strategic

Income

Fund

,

5.70%,

3/15/2028

1,180,000

1,195,472

Bain

Capital

Specialty

Finance,

Inc.

,

5.95%,

3/15/2030(d)

715,000

712,240

Bank

of

New

York

Mellon

(The)

,

(SOFR

+

1.14%),

4.73%,

4/20/2029(e)

1,160,000

1,179,105

Barings

BDC,

Inc.

,

5.20%,

9/15/2028

1,540,000

1,532,451

BGC

Group,

Inc.

,

6.15%,

4/2/2030(d)

605,000

626,444

Blue

Owl

Capital

Corp.

II

,

8.45%,

11/15/2026(d)

900,000

925,410

Blue

Owl

Credit

Income

Corp.

,

6.60%,

9/15/2029

555,000

570,785

Blue

Owl

Technology

Finance

Corp.

,

6.75%,

4/4/2029(d)

1,365,000

1,396,107

Brookfield

Asset

Management

Ltd.

,

4.65%,

11/15/2030(d)

3,160,000

3,182,649

Cantor

Fitzgerald

LP

,

7.20%,

12/12/2028(a)(d)

1,065,000

1,131,307

Carlyle

Secured

Lending,

Inc.

,

5.75%,

2/15/2031

950,000

935,245

Deutsche

Bank

AG

,

(SOFR

+

1.21%),

5.37%,

1/10/2029(d)(e)

4,150,000

4,234,954

FS

KKR

Capital

Corp.

,

6.13%,

1/15/2030(d)

1,170,000

1,151,658

Goldman

Sachs

Bank

USA

,

(SOFR

+

0.75%),

5.41%,

5/21/2027(e)

3,537,000

3,555,538

Goldman

Sachs

Group,

Inc.

(The)

,

(SOFR

+

1.06%),

4.37%,

10/21/2031(d)(e)

2,882,000

2,875,131

NVIT

Loomis

Short

Term

Bond

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Capital

#### Markets
Golub

Capital

BDC,

Inc.

,

2.50%,

8/24/2026

595,000

585,945

7.05%,

12/5/2028(d)

1,044,000

1,101,662

6.00%,

7/15/2029(d)

585,000

598,123

Golub

Capital

Private

Credit

Fund

,

5.45%,

8/15/2028(a)(d)

380,000

382,364

Hercules

Capital,

Inc.

,

3.38%,

1/20/2027

665,000

655,989

6.00%,

6/16/2030

481,000

487,100

HPS

Corporate

Lending

Fund

,

5.45%,

1/14/2028

1,090,000

1,101,631

6.25%,

9/30/2029

597,000

618,437

Jefferies

Financial

Group,

Inc.

,

5.88%,

7/21/2028(d)

1,105,000

1,148,028

Main

Street

Capital

Corp.

,

3.00%,

7/14/2026

1,255,000

1,245,763

6.50%,

6/4/2027

655,000

668,515

5.40%,

8/15/2028

580,000

583,082

Marex

Group

plc

,

5.83%,

5/8/2028(d)

1,295,000

1,315,945

6.40%,

11/4/2029(d)

1,390,000

1,441,493

Morgan

Stanley

,

(SOFR

+

0.86%),

1.51%,

7/20/2027(e)

3,500,000

3,450,215

Series

I,

(SOFR

+

0.91%),

4.13%,

10/18/2029(e)

5,765,000

5,763,144

Morgan

Stanley

Direct

Lending

Fund

,

6.00%,

5/19/2030

403,000

412,570

MSD

Investment

Corp.

,

6.25%,

5/31/2030(a)

535,000

538,373

6.13%,

2/5/2031(a)

389,000

386,137

New

Mountain

Finance

Corp.

,

6.20%,

10/15/2027

660,000

670,754

6.88%,

2/1/2029

575,000

584,186

North

Haven

Private

Income

Fund

LLC

,

5.13%,

9/25/2028(a)

625,000

623,846

Sixth

Street

Lending

Partners

,

6.50%,

3/11/2029(d)

1,295,000

1,341,723

UBS

Group

AG

,

(SOFR

+

1.29%),

4.84%,

11/6/2033(a)(e)

2,510,000

2,512,408

USAA

Capital

Corp.

,

4.38%,

6/1/2028(a)(d)

2,855,000

2,890,022

58,772,711

#### Chemicals

#### 1

#### .2

#### %
Dow

Chemical

Co.

(The)

,

4.80%,

1/15/2031(d)

2,495,000

2,480,862

Eastman

Chemical

Co.

,

5.00%,

8/1/2029(d)

960,000

979,420

LYB

International

Finance

III

LLC

,

5.13%,

1/15/2031(d)

591,000

593,193

Methanex

US

Operations,

Inc.

,

6.25%,

3/15/2032(a)(d)

1,435,000

1,477,577

Mosaic

Co.

(The)

,

4.35%,

1/15/2029(d)

699,000

700,991

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Chemicals
Orbia

Advance

Corp.

SAB

de

CV

,

6.80%,

5/13/2030(a)(d)

1,965,000

1,940,596

Sherwin-Williams

Co.

(The)

,

4.30%,

8/15/2028

3,985,000

4,009,601

Syensqo

Finance

America

LLC

,

5.65%,

6/4/2029(a)

2,945,000

3,048,223

15,230,463

#### Commercial

#### Services

#### &

#### Supplies

#### 0

#### .3

#### %
Element

Fleet

Management

Corp.

,

5.64%,

3/13/2027(a)

3,045,000

3,096,649

4.64%,

11/24/2030(a)

585,000

586,631

3,683,280

#### Consumer

#### Finance

#### 2

#### .3

#### %
AerCap

Ireland

Capital

DAC

,

4.88%,

4/1/2028(d)

4,100,000

4,167,544

Ally

Financial,

Inc.

,

(United

States

SOFR

Compounded

Index

+

1.96%),

5.74%,

5/15/2029(e)

965,000

989,501

American

Express

Co.

,

(SOFR

+

0.81%),

4.35%,

7/20/2029(e)

2,815,000

2,835,538

Avolon

Holdings

Funding

Ltd.

,

4.95%,

1/15/2028(a)

1,513,000

1,530,740

4.95%,

10/15/2032(a)

2,500,000

2,472,762

Capital

One

Financial

Corp.

,

(SOFR

+

2.44%),

7.15%,

10/29/2027(e)

780,000

798,586

Caterpillar

Financial

Services

Corp.

,

3.95%,

11/14/2028(d)

5,775,000

5,788,576

General

Motors

Financial

Co.,

Inc.

,

5.05%,

4/4/2028(d)

1,135,000

1,155,920

John

Deere

Capital

Corp.

,

4.65%,

1/7/2028(d)

2,805,000

2,853,250

Macquarie

Airfinance

Holdings

Ltd.

,

5.20%,

3/27/2028(a)

1,190,000

1,207,967

OneMain

Finance

Corp.

,

6.63%,

5/15/2029(d)

720,000

745,736

6.75%,

9/15/2033

2,225,000

2,253,098

Stellantis

Financial

Services

US

Corp.

,

4.95%,

9/15/2028(a)(d)

1,665,000

1,687,878

Synchrony

Financial

,

(SOFR

+

1.68%),

5.45%,

3/6/2031(d)(e)

720,000

738,216

29,225,312

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0

#### .1

#### %
Alimentation

Couche-Tard,

Inc.

,

4.15%,

9/29/2028(a)(d)

1,835,000

1,836,942

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Loomis

Short

Term

Bond

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Containers

#### &

#### Packaging

#### 0

#### .2

#### %
Amcor

Flexibles

North

America,

Inc.

,

4.80%,

3/17/2028

2,630,000

2,666,139

#### Diversified

#### REITs

#### 0

#### .2

#### %
Equinix

Europe

Financing

Corp.

LLC

,

4.60%,

11/15/2030

1,981,000

1,986,971

VICI

Properties

LP

,

4.75%,

4/1/2028

630,000

636,631

2,623,602

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .3

#### %
APLD

ComputeCo

LLC

,

9.25%,

12/15/2030(a)

1,941,000

1,903,928

Sitios

Latinoamerica

SAB

de

CV

,

6.00%,

11/25/2029(a)

1,420,000

1,471,830

3,375,758

#### Electric

#### Utilities

#### 3

#### .2

#### %
Alliant

Energy

Finance

LLC

,

5.40%,

6/6/2027(a)

2,545,000

2,579,388

Capital

Power

US

Holdings,

Inc.

,

5.26%,

6/1/2028(a)

550,000

560,650

Duke

Energy

Corp.

,

4.85%,

1/5/2027(d)

3,020,000

3,048,093

Fells

Point

Funding

Trust

,

3.05%,

1/31/2027(a)

4,310,000

4,257,921

FirstEnergy

Pennsylvania

Electric

Co.

,

5.15%,

3/30/2026(a)

810,000

811,916

Georgia

Power

Co.

,

4.00%,

10/1/2028(d)

4,425,000

4,449,470

ITC

Holdings

Corp.

,

4.95%,

9/22/2027(a)(d)

4,180,000

4,235,609

Jersey

Central

Power

&

Light

Co.

,

4.15%,

1/15/2029(a)(d)

5,785,000

5,775,190

NextEra

Energy

Capital

Holdings,

Inc.

,

4.69%,

9/1/2027(d)

1,960,000

1,983,291

4.85%,

2/4/2028(d)

4,065,000

4,139,467

Pacific

Gas

and

Electric

Co.

,

5.00%,

6/4/2028(d)

435,000

442,457

Pinnacle

West

Capital

Corp.

,

4.90%,

5/15/2028(d)

3,965,000

4,036,194

Public

Service

Co.

of

New

Hampshire

,

4.40%,

7/1/2028

2,310,000

2,331,560

Vistra

Operations

Co.

LLC

,

5.63%,

2/15/2027(a)

1,750,000

1,750,760

Xcel

Energy,

Inc.

,

4.75%,

3/21/2028(d)

350,000

354,537

40,756,503

#### Electrical

#### Equipment

#### 0

#### .2

#### %
Molex

Electronic

Technologies

LLC

,

4.75%,

4/30/2028(a)(d)

2,555,000

2,582,865

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0

#### .3

#### %
Flex

Ltd.

,

6.00%,

1/15/2028(d)

2,845,000

2,936,717

TD

SYNNEX

Corp.

,

4.30%,

1/17/2029

835,000

833,485

3,770,202

#### Energy

#### Equipment

#### &

#### Services

#### 0

#### .4

#### %
Helmerich

&

Payne,

Inc.

,

4.85%,

12/1/2029(d)

2,990,000

3,009,497

WBI

Operating

LLC

,

6.25%,

10/15/2030(a)(d)

1,615,000

1,624,739

4,634,236

#### Entertainment

#### 0

#### .1

#### %
Take-Two

Interactive

Software,

Inc.

,

5.40%,

6/12/2029(d)

760,000

786,273

Warnermedia

Holdings,

Inc.

,

3.76%,

3/15/2027

397,000

394,329

1,180,602

#### Financial

#### Services

#### 1

#### .6

#### %
Atlas

Warehouse

Lending

Co.

LP

,

6.05%,

1/15/2028(a)(d)

2,105,000

2,171,386

4.63%,

11/15/2028(a)

955,000

958,584

Enact

Holdings,

Inc.

,

6.25%,

5/28/2029(d)

2,545,000

2,663,576

Equitable

America

Global

Funding

,

4.65%,

6/9/2028(a)

4,000,000

4,040,474

Essent

Group

Ltd.

,

6.25%,

7/1/2029

1,125,000

1,174,259

Global

Payments,

Inc.

,

4.50%,

11/15/2028

5,780,000

5,790,993

Nationwide

Building

Society

,

(SOFR

+

1.91%),

6.56%,

10/18/2027(a)(d)(e)

1,645,000

1,675,910

Rocket

Cos.,

Inc.

,

6.50%,

8/1/2029(a)

261,000

269,192

6.13%,

8/1/2030(a)

1,378,000

1,424,410

20,168,784

#### Food

#### Products

#### 0

#### .7

#### %
Campbell's

Co.

(The)

,

4.55%,

3/21/2031

2,833,000

2,818,856

Conagra

Brands,

Inc.

,

5.30%,

10/1/2026(d)

4,125,000

4,159,479

General

Mills,

Inc.

,

4.70%,

1/30/2027(d)

2,175,000

2,191,159

9,169,494

#### Gas

#### Utilities

#### 0

#### .3

#### %
Spire,

Inc.

,

5.30%,

3/1/2026(d)

3,985,000

3,990,587

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0

#### .7

#### %
Baxter

International,

Inc.

,

4.90%,

12/15/2030(d)

4,417,000

4,450,821

GE

HealthCare

Technologies,

Inc.

,

4.15%,

12/15/2028

460,000

461,268

NVIT

Loomis

Short

Term

Bond

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Health

#### Care

#### Equipment

#### &

#### Supplies
Smith

&

Nephew

plc

,

5.15%,

3/20/2027(d)

3,040,000

3,074,666

Solventum

Corp.

,

5.45%,

2/25/2027(d)

1,208,000

1,225,408

9,212,163

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0

#### .9

#### %
Elevance

Health,

Inc.

,

4.00%,

9/15/2028

2,570,000

2,566,114

Molina

Healthcare,

Inc.

,

6.50%,

2/15/2031(a)(d)

2,050,000

2,105,411

UnitedHealth

Group,

Inc.

,

4.40%,

6/15/2028(d)

5,765,000

5,828,520

Universal

Health

Services,

Inc.

,

4.63%,

10/15/2029

1,310,000

1,315,123

11,815,168

#### Health

#### Care

#### REITs

#### 0

#### .1

#### %
Omega

Healthcare

Investors,

Inc.

,

5.20%,

7/1/2030

1,680,000

1,709,708

#### Health

#### Care

#### Technology

#### 0

#### .1

#### %
IQVIA,

Inc.

,

6.25%,

2/1/2029(d)

1,295,000

1,365,083

#### Hotel

#### &

#### Resort

#### REITs

#### 0

#### .1

#### %
Host

Hotels

&

Resorts

LP

,

4.25%,

12/15/2028(d)

945,000

945,926

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1

#### .4

#### %
Carnival

Corp.

,

5.75%,

3/15/2030(a)(d)

4,095,000

4,211,347

Darden

Restaurants,

Inc.

,

4.35%,

10/15/2027

2,985,000

2,998,911

Hyatt

Hotels

Corp.

,

5.75%,

1/30/2027(d)

1,840,000

1,868,257

5.25%,

6/30/2029(d)

1,000,000

1,029,370

Las

Vegas

Sands

Corp.

,

5.63%,

6/15/2028

2,125,000

2,178,752

Marriott

International,

Inc.

,

4.20%,

7/15/2027

5,790,000

5,810,693

18,097,330

#### Insurance

#### 5

#### .4

#### %
American

National

Global

Funding

,

4.63%,

12/15/2028(a)

1,669,000

1,675,885

5.25%,

6/3/2030(a)

2,885,000

2,931,429

Athene

Global

Funding

,

4.83%,

5/9/2028(a)

2,913,000

2,936,609

Brighthouse

Financial

Global

Funding

,

5.55%,

4/9/2027(a)

3,055,000

3,097,776

Brown

&

Brown,

Inc.

,

4.70%,

6/23/2028(d)

1,940,000

1,963,256

CNO

Global

Funding

,

5.88%,

6/4/2027(a)

1,020,000

1,042,545

4.38%,

9/8/2028(a)

1,815,000

1,817,238

4.70%,

12/11/2030(a)

784,000

785,006

Corebridge

Global

Funding

,

4.25%,

8/21/2028(a)

5,790,000

5,804,752

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Insurance
F&G

Global

Funding

,

4.65%,

9/8/2028(a)

525,000

528,334

Fortitude

Global

Funding

,

4.63%,

10/6/2028(a)

1,190,000

1,190,235

GA

Global

Funding

Trust

,

4.40%,

9/23/2027(a)

2,845,000

2,855,560

Jackson

National

Life

Global

Funding

,

5.25%,

4/12/2028(a)(d)

1,495,000

1,526,685

4.70%,

6/5/2028(a)

1,335,000

1,348,380

Lincoln

Financial

Global

Funding

,

4.63%,

5/28/2028(a)

3,265,000

3,296,004

Mutual

of

Omaha

Cos.

Global

Funding

,

5.35%,

4/9/2027(a)

4,850,000

4,922,325

New

York

Life

Global

Funding

,

4.15%,

7/25/2028(a)

2,880,000

2,895,610

NLG

Global

Funding

,

4.35%,

9/15/2030(a)(d)

4,045,000

3,991,759

Northwestern

Mutual

Global

Funding

,

4.13%,

8/25/2028(a)(d)

5,790,000

5,813,245

Principal

Life

Global

Funding

II

,

4.80%,

1/9/2028(a)(d)

4,145,000

4,200,184

Protective

Life

Corp.

,

4.70%,

1/15/2031(a)

1,671,000

1,676,265

RGA

Global

Funding

,

4.60%,

11/25/2030(a)

1,151,000

1,150,508

Sammons

Financial

Group

Global

Funding

,

5.05%,

1/10/2028(a)

2,000,000

2,031,056

SBL

Holdings,

Inc.

,

5.90%,

9/26/2028(a)(d)

2,665,000

2,650,878

SiriusPoint

Ltd.

,

7.00%,

4/5/2029

1,296,000

1,371,268

Western-Southern

Global

Funding

,

4.50%,

7/16/2028(a)

4,725,000

4,760,262

68,263,054

#### Interactive

#### Media

#### &

#### Services

#### 0

#### .8

#### %
Alphabet,

Inc.

,

4.10%,

11/15/2030

4,023,000

4,035,346

Meta

Platforms,

Inc.

,

4.20%,

11/15/2030(d)

5,785,000

5,797,225

9,832,571

#### IT

#### Services

#### 0

#### .6

#### %
CGI,

Inc.

,

4.95%,

3/14/2030(a)

2,545,000

2,579,103

Gartner,

Inc.

,

4.95%,

3/20/2031(d)

4,419,000

4,439,459

7,018,562

#### Leisure

#### Products

#### 0

#### .1

#### %
Polaris,

Inc.

,

5.60%,

3/1/2031(d)

779,000

787,135

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Loomis

Short

Term

Bond

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0

#### .3

#### %
Illumina,

Inc.

,

4.65%,

9/9/2026

2,585,000

2,593,292

4.75%,

12/12/2030

1,576,000

1,591,054

4,184,346

#### Machinery

#### 0

#### .6

#### %
CNH

Industrial

Capital

LLC

,

4.50%,

10/8/2027(d)

2,920,000

2,937,492

4.75%,

3/21/2028

1,395,000

1,410,868

Cummins,

Inc.

,

4.25%,

5/9/2028

2,420,000

2,438,862

Weir

Group,

Inc.

,

5.35%,

5/6/2030(a)

1,370,000

1,407,843

8,195,065

#### Media

#### 0

#### .1

#### %
Charter

Communications

Operating

LLC

,

6.10%,

6/1/2029(d)

1,605,000

1,675,105

#### Metals

#### &

#### Mining

#### 0

#### .3

#### %
Commercial

Metals

Co.

,

5.75%,

11/15/2033(a)

2,025,000

2,070,627

Mineral

Resources

Ltd.

,

9.25%,

10/1/2028(a)(d)

1,485,000

1,558,508

3,629,135

#### Multi-Utilities

#### 1

#### .1

#### %
Ameren

Corp.

,

5.70%,

12/1/2026(d)

4,175,000

4,232,013

Dominion

Energy,

Inc.

,

4.60%,

5/15/2028(d)

3,390,000

3,429,565

DTE

Energy

Co.

,

4.95%,

7/1/2027

2,505,000

2,537,990

Sempra

,

5.40%,

8/1/2026(d)

2,260,000

2,274,497

WEC

Energy

Group,

Inc.

,

5.60%,

9/12/2026(d)

1,439,000

1,453,396

13,927,461

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 2

#### .2

#### %
Boardwalk

Pipelines

LP

,

5.38%,

2/15/2036(d)

1,011,000

1,016,017

California

Resources

Corp.

,

8.25%,

6/15/2029(a)(d)

1,680,000

1,757,248

Chord

Energy

Corp.

,

6.00%,

10/1/2030(a)

1,235,000

1,250,145

Civitas

Resources,

Inc.

,

9.63%,

6/15/2033(a)(d)

1,735,000

1,873,138

Crescent

Energy

Finance

LLC

,

7.63%,

4/1/2032(a)(d)

855,000

828,941

8.38%,

1/15/2034(a)(d)

835,000

829,439

Enbridge,

Inc.

,

4.60%,

6/20/2028(d)

2,817,000

2,846,035

Hess

Midstream

Operations

LP

,

5.88%,

3/1/2028(a)

3,540,000

3,606,460

Kinetik

Holdings

LP

,

6.63%,

12/15/2028(a)(d)

3,215,000

3,310,412

Northern

Oil

&

Gas,

Inc.

,

7.88%,

10/15/2033(a)(d)

1,320,000

1,285,224

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
Occidental

Petroleum

Corp.

,

5.20%,

8/1/2029(d)

2,920,000

2,992,972

Sunoco

LP

,

5.63%,

3/15/2031(a)

2,795,000

2,815,479

Targa

Resources

Corp.

,

4.35%,

1/15/2029(d)

1,144,000

1,147,176

Venture

Global

Plaquemines

LNG

LLC

,

6.13%,

12/15/2030(a)(d)

2,090,000

2,128,340

27,687,026

#### Other

#### Specialized

#### Funds

#### 0

#### .1

#### %
Prologis

Targeted

US

Logistics

Fund

LP

,

4.25%,

1/15/2031(a)

985,000

977,722

#### Paper

#### &

#### Forest

#### Products

#### 0

#### .2

#### %
Georgia-Pacific

LLC

,

4.40%,

6/30/2028(a)(d)

2,765,000

2,797,784

#### Passenger

#### Airlines

#### 0

#### .1

#### %
Air

Canada

,

3.88%,

8/15/2026(a)

595,000

592,164

Southwest

Airlines

Co.

,

4.38%,

11/15/2028(d)

960,000

962,009

United

Airlines,

Inc.

,

4.63%,

4/15/2029(a)(d)

255,000

253,894

1,808,067

#### Pharmaceuticals

#### 0

#### .6

#### %
EMD

Finance

LLC

,

4.13%,

8/15/2028(a)(d)

4,055,000

4,063,914

Sanofi

SA

,

3.80%,

11/3/2028(d)

4,055,000

4,058,187

8,122,101

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0

#### .6

#### %
Analog

Devices,

Inc.

,

4.25%,

6/15/2028

2,300,000

2,318,964

Microchip

Technology,

Inc.

,

4.90%,

3/15/2028(d)

4,140,000

4,196,899

NXP

BV

,

4.30%,

8/19/2028

1,210,000

1,214,490

7,730,353

#### Software

#### 0

#### .5

#### %
Oracle

Corp.

,

4.45%,

9/26/2030(d)

5,770,000

5,644,999

Roper

Technologies,

Inc.

,

4.25%,

9/15/2028

895,000

898,173

6,543,172

#### Specialized

#### REITs

#### 0

#### .8

#### %
EPR

Properties

,

4.75%,

11/15/2030

2,280,000

2,262,238

Extra

Space

Storage

LP

,

5.70%,

4/1/2028(d)

1,010,000

1,043,496

NVIT

Loomis

Short

Term

Bond

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Specialized

#### REITs
Public

Storage

Operating

Co.

,

(United

States

SOFR

Compounded

Index

+

0.70%),

4.50%,

4/16/2027(d)(e)

6,145,000

6,165,191

9,470,925

#### Specialty

#### Retail

#### 0

#### .4

#### %
AutoNation,

Inc.

,

4.45%,

1/15/2029

2,594,000

2,601,138

Lowe's

Cos.,

Inc.

,

4.80%,

4/1/2026(d)

2,910,000

2,913,722

5,514,860

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0

#### .8

#### %
Dell

International

LLC

,

4.75%,

4/1/2028(d)

4,035,000

4,092,471

Hewlett

Packard

Enterprise

Co.

,

4.15%,

9/15/2028(d)

2,888,000

2,890,541

4.55%,

10/15/2029(d)

2,930,000

2,946,832

9,929,844

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0

#### .1

#### %
PVH

Corp.

,

5.50%,

6/13/2030(d)

1,664,000

1,691,340

#### Tobacco

#### 0

#### .1

#### %
Imperial

Brands

Finance

plc

,

4.50%,

6/30/2028(a)(d)

1,460,000

1,471,756

#### Trading

#### Companies

#### &

#### Distributors

#### 0

#### .5

#### %
Aircastle

Ltd.

,

6.50%,

7/18/2028(a)(d)

1,010,000

1,061,799

GATX

Corp.

,

5.40%,

3/15/2027

1,490,000

1,511,227

TTX

Co.

,

5.50%,

9/25/2026(a)

3,965,000

3,994,779

6,567,805

#### Water

#### Utilities

#### 0

#### .2

#### %
Essential

Utilities,

Inc.

,

4.80%,

8/15/2027

2,445,000

2,474,217

#### Wireless

#### Telecommunication

#### Services

#### 0

#### .3

#### %
Vmed

O2

UK

Financing

I

plc

,

6.75%,

1/15/2033(a)

3,960,000

3,924,499

#### Total

#### Corporate

#### Bonds

#### (cost

#### $602,565,216)

#### 609,423,614

#### Mortgage-Backed

#### Securities

#### 0

#### .8

#### %
FHLMC

Non

Gold

Pool

Pool#

1Q0648

6.52%,

6/1/2037(b)

53,034

54,879

Pool#

1B3601

6.82%,

10/1/2037(b)

78,884

81,460

FNMA

Pool

Pool#

747271

6.54%,

7/1/2034(b)

115,068

118,587

Pool#

886345

6.31%,

8/1/2036(b)

24,029

24,699

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FNMA

UMBS

Pool

Pool#

MA4582

2.00%,

4/1/2037

2,095,954

1,940,110

Pool#

BN0906

4.00%,

11/1/2048

2,317,541

2,237,445

Pool#

MA4700

4.00%,

8/1/2052

3,200,013

3,038,749

Pool#

MA4803

3.50%,

11/1/2052

2,971,806

2,754,172

#### Total

#### Mortgage-Backed

#### Securities

#### (cost

#### $10,124,643)

#### 10,250,101

#### U.S.

#### Treasury

#### Obligations

#### 24

#### .0

#### %
U.S.

Treasury

Notes

4.63%,

6/30/2026

(f) 3,955,000

3,975,521

3.63%,

8/31/2027

94,313,400

94,523,394

3.50%,

10/31/2027

189,634,000

189,678,446

3.63%,

10/31/2030

17,008,000

16,936,248

#### Total

#### U.S.

#### Treasury

#### Obligations

#### (cost

#### $304,744,280)

#### 305,113,609

#### Short-Term

#### Investment

#### 0

#### .3

#### %

#### U.S.

#### Treasury

#### Obligation

#### 0

#### .3

#### %
U.S.

Treasury

Bills,

3.53%,

1/2/2026(d)

3,800,000

3,800,000

#### Total

#### Short-Term

#### Investment

#### (cost

#### $3,799,628)

#### 3,800,000

#### Repurchase

#### Agreements

#### 6

#### .1

#### %
Bank

of

America

NA

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$5,001,069,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.50%,

maturing

5/1/2049

-

9/1/2050;

total

market

value

$5,100,000.

(g)(h) 5,000,000

5,000,000

BofA

Securities,

Inc.

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$3,000,642,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.34%

-

5.25%,

maturing

10/20/2034

-

2/20/2073;

total

market

value

$3,060,000.

(g)(h) 3,000,000

3,000,000

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Loomis

Short

Term

Bond

Fund

#### Repurchase

#### Agreements

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Cantor

Fitzgerald

&

Co.

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$1,316,939,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$1,342,992.

(g)(h) 1,316,658

1,316,658

Cantor

Fitzgerald

&

Co.

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$3,500,747,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$3,570,000.

(g)(h) 3,500,000

3,500,000

CF

Secured,

LLC

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$49,010,453,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.13%

-

7.50%,

maturing

3/31/2026

-

4/20/2071;

total

market

value

$49,990,664.

(g)(h) 49,000,000

49,000,000

MetLife,

Inc.

3.83%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$9,001,915,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$9,184,651.

(g)(h) 9,000,000

9,000,000

#### Repurchase

#### Agreements

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Pershing

LLC

3.72%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$7,001,447,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

2/15/2026

-

12/20/2075;

total

market

value

$7,140,000.

(g)(h) 7,000,000

7,000,000

#### Total

#### Repurchase

#### Agreements

#### (cost

#### $77,816,658)

#### 77,816,658

#### Total

#### Investments

#### (cost

#### $1,326,251,868)

#### —

#### 105.0%

#### 1,336,083,817

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (5.0)%

#### (#### 63,836,920

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 1,272,246,897
NVIT

Loomis

Short

Term

Bond

Fund

-

December

31,

2025

-

Statement

of

Investments

-

†

Amount

rounds

to

less

than

0.1%.

(a) Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

December

31,

2025

was

$444,960,851

which

represents

34.97%

of

net

assets.

(b) Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets. See

Note

–

for

further

information.

The

interest

rate

shown

was

the

current

rate

as

of

December

31,

2025. (c) Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

December

31,

2025. (d) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$142,449,923,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$77,816,658

and

by

$69,465,089

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

5.38%,

and

maturity

dates

ranging

from

9/30/2026

-

11/15/2055,

a

total

value

of

$147,281,747.

(e) Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

December

31,

2025. (f) Security

or

a

portion

of

the

security

was

used

to

cover

the

margin

requirement

for

futures

contracts.

(g) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$77,816,658.

(h) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

CLO

Collateralized

Loan

Obligations

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

UMBS

Uniform

Mortgage-Backed

Securities

#### Futures

#### contracts

#### outstanding

#### as

#### of

#### December

#### 31,

#### 2025:

#### Description

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### ($)

#### Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Long

#### Contracts
U.S.

Treasury

Year

Note

3/2026

USD

43,428,125

(16,412)

#### Total

#### long

#### contracts
(16,412)

#### Short

#### Contracts
U.S.

Treasury

Year

Note

(286)

3/2026

USD

(32,157,125)

251,763

#### Total

#### short

#### contracts
251,763

#### Net

#### contracts
235,351

#### Currency:
USD

United

States

Dollar

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Loomis

Short

Term

High

Yield

Fund

#### Asset-Backed

#### Securities

#### 13

#### .2

#### %

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Airlines

#### 0

#### .3

#### %
Blackbird

Capital

Aircraft

Lease

Securitization

Ltd.,

Series

2016-1A,

Class

A,

4.21%,

12/16/2041(a)(b)

48,086

48,182

WAVE

LLC,

Series

2019-

1,

Class

A,

3.60%,

9/15/2044(a)

221,967

217,991

266,173

#### Automobiles

#### 3

#### .9

#### %
Avis

Budget

Rental

Car

Funding

AESOP

LLC

Series

2023-2A,

Class

D,

7.26%,

10/20/2027(a)

500,000

504,112

Series

2023-1A,

Class

C,

6.23%,

4/20/2029(a)

300,000

308,165

Series

2023-4A,

Class

D,

7.31%,

6/20/2029(a)

220,000

225,803

Carmax

Select

Receivables

Trust,

Series

2025-B,

Class

E,

6.89%,

9/15/2032(a)

145,000

145,011

Carvana

Auto

Receivables

Trust

Series

2024-N1,

Class

D,

6.30%,

5/10/2030(a)

500,000

509,981

Series

2025-P2,

Class

D,

5.99%,

6/10/2033

475,000

483,546

Hertz

Vehicle

Financing

III

LLC,

Series

2025-3A,

Class

C,

6.13%,

12/26/2029(a)

115,000

116,795

Huntington

Bank

Auto

Credit-

Linked

Notes

Series

2024-1,

Class

C,

7.07%,

5/20/2032(a)(c)

219,841

222,007

Series

2025-2,

Class

C,

6.27%,

9/20/2033(a)(c)

220,742

221,047

PenFed

Auto

Receivables

Owner

Trust,

Series

2025-A,

Class

D,

5.07%,

10/17/2033(a)

500,000

496,913

3,233,380

#### Equipment

#### Loans

#### &

#### Leases

#### 1

#### .1

#### %
MetroNet

Infrastructure

Issuer

LLC

Series

2025-2A,

Class

C,

7.83%,

8/20/2055(a)

100,000

102,534

Series

2025-4A,

Class

C,

7.11%,

12/20/2055(a)

350,000

352,330

OWN

Equipment

Fund

III

LLC,

Series

2025-2M,

Class

C,

8.77%,

3/27/2034(a)

500,000

500,387

955,251

#### Other

#### 7

#### .9

#### %
Anchorage

Capital

CLO

Ltd.,

Series

2020-

15A,

Class

DR2,

7.63%,

7/20/2038(a)(c)

250,000

251,105

#### Asset-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Other
Bain

Capital

CLO

Ltd.,

Series

2024-1A,

Class

D1,

7.74%,

4/16/2037(a)(c)

250,000

251,080

BHG

Securitization

Trust,

Series

2025-2CON,

Class

E,

7.76%,

9/17/2036(a)

400,000

405,194

DataBank

Issuer

II

LLC,

Series

2025-1A,

Class

B,

5.67%,

9/27/2055(a)

350,000

341,990

EDI

ABS

Issuer

LLC,

Series

2025-1A,

Class

B,

4.55%,

7/25/2055(a)

300,000

285,257

FF

Asset

Securitization

LLC,

Series

2025-1A,

Class

B,

7.22%,

12/17/2031(a)

100,000

100,097

Foundation

Finance

Trust,

Series

2025-2A,

Class

E,

8.35%,

4/15/2052(a)

350,000

353,764

Frontier

Issuer

LLC,

Series

2023-1,

Class

C,

11.50%,

8/20/2053(a)

40,000

41,180

Global

SC

Finance

X

Ltd.,

Series

2025-1H,

Class

A,

6.17%,

9/20/2045(a)

233,467

236,809

Kapitus

Asset

Securitization

V

LLC

Series

2025-1A,

Class

B,

5.95%,

4/10/2032(a)

500,000

501,769

Series

2025-1A,

Class

C,

7.40%,

4/10/2032(a)

350,000

350,418

OHA

Credit

Funding

Ltd.,

Series

2025-21A,

Class

D2,

7.70%,

10/20/2038(a)(c)

310,000

308,551

OnDeck

Asset

Securitization

Trust

IV

LLC,

Series

2023-1A,

Class

B,

8.25%,

8/19/2030(a)

350,000

352,308

Planet

Fitness

Master

Issuer

LLC,

Series

2022-1A,

Class

A2II,

4.01%,

12/5/2051(a)

96,250

91,234

QTS

Issuer

ABS

II

LLC,

Series

2025-1A,

Class

B,

5.78%,

10/5/2055(a)

160,000

155,130

RCO

VIII

Mortgage

LLC,

Series

2025-3,

Class

A2,

8.84%,

5/25/2030(a)(b)

395,000

396,905

SEB

Funding

LLC,

Series

2024-1A,

Class

A2,

7.39%,

4/30/2054(a)

350,000

358,010

Silver

Point

CLO

Ltd.,

Series

2025-12A,

Class

D1,

6.63%,

10/15/2038(a)(c)

250,000

250,799

Sunrun

Atlas

Issuer

LLC,

Series

2019-2,

Class

A,

3.61%,

2/1/2055(a)

520,485

501,771

Sunrun

Vulcan

Issuer

LLC,

Series

2021-1A,

Class

A,

2.46%,

1/30/2052(a)

430,922

396,131

Symetra

CLO

Ltd.,

Series

2025-1A,

Class

E,

9.63%,

4/20/2038(a)(c)

300,000

302,902

NVIT

Loomis

Short

Term

High

Yield

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Asset-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Other
TMCL

VII

Holdings

Ltd.,

Series

2025-1H,

Class

A,

6.43%,

7/23/2050(a)

325,163

326,562

VCAT

LLC,

Series

2025-

NPL1,

Class

A1,

5.88%,

1/25/2055(a)(b)

73,810

74,071

6,633,037

#### Total

#### Asset-Backed

#### Securities

#### (cost

#### $11,059,242)

#### 11,087,841

#### Collateralized

#### Mortgage

#### Obligations

#### 0

#### .7

#### %
NYMT

Loan

Trust,

Series

2024-BPL3,

Class

M1,

6.90%,

9/25/2039(a)(c)

230,000

230,725

PRPM

LLC,

Series

2025-

2,

Class

A2,

9.56%,

5/25/2030(a)(b)

350,000

350,440

#### Total

#### Collateralized

#### Mortgage

#### Obligations

#### (cost

#### $580,760)

#### 581,165

#### Commercial

#### Mortgage-Backed

#### Securities

#### 1

#### .0

#### %
BPR

Trust

Series

2021-NRD,

Class

C,

6.18%,

12/15/2038(a)(c)

35,000

34,709

Series

2021-NRD,

Class

D,

7.47%,

12/15/2038(a)(c)

20,000

19,813

BX

Trust,

Series

2025-

DELC,

Class

D,

6.56%,

12/15/2042(a)(c)

100,000

100,249

CSMC

OA

LLC,

Series

2014-

USA,

Class

E,

4.37%,

9/15/2037(a)

350,000

276,857

GS

Mortgage

Securities

Corp.

Trust,

Series

2013-PEMB,

Class

A,

3.55%,

3/5/2033(a)

(c) 400,000

286,000

GS

Mortgage

Securities

Trust,

Series

2011-GC5,

Class

C,

5.17%,

8/10/2044(a)(c)

20,000

18,009

WFRBS

Commercial

Mortgage

Trust,

Series

2013-C15,

Class

B,

4.15%,

8/15/2046(c)

90,246

86,950

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### (cost

#### $817,099)

#### 822,587

#### Common

#### Stocks

#### 0

#### .0

#### %

#### †

#### Shares

#### Media

#### 0

#### .0

#### %

#### †
Audacy,

Inc.

\*^∞

936

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0

#### .0

#### %

#### †
Expand

Energy

Corp.

1,104

#### Total

#### Common

#### Stocks

#### (cost

#### $634,091)

#### 1,104

#### Corporate

#### Bonds

#### 74

#### .6

#### %

#### Principal

#### Amount

#### ($)

#### Automobile

#### Components

#### 2

#### .3

#### %
Allison

Transmission,

Inc.

,

4.75%,

10/1/2027(a)

640,000

639,126

Icahn

Enterprises

LP

,

6.25%,

5/15/2026

616,000

615,573

ZF

North

America

Capital,

Inc.

,

6.88%,

4/14/2028(a)

630,000

642,855

1,897,554

#### Automobiles

#### 2

#### .2

#### %
Nissan

Motor

Acceptance

Co.

LLC

,

5.30%,

9/13/2027(a)

1,842,000

1,844,504

#### Chemicals

#### 1

#### .7

#### %
Chemours

Co.

(The)

,

5.38%,

5/15/2027

515,000

516,250

5.75%,

11/15/2028(a)

74,000

71,966

SK

Invictus

Intermediate

II

Sarl

,

5.00%,

10/30/2029(a)

854,000

845,628

1,433,844

#### Commercial

#### Services

#### &

#### Supplies

#### 1

#### .9

#### %
GFL

Environmental,

Inc.

,

4.00%,

8/1/2028(a)

1,625,000

1,602,899

#### Construction

#### &

#### Engineering

#### 0

#### .5

#### %
Arcosa,

Inc.

,

4.38%,

4/15/2029(a)

435,000

427,594

#### Consumer

#### Finance

#### 1

#### .3

#### %
Azorra

Finance

Ltd.

,

7.25%,

1/15/2031(a)

410,000

429,611

Navient

Corp.

,

6.75%,

6/15/2026

689,000

696,234

1,125,845

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 2

#### .1

#### %
Albertsons

Cos.,

Inc.

,

5.88%,

2/15/2028(a)

701,000

703,687

Jitney-Jungle

Stores

of

America,

Inc.

,

10.38%,

9/15/2007^∞(d)

100,000

Performance

Food

Group,

Inc.

,

5.50%,

10/15/2027(a)

1,040,000

1,041,536

1,745,223

#### Diversified

#### Telecommunication

#### Services

#### 2

#### .9

#### %
CCO

Holdings

LLC

,

5.13%,

5/1/2027(a)

2,170,000

2,167,017

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Loomis

Short

Term

High

Yield

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Diversified

#### Telecommunication

#### Services
Cipher

Compute

LLC

,

7.13%,

11/15/2030(a)

271,000

276,009

2,443,026

#### Electric

#### Utilities

#### 0

#### .7

#### %
NRG

Energy,

Inc.

,

5.25%,

6/15/2029(a)

550,000

551,481

#### Electrical

#### Equipment

#### 0

#### .8

#### %
Sensata

Technologies

BV

,

4.00%,

4/15/2029(a)

689,000

672,252

#### Energy

#### Equipment

#### &

#### Services

#### 1

#### .3

#### %
Oceaneering

International,

Inc.

,

6.00%,

2/1/2028

431,000

435,838

WBI

Operating

LLC

,

6.25%,

10/15/2030(a)

622,000

625,751

1,061,589

#### Financial

#### Services

#### 3

#### .4

#### %
Block,

Inc.

,

2.75%,

6/1/2026

1,705,000

1,694,820

Freedom

Mortgage

Corp.

,

6.63%,

1/15/2027(a)

867,000

870,244

Midcap

Financial

Issuer

Trust

,

6.50%,

5/1/2028(a)

315,000

314,448

2,879,512

#### Food

#### Products

#### 1

#### .2

#### %
Lamb

Weston

Holdings,

Inc.

,

4.88%,

5/15/2028(a)

1,005,000

1,002,440

#### Gas

#### Utilities

#### 0

#### .6

#### %
AmeriGas

Partners

LP

,

5.75%,

5/20/2027

517,000

519,974

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 2

#### .4

#### %
Avantor

Funding,

Inc.

,

4.63%,

7/15/2028(a)

1,080,000

1,074,132

Hologic,

Inc.

,

4.63%,

2/1/2028(a)

914,000

913,961

1,988,093

#### Health

#### Care

#### Providers

#### &

#### Services

#### 2

#### .9

#### %
Molina

Healthcare,

Inc.

,

4.38%,

6/15/2028(a)

1,630,000

1,603,016

6.50%,

2/15/2031(a)

770,000

790,813

2,393,829

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 7

#### .6

#### %
1011778

BC

ULC

,

3.88%,

1/15/2028(a)

1,205,000

1,187,831

4.38%,

1/15/2028(a)

800,000

794,956

Carnival

Corp.

,

5.13%,

5/1/2029(a)

590,000

596,543

Genting

New

York

LLC

,

7.25%,

10/1/2029(a)

420,000

430,736

Hilton

Domestic

Operating

Co.,

Inc.

,

5.50%,

3/31/2034(a)

115,000

115,790

Hilton

Worldwide

Finance

LLC

,

4.88%,

4/1/2027

1,475,000

1,475,671

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Hotels,

#### Restaurants

#### &

#### Leisure
Kingpin

Intermediate

Holdings

LLC

,

7.25%,

10/15/2032(a)

435,000

411,228

Marriott

Ownership

Resorts,

Inc.

,

4.75%,

1/15/2028

645,000

635,343

Sabre

GLBL,

Inc.

,

8.63%,

6/1/2027(a)

336,000

342,720

Travel

+

Leisure

Co.

,

6.63%,

7/31/2026(a)

410,000

412,869

6,403,687

#### Household

#### Durables

#### 0

#### .4

#### %
Taylor

Morrison

Communities,

Inc.

,

5.75%,

1/15/2028(a)

344,000

350,142

#### Insurance

#### 4

#### .8

#### %
Alliant

Holdings

Intermediate

LLC

,

4.25%,

10/15/2027(a)

1,485,000

1,475,561

AmWINS

Group,

Inc.

,

6.38%,

2/15/2029(a)

620,000

637,615

APH

Somerset

Investor

LLC

,

7.88%,

11/1/2029(a)

410,000

414,093

Baldwin

Insurance

Group

Holdings

LLC

,

7.13%,

5/15/2031(a)

810,000

839,239

Liberty

Mutual

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.32%),

4.13%,

12/15/2051(a)(e)

625,000

616,277

3,982,785

#### IT

#### Services

#### 0

#### .7

#### %
Go

Daddy

Operating

Co.

LLC

,

5.25%,

12/1/2027(a)

620,000

621,689

#### Media

#### 6

#### .6

#### %
DirecTV

Financing

LLC

,

5.88%,

8/15/2027(a)

705,000

709,138

DISH

DBS

Corp.

,

5.25%,

12/1/2026(a)

1,375,000

1,333,403

DISH

Network

Corp.

,

11.75%,

11/15/2027(a)

1,255,000

1,306,179

EchoStar

Corp.

,

10.75%,

11/30/2029

1,150,000

1,271,671

Lamar

Media

Corp.

,

5.38%,

11/1/2033(a)

101,000

100,338

Paramount

Global

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.00%),

6.38%,

3/30/2062(e)

870,000

807,695

5,528,424

#### Metals

#### &

#### Mining

#### 2

#### .2

#### %
Commercial

Metals

Co.

,

4.13%,

1/15/2030

575,000

558,316

5.75%,

11/15/2033(a)

93,000

95,096

6.00%,

12/15/2035(a)

131,000

134,295

NVIT

Loomis

Short

Term

High

Yield

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Metals

#### &

#### Mining
Fortescue

Treasury

Pty.

Ltd.

,

4.50%,

9/15/2027(a)

1,049,000

1,046,388

1,834,095

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 9

#### .3

#### %
Chord

Energy

Corp.

,

6.00%,

10/1/2030(a)

385,000

389,721

Civitas

Resources,

Inc.

,

5.00%,

10/15/2026(a)

1,250,000

1,246,327

Expand

Energy

Corp.

,

7.00%,

10/1/2024(d)

200,000

Hess

Midstream

Operations

LP

,

5.88%,

3/1/2028(a)

905,000

921,990

5.13%,

6/15/2028(a)

349,000

350,409

Matador

Resources

Co.

,

6.88%,

4/15/2028(a)

810,000

827,728

PBF

Holding

Co.

LLC

,

6.00%,

2/15/2028

320,000

316,956

Permian

Resources

Operating

LLC

,

8.00%,

4/15/2027(a)

595,000

602,771

SM

Energy

Co.

,

6.75%,

9/15/2026

625,000

625,908

Venture

Global

LNG,

Inc.

,

8.13%,

6/1/2028(a)

1,391,000

1,408,949

Venture

Global

Plaquemines

LNG

LLC

,

6.13%,

12/15/2030(a)

1,049,000

1,068,243

7,759,022

#### Pharmaceuticals

#### 1

#### .9

#### %
Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

4.75%,

5/9/2027

1,571,000

1,575,014

#### Professional

#### Services

#### 1

#### .4

#### %
TriNet

Group,

Inc.

,

3.50%,

3/1/2029(a)

1,274,000

1,203,880

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 1

#### .3

#### %
Entegris,

Inc.

,

4.38%,

4/15/2028(a)

1,070,000

1,062,166

#### Software

#### 4

#### .6

#### %
Fair

Isaac

Corp.

,

4.00%,

6/15/2028(a)

1,325,000

1,306,783

GoTo

Group,

Inc.

,

5.50%,

5/1/2028(a)

245,000

205,800

Open

Text

Corp.

,

3.88%,

2/15/2028(a)

660,000

647,716

3.88%,

12/1/2029(a)

910,000

863,618

PTC,

Inc.

,

4.00%,

2/15/2028(a)

855,000

842,150

3,866,067

#### Specialized

#### REITs

#### 2

#### .0

#### %
Iron

Mountain,

Inc.

,

4.88%,

9/15/2027(a)

850,000

849,137

5.25%,

3/15/2028(a)

850,000

851,916

1,701,053

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Specialty

#### Retail

#### 1

#### .1

#### %
Global

Auto

Holdings

Ltd.

,

8.38%,

1/15/2029(a)

290,000

284,925

PetSmart

LLC

,

7.50%,

9/15/2032(a)

660,000

671,672

956,597

#### Trading

#### Companies

#### &

#### Distributors

#### 2

#### .5

#### %
United

Rentals

North

America,

Inc.

,

3.88%,

11/15/2027

531,000

527,395

4.88%,

1/15/2028

1,580,000

1,580,136

2,107,531

#### Total

#### Corporate

#### Bonds

#### (cost

#### $61,627,619)

#### 62,541,811

#### Loan

#### Participations

#### 6

#### .5

#### %

#### Broadline

#### Retail

#### 1

#### .0

#### %
Evergreen

Acqco

LP,

First

Lien

Term

Loan,

(CME

Term

SOFR

Month

+

3.00%),

6.70%,

9/17/2032

(e) 214,133

214,990

StubHub

Holdco

Sub

LLC,

First

Lien

Term

Loan

B,

(CME

Term

SOFR

Month

+

4.75%),

8.47%,

3/15/2030

(e) 623,697

617,198

832,188

#### Building

#### Products

#### 1

#### .5

#### %
Quikrete

Holdings,

Inc.,

First

Lien

Term

Loan

B3,

(CME

Term

SOFR

Month

+

2.25%),

5.97%,

2/10/2032

(e) 1,288,509

1,292,194

#### Chemicals

#### 0

#### .5

#### %
SCIL

IV

LLC,

First

Lien

Term

Loan

B2,

(CME

Term

SOFR

Month

+

4.00%),

7.79%,

11/8/2032

(e) 390,000

390,488

#### Financial

#### Services

#### 0

#### .5

#### %
Osaic

Holdings,

Inc.,

First

Lien

Term

Loan,

(CME

Term

SOFR

Month

+

3.00%),

6.60%,

8/2/2032

(e) 435,000

436,549

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0

#### .4

#### %
US

Fertility

Enterprises

LLC,

First

Lien

Term

Loan,

(CME

Term

SOFR

Month

+

3.75%),

7.29%,

12/10/2032

(e) 303,947

304,707

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1

#### .0

#### %
Entain

Holdings

(Gibraltar)

Ltd.,

First

Lien

Term

Loan

B,

(CME

Term

SOFR

Month

+

2.25%),

5.92%,

10/31/2029

(e) 852,863

847,003

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Loomis

Short

Term

High

Yield

Fund

#### Loan

#### Participations

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Insurance

#### 1

#### .0

#### %
Ardonagh

Group

Finco

Pty.

Ltd.,

First

Lien

Term

Loan

B,

(CME

Term

SOFR

Month

+

2.75%),

6.95%,

2/18/2031

(e) 856,778

854,105

#### Professional

#### Services

#### 0

#### .5

#### %
VT

Topco,

Inc.,

First

Lien

Term

Loan,

(CME

Term

SOFR

Month

+

3.00%),

6.87%,

8/9/2030

(e) 428,779

422,270

#### Software

#### 0

#### .1

#### %
Darktrace

Finco

US

LLC,

First

Lien

Term

Loan,

(CME

Term

SOFR

Month

+

3.25%),

7.19%,

10/9/2031

(e) 69,824

70,036

#### Total

#### Loan

#### Participations

#### (cost

#### $5,450,776)

#### 5,449,540

#### Warrants

#### 0

#### .0

#### %

#### †

#### Number

#### of

#### Warrants

#### Media

#### 0.0%

#### †
Audacy,

Inc.,

expiring

9/30/2028

\*^∞

Audacy,

Inc.,

expiring

12/31/2049

\*^∞

1,135

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.0%

#### †
Expand

Energy

Corp.,

expiring

2/9/2026

\*

1,787

#### Total

#### Warrants

#### (cost

#### $0)

#### 1,787

#### Short-Term

#### Investments

#### 0

#### .7

#### %

#### Principal

#### Amount

#### ($)

#### U.S.

#### Treasury

#### Obligations

#### 0

#### .7

#### %
U.S.

Treasury

Bills

3.63%,

1/15/2026(f)

250,000

249,681

0.00%,

4/7/2026

353,000

349,717

#### Total

#### U.S.

#### Treasury

#### Obligations

#### (cost

#### $599,378)

#### 599,398

#### Total

#### Short-Term

#### Investments

#### (cost

#### $599,378)

#### 599,398

#### Total

#### Investments

#### (cost

#### $80,768,965)

#### —

#### 96.7%

#### 81,085,233

#### Other

#### assets

#### in

#### excess

#### of

#### liabilities

#### —

#### 3.3%

#### 2,737,096

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 83,822,329
\*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a) Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

December

31,

2025

was

$60,610,094

which

represents

72.31%

of

net

assets.

(b) Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

December

31,

2025. (c) Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets. See

Note

for

further

information.

The

interest

rate

shown

was

the

current

rate

as

of

December

31,

2025. (d) Security

in

default.

(e) Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

December

31,

2025. (f) Security

or

a

portion

of

the

security

was

used

to

cover

the

margin

requirement

for

futures

contracts.

CLO

Collateralized

Loan

Obligations

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

NVIT

Loomis

Short

Term

High

Yield

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Futures

#### contracts

#### outstanding

#### as

#### of

#### December

#### 31,

#### 2025:

#### Description

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### ($)

#### Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Long

#### Contracts
U.S.

Treasury

Year

Note

3/2026

USD

2,087,891

(789) #### Total

#### long

#### contracts
(789) #### Short

#### Contracts
U.S.

Treasury

Year

Note

(58)

3/2026

USD

(6,339,672)

25,460

#### Total

#### short

#### contracts
25,460

#### Net

#### contracts
24,671

#### Currency:
USD

United

States

Dollar

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Assets

and

Liabilities

-

December

31,

2025

-

Fixed

Income

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### DoubleLine

#### Total

#### Return

#### Tactical

#### Fund

#### Assets:
Investment

securities,

at

value

\*

$

100,818,130

Repurchase

agreements,

at

value

—

Cash

2,346,244

Cash

pledged

for

swap

contracts

—

Deposits

with

broker

for

futures

contracts

655,634

Foreign

currencies,

at

value

Interest

and

dividends

receivable

597,459

Security

lending

income

receivable

—

Receivable

for

investments

sold

—

Receivable

for

capital

shares

issued

34,434

Receivable

for

variation

margin

on

futures

contracts

—

Due

from

custodian

—

Receivable

for

reimbursement

from

investment

adviser

(Note

3)

13,701

Prepaid

expenses

—

Total

Assets

104,465,671

#### Liabilities:
Payable

for

investments

purchased

—

Payable

for

capital

shares

redeemed

6,568

Payable

for

variation

margin

on

futures

contracts

41,477

Payable

for

variation

margin

on

centrally

cleared

swap

contracts

—

Payable

upon

return

of

securities

loaned

(Note

2)

—

Accrued

expenses

and

other

payables:

Investment

advisory

fees

50,464

Fund

administration

fees

16,178

Distribution

fees

8,039

Administrative

servicing

fees

12,712

Accounting

and

transfer

agent

fees

5,245

Trustee

fees

Custodian

fees

715

Compliance

program

costs

(Note

3)

Professional

fees

26,162

Printing

fees

14,665

Other

1,673

Total

Liabilities

184,042

Commitments

and

contingencies

(Note

3)

—

#### Net

#### Assets
$

104,281,629

\*

Includes

value

of

securities

on

loan

(Note

2)

—

Cost

of

investment

securities

103,753,276

Cost

of

repurchase

agreements

—

Cost

of

foreign

currencies

#### Represented

#### by:
Capital

$

130,015,187

Total

distributable

earnings

(loss)

(25,733,558)

#### Net

#### Assets
$

104,281,629

Fixed

Income

Funds

-

December

31,

2025

-

Statements

of

Assets

and

Liabilities

-

#### NVIT

#### Government

#### Bond

#### Fund

#### NVIT

#### Government

#### Money

#### Market

#### Fund

#### NVIT

#### J.P.

#### Morgan

#### Inflation

#### Managed

#### Fund

#### NVIT

#### Loomis

#### Core

#### Bond

#### Fund

#### NVIT

#### Loomis

#### Short

#### Term

#### Bond

#### Fund
$

265,835,929

$

1,972,883,503

$

248,240,233

$

3,572,474,368

$

1,258,267,159

—

1,536,000,000

—

147,464,037

77,816,658

2,770,398

1,918,511

23,450,614

50,896,769

10,176,692

—

—

3,873,078

—

—

118,801

—

—

30,195

—

—

—

—

—

1,225,686

6,062,589

1,536,929

28,225,424

10,608,862

674

—

—

87,790

16,672

3,633

—

1,100,794

574,220

1,860

743,091

5,273,840

13,128

11,061

10,863

—

—

—

—

18,413

—

—

350,700

—

—

7,357

—

—

—

—

4,518

—

4,455

270,705,597

3,522,142,961

278,565,479

3,799,738,124

1,356,947,632

—

42,989,074

24,765,115

11,429

5,777,625

103,529

3,055,883

22,516

1,066,656

543,106

6,961

—

57,008

—

—

—

—

3,719,154

—

—

—

—

—

147,464,037

77,816,658

114,475

738,234

34,207

1,196,866

366,833

21,435

111,308

4,756

115,540

48,349

1,445

42,718

50,517

98,262

32,819

53,477

252,977

88,004

25,848

58,316

1,467

5,388

9,474

4,146

2,247

13,327

28,114

9,443

3,322

3,746

1,255

22,291

30,558

28,612

32,479

27,407

32,547

30,302

—

8,801

2,611

6,935

10,700

5,954

362,849

47,280,076

28,770,133

150,063,244

84,700,735

—

—

—

—

—

$

270,342,748

$

3,474,862,885

$

249,795,346

$

3,649,674,880

$

1,272,246,897

12,490,783

—

—

358,284,952

142,449,923

276,522,367

1,972,883,503

248,445,942

3,635,427,910

1,248,435,210

—

1,536,000,000

—

147,464,037

77,816,658

—

—

—

—

—

$

321,561,562

$

3,474,861,894

$

250,495,361

$

4,086,205,113

$

1,366,071,868

(51,218,814)

991

(700,015)

(436,530,233)

(93,824,971)

$

270,342,748

$

3,474,862,885

$

249,795,346

$

3,649,674,880

$

1,272,246,897

-

Statements

of

Assets

and

Liabilities

-

December

31,

2025

-

Fixed

Income

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### DoubleLine

#### Total

#### Return

#### Tactical

#### Fund

#### Net

#### Assets:
Class

I

Shares

$

5,738

Class

II

Shares

63,508,904

Class

IV

Shares

—

Class

P

Shares

—

Class

V

Shares

—

Class

Y

Shares

40,766,987

Total

$

104,281,629

#### Shares

#### Outstanding
(unlimited

number

of

shares

authorized):

Class

I

Shares

671

Class

II

Shares

7,674,442

Class

IV

Shares

—

Class

P

Shares

—

Class

V

Shares

—

Class

Y

Shares

4,919,114

Total

12,594,227

#### Net

#### asset

#### value

#### and

#### offering

#### price

#### per

#### share
(Net

assets

by

class

divided

by

shares

outstanding

by

class,

respectively):

Class

I

Shares

$

.55

Class

II

Shares

$

.28

Class

IV

Shares

$

—

Class

P

Shares

$

—

Class

V

Shares

$

—

Class

Y

Shares

$

.29

Fixed

Income

Funds

-

December

31,

2025

-

Statements

of

Assets

and

Liabilities

-

#### NVIT

#### Government

#### Bond

#### Fund

#### NVIT

#### Government

#### Money

#### Market

#### Fund

#### NVIT

#### J.P.

#### Morgan

#### Inflation

#### Managed

#### Fund

#### NVIT

#### Loomis

#### Core

#### Bond

#### Fund

#### NVIT

#### Loomis

#### Short

#### Term

#### Bond

#### Fund
$

254,521,758

$

1,244,381,539

$

12,899,829

$

54,330,515

$

290,586,599

6,801,422

197,110,073

236,895,517

27,859,961

154,550,701

9,013,788

32,094,698

—

—

—

—

—

—

431,723,197

—

—

1,029,475,215

—

—

—

5,780

971,801,360

—

3,135,761,207

827,109,597

$

270,342,748

$

3,474,862,885

$

249,795,346

$

3,649,674,880

$

1,272,246,897

26,722,152

1,244,386,810

1,255,951

5,857,038

29,502,248

716,103

197,109,945

23,108,760

3,006,971

15,746,707

947,295

32,094,843

—

—

—

—

—

—

46,586,786

—

—

1,029,475,581

—

—

—

608

971,804,692

—

338,314,121

83,918,275

28,386,158

3,474,871,871

24,364,711

393,764,916

129,167,230

$

.52

$

.00

$

.27

$

.28

$

.85

$

.50

$

.00

$

.25

$

.27

$

.81

$

.52

$

.00

$

—

$

—

$

—

$

—

$

—

$

—

$

.27

$

—

$

—

$

.00

$

—

$

—

$

—

$

.51

$

.00

$

—

$

.27

$

.86

-

Statements

of

Assets

and

Liabilities

-

December

31,

2025

-

Fixed

Income

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Loomis

#### Short

#### Term

#### High

#### Yield

#### Fund

#### Assets:
Investment

securities,

at

value

$

81,085,233

Cash

3,875,574

Interest

and

dividends

receivable

882,992

Receivable

for

investments

sold

6,491

Receivable

for

capital

shares

issued

58,565

Receivable

for

variation

margin

on

futures

contracts

6,094

Unrealized

appreciation

on

unfunded

commitments

(Note

2)

Receivable

for

reimbursement

from

investment

adviser

(Note

3)

12,392

Prepaid

expenses

Total

Assets

85,927,488

#### Liabilities:
Payable

for

investments

purchased

1,947,158

Payable

for

capital

shares

redeemed

43,699

Accrued

expenses

and

other

payables:

Investment

advisory

fees

49,101

Fund

administration

fees

15,080

Administrative

servicing

fees

14,784

Accounting

and

transfer

agent

fees

5,296

Trustee

fees

Custodian

fees

1,546

Compliance

program

costs

(Note

3)

Professional

fees

21,372

Printing

fees

6,341

Other

619

Total

Liabilities

2,105,159

Commitments

and

contingencies

(Note

3)

—

#### Net

#### Assets
$

83,822,329

Cost

of

investment

securities

80,768,965

#### Represented

#### by:
Capital

$

99,446,299

Total

distributable

earnings

(loss)

(15,623,970)

#### Net

#### Assets
$

83,822,329

Fixed

Income

Funds

-

December

31,

2025

-

Statements

of

Assets

and

Liabilities

-

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Loomis

#### Short

#### Term

#### High

#### Yield

#### Fund

#### Net

#### Assets:
Class

I

Shares

$

83,822,329

Total

$

83,822,329

#### Shares

#### Outstanding
(unlimited

number

of

shares

authorized):

Class

I

Shares

14,452,352

Total

14,452,352

#### Net

#### asset

#### value

#### and

#### offering

#### price

#### per

#### share
(Net

assets

by

class

divided

by

shares

outstanding

by

class,

respectively):

Class

I

Shares

$

.80

-

Statements

of

Operations

-

For

the

Year

Ended

December

31,

2025

-

Fixed

Income

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### DoubleLine

#### Total

#### Return

#### Tactical

#### Fund

#### INVESTMENT

#### INCOME:
Interest

income

$

4,921,830

Dividend

income

77,562

Income

from

securities

lending

(net

of

fees)

(Note

2)

—

Total

Income

4,999,392

#### EXPENSES:
Investment

advisory

fees

546,069

Fund

administration

fees

76,334

Distribution

fees

Class

II

Shares

137,672

Distribution

fees

Class

P

Shares

—

Administrative

servicing

fees

Class

I

Shares

—

Administrative

servicing

fees

Class

II

Shares

137,672

Administrative

servicing

fees

Class

IV

Shares

—

Administrative

servicing

fees

Class

V

Shares

—

Professional

fees

53,711

Printing

fees

—

Trustee

fees

3,624

Custodian

fees

2,414

Accounting

and

transfer

agent

fees

31,880

Compliance

program

costs

(Note

3)

Other

1,260

Total

expenses

before

fees

waived

and

expenses

reimbursed

991,051

Distribution

fees

waived

-

Class

II

(Note

3)

(55,069)

Investment

advisory

fees

waived

(Note

3)

—

Investment

advisory

fees

voluntarily

waived

(Note

3)

—

Expenses

reimbursed

by

adviser

(Note

3)

(163,767)

Expenses

reimbursed

by

subadviser

(Note

3)

(5,707)

Net

Expenses

766,508

#### NET

#### INVESTMENT

#### INCOME
4,232,884

#### REALIZED/UNREALIZED

#### GAINS
(LOSSES)

#### FROM

#### INVESTMENTS:
Net

realized

gains

(losses)

from:

Transactions

in

investment

securities

(270,503)

Expiration

or

closing

of

futures

contracts

(Note

2)

112,044

Expiration

or

closing

of

swap

contracts

(Note

2)

—

Net

realized

gains

(losses)

(158,459)

Net

change

in

unrealized

appreciation/depreciation

in

the

value

of:

Investment

securities

2,175,885

Futures

contracts

(Note

2)

408,870

Translation

of

assets

and

liabilities

denominated

in

foreign

currencies

(Note

2)

Swap

contracts

(Note

2)

—

Net

change

in

unrealized

appreciation/depreciation

2,584,763

Net

realized/unrealized

gains

(losses)

2,426,304

#### CHANGE

#### IN

#### NET

#### ASSETS

#### RESULTING

#### FROM

#### OPERATIONS
$

6,659,188

(a) For

the

period

from

April

28,

2025

(commencement

of

operations)

through

December

31,

2025. (b) For

the

period

from

January

22,

2025

(commencement

of

operations)

through

December

31,

2025. (c) Excludes

unrealized

depreciation

of

$38,590,316

from

the

merger

(Note

9).

Fixed

Income

Funds

-

For

the

Year

Ended

December

31,

2025

-

Statements

of

Operations

-

#### NVIT

#### Government

#### Bond

#### Fund

#### NVIT

#### Government

#### Money

#### Market

#### Fund

#### NVIT

#### J.P.

#### Morgan

#### Inflation

#### Managed

#### Fund(a)

#### NVIT

#### Loomis

#### Core

#### Bond

#### Fund

#### NVIT

#### Loomis

#### Short

#### Term

#### Bond

#### Fund
$

12,123,687

$

144,995,849

$

1,956,426

$

151,308,646

$

58,569,505

—

—

—

—

—

7,144

—

—

312,047

188,473

12,130,831

144,995,849

1,956,426

151,620,693

58,757,978

1,390,003

9,394,896

71,676

12,518,847

4,092,362

127,772

920,228

29,705

899,145

354,517

15,381

545,073

109,744

119,048

397,799

—

—

—

908,937

(b) —

396,886

1,872,649

3,697

71,269

415,307

9,228

327,045

109,841

71,409

238,681

13,090

48,178

—

—

—

—

1,295,979

—

—

—

49,418

124,560

77,958

137,529

79,561

5,461

60,518

5,753

59,377

28,746

10,734

133,103

3,234

111,530

45,896

10,706

58,588

553

116,892

41,065

7,919

23,018

1,418

46,482

22,920

1,236

15,010

12,971

5,119

3,020

32,712

23,037

11,207

2,040,854

14,851,557

413,922

15,096,473

5,733,180

—

—

—

—

—

(10,811)

—

—

—

(98,277)

—

(913,284)

—

—

—

(70,539)

—

(77,005)

—

—

—

—

—

—

—

1,959,504

13,938,273

336,917

15,096,473

5,634,903

10,171,327

131,057,576

1,619,509

136,524,220

53,123,075

(5,741,748)

1,190

102,536

(19,863,548)

7,325,606

188,724

—

281,311

—

(1,007,210)

—

—

(124,980)

—

—

(5,553,024)

1,190

258,867

(19,863,548)

6,318,396

14,327,207

—

(205,709)

74,408,098

(c) 6,399,516

87,652

—

(167,865)

—

(77,096)

—

—

—

—

—

—

—

(652,412)

—

—

14,414,859

—

(1,025,986)

74,408,098

6,322,420

8,861,835

1,190

(767,119)

54,544,550

12,640,816

$

19,033,162

$

131,058,766

$

852,390

$

191,068,770

$

65,763,891

-

Statements

of

Operations

-

For

the

Year

Ended

December

31,

2025

-

Fixed

Income

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Loomis

#### Short

#### Term

#### High

#### Yield

#### Fund

#### INVESTMENT

#### INCOME:
Interest

income

$

5,462,535

Total

Income

5,462,535

#### EXPENSES:
Investment

advisory

fees

597,735

Fund

administration

fees

73,175

Administrative

servicing

fees

Class

I

Shares

130,684

Professional

fees

49,108

Printing

fees

Trustee

fees

3,373

Custodian

fees

4,936

Accounting

and

transfer

agent

fees

20,085

Compliance

program

costs

(Note

3)

Other

924

Total

expenses

before

expenses

reimbursed

880,724

Expenses

reimbursed

by

adviser

(Note

3)

(112,269)

Net

Expenses

768,455

#### NET

#### INVESTMENT

#### INCOME
4,694,080

#### REALIZED/UNREALIZED

#### GAINS
(LOSSES)

#### FROM

#### INVESTMENTS:
Net

realized

gains

(losses)

from:

Transactions

in

investment

securities

(3,802,989)

Expiration

or

closing

of

futures

contracts

(Note

2)

(29,342)

Foreign

currency

transactions

(Note

2)

Net

realized

gains

(losses)

(3,832,320)

Net

change

in

unrealized

appreciation/depreciation

in

the

value

of:

Investment

securities

4,021,161

Futures

contracts

(Note

2)

24,671

Unfunded

Commitments

Net

change

in

unrealized

appreciation/depreciation

4,045,947

Net

realized/unrealized

gains

(losses)

213,627

#### CHANGE

#### IN

#### NET

#### ASSETS

#### RESULTING

#### FROM

#### OPERATIONS
$

4,907,707

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

Fixed

Income

Funds

#### NVIT

#### DoubleLine

#### Total

#### Return

#### Tactical

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### OPERATIONS:
Net

investment

income

$

4,232,884

$

7,461,841

Net

realized

gains

(losses)

(158,459)

(6,885,347)

Net

change

in

unrealized

appreciation/depreciation

2,584,763

9,389,627

Change

in

net

assets

resulting

from

operations

6,659,188

9,966,121

#### Distributions

#### to

#### Shareholders

#### From:
Distributable

earnings:

Class

I

(223)

(426)

Class

II

(2,301,527)

(3,739,793)

Class

IV

—

—

Class

V

—

—

Class

Y

(1,611,356)

(4,641,818)

Return

of

capital:

Class

I

—

(59)

Class

II

—

(520,432)

Class

Y

—

(465,197)

Change

in

net

assets

from

shareholder

distributions

(3,913,106)

(9,367,725)

Change

in

net

assets

from

capital

transactions

12,808,064

(99,999,895)

Change

in

net

assets

15,554,146

(99,401,499)

#### Net

#### Assets:
Beginning

of

year

88,727,483

188,128,982

End

of

year

$

104,281,629

$

88,727,483

#### CAPITAL

#### TRANSACTIONS:

#### Class

#### I

#### Shares
Proceeds

from

shares

issued

$

—

$

—

Dividends

reinvested

Cost

of

shares

redeemed

—

—

Total

Class

I

Shares

#### Class

#### II

#### Shares
Proceeds

from

shares

issued

18,656,024

18,585,535

Dividends

reinvested

2,301,527

4,260,225

Cost

of

shares

redeemed

(6,761,427)

(6,150,663)

Total

Class

II

Shares

14,196,124

16,695,097

#### Class

#### IV

#### Shares
Proceeds

from

shares

issued

—

—

Dividends

reinvested

—

—

Cost

of

shares

redeemed

—

—

Total

Class

IV

Shares

—

—

#### Class

#### V

#### Shares
Proceeds

from

shares

issued

—

—

Dividends

reinvested

—

—

Cost

of

shares

redeemed

—

—

Total

Class

V

Shares

—

—

#### Class

#### Y

#### Shares
Proceeds

from

shares

issued

12,547,315

13,517,490

Dividends

reinvested

1,611,356

5,107,015

Cost

of

shares

redeemed

(15,546,954)

(135,319,982)

Total

Class

Y

Shares

(1,388,283)

(116,695,477)

Change

in

net

assets

from

capital

transactions

$

12,808,064

$

(99,999,895)

Fixed

Income

Funds

-

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### Government

#### Bond

#### Fund

#### NVIT

#### Government

#### Money

#### Market

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
$

10,171,327

$

10,157,095

$

131,057,576

$

144,393,877

(5,553,024)

(5,553,172)

1,190

2,579

14,414,859

(2,068,583)

—

—

19,033,162

2,535,340

131,058,766

144,396,456

(9,767,517)

(9,843,104)

(47,970,096)

(56,565,159)

(244,840)

(202,928)

(7,845,367)

(10,100,700)

(341,885)

(293,393)

(1,234,172)

(1,461,469)

—

—

(50,742,446)

(54,811,348)

(229)

(191)

(23,268,212)

(21,455,262)

—

—

—

—

—

—

—

—

—

—

—

—

(10,354,471)

(10,339,616)

(131,060,293)

(144,393,938)

(25,441,848)

(64,186,077)

(38,384,158)

705,694,699

(16,763,157)

(71,990,353)

(38,385,685)

705,697,217

287,105,905

359,096,258

3,513,248,570

2,807,551,353

$

270,342,748

$

287,105,905

$

3,474,862,885

$

3,513,248,570

$

44,310,776

$

43,608,124

$

458,714,890

$

508,080,859

9,767,517

9,843,104

47,936,573

56,565,159

(79,926,744)

(117,525,770)

(492,097,502)

(440,983,912)

(25,848,451)

(64,074,542)

14,553,961

123,662,106

895,645

1,170,050

306,581,694

334,586,348

244,840

202,928

7,844,965

10,100,700

(848,485)

(1,199,523)

(342,087,604)

(352,193,432)

292,000

173,455

(27,660,945)

(7,506,384)

1,098,763

787,602

11,970,288

8,195,870

341,885

293,393

1,234,172

1,461,469

(1,326,274)

(1,366,176)

(13,142,755)

(9,941,675)

114,374

(285,181)

61,705

(284,336)

—

—

761,598,474

1,366,476,122

—

—

50,741,017

54,809,942

—

—

(1,351,134,431)

(920,424,722)

—

—

(538,794,940)

500,861,342

—

—

1,211,515,584

616,439,063

23,267,808

21,455,262

—

—

(721,327,331)

(548,932,354)

513,456,061

88,961,971

$

(25,441,848)

$

(64,186,077)

$

(38,384,158)

$

705,694,699

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

Fixed

Income

Funds

#### NVIT

#### DoubleLine

#### Total

#### Return

#### Tactical

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### SHARE

#### TRANSACTIONS:

#### Class

#### I

#### Shares
Issued

—

—

Reinvested

Redeemed

—

—

Total

Class

I

Shares

#### Class

#### II

#### Shares
Issued

2,245,578

2,149,251

Reinvested

279,311

518,087

Redeemed

(819,942)

(718,038)

Total

Class

II

Shares

1,704,947

1,949,300

#### Class

#### IV

#### Shares
Issued

—

—

Reinvested

—

—

Redeemed

—

—

Total

Class

IV

Shares

—

—

#### Class

#### V

#### Shares
Issued

—

—

Reinvested

—

—

Redeemed

—

—

Total

Class

V

Shares

—

—

#### Class

#### Y

#### Shares
Issued

1,502,282

1,550,765

Reinvested

195,316

606,182

Redeemed

(1,876,886)

(15,102,684)

Total

Class

Y

Shares

(179,288)

(12,945,737)

Total

change

in

shares

1,525,685

(10,996,380)

Fixed

Income

Funds

-

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### Government

#### Bond

#### Fund

#### NVIT

#### Government

#### Money

#### Market

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
4,677,990

4,599,289

458,714,889

508,080,860

1,026,744

1,041,322

47,934,965

56,565,287

(8,393,906)

(12,512,173)

(492,097,501)

(440,983,911)

(2,689,172)

(6,871,562)

14,552,353

123,662,236

91,993

121,485

306,581,694

334,586,348

25,825

21,515

7,845,769

10,100,752

(91,119)

(126,881)

(342,087,604)

(352,193,432)

26,699

16,119

(27,660,141)

(7,506,332)

114,891

83,178

11,970,286

8,195,869

35,980

31,036

1,234,170

1,461,497

(139,206)

(143,942)

(13,142,755)

(9,941,675)

11,665

(29,728)

61,701

(284,309)

—

—

761,598,473

1,366,476,122

—

—

50,741,017

54,809,259

—

—

(1,351,134,431)

(920,424,723)

—

—

(538,794,941)

500,860,658

—

—

1,211,515,584

616,439,063

23,268,615

21,455,738

—

—

(721,327,329)

(548,932,355)

513,456,870

88,962,446

(2,650,784)

(6,885,151)

(38,384,158)

705,694,699

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

Fixed

Income

Funds

#### NVIT

#### J.P.

#### Morgan

#### Inflation

#### Managed

#### Fund

#### Period

#### Ended

#### December

#### 31,

#### 2025(a)

#### OPERATIONS:
Net

investment

income

$

1,619,509

Net

realized

gains

(losses)

258,867

Net

change

in

unrealized

appreciation/depreciation

(1,025,986)

Change

in

net

assets

resulting

from

operations

852,390

#### Distributions

#### to

#### Shareholders

#### From:
Distributable

earnings:

Class

I

(81,852)

Class

II

(1,478,856)

Class

P

—

Class

Y

—

Change

in

net

assets

from

shareholder

distributions

(1,560,708)

Change

in

net

assets

from

capital

transactions

250,503,664

Change

in

net

assets

249,795,346

#### Net

#### Assets:
Beginning

of

period

—

End

of

period

$

249,795,346

#### CAPITAL

#### TRANSACTIONS:

#### Class

#### I

#### Shares
Proceeds

from

shares

issued

$

12,947,840

Proceeds

from

shares

issued

from

merger

(Note

9)

—

Dividends

reinvested

81,852

Cost

of

shares

redeemed

(56,698)

Total

Class

I

Shares

12,972,994

#### Class

#### II

#### Shares
Proceeds

from

shares

issued

239,722,246

Proceeds

from

shares

issued

from

merger

(Note

9)

—

Dividends

reinvested

1,478,856

Cost

of

shares

redeemed

(3,670,432)

Total

Class

II

Shares

237,530,670

#### Class

#### P

#### Shares
Proceeds

from

shares

issued

—

Proceeds

from

shares

issued

from

merger

(Note

9)

—

Dividends

reinvested

—

Cost

of

shares

redeemed

—

Total

Class

P

Shares

—

#### Class

#### Y

#### Shares
Proceeds

from

shares

issued

—

Proceeds

from

shares

issued

from

merger

(Note

9)

—

Dividends

reinvested

—

Cost

of

shares

redeemed

—

Total

Class

Y

Shares

—

Change

in

net

assets

from

capital

transactions

$

250,503,664

Fixed

Income

Funds

-

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### Loomis

#### Core

#### Bond

#### Fund

#### NVIT

#### Loomis

#### Short

#### Term

#### Bond

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
$

136,524,220

$

70,827,887

$

53,123,075

$

57,996,269

(19,863,548)

(29,876,985)

6,318,396

10,236,319

74,408,098

(24,038,955)

6,322,420

(3,794,317)

191,068,770

16,911,947

65,763,891

64,438,271

(1,807,765)

(496,667)

(12,226,002)

(11,672,225)

(812,438)

(2,879,142)

(6,202,270)

(6,866,477)

(14,199,318)

(b) —

—

—

(107,613,697)

(59,947,373)

(35,318,404)

(33,787,382)

(124,433,218)

(63,323,182)

(53,746,676)

(52,326,084)

1,724,628,542

196,462,003

78,594,236

22,045,258

1,791,264,094

150,050,768

90,611,451

34,157,445

1,858,410,786

1,708,360,018

1,181,635,446

1,147,478,001

$

3,649,674,880

$

1,858,410,786

$

1,272,246,897

$

1,181,635,446

$

17,776,056

$

1,181,772

$

29,686,187

$

112,289,452

40,658,438

—

—

—

1,807,765

496,667

12,226,002

11,672,225

(21,704,056)

(2,332,038)

(19,733,211)

(16,312,374)

38,538,203

(653,599)

22,178,978

107,649,303

2,224,016

6,481,233

14,679,604

17,690,274

2,482,081

—

—

—

812,438

2,879,142

6,202,270

6,866,477

(74,805,899)

(14,978,390)

(36,426,600)

(42,353,336)

(69,287,364)

(5,618,015)

(15,544,726)

(17,796,585)

72,417,456

(b) —

—

—

401,376,875

(b) —

—

—

14,199,318

(b) —

—

—

(58,859,835)

(b) —

—

—

429,133,814

(b) —

—

—

431,442,765

454,687,804

135,712,338

34,069,302

1,209,657,303

—

—

—

107,613,697

59,947,373

35,318,404

33,787,382

(422,469,876)

(311,901,560)

(99,070,758)

(135,664,144)

1,326,243,889

202,733,617

71,959,984

(67,807,460)

$

1,724,628,542

$

196,462,003

$

78,594,236

$

22,045,258

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

Fixed

Income

Funds

#### NVIT

#### J.P.

#### Morgan

#### Inflation

#### Managed

#### Fund

#### Period

#### Ended

#### December

#### 31,

#### 2025(a)

#### SHARE

#### TRANSACTIONS:

#### Class

#### I

#### Shares
Issued

1,253,470

Issued

in

merger

(Note

9)

—

Reinvested

7,948

Redeemed

(5,467)

Total

Class

I

Shares

1,255,951

#### Class

#### II

#### Shares
Issued

23,320,830

Issued

in

merger

(Note

9)

—

Reinvested

143,880

Redeemed

(355,950)

Total

Class

II

Shares

23,108,760

#### Class

#### P

#### Shares
Issued

—

Issued

in

merger

(Note

9)

—

Reinvested

—

Redeemed

—

Total

Class

P

Shares

—

#### Class

#### Y

#### Shares
Issued

—

Issued

in

merger

(Note

9)

—

Reinvested

—

Redeemed

—

Total

Class

Y

Shares

—

Total

change

in

shares

24,364,711

(a) For

the

period

from

April

28,

2025

(commencement

of

operations)

through

December

31,

2025. (b) For

the

period

from

January

22,

2025

(commencement

of

operations)

through

December

31,

2025. Fixed

Income

Funds

-

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### Loomis

#### Core

#### Bond

#### Fund

#### NVIT

#### Loomis

#### Short

#### Term

#### Bond

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
1,924,142

129,637

2,968,415

11,551,077

4,408,449

—

—

—

194,907

54,050

1,239,834

1,195,993

(2,353,776)

(254,910)

(1,973,564)

(1,663,701)

4,173,722

(71,223)

2,234,685

11,083,369

240,554

718,762

1,476,074

1,805,005

270,349

—

—

—

87,675

314,294

630,839

705,639

(8,143,135)

(1,639,711)

(3,676,401)

(4,300,402)

(7,544,557)

(606,655)

(1,569,488)

(1,789,758)

7,810,638

(b) —

—

—

43,559,360

(b) —

—

—

1,532,380

(b) —

—

—

(6,315,592)

(b) —

—

—

46,586,786

(b) —

—

—

45,993,658

48,112,820

13,424,308

3,380,692

131,269,743

—

—

—

11,616,403

6,533,977

3,579,518

3,461,499

(45,478,677)

(33,664,263)

(9,969,709)

(13,646,102)

143,401,127

20,982,534

7,034,117

(6,803,911)

186,617,078

20,304,656

7,699,314

2,489,700

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

Fixed

Income

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Loomis

#### Short

#### Term

#### High

#### Yield

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### OPERATIONS:
Net

investment

income

$

4,694,080

$

5,349,427

Net

realized

losses

(3,832,320)

(2,603,668)

Net

change

in

unrealized

appreciation/depreciation

4,045,947

3,061,928

Change

in

net

assets

resulting

from

operations

4,907,707

5,807,687

#### Distributions

#### to

#### Shareholders

#### From:
Distributable

earnings:

Class

I

(4,816,049)

(5,392,099)

Change

in

net

assets

from

shareholder

distributions

(4,816,049)

(5,392,099)

Change

in

net

assets

from

capital

transactions

(13,216,677)

(4,307,713)

Change

in

net

assets

(13,125,019)

(3,892,125)

#### Net

#### Assets:
Beginning

of

year

96,947,348

100,839,473

End

of

year

$

83,822,329

$

96,947,348

#### CAPITAL

#### TRANSACTIONS:

#### Class

#### I

#### Shares
Proceeds

from

shares

issued

$

7,498,663

$

9,471,817

Dividends

reinvested

4,816,049

5,392,099

Cost

of

shares

redeemed

(25,531,389)

(19,171,629)

Total

Class

I

Shares

(13,216,677)

(4,307,713)

Change

in

net

assets

from

capital

transactions

$

(13,216,677)

$

(4,307,713)

#### SHARE

#### TRANSACTIONS:

#### Class

#### I

#### Shares
Issued

1,263,667

1,595,066

Reinvested

831,076

915,635

Redeemed

(4,313,855)

(3,257,434)

Total

Class

I

Shares

(2,219,112)

(746,733)

Total

change

in

shares

(2,219,112)

(746,733)

Fixed

Income

Funds

-

December

31,

2025

-

Financial

Highlights

-

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.
T

#### NVIT

#### DoubleLine

#### Total

#### Return

#### Tactical

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Return

#### of

#### Capital

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### Portfolio

#### Turnover(b)(f)

#### Class

#### I

#### Shares
12/31/2025

$

8.26 $

0.41 $

0.23 $

0.64 $

(0.35)

$

—

$

—

$

(0.35)

$

8.55 7.72%(g)

$

0.56%

4.75%

0.74%

34.94%

12/31/2024

8.74 0.41 (0.07)

0.34 (0.72)

—

(0.10)

(0.82)

8.26 3.69%(g)

0.57%

4.67%

0.70%

99.10%

12/31/2023

8.54 0.29 0.21 0.50 (0.30)

—

—

(0.30)

8.74 6.02%(g)

0.57%

3.36%

0.67%

83.14%

12/31/2022

10.12 0.29 (1.58)

(1.29)

(0.29)

—

—

(0.29)

8.54 (12.75)%(g)

0.59%

3.12%

0.70%

103.94%

12/31/2021

10.41 0.22 (0.22)

—

(0.26)

(0.03)

—

(0.29)

10.12 (0.04)%

0.62%

2.16%

0.73%

113.27%

#### Class

#### II

#### Shares
12/31/2025

8.01 0.36 0.22 0.58 (0.31)

—

—

(0.31)

8.28 7.31%

63,509

0.98%

4.32%

1.26%

34.94%

12/31/2024

8.51 0.37 (0.09)

0.28 (0.69)

—

(0.09)

(0.78)

8.01 3.18%

47,827

0.98%

4.28%

1.22%

99.10%

12/31/2023

8.32 0.26 0.20 0.46 (0.27)

—

—

(0.27)

8.51 5.66%

34,205

0.98%

3.02%

1.19%

83.14%

12/31/2022

9.88 0.25 (1.55)

(1.30)

(0.26)

—

—

(0.26)

8.32 (13.21)%

26,805

0.98%

2.74%

1.20%

103.94%

12/31/2021

10.18 0.18 (0.22)

(0.04)

(0.23)

(0.03)

—

(0.26)

9.88 (0.45)%

24,995

0.98%

1.77%

1.20%

113.27%

#### Class

#### Y

#### Shares
12/31/2025

8.02 0.39 0.23 0.62 (0.35)

—

—

(0.35)

8.29 7.69%

40,767

0.58%

4.74%

0.76%

34.94%

12/31/2024

8.53 0.40 (0.08)

0.32 (0.73)

—

(0.10)

(0.83)

8.02 3.63%

40,895

0.58%

4.58%

0.70%

99.10%

12/31/2023

8.34 0.28 0.22 0.50 (0.31)

—

—

(0.31)

8.53 6.05%

153,919

0.58%

3.32%

0.69%

83.14%

12/31/2022

9.90 0.28 (1.55)

(1.27)

(0.29)

—

—

(0.29)

8.34 (12.84)%

151,298

0.58%

3.12%

0.70%

103.94%

12/31/2021

10.19 0.22 (0.22)

—

(0.26)

(0.03)

—

(0.29)

9.90 —%

178,754

0.58%

2.20%

0.70%

113.27%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(g) Includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

values

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

values

and

returns

for

shareholder

transactions.

-

Financial

Highlights

-

December

31,

2025

-

Fixed

Income

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.
T

#### NVIT

#### Government

#### Bond

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### Portfolio

#### Turnover(b)(f)

#### Class

#### I

#### Shares
12/31/2025

$

9.25 $

0.35 $

0.30 $

0.65 $

(0.38)

$

—

$

(0.38)

$

9.52 7.00%

$

254,522

0.70%

3.64%

0.72%

39.79%

12/31/2024

9.47 0.30 (0.20)

0.10 (0.32)

—

(0.32)

9.25 1.03%

272,089

0.70%

3.17%

0.72%

56.85%

12/31/2023

9.30 0.26 0.17 0.43 (0.26)

—

(0.26)

9.47 4.70%

343,593

0.69%

2.71%

0.70%

73.73%

12/31/2022

10.87 0.19 (1.55)

(1.36)

(0.21)

—

(0.21)

9.30 (12.55)%

320,262

0.70%

1.92%

0.71%

68.52%

12/31/2021

11.29 0.14 (0.37)

(0.23)

(0.19)

—

(0.19)

10.87 (2.08)%

403,595

0.70%

1.27%

0.71%

73.45%

#### Class

#### II

#### Shares
12/31/2025

9.23 0.32 0.31 0.63 (0.36)

—

(0.36)

9.50 6.80%

6,801

0.95%

3.39%

0.97%

39.79%

12/31/2024

9.45 0.28 (0.20)

0.08 (0.30)

—

(0.30)

9.23 0.81%

6,363

0.95%

2.92%

0.97%

56.85%

12/31/2023

9.28 0.23 0.18 0.41 (0.24)

—

(0.24)

9.45 4.44%

6,364

0.94%

2.45%

0.95%

73.73%

12/31/2022

10.83 0.16 (1.54)

(1.38)

(0.17)

—

(0.17)

9.28 (12.74)%

6,766

0.95%

1.66%

0.96%

68.52%

12/31/2021

11.26 0.11 (0.37)

(0.26)

(0.17)

—

(0.17)

10.83 (2.36)%

9,637

0.95%

1.01%

0.96%

73.45%

#### Class

#### IV

#### Shares
12/31/2025

9.24 0.35 0.31 0.66 (0.38)

—

(0.38)

9.52 7.13%

9,014

0.70%

3.64%

0.72%

39.79%

12/31/2024

9.46 0.30 (0.20)

0.10 (0.32)

—

(0.32)

9.24 1.03%

8,648

0.70%

3.16%

0.72%

56.85%

12/31/2023

9.29 0.25 0.18 0.43 (0.26)

—

(0.26)

9.46 4.71%

9,134

0.69%

2.70%

0.70%

73.73%

12/31/2022

10.86 0.19 (1.55)

(1.36)

(0.21)

—

(0.21)

9.29 (12.56)%

9,293

0.70%

1.92%

0.71%

68.52%

12/31/2021

11.28 0.14 (0.37)

(0.23)

(0.19)

—

(0.19)

10.86 (2.08)%

12,096

0.70%

1.27%

0.71%

73.45%

#### Class

#### Y

#### Shares
12/31/2025

9.23 0.36 0.31 0.67 (0.39)

—

(0.39)

9.51 7.30%(g)

0.55%

3.80%

0.58%

39.79%

12/31/2024

9.45 0.31 (0.19)

0.12 (0.34)

—

(0.34)

9.23 1.18%(g)

0.56%

3.31%

0.56%

56.85%

12/31/2023

9.27 0.27 0.18 0.45 (0.27)

—

(0.27)

9.45 4.98%(g)

0.54%

2.86%

0.54%

73.73%

12/31/2022

10.84 0.20 (1.55)

(1.35)

(0.22)

—

(0.22)

9.27 (12.45)%(g)

0.56%

2.01%

0.56%

68.52%

12/31/2021

11.28 0.15 (0.39)

(0.24)

(0.20)

—

(0.20)

10.84 (2.11)%(g)

0.56%

1.38%

0.56%

73.45%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(g) Includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

values

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

values

and

returns

for

shareholder

transactions.

Fixed

Income

Funds

-

December

31,

2025

-

Financial

Highlights

-

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.
T

#### NVIT

#### Government

#### Money

#### Market

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### Class

#### I

#### Shares
12/31/2025

$

1.00 $

0.04 $

—

$

0.04 $

(0.04)

$

—

$

(0.04)

$

1.00 3.91%

$

1,244,382

0.44%

3.84%

0.47%

12/31/2024

1.00 0.05 —

0.05 (0.05)

—

(0.05)

1.00 4.88%

1,229,830

0.44%

4.77%

0.47%

12/31/2023

1.00 0.05 —

0.05 (0.05)

—

(0.05)

1.00 4.75%

1,106,167

0.44%

4.65%

0.47%

12/31/2022

1.00 0.01 —

0.01 (0.01)

—

(0.01)

1.00 1.30%

1,117,598

0.37%

1.37%

0.48%

12/31/2021

1.00 —

—

—

—

—

—

1.00 —%

929,226

0.07%

—%

0.49%

#### Class

#### II

#### Shares
12/31/2025

1.00 0.04 —

0.04 (0.04)

—

(0.04)

1.00 3.65%

197,110

0.69%

3.60%

0.72%

12/31/2024

1.00 0.05 —

0.05 (0.05)

—

(0.05)

1.00 4.62%

224,770

0.69%

4.53%

0.72%

12/31/2023

1.00 0.04 —

0.04 (0.04)

—

(0.04)

1.00 4.49%

232,277

0.69%

4.39%

0.72%

12/31/2022

1.00 0.01 —

0.01 (0.01)

—

(0.01)

1.00 1.13%

261,351

0.57%

1.28%

0.73%

12/31/2021

1.00 —

—

—

—

—

—

1.00 —%

143,396

0.07%

—%

0.74%

#### Class

#### IV

#### Shares
12/31/2025

1.00 0.04 —

0.04 (0.04)

—

(0.04)

1.00 3.91%

32,095

0.44%

3.84%

0.47%

12/31/2024

1.00 0.05 —

0.05 (0.05)

—

(0.05)

1.00 4.88%

32,033

0.44%

4.78%

0.47%

12/31/2023

1.00 0.05 —

0.05 (0.05)

—

(0.05)

1.00 4.75%

32,317

0.44%

4.65%

0.47%

12/31/2022

1.00 0.01 —

0.01 (0.01)

—

(0.01)

1.00 1.30%

31,455

0.36%

1.27%

0.48%

12/31/2021

1.00 —

—

—

—

—

—

1.00 —%

34,050

0.07%

—%

0.49%

#### Class

#### V

#### Shares
12/31/2025

1.00 0.04 —

0.04 (0.04)

—

(0.04)

1.00 3.96%

1,029,475

0.39%

3.92%

0.42%

12/31/2024

1.00 0.05 —

0.05 (0.05)

—

(0.05)

1.00 4.94%

1,568,271

0.39%

4.80%

0.42%

12/31/2023

1.00 0.05 —

0.05 (0.05)

—

(0.05)

1.00 4.80%

1,067,409

0.39%

4.76%

0.42%

12/31/2022

1.00 0.01 —

0.01 (0.01)

—

(0.01)

1.00 1.33%

673,122

0.33%

1.30%

0.43%

12/31/2021

1.00 —

—

—

—

—

—

1.00 —%

678,941

0.07%

—%

0.44%

#### Class

#### Y

#### Shares
12/31/2025

1.00 0.04 —

0.04 (0.04)

—

(0.04)

1.00 4.07%

971,801

0.29%

3.96%

0.32%

12/31/2024

1.00 0.05 —

0.05 (0.05)

—

(0.05)

1.00 5.04%

458,345

0.29%

4.92%

0.32%

12/31/2023

1.00 0.05 —

0.05 (0.05)

—

(0.05)

1.00 4.90%

369,382

0.29%

4.80%

0.32%

12/31/2022

1.00 0.02 —

0.02 (0.02)

—

(0.02)

1.00 1.40%

406,432

0.27%

1.61%

0.33%

12/31/2021

1.00 —

—

—

—

—

—

1.00 —%

201,539

0.07%

—%

0.34%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

-

Financial

Highlights

-

December

31,

2025

-

Fixed

Income

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.
T

#### NVIT

#### J.P.

#### Morgan

#### Inflation

#### Managed

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### Portfolio

#### Turnover(b)(f)

#### Class

#### I

#### Shares
12/31/2025(g)

$

10.00 $

0.27 $

0.07 $

0.34 $

(0.06)

$

(0.01)

$

(0.07)

$

10.27 3.36%

$

12,900

0.47%

3.81%

0.47%

107.62%

#### Class

#### II

#### Shares
12/31/2025(g)

10.00 0.25 0.07 0.32 (0.06)

(0.01)

(0.07)

10.25 3.14%

236,896

0.75%

3.55%

0.93%

107.62%

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(g) For

the

period

from

April

28,

2025

(commencement

of

operations)

through

December

31,

2025. Total

return

is

calculated

based

on

inception

date

of

April

25,

2025

through

December

31,

2025. Fixed

Income

Funds

-

December

31,

2025

-

Financial

Highlights

-

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.
T

#### NVIT

#### Loomis

#### Core

#### Bond

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)

#### Portfolio

#### Turnover(b)(e)

#### Class

#### I

#### Shares
12/31/2025

$

8.98 $

0.38 $

0.24 $

0.62 $

(0.32)

$

—

$

(0.32)

$

9.28 6.88%

$

54,331

0.58%

4.10%

0.58%

137.16%

12/31/2024

9.15 0.36 (0.23)

0.13 (0.30)

—

(0.30)

8.98 1.37%

15,120

0.59%

3.92%

0.59%

58.79%

12/31/2023

8.98 0.32 0.14 0.46 (0.29)

—

(0.29)

9.15 5.19%

16,062

0.59%

3.57%

0.59%

37.32%

12/31/2022

10.80 0.24 (1.82)

(1.58)

(0.23)

(0.01)

(0.24)

8.98 (14.69)%

17,682

0.59%

2.54%

0.59%

107.55%

12/31/2021

11.45 0.19 (0.30)

(0.11)

(0.22)

(0.32)

(0.54)

10.80 (1.03)%

19,294

0.59%

1.71%

0.59%

132.82%

#### Class

#### II

#### Shares
12/31/2025

8.95 0.36 0.23 0.59 (0.27)

—

(0.27)

9.27 6.56%

27,860

0.83%

3.89%

0.83%

137.16%

12/31/2024

9.12 0.34 (0.23)

0.11 (0.28)

—

(0.28)

8.95 1.12%

94,385

0.84%

3.67%

0.84%

58.79%

12/31/2023

8.94 0.30 0.14 0.44 (0.26)

—

(0.26)

9.12 5.05%

101,724

0.84%

3.33%

0.84%

37.32%

12/31/2022

10.76 0.22 (1.83)

(1.61)

(0.20)

(0.01)

(0.21)

8.94 (14.98)%

102,818

0.84%

2.26%

0.84%

107.55%

12/31/2021

11.41 0.16 (0.30)

(0.14)

(0.19)

(0.32)

(0.51)

10.76 (1.25)%

125,449

0.84%

1.45%

0.84%

132.82%

#### Class

#### P

#### Shares
12/31/2025(f)

9.00 0.35 0.23 0.58 (0.31)

—

(0.31)

9.27 6.45%

431,723

0.68%

3.98%

0.68%

137.16%

#### Class

#### Y

#### Shares
12/31/2025

8.97 0.40 0.23 0.63 (0.33)

—

(0.33)

9.27 7.03%

3,135,761

0.43%

4.25%

0.43%

137.16%

12/31/2024

9.14 0.37 (0.22)

0.15 (0.32)

—

(0.32)

8.97 1.53%

1,748,905

0.44%

4.07%

0.44%

58.79%

12/31/2023

8.97 0.34 0.13 0.47 (0.30)

—

(0.30)

9.14 5.36%

1,590,575

0.44%

3.75%

0.44%

37.32%

12/31/2022

10.79 0.26 (1.83)

(1.57)

(0.24)

(0.01)

(0.25)

8.97 (14.58)%

1,238,538

0.44%

2.69%

0.44%

107.55%

12/31/2021

11.44 0.21 (0.31)

(0.10)

(0.23)

(0.32)

(0.55)

10.79 (0.88)%

1,204,716

0.44%

1.85%

0.44%

132.82%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(f) For

the

period

from

January

22,

2025

(commencement

of

operations)

through

December

31,

2025. Total

return

is

calculated

based

on

inception

date

of

January

21,

2025

through

December

31,

2025. 94

-

Financial

Highlights

-

December

31,

2025

-

Fixed

Income

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.
T

#### NVIT

#### Loomis

#### Short

#### Term

#### Bond

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Return

#### of

#### Capital

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### Portfolio

#### Turnover(b)(f)

#### Class

#### I

#### Shares
12/31/2025

$

9.73 $

0.44 $

0.11 $

0.55 $

(0.43)

$

—

$

—

$

(0.43)

$

9.85 5.70%

$

290,587

0.54%

4.46%

0.55%

194.73%

12/31/2024

9.65 0.47 0.05 0.52 (0.44)

—

—

(0.44)

9.73 5.35%

265,298

0.54%

4.72%

0.55%

248.47%

12/31/2023

9.47 0.39 0.17 0.56 (0.38)

—

—

(0.38)

9.65 5.95%

156,138

0.54%

4.03%

0.55%

209.72%

12/31/2022

10.26 0.20 (0.75)

(0.55)

(0.17)

—

(0.07)

(0.24)

9.47 (5.39)%

148,307

0.56%

1.99%

0.56%

80.96%

12/31/2021

10.43 0.10 (0.14)

(0.04)

(0.13)

—

—

(0.13)

10.26 (0.35)%(g)

192,608

0.54%

0.99%

0.54%

140.94%

#### Class

#### II

#### Shares
12/31/2025

9.69 0.42 0.10 0.52 (0.40)

—

—

(0.40)

9.81 5.43%

154,551

0.79%

4.22%

0.80%

194.73%

12/31/2024

9.61 0.44 0.05 0.49 (0.41)

—

—

(0.41)

9.69 5.06%

167,877

0.79%

4.48%

0.80%

248.47%

12/31/2023

9.43 0.36 0.17 0.53 (0.35)

—

—

(0.35)

9.61 5.69%

183,618

0.79%

3.75%

0.80%

209.72%

12/31/2022

10.22 0.17 (0.75)

(0.58)

(0.15)

—

(0.06)

(0.21)

9.43 (5.67)%

196,691

0.81%

1.77%

0.81%

80.96%

12/31/2021

10.39 0.08 (0.14)

(0.06)

(0.11)

—

—

(0.11)

10.22 (0.59)%

202,459

0.79%

0.74%

0.79%

140.94%

#### Class

#### Y

#### Shares
12/31/2025

9.73 0.46 0.12 0.58 (0.45)

—

—

(0.45)

9.86 5.95%

827,110

0.39%

4.61%

0.40%

194.73%

12/31/2024

9.65 0.48 0.05 0.53 (0.45)

—

—

(0.45)

9.73 5.49%

748,461

0.39%

4.88%

0.40%

248.47%

12/31/2023

9.47 0.40 0.17 0.57 (0.39)

—

—

(0.39)

9.65 6.11%

807,722

0.39%

4.17%

0.40%

209.72%

12/31/2022

10.27 0.21 (0.76)

(0.55)

(0.17)

—

(0.08)

(0.25)

9.47 (5.32)%

831,360

0.40%

2.10%

0.40%

80.96%

12/31/2021

10.44 0.12 (0.14)

(0.02)

(0.15)

—

—

(0.15)

10.27 (0.19)%

1,338,774

0.39%

1.14%

0.39%

140.94%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(g) Includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

values

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

values

and

returns

for

shareholder

transactions.

Fixed

Income

Funds

-

December

31,

2025

-

Financial

Highlights

-

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.
T

#### NVIT

#### Loomis

#### Short

#### Term

#### High

#### Yield

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### Portfolio

#### Turnover(b)

#### Class

#### I

#### Shares
12/31/2025

$

5.82 $

0.32 $

0.01 $

0.33 $

(0.35)

$

—

$

(0.35)

$

5.80 5.66%

$

83,822

0.88%

5.39%

1.01%

164.67%

12/31/2024

5.79 0.32 0.05 0.37 (0.34)

—

(0.34)

5.82 6.28%

96,947

0.91%

5.48%

0.99%

26.20%

12/31/2023

5.44 0.33 0.37 0.70 (0.35)

—

(0.35)

5.79 13.13%

100,839

0.91%

5.76%

0.98%

14.98%

12/31/2022

6.55 0.32 (1.10)

(0.78)

(0.33)

—

(0.33)

5.44 (11.93)%

97,254

0.91%

5.30%

0.97%

40.07%

12/31/2021

6.55 0.30 0.02 0.32 (0.32)

—

(0.32)

6.55 4.96%

121,052

0.91%

4.45%

0.98%

40.26%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Fixed

Income

Funds

1. #### Organization
Nationwide

Variable

Insurance

Trust

("NVIT"

or

the

"Trust")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

management

investment

company,

organized

as

a

statutory

trust

under

the

laws

of

the

State

of

Delaware.

The

Trust

has

authorized

an

unlimited

number

of

shares

of

beneficial

interest

("shares"),

without

par

value.

The

Trust

currently

offers

shares

to

life

insurance

company

separate

accounts

to

fund

the

benefits

payable

under

variable

life

insurance

policies

and

variable

annuity

contracts.

As

of

December

31,

2025,

the

Trust

operates

sixty-nine

(69) separate

series,

or

mutual

funds,

each

with

its

own

objective(s)

and

investment

strategies.

This

report

contains

the

financial

statements

and

financial

highlights

for

the

seven

(7) series

listed

below

(each,

a

"Fund";

collectively,

the

"Funds").

Nationwide

Fund

Advisors

("NFA")

serves

as

investment

adviser

to

the

Funds.

NFA

is

a

wholly

owned

subsidiary

of

Nationwide

Financial

Services,

Inc.

("NFS"),

a

holding

company

which

is

a

direct

wholly

owned

subsidiary

of

Nationwide

Corporation.

Nationwide

Corporation,

in

turn,

is

owned

by

Nationwide

Mutual

Insurance

Company

and

Nationwide

Mutual

Fire

Insurance

Company.

NVIT

DoubleLine

Total

Return

Tactical

Fund

("Total

Return

Tactical")

NVIT

Government

Bond

Fund

("Government

Bond")

NVIT

Government

Money

Market

Fund

("Government

Money

Market")

NVIT

J.P.

Morgan

Inflation

Managed

Fund

("Inflation

Managed")

NVIT

Loomis Core

Bond

Fund

("Core

Bond")

NVIT

Loomis

Short

Term

Bond

Fund

("Short

Term

Bond")

NVIT

Loomis

Short

Term

High

Yield

Fund

(formerly,

NVIT

Federated

High

Income

Bond

Fund) ("Short

Term

High

Yield")

Only

separate

accounts

established

by

Nationwide

Life

Insurance

Company

("NLIC"),

a

wholly

owned

subsidiary

of

NFS,

Nationwide

Life

and

Annuity

Insurance

Company

("NLAIC"),

a

wholly

owned

subsidiary

of

NLIC,

and

other

affiliated

insurance

companies hold

shares

of

Total

Return

Tactical,

Government

Bond,

Government

Money

Market,

and

Inflation

Managed.

Shares

of

Core

Bond

and Short

Term

Bond

are

held

by

separate

accounts

established

by

NLIC

and

NLAIC,

other

affiliated

insurance

companies, and

series

of

the

Trust

that

operate

as

a

fund-of-funds,

such

as

the

NVIT

Blueprint

Funds

and

NVIT

Investor

Destinations

Funds.

Shares

of

Short

Term

High

Yield

are

held

by

separate

accounts

established

by

NLIC

and

NLAIC.

The

Funds,

as

applicable,

currently

offer

Class

I,

Class

II,

Class

IV,

Class

P,

Class

V,

and

Class

Y

shares.

Each

share

class

of

a

Fund

represents

interests

in

the

same

portfolio

of

investments

of

that

Fund

and

the

classes

are

identical

except

for

any

differences

in

the

distribution

or

service

fees,

administrative

services

fees,

class

specific

expenses,

certain

voting

rights,

and

class

names

or

designations.

Government

Money

Market

seeks

to

maintain

a

stable

price

of

$1.00

per

share

by

using

the

amortized

cost

method

of

valuation

to

value

portfolio

securities.

Government

Money

Market

invests

primarily

in

a

portfolio

of

U.S.

government

securities

and

repurchase

agreements

that

are

collateralized

fully

by

cash

or

U.S.

government

securities,

and

which

mature

in

calendar

days

or

less,

with

certain

exceptions

permitted

by

applicable

regulations.

U.S.

Government

securities

are

debt

securities

issued

and/or

guaranteed

as

to

principal

and

interest

by

the

United

States,

or

by

a

person

controlled

or

supervised

by

and

acting

as

an

instrumentality

of

the

government

of

the

United

States.

Government

Money

Market

will

limit

investments

to

those

securities

that

are

Eligible

Securities

as

defined

by

applicable

regulations

at

the

time

of

purchase.

Government

Money

Market

operates

as

a

"Government

Money

Market

Fund,"

as

defined

in

Rule

2a-7

under

the

1940

Act.

This

means

that

Government

Money

Market

invests

at

least

99.5%

of

its

total

assets

in

(1) U.S.

government

securities,

(2) repurchase

agreements

that

are

collateralized

fully

by

U.S.

government

securities

or

cash,

(3) cash,

and/or

(4) other

money

market

mutual

funds

that

operate

as

Government

Money

Market

Funds.

Under

normal

circumstances,

Government

Money

Market

invests

at

least

80%

of

its

net

assets,

excluding

cash,

in

U.S.

government

securities

and

repurchase

agreements

that

are

fully

collateralized

by

U.S.

government

securities.

Government

Money

Market

does

not

currently

intend

to

impose

liquidity

fees

or

redemption

gates

on

shareholder

redemptions.

However,

the

Board

of

Trustees

of

the

Trust

("Board

of

Trustees")

may

reserve

the

ability

to

subject

Government

Money

Market

to

a

liquidity

fee

and/or

redemption

gate

in

the

future,

after

providing

prior

notice

to

shareholders.

Because

Government

Money

Market

invests

in

short-term

securities,

Government

Money

Market's

subadviser

generally

sells

securities

only

to

meet

liquidity

needs,

to

maintain

target

allocations

or

to

take

advantage

of

more

favorable

opportunities.

Each Fund,

except

Total

Return

Tactical,

is

a

diversified

fund

as

defined

in

the

1940

Act. Total

Return

Tactical is

a

non-diversified

fund,

as

defined

in

the

1940

Act.

Fixed

Income

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

Inflation

Managed

commenced

operations

on

April

28,

2025. Effective

April

14,

2025,

NVIT

Federated

High

Income

Bond

Fund

was

renamed

"NVIT

Loomis

Short

Term

High

Yield

Fund".

Class

P

of

Core

Bond

commenced

operations

on

January

22,

2025. 2. #### Summary

#### of

#### Significant

#### Accounting

#### Policies
The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Funds

in

the

accounting

and

the

preparation

of

their

financial

statements.

The

Funds

are

investment

companies

and

follow

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Codification

Topic

946

("ASC

946").

The

policies

are

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

("U.S.

GAAP"),

including,

but

not

limited

to,

ASC

946. The

preparation

of

financial

statements

requires

fund

management

to

make

estimates

and

assumptions

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

expenses

for

the

period.

The

Funds

utilize

various

methods

to

measure

the

value

of

their

investments

on

a

recurring

basis.

Amounts

received

upon

the

sale

of

such

investments

could

differ

from

those

estimated

values

and

those

differences

could

be

material.

(a) #### Security

#### Valuation
U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

Pursuant

to

procedures

approved

by

the

Board

of

Trustees,

NFA

assigns

a

fair

value,

as

defined

by

U.S.

GAAP,

to

a

Fund's

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

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

—

Quoted

prices

in

active

markets

for

identical

assets

Level

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

—

Significant

unobservable

inputs

(including

a

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.

Securities

for

which

market-based

quotations

are

readily

available

are

valued

at

the

current

market

value

as

of

"Valuation

Time".

Valuation

Time

is

as

of

the

close

of

regular

trading

on

the

New

York

Stock

Exchange

(usually

4:00

p.m.

Eastern

time).

Equity

securities

are

generally

valued

at

the

last

quoted

sale

price

or

official

closing

price,

or,

if

there

is

no

such

price,

the

last

quoted

bid

price

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Prices

are

taken

from

the

primary

market

or

exchange

on

which

each

security

trades.

Shares

of

registered

open-end

management

investment

companies

are

valued

at

net

asset

value

("NAV")

as

reported

by

such

company.

Shares

of

exchange

traded

funds

("ETFs")

are

generally

valued

at

the

last

quoted

sale

price

or

official

closing

price,

or,

if

there

is

no

such

price,

the

last

quoted

bid

price

provided

by

an

independent

pricing

service.

Master

limited

partnerships

("MLPs")

are

publicly

traded

partnerships

and

are

treated

as

partnerships

for

U.S.

federal

income

tax

purposes.

Investments

in

MLPs

are

valued

at

the

last

quoted

sale

price

or

official

closing

price,

or,

if

there

is

no

such

price,

the

last

quoted

bid

price

provided

by

an

independent

pricing

service.

Equity

securities,

shares

of

registered

open-

end

management

investment

companies,

shares

of

ETFs

and

MLPs

valued

in

this

manner

are

generally

categorized

as

Level

investments

within

the

hierarchy.

Repurchase

agreements

are

valued

at

amortized

cost,

which

approximates

fair

value,

and

are

generally

categorized

as

Level

investments

within

the

hierarchy.

Debt

and

other

fixed-income

securities

are

generally

valued

at

the

bid

evaluation

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board

of

Trustees.

Evaluations

provided

by

independent

pricing

service

providers

may

be

determined

without

exclusive

reliance

on

quoted

prices

and

may

use

broker-dealer

quotations,

individual

trading

characteristics

and

other

market

data,

reported

trades

or

valuation

estimates

from

their

internal

pricing

models.

The

independent

pricing

service

providers'

internal

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Fixed

Income

Funds

models

use

inputs

that

are

observable

such

as

issuer

details,

interest

rates,

yield

curves,

prepayment

speeds,

credit

risks/spreads,

default

rates,

anticipated

timing

of

principal

repayments,

and

quoted

prices

for

similar

assets

and

are

generally

categorized

as

Level

investments

within

the

hierarchy.

Debt

obligations

generally

involve

some

risk

of

default

with

respect

to

interest

and/or

principal

payments.

Municipal

securities

are

valued

as

determined

by

an

independent

pricing

service.

The

independent

pricing

service

utilizes

internal

models

and

uses

observable

inputs

such

as:

(i) yields

or

prices

of

municipal

securities

of

comparable

quality,

coupon,

maturity

and

type;

(ii) indications

as

to

values

from

dealers;

and

(iii) general

market

conditions.

Municipal

securities

are

generally

categorized

as

Level

investments

within

the

hierarchy.

Bank

loans

are

valued

using

an

average

bid

price

provided

by

an

independent

pricing

service.

Evaluated

quotes

provided

by

the

independent

pricing

service

may

reflect

appropriate

factors

such

as

ratings,

tranche

type,

industry,

company

performance

and

other

market

data.

The

independent

pricing

service

utilizes

internal

models

and

uses

observable

inputs

such

as

issuer

details,

interest

rates,

tranche

type,

ratings,

and

other

market

data.

Securities

valued

in

this

manner

are

generally

categorized

as

Level

investments

within

the

hierarchy,

consistent

with

similar

valuation

techniques

and

inputs

for

debt

securities.

Securities

held

by Government

Money

Market

are

valued

at

amortized

cost,

which

approximates

fair

value.

Securities

valued

in

this

manner

are

generally

categorized

as

Level

securities

within

the

hierarchy.

Under

the

amortized

cost

method,

premium

or

discount,

if

any,

is

amortized

or

accreted,

respectively,

to

the

maturity

of

the

security.

Government

Money

Market's

use

of

amortized

cost

is

subject

to

compliance

with

certain

conditions

as

specified

by

Rule

2a-7

under

the

1940

Act.

The

Board

of

Trustees

has

delegated

authority

to

NFA,

and

the

Trust's

administrator,

Nationwide

Fund

Management

LLC

("NFM"),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

("FVC")

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i) market-based

quotations

are

not

readily

available;

(ii) an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii) a

significant

event

has

occurred

that

affects

the

value

of

a

Fund's

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer's

operations);

(iv) the

securities

are

illiquid;

(v) the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi) any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i) a

multiple

of

earnings;

(ii) the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii) the

yield-to-maturity

for

debt

issues;

or

(iv) a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

Each

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

investments;

otherwise,

they

are

classified

as

Level

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Fixed

Income

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

The

following

tables

provide

a

summary

of

the

inputs

used

to

value

the

Funds'

net

assets

as

of

December

31,

2025. Please

refer

to

the

Statements

of

Investments

for

additional

information

on

portfolio

holdings.

#### Total

#### Return

#### Tactical

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Asset-Backed

Securities

$

–

$

12,650,508

$

–

$

12,650,508

Collateralized

Mortgage

Obligations

–

21,826,430

–

21,826,430

Commercial

Mortgage-Backed

Securities

–

8,030,853

–

8,030,853

Corporate

Bonds

–

12,656,560

–

12,656,560

Foreign

Government

Securities

–

556,880

–

556,880

Futures

Contracts#

83,472

–

–

83,472

Investment

Company

1,013,241

–

–

1,013,241

Mortgage-Backed

Securities

–

16,456,053

–

16,456,053

Short-Term

Investment

–

6,455,818

–

6,455,818

U.S.

Treasury

Obligations

–

21,171,787

–

21,171,787

#### Total

#### Assets

#### $

#### 1,096,713

#### $

#### 99,804,889

#### $

#### –

#### $

#### 100,901,602

#### Liabilities:
Futures

Contracts#

$

(33,750)

$

–

$

–

$

(33,750)

#### Total

#### Liabilities

#### $

#### (33,750)

#### $

#### –

#### $

#### –

#### $

#### (33,750)

#### Total

#### $

#### 1,062,963

#### $

#### 99,804,889

#### $

#### –

#### $

#### 100,867,852

#### Government

#### Bond

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Asset-Backed

Securities

$

–

$

11,895,550

$

–

$

11,895,550

Collateralized

Mortgage

Obligations

–

16,959,599

–

16,959,599

Commercial

Mortgage-Backed

Securities

–

9,933,598

–

9,933,598

Mortgage-Backed

Securities

–

159,384,222

–

159,384,222

Short-Term

Investment

–

12,844,512

–

12,844,512

U.S.

Government

Agency

Securities

–

21,572,509

–

21,572,509

U.S.

Treasury

Obligations

–

33,245,939

–

33,245,939

#### Total

#### Assets

#### $

#### –

#### $

#### 265,835,929

#### $

#### –

#### $

#### 265,835,929

#### Liabilities:
Futures

Contracts#

$

(13,525)

$

–

$

–

$

(13,525)

#### Total

#### Liabilities

#### $

#### (13,525)

#### $

#### –

#### $

#### –

#### $

#### (13,525)

#### Total

#### $

#### (13,525)

#### $

#### 265,835,929

#### $

#### –

#### $

#### 265,822,404

#### Government

#### Money

#### Market

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Repurchase

Agreements

$

–

$

1,536,000,000

$

–

$

1,536,000,000

U.S.

Government

Agency

Securities

–

538,487,140

–

538,487,140

U.S.

Treasury

Obligations

–

1,434,396,363

–

1,434,396,363

#### Total

#### $

#### –

#### $

#### 3,508,883,503

#### $

#### –

#### $

#### 3,508,883,503

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Fixed

Income

Funds

#### Inflation

#### Managed

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Asset-Backed

Securities

$

–

$

8,479,627

$

–

$

8,479,627

Collateralized

Mortgage

Obligation

–

286,114

–

286,114

Corporate

Bonds

–

69,415,870

–

69,415,870

Foreign

Government

Security

–

209,600

–

209,600

Futures

Contracts#

106,834

–

–

106,834

Inflation-linked

Swaps†

–

–

–

–

Mortgage-Backed

Securities

–

36,547,748

–

36,547,748

U.S.

Treasury

Obligations

–

133,301,274

–

133,301,274

#### Total

#### Assets

#### $

#### 106,834

#### $

#### 248,240,233

#### $

#### –

#### $

#### 248,347,067

#### Liabilities:
Credit

Default

Swaps†

$

–

$

(60,713)

$

–

$

(60,713)

Futures

Contracts#

(274,699)

–

–

(274,699)

Inflation-linked

Swaps†

–

(491,094)

–

(491,094)

Interest

Rate

Swaps†

–

(100,606)

–

(100,606)

#### Total

#### Liabilities

#### $

#### (274,699)

#### $

#### (652,413)

#### $

#### –

#### $

#### (927,112)

#### Total

#### $

#### (167,865)

#### $

#### 247,587,820

#### $

#### –

#### $

#### 247,419,955

#### Core

#### Bond

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Asset-Backed

Securities

$

–

$

443,976,760

$

–

$

443,976,760

Collateralized

Mortgage

Obligations

–

8,150,350

–

8,150,350

Commercial

Mortgage-Backed

Securities

–

61,870,851

–

61,870,851

Corporate

Bonds

–

1,266,536,008

–

1,266,536,008

Foreign

Government

Security

–

4,627,970

–

4,627,970

Mortgage-Backed

Securities

–

862,164,650

–

862,164,650

Municipal

Bonds

–

15,999,513

–

15,999,513

Repurchase

Agreements

–

147,464,037

–

147,464,037

U.S.

Treasury

Obligations

–

909,148,266

–

909,148,266

#### Total

#### $

#### –

#### $

#### 3,719,938,405

#### $

#### –

#### $

#### 3,719,938,405

#### Short

#### Term

#### Bond

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Asset-Backed

Securities

$

–

$

295,858,168

$

–

$

295,858,168

Collateralized

Mortgage

Obligations

–

202,089

–

202,089

Commercial

Mortgage-Backed

Securities

–

33,619,578

–

33,619,578

Corporate

Bonds

–

609,423,614

–

609,423,614

Futures

Contracts#

251,763

–

–

251,763

Mortgage-Backed

Securities

–

10,250,101

–

10,250,101

Repurchase

Agreements

–

77,816,658

–

77,816,658

Short-Term

Investment

–

3,800,000

–

3,800,000

U.S.

Treasury

Obligations

–

305,113,609

–

305,113,609

#### Total

#### Assets

#### $

#### 251,763

#### $

#### 1,336,083,817

#### $

#### –

#### $

#### 1,336,335,580

#### Liabilities:
Futures

Contracts#

$

(16,412)

$

–

$

–

$

(16,412)

#### Total

#### Liabilities

#### $

#### (16,412)

#### $

#### –

#### $

#### –

#### $

#### (16,412)

#### Total

#### $

#### 235,351

#### $

#### 1,336,083,817

#### $

#### –

#### $

#### 1,336,319,168
Fixed

Income

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

#### Short

#### Term

#### High

#### Yield

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Asset-Backed

Securities

$

–

$

11,087,841

$

–

$

11,087,841

Collateralized

Mortgage

Obligations

–

581,165

–

581,165

Commercial

Mortgage-Backed

Securities

–

822,587

–

822,587

Common

Stocks

Media

–

–

–

–

Oil,

Gas

&

Consumable

Fuels

1,104

–

–

1,104

#### Total

#### Common

#### Stocks

#### $

#### 1,104

#### $

#### –

#### $

#### –

#### $

#### 1,104
Corporate

Bonds

Automobile

Components

–

1,897,554

–

1,897,554

Automobiles

–

1,844,504

–

1,844,504

Chemicals

–

1,433,844

–

1,433,844

Commercial

Services

&

Supplies

–

1,602,899

–

1,602,899

Construction

&

Engineering

–

427,594

–

427,594

Consumer

Finance

–

1,125,845

–

1,125,845

Consumer

Staples

Distribution

&

Retail

–

1,745,223

–

1,745,223

Diversified

Telecommunication

Services

–

2,443,026

–

2,443,026

Electric

Utilities

–

551,481

–

551,481

Electrical

Equipment

–

672,252

–

672,252

Energy

Equipment

&

Services

–

1,061,589

–

1,061,589

Financial

Services

–

2,879,512

–

2,879,512

Food

Products

–

1,002,440

–

1,002,440

Gas

Utilities

–

519,974

–

519,974

Health

Care

Equipment

&

Supplies

–

1,988,093

–

1,988,093

Health

Care

Providers

&

Services

–

2,393,829

–

2,393,829

Hotels,

Restaurants

&

Leisure

–

6,403,686

–

6,403,686

Household

Durables

–

350,142

–

350,142

Insurance

–

3,982,785

–

3,982,785

IT

Services

–

621,690

–

621,690

Media

–

5,528,424

–

5,528,424

Metals

&

Mining

–

1,834,095

–

1,834,095

Oil,

Gas

&

Consumable

Fuels

–

7,759,022

–

7,759,022

Pharmaceuticals

–

1,575,014

–

1,575,014

Professional

Services

–

1,203,880

–

1,203,880

Semiconductors

&

Semiconductor

Equipment

–

1,062,166

–

1,062,166

Software

–

3,866,067

–

3,866,067

Specialized

REITs

–

1,701,053

–

1,701,053

Specialty

Retail

–

956,597

–

956,597

Trading

Companies

&

Distributors

–

2,107,531

–

2,107,531

#### Total

#### Corporate

#### Bonds

#### $

#### –

#### $

#### 62,541,811

#### $

#### –

#### $

#### 62,541,811
Futures

Contracts#

25,460

–

–

25,460

Loan

Participations

–

5,449,540

–

5,449,540

Short-Term

Investments

–

599,398

–

599,398

Warrants

1,787

–

–

1,787

#### Total

#### Assets

#### $

#### 28,351

#### $

#### 81,082,342

#### $

#### –

#### $

#### 81,110,693

#### Liabilities:
Futures

Contracts#

$

(789) $

–

$

–

$

(789) #### Total

#### Liabilities

#### $(789) #### –

#### $

#### –

#### $(789) #### Total

#### $

#### 27,562

#### $

#### 81,082,342

#### $

#### –

#### $

#### 81,109,904
#

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

Assets

and

Liabilities.

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

For

centrally

cleared

swaps,

only

the

variation

margin

on

swap

contracts

is

reported

in

the

Statements

of

Asset

and

Liabilities.

As

of

December

31,

2025,

Short

Term

High

Yield

held

one

common

stock

investement,

one

corporate

bond

investment

and

two

warrants

investments

that

were

categorized

as

Level

investments

which

were

each

valued

at

$0.

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Fixed

Income

Funds

The

following

is

a

reconciliation

of

assets

for

which

Level

inputs

were

used

in

determining

fair

value:

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations.

(b) #### Cash

#### Overdraft
The

Fund

may

have

overdrawn

U.S.

dollar

and/or

foreign

currency

balances

with

the

Fund's

custodian

bank,

JPMorgan

Chase

Bank,

N.A.

("JPMorgan").

To

offset

the

overdraft,

JPMorgan

advanced

an

amount

equal

to

the

overdraft.

Consistent

with

the

Fund's

borrowing

policy,

the

advance

is

deemed

a

temporary

loan

to

the

Fund.

Such

loan

is

payable

upon

demand

and

bears

interest

from

the

date

of

such

advance

to

the

date

of

payment

at

the

rate

agreed

upon

with

JPMorgan

under

the

custody

agreement.

This

advance

is

separate

from,

and

was

not

made

pursuant

to,

the

credit

agreement

discussed

in

Note

4. A

Fund

with

an

overdraft

is

subject

to

a

lien

by

JPMorgan

on

the

Fund's

account

and

JPMorgan

may

charge

the

Fund's

account

for

any

amounts

owed

to

JPMorgan.

JPMorgan

also

has

the

right

to

set

off

as

appropriate

and

apply

all

deposits

and

credits

held

by

or

owing

to

JPMorgan

against

such

amount,

subject

to

the

terms

of

the

custody

agreement.

As

of December

31,

2025,

the

Funds

did

not

have

overdrawn

balances.

(c) #### Foreign

#### Currency

#### Transactions&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The

accounting

records

of

the

Funds

are

maintained

in

U.S.

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

exchange

between

the

foreign

currency

and

the

U.S.

dollar

in

order

to

determine

the

value

of

the

Funds'

investments,

assets,

and

liabilities.

Purchases

and

sales

of

securities,

receipts

of

income,

and

payments

of

expenses

are

converted

at

the

prevailing

rate

of

exchange

on

the

respective

date

of

such

transactions.

The

accounting

records

of

a

Fund

do

not

differentiate

that

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

from

those

resulting

from

changes

in

the

market

prices

of

the

relevant

securities.

Each

portion

contributes

to

the

net

realized

gains

or

losses

from

transactions

in

investment

securities

and

net

change

in

unrealized

appreciation/depreciation

in

the

value

of

investment

securities.

Net

currency

gains

or

losses,

realized

and

unrealized,

that

are

a

result

of

differences

between

the

amount

recorded

on

a

Fund's

accounting

records,

and

the

U.S.

dollar

equivalent

amount

actually

received

or

paid

for

interest

or

dividends,

receivables

and

payables

for

investments

sold

or

purchased,

and

foreign

cash,

are

included

in

the

Statements

of

Operations

under

"Net

realized

gains

(losses)

from

foreign

currency

transactions"

and

"Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

translation

of

assets

and

liabilities

denominated

in

foreign

currencies,"

if

applicable.

(d) #### Swap

#### Contracts&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
*Credit* 

*Default* 

*Swap* 

*Contracts*

— Certain

Funds entered

into

credit

default

swap

contracts.

Credit

default

swap

contracts

are

either

privately

negotiated

agreements

between

the

Fund

and

a

counterparty

or

traded

through

a

futures

commission

merchant

and

cleared

through

a

clearinghouse

that

serves

as

a

central

counterparty.

Investments

in

credit

default

swap

contracts

are

utilized

to

expose a

Fund's

cash

holdings

to

the

investment

characteristics

and

performance

of

the

high-yield

bond

market

or

selected

credit

markets while

maintaining

liquidity

to

satisfy

shareholder

activity,

to

#### Short

#### Term

#### High

#### Yield

#### Common

#### Stocks

#### Total
Balance

as

of

12/31/2024

$

—

$

—

Accrued

Accretion/(Amortization)

—

—

Realized

Gains

(Losses)

—

—

Distributions

—

—

Purchases

\*

634,091

634,091

Sales

—

—

Change

in

Unrealized

Appreciation/Depreciation

(634,091)

(634,091)

Transfers

into

Level

—

—

Transfers

out

of

Level

—

—

Balance

as

of

12/31/2025

$

—

$

—

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

12/31/2025

\*\*

$

(634,091)

$

(634,091)

\*

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

\*\*

Included

in

the

Statement

of

Operations

under

"Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

investment

securities."

Fixed

Income

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

manage

broad

credit

market

spread

exposure

and/or

to

create

synthetic

long

and

short

exposure

to

select

credit

and sovereign

debt

securities,

as

applicable,

to

meet

each

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Each

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

credit

default

swap

contracts.

Upfront

premiums

received

or

paid at

the

beginning

of

the

initiation

period

are

included

in

the

Statements

of

Assets

and

Liabilities

under

"Swap

contracts,

at

value"

for OTC

swaps

and

under

"Receivable/payable

for

variation

margin

on

centrally

cleared

swap

contracts"

for

centrally

cleared

swaps,

as

applicable.

These

upfront

premiums

are

amortized

and

accreted

daily

and

are

recorded

as

realized

gains

or

losses

on

the

Statements

of

Operations

upon

maturity

or

termination

of

the

credit

default

swap

contract.

As

the

protection

purchaser

in

a

credit

default

swap

contract,

the

Fund

pays

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However,

the

Fund

is

required

to

receive

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

from

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

If

a

credit

event

or

default

(or

similar

event)

occurs,

the

Fund

either

(i) receives

from

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

the

counterparty

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii) receives

from

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

As

the

purchaser

in

a

credit

default

swap

contract,

the

Fund's

investment

would

generate

income

only

in

the

event

of

an

actual

default

(or

similar

event)

by

the

issuer

of

the

underlying

obligation.

As

the

protection

seller

in

a

credit

default

swap

contract, a

Fund

receives

from

the

counterparty

a

periodic

stream

of

payments

over

the

term

of

the

contract,

provided

that

no

credit

event

or

default

(or

similar

event)

occurs.

However, a

Fund

is

required

to

pay

the

par

(or

other

agreed-upon)

value

of

a

referenced

debt

obligation

to

the

counterparty

in

the

event

of

a

default

(or

similar

event)

by

a

third

party,

such

as

a

U.S.

or

foreign

issuer,

on

the

debt

obligation.

In

return,

if

no

credit

event

or

default

(or

similar

event)

occurs, a

Fund

keeps

the

stream

of

payments

and

would

have

no

payment

of

obligations.

If

a

credit

event

or

default

(or

similar

event)

occurs, a

Fund

either

(i) pays

to

the

counterparty

an

amount

equal

to

the

notional

amount

of

the

swap

and

takes

delivery

of

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index,

or

(ii) pays

the

counterparty

a

net

settlement

amount

in

the

form

of

cash

or

securities

to

the

notional

amount

of

the

swap

and

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

By

selling

a

credit

default

swap

contract, a

Fund

effectively

adds

economic

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets, a

Fund

is

subject

to

investment

exposure

on

the

notional

amount

of

the

swap.

Credit

default

swap

agreements

on

credit

indices

involve

one

party

making

a

stream

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

specified

return

in

the

event

of

a

write-down,

principal

shortfall,

interest

shortfall

or

default

of

all

or

part

of

the

referenced

entities

comprising

the

credit

index.

A

credit

index

is

a

basket

of

credit

instruments

or

exposures

designed

to

be

representative

of

some

part

of

the

credit

market

as

a

whole.

These

indices

are

made

up

of

reference

credits

that

are

judged

by

a

poll

of

dealers

to

be

the

most

liquid

entities

in

the

credit

default

swap

market

based

on

the

sector

of

the

index.

Components

of

the

indices

include

high-yield

securities.

Credit

indices

are

traded

using

credit

default

swap

contracts

with

standardized

terms

including

a

fixed

spread

and

standard

maturity

dates.

An

index

credit

default

swap

contract

references

all

the

names

in

the

index,

and

if

there

is

a

default,

the

credit

event

is

settled

based

on

the

name's

weight

in

the

index.

For

most

indices,

each

name

has

an

equal

weight

in

the

index.

The

composition

of

the

indices

changes

periodically.

The

use

of

credit

default

swap

contracts

on

indices

is

often

less

expensive

than

it

would

be

to

buy

many

issuer-specific

credit

default

swap

contracts

to

achieve

a

similar

effect.

Credit

default

swap

contracts

are

marked-to-market

daily

based

on

valuations

from

independent

pricing

services.

Credit

default

swap

contracts

are

generally

categorized

as

Level

investments

within

the

hierarchy.

Implied

credit

spreads

are

utilized

in

determining

the

market

value

of

credit

default

swap

agreements

on

credit

indices

and

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

for

the

credit

derivative.

Implied

credit

spreads

utilized

in

valuing each

Fund's

investments

as

of

December

31,

2025

are

disclosed

in

the

Statements

of

Investments.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

selling

protection

on

such

entity's

debt,

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

credit

indices,

the

quoted

market

prices

and

resulting

value

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

represent

a

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Fixed

Income

Funds

Certain

clearinghouses

currently

offer

clearing

for

limited

types

of

derivatives

transactions,

such

as

credit

derivatives.

In

a

centrally

cleared

credit

default

swap

contract,

immediately

following

execution

of

the

swap

agreement,

the

swap

agreement

is

novated

to

a

central

counterparty

(the

"CCP")

and

a

Fund's

counterparty

on

the

swap

agreement

becomes

the

CCP.

A

Fund

is

required

to

interface

with

the

CCP

through

a

broker.

Upon

entering

into

a

centrally

cleared

swap

contract, a

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

are

designated

on

the

Statement

of

Investments

and

cash

deposited

is

recorded

on

the

Statements

of

Assets

and

Liabilities

as

cash

pledged

for

centrally

cleared

swap

contracts.

The

daily

change

in

valuation

of

centrally

cleared

credit

default

swap

contracts

is

recorded

as

a

receivable

or

payable

for

variation

margin

on

centrally

cleared

swap

contracts.

Payments

received

from

(paid

to)

the

counterparty,

including

at

termination,

are

recorded

as

realized

gains

(losses)

in

the

Statements

of

Operations.

The

Funds'

swap

agreements

are

disclosed

in

the

Statements

of

Assets

and

Liabilities

under

"Swap

contracts,

at

value"

for

over-the

counter

("OTC")

swaps

and

under

"Receivable/payable

for

variation

margin on

centrally

cleared swap

contracts"

for

centrally

cleared

swaps,

in

a

table

in

the

Statement

of

Investments, and

in

the

Statements

of

Operations

under

"Net

realized

gains

(losses)

from

expiration

or

closing

of

swap

contracts"

and

"Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

swap

contracts,"

as

applicable.

(e) #### Forward

#### Foreign

#### Currency

#### Contracts&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Certain

Funds

entered

into

forward

foreign

currency

contracts

in

connection

with

planned

purchases

or

sales

of

securities

denominated

in

a

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

to

express

a

view

on

a

foreign

currency

vs.

the

U.S.

dollar

or

other

foreign

currency, to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

and/or

to

seek

to

protect

against

anticipated

changes

in

future

foreign

currency

exchange

rate,

as

applicable,

to

meet

each

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

A

forward

foreign

currency

contract

involves

an

obligation

to

purchase

or

sell

a

specific

currency

at

a

future

date,

which

may

be

any

fixed

number

of

days

from

the

date

of

the

contract

agreed

upon

by

the

parties,

at

a

price

set

at

the

time

of

the

contract.

Forward

foreign

currency

contracts

are

generally

valued

at

the

mean

of

the

last

quoted

bid

and

ask

prices,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

investments

within

the

hierarchy.

The

market

value

of

a

forward

foreign

currency

contract

fluctuates

with

changes

in

foreign

currency

exchange

rates.

All

commitments

are

marked-to-market

daily

at

the

applicable

exchange

rates

and

any

resulting

unrealized

appreciation

or

depreciation

is

recorded.

Realized

gains

or

losses

are

recorded

at

the

time

the

forward

foreign

currency

contract

matures

or

at

the

time

of

delivery

of

the

currency.

Forward

foreign

currency

contracts

entail

the

risk

of

unanticipated

movements

in

the

value

of

the

foreign

currency

relative

to

the

U.S.

dollar,

and

the

risk

that

the

counterparties

to

the

contracts

may

be

unable

to

meet

their

obligations

under

the

contract.

The Funds' forward

foreign

currency

contracts

are

disclosed

in

the

Statements

of

Assets

and

Liabilities

under

"Unrealized

appreciation/(depreciation)

on

forward

foreign

currency

contracts,"

in

a

table

in

the

Statement

of

Investments

and

in

the

Statements

of

Operations

under

"Net

realized

gains

(losses)

from

settlement

of

forward

foreign

currency

contracts"

and

"Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

forward

foreign

currency

contracts,"

as

applicable.

As

of

December

31,

2025,

the

Funds

had

no

open

forward

foreign

currency

contracts.

(f) #### Options&nbsp;&nbsp;&nbsp;&nbsp;
Certain

Funds

purchased

and/or

wrote

options

on

futures

contracts,

single

stocks,

ETFs, and/or

indexes.

Such

option

investments

are

utilized

to

manage

currency

exposures

and/or

hedge

against

movements

in

the

values

of

the

foreign

currencies

in

which

the

portfolio

securities

are

denominated,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates

and

equity

movements,

to

capitalize

on

the

return-generating

features

of

selling

options

(short

volatility)

while

simultaneously

benefiting

from

the

risk-control

attributes

associated

with

buying

options

(long

volatility),

and/or

to

generate

consistent

outperformance,

as

applicable,

to

meet

each

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

The

purchase

of

put

options

serves

as

a

short

hedge

and

the

purchase

of

call

options

serves

as

a

long

hedge.

Writing

put

options

serves

as

a

limited

long

hedge

because

increases

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

depreciates

to

a

price

lower

than

the

strike

price

of

the

put

option,

it

can

be

expected

that

the

put

option

will

be

exercised,

and

the

Fund

will

be

obligated

to

purchase

the

security

at

more

than

its

market

value.

The

Fund

segregates

liquid

assets

to

cover

its

obligations

under

its

option

contracts.

Writing

call

options

serves

as

a

limited

short

hedge

because

declines

in

the

value

of

the

hedged

investment

would

be

offset

to

the

extent

of

the

premium

received

for

writing

the

option.

However,

if

the

security

appreciates

to

a

price

higher

than

the

exercise

price

of

the

call

option,

it

can

be

expected

that

the

call

option

will

be

exercised,

and

a

Fund

will

be

obligated

to

sell

the

security

at

less

than

its

market

value

or

will

be

obligated

to

purchase

the

security

at

a

price

greater

than

that

at

which

the

security

must

be

sold

under

the

option.

Fixed

Income

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

When

a

Fund

writes

an

option,

an

amount

equal

to

the

premium

received

is

recorded

as

a

liability

and

subsequently

marked-to-

market

to

reflect

the

current

value

of

the

option

written.

Premiums

received

from

writing

options

which

expire

unexercised

are

treated

as

realized

gains.

Premiums

received

from

writing

options

which

are

exercised

or

closed

are

added

to

the

proceeds

from

or

offset

against

amounts

paid

on

the

underlying

transaction

to

determine

the

realized

gain

or

loss

on

such

underlying

transaction.

When

a

Fund

writes

an

option,

it

has

no

control

over

whether

the

option

will

be

exercised,

and

as

a

result

bears

the

risk

of

an

unfavorable

change

in

the

price

of

the

instrument

underlying

the

written

option.

Writing

options

entails

the

risk

that

a

Fund

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

Options

traded

on

an

exchange

are

valued

at

the

settlement

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board.

If

a

settlement

price

is

not

available,

such

options

are

valued

at

the

last

quoted

sale

price,

if

available,

and

otherwise

at

the

average

bid/ask

price.

Exchange

traded

options

are

generally

categorized

as

Level

investments

within

the

hierarchy.

Options

traded

in

the

over-the-counter

("OTC")

market,

and

which

are

not

quoted

by

NASDAQ,

are

valued

at

the

last

quoted

bid

price,

and

are

generally

categorized

as

Level

investments

within

the

hierarchy.

The

value

of

an

option

position

reflects,

among

other

things,

the

implied

price

volatility

of

the

underlying

investment,

the

current

market

value

of

the

underlying

investment,

the

time

remaining

until

expiration

of

the

option,

the

relationship

of

the

strike

price

to

the

market

price

of

the

underlying

investment,

and

general

market

conditions.

Options

that

expire

unexercised

have

no

value.

American-style

options

can

be

exercised

at

any

time

prior

to

the

expiration

date

of

the

option.

European-style

options

can

only

be

exercised

at

expiration

of

the

option.

A

Fund

effectively

terminates

its

right

or

obligation

under

an

option

by

entering

into

a

closing

transaction.

Closing

transactions

permit

a

Fund

to

realize

the

profit

or

limit

the

loss

on

an

option

position

prior

to

its

exercise

or

expiration.

If

a

Fund

is

unable

to

affect

a

closing

transaction

for

an

option

it

purchased,

it

would

have

to

exercise

the

option

to

realize

any

profit.

The

inability

to

enter

into

a

closing

purchase

transaction

for

a

covered

call

option

written

by

a

Fund

could

cause

material

losses

because

a

Fund

would

be

unable

to

sell

the

investment

used

as

a

cover

for

the

written

option

until

the

option

expires

or

is

exercised.

The

writing

and

purchasing

of

options

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Imperfect

correlation

between

options

and

the

securities

markets

may

detract

from

the

effectiveness

of

attempted

hedging.

Transactions

using

OTC

options

(other

than

options

purchased

by

a

Fund)

expose

a

Fund

to

counterparty

risk.

To

the

extent

required

by

Securities

and

Exchange

Commission

("SEC")

guidelines,

a

Fund

will

not

enter

into

any

options

transactions

unless

it

owns

either

(i) an

offsetting

("covered")

position

in

securities,

other

options,

or

futures

or

(ii) cash

and

liquid

obligations

with

a

value

sufficient

at

all

times

to

cover

its

potential

obligations

to

the

extent

not

covered

as

provided

in

(i) above.

A

Fund

will

also

earmark

or

set

aside

cash

and/or

appropriate

liquid

assets

in

a

segregated

custodial

account

as

required

by

SEC

and

U.S.

Commodity

Futures

Trading

Commission

regulations.

Assets

used

as

cover

or

held

in

a

segregated

account

cannot

be

sold

while

the

position

in

the

corresponding

option

or

futures

contract

is

open,

unless

they

are

replaced

with

similar

assets.

As

a

result,

the

commitment

of

a

large

portion

of

a

Fund's

assets

to

earmarking

or

segregated

accounts

as

a

cover

could

impede

portfolio

management

or

a

Fund's

ability

to

meet

redemption

requests

or

other

current

obligations.

The

Funds' written

options

contracts are

disclosed

in

the

Statements

of

Assets

and

Liabilities

under

"Written options,

at

value,"

in

a

table

in

the

Statements

of

Investments

and

in

the

Statements

of

Operations

under

"Net

realized

gains

(losses)

from

expiration

or

closing

of

option

contracts

written"

and

"Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

option

contracts

written,"

as

applicable.

The

Funds' purchased

options

are

disclosed

in

the

Statements

of

Assets

and

Liabilities

under

"Investment

securities,

at

value,"

in

the

Statement

of

Investments

and

in

the

Statements

of

Operations

under

"Net

realized

gains

(losses)

from

transactions

in

investment

securities"

and

"Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

investment

securities,"

as

applicable.

As

of December

31,

2025,

the

Funds

had

no

open

option

contracts.

(g) #### Futures

#### Contracts
Certain

Funds are

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

their

objectives. Certain Funds

entered

into

financial

futures

contracts

("futures

contracts")

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/

or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

each

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Fixed

Income

Funds

Upon

entering

into

a

futures

contract, a

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, a

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 a

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

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, a

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, a

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. A

Fund's

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because a

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

Funds'

futures

contracts

are

reflected

in

the

Statements

of

Assets

and

Liabilities

under

"Receivable/Payable

for

variation

margin

on

futures

contracts,"

in

a

table

in

the

Statement

of

Investments

and

in

the

Statements

of

Operations

under

"Net

realized

gains

(losses)

from

expiration

or

closing

of

futures

contracts"

and

"Net

change

in

unrealized

appreciation/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

December

31,

2025:

#### Fair

#### Values

#### of

#### Derivatives

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### as

#### of

#### December

#### 31,

#### 2025:
t

#### Total

#### Return

#### Tactical

#### Assets:

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value
Futures

Contracts#

Interest

rate

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

83,472

#### Total

#### $

#### 83,472

#### Liabilities:
Futures

Contracts#

Interest

rate

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

(33,750)

#### Total

#### $

#### (33,750)

#### Government

#### Bond

#### Liabilities:

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value
Futures

Contracts#

Interest

rate

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

(13,525)

#### Total

#### $

#### (13,525)

#### Inflation

#### Managed

#### Assets:

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value
Futures

Contracts#

Interest

rate

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

106,834

#### Total

#### $

#### 106,834
Fixed

Income

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

#### The

#### Effect

#### of

#### Derivative

#### Instruments

#### on

#### the

#### Statements

#### of

#### Operations

#### for

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025:

#### Liabilities:

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value
Swap

Contracts†

Credit

risk

Receivable/payable

for

variation

margin

on

centrally

cleared

swap

contracts

$

(60,713)

Interest

rate

risk

Receivable/payable

for

variation

margin

on

centrally

cleared

swap

contracts

(591,699)

Futures

Contracts#

Interest

rate

risk

Receivable/payable

for

variation

margin

on

futures

contracts

(274,699)

#### Total

#### $

#### (927,111)

#### Short

#### Term

#### Bond

#### Assets:

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value
Futures

Contracts#

Interest

rate

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

251,763

#### Total

#### $

#### 251,763

#### Liabilities:
Futures

Contracts#

Interest

rate

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

(16,412)

#### Total

#### $

#### (16,412)

#### Short

#### Term

#### High

#### Yield

#### Assets:

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value
Futures

Contracts#

Interest

rate

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

25,460

#### Total

#### $

#### 25,460

#### Liabilities:
Futures

Contracts#

Interest

rate

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

(789) #### Total

#### $(789) #

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

Assets

and

Liabilities.

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

For

centrally

cleared

swaps,

only

the

variation

margin

on

swap

contracts

is

reported

in

the

Statements

of

Asset

and

Liabilities.

#### Total

#### Return

#### Tactical

#### Realized

#### Gains

#### (Losses):

#### Total
Futures

Contracts

Interest

rate

risk

$

112,044

#### $

#### 112,044

#### Government

#### Bond

#### Realized

#### Gains

#### (Losses):

#### Total
Futures

Contracts

Interest

rate

risk

$

188,724

#### $

#### 188,724

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Fixed

Income

Funds

#### Change

#### in

#### Unrealized

#### Appreciation/Depreciation

#### on

#### Derivatives

#### Recognized

#### in

#### the

#### Statements

#### of

#### Operations

#### for

#### the Year

#### Ended December

#### 31,

#### 2025:

#### Inflation

#### Managed

#### Realized

#### Gains

#### (Losses):

#### Total
Swap

Contracts

Credit

risk

$

(59,475)

Interest

rate

risk

(65,505)

Futures

Contracts

Interest

rate

risk

281,311

#### $

#### 156,331

#### Short

#### Term

#### Bond

#### Realized

#### Gains

#### (Losses):

#### Total
Futures

Contracts

Interest

rate

risk

$

(1,007,210)

#### $

#### (1,007,210)

#### Short

#### Term

#### High

#### Yield

#### Realized

#### Gains

#### (Losses):

#### Total
Futures

Contracts

Interest

rate

risk

$

(29,342)

#### $

#### (29,342)

#### Total

#### Return

#### Tactical

#### Unrealized

#### Appreciation/Depreciation:

#### Total
Futures

Contracts

Interest

rate

risk

$

408,870

#### $

#### 408,870

#### Government

#### Bond

#### Unrealized

#### Appreciation/Depreciation:

#### Total
Futures

Contracts

Interest

rate

risk

$

87,652

#### $

#### 87,652

#### Inflation

#### Managed

#### Unrealized

#### Appreciation/Depreciation:

#### Total
Swap

Contracts

Credit

risk

$

(60,713)

Interest

rate

risk

(591,699)

Futures

Contracts

Interest

rate

risk

(167,865)

#### $

#### (820,277)

#### Short

#### Term

#### Bond

#### Unrealized

#### Appreciation/Depreciation:

#### Total
Futures

Contracts

Interest

rate

risk

$

(77,096)

#### $

#### (77,096)

#### Short

#### Term

#### High

#### Yield

#### Unrealized

#### Appreciation/Depreciation:

#### Total
Futures

Contracts

Interest

rate

risk

$

24,671

#### $

#### 24,671
Fixed

Income

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

The

following is

a

summary

of

the

Funds'

average

volume

of

derivative

instruments

held for

the year

ended December

31,

2025:

The

Funds

are

required

to

disclose

information

about

offsetting

and

related

arrangements

to

enable

users

of

the

financial

statements

to

understand

the

effect

of

those

arrangements

on

the

Funds'

financial

position.

In

order

to

better

define

its

contractual

rights

and

to

secure

rights

that

will

help

certain

Funds

mitigate

their

counterparty

risk,

certain

Funds

entered

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

("ISDA

Master

Agreement")

or

a

similar

agreement

with

each

of

their

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

certain

Funds

and

a

counterparty

that

governs

OTC

derivatives

and

forward

foreign

currency

contracts

and

typically

contains,

among

other

things,

collateral

posting

items,

if

applicable,

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

certain

Funds

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instrument's

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

(close-out

netting)

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

The

counterparty

is

a

financial

institution.

As

of December

31,

2025,

certain

Funds

may

have

entered

into

futures

contracts.

The

futures

contract

agreements

do

not

provide

for netting

arrangements.

For

financial

reporting

purposes,

certain Funds

do

not

offset

derivative

assets

and

derivative

liabilities

that

may

be

subject

to

netting

arrangements

on

the

"Statements

of

Assets

and

Liabilities".

(h) #### Unfunded

#### Commitments&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each

Fund

may

enter

into

commitments

to

buy

and

sell

investments

including

commitments

to

buy Loan

Participations to

settle

on

future

dates

as

part

of

its

normal

investment

activities.

Commitments

are

generally

traded

and

priced

as

part

of

a

related

Loan

Participations.

The

value

of

the

unfunded

portion

of

the

investment

is

determined

using

a

pro-rata

allocation,

based

on

its

par

value

relative

to

the

par

value

of

the

entire

investment.

The

unrealized

appreciation

(depreciation)

from

unfunded

commitments

is

reported

on

the

Statements

of

Assets

and

Liabilities.

Credit

risk

exists

on

these

commitments

to

the

extent

of

any

difference

between

the

sales

price

and

current

value

of

the

underlying

securities

sold.

Market

risk

exists

on

these

commitments

to

buy

to

#### Total

#### Return

#### Tactical

#### Futures

#### Contracts:
Average

Notional

Balance

Long

$

49,054,244

Average

Notional

Balance

Short

$

3,840,909

#### Government

#### Bond

#### Futures

#### Contracts:
Average

Notional

Balance

Long

$

27,625,353

Average

Notional

Balance

Short

$

983,938

#### Inflation

#### Managed

#### Centrally

#### Cleared

#### Credit

#### Default

#### Swaps:
Average

Notional

Balance—Buy

Protection

$

6,913,462

#### Centrally

#### Cleared

#### Inflation

#### Linked

#### Swaps:
Average

Notional

Balance—Pays

Fixed

rate

$

26,547,308

#### Futures

#### Contracts:
Average

Notional

Balance

Long

$

10,600,687

Average

Notional

Balance

Short

$

3,837,881

#### Short

#### Term

#### Bond

#### Futures

#### Contracts:
Average

Notional

Balance

Long

$

38,067,792

Average

Notional

Balance

Short

$

45,956,362

#### Short

#### Term

#### High

#### Yield

#### Futures

#### Contracts:
Average

Notional

Balance

Long

$

1,712,883

Average

Notional

Balance

Short

$

4,850,474

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Fixed

Income

Funds

the

same

extent

as

if

the

securities

were

owned

on

a

settled

basis

and

gains

and

losses

are

recorded

and

reported

in

the

same

manner.

As

of December

31,

2025,

certain

Funds

had

the

following

loan

commitments

in

which

all

or

a

portion

of

the

commitment

was

unfunded

which

could

be

extended

at

the

option

of

the

borrower.

(i) #### TBA
The

Funds

may

invest

in

TBA

mortgage-backed

securities.

A

TBA,

or

"To

Be

Announced,"

trade

represents

a

contract

for

the

purchase

or

sale

of

mortgage-backed

securities

to

be

delivered

at

a

future

agreed-upon

date;

however,

the

specific

mortgage

pool

numbers

or

the

number

of

pools

that

will

be

delivered

to

fulfill

the

trade

obligation

or

terms

of

the

contract

are

unknown

at

the

time

of

the

trade.

Mortgage

pools

(including

fixed-rate

or

variable-rate

mortgages)

guaranteed

by

the

Government

National

Mortgage

Association,

or

GNMA,

the

Federal

National

Mortgage

Association,

or

FNMA,

or

the

Federal

Home

Loan

Mortgage

Corporation,

or

FHLMC,

are

subsequently

allocated

to

the

TBA

transactions.

TBAs

involve

a

risk

of

loss

if

the

value

of

the

security

to

be

purchased

or

sold

declines

or

increases,

respectively,

prior

to

the

settlement

date.

TBAs

are

valued

at

the

bid

evaluation

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board.

The

Funds

may

also

enter

into

TBA

sale

commitments

to

hedge

its

portfolio

positions,

to

sell

mortgage-backed

securities

it

owns

under

delayed

delivery

arrangements

or

to

take

a

short

position

in

mortgage-backed

securities.

Proceeds

of

TBA

sale

commitments

are

not

received

until

the

contractual

settlement

date.

During

the

time

a

TBA

sale

commitment

is

outstanding,

either

equivalent

deliverable

securities

or

an

offsetting

TBA

purchase

commitment

deliverable

on

or

before

the

sale

commitment

date

are

held

as

"cover"

for

the

transaction,

or

other

liquid

assets

in

an

amount

equal

to

the

notional

value

of

the

TBA

sale

commitment

are

segregated.

If

the

TBA

sale

commitment

is

closed

through

the

acquisition

of

an

offsetting

TBA

purchase

commitment, a

Fund

realizes

a

gain

or

loss

based

upon

the

unit

price

of

the

acquisition.

If a

Fund

delivers

securities

under

the

commitment,

the

Fund

realizes

a

gain

or

a

loss

from

the

sale

of

the

securities

based

upon

the

unit

price

established

at

the

date

the

commitment

was

entered

into.

(j) #### Securities

#### Lending
During

the

year

ended

December

31,

2025, certain

Funds entered

into

securities

lending

transactions.

To

generate

additional

income,

the

Funds

lent

their

portfolio

securities,

up

to

1/3%

of

the

total

assets

of

a

Fund,

to

brokers,

dealers,

and

other

financial

institutions.

JPMorgan

serves

as

securities

lending

agent

for

the

securities

lending

program

for

the

Funds.

Securities

lending

transactions

are

considered

to

be

overnight

and

continuous

and

can

be

terminated

by

a

Fund

or

the

borrower

at

any

time.

The

Funds

receive

payments

from JPMorgan

equivalent

to

any

dividends

and/or

interest

while

on

loan,

in

lieu

of

income

which

is

included

as

"Dividend

income"

and/or

"Interest

income",

as

applicable,

on

the

Statements

of

Operations.

The

Funds

also

receive

interest

that

would

have

been

earned

on

the

securities

loaned

while

simultaneously

seeking

to

earn

income

on

the

investment

of

cash

collateral

or

receiving

a

fee

with

respect

to

the

receipt

of

non-cash

collateral.

Securities

lending

income

includes

any

fees

charged

to

borrowers

less

expenses

associated

with

the

loan.

Income

from

the

securities

lending

program

is

recorded

when

earned

from JPMorgan

and

reflected

in

the

Statements

of

Operations

under

"Income

from

securities

lending

(net

of

fees)".

There

may

be

risks

of

delay

or

restrictions

in

recovery

of

the

securities

or

disposal

of

collateral

should

the

borrower

of

the

securities

fail

financially.

Loans

are

made,

however,

only

to

borrowers

deemed

by JPMorgan

to

be

of

good

standing

and

creditworthy.

Loans

are

subject

to

termination

by

the

Funds

or

the

borrower

at

any

time,

and,

therefore,

are

not

considered

to

be

illiquid

investments.

For

Funds

to

which

JPMorgan

is

not

an

affiliate,

JPMorgan

receives

a

fee

based

on

a

percentage

of

earnings

(less

any

rebates

paid

to

the

borrower)

derived

from

the

investment

of

cash

collateral,

or

a

percentage

of

the

fee

paid

by

the

borrower

for

loans

collateralized

by

non-cash

collateral.

For

Funds

to

which

JPMorgan

is

an

affiliate,

JPMorgan

receives

a

flat

fee

based

on

a

percentage

of

the

market

value

of

loaned

securities.

#### Short

#### Term

#### High

#### Yield

#### Unfunded

#### Commitment

#### Funded

#### Commitment

#### Total

#### Commitment

#### Security

#### Description

#### Maturity

#### Date

#### Rate

#### Par

#### Amount

#### Value

#### Par

#### Amount

#### Value

#### Par

#### Amount

#### Value
US

Fertility

Enterprises

LLC,

Delayed

Draw

First

Lien

Term

Loan

12/10/2032

0.00%

$

46,053

$

46,168

$–

$–

$

46,053

$

46,168

Fixed

Income

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

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

December

31,

2025,

which

were

comprised

of

repurchase

agreements

purchased

with

cash

collateral,

as

shown

on each

Fund's

Statement

of

Investments,

were

as

follows:

The

Trust's

securities

lending

policies

and

procedures

require

that

the

borrower

(i) deliver

cash

or

U.S.

Government

securities

as

collateral

with

respect

to

each

new

loan

of

U.S.

securities,

equal

to

at

least

102%

of

the

value

of

the

portfolio

securities

loaned,

and

with

respect

to

each

new

loan

of

non-U.S.

securities,

collateral

of

at

least

105%

of

the

value

of

the

portfolio

securities

loaned;

and

(ii) at

all

times

thereafter

mark-to-market

the

collateral

on

a

daily

basis

so

that

the

market

value

of

such

collateral

is

at

least

100%

of

the

value

of

securities

loaned.

Cash

collateral

received

is

generally

invested

in

joint

repurchase

agreements

and

shown

in

the

Statement

of

Investments

and

included

in

calculating

the

Fund's

total

assets.

U.S.

Government

securities

received

as

collateral,

if

any,

are

held

in

safe-keeping

by

JPMorgan

or

The

Bank

of

New

York

Mellon

and

cannot

be

sold

or

repledged

by

the

Funds

and

accordingly

are

not

reflected

in

the

Fund's

total

assets.

For

additional

information

on

the

non-cash

collateral

received,

if

any,

please

refer

to

the

Statement

of

Investments.

The

Securities

Lending

Agency

Agreement

between

the

Trust

and

JPMorgan

provides

that

in

the

event

of

a

default

by

a

borrower

with

respect

to

any

loan,

the

Fund

may

terminate

the

loan

and

JPMorgan

will

exercise

any

and

all

remedies

provided

under

the

applicable

borrower

agreement

to

make

the

Fund

whole.

These

remedies

include

purchasing

replacement

securities

by

applying

the

collateral

held

from

the

defaulting

borrower

against

the

purchase

cost

of

the

replacement

securities.

If,

despite

such

efforts

by

JPMorgan

to

exercise

these

remedies,

the

collateral

is

less

than

the

purchase

cost

of

the

replacement

securities,

JPMorgan

is

responsible

for

such

shortfall,

subject

to

certain

limitations

which

are

set

forth

in

detail

in

the

Securities

Lending

Agency

Agreement.

As

of December

31,

2025,

the

Securities

Lending

Agency

Agreement

does

not

permit

the

Funds

to

enforce

a

netting

arrangement.

(k) #### Joint

#### Repurchase

#### Agreements
During

the year

ended December

31,

2025,

certain

Funds,

along

with

other

series

of

the

Trust,

pursuant

to

procedures

adopted

by

the

Board

of

Trustees

and

applicable

guidance

from

the

SEC,

transferred

cash

collateral

received

from

securities

lending

transactions,

through

a

joint

account

at

JPMorgan,

the

Funds'

custodian,

the

daily

aggregate

balance

of

which

is

invested

in

one

or

more

joint

repurchase

agreements

("repo"

or

collectively

"repos")

collateralized

by

U.S.

Treasury

or

federal

agency

obligations.

For

repos,

each

Fund

participates

on

a

pro

rata

basis

with

other

clients

of

JPMorgan

in

its

share

of

the

underlying

collateral

under

such

repos

and

in

its

share

of

proceeds

from

any

repurchase

or

other

disposition

of

the

underlying

collateral.

In

repos,

the

seller

of

a

security

agrees

to

repurchase

the

security

at

a

mutually

agreed-upon

time

and

price,

which

reflects

the

effective

rate

of

return

for

the

term

of

the

agreement.

For

repos,

The

Bank

of

New

York

Mellon

or

JPMorgan

takes

possession

of

the

collateral

pledged

for

investments

in

such

repos.

The

underlying

collateral

is

valued

daily

on

a

mark-to-market

basis

to

ensure

that

the

value

is

equal

to

or

greater

than

the

repurchase

price,

including

accrued

interest.

In

the

event

of

default

of

the

obligation

to

repurchase,

the

Funds

have

the

right

to

liquidate

the

collateral

and

apply

the

proceeds

in

satisfaction

of

the

obligation.

If

the

seller

defaults

and

the

value

of

the

collateral

declines

or

if

bankruptcy

proceedings

are

commenced

with

respect

to

the

seller

of

the

security,

realization

of

the

collateral

by

the

Funds

may

be

delayed

or

limited.

#### Fund

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities
Core

Bond

$

147,464,037

Short

Term

Bond

77,816,658

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Fixed

Income

Funds

As

of

December

31,

2025,

the

joint

repos

on

a

gross

basis

were

as

follows:

Bank

of

America

NA,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$98,020,961,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.50%,

maturing

5/1/2049

-

9/1/2050;

total

market

value

$99,960,000.

BofA

Securities,

Inc.,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$50,010,694,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.34%

-

5.25%,

maturing

10/20/2034

-

2/20/2073;

total

market

value

$51,000,000.

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$131,688,142,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$134,293,264.

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$148,531,680,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$151,470,009.

CF

Secured,

LLC,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$215,045,867,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.13%

-

7.50%,

maturing

3/31/2026

-

4/20/2071;

total

market

value

$219,346,790.

Citi

Global

Market,

Inc.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$138,529,316,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.38%

-

4.25%,

maturing

2/15/2028

-

10/31/2029;

total

market

value

$141,270,038.

MetLife,

Inc.,

3.83%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$150,031,917,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$153,077,523.

Pershing

LLC,

3.72%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$215,044,433,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

2/15/2026

-

12/20/2075;

total

market

value

$219,300,007.

Fixed

Income

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

As

of December

31,

2025, certain

Funds'

investment in

joint

repos

was

subject

to

an

enforceable

netting

arrangement.

The

Funds'

proportionate

holding

in

joint

repos

was

as

follows:

#### Core

#### Bond

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
BofA

Securities,

Inc.

$

7,000,000

$

–

$

7,000,000

$

(7,000,000)

$

–

Cantor

Fitzgerald

&

Co.

9,464,037

–

9,464,037

(9,464,037)

–

Cantor

Fitzgerald

&

Co.

40,000,000

–

40,000,000

(40,000,000)

–

CF

Secured,

LLC

23,000,000

–

23,000,000

(23,000,000)

–

Citi

Global

Market,

Inc.

8,000,000

–

8,000,000

(8,000,000)

–

MetLife,

Inc.

46,000,000

–

46,000,000

(46,000,000)

–

Pershing

LLC

14,000,000

–

14,000,000

(14,000,000)

–

#### Total
$

147,464,037

$

–

$

147,464,037

$

(147,464,037)

$

–

#### Short

#### Term

#### Bond

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
Bank

of

America

NA

$

5,000,000

$

–

$

5,000,000

$

(5,000,000)

$

–

BofA

Securities,

Inc.

3,000,000

–

3,000,000

(3,000,000)

–

Cantor

Fitzgerald

&

Co.

1,316,658

–

1,316,658

(1,316,658)

–

Cantor

Fitzgerald

&

Co.

3,500,000

–

3,500,000

(3,500,000)

–

CF

Secured,

LLC

49,000,000

–

49,000,000

(49,000,000)

–

MetLife,

Inc.

9,000,000

–

9,000,000

(9,000,000)

–

Pershing

LLC

7,000,000

–

7,000,000

(7,000,000)

–

#### Total
$

77,816,658

$

–

$

77,816,658

$

(77,816,658)

$

–

\*

As

of

December

31,

2025,

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.

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Fixed

Income

Funds

During

the

year

ended

December

31,

2025,

Government

Money

Market,

along

with

another

series

of

Nationwide

Mutual

Funds

("NMF"),

pursuant

to

procedures

adopted

by

the

Board

of

Trustees

and

applicable

guidance

from

the SEC,

transferred

cash

through

a

joint

account

at

JPMorgan

Chase

Bank,

N.A.

("JPMorgan"),

Government

Money

Market's

custodian,

the

daily

aggregate

balance

of

which

is

invested

in

one

or

more

joint

repurchase

agreements

("repo"

or

collectively

"repos")

collateralized

by

U.S.

Treasury

or

federal

agency

obligations.

In

a

repo,

the

seller

of

a

security

agrees

to

repurchase

the

security

at

a

mutually

agreed-

upon

time

and

price,

which

reflects

the

effective

rate

of

return

for

the

term

of

the

agreement.

For

repos,

The

Bank

of

New

York

Mellon

or

JPMorgan

takes

possession

of

the

collateral

pledged

for

investments

in

such

repos.

The

underlying

collateral

is

valued

daily

on

a

mark-to-market

basis

to

ensure

that

the

value

is

equal

to

or

greater

than

the

repurchase

price,

including

accrued

interest.

In

the

event

of

default

of

the

obligation

to

repurchase,

Government

Money

Market

has

the

right

to

liquidate

the

collateral

and

apply

the

proceeds

in

satisfaction

of

the

obligation.

If

the

seller

defaults

and

the

value

of

the

collateral

declines

or

if

bankruptcy

proceedings

are

commenced

with

respect

to

the

seller

of

the

security,

realization

of

the

collateral

by

Government

Money

Market

may

be

delayed

or

limited.

As

of

December

31,

2025,

the

joint

repos

on

a

gross

basis

were

as

follows:

Banco

Santander

SA,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$489,104,320,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

2.00%

-

7.50%,

maturing

9/1/2029

-

6/1/2063;

total

market

value

$499,895,176.

Canadian

Imperial

Bank

of

Commerce,

3.83%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$390,082,983,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.75%

-

7.50%,

maturing

8/31/2027

-

4/15/2060;

total

market

value

$397,800,000.

MUFG

Securities

Ltd.,

3.82%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$170,036,078,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.63%,

maturing

11/15/2026

-

2/15/2055;

total

market

value

$173,400,035.

MUFG

Securities

Ltd.,

3.83%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$240,051,067,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.25%

-

6.50%,

maturing

12/1/2027

-

3/1/2055;

total

market

value

$257,679,615.

Nomura

Securities

International,

Inc.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$100,021,333,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.00%

-

6.00%,

maturing

7/1/2038

-

2/15/2067;

total

market

value

$102,020,876.

RBC

Dominion

Securities,

Inc.,

3.82%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$250,053,055,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

6.50%,

maturing

4/15/2029

-

7/15/2066;

total

market

value

$255,000,173.

Royal

Bank

of

Canada,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$150,032,083,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

1.75%

-

4.50%,

maturing

4/30/2027

-

8/15/2047;

total

market

value

$153,000,052.

Fixed

Income

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

As

of December

31,

2025,

Government

Money

Market's

investment

in

joint

repos

was

subject

to

an

enforceable

netting

arrangement.

The

Fund's

proportionate

holding

in

joint

repos

was

as

follows:

(l) #### Security

#### Transactions

#### and

#### Investment

#### Income
Security

transactions

are

accounted

for

on

the

date

the

security

is

purchased

or

sold.

Security

gains

and

losses

are

calculated

on

the

identified

cost

basis.

Interest

income

is

recognized

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts,

and

is

recorded

as

such

on

a

Fund's

Statement

of

Operations.

Dividend

income

and

expenses,

as

applicable,

are

recorded

on

the

ex-dividend

date

and

are

recorded

as

such

on

a

Fund's

Statement

of

Operations,

except

for

certain

dividends

from

foreign

securities,

which

are

recorded

as

soon

as

the

Trust

is

informed

on

or

after

the

ex-dividend

date.

Income

from

non-cash

dividends,

if

any,

is

recorded

at

the

fair

value

of

the

securities

and

is

recorded

as

such

on

a

Fund's

Statement

of

Operations.

(m) #### Distributions

#### to

#### Shareholders
Distributions

from

net

investment

income,

if

any,

are

declared

and

paid

quarterly.

Distributions

from

net

realized

capital

gains,

if

any,

are

declared

and

distributed

at

least

annually.

All

distributions

are

recorded

on

the

ex-dividend

date.

Dividends

and

distributions

to

shareholders

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

"book/tax"

differences

are

considered

either

permanent

or

temporary.

Permanent

differences

are

reclassified

within

the

capital

accounts

based

on

their

nature

for

federal

income

tax

purposes;

temporary

differences

do

not

require

reclassification.

The

permanent

differences

as

of

December

31,

2025

are

primarily

attributable

to treatment

of

notional

principal

contracts,

amortization,

distribution

in

excess,

merger

transactions,

and

paydown

reclass.

Temporary

differences

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

and

tax

purposes;

these

differences

will

reverse

at

some

time

in

the

future.

The

temporary

differences

as

of

December

31,

2025

may

primarily

be

attributable

to

mark-to-market

adjustments

on

futures, amortization,

and

outstanding

wash

sale

loss

deferrals.

These

reclassifications

have

no

effect

upon

the

NAV

of a Fund.

Any

distribution

in

excess

of

current

and

accumulated

earnings

and

profits

for

federal

income

tax

purposes

is

reported

as

a

return

of

capital

distribution.

#### Government

#### Money

#### Market

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
Banco

Santander

SA

$

411,000,000

$

–

$

411,000,000

$

(411,000,000)

$

–

Canadian

Imperial

Bank

of

Commerce

315,000,000

–

315,000,000

(315,000,000)

–

MUFG

Securities

Ltd.

160,000,000

–

160,000,000

(160,000,000)

–

MUFG

Securities

Ltd.

200,000,000

–

200,000,000

(200,000,000)

–

Nomura

Securities

International,

Inc.

100,000,000

–

100,000,000

(100,000,000)

–

RBC

Dominion

Securities,

Inc.

200,000,000

–

200,000,000

(200,000,000)

–

Royal

Bank

of

Canada

150,000,000

–

150,000,000

(150,000,000)

–

#### Total
$

1,536,000,000

$

–

$

1,536,000,000

$

(1,536,000,000)

$

–

\*

As

of

December

31,

2025,

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.

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Fixed

Income

Funds

Reclassifications

for

the

year

ended

December

31,

2025

were

as

follows:

(n) #### Federal

#### Income

#### Taxes
Each Fund

elected

to

be

treated

as,

and

intends

to

qualify

each

year

as,

a

"regulated

investment

company"

("RIC")

by

complying

with

the

requirements

of

Subchapter

M

of

the

U.S.

Internal

Revenue

Code

of

1986

(the

"Code"),

as

amended,

and

to

make

distributions

of

net

investment

income

and

net

realized

capital

gains

sufficient

to

relieve

a

Fund

from

all,

or

substantially

all,

federal

income

taxes.

The

aforementioned

distributions

may

be

made

in

cash

or

via

consent

dividends.

Consent

dividends,

agreed

to

by

each

shareholder,

are

taxable

to

the

shareholders

as

if

they

were

paid

in

cash

during

their

current

tax

year.

A

Fund

recognizes

a

tax

benefit

from

an

uncertain

position

only

if

it

is

more

likely

than

not

that

the

position

is

sustainable,

based

solely

on

its

technical

merits

and

consideration

of

the

relevant

taxing

authorities'

widely

understood

administrative

practices

and

precedents.

Each

year,

a

Fund

undertakes

an

affirmative

evaluation

of

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

tax

returns

to

determine

whether

it

is

more

likely

than

not

(i.e.,

greater

than

percent)

that

each

tax

position

will

be

sustained

upon

examination

by

a

taxing

authority.

The

Funds

file

U.S.

federal

income

tax

returns

and,

if

applicable,

returns

in

various

foreign

jurisdictions

in

which

they

invest.

Generally,

a

Fund

is

subject

to

examinations

by

such

taxing

authorities

for

up

to

three

years

after

the

filing

of

the

return

for

the

tax

period.

The

Funds

adopted

FASB

Accounting

Standards

Update

2023-09,

Income

Taxes

(Topic

740)—Improvements

to

Income

Tax

Disclosures

("ASU

2023-09").

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disclosure

of

income

taxes

paid

by

jurisdiction.

During

the

year

ended

December

31,

2025,

the

Funds

did

not

pay

a

significant

amount

of

foreign

or

U.S.

federal,

state

or

local

income

taxes

and

therefore

did

not

include

any

additional

disclosures

in

these

financial

statements.

(o) #### Allocation

#### of

#### Expenses,

#### Income

#### and

#### Gains

#### and

#### Losses
Expenses

directly

attributable

to

a

Fund

are

charged

to

that

Fund.

Expenses

not

directly

attributable

to

a

Fund

are

allocated

proportionally

among

various

or

all

series

of

the

Trust.

Income,

fund

level

expenses,

and

realized

and

unrealized

gains

or

losses

are

allocated

to

each

class

of

shares

of

a

Fund

based

on

the

value

of

the

outstanding

shares

of

that

class

relative

to

the

total

value

of

the

outstanding

shares

of

that

Fund.

Expenses

specific

to

a

class

(such

as

Rule

12b-1

and

administrative

services

fees)

are

charged

to

that

specific

class.

(p) #### Reportable

#### Segment

#### Disclosure
The

Principal

Executive

Officer

acts

as

the

Funds'

Chief

Operating

Decision

Maker

("CODM')

and

is

responsible

for

assessing

performance

and

allocating

resources

with

respect

to

the

Funds.

The

CODM

has

concluded

that

each

Fund

operates

as

a

single

operating

segment

since

the

Funds

each

have

a

single

investment

strategy

as

disclosed

in

its

prospectus,

against

which

the

CODM

assesses

performance.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

presented

within

the

Funds'

financial

statements.

3. #### Transactions

#### with

#### Affiliates
Under

the

terms

of

the

Trust's

Investment

Advisory

Agreement,

NFA

manages

the

investments

of

the

assets

and

supervises

the

daily

business

affairs

of

the

Funds

in

accordance

with

policies

and

procedures

established

by

the

Board

of

Trustees.

NFA

has

selected

the

subadviser

for

each Fund

as

noted

below,

and

provides

investment

management

evaluation

services

in

monitoring,

on

an

ongoing

basis,

the

performance

of

the

subadvisers.

#### Fund

#### Capital

#### Total

#### Distributable

#### Earnings
(Loss)

Total

Return

Tactical

$

(985,100)

$

985,100

Government

Bond

–

–

Government

Money

Market

–

–

Inflation

Managed

(8,303)

8,303

Core

Bond

223,869,052

(223,869,052)

Short

Term

Bond

–

–

Short

Term

High

Yield

–

–

Fixed

Income

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

As

of

December

31,

2025,

the

subadviser

for each

Fund is

as

follows:

Under

the

terms

of

the

Investment

Advisory

Agreement,

each

Fund

pays

NFA

an

investment

advisory

fee

based

on

that

Fund's

average

daily

net

assets.

During

the

year

ended

December

31,

2025,

the

Funds

paid

investment

advisory

fees

to

NFA

according

to

the

following

schedule.

The

Trust

and

NFA

have

entered

into

a

written

contract

waiving

a

portion

of

investment

advisory

fees

of

the

Funds

as

listed

in

the

following

table

until

April

30,

2026. During

the

year

ended December

31,

2025,

the

following

table

provides

the

waiver

of

such

investment

advisory

fees

by

NFA

for

which

NFA

shall

not

be

entitled

to

later

seek

recoupment.

#### Fund

#### Subadviser
Total

Return

Tactical

DoubleLine

Capital

LP

Government

Bond

Nationwide

Asset

Management,

LLC

("NWAM")(a)

Government

Money

Market

Dreyfus

Cash

Investment

Strategies

Inflation

Managed

J.P.

Morgan

Investment

Management

Inc.

Core

Bond

Loomis,

Sayles

&

Company,

L.P.

("Loomis")

Short

Term

Bond

Loomis

Short

Term

High

Yield(b)

Loomis

(a) NWAM

is

an

affiliate

of

NFA.

(b) Effective

April

11,

2025,

Loomis,

Sayles

&

Company,

L.P.

was

appointed

as

the

subadviser

to

the

Fund.

Effective

April

11,

2025,

Federated

Investment

Management

Company

was

terminated

and

ceased

serving

as

subadviser

to

the

Fund.

#### Fund

#### Fee

#### Schedule

#### Advisory

#### Fee

#### (annual

#### rate)
Total

Return

Tactical

Up

to

$500

million

0.58%

$500

million

up

to

$1

billion

0.555%

$1

billion

and

more

0.53%

Government

Bond

Up

to

$250

million

0.50%

$250

million

up

to

$1

billion

0.475%

$1

billion

up

to

$2

billion

0.45%

$2

billion

up

to

$5

billion

0.425%

$5

billion

and

more

0.40%

Government

Money

Market

Up

to

$1

billion

0.30%

$1

billion

up

to

$2

billion

0.28%

$2

billion

up

to

$5

billion

0.26%

$5

billion

and

more

0.24%

Inflation

Managed

Up

to

$1

billion

0.16%

$1

billion

and

more

0.15%

Core

Bond

Up

to

$1

billion

0.40%

$1

billion

and

more

0.38%

Short

Term

Bond

Up

to

$1

billion

0.35%

$1

billion

and

up

to

$1.5

billion

0.34%

$1.5

billion

and

more

0.33%

Short

Term

High

Yield

Up

to

$50

million

0.75%

$50

million

up

to

$250

million

0.60%

$250

million

up

to

$500

million

0.55%

$500

million

and

more

0.50%

#### Fund

#### Advisory

#### Fee

#### Waiver

#### (annual

#### rate)
Government

Bond

0.015%(a)

Short

Term

Bond

0.00837 (a) Terminated

effective

April

1,

2025. #### Fund

#### Amount
Government

Bond

$

10,811

Short

Term

Bond

98,277

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Fixed

Income

Funds

During

the year

ended December

31,

2025,

NFA

voluntarily

waived

investment

advisory

fees

payable

by

Government

Money

Market,

for

which

NFA

shall

not

be

entitled

to

later

seek

recoupment.

The

following

table

provides

the

voluntary

waivers

which may

be

discontinued

at

anytime

at

the

discretion

of

NFA.

For

the

year

ended

December

31,

2025,

the

effective

advisory

fee

rates

before

and

after

contractual

and

voluntary

advisory

fee

waivers

and

expense

reimbursements, due

to the

expense

limitation

agreement

described

below,

were

as

follows:

From

these

fees,

pursuant

to

the

subadvisory

agreements,

NFA

pays

fees

to

the

affiliated

and

unaffiliated

subadvisers.

NFA

paid

the

affiliated

subadviser

$411,844

during

the

year

ended

December

31,

2025. DoubleLine has

agreed

to

reimburse

Total

Return

Tactical

for

certain

investment

adviser

fees

as

a

result

of

transactions

in

other

affiliated

investment

companies.

For

the

year

ended December

31,

2025,

DoubleLine

reimbursed

the

Fund

$5,707.

The

Trust

and

NFA

have

entered

into

a

written

Expense

Limitation

Agreement

that

limits

certain

Funds'

operating

expenses,

(excluding

any

taxes,

interest,

compensation

payable

to

parties

not

affiliated

with

the

Adviser

for

the

recovery

of

tax

reclaims,

brokerage

commissions,

Rule

12b-1

fees,

acquired

fund

fees

and

expenses,

short-sale

dividend

expenses,

administrative

services

fees,

other

expenses

which

are

capitalized

in

accordance

with

generally

accepted

accounting

principles

and

expenses

incurred

by a

Fund

in

connection

with

any

merger

or

reorganization,

and

may

exclude

other

nonroutine

expenses

not

incurred

in

the

ordinary

course

of a

Fund's

business)

from

exceeding

the

amounts

listed

in

the

following

table

until

at

least

April

30,

2026. The Trust

and

NFA

have

entered

into

a

written

Expense

Limitation

Agreement

that

limits

certain

Funds'

operating

expenses, (excluding

any

taxes,

interest,

compensation

payable

to

parties

not

affiliated

with

the

Adviser

for

the

recovery

of

tax

reclaims,

brokerage

commissions,

Rule

12b-1

fees,

acquired

fund

fees

and

expenses,

short-sale

dividend

expenses,

administrative

services

fees,

other

expenses

which

are

capitalized

in

accordance

with

generally

accepted

accounting

principles

and

expenses

incurred

by a

Fund

in

connection

with

any

merger

or

reorganization,

and

may

exclude

other

nonroutine

expenses

not

incurred

in

the

ordinary

course

of a

Fund's

business)

from

exceeding

the

amounts

listed

in

the

following

table

until

at

least

April

30,

2026. #### Fund

#### Amount
Government

Money

Market

$

913,284

#### Fund

#### Effective

#### Advisory

#### Fee

#### Rate

#### Before

#### Contractual\*

#### and

#### Voluntary\*\*

#### Fee

#### Waivers

#### and

#### Expense

#### Reimbursements

#### \*\*\*

#### Effective

#### Advisory

#### Fee

#### Rate

#### After

#### Contractual\*

#### Fee

#### Waivers

#### Effective

#### Advisory

#### Fee

#### Rate

#### After

#### Voluntary\*\*

#### Fee

#### Waivers

#### Effective

#### Advisory

#### Fee

#### Rate

#### After

#### Contractual\*

#### and

#### Voluntary\*\*

#### Fee

#### Waivers

#### and

#### Expense

#### Reimbursements
Total

Return

Tactical

0.58 %

N/A

&nbsp;&nbsp;&nbsp;&nbsp; N/A

0.41 %

Government

Bond

0.50 0.49 %

&nbsp;&nbsp;&nbsp;&nbsp; N/A

0.47 Government

Money

Market

0.28 N/A

0.25 %

0.25 Inflation

Managed

0.16 N/A

&nbsp;&nbsp;&nbsp;&nbsp; N/A

0.00 Core

Bond

0.39 N/A

&nbsp;&nbsp;&nbsp;&nbsp; N/A

0.39 Short

Term

Bond

0.35 0.34 &nbsp;&nbsp;&nbsp;&nbsp; N/A

0.34 Short

Term

High

Yield

0.69 N/A

&nbsp;&nbsp;&nbsp;&nbsp; N/A

0.56 N/A

—

Not

Applicable.

\*

Please

see

above

for

additional

information

regarding

contractual

waivers.

\*\*

Voluntary

waivers

may

be

discontinued

at

any

time

at

the

discretion

of

NFA.

#### Fund

#### Classes

#### Amount

#### (annual

#### rate)
Total

Return

Tactical

All

Classes

0.58%

Government

Bond

All

Classes

0.54 (a) Inflation

Managed

All

Classes

0.25 (b) Short

Term

High

Yield

All

Classes

0.72 (c) (a) Effective

April

1,

2025. (b) Effective

April

28,

2025. (c) Effective

April

14,

2025,

prior

to

this

the

expense

limitation

rate

was

0.76%.

#### Fund

#### Classes

#### Amount

#### (annual

#### rate)
Short

Term

Bond

Class

Y

0.54%

Fixed

Income

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

On

November

14,

2025,

the

Trust

and

NFA

have

entered

into

a

written

Expense

Limitation

Agreement

that

limits

certain

Funds'

operating

expenses,

(excluding

any

interest,

taxes,

fees

paid

to

non-affiliated

parties

in

connection

with

the

recovery

of

tax

reclaims,

brokerage

commissions

and

other

costs

incurred

in

connection

with

the

purchase

and

sales

of

portfolio

securities,

short

sale

dividend

expenses,

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),

including

the

effect

of

any

fees

waived

by

NFA

or

any

of

its

affiliates

pursuant

to

any

other

expense

limitation

agreement

or

fee

waiver

agreement

as

detailed

above,

from

exceeding

the

amounts

listed

in

the

following

table

until

November

14,

2027. NFA

may

request

and

receive

reimbursement

from

a

Fund

for

advisory

fees

waived

or

other

expenses

reimbursed

by

NFA

pursuant

to

the

Expense

Limitation

Agreement

at

a

date

not

to

exceed

three

years

from

the

date

on

which

the

corresponding

waiver

or

reimbursement

to

the

Fund

was

made.

However,

no

reimbursement

may

be

made

unless:

(i) the

Fund's

assets

exceed

$100

million

and

(ii) the

total

annual

expense

ratio

of

the

class

making

such

reimbursement

is

no

higher

than

the

amount

of

the

expense

limitation

that

was

in

place

at

the

time

NFA

waived

the

fees

or

reimbursed

the

expenses

and

does

not

cause

the

expense

ratio

to

exceed

the

current

expense

limitation.

Reimbursement

by

a

Fund

of

amounts

previously

waived

or

reimbursed

by

NFA

is

not

permitted

except

as

provided

for

in

the

Expense

Limitation

Agreement.

The

Expense

Limitation

Agreement

may

be

changed

or

eliminated

only

with

the

consent

of

the

Board

of

Trustees.

As

of

December

31,

2025,

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:

During

the

year

ended

December

31,

2025,

no

amounts

were

reimbursed

to

NFA

pursuant

to

the

Expense

Limitation

Agreement,

and

the

Funds

have

not

recorded

a

commitment

or

contingent

liability.

NFM,

a

wholly

owned

subsidiary

of

NFS

Distributors,

Inc.

("NFSDI")

(a

wholly

owned

subsidiary

of

NFS),

provides

various

administrative

and

accounting

services

for

the

Funds

and

serves

as

Transfer

and

Dividend

Disbursing

Agent

for

the

Funds.

NFM

has

entered

into

agreements

with

third-party

service

providers

to

provide

certain

sub-administration

and

sub-transfer

agency

services

to

the

Funds.

NFM

pays

the

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.

For

the

year

ended

December

31,

2025,

NFM

earned

an

aggregate

of

$2,480,876

in

fees

from

the

Funds

under

the

Joint

Fund

Administration

and

Transfer

Agency

Agreement.

#### Fund

#### Classes

#### Amount

#### (annual

#### rate)
Government

Money

Market

Class

Y

0.36%

Inflation

Managed

Class

I

0.52%

Class

II

0.77%

Short

Term

Bond

Class

I

0.67%

#### Fund

#### Fiscal

#### Year

#### 2023

#### Amount

#### Fiscal

#### Year

#### 2024

#### Amount

#### Fiscal

#### Year

#### 2025

#### Amount

#### Total
Total

Return

Tactical

$

188,599

$

193,056

$

163,767

$

545,422

Government

Bond

—

—

70,539

70,539

Government

Money

Market

—

—

—

—

Inflation

Managed

—

—

77,005(a)

77,005

Core

Bond

—

—

—

—

Short

Term

Bond

—

—

—

—

Short

Term

High

Yield

65,068

76,863

112,269

254,200

(a) For

the

period

from

April

28,

2025

(commencement

of

operations)

through

December

31,

2025. #### Combined

#### Fee

#### Schedule
Up

to

$25

billion

0.025%

$25

billion

and

more

0.020 120

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Fixed

Income

Funds

Under

the

terms

of

the

Joint

Fund

Administration

and

Transfer

Agency

Agreement

and

a

letter

agreement

between

NFM

and

the

Trust,

the

Trust

has

agreed

to

reimburse

NFM

for

certain

costs

related

to

each

Fund's

portion

of

ongoing

administration,

monitoring

and

annual

(compliance

audit)

testing

of

the

Trust's

Rule

38a-1

Compliance

Program

subject

to

the

pre-approval

of

the

Trust's

Audit

Committee.

These

costs

are

allocated

among

the

series

of

the

Trust

based

upon

their

relative

net

assets.

For

the

year

ended

December

31,

2025,

the

Funds' aggregate

portion

of

such

costs

amounted

to

$35,215.

In

addition,

the

Trust

pays

out-of-pocket

expenses

reasonably

incurred

by

NFM

in

providing

services

to

the

Funds

and

the

Trust,

including,

but

not

limited

to,

the

cost

of

pricing

services

that

NFM

utilizes.

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.

The

Trust

and

NFD

have

entered

into

a

written

contract

waiving

distribution

fees

for

Class

II

shares

of

the

Funds

according

to

the

following

schedule

until

at

least

April

30,

2026:

During

the year

ended December

31,

2025, each

Fund's

waiver

of

such

distribution

fees

by

NFD,

for

which

NFD

shall

not

be

entitled

to

reimbursement

by

the

Funds

for

any

amount

waived,

were

as

follows:

Under

the

terms

of

an

Administrative

Services

Plan,

the

Funds

pay

fees

to

servicing

organizations,

such

as

broker-dealers,

including

NFS,

and

financial

institutions,

that

agree

to

provide

administrative

support

services

to

the

shareholders

of

certain

classes.

These

services

may

include,

but

are

not

limited

to,

the

following:

(i) establishing

and

maintaining

shareholder

accounts;

(ii) processing

purchase

and

redemption

transactions;

(iii) arranging

bank

wires;

(iv) performing

shareholder

sub-accounting;

(v) answering

inquiries

regarding

the

Funds;

and

(vi) other

such

services.

These

fees

are

calculated

at

an

annual

rate

of

up

to

0.25%

of

the

average

daily

net

assets

of

Class

I

and

Class

II

shares

of

the

Fund,

0.20%

of

the

average

daily

net

assets

of

Class

IV

shares

of

the

Fund,

and

0.10%

of

the

average

daily

net

assets

of

Class

V

shares

of

each Fund.

For the

year

ended

December

31,

2025,

the

effective

rates

for

administrative

services

fees

were

as

follows:

#### Fund

#### Class

#### II

#### Shares

#### Class

#### P

#### Shares
Total

Return

Tactical

0.25%

N/A

Government

Bond

0.25%

N/A

Government

Money

Market

0.25%

N/A

Inflation

Managed

0.25%

N/A

Core

Bond

0.25%

0.25%

Short

Term

Bond

0.25%

N/A

Short

Term

High

Yield

N/A

N/A

N/A

-

Not

Applicable.

#### Fund

#### Distribution

#### Fee

#### Waiver

#### (Annual

#### Rate)
Total

Return

Tactical

0.10%

#### Fund

#### Amount
Total

Return

Tactical

$

55,069

#### Fund

#### Class

#### I

#### Class

#### II

#### Class

#### IV

#### Class

#### V
Total

Return

Tactical

N/A

0.25 %

N/A

N/A

Government

Bond

0.15 %

0.15 0.15 %

N/A

Government

Money

Market

0.15 0.15 0.15 0.10 %

Inflation

Managed

0.23 0.25 N/A

N/A

Core

Bond

0.15 0.15 N/A

N/A

Short

Term

Bond

0.15 0.15 N/A

N/A

Short

Term

High

Yield

0.15 N/A

N/A

N/A

N/A

—

Not

Applicable.

Fixed

Income

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

For

the

year

ended

December

31,

2025,

each

Fund's

total

administrative

services

fees

were

as

follows:

4. #### Line

#### of

#### Credit

#### and

#### Interfund

#### Lending
The

Trust,

excluding

Government

Money

Market,

and NMF

(together,

the

"Trusts") renewed the credit

agreement

with

JPMorgan,

The

Bank

of

New

York

Mellon,

and

Wells

Fargo

Bank

National

Association

(the

"Lenders"),

permitting

the

Trusts,

in

the

aggregate,

to

borrow

up

to

$100,000,000.

Advances

taken

by

a

Fund

under

this

arrangement

would

be

primarily

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

the

Fund's

borrowing

restrictions.

The

line

of

credit

requires

a

commitment

fee

of

0.15%

per

year

on

$100,000,000.

Such

commitment

fee

shall

be

payable

quarterly

in

arrears

on

the

last

business

day

of

each

March,

June,

September

and

December

and

on

the

termination

date.

Borrowings

under

this

arrangement

accrued

interest

at

the

Federal

Funds

Rate

plus

the

applicable

margin.

Interest

costs,

if

any,

would

be

shown

on

the

Statements

of

Operations.

No

compensating

balances

are

required

under

the

terms

of

the

line

of

credit.

In

addition,

a

Fund

may

not

draw

on

any

portion

of

the

line

of

credit

that

is

provided

by

a

bank

that

is

an

affiliate

of

the

Fund's

subadviser,

if

applicable.

In

addition

to

any

rights

and

remedies

of

the

Lenders

provided

by

law,

each

Lender

has

the

right,

upon

any

amount

becoming

due

and

payable

by

the

Fund,

to

set-off

as

appropriate

and

apply

all

deposits

and

credits

held

by

or

owing

to

such

Lender

against

such

amount,

subject

to

the

terms

of

the

credit

agreement.

The

line

of

credit

is

renewed

annually,

and

next

expires

on

July

1,

2026. During

the

year

ended December

31,

2025,

the

Funds

had

no

borrowings

under

the

line

of

credit.

Pursuant

to

an

exemptive

order

issued

by

the

SEC

(the

"Order"),

the

Funds

may

participate

in

an

interfund

lending

program

among

Funds

managed

by

NFA.

The

program

allows

the

participating

Funds

to

borrow

money

from

and

loan

money

to

each

other

for

temporary

purposes,

subject

to

the

conditions

in

the

Order.

A

loan

can

only

be

made

through

the

program

if

the

interfund

loan

rate

on

that

day

is

more

favorable

to

both

the

borrowing

and

lending

Funds

as

compared

to

rates

available

through

short-term

bank

loans

or

investments

in

overnight

repurchase

agreements

and

money

market

funds,

respectively,

as

detailed

in

the

Order.

Further,

a

Fund

may

participate

in

the

program

only

if

and

to

the

extent

that

such

participation

is

consistent

with

its

investment

objectives

and

limitations.

Interfund

loans

have

a

maximum

duration

of

seven

days

and

may

be

called

on

one

business

day's

notice. During

the

year

ended December

31,

2025,

none

of

the

Funds

engaged

in

interfund

lending.

5. #### Investment

#### Transactions
For

the

year

ended

December

31,

2025,

purchases

and

sales

of

securities

(excluding

short-term

securities)

were

as

follows:

For

the

year

ended

December

31,

2025,

purchases

and

sales

of

U.S.

Government

securities

(excluding

short-term

securities)

were

as

follows:

#### Fund

#### Amount
Total

Return

Tactical

$

137,672

Government

Bond

419,204

Government

Money

Market

3,543,851

Inflation

Managed

113,538

Core

Bond

142,678

Short

Term

Bond

653,988

Short

Term

High

Yield

130,684

#### Fund

#### Purchases

#### \*

#### Sales

#### \*
Total

Return

Tactical

$

41,437,130

$

30,333,552

Government

Bond

110,049,697

136,784,957

Inflation

Managed

319,429,248

74,000,915

Core

Bond

4,297,619,102

4,223,715,760

Short

Term

Bond

2,315,677,041

2,242,025,545

Short

Term

High

Yield

137,579,095

151,611,790

\*

Includes

purchases

and

sales

of

long-term

U.S.

Government

securities,

if

any.

#### Fund

#### Purchases

#### Sales
Total

Return

Tactical

$

6,392,422

$

1,711,641

Government

Bond

53,947,730

63,036,302

Inflation

Managed

163,876,121

30,496,986

Core

Bond

1,298,873,239

1,345,892,798

Short

Term

Bond

987,866,239

933,531,383

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Fixed

Income

Funds

6. #### Portfolio

#### Investment

#### Risks
(a) #### Associated

#### with

#### Bank

#### Loans&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The

bank

loans

in

which

the

Funds

invest

are

subject

to

the

risks

that

generally

apply

to

fixed-income

securities,

such

as

interest

rate

risk,

credit

risk,

liquidity

risk,

as

well

as,

where

applicable,

foreign

securities

risk,

emerging

markets

risk,

and

lower

quality

or

high-yield

risk.

Although

borrowers

frequently

provide

collateral

to

secure

repayment

of

these

obligations,

they

do

not

always

do

so.

If

they

do

provide

collateral,

the

value

of

the

collateral

may

not

completely

cover

the

borrower's

obligations

at

the

time

of

a

default.

Collateral

may

include

security

interests

in

receivables,

goods,

commodities,

or

real

property.

For

trade

finance

loan

transactions,

the

collateral

itself

may

be

the

source

of

proceeds

to

repay

the

loan

(i.e.,

the

borrower's

ability

to

repay

the

loan

will

be

dependent

on

the

borrower's

ability

to

sell,

and

the

purchaser's

ability

to

buy,

the

goods

or

commodities

that

are

collateral

for

the

loan).

Interests

in

loan

instruments

may

be

tranched

or

tiered

with

respect

to

collateral

rights.

If

a

borrower

files

for

protection

from

its

creditors

under

the

U.S.

bankruptcy

laws,

these

laws

may

limit

a

Fund's

rights

to

its

collateral.

In

addition,

the

value

of

collateral

may

erode

during

a

bankruptcy

case.

In

the

event

of

a

bankruptcy,

the

holder

of

a

bank

loan

may

not

recover

its

principal,

may

experience

a

long

delay

in

recovering

its

investment

and

may

not

receive

interest

during

the

delay.

Unsecured

loans

expose

the

lenders,

and

thus

the

Funds,

to

increased

credit

risk.

(b) #### Risks

#### Associated

#### with

#### Interest

#### Rates&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Prices

of

fixed-income

securities

generally

increase

when

interest

rates

decline

and

decrease

when

interest

rates

increase.

Prices

of

longer-term

securities

generally

change

more

in

response

to

interest

rate

changes

than

prices

of

shorter-term

securities.

To

the

extent

a

Fund

invests

a

substantial

portion

of

its

assets

in

fixed-income

securities

with

longer-term

maturities,

rising

interest

rates

are

more

likely

to

cause

the

value

of

the

Fund's

investments

to

decline

significantly.

(c) #### Risks

#### Associated

#### with

#### Foreign

#### Securities

#### and

#### Currencies&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Investments

in

securities

of

foreign

issuers

carry

certain

risks

not

ordinarily

associated

with

investments

in

securities

of

U.S.

issuers.

These

risks

include

foreign

currency

fluctuations,

future

disruptive

political

and

economic

developments

and

the

possible

imposition

of

exchange

controls

or

other

unfavorable

foreign

government

laws

and

restrictions.

In

addition,

investments

in

certain

countries

may

carry

risks

of

expropriation

of

assets,

confiscatory

taxation,

political

or

social

instability,

or

diplomatic

developments

that

adversely

affect

investments

in

those

countries.

Certain

countries

also

may

impose

substantial

restrictions

on

investments

in

their

capital

markets

by

foreign

entities,

including

restrictions

on

investments

in

issuers

in

industries

deemed

sensitive

to

relevant

national

interests.

These

factors

may

limit

the

investment

opportunities

available

and

result

in

a

lack

of

liquidity

and

high

price

volatility

with

respect

to

securities

of

issuers

from

developing

countries.

(d) #### Risks

#### Associated

#### with

#### Variable

#### Rate

#### Securities&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Mortgage-Backed

#### Securities
—

Mortgage-backed

securities

are

fixed-income

securities

that

give

the

holder

the

right

to

receive

a

portion

of

principal

and/or

interest

payments

made

on

a

pool

of

residential

or

commercial

mortgage

loans.

Such

securities

may

be

issued

or

guaranteed

by

U.S.

government

agencies

or

instrumentalities

or

may

be

issued

by

private

issuers,

generally

originators

in

mortgage

loans,

including

savings

and

loan

associations,

mortgage

bankers,

commercial

banks,

investment

bankers,

and

special

purpose

entities.

Adjustable

rate

mortgage-backed

securities

are

collateralized

by

or

represent

interests

in

mortgage

loans

with

variable

rates

of

interest.

These

variable

rates

of

interest

reset

periodically

to

align

themselves

with

market

rates.

The

Fund

will

not

benefit

from

increases

in

interest

rates

to

the

extent

that

interest

rates

rise

to

the

point

where

they

cause

the

current

coupon

of

the

underlying

adjustable

rate

mortgages

to

exceed

any

maximum

allowable

annual

or

lifetime

reset

limits

(or

"cap

rates")

for

a

particular

mortgage.

During

periods

of

declining

interest

rates,

income

to

the

Fund

derived

from

adjustable

rate

mortgage-backed

securities

which

remain

in

a

mortgage

pool

will

decrease

in

contrast

to

the

income

on

fixed

rate

mortgage-backed

securities,

which

will

remain

constant.

Adjustable

rate

mortgages

also

have

less

potential

for

appreciation

in

value

as

interest

rates

decline

than

do

fixed

rate

investments.

#### Asset-Backed

#### Securities
—

Asset-backed

securities

are

fixed-income

securities

issued

by

a

trust

or

other

legal

entity

established

for

the

purpose

of

issuing

securities

and

holding

certain

assets,

such

as

credit

card

receivables

or

auto

leases,

which

pay

down

over

time

and

generate

sufficient

cash

to

pay

holders

of

the

securities.

Almost

any

type

of

fixed-income

assets

may

be

used

to

create

an

asset-backed

security,

including

other

fixed-income

securities

or

derivative

instruments

such

as

swaps.

Payments

or

distributions

of

principal

and

interest

on

asset-backed

securities

may

be

supported

by

nongovernmental

credit

enhancements

similar

to

those

utilized

in

connection

with

mortgage-backed

securities.

The

credit

quality

of

most

asset-backed

securities

depends

primarily

on

the

credit

quality

of

the

assets

underlying

such

securities,

how

well

the

entity

issuing

the

security

is

insulated

from

the

credit

risk

of

the

originator

or

any

other

affiliated

entities,

and

the

amount

and

quality

of

any

credit

enhancement

of

the

securities.

Fixed

Income

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

To

the

extent

a

security

interest

exists,

it

may

be

more

difficult

for

the

issuer

to

enforce

the

security

interest

as

compared

to

mortgage-backed

securities.

#### Collateralized

#### Mortgage

#### Obligations

#### ("CMOs")

#### and

#### Multiclass

#### Pass-Through

#### Securities
—

CMOs

are

multi-class

debt

obligations

which

are

collateralized

by

mortgage

loans

or

pass-through

certificates.

Multiclass

pass-through

securities

are

interests

in

a

trust

composed

of

whole

loans

or

private

pass-throughs

(referred

to

as

"Mortgage

Assets").

Often,

CMOs

are

collateralized

by

Government

National

Mortgage

Association

Pass-Through

Certificates

("Ginnie

Maes"),

Federal

National

Mortgage

Association

Pass-Through

Certificates

("Fannie

Maes"),

or

Federal

Home

Loan

Mortgage

Corporation

Pass-Through

Certificates

("Freddie

Macs"),

but

also

may

be

collateralized

by

Mortgage

Assets.

Payments

of

principal

and

interest

on

the

Mortgage

Assets,

and

any

reinvestment

income

thereon,

provide

the

funds

to

pay

debt

service

on

the

CMOs

or

make

scheduled

distributions

on

the

multiclass

pass-through

securities.

CMOs

may

be

issued

by

agencies

or

instrumentalities

of

the

U.S.

government,

or

by

private

originators

of,

or

investors

in,

mortgage

loans,

including

savings

and

loan

associations,

mortgage

banks,

commercial

banks,

investment

banks

and

special

purpose

subsidiaries

of

the

foregoing.

In

order

to

form

a

CMO,

the

issuer

assembles

a

package

of

traditional

mortgage-backed

pass-through

securities,

or

actual

mortgage

loans,

and

uses

them

as

collateral

for

a

multi-class

security.

Each

class

of

CMOs,

often

referred

to

as

a

"tranche,"

is

issued

at

a

specified

fixed

or

floating

coupon

rate

and

has

a

stated

maturity

or

final

distribution

date.

Principal

prepayments

on

the

Mortgage

Assets

may

cause

the

CMOs

to

be

retired

substantially

earlier

than

their

stated

maturities

or

final

distribution

dates.

Interest

is

paid

or

accrues

on

all

classes

of

the

CMOs

on

a

monthly,

quarterly

or

semi-annual

basis.

As

market

conditions

change,

and

particularly

during

periods

of

rapid

or

unanticipated

changes

in

market

interest

rates,

the

attractiveness

of

the

CMO

classes

and

the

ability

of

the

structure

to

provide

the

anticipated

investment

characteristics

may

be

reduced

significantly.

Such

changes

can

result

in

volatility

in

the

market

value,

and

in

some

instances

reduced

liquidity,

of

the

CMO

class.

#### Stripped

#### Mortgage

#### Securities
—

Stripped

mortgage

securities

are

derivative

multiclass

mortgage

securities.

Stripped

mortgage

securities

are

structured

with

two

or

more

classes

of

securities

that

receive

different

proportions

of

the

interest

and

principal

distributions

on

a

pool

of

mortgage

assets.

A

common

type

of

stripped

mortgage

security

will

have

at

least

one

class

receiving

only

a

small

portion

of

the

interest

and

a

larger

portion

of

the

principal

from

the

mortgage

assets,

while

the

other

class

will

receive

primarily

interest

and

only

a

small

portion

of

the

principal.

In

the

most

extreme

case,

one

class

will

receive

all

of

the

interest

("IO"

or

interest-only),

while

the

other

class

will

receive

the

entire

principal

("PO"

or

principal-only

class).

The

yield

to

maturity

on

IOs,

POs

and

other

mortgage-backed

securities

that

are

purchased

at

a

substantial

premium

or

discount

generally

are

extremely

sensitive

not

only

to

changes

in

prevailing

interest

rates

but

also

to

the

rate

of

principal

payments

(including

prepayments)

on

the

related

underlying

mortgage

assets,

and

a

rapid

rate

of

principal

payments

may

have

a

material

adverse

effect

on

such

securities'

yield

to

maturity.

If

the

underlying

mortgage

assets

experience

greater

than

anticipated

prepayments

of

principal,

the

Fund

may

fail

to

fully

recoup

its

initial

investment

in

these

securities

even

if

the

securities

have

received

the

highest

rating

by

a

nationally

recognized

statistical

rating

organization.

#### Collateralized

#### Debt

#### Obligations

#### ("CDOs")
—

CDOs

are

a

type

of

asset-backed

security

and

include,

among

other

things,

collateralized

bond

obligations

("CBOs"),

collateralized

loan

obligations

("CLOs")

and

other

similarly

structured

securities.

A

CBO

is

a

trust

which

is

backed

by

a

diversified

pool

of

high

risk,

below

investment

grade

fixed-income

securities.

A

CLO

is

a

trust

typically

collateralized

by

a

pool

of

loans,

which

may

include,

among

others,

domestic

and

foreign

senior

secured

loans,

senior

unsecured

loans

and

subordinate

corporate

loans,

including

loans

that

may

be

rated

below

investment

grade

or

equivalent

unrated

loans.

Normally,

CBOs,

CLOs

and

other

CDOs

are

privately

offered

and

sold,

and

thus

are

not

registered

under

the

securities

laws.

As

a

result,

investments

in

CDOs

may

be

characterized

by

the

Fund

as

illiquid

securities.

In

addition

to

the

risks

associated

with

debt

instruments

(e.g.,

interest

rate

risk

and

credit

risk),

CDOs

carry

additional

risks

including,

but

not

limited

to:

(i) the

possibility

that

distributions

from

collateral

securities

will

not

be

adequate

to

make

interest

or

other

payments;

(ii) the

quality

of

the

collateral

may

decline

in

value

or

default;

(iii) the

possibility

that

the

Fund

may

invest

in

CDOs

that

are

subordinate

to

other

classes;

and

(iv) the

complex

structure

of

the

security

may

not

be

fully

understood

at

the

time

of

investment

and

may

produce

disputes

with

the

issuer

or

unexpected

investment

results.

(e) #### TBA

#### Commitments&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
TBA

commitments

are

forward

agreements

for

the

purchase

or

sale

of

mortgage-backed

securities

for

a

fixed

price,

with

payment

and

delivery

on

an

agreed

upon

future

settlement

date.

The

specific

securities

to

be

delivered

are

not

identified

at

the

trade

date.

However,

delivered

securities

must

meet

specified

terms,

including

issuer,

rate,

and

mortgage

terms.

When

entering

into

TBA

commitments,

the

Fund

may

take

possession

of

or

deliver

the

underlying

mortgage-backed

securities

but

can

extend

the

settlement

or

roll

the

transaction.

TBA

commitments

involve

a

risk

of

loss

if

the

value

of

the

security

to

be

purchased

or

sold

declines

or

increases,

respectively,

prior

to

settlement

date.

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Fixed

Income

Funds

(f) #### Risks

#### Associated

#### with

#### REIT

#### and

#### Real

#### Estate

#### Investments&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Investments

in

REITs

and

in

real

estate

securities

carry

certain

risks

associated

with

direct

ownership

of

real

estate

and

with

the

real

estate

industry

in

general.

These

risks

include

possible

declines

in

the

value

of

real

estate,

possible

lack

of

availability

of

mortgage

funds,

unexpected

vacancies

of

properties,

and

the

relative

lack

of

liquidity

associated

with

investments

in

real

estate.

(g) #### Risks

#### Associated

#### with

#### Credit

#### and

#### Emerging

#### Markets&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Investments

in

emerging

market

instruments

are

subject

to

certain

additional

credit

and

market

risks.

The

yields

of

emerging

market

debt

obligations

reflect,

among

other

things,

perceived

credit

risk.

The

Fund's

investment

in

securities

rated

below

investment

grade

typically

involves

risks

not

associated

with

higher-rated

securities

including,

among

others,

greater

risk

of

not

receiving

timely

and/or

ultimate

payment

of

interest

and

principal,

greater

market

price

volatility,

and

less-liquid

secondary

market

trading.

The

consequences

of

political,

social,

economic,

or

diplomatic

changes

may

have

disruptive

effects

on

the

market

prices

of

emerging

market

investments.

(h) #### Risks

#### from

#### Underlying

#### Funds&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Underlying

Funds

in

which

certain Funds invest

may

apply

any

of

a

variety

of

investment

strategies

and

may

invest

in

a

broad

range

of

asset

classes,

securities

and

other

investments

to

attempt

to

achieve their

designated

investment

goals.

The

foregoing

is

not

intended

to

be

a

complete

discussion

of

all

risks

associated

with

the

investment

strategies

of

a

Fund.

Please

refer

to

the

current

prospectus

for

a

discussion

of

the

risks

associated

with

investing

in

a

Fund.

Information

about

Underlying

Fund

risks

may

be

found

in

such

Underlying

Fund's

annual

or

semi-annual

report

to

shareholders.

7. #### Indemnifications
Under

the

Trust's

organizational

documents,

the

Trust's

Officers

and

Trustees

are

indemnified

by

the

Trust

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

the

Trust

has

entered

into

indemnification

agreements

with

its

Trustees

and

certain

of

its

Officers.

Trust

Officers

receive

no

compensation

from

the

Trust

for

serving

as

its

Officers.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Trust's

maximum

liability

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

made

against

the

Trust.

Based

on

experience,

however,

the

Trust

expects

the

risk

of

loss

to

be

remote.

8. #### New

#### Accounting

#### Pronouncements
On

September

20,

2023,

the

SEC

adopted

amendments

to

the

current

rule

regarding

registered

fund

names,

as

well

as

certain

forms

and

disclosure

requirements.

The

amendments

are

intended

to

modernize

and

enhance

the

investor

protections

provided

by

Rule

35d-1

under

the

1940

Act

given

the

important

information

that

fund

names

can

convey

to

investors.

Management

is

currently

evaluating

the

implications

of

the

new

rule

and

the

impact

on

the

Funds'

financial

statement

disclosures

and

reporting

requirements.

9. #### Mergers
At

close

of

business

on

February

28,

2025,

NVIT

Loomis

Core

Bond Fund

("Acquiring

Fund")

acquired

all

of

the

net

assets

of

NVIT

BNY

Mellon

Core

Plus

Bond Fund

("Target

Fund"),

each

a

series

of

the

Trust,

pursuant

to

a

plan

of

reorganization

approved

by

the

Board

of

Trustees

at

a

meeting

held

on October 23,

2024. The

reorganization

of

the

Target

Fund

was

not

required

to

be

approved

by

the

shareholders

of

the

Target

Fund.

The

purpose

of

the

reorganization

was

to

combine

funds

managed

by

NFA

that

had

comparable

objectives

and

investment

strategies.

The

reorganization

was

accomplished

by

a

tax

free

exchange

of

179,507,901 shares

of

the

Acquiring

Fund,

valued

at

$1,654,174,697,

for

the

assets

of

the

Target

Fund.

The

investment

portfolio

of

the

Target

Fund,

with

a

fair

value

of

$1,636,967,094

and

identified

cost

of

$1,675,557,410

at February

28,

2025,

was

the

principal

asset

acquired

by

the

Acquiring

Fund.

The

net

assets

of

the

Acquiring

Fund

immediately

before

the

acquisition

were

$1,976,508,953.

The

net

assets

of

the

Acquiring

Fund

immediately

following

the

acquisition

were

$3,630,683,650.

For

financial

reporting

purposes,

assets

received

and

shares

issued

by

the

Acquiring

Fund

were

recorded

at

the

then

current

fair

values;

however,

the

cost

basis

of

the

investments

received

was

carried

forward

to

align

ongoing

reporting

of

the

Acquiring

Fund's

realized

and

unrealized

gains

and

losses

with

amounts

distributable

to

shareholders

for

tax

purposes.

Shareholders

of

Class I, Class

II,

Class

P and

Class Y

shares

of

the

Target

Fund

received

a

number

of

shares

proportional

to

their

ownership

of

the

corresponding

class

of

the

Acquiring

Fund.

Fixed

Income

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

The

following

are summaries

of

Shares

Outstanding,

Net

Assets,

Net

Asset

Value

Per

Share

and

Net

Unrealized

Appreciation/

(Depreciation)

immediately

before

and

after

each

of the

reorganizations.

The

following

pro

forma

information

for

the year

ended December

31,

2025 is

provided

as

though

the

reorganization

had

been

completed

on

January

1,

2025,

the

beginning

of

the

annual

reporting

period

for

the

Fund:

Net

investment

income

(loss) $147,439,031;

Net

gains

(losses)

on

investments

$(27,510,723);

Net

change

in

unrealized

appreciation/depreciation

$115,753,527;

and

Net

increase

(decrease)

in

net

assets

resulting

from

operations

$235,681,835.

Because

the

Fund's

combined

investment

portfolio

has

been

managed

as

a

single

integrated

portfolio

since

the

reorganization

was

completed,

it

is

not

practical

to

separate

the

amounts

of

revenue

and

earnings

of

the

Target

Fund

that

have

been

included

in

the

Acquiring

Fund's

Statement

of

Operations

since

February

28, 2025.

10. #### Federal

#### Tax

#### Information
The

tax

character

of

distributions

paid

during

the

year

ended December

31,

2025

was

as

follows:

#### Fund/Class

#### Shares

#### Outstanding

#### Net

#### Assets

#### Net

#### Asset

#### Value

#### Per

#### Share

#### Net

#### Unrealized

#### Appreciation/
(Depreciation)

#### Target

#### Fund
NVIT

BNY

Mellon

Core

Plus

Bond

Fund

$(38,590,316)

Class

I

4,159,170

$40,658,438

$9.78

Class

II

249,917

2,482,081

9.93 Class

P

40,845,803

401,376,875

9.83 Class

Y

122,997,885

1,209,657,303

9.84 #### Acquiring

#### Fund
NVIT

Loomis

Core

Bond

Fund

$(47,500,551)

Class

I

1,527,048

$14,083,725

$9.22

Class

II

10,231,086

93,931,888

9.18 Class

P

555

5,119

9.21 Class

Y

202,764,840

1,868,488,221

9.22 #### After

#### Reorganization
NVIT

Loomis

Core

Bond

Fund

$(86,090,867)

Class

I

5,935,496

$54,742,163

$9.22

Class

II

10,501,435

96,413,969

9.18 Class

P

43,559,915

401,381,994

9.21 Class

Y

334,034,583

3,078,145,524

9.22 #### Distributions

#### paid

#### from

#### Fund

#### Ordinary

#### Income\*

#### Net

#### Long-Term

#### Capital

#### Gains

#### Total

#### Taxable

#### Distributions

#### Return

#### of

#### Capital

#### Total

#### Distributions

#### Paid
Total

Return

Tactical

$

3,913,106

$

–

$

3,913,106

$

–

$

3,913,106

Government

Bond

10,354,471

–

10,354,471

–

10,354,471

Government

Money

Market

131,060,293

–

131,060,293

–

131,060,293

Inflation

Managed

1,518,985

41,723

1,560,708

–

1,560,708

Core

Bond

124,433,218

–

124,433,218

–

124,433,218

Short

Term

Bond

53,746,676

–

53,746,676

–

53,746,676

Short

Term

High

Yield

4,816,049

–

4,816,049

–

4,816,049

\*

Ordinary

Income

amounts

include

taxable

market

discount

and

net

short-term

capital

gains,

if

any.

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Fixed

Income

Funds

The

tax

character

of

distributions

paid

during

the

year

ended December

31,

2024

was

as

follows:

As

of

December

31,

2025,

the

components

of

accumulated

earnings/(deficit)

on

a

tax

basis

were

as

follows:

As

of

December

31,

2025,

the

tax

cost

of

investments

(including

derivative

contracts)

and

the

breakdown

of

unrealized

appreciation/

(depreciation)

for

each

Fund

was

as

follows:

As

of

December

31,

2025,

for

federal

income

tax

purposes,

the

Funds

have

capital

loss

carryforwards

available

to

offset

future

capital

gains,

if

any,

to

the

extent

provided

by

the

U.S.

Treasury

regulations

and

in

any

given

year

may

be

limited

due

to

large

shareholder

redemptions

or

contributions.

Capital

loss

carryforwards

do

not

expire.

The

following

table

represents

capital

loss

carryforwards

available

as

of

December

31,

2025. #### Distributions

#### paid

#### from

#### Fund

#### Ordinary

#### Income\*

#### Net

#### Long-Term

#### Capital

#### Gains

#### Total

#### Taxable

#### Distributions

#### Return

#### of

#### Capital

#### Total

#### Distributions

#### Paid
Total

Return

Tactical

$

8,382,037

$

–

$

8,382,037

$

985,688

$

9,367,725

Government

Bond

10,339,616

–

10,339,616

–

10,339,616

Government

Money

Market

144,393,938

–

144,393,938

–

144,393,938

Inflation

Managed

–

–

–

–

–

Core

Bond

63,323,182

–

63,323,182

–

63,323,182

Short

Term

Bond

52,326,084

–

52,326,084

–

52,326,084

Short

Term

High

Yield

5,392,099

–

5,392,099

–

5,392,099

\*

Ordinary

Income

amounts

include

taxable

market

discount

and

net

short-term

capital

gains,

if

any.

#### Fund

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### Accumulated

#### Earnings

#### Other

#### Gains

#### and

#### Losses

#### Distributions

#### Payable

#### Accumulated

#### Capital

#### and

#### Other

#### Losses

#### Unrealized

#### Appreciation/

#### (Depreciation)\*

#### Total

#### Accumulated

#### Earnings
(Deficit)

Total

Return

Tactical

$

107,151

$

–

$

107,151

$

2,172

$

–

$

(22,881,557)

(2,961,324)

(25,733,558)

Government

Bond

920,940

–

920,940

–

–

(41,445,629)

(10,694,125)

(51,218,814)

Government

Money

Market

991

–

991

–

–

–

–

991

Inflation

Managed

109,793

19,888

129,681

–

–

–

(829,696)

(700,015)

Core

Bond

26,920,540

–

26,920,540

–

–

(396,290,280)

(67,160,493)

(436,530,233)

Short

Term

Bond

9,961,164

–

9,961,164

–

–

(113,459,443)

9,673,308

(93,824,971)

Short

Term

High

Yield

434,355

–

434,355

–

–

(16,337,790)

279,465

(15,623,970)

\*

The

difference

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

is

primarily

attributable

to

timing

differences

in

recognizing

certain

gains

and

losses

on

investment

transactions.

#### Fund

#### Tax

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation/
(Depreciation)

Total

Return

Tactical

$

103,807,935

$

1,599,611

$

(4,539,694)

$

(2,940,083)

Government

Bond

276,516,529

3,373,870

(14,067,995)

(10,694,125)

Government

Money

Market

3,508,883,503

–

–

–

Inflation

Managed

247,576,837

603,962

(1,433,658)

(829,696)

Core

Bond

3,787,035,139

25,977,745

(93,074,479)

(67,096,734)

Short

Term

Bond

1,326,578,425

10,733,160

(992,417)

9,740,743

Short

Term

High

Yield

80,830,554

1,199,867

(920,517)

279,350

#### Fund

#### Amount
Total

Return

Tactical

$

(22,881,557)

Government

Bond

(41,445,629)

Core

Bond

(396,290,280)

Short

Term

Bond

(113,459,443)

Short

Term

High

Yield

(16,337,790)

Fixed

Income

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

During

the

year

ended December

31,

2025,

the

Funds

had

capital

loss

carryforwards

that

were

utilized

and

are

no

longer

eligible

to

offset

future

capital

gains,

if

any,

in

the

following

amounts.

11. #### Subsequent

#### Events
Management

has

evaluated

the

impact

of

subsequent

events

on

the

Funds

and

has

determined

that

there

are

no subsequent

events

requiring

recognition

or

disclosure

in

the

financial

statements.

#### Fund

#### Utilized
Total

Return

Tactical

$

156,082

Short

Term

Bond

6,131,174

-

Report

of

Independent

Registered

Public

Accounting

Firm

-

December

31,

2025

-

Fixed

Income

Funds

#### To

#### the

#### Board

#### of

#### Trustees

#### of

#### Nationwide

#### Variable

#### Insurance

#### Trust

#### and

#### Shareholders

#### of

#### NVIT

#### DoubleLine

#### Total

#### Return

#### Tactical

#### Fund,

#### NVIT

#### Government

#### Bond

#### Fund,

#### NVIT

#### Government

#### Money

#### Market

#### Fund,

#### NVIT

#### J.P.

#### Morgan

#### Inflation

#### Managed

#### Fund,

#### NVIT

#### Loomis

#### Core

#### Bond

#### Fund,

#### NVIT

#### Loomis

#### Short

#### Term

#### Bond

#### Fund

#### and

#### NVIT

#### Loomis

#### Short

#### Term

#### High

#### Yield

#### Fund

#### Opinions

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

statements

of

investments,

of

each

of

the

funds

listed

in

the

table

below

(seven

of

the

funds

constituting

Nationwide

Variable

Insurance

Trust,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

December

31,

2025,

the

related

statements

of

operations

and

of

changes

in

net

assets

for

each

of

the

periods

indicated

in

the

table

below,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

listed

in

the

table

below

as

of

December

31,

2025,

the

results

of

each

of

their

operations

and

the

changes

in

each

of

their

net

assets

for

each

of

the

periods

indicated

in

the

table

below,

and

each

of

the

financial

highlights

for

each

of

the

periods

indicated

therein,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinions
These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025

by

correspondence

with

the

custodian,

transfer

agent,

agent

banks

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

#### /s/PricewaterhouseCoopers

#### LLP

#### Philadelphia,

#### Pennsylvania

#### February

#### 20,

#### 2026
We

have

served

as

the

auditor

of

one

or

more

investment

companies

of

Nationwide

Funds,

which

includes

the

investment

companies

of

Nationwide

Variable

Insurance

Trust,

since

1997. NVIT

DoubleLine

Total

Return

Tactical

Fund

(1) NVIT

Loomis

Core

Bond

Fund

(1) NVIT

Government

Bond

Fund

(1) NVIT

Loomis

Short

Term

Bond

Fund

(1) NVIT

Government

Money

Market

Fund

(1) NVIT

Loomis

Short

Term

High

Yield

Fund

(1) NVIT

J.P.

Morgan

Inflation

Managed

Fund

(2) (1) Statement

of

operations

for

the

year

ended

December

31,

2025

and

statement

of

changes

in

net

assets

for

the

years

ended

December

31,

2025

and

2024. (2) Statement

of

operations

and

statement

of

changes

in

net

assets

for

the

period

from

April

28,

2025

(commencement

of

operations)

through

December

31,

2025. Fixed

Income

Funds

-

December

31,

2025

(Unaudited)

-

Supplemental

Information

-

#### Other

#### Federal

#### Tax

#### Information
For

the

year

ended

December

31,

2025, certain

dividends

paid

by

the

Funds

may

be

subject

to

a

maximum

tax

rate

of

20%

as

provided

for

by

the

Jobs

and

Growth

Tax

Relief

Reconciliation

Act

of

2003. The

Funds

intend

to

designate

the

maximum

amount

allowable

as

taxed

at

a

maximum

rate

of

15%.

Complete

information

will

be

reported

in

conjunction

with

your

2025

Form

1099-DIV.

The

Fund

designates

the

following

amount,

or

the

maximum

amount

allowable

under

the

Internal

Revenue

Code,

as

long

term

capital

gain

distributions

qualifying

for

the

maximum

20%

income

tax

rate

for

individuals:

#### Fund

#### Amount
Inflation

Managed

$

41,723

P.O.

Box

701

Milwaukee,

WI

53201-0701

#### nationwide.com/mutualfunds
NAR-CFX

(2-26)

#### Annual

#### Financial

#### Statements
December

31,

2025

Nationwide

Variable

Insurance

Trust

Index

Funds

NVIT

Bond

Index

Fund

NVIT

International

Index

Fund

NVIT

Mid

Cap

Index

Fund

NVIT

Index

Fund

NVIT

S&P

500

Index

Fund

NVIT

Small

Cap

Index

Fund

#### IMPORTANT

#### INFORMATION
If

you

wish

to

receive

reports

and

other

Fund

documents

via

eDelivery

you

may

choose

this

option

by:

-

Calling

1-800-848-6331

-

Logging

into

your

account

at

https://www.nationwide.com/personal/investing/mutual-funds/

and

choosing

'Log

in',

or

by

contacting

your

financial

intermediary

(such

as

a

broker-dealer

or

bank).

You

can

access

the

full

report

and

other

details

online

at

https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html

Nationwide

Funds®

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.

Copies

of

the

first

and

third-quarter

holdings

are

available

with

the

Fund's

regulatory

documents

at

https://www.nationwide.com/mutual-funds-prospectuses.jsp.

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

N-MFP

are

available

on

the

SEC's

website

at

http://www.sec.gov

.

Forms

N-PORT

and

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

1-800-SEC-0330.

The

Trust

also

makes

this

information

available

to

investors

on

https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html

or

upon

request

without

charge.

Statement

Regarding

Availability

of

Proxy

Voting

Record

Federal

law

requires

the

Trust

and

each

of

its

investment

advisers

and

subadvisers

to

adopt

procedures

for

voting

proxies

(the

"Proxy

Voting

Guidelines")

and

to

provide

a

summary

of

those

Proxy

Voting

Guidelines

used

to

vote

the

securities

held

by

a

Fund.

The

Funds'

proxy

voting

policies

and

procedures,

as

well

as

information

regarding

how

the

Funds

voted

for

proxies

relating

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

is

available:

-

By

calling

1-800-848-0920

-

On

the

Fund's

website

at

https://www.nationwide.com/personal/investing/mutual-funds/proxy-voting/

-

On

the

SEC's

website

at

http://www.sec.gov

Funds

are

required

to

disclose

proxy

votes

using

the

issuer's

proxy

card

language

and

order,

categorize

votes

by

topic,

and

report

shares

voted

versus

shares

loaned

but

not

recalled.

#### Before

#### purchasing

#### a

#### variable

#### annuity,

#### 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

#### 1-800-848-6331.

#### Read

#### the

#### prospectus

#### carefully

#### before

#### making

#### a

#### purchase.
Variable

annuities

are

issued

by

Nationwide

Life

Insurance

Company,

Columbus,

Ohio.

The

Nationwide

Variable

Insurance

Trust

(NVIT)

Funds

are

distributed

by

Nationwide

Fund

Distributors

LLC

(NFD),

member

FINRA,

Columbus,

Ohio.

NFD

is

not

affiliated

with

any

subadviser

contracted

by

Nationwide

Fund

Advisors,

except

for

Nationwide

Asset

Management,

LLC,

and

is

not

affiliated

with

Morningstar,

Inc.

Nationwide,

the

Nationwide

N

and

Eagle,

and

Nationwide

is

on

your

side

are

service

marks

of

Nationwide

Mutual

Insurance

Company.©2026

Nationwide

Table

of

Contents

#### Statements

#### of

#### Investments

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Statements

#### of

#### Operations

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets

#### Financial

#### Highlights

#### Notes

#### to

#### Financial

#### Statements

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

#### Supplemental

#### Information

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Bond

Index

Fund

#### Asset-Backed

#### Securities

#### 0

#### .4

#### %

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Airlines

#### 0

#### .0

#### %

#### †
United

Airlines

Pass-Through

Trust

Series

2020-1,

Class

A,

5.88%,

10/15/2027

45,908

47,072

Series

2023-1,

Class

A,

5.80%,

1/15/2036

72,772

76,017

Series

2024-1,

Class

A,

5.88%,

2/15/2037

24,138

24,726

147,815

#### Automobiles

#### 0

#### .2

#### %
GM

Financial

Consumer

Automobile

Receivables

Trust,

Series

2024-4,

Class

A3,

4.40%,

8/16/2029

750,000

755,624

Honda

Auto

Receivables

Owner

Trust,

Series

2024-3,

Class

A3,

4.57%,

3/21/2029

500,000

503,800

Nissan

Auto

Receivables

Owner

Trust,

Series

2025-A,

Class

A4,

4.57%,

11/15/2030

400,000

407,153

Santander

Drive

Auto

Receivables

Trust

Series

2024-1,

Class

B,

5.23%,

12/15/2028

210,000

210,933

Series

2023-2,

Class

C,

5.47%,

12/16/2030

600,000

609,382

Toyota

Auto

Receivables

Owner

Trust,

Series

2025-B,

Class

A3,

4.34%,

11/15/2029

100,000

100,785

World

Omni

Auto

Receivables

Trust,

Series

2025-C,

Class

A3,

4.08%,

11/15/2030

300,000

301,679

2,889,356

#### Credit

#### Card

#### 0

#### .2

#### %
American

Express

Credit

Account

Master

Trust

Series

2024-3,

Class

A,

4.65%,

7/15/2029

550,000

557,528

Series

2023-4,

Class

A,

5.15%,

9/16/2030

500,000

516,757

Series

2025-3,

Class

A,

4.51%,

4/15/2032

100,000

102,166

BA

Credit

Card

Trust,

Series

2025-A1,

Class

A,

4.31%,

5/15/2030

500,000

506,011

Synchrony

Card

Issuance

Trust,

Series

2025-A3,

Class

A,

4.06%,

11/15/2031

70,000

70,329

1,752,791

#### Total

#### Asset-Backed

#### Securities

#### (cost

#### $4,744,799)

#### 4,789,962

#### Commercial

#### Mortgage-Backed

#### Securities

#### 1

#### .4

#### %

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
BANK

Series

2022-BNK43,

Class

A5,

4.40%,

8/15/2055

550,000

539,767

Series

2018-BN12,

Class

AS,

4.34%,

5/15/2061(a)

250,000

246,274

Series

2020-BN25,

Class

C,

3.35%,

1/15/2063(a)

100,000

87,646

BBCMS

Mortgage

Trust,

Series

2024-5C25,

Class

C,

6.64%,

3/15/2057(a)

250,000

256,980

BBCMS

Trust,

Series

2021-

C10,

Class

ASB,

2.27%,

7/15/2054

250,000

236,646

Benchmark

Mortgage

Trust

Series

2018-B4,

Class

A5,

4.12%,

7/15/2051(a)

1,000,000

995,758

Series

2019-B11,

Class

A4,

3.28%,

5/15/2052

3,000,000

2,903,905

Series

2024-V5,

Class

B,

6.06%,

1/10/2057(a)

100,000

102,130

BMARK,

Series

2023-

V4,

Class

B,

7.46%,

11/15/2056(a)

200,000

211,585

BMO

Mortgage

Trust

Series

2024-C9,

Class

C,

6.38%,

7/15/2057(a)

200,000

205,388

Series

2024-5C6,

Class

A3,

5.32%,

9/15/2057

190,000

195,392

Series

2025-C11,

Class

A5,

5.69%,

2/15/2058

500,000

527,709

CSAIL

Commercial

Mortgage

Trust,

Series

2018-

CX11,

Class

B,

4.45%,

4/15/2051(a)

250,000

242,717

FHLMC

Multifamily

Structured

Pass-Through

Certificates

REMICS

Series

K517,

Class

A2,

5.36%,

1/25/2029(a)

1,000,000

1,038,672

Series

K094,

Class

A2,

2.90%,

6/25/2029

500,000

484,081

Series

K112,

Class

A2,

1.31%,

5/25/2030

1,000,000

894,107

Series

K115,

Class

A2,

1.38%,

6/25/2030

960,000

858,682

Series

K120,

Class

A2,

1.50%,

10/25/2030

2,000,000

1,779,894

Series

K-154,

Class

A2,

4.35%,

1/25/2033(a)

1,000,000

1,001,254

Series

K-159,

Class

A2,

4.50%,

7/25/2033(a)

200,000

201,815

Series

K-165,

Class

A2,

4.49%,

9/25/2034

500,000

501,938

FNMA

ACES

REMICS

Series

2017-M12,

Class

A2,

3.06%,

6/25/2027(a)

250,622

247,830

Series

2018-M14,

Class

A2,

3.58%,

8/25/2028(a)

1,268,709

1,256,901

Morgan

Stanley

Capital

I

Trust

Series

2020-L4,

Class

AS,

2.88%,

2/15/2053

500,000

459,693

NVIT

Bond

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Commercial

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Series

2021-L7,

Class

A5,

2.57%,

10/15/2054

1,000,000

892,048

Wells

Fargo

Commercial

Mortgage

Trust

Series

2018-C43,

Class

AS,

4.15%,

3/15/2051(a)

100,000

98,742

Series

2025-5C6,

Class

A3,

5.19%,

10/15/2058

500,000

514,202

Series

2025-5C6,

Class

B,

5.98%,

10/15/2058(a)

250,000

258,834

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### (cost

#### $17,481,414)

#### 17,240,590

#### Corporate

#### Bonds

#### 23

#### .8

#### %

#### Aerospace

#### &

#### Defense

#### 0

#### .5

#### %
Boeing

Co.

(The)

,

6.26%,

5/1/2027(b)

100,000

102,602

3.20%,

3/1/2029(b)

150,000

145,421

6.30%,

5/1/2029(b)

80,000

84,916

2.95%,

2/1/2030(b)

85,000

80,531

5.15%,

5/1/2030

75,000

77,063

6.39%,

5/1/2031(b)

80,000

86,815

3.60%,

5/1/2034(b)

100,000

90,854

6.53%,

5/1/2034

50,000

55,318

3.25%,

2/1/2035

100,000

87,559

5.71%,

5/1/2040(b)

175,000

178,636

3.90%,

5/1/2049

100,000

74,483

3.75%,

2/1/2050(b)

200,000

145,451

5.81%,

5/1/2050(b)

200,000

196,719

6.86%,

5/1/2054

20,000

22,463

5.93%,

5/1/2060(b)

160,000

156,889

General

Dynamics

Corp.

,

2.63%,

11/15/2027

300,000

294,752

2.25%,

6/1/2031(b)

30,000

27,287

2.85%,

6/1/2041

50,000

37,692

4.25%,

4/1/2050(b)

75,000

63,261

General

Electric

Co.

,

4.30%,

7/29/2030

25,000

25,212

Series

A,

6.75%,

3/15/2032

225,000

254,863

4.90%,

1/29/2036(b)

50,000

50,764

5.88%,

1/14/2038(b)

90,000

97,518

Huntington

Ingalls

Industries,

Inc.

,

3.48%,

12/1/2027

100,000

98,844

5.35%,

1/15/2030

25,000

25,838

5.75%,

1/15/2035(b)

25,000

26,435

L3Harris

Technologies,

Inc.

,

5.05%,

6/1/2029

50,000

51,354

2.90%,

12/15/2029

25,000

23,748

1.80%,

1/15/2031

185,000

163,273

5.25%,

6/1/2031

45,000

46,819

5.35%,

6/1/2034

35,000

36,231

4.85%,

4/27/2035

90,000

89,768

5.50%,

8/15/2054(b)

25,000

24,424

Leidos,

Inc.

,

2.30%,

2/15/2031(b)

98,000

88,175

Lockheed

Martin

Corp.

,

4.15%,

8/15/2028

50,000

50,318

4.50%,

2/15/2029(b)

45,000

45,702

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Aerospace

#### &

#### Defense
Lockheed

Martin

Corp.,

4.40%,

8/15/2030

45,000

45,432

4.70%,

12/15/2031

30,000

30,746

3.90%,

6/15/2032(b)

50,000

48,981

5.25%,

1/15/2033(b)

25,000

26,276

4.80%,

8/15/2034

50,000

50,520

3.60%,

3/1/2035(b)

85,000

78,444

4.07%,

12/15/2042

93,000

79,449

4.70%,

5/15/2046(b)

75,000

68,009

4.09%,

9/15/2052

50,000

39,627

4.15%,

6/15/2053(b)

50,000

39,960

5.70%,

11/15/2054(b)

25,000

25,222

5.20%,

2/15/2055(b)

40,000

37,666

4.30%,

6/15/2062

100,000

78,905

5.90%,

11/15/2063

30,000

30,996

Northrop

Grumman

Corp.

,

3.25%,

1/15/2028

75,000

74,038

4.60%,

2/1/2029

50,000

50,760

4.65%,

7/15/2030

75,000

76,332

4.90%,

6/1/2034(b)

50,000

50,697

5.25%,

7/15/2035(b)

40,000

41,410

4.75%,

6/1/2043

150,000

138,198

4.03%,

10/15/2047

75,000

60,243

4.95%,

3/15/2053

50,000

45,060

5.20%,

6/1/2054(b)

50,000

46,741

RTX

Corp.

,

4.13%,

11/16/2028

250,000

250,832

5.75%,

1/15/2029(b)

75,000

78,445

6.00%,

3/15/2031(b)

75,000

80,787

1.90%,

9/1/2031

50,000

43,892

2.38%,

3/15/2032

60,000

53,462

5.15%,

2/27/2033

50,000

51,640

6.10%,

3/15/2034(b)

85,000

92,998

4.70%,

12/15/2041

50,000

46,655

4.50%,

6/1/2042(b)

150,000

135,594

3.75%,

11/1/2046

100,000

77,490

4.63%,

11/16/2048

175,000

152,448

3.03%,

3/15/2052

95,000

61,955

5.38%,

2/27/2053(b)

95,000

91,297

6.40%,

3/15/2054(b)

50,000

55,023

Textron,

Inc.

,

6.10%,

11/15/2033

75,000

80,738

4.95%,

3/15/2036

25,000

24,816

5,849,782

#### Air

#### Freight

#### &

#### Logistics

#### 0

#### .1

#### %
FedEx

Corp.

,

4.90%,

1/15/2034

200,000

200,828

4.75%,

11/15/2045(b)

100,000

86,506

4.55%,

4/1/2046(b)

100,000

84,091

4.05%,

2/15/2048

50,000

38,258

5.25%,

5/15/2050(b)

100,000

92,135

GXO

Logistics,

Inc.

,

6.25%,

5/6/2029(b)

25,000

26,329

6.50%,

5/6/2034(b)

25,000

27,006

United

Parcel

Service,

Inc.

,

3.05%,

11/15/2027(b)

100,000

98,847

4.65%,

10/15/2030(b)

50,000

51,178

5.25%,

5/14/2035(b)

35,000

36,273

6.20%,

1/15/2038(b)

95,000

104,669

3.40%,

9/1/2049

170,000

120,622

5.30%,

4/1/2050(b)

75,000

71,762

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Bond

Index

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Air

#### Freight

#### &

#### Logistics
United

Parcel

Service,

Inc.,

5.05%,

3/3/2053(b)

60,000

55,010

5.50%,

5/22/2054(b)

50,000

48,595

5.95%,

5/14/2055(b)

35,000

36,128

5.60%,

5/22/2064

50,000

48,253

6.05%,

5/14/2065

25,000

25,830

1,252,320

#### Automobile

#### Components

#### 0

#### .0

#### %

#### †
Aptiv

Swiss

Holdings

Ltd.

,

3.25%,

3/1/2032(b)

110,000

102,787

5.40%,

3/15/2049

50,000

46,002

3.10%,

12/1/2051

32,000

20,554

4.15%,

5/1/2052(b)

50,000

38,450

BorgWarner,

Inc.

,

2.65%,

7/1/2027

55,000

53,890

Lear

Corp.

,

2.60%,

1/15/2032(b)

50,000

44,426

5.25%,

5/15/2049(b)

25,000

22,563

Magna

International,

Inc.

,

5.05%,

3/14/2029

25,000

25,684

5.50%,

3/21/2033

20,000

20,945

375,301

#### Automobiles

#### 0

#### .1

#### %
Ford

Motor

Co.

,

3.25%,

2/12/2032

300,000

264,350

6.10%,

8/19/2032

100,000

103,037

4.75%,

1/15/2043

200,000

158,386

General

Motors

Co.

,

6.80%,

10/1/2027

100,000

104,070

5.63%,

4/15/2030(b)

25,000

26,048

6.25%,

4/15/2035

100,000

106,040

6.60%,

4/1/2036(b)

106,000

115,361

5.15%,

4/1/2038

100,000

96,227

6.25%,

10/2/2043(b)

50,000

50,701

5.20%,

4/1/2045(b)

75,000

67,363

Honda

Motor

Co.

Ltd.

,

4.44%,

7/8/2028

75,000

75,722

4.69%,

7/8/2030

50,000

50,624

2.97%,

3/10/2032(b)

25,000

22,848

5.34%,

7/8/2035(b)

50,000

51,089

Mercedes-Benz

Finance

North

America

LLC

,

8.50%,

1/18/2031

75,000

88,835

Toyota

Motor

Corp.

,

4.19%,

6/30/2027

50,000

50,304

5.12%,

7/13/2028

25,000

25,756

4.45%,

6/30/2030

25,000

25,305

5.12%,

7/13/2033

25,000

25,977

5.05%,

6/30/2035(b)

25,000

25,724

1,533,767

#### Banks

#### 4

#### .1

#### %
Banco

Santander

SA

,

5.29%,

8/18/2027(b)

400,000

407,337

5.59%,

8/8/2028

200,000

207,280

5.44%,

7/15/2031(b)

200,000

209,969

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.60%),

3.23%,

11/22/2032(c)

200,000

183,026

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Banks
Banco

Santander

SA,

6.94%,

11/7/2033

200,000

228,869

Bank

of

America

Corp.

,

(SOFR

+

2.04%),

4.95%,

7/22/2028(b)(c)

250,000

253,540

(SOFR

+

1.99%),

6.20%,

11/10/2028(b)(c)

70,000

72,738

(CME

Term

SOFR

Month

+

1.30%),

3.42%,

12/20/2028(c)

200,000

197,484

Series

FIX,

(SOFR

+

0.83%),

4.98%,

1/24/2029(c)

225,000

229,211

(SOFR

+

1.63%),

5.20%,

4/25/2029(b)(c)

215,000

220,506

(SOFR

+

1.11%),

4.62%,

5/9/2029(b)(c)

240,000

243,184

(SOFR

+

1.06%),

2.09%,

6/14/2029(c)

100,000

95,390

(CME

Term

SOFR

Month

+

1.57%),

4.27%,

7/23/2029(c)

100,000

100,458

(CME

Term

SOFR

Month

+

1.47%),

3.97%,

2/7/2030(b)(c)

300,000

298,311

(SOFR

+

2.15%),

2.59%,

4/29/2031(c)

300,000

279,534

(SOFR

+

1.37%),

1.92%,

10/24/2031(c)

400,000

357,700

(SOFR

+

1.32%),

2.69%,

4/22/2032(c)

330,000

302,826

(SOFR

+

1.21%),

2.57%,

10/20/2032(c)

280,000

252,533

(SOFR

+

1.33%),

2.97%,

2/4/2033(c)

350,000

320,077

(SOFR

+

1.83%),

4.57%,

4/27/2033(b)(c)

140,000

139,657

(SOFR

+

2.16%),

5.02%,

7/22/2033(c)

190,000

193,734

(SOFR

+

1.91%),

5.29%,

4/25/2034(c)

180,000

185,318

(SOFR

+

1.84%),

5.87%,

9/15/2034(c)

100,000

106,715

(SOFR

+

1.65%),

5.47%,

1/23/2035(c)

210,000

218,761

(SOFR

+

1.74%),

5.52%,

10/25/2035(c)

100,000

102,422

(SOFR

+

1.31%),

5.51%,

1/24/2036(b)(c)

245,000

255,436

(SOFR

+

1.70%),

5.74%,

2/12/2036(b)(c)

180,000

187,560

(SOFR

+

1.64%),

5.46%,

5/9/2036(b)(c)

140,000

145,743

(CME

Term

SOFR

Month

+

2.08%),

4.24%,

4/24/2038(c)

150,000

139,891

(CME

Term

SOFR

Month

+

1.58%),

4.08%,

4/23/2040(c)

100,000

89,287

(SOFR

+

1.93%),

2.68%,

6/19/2041(c)

250,000

184,332

NVIT

Bond

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Banks
Bank

of

America

Corp.,

5.88%,

2/7/2042(b)

125,000

132,820

(SOFR

+

1.58%),

3.31%,

4/22/2042(c)

175,000

138,058

5.00%,

1/21/2044(b)

50,000

48,211

(CME

Term

SOFR

Month

+

1.78%),

4.33%,

3/15/2050(c)

200,000

168,016

(CME

Term

SOFR

Month

+

3.41%),

4.08%,

3/20/2051(c)

300,000

240,372

(SOFR

+

1.56%),

2.97%,

7/21/2052(b)(c)

50,000

32,762

Bank

of

Montreal

,

Series

H,

4.70%,

9/14/2027(b)

150,000

151,949

(United

States

SOFR

Compounded

Index

+

0.75%),

4.06%,

9/22/2028(c)

75,000

75,050

5.72%,

9/25/2028(b)

100,000

104,260

(SOFR

+

1.25%),

4.64%,

9/10/2030(b)(c)

125,000

126,582

5.51%,

6/4/2031

75,000

78,912

(United

States

SOFR

Compounded

Index

+

1.08%),

4.35%,

9/22/2031(b)(c)

75,000

74,905

Bank

of

Nova

Scotia

(The)

,

1.95%,

2/2/2027

50,000

49,010

5.40%,

6/4/2027(b)

25,000

25,527

(SOFR

+

1.00%),

4.40%,

9/8/2028(c)

25,000

25,128

(SOFR

+

0.76%),

4.04%,

9/15/2028(b)(c)

50,000

49,999

(SOFR

+

0.89%),

4.93%,

2/14/2029(b)(c)

50,000

50,960

5.45%,

8/1/2029

25,000

26,026

4.85%,

2/1/2030

60,000

61,404

(SOFR

+

1.07%),

5.13%,

2/14/2031(c)

50,000

51,514

(SOFR

+

1.09%),

4.34%,

9/15/2031(c)

50,000

49,828

2.45%,

2/2/2032

50,000

44,657

(SOFR

+

1.44%),

4.74%,

11/10/2032(c)

25,000

25,275

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.05%),

4.59%,

5/4/2037(c)

92,000

89,636

Barclays

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%),

5.50%,

8/9/2028(b)(c)

200,000

204,335

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.30%),

7.39%,

11/2/2028(b)(c)

200,000

211,367

(SOFR

+

0.96%),

5.09%,

2/25/2029(c)

200,000

203,818

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Banks
Barclays

plc,

+

1.90%),

4.97%,

5/16/2029(c)

200,000

203,316

(SOFR

+

1.56%),

4.94%,

9/10/2030(c)

200,000

203,963

(SOFR

+

1.23%),

5.37%,

2/25/2031(b)(c)

200,000

206,714

(SOFR

+

1.91%),

5.34%,

9/10/2035(c)

200,000

203,238

5.25%,

8/17/2045(b)

205,000

196,910

4.95%,

1/10/2047

200,000

184,072

Canadian

Imperial

Bank

of

Commerce

,

3.45%,

4/7/2027(b)

80,000

79,593

5.24%,

6/28/2027(b)

50,000

50,948

(SOFR

+

0.72%),

4.86%,

1/13/2028(c)

25,000

25,195

5.00%,

4/28/2028

60,000

61,350

(United

States

SOFR

Compounded

Index

+

0.60%),

4.24%,

9/8/2028(b)

(c) 25,000

25,096

5.99%,

10/3/2028

50,000

52,511

(SOFR

+

1.03%),

4.86%,

3/30/2029(b)(c)

50,000

50,827

5.26%,

4/8/2029

75,000

77,666

(SOFR

+

1.34%),

4.63%,

9/11/2030(c)

50,000

50,684

(SOFR

+

1.11%),

5.25%,

1/13/2031(c)

25,000

25,781

(United

States

SOFR

Compounded

Index

+

1.17%),

4.58%,

9/8/2031(b)

(c) 75,000

75,572

6.09%,

10/3/2033

50,000

54,328

Citibank

NA

,

4.58%,

5/29/2027

250,000

252,550

5.80%,

9/29/2028(b)

250,000

262,168

Citigroup,

Inc.

,

4.45%,

9/29/2027(b)

200,000

201,287

(SOFR

+

1.14%),

4.64%,

5/7/2028(b)(c)

175,000

176,421

(SOFR

+

0.87%),

4.79%,

3/4/2029(b)(c)

200,000

202,866

(SOFR

+

1.36%),

5.17%,

2/13/2030(c)

105,000

107,746

(CME

Term

SOFR

Month

+

1.60%),

3.98%,

3/20/2030(c)

250,000

247,734

(SOFR

+

1.34%),

4.54%,

9/19/2030(b)(c)

200,000

201,590

(SOFR

+

1.42%),

2.98%,

11/5/2030(c)

200,000

190,475

(SOFR

+

1.15%),

2.67%,

1/29/2031(c)

100,000

93,604

(SOFR

+

3.91%),

4.41%,

3/31/2031(c)

175,000

174,971

(SOFR

+

2.11%),

2.57%,

6/3/2031(c)

300,000

277,960

(SOFR

+

1.17%),

4.50%,

9/11/2031(b)(c)

120,000

120,371

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Bond

Index

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Banks
Citigroup,

Inc.,

(SOFR

+

1.17%),

2.56%,

5/1/2032(c)

245,000

222,344

(SOFR

+

1.94%),

3.79%,

3/17/2033(b)(c)

265,000

252,672

(SOFR

+

2.09%),

4.91%,

5/24/2033(c)

335,000

339,015

(SOFR

+

2.66%),

6.17%,

5/25/2034(c)

245,000

260,186

(SOFR

+

1.45%),

5.45%,

6/11/2035(b)(c)

200,000

207,118

(SOFR

+

1.83%),

6.02%,

1/24/2036(b)(c)

195,000

204,241

(SOFR

+

1.47%),

5.33%,

3/27/2036(b)(c)

155,000

158,557

(SOFR

+

1.49%),

5.17%,

9/11/2036(c)

120,000

121,122

(SOFR

+

4.55%),

5.32%,

3/26/2041(b)(c)

200,000

200,256

4.65%,

7/23/2048(b)

200,000

176,414

(SOFR

+

1.75%),

5.61%,

3/4/2056(b)(c)

70,000

69,702

Citizens

Financial

Group,

Inc.

,

2.50%,

2/6/2030

120,000

111,605

(SOFR

+

1.26%),

5.25%,

3/5/2031(b)(c)

25,000

25,689

(SOFR

+

1.91%),

5.72%,

7/23/2032(c)

50,000

52,420

(SOFR

+

2.33%),

6.65%,

4/25/2035(b)(c)

25,000

27,489

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.75%),

5.64%,

5/21/2037(b)(c)

40,000

40,602

Comerica,

Inc.

,

4.00%,

2/1/2029

250,000

247,434

Cooperatieve

Rabobank

UA

,

5.25%,

5/24/2041

175,000

175,701

Fifth

Third

Bancorp

,

(SOFR

+

1.36%),

4.06%,

4/25/2028(c)

40,000

39,962

(United

States

SOFR

Compounded

Index

+

2.19%),

6.36%,

10/27/2028(b)(c)

60,000

62,420

(SOFR

+

2.34%),

6.34%,

7/27/2029(c)

106,000

111,631

(United

States

SOFR

Compounded

Index

+

2.13%),

4.77%,

7/28/2030(c)

60,000

60,719

(SOFR

+

1.84%),

5.63%,

1/29/2032(c)

100,000

104,959

(SOFR

+

1.66%),

4.34%,

4/25/2033(b)(c)

40,000

39,102

HSBC

Holdings

plc

,

(SOFR

+

3.35%),

7.39%,

11/3/2028(b)(c)

215,000

227,290

(SOFR

+

1.03%),

4.90%,

3/3/2029(b)(c)

200,000

202,919

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Banks
HSBC

Holdings

plc,

(SOFR

+

1.97%),

6.16%,

3/9/2029(b)(c)

400,000

416,437

(SOFR

+

1.29%),

2.21%,

8/17/2029(c)

200,000

190,215

(CME

Term

SOFR

Month

+

1.87%),

3.97%,

5/22/2030(c)

200,000

197,569

(SOFR

+

1.95%),

2.36%,

8/18/2031(c)

300,000

272,863

(SOFR

+

1.19%),

4.62%,

11/6/2031(c)

200,000

200,617

(SOFR

+

1.52%),

5.73%,

5/17/2032(b)(c)

200,000

210,783

(SOFR

+

2.53%),

4.76%,

3/29/2033(c)

200,000

198,839

(SOFR

+

1.56%),

5.45%,

3/3/2036(b)(c)

200,000

206,341

6.50%,

5/2/2036

100,000

108,089

(SOFR

+

1.88%),

5.79%,

5/13/2036(b)(c)

200,000

211,254

(SOFR

+

1.96%),

5.74%,

9/10/2036(c)

200,000

205,878

(SOFR

+

1.43%),

5.13%,

11/6/2036(b)(c)

200,000

200,547

(SOFR

+

2.65%),

6.33%,

3/9/2044(b)(c)

200,000

219,060

Huntington

Bancshares,

Inc.

,

(SOFR

+

1.97%),

4.44%,

8/4/2028(c)

30,000

30,164

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.17%),

2.49%,

8/15/2036(c)

250,000

216,749

ING

Groep

NV

,

3.95%,

3/29/2027(b)

300,000

299,834

4.55%,

10/2/2028(b)

200,000

202,469

(SOFR

+

1.77%),

5.55%,

3/19/2035(c)

200,000

208,023

JPMorgan

Chase

&

Co.

,

4.25%,

10/1/2027(b)

500,000

503,634

(SOFR

+

1.19%),

5.04%,

1/23/2028(c)

80,000

80,828

(SOFR

+

0.93%),

4.98%,

7/22/2028(c)

50,000

50,745

(SOFR

+

1.99%),

4.85%,

7/25/2028(b)(c)

180,000

182,314

(SOFR

+

0.86%),

4.51%,

10/22/2028(b)(c)

110,000

111,078

(SOFR

+

1.02%),

2.07%,

6/1/2029(c)

100,000

95,491

(SOFR

+

1.45%),

5.30%,

7/24/2029(c)

85,000

87,597

(SOFR

+

1.57%),

6.09%,

10/23/2029(c)

165,000

173,794

(SOFR

+

1.31%),

5.01%,

1/23/2030(b)(c)

175,000

179,323

(CME

Term

SOFR

Month

+

1.42%),

3.70%,

5/6/2030(c)

250,000

246,236

NVIT

Bond

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Banks
JPMorgan

Chase

&

Co.,

(SOFR

+

1.75%),

4.57%,

6/14/2030(b)(c)

200,000

202,327

(CME

Term

SOFR

Month

+

1.51%),

2.74%,

10/15/2030(c)

300,000

284,594

(SOFR

+

1.04%),

4.60%,

10/22/2030(b)(c)

200,000

202,808

(SOFR

+

1.01%),

5.14%,

1/24/2031(b)(c)

225,000

232,559

(CME

Term

SOFR

Month

+

3.79%),

4.49%,

3/24/2031(c)

300,000

302,608

(SOFR

+

2.04%),

2.52%,

4/22/2031(b)(c)

100,000

93,153

(SOFR

+

1.44%),

5.10%,

4/22/2031(b)(c)

135,000

139,384

(SOFR

+

0.93%),

4.26%,

10/22/2031(c)

135,000

134,590

(SOFR

+

1.18%),

2.55%,

11/8/2032(b)(c)

210,000

189,503

(SOFR

+

1.26%),

2.96%,

1/25/2033(c)

130,000

119,298

(SOFR

+

1.80%),

4.59%,

4/26/2033(b)(c)

35,000

35,185

(SOFR

+

2.08%),

4.91%,

7/25/2033(c)

115,000

117,152

(SOFR

+

2.58%),

5.72%,

9/14/2033(b)(c)

100,000

105,719

(SOFR

+

1.85%),

5.35%,

6/1/2034(c)

150,000

155,851

(SOFR

+

1.81%),

6.25%,

10/23/2034(c)

135,000

148,221

(SOFR

+

1.62%),

5.34%,

1/23/2035(c)

100,000

103,642

(SOFR

+

1.49%),

5.77%,

4/22/2035(c)

150,000

159,839

(SOFR

+

1.46%),

5.29%,

7/22/2035(c)

150,000

154,752

(SOFR

+

1.34%),

4.95%,

10/22/2035(b)(c)

125,000

126,232

(SOFR

+

1.32%),

5.50%,

1/24/2036(c)

140,000

146,317

(SOFR

+

1.68%),

5.57%,

4/22/2036(b)(c)

235,000

246,552

(SOFR

+

1.19%),

4.81%,

10/22/2036(c)

195,000

193,628

6.40%,

5/15/2038

175,000

197,685

(CME

Term

SOFR

Month

+

1.62%),

3.88%,

7/24/2038(c)

150,000

134,664

5.60%,

7/15/2041(b)

100,000

104,238

(CME

Term

SOFR

Month

+

1.51%),

2.53%,

11/19/2041(c)

125,000

89,920

4.85%,

2/1/2044

150,000

141,963

(SOFR

+

1.55%),

5.53%,

11/29/2045(b)(c)

150,000

152,285

(CME

Term

SOFR

Month

+

1.84%),

4.26%,

2/22/2048(b)(c)

150,000

127,323

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Banks
JPMorgan

Chase

&

Co.,

(CME

Term

SOFR

Month

+

1.64%),

3.96%,

11/15/2048(c)

150,000

120,673

(SOFR

+

2.44%),

3.11%,

4/22/2051(c)

200,000

135,817

(SOFR

+

1.58%),

3.33%,

4/22/2052(b)(c)

150,000

106,342

KeyBank

NA

,

5.85%,

11/15/2027(b)

250,000

257,545

KeyCorp

,

2.25%,

4/6/2027

50,000

48,869

(United

States

SOFR

Compounded

Index

+

2.42%),

6.40%,

3/6/2035(b)

(c) 80,000

86,895

Korea

Development

Bank

(The)

,

4.38%,

2/15/2033

200,000

200,266

Kreditanstalt

fuer

Wiederaufbau

,

3.88%,

6/15/2028

1,200,000

1,209,165

4.63%,

3/18/2030(b)

80,000

82,828

3.75%,

7/15/2030

50,000

50,084

4.13%,

7/15/2033(b)

400,000

402,186

0.00%,

6/29/2037(d)

250,000

151,637

Lloyds

Banking

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.80%),

3.75%,

3/18/2028(c)

200,000

199,269

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.70%),

5.87%,

3/6/2029(c)

300,000

311,030

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.75%),

5.68%,

1/5/2035(b)(c)

200,000

210,559

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.50%),

3.37%,

12/14/2046(c)

300,000

220,991

M&T

Bank

Corp.

,

(United

States

SOFR

Compounded

Index

+

1.78%),

4.55%,

8/16/2028(c)

40,000

40,212

(SOFR

+

1.40%),

5.18%,

7/8/2031(b)(c)

30,000

30,799

(SOFR

+

1.85%),

5.05%,

1/27/2034(c)

88,000

88,561

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.43%),

5.40%,

7/30/2035(c)

25,000

25,247

(SOFR

+

1.61%),

5.39%,

1/16/2036(b)(c)

100,000

101,615

Mitsubishi

UFJ

Financial

Group,

Inc.

,

3.74%,

3/7/2029(b)

400,000

396,419

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Bond

Index

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Banks
Mitsubishi

UFJ

Financial

Group,

Inc.,

3.20%,

7/18/2029(b)

300,000

289,997

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.95%),

2.31%,

7/20/2032(c)

300,000

267,539

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.10%),

2.85%,

1/19/2033(c)

200,000

181,391

3.75%,

7/18/2039(b)

200,000

174,611

Mizuho

Financial

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

0.92%),

4.71%,

7/8/2031(b)(c)

200,000

202,582

(CME

Term

SOFR

Month

+

1.77%),

2.20%,

7/10/2031(c)

200,000

182,018

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.90%),

5.75%,

7/6/2034(b)(c)

200,000

211,841

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.07%),

5.32%,

7/8/2036(b)(c)

200,000

205,453

Morgan

Stanley

Bank

NA

,

(SOFR

+

0.91%),

5.02%,

1/12/2029(b)(c)

250,000

254,596

Morgan

Stanley

Private

Bank

NA

,

(SOFR

+

0.77%),

4.47%,

7/6/2028(c)

250,000

251,684

(SOFR

+

0.78%),

4.20%,

11/17/2028(c)

250,000

250,781

(SOFR

+

1.02%),

4.47%,

11/19/2031(c)

250,000

250,655

National

Australia

Bank

Ltd.

,

3.91%,

6/9/2027(b)

250,000

250,562

4.79%,

1/10/2029(b)

250,000

255,495

NatWest

Group

plc

,

+

1.75%),

4.89%,

5/18/2029(c)

200,000

203,364

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.05%),

5.12%,

5/23/2031(c)

200,000

205,301

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.50%),

5.78%,

3/1/2035(b)(c)

200,000

211,472

Oesterreichische

Kontrollbank

AG

,

4.13%,

1/18/2029(b)

460,000

466,183

PNC

Financial

Services

Group,

Inc.

(The)

,

(SOFR

+

1.62%),

5.35%,

12/2/2028(b)(c)

135,000

138,411

3.45%,

4/23/2029

100,000

98,354

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Banks
PNC

Financial

Services

Group,

Inc.

(The),

(SOFR

+

1.20%),

5.49%,

5/14/2030(b)(c)

100,000

104,122

(SOFR

+

1.07%),

5.22%,

1/29/2031(b)(c)

90,000

93,121

(SOFR

+

1.33%),

4.90%,

5/13/2031(b)(c)

50,000

51,171

(SOFR

+

0.98%),

2.31%,

4/23/2032(b)(c)

75,000

67,662

(SOFR

+

1.26%),

4.81%,

10/21/2032(c)

75,000

76,326

(United

States

SOFR

Compounded

Index

+

2.14%),

6.04%,

10/28/2033(b)(c)

100,000

108,008

(SOFR

+

1.93%),

5.07%,

1/24/2034(b)(c)

125,000

127,891

(SOFR

+

1.95%),

5.94%,

8/18/2034(c)

100,000

107,358

(SOFR

+

2.28%),

6.88%,

10/20/2034(b)(c)

85,000

96,188

(SOFR

+

1.90%),

5.68%,

1/22/2035(b)(c)

100,000

105,413

(SOFR

+

1.60%),

5.40%,

7/23/2035(b)(c)

50,000

51,718

(SOFR

+

1.39%),

5.58%,

1/29/2036(c)

75,000

78,196

Regions

Financial

Corp.

,

(SOFR

+

1.49%),

5.72%,

6/6/2030(b)(c)

50,000

52,126

Royal

Bank

of

Canada

,

4.88%,

1/19/2027

50,000

50,517

2.05%,

1/21/2027(b)

200,000

196,368

3.63%,

5/4/2027(b)

40,000

39,954

4.24%,

8/3/2027

90,000

90,626

6.00%,

11/1/2027(b)

146,000

151,577

(United

States

SOFR

Compounded

Index

+

0.86%),

4.52%,

10/18/2028(c)

50,000

50,488

(SOFR

+

0.70%),

4.00%,

11/3/2028(b)(c)

75,000

75,049

(SOFR

+

0.89%),

4.50%,

8/6/2029(b)(c)

100,000

100,971

(United

States

SOFR

Compounded

Index

+

1.08%),

4.65%,

10/18/2030(b)(c)

125,000

126,743

(SOFR

+

1.03%),

5.15%,

2/4/2031(c)

125,000

128,689

(SOFR

+

1.06%),

4.70%,

8/6/2031(b)(c)

75,000

75,964

(SOFR

+

0.98%),

4.31%,

11/3/2031(b)(c)

75,000

74,631

3.88%,

5/4/2032

40,000

38,854

5.00%,

5/2/2033

55,000

56,468

5.15%,

2/1/2034(b)

100,000

104,234

Santander

Holdings

USA,

Inc.

,

4.40%,

7/13/2027(b)

78,000

78,218

NVIT

Bond

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Banks
Santander

Holdings

USA,

Inc.,

(SOFR

+

2.36%),

6.50%,

3/9/2029(b)(c)

60,000

62,522

(SOFR

+

2.70%),

6.57%,

6/12/2029(b)(c)

24,000

25,092

(SOFR

+

2.50%),

6.17%,

1/9/2030(c)

40,000

41,689

(SOFR

+

1.88%),

5.74%,

3/20/2031(b)(c)

50,000

51,739

(SOFR

+

3.28%),

7.66%,

11/9/2031(c)

50,000

56,005

(SOFR

+

2.14%),

6.34%,

5/31/2035(b)(c)

35,000

37,530

Santander

UK

Group

Holdings

plc

,

(SOFR

+

2.60%),

6.53%,

1/10/2029(b)(c)

200,000

208,955

Sumitomo

Mitsui

Financial

Group,

Inc.

,

3.36%,

7/12/2027(b)

300,000

297,864

5.72%,

9/14/2028(b)

200,000

208,306

1.90%,

9/17/2028(b)

200,000

188,894

2.75%,

1/15/2030(b)

200,000

188,345

(SOFR

+

1.50%),

5.25%,

7/8/2036(b)(c)

200,000

204,853

2.93%,

9/17/2041(b)

300,000

220,085

Toronto-Dominion

Bank

(The)

,

1.95%,

1/12/2027

100,000

98,118

2.80%,

3/10/2027

100,000

98,716

4.98%,

4/5/2027

75,000

75,951

4.11%,

6/8/2027

100,000

100,281

4.69%,

9/15/2027(b)

90,000

91,172

4.86%,

1/31/2028

50,000

50,819

5.52%,

7/17/2028(b)

75,000

77,704

4.11%,

10/13/2028

50,000

50,122

4.78%,

12/17/2029

50,000

51,174

4.81%,

6/3/2030

75,000

76,538

2.45%,

1/12/2032

100,000

89,383

5.30%,

1/30/2032(b)

50,000

52,218

3.20%,

3/10/2032(b)

75,000

69,900

4.46%,

6/8/2032(b)

55,000

54,893

4.93%,

10/15/2035

50,000

49,963

Truist

Financial

Corp.

,

1.13%,

8/3/2027(b)

300,000

287,340

(SOFR

+

1.37%),

4.12%,

6/6/2028(b)(c)

65,000

65,164

(SOFR

+

1.44%),

4.87%,

1/26/2029(b)(c)

80,000

81,273

(SOFR

+

2.45%),

7.16%,

10/30/2029(b)(c)

30,000

32,363

(SOFR

+

1.31%),

5.07%,

5/20/2031(b)(c)

100,000

102,731

(SOFR

+

2.30%),

6.12%,

10/28/2033(b)(c)

100,000

108,051

(SOFR

+

1.85%),

5.12%,

1/26/2034(c)

30,000

30,567

(SOFR

+

2.36%),

5.87%,

6/8/2034(c)

45,000

47,884

(SOFR

+

1.92%),

5.71%,

1/24/2035(b)(c)

160,000

168,307

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Banks
Truist

Financial

Corp.,

(SOFR

+

1.40%),

4.96%,

10/23/2036(b)(c)

75,000

74,201

US

Bancorp

,

Series

X,

3.15%,

4/27/2027

300,000

297,674

(SOFR

+

2.02%),

5.78%,

6/12/2029(c)

40,000

41,576

(SOFR

+

1.25%),

5.10%,

7/23/2030(c)

115,000

118,418

(SOFR

+

1.06%),

5.05%,

2/12/2031(c)

50,000

51,358

(SOFR

+

1.02%),

2.68%,

1/27/2033(b)(c)

100,000

90,180

(SOFR

+

2.09%),

5.85%,

10/21/2033(b)(c)

200,000

214,181

(SOFR

+

2.26%),

5.84%,

6/12/2034(b)(c)

75,000

80,017

(SOFR

+

1.86%),

5.68%,

1/23/2035(c)

100,000

105,590

(SOFR

+

1.41%),

5.42%,

2/12/2036(c)

50,000

51,967

Wells

Fargo

&

Co.

,

4.30%,

7/22/2027

200,000

200,780

(SOFR

+

1.51%),

3.53%,

3/24/2028(c)

200,000

198,700

(SOFR

+

1.07%),

5.71%,

4/22/2028(c)

170,000

173,519

(SOFR

+

1.98%),

4.81%,

7/25/2028(c)

125,000

126,400

(SOFR

+

1.37%),

4.97%,

4/23/2029(b)(c)

225,000

229,188

(SOFR

+

0.88%),

4.08%,

9/15/2029(c)

225,000

224,819

(SOFR

+

1.50%),

5.20%,

1/23/2030(b)(c)

140,000

144,179

(CME

Term

SOFR

Month

+

1.43%),

2.88%,

10/30/2030(b)(c)

100,000

95,129

(SOFR

+

1.11%),

5.24%,

1/24/2031(c)

95,000

98,374

(CME

Term

SOFR

Month

+

1.26%),

2.57%,

2/11/2031(c)

125,000

116,748

(CME

Term

SOFR

Month

+

4.03%),

4.48%,

4/4/2031(b)(c)

250,000

251,652

(SOFR

+

1.50%),

5.15%,

4/23/2031(b)(c)

200,000

206,441

(SOFR

+

1.50%),

3.35%,

3/2/2033(c)

150,000

140,000

(SOFR

+

2.10%),

4.90%,

7/25/2033(c)

175,000

177,722

(SOFR

+

2.02%),

5.39%,

4/24/2034(c)

240,000

249,704

(SOFR

+

1.99%),

5.56%,

7/25/2034(c)

140,000

146,778

(SOFR

+

2.06%),

6.49%,

10/23/2034(c)

140,000

154,972

(SOFR

+

1.78%),

5.50%,

1/23/2035(c)

110,000

114,771

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Bond

Index

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Banks
Wells

Fargo

&

Co.,

(SOFR

+

1.38%),

5.21%,

12/3/2035(c)

200,000

204,306

(SOFR

+

1.34%),

4.89%,

9/15/2036(b)(c)

225,000

224,297

(SOFR

+

2.53%),

3.07%,

4/30/2041(c)

175,000

135,728

4.65%,

11/4/2044

300,000

262,878

4.40%,

6/14/2046

200,000

167,104

(CME

Term

SOFR

Month

+

4.50%),

5.01%,

4/4/2051(b)(c)

225,000

205,619

(SOFR

+

2.13%),

4.61%,

4/25/2053(b)(c)

200,000

172,101

Westpac

Banking

Corp.

,

5.46%,

11/18/2027(b)

200,000

206,159

4.35%,

7/1/2030(b)

75,000

75,817

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.00%),

4.11%,

7/24/2034(b)(c)

300,000

295,182

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.53%),

3.02%,

11/18/2036(c)

85,000

76,735

2.96%,

11/16/2040

50,000

38,095

3.13%,

11/18/2041

65,000

49,171

48,755,740

#### Beverages

#### 0

#### .4

#### %
Anheuser-Busch

Cos.

LLC

,

4.70%,

2/1/2036

210,000

207,867

4.90%,

2/1/2046

470,000

434,698

Anheuser-Busch

InBev

Finance,

Inc.

,

4.63%,

2/1/2044(b)

100,000

89,852

Anheuser-Busch

InBev

Worldwide,

Inc.

,

4.75%,

1/23/2029(b)

150,000

153,024

3.50%,

6/1/2030(b)

125,000

122,057

5.00%,

6/15/2034(b)

50,000

51,677

4.44%,

10/6/2048

100,000

86,030

5.55%,

1/23/2049

200,000

199,562

4.75%,

4/15/2058

75,000

65,298

5.80%,

1/23/2059(b)

50,000

50,972

Brown-Forman

Corp.

,

4.75%,

4/15/2033(b)

40,000

40,546

Coca-Cola

Co.

(The)

,

3.45%,

3/25/2030

50,000

49,040

2.00%,

3/5/2031

45,000

40,780

2.25%,

1/5/2032(b)

300,000

271,107

5.00%,

5/13/2034(b)

50,000

52,080

2.88%,

5/5/2041(b)

75,000

57,563

3.00%,

3/5/2051(b)

85,000

56,756

2.50%,

3/15/2051

56,000

33,571

5.30%,

5/13/2054

75,000

73,622

5.20%,

1/14/2055

50,000

48,206

5.40%,

5/13/2064(b)

100,000

97,137

Coca-Cola

Consolidated,

Inc.

,

5.25%,

6/1/2029(b)

50,000

51,736

Coca-Cola

Femsa

SAB

de

CV

,

2.75%,

1/22/2030

150,000

142,002

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Beverages
Constellation

Brands,

Inc.

,

4.80%,

1/15/2029

25,000

25,402

2.88%,

5/1/2030

100,000

94,081

4.80%,

5/1/2030(b)

25,000

25,418

2.25%,

8/1/2031(b)

105,000

93,168

4.90%,

5/1/2033(b)

60,000

60,275

4.95%,

11/1/2035(b)

25,000

24,723

Diageo

Capital

plc

,

2.00%,

4/29/2030

200,000

182,818

Diageo

Investment

Corp.

,

7.45%,

4/15/2035(b)

150,000

179,900

Fomento

Economico

Mexicano

SAB

de

CV

,

3.50%,

1/16/2050

150,000

110,366

Keurig

Dr

Pepper,

Inc.

,

4.35%,

5/15/2028

25,000

25,079

4.60%,

5/25/2028(b)

54,000

54,435

5.05%,

3/15/2029

25,000

25,523

3.95%,

4/15/2029(b)

50,000

49,431

3.20%,

5/1/2030

100,000

94,992

4.60%,

5/15/2030

25,000

25,129

4.05%,

4/15/2032

50,000

48,060

5.30%,

3/15/2034(b)

100,000

101,969

5.15%,

5/15/2035(b)

25,000

25,049

4.50%,

4/15/2052(b)

100,000

80,819

Molson

Coors

Beverage

Co.

,

5.00%,

5/1/2042(b)

75,000

69,251

4.20%,

7/15/2046(b)

50,000

40,142

Pepsico

Singapore

Financing

I

Pte.

Ltd.

,

4.55%,

2/16/2029

25,000

25,413

4.70%,

2/16/2034

25,000

25,258

PepsiCo,

Inc.

,

3.00%,

10/15/2027(b)

300,000

297,022

4.45%,

2/7/2028

25,000

25,365

3.60%,

2/18/2028

25,000

24,944

4.10%,

1/15/2029

50,000

50,274

4.50%,

7/17/2029(b)

50,000

50,979

4.60%,

2/7/2030

25,000

25,570

2.75%,

3/19/2030(b)

200,000

189,874

1.40%,

2/25/2031(b)

125,000

109,568

3.90%,

7/18/2032(b)

35,000

34,397

4.45%,

2/15/2033

60,000

61,025

4.80%,

7/17/2034

50,000

51,051

5.00%,

7/23/2035

50,000

51,082

2.63%,

10/21/2041(b)

50,000

36,296

4.45%,

4/14/2046(b)

50,000

44,163

2.88%,

10/15/2049

50,000

32,887

3.63%,

3/19/2050

75,000

56,699

2.75%,

10/21/2051

50,000

31,371

4.65%,

2/15/2053(b)

60,000

52,845

5.25%,

7/17/2054(b)

50,000

48,385

5,235,681

#### Biotechnology

#### 0

#### .4

#### %
AbbVie,

Inc.

,

4.80%,

3/15/2027

175,000

176,833

4.80%,

3/15/2029(b)

50,000

51,226

3.20%,

11/21/2029(b)

125,000

121,222

4.88%,

3/15/2030(b)

100,000

103,033

4.95%,

3/15/2031

95,000

98,229

5.05%,

3/15/2034

25,000

25,692

NVIT

Bond

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Biotechnology
AbbVie,

Inc.,

4.55%,

3/15/2035

120,000

118,137

4.50%,

5/14/2035

175,000

171,743

4.05%,

11/21/2039

180,000

160,680

4.40%,

11/6/2042

125,000

111,188

5.35%,

3/15/2044

55,000

54,352

4.75%,

3/15/2045

143,000

130,198

4.70%,

5/14/2045

232,000

209,804

4.88%,

11/14/2048(b)

150,000

136,571

4.25%,

11/21/2049(b)

175,000

144,122

5.40%,

3/15/2054

90,000

87,495

5.60%,

3/15/2055(b)

40,000

40,072

5.50%,

3/15/2064

45,000

43,688

Amgen,

Inc.

,

5.15%,

3/2/2028(b)

90,000

92,105

1.65%,

8/15/2028(b)

200,000

188,508

2.45%,

2/21/2030

100,000

93,262

5.25%,

3/2/2030

125,000

129,653

3.35%,

2/22/2032(b)

55,000

51,794

4.20%,

3/1/2033(b)

95,000

92,857

3.15%,

2/21/2040

100,000

78,817

2.80%,

8/15/2041

50,000

36,595

5.60%,

3/2/2043

190,000

191,055

4.40%,

5/1/2045

150,000

128,294

4.56%,

6/15/2048

174,000

148,838

4.66%,

6/15/2051

118,000

100,960

3.00%,

1/15/2052(b)

25,000

16,132

4.20%,

2/22/2052

25,000

19,832

4.88%,

3/1/2053(b)

55,000

48,412

5.65%,

3/2/2053(b)

155,000

151,776

4.40%,

2/22/2062

165,000

128,880

Biogen,

Inc.

,

2.25%,

5/1/2030(b)

125,000

114,829

3.15%,

5/1/2050(b)

80,000

51,678

3.25%,

2/15/2051(b)

130,000

85,541

Gilead

Sciences,

Inc.

,

4.80%,

11/15/2029(b)

45,000

46,301

1.65%,

10/1/2030(b)

65,000

58,188

4.00%,

9/1/2036

50,000

46,522

5.65%,

12/1/2041

75,000

77,822

4.80%,

4/1/2044(b)

150,000

138,358

4.75%,

3/1/2046

125,000

113,300

4.15%,

3/1/2047(b)

125,000

103,812

5.55%,

10/15/2053(b)

45,000

44,773

5.50%,

11/15/2054(b)

25,000

24,667

5.60%,

11/15/2064(b)

50,000

49,723

Regeneron

Pharmaceuticals,

Inc.

,

2.80%,

9/15/2050

65,000

39,642

4,677,211

#### Broadline

#### Retail

#### 0

#### .3

#### %
Alibaba

Group

Holding

Ltd.

,

3.40%,

12/6/2027(b)

200,000

198,277

4.00%,

12/6/2037(b)

200,000

183,808

4.20%,

12/6/2047(b)

200,000

165,691

Amazon.com,

Inc.

,

4.55%,

12/1/2027(b)

100,000

101,652

3.90%,

11/20/2028(b)

125,000

125,382

3.45%,

4/13/2029(b)

80,000

79,016

4.65%,

12/1/2029(b)

80,000

82,117

1.50%,

6/3/2030(b)

125,000

112,658

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Broadline

#### Retail
Amazon.com,

Inc.,

4.10%,

11/20/2030(b)

150,000

150,164

2.10%,

5/12/2031(b)

150,000

135,513

3.60%,

4/13/2032

70,000

67,871

4.70%,

12/1/2032(b)

80,000

82,238

4.35%,

3/20/2033(b)

110,000

109,640

4.80%,

12/5/2034(b)

100,000

102,701

4.65%,

11/20/2035(b)

190,000

189,232

3.88%,

8/22/2037(b)

125,000

114,648

2.88%,

5/12/2041

125,000

94,847

4.05%,

8/22/2047(b)

100,000

82,144

2.50%,

6/3/2050

100,000

59,768

3.10%,

5/12/2051

125,000

83,920

3.95%,

4/13/2052(b)

140,000

109,261

5.45%,

11/20/2055

200,000

195,205

4.25%,

8/22/2057(b)

100,000

80,119

2.70%,

6/3/2060

50,000

28,267

3.25%,

5/12/2061

100,000

63,979

5.55%,

11/20/2065(b)

150,000

145,499

eBay,

Inc.

,

3.60%,

6/5/2027

200,000

198,915

4.25%,

3/6/2029

25,000

25,072

2.70%,

3/11/2030(b)

38,000

35,708

5.13%,

11/6/2035(b)

25,000

25,023

3.65%,

5/10/2051(b)

50,000

36,626

JD.com,

Inc.

,

3.38%,

1/14/2030

200,000

194,612

3,459,573

#### Building

#### Products

#### 0

#### .1

#### %
Amrize

Finance

US

LLC

,

4.60%,

4/7/2027

25,000

25,165

4.70%,

4/7/2028

25,000

25,289

5.40%,

4/7/2035

50,000

51,562

Carlisle

Cos.,

Inc.

,

2.75%,

3/1/2030(b)

74,000

69,761

2.20%,

3/1/2032(b)

100,000

87,249

Carrier

Global

Corp.

,

2.49%,

2/15/2027

31,000

30,496

2.72%,

2/15/2030(b)

50,000

47,073

3.58%,

4/5/2050(b)

135,000

99,386

Fortune

Brands

Innovations,

Inc.

,

4.00%,

3/25/2032

50,000

47,913

4.50%,

3/25/2052(b)

30,000

24,131

Johnson

Controls

International

plc

,

5.50%,

4/19/2029

25,000

26,000

1.75%,

9/15/2030(b)

100,000

89,154

4.63%,

7/2/2044(e)

25,000

22,190

4.50%,

2/15/2047

50,000

42,967

Masco

Corp.

,

3.13%,

2/15/2051

60,000

39,485

Owens

Corning

,

5.70%,

6/15/2034(b)

35,000

36,791

4.30%,

7/15/2047(b)

100,000

81,375

Trane

Technologies

Financing

Ltd.

,

4.50%,

3/21/2049(b)

100,000

85,996

931,983

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Bond

Index

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Capital

#### Markets

#### 1

#### .6

#### %
Ameriprise

Financial,

Inc.

,

5.70%,

12/15/2028(b)

25,000

26,205

4.50%,

5/13/2032

50,000

50,433

5.20%,

4/15/2035(b)

50,000

51,048

Apollo

Debt

Solutions

BDC

,

5.88%,

8/30/2030

25,000

25,286

Series

WI\*,

6.70%,

7/29/2031(b)

50,000

52,760

6.55%,

3/15/2032

50,000

51,592

Ares

Capital

Corp.

,

2.88%,

6/15/2027

100,000

97,862

5.88%,

3/1/2029(b)

35,000

35,904

5.95%,

7/15/2029

50,000

51,323

5.50%,

9/1/2030

45,000

45,294

5.10%,

1/15/2031(b)

25,000

24,693

3.20%,

11/15/2031

50,000

44,363

5.80%,

3/8/2032(b)

50,000

50,491

Ares

Management

Corp.

,

5.60%,

10/11/2054(b)

25,000

23,680

Ares

Strategic

Income

Fund

,

5.45%,

9/9/2028(f)

25,000

25,209

4.85%,

1/15/2029(f)

25,000

24,706

5.60%,

2/15/2030

60,000

60,266

5.80%,

9/9/2030(b)(f)

25,000

25,242

5.15%,

1/15/2031(f)

25,000

24,533

6.20%,

3/21/2032

50,000

51,276

Bank

of

New

York

Mellon

Corp.

(The)

,

2.05%,

1/26/2027(b)

200,000

196,295

(United

States

SOFR

Compounded

Index

+

1.80%),

5.80%,

10/25/2028(b)(c)

25,000

25,837

Series

J,

1.90%,

1/25/2029

50,000

47,097

(SOFR

+

1.17%),

4.54%,

2/1/2029(b)(c)

100,000

101,214

3.85%,

4/26/2029

90,000

90,263

(SOFR

+

1.60%),

6.32%,

10/25/2029(c)

75,000

79,629

(SOFR

+

0.89%),

4.94%,

2/11/2031(c)

50,000

51,415

1.80%,

7/28/2031

100,000

87,981

(SOFR

+

1.42%),

4.29%,

6/13/2033(c)

40,000

39,403

(United

States

SOFR

Compounded

Index

+

2.07%),

5.83%,

10/25/2033(c)

55,000

59,303

(SOFR

+

1.51%),

4.71%,

2/1/2034(c)

75,000

75,272

Series

J,

(SOFR

+

1.61%),

4.97%,

4/26/2034(c)

30,000

30,585

(SOFR

+

1.85%),

6.47%,

10/25/2034(c)

75,000

83,903

(SOFR

+

1.42%),

5.19%,

3/14/2035(b)(c)

50,000

51,663

(SOFR

+

1.25%),

5.23%,

11/20/2035(c)

50,000

51,781

(SOFR

+

1.77%),

5.61%,

7/21/2039(c)

25,000

26,125

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Capital

#### Markets
BGC

Group,

Inc.

,

6.60%,

6/10/2029

25,000

26,071

6.15%,

4/2/2030

25,000

25,886

Blackstone

Private

Credit

Fund

,

3.25%,

3/15/2027

200,000

196,567

7.30%,

11/27/2028(b)

25,000

26,518

5.95%,

7/16/2029(b)

25,000

25,507

5.60%,

11/22/2029(b)

50,000

50,471

5.05%,

9/10/2030(b)

25,000

24,620

6.25%,

1/25/2031

25,000

25,816

6.00%,

11/22/2034(b)

50,000

50,492

Blackstone

Reg

Finance

Co.

LLC

,

4.30%,

11/3/2030(b)

45,000

44,975

5.00%,

12/6/2034

25,000

25,218

4.95%,

2/15/2036

35,000

34,744

Blackstone

Secured

Lending

Fund

,

5.88%,

11/15/2027(b)

25,000

25,522

2.85%,

9/30/2028(b)

50,000

47,291

5.30%,

6/30/2030(b)

25,000

24,863

5.13%,

1/31/2031

25,000

24,689

Blue

Owl

Capital

Corp.

,

2.88%,

6/11/2028(b)

230,000

217,254

Blue

Owl

Credit

Income

Corp.

,

6.60%,

9/15/2029

125,000

128,555

5.80%,

3/15/2030(b)

75,000

74,907

Blue

Owl

Finance

LLC

,

6.25%,

4/18/2034(b)

100,000

103,120

Brookfield

Asset

Management

Ltd.

,

4.65%,

11/15/2030

25,000

25,179

5.80%,

4/24/2035

25,000

26,161

5.30%,

1/15/2036

25,000

24,970

6.08%,

9/15/2055(b)

50,000

51,110

Brookfield

Finance

LLC

,

3.45%,

4/15/2050

200,000

137,747

Brookfield

Finance,

Inc.

,

3.90%,

1/25/2028(b)

40,000

39,859

5.68%,

1/15/2035

50,000

51,708

3.50%,

3/30/2051

35,000

24,298

3.63%,

2/15/2052(b)

15,000

10,561

Carlyle

Group,

Inc.

(The)

,

5.05%,

9/19/2035(b)

45,000

44,364

Cboe

Global

Markets,

Inc.

,

1.63%,

12/15/2030

50,000

44,339

Charles

Schwab

Corp.

(The)

,

2.45%,

3/3/2027

40,000

39,369

(SOFR

+

2.21%),

5.64%,

5/19/2029(b)(c)

300,000

311,429

(SOFR

+

1.88%),

6.20%,

11/17/2029(b)(c)

75,000

79,323

(SOFR

+

0.94%),

4.34%,

11/14/2031(c)

55,000

54,918

1.95%,

12/1/2031

100,000

87,568

(SOFR

+

2.01%),

6.14%,

8/24/2034(b)(c)

220,000

239,794

(SOFR

+

1.23%),

4.91%,

11/14/2036(c)

50,000

49,664

CI

Financial

Corp.

,

4.10%,

6/15/2051

30,000

20,484

NVIT

Bond

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Capital

#### Markets
CME

Group,

Inc.

,

4.40%,

3/15/2030(b)

25,000

25,360

2.65%,

3/15/2032

50,000

45,714

5.30%,

9/15/2043(b)

80,000

80,191

Deutsche

Bank

AG

,

(SOFR

+

3.18%),

6.72%,

1/18/2029(b)(c)

300,000

314,082

(SOFR

+

1.70%),

5.00%,

9/11/2030(b)(c)

150,000

152,303

(SOFR

+

1.72%),

3.04%,

5/28/2032(c)

150,000

137,707

(SOFR

+

2.26%),

3.74%,

1/7/2033(c)

200,000

185,771

FactSet

Research

Systems,

Inc.

,

3.45%,

3/1/2032(b)

25,000

23,230

FS

KKR

Capital

Corp.

,

2.63%,

1/15/2027

100,000

97,240

3.13%,

10/12/2028(b)

150,000

138,414

Goldman

Sachs

Group,

Inc.

(The)

,

3.85%,

1/26/2027(b)

500,000

499,561

(SOFR

+

1.11%),

2.64%,

2/24/2028(c)

95,000

93,518

(SOFR

+

1.85%),

3.62%,

3/15/2028(b)(c)

75,000

74,584

(SOFR

+

1.73%),

4.48%,

8/23/2028(c)

200,000

201,403

(CME

Term

SOFR

Month

+

1.56%),

4.22%,

5/1/2029(b)(c)

200,000

200,416

(SOFR

+

0.90%),

4.15%,

10/21/2029(c)

200,000

199,955

(SOFR

+

1.77%),

6.48%,

10/24/2029(b)(c)

125,000

132,561

(SOFR

+

1.27%),

5.73%,

4/25/2030(c)

150,000

156,708

(SOFR

+

1.21%),

5.05%,

7/23/2030(c)

125,000

128,077

(SOFR

+

1.14%),

4.69%,

10/23/2030(c)

110,000

111,501

(SOFR

+

1.08%),

5.21%,

1/28/2031(b)(c)

150,000

154,897

(SOFR

+

1.58%),

5.22%,

4/23/2031(b)(c)

50,000

51,642

(SOFR

+

1.06%),

4.37%,

10/21/2031(b)(c)

200,000

199,523

(SOFR

+

1.28%),

2.62%,

4/22/2032(b)(c)

165,000

150,449

(SOFR

+

1.25%),

2.38%,

7/21/2032(c)

105,000

94,039

(SOFR

+

1.26%),

2.65%,

10/21/2032(c)

90,000

81,236

(SOFR

+

1.41%),

3.10%,

2/24/2033(b)(c)

95,000

87,517

(SOFR

+

1.95%),

6.56%,

10/24/2034(b)(c)

75,000

83,543

(SOFR

+

1.55%),

5.33%,

7/23/2035(c)

150,000

154,119

(SOFR

+

1.42%),

5.02%,

10/23/2035(c)

275,000

276,472

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Capital

#### Markets
Goldman

Sachs

Group,

Inc.

(The),

(SOFR

+

1.38%),

5.54%,

1/28/2036(b)(c)

100,000

103,788

(SOFR

+

1.33%),

4.94%,

10/21/2036(c)

200,000

198,544

6.75%,

10/1/2037(b)

200,000

223,275

(CME

Term

SOFR

Month

+

1.63%),

4.02%,

10/31/2038(b)(c)

150,000

134,879

(CME

Term

SOFR

Month

+

1.69%),

4.41%,

4/23/2039(c)

150,000

138,582

(SOFR

+

1.51%),

3.21%,

4/22/2042(c)

150,000

115,903

(SOFR

+

1.47%),

2.91%,

7/21/2042(c)

100,000

73,336

(SOFR

+

1.63%),

3.44%,

2/24/2043(c)

185,000

144,906

4.80%,

7/8/2044

175,000

162,226

(SOFR

+

1.58%),

5.56%,

11/19/2045(c)

125,000

125,040

(SOFR

+

1.70%),

5.73%,

1/28/2056(c)

80,000

80,856

Goldman

Sachs

Private

Credit

Corp.

,

5.88%,

5/6/2028(f)

25,000

25,466

6.25%,

5/6/2030(f)

25,000

25,488

Golub

Capital

BDC,

Inc.

,

2.05%,

2/15/2027(b)

100,000

97,013

Intercontinental

Exchange,

Inc.

,

4.35%,

6/15/2029(b)

75,000

75,630

2.10%,

6/15/2030

90,000

82,379

5.25%,

6/15/2031

50,000

52,310

4.25%,

9/21/2048(b)

75,000

62,297

3.00%,

6/15/2050

75,000

49,095

4.95%,

6/15/2052(b)

70,000

63,902

3.00%,

9/15/2060

95,000

56,843

5.20%,

6/15/2062(b)

60,000

54,783

Janus

Henderson

US

Holdings,

Inc.

,

Series

WI\*,

5.45%,

9/10/2034

25,000

25,403

Jefferies

Financial

Group,

Inc.

,

2.63%,

10/15/2031(b)

50,000

44,319

6.20%,

4/14/2034(b)

125,000

131,924

KKR

&

Co.,

Inc.

,

5.10%,

8/7/2035(b)

50,000

50,000

Lazard

Group

LLC

,

5.63%,

8/1/2035(b)

25,000

25,607

LPL

Holdings,

Inc.

,

6.00%,

5/20/2034(b)

100,000

105,159

5.65%,

3/15/2035(b)

50,000

51,250

Main

Street

Capital

Corp.

,

6.50%,

6/4/2027

25,000

25,516

6.95%,

3/1/2029(b)

25,000

26,099

Moody's

Corp.

,

3.25%,

1/15/2028

25,000

24,662

2.00%,

8/19/2031(b)

60,000

53,316

5.00%,

8/5/2034(b)

50,000

50,961

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Bond

Index

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Capital

#### Markets
Moody's

Corp.,

2.75%,

8/19/2041(b)

50,000

35,830

3.25%,

5/20/2050

35,000

23,798

3.10%,

11/29/2061

45,000

27,911

Morgan

Stanley

,

(SOFR

+

1.61%),

4.21%,

4/20/2028(b)(c)

80,000

80,184

(CME

Term

SOFR

Month

+

1.40%),

3.77%,

1/24/2029(c)

300,000

298,305

(SOFR

+

1.73%),

5.12%,

2/1/2029(c)

90,000

91,875

(SOFR

+

1.38%),

4.99%,

4/12/2029(c)

40,000

40,792

(SOFR

+

1.63%),

5.45%,

7/20/2029(c)

35,000

36,118

Series

I,

(SOFR

+

0.91%),

4.13%,

10/18/2029(b)(c)

60,000

59,981

(SOFR

+

1.83%),

6.41%,

11/1/2029(b)(c)

70,000

74,194

Series

I,

(SOFR

+

1.07%),

4.36%,

10/22/2031(b)(c)

200,000

199,343

(SOFR

+

1.02%),

1.93%,

4/28/2032(c)

500,000

438,679

(SOFR

+

1.18%),

2.24%,

7/21/2032(c)

500,000

444,294

(SOFR

+

1.20%),

2.51%,

10/20/2032(c)

275,000

246,636

(SOFR

+

1.29%),

2.94%,

1/21/2033(c)

70,000

63,889

(SOFR

+

2.56%),

6.34%,

10/18/2033(c)

130,000

142,476

(SOFR

+

1.87%),

5.25%,

4/21/2034(c)

150,000

154,434

(SOFR

+

1.88%),

5.42%,

7/21/2034(c)

160,000

166,451

(SOFR

+

2.05%),

6.63%,

11/1/2034(b)(c)

115,000

128,589

(SOFR

+

1.58%),

5.83%,

4/19/2035(c)

360,000

382,556

(SOFR

+

1.42%),

5.59%,

1/18/2036(c)

125,000

130,623

(SOFR

+

1.76%),

5.66%,

4/17/2036(c)

125,000

131,208

(SOFR

+

1.36%),

2.48%,

9/16/2036(c)

150,000

131,897

Series

I,

(SOFR

+

1.31%),

4.89%,

10/22/2036(b)(c)

155,000

153,628

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.43%),

5.95%,

1/19/2038(b)(c)

90,000

94,709

(SOFR

+

1.49%),

3.22%,

4/22/2042(c)

200,000

156,701

4.30%,

1/27/2045(b)

100,000

86,544

(SOFR

+

4.84%),

5.60%,

3/24/2051(b)(c)

100,000

100,000

(SOFR

+

1.43%),

2.80%,

1/25/2052(c)

105,000

66,789

(SOFR

+

1.71%),

5.52%,

11/19/2055(b)(c)

135,000

133,439

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Capital

#### Markets
MSCI,

Inc.

,

5.25%,

9/1/2035(b)

50,000

50,330

5.15%,

3/15/2036

25,000

24,817

MSD

Investment

Corp.

,

6.25%,

5/31/2030(f)

25,000

25,158

Nasdaq,

Inc.

,

1.65%,

1/15/2031

50,000

44,305

5.55%,

2/15/2034(b)

28,000

29,404

3.95%,

3/7/2052

165,000

126,139

Nomura

Holdings,

Inc.

,

5.61%,

7/6/2029(b)

200,000

207,897

3.10%,

1/16/2030(b)

200,000

189,953

2.61%,

7/14/2031(b)

200,000

180,702

Northern

Trust

Corp.

,

4.00%,

5/10/2027(b)

65,000

65,212

4.15%,

11/19/2030

30,000

30,032

6.13%,

11/2/2032

80,000

87,237

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.05%),

5.12%,

11/19/2040(c)

25,000

24,966

Oaktree

Specialty

Lending

Corp.

,

7.10%,

2/15/2029

100,000

103,062

Raymond

James

Financial,

Inc.

,

4.90%,

9/11/2035(b)

25,000

24,854

4.95%,

7/15/2046(b)

125,000

114,299

S&P

Global,

Inc.

,

2.70%,

3/1/2029

100,000

96,106

2.50%,

12/1/2029(b)

80,000

75,395

4.25%,

1/15/2031(f)

25,000

24,994

3.25%,

12/1/2049

65,000

45,536

3.70%,

3/1/2052

69,000

52,251

2.30%,

8/15/2060

40,000

20,228

Sixth

Street

Lending

Partners

,

5.75%,

1/15/2030(b)

50,000

50,668

6.13%,

7/15/2030

50,000

51,317

State

Street

Corp.

,

4.99%,

3/18/2027(b)

75,000

76,004

4.33%,

10/22/2027

75,000

75,759

4.54%,

2/28/2028

50,000

50,767

(SOFR

+

1.72%),

5.82%,

11/4/2028(c)

60,000

62,026

(SOFR

+

1.48%),

5.68%,

11/21/2029(b)(c)

75,000

78,539

2.20%,

3/3/2031

74,000

66,586

(SOFR

+

1.00%),

2.62%,

2/7/2033(c)

20,000

18,073

(SOFR

+

1.57%),

4.82%,

1/26/2034(c)

110,000

111,424

(SOFR

+

1.49%),

3.03%,

11/1/2034(c)

100,000

94,336

(SOFR

+

1.22%),

4.78%,

10/23/2036(c)

50,000

49,740

UBS

Group

AG

,

4.88%,

5/15/2045(b)

400,000

370,678

18,719,020

NVIT

Bond

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Chemicals

#### 0

#### .3

#### %
Air

Products

and

Chemicals,

Inc.

,

4.60%,

2/8/2029

25,000

25,439

2.05%,

5/15/2030(b)

45,000

41,391

4.75%,

2/8/2031(b)

100,000

102,559

2.70%,

5/15/2040(b)

65,000

48,753

2.80%,

5/15/2050

40,000

25,470

Albemarle

Corp.

,

5.65%,

6/1/2052

50,000

45,164

Cabot

Corp.

,

5.00%,

6/30/2032(b)

30,000

30,466

CF

Industries,

Inc.

,

5.15%,

3/15/2034(b)

150,000

150,669

5.30%,

11/26/2035(b)

50,000

49,827

Dow

Chemical

Co.

(The)

,

4.80%,

1/15/2031

50,000

49,717

6.30%,

3/15/2033(b)

25,000

26,333

5.15%,

2/15/2034

25,000

24,815

5.35%,

3/15/2035(b)

50,000

49,555

5.65%,

3/15/2036(b)

50,000

49,779

4.38%,

11/15/2042

125,000

98,950

4.80%,

5/15/2049

100,000

78,520

6.90%,

5/15/2053

25,000

25,638

5.60%,

2/15/2054(b)

25,000

21,725

5.95%,

3/15/2055(b)

50,000

45,489

DuPont

de

Nemours,

Inc.

,

4.73%,

11/15/2028(f)

172,000

174,177

5.42%,

11/15/2048(b)

65,000

61,813

Eastman

Chemical

Co.

,

5.00%,

8/1/2029(b)

50,000

51,011

5.75%,

3/8/2033(b)

35,000

36,677

4.65%,

10/15/2044

75,000

63,598

Ecolab,

Inc.

,

5.25%,

1/15/2028(b)

75,000

77,005

1.30%,

1/30/2031(b)

25,000

21,734

2.13%,

8/15/2050

150,000

83,297

FMC

Corp.

,

3.45%,

10/1/2029(b)

32,000

28,383

5.65%,

5/18/2033(b)

10,000

8,765

International

Flavors

&

Fragrances,

Inc.

,

5.00%,

9/26/2048(b)

70,000

61,902

Lubrizol

Corp.

(The)

,

6.50%,

10/1/2034

47,000

53,000

LYB

International

Finance

III

LLC

,

2.25%,

10/1/2030

135,000

120,319

5.63%,

5/15/2033

40,000

40,578

4.20%,

10/15/2049(b)

100,000

71,733

4.20%,

5/1/2050

100,000

71,402

LyondellBasell

Industries

NV

,

4.63%,

2/26/2055(b)

50,000

37,868

Mosaic

Co.

(The)

,

4.05%,

11/15/2027(b)

250,000

249,858

Nutrien

Ltd.

,

4.90%,

3/27/2028(b)

25,000

25,452

5.25%,

3/12/2032

50,000

51,521

5.40%,

6/21/2034

50,000

51,578

5.88%,

12/1/2036(b)

100,000

104,742

5.25%,

1/15/2045(b)

104,000

97,188

PPG

Industries,

Inc.

,

2.80%,

8/15/2029

50,000

47,780

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Chemicals
PPG

Industries,

Inc.,

4.38%,

3/15/2031(b)

25,000

24,970

RPM

International,

Inc.

,

2.95%,

1/15/2032

45,000

40,787

Sherwin-Williams

Co.

(The)

,

4.30%,

8/15/2028

50,000

50,309

2.95%,

8/15/2029(b)

50,000

47,899

4.50%,

8/15/2030(b)

50,000

50,450

4.50%,

6/1/2047(b)

100,000

85,236

2.90%,

3/15/2052

80,000

49,407

Westlake

Corp.

,

2.88%,

8/15/2041

75,000

51,317

4.38%,

11/15/2047(b)

75,000

58,126

6.38%,

11/15/2055

25,000

24,595

3,164,736

#### Commercial

#### Services

#### &

#### Supplies

#### 0

#### .1

#### %
Cintas

Corp.

No.

,

4.20%,

5/1/2028

25,000

25,124

4.00%,

5/1/2032

40,000

39,139

Ford

Foundation

(The)

,

Series

2020,

2.42%,

6/1/2050

25,000

14,876

RELX

Capital,

Inc.

,

4.00%,

3/18/2029

100,000

99,676

4.75%,

3/27/2030(b)

25,000

25,493

Republic

Services,

Inc.

,

4.88%,

4/1/2029

25,000

25,621

5.00%,

11/15/2029(b)

25,000

25,865

4.75%,

7/15/2030(b)

40,000

40,917

1.45%,

2/15/2031

165,000

143,807

5.20%,

11/15/2034(b)

45,000

46,592

6.20%,

3/1/2040

70,000

77,219

Rollins,

Inc.

,

5.25%,

2/24/2035

25,000

25,507

Veralto

Corp.

,

5.35%,

9/18/2028

50,000

51,555

5.45%,

9/18/2033

25,000

26,092

Waste

Connections,

Inc.

,

4.25%,

12/1/2028

100,000

100,695

3.20%,

6/1/2032

50,000

46,532

5.25%,

9/1/2035(b)

45,000

46,576

2.95%,

1/15/2052

70,000

45,324

Waste

Management,

Inc.

,

4.95%,

7/3/2027

40,000

40,675

4.88%,

2/15/2029

75,000

76,924

2.00%,

6/1/2029

35,000

32,754

4.63%,

2/15/2030

50,000

50,942

4.65%,

3/15/2030

75,000

76,452

4.95%,

7/3/2031

35,000

36,229

4.63%,

2/15/2033(b)

50,000

50,679

2.95%,

6/1/2041(b)

85,000

64,495

4.15%,

7/15/2049(b)

100,000

82,679

5.35%,

10/15/2054(b)

60,000

58,452

1,476,891

#### Communications

#### Equipment

#### 0

#### .1

#### %
Cisco

Systems,

Inc.

,

4.80%,

2/26/2027(b)

125,000

126,401

4.85%,

2/26/2029(b)

125,000

128,301

4.95%,

2/26/2031

168,000

174,230

4.95%,

2/24/2032(b)

75,000

77,404

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Bond

Index

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Communications

#### Equipment
Cisco

Systems,

Inc.,

5.05%,

2/26/2034(b)

30,000

30,872

5.10%,

2/24/2035(b)

50,000

51,372

5.50%,

1/15/2040(b)

100,000

103,648

5.30%,

2/26/2054

70,000

67,096

5.50%,

2/24/2055(b)

35,000

34,605

5.35%,

2/26/2064

50,000

47,229

Motorola

Solutions,

Inc.

,

5.00%,

4/15/2029(b)

25,000

25,616

2.30%,

11/15/2030(b)

300,000

272,463

5.40%,

4/15/2034(b)

25,000

25,816

5.55%,

8/15/2035

25,000

25,980

1,191,033

#### Construction

#### &

#### Engineering

#### 0

#### .0

#### %

#### †
MasTec,

Inc.

,

5.90%,

6/15/2029

25,000

26,046

Quanta

Services,

Inc.

,

4.75%,

8/9/2027(b)

50,000

50,605

2.90%,

10/1/2030

25,000

23,399

4.50%,

1/15/2031

25,000

25,020

5.10%,

8/9/2035

25,000

25,054

3.05%,

10/1/2041

55,000

40,731

190,855

#### Construction

#### Materials

#### 0

#### .1

#### %
Eagle

Materials,

Inc.

,

2.50%,

7/1/2031(b)

65,000

59,027

5.00%,

3/15/2036

25,000

24,489

Martin

Marietta

Materials,

Inc.

,

Series

CB,

2.50%,

3/15/2030(b)

300,000

279,787

2.40%,

7/15/2031(b)

25,000

22,557

5.15%,

12/1/2034

30,000

30,609

3.20%,

7/15/2051

50,000

33,670

Vulcan

Materials

Co.

,

5.35%,

12/1/2034(b)

75,000

77,735

4.50%,

6/15/2047

75,000

64,166

592,040

#### Consumer

#### Finance

#### 0

#### .8

#### %
AerCap

Ireland

Capital

DAC

,

3.88%,

1/23/2028

250,000

248,795

3.00%,

10/29/2028(b)

300,000

290,846

3.40%,

10/29/2033

150,000

135,424

3.85%,

10/29/2041(b)

150,000

122,578

Ally

Financial,

Inc.

,

4.75%,

6/9/2027

40,000

40,348

7.10%,

11/15/2027

100,000

105,057

2.20%,

11/2/2028

165,000

156,065

(SOFR

+

2.82%),

6.85%,

1/3/2030(c)

50,000

53,050

(SOFR

+

1.78%),

5.55%,

7/31/2033(c)

50,000

50,366

(SOFR

+

2.29%),

6.18%,

7/26/2035(b)(c)

40,000

41,456

American

Express

Co.

,

2.55%,

3/4/2027(b)

110,000

108,407

3.30%,

5/3/2027

100,000

99,316

5.85%,

11/5/2027(b)

95,000

98,264

(SOFR

+

0.93%),

5.04%,

7/26/2028(c)

45,000

45,760

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Consumer

#### Finance
American

Express

Co.,

(SOFR

+

0.81%),

4.35%,

7/20/2029(c)

125,000

125,912

(SOFR

+

1.94%),

6.49%,

10/30/2031(c)

50,000

54,609

(SOFR

+

2.26%),

4.99%,

5/26/2033(c)

25,000

25,388

(SOFR

+

1.22%),

4.92%,

7/20/2033(c)

55,000

55,973

(SOFR

+

1.76%),

4.42%,

8/3/2033(c)

80,000

79,404

(SOFR

+

1.84%),

5.04%,

5/1/2034(c)

120,000

123,042

(SOFR

+

1.42%),

5.28%,

7/26/2035(b)(c)

105,000

108,200

(United

States

SOFR

Compounded

Index

+

1.32%),

5.44%,

1/30/2036(b)(c)

75,000

77,900

(SOFR

+

1.79%),

5.67%,

4/25/2036(b)(c)

75,000

79,190

(SOFR

+

1.24%),

4.80%,

10/24/2036(c)

125,000

123,430

4.05%,

12/3/2042

100,000

86,138

American

Honda

Finance

Corp.

,

4.55%,

7/9/2027(b)

25,000

25,233

4.90%,

7/9/2027

50,000

50,676

4.45%,

10/22/2027

50,000

50,428

4.70%,

1/12/2028

20,000

20,271

4.55%,

3/3/2028

25,000

25,261

5.13%,

7/7/2028

75,000

76,956

4.25%,

9/1/2028

50,000

50,303

5.65%,

11/15/2028(b)

50,000

52,156

2.25%,

1/12/2029

50,000

47,347

4.90%,

3/13/2029(b)

50,000

51,090

4.60%,

4/17/2030

35,000

35,390

4.50%,

9/4/2030

50,000

50,185

5.85%,

10/4/2030

50,000

53,081

5.15%,

7/9/2032(b)

25,000

25,689

4.90%,

1/10/2034(b)

35,000

35,162

5.20%,

3/5/2035

25,000

25,337

Capital

One

Financial

Corp.

,

4.10%,

2/9/2027(b)

250,000

250,169

3.65%,

5/11/2027

100,000

99,530

(SOFR

+

1.79%),

3.27%,

3/1/2030(b)(c)

95,000

92,184

(SOFR

+

2.60%),

5.25%,

7/26/2030(c)

60,000

61,887

(SOFR

+

1.56%),

5.46%,

7/26/2030(b)(c)

50,000

51,816

(SOFR

+

1.25%),

4.49%,

9/11/2031(b)(c)

45,000

44,934

(SOFR

+

3.07%),

7.62%,

10/30/2031(c)

150,000

169,522

(SOFR

+

1.34%),

2.36%,

7/29/2032(c)

100,000

87,536

(SOFR

+

2.60%),

5.82%,

2/1/2034(b)(c)

40,000

41,865

(SOFR

+

2.86%),

6.38%,

6/8/2034(c)

55,000

59,451

NVIT

Bond

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Consumer

#### Finance
Capital

One

Financial

Corp.,

(United

States

SOFR

Compounded

Index

+

3.37%),

7.96%,

11/2/2034(b)(c)

75,000

88,425

(SOFR

+

2.26%),

6.05%,

2/1/2035(c)

100,000

106,449

(SOFR

+

1.99%),

5.88%,

7/26/2035(b)(c)

50,000

52,625

(SOFR

+

2.04%),

6.18%,

1/30/2036(b)(c)

50,000

52,194

(SOFR

+

1.63%),

5.20%,

9/11/2036(b)(c)

50,000

49,748

Caterpillar

Financial

Services

Corp.

,

5.00%,

5/14/2027

25,000

25,415

3.60%,

8/12/2027

100,000

99,849

4.40%,

10/15/2027

25,000

25,297

4.60%,

11/15/2027(b)

50,000

50,817

3.95%,

11/14/2028

50,000

50,117

4.85%,

2/27/2029(b)

50,000

51,375

4.38%,

8/16/2029

25,000

25,343

Ford

Motor

Credit

Co.

LLC

,

4.13%,

8/17/2027

200,000

198,338

6.80%,

11/7/2028(b)

200,000

209,824

5.80%,

3/8/2029(b)

200,000

204,349

7.35%,

3/6/2030(b)

200,000

214,645

4.00%,

11/13/2030(b)

200,000

188,739

General

Motors

Financial

Co.,

Inc.

,

5.00%,

7/15/2027(b)

25,000

25,324

5.35%,

7/15/2027

60,000

61,041

6.00%,

1/9/2028(b)

100,000

103,322

5.05%,

4/4/2028(b)

50,000

50,922

5.80%,

6/23/2028

55,000

56,993

2.40%,

10/15/2028(b)

195,000

185,939

4.20%,

10/27/2028(b)

45,000

45,064

5.80%,

1/7/2029(b)

50,000

52,130

5.55%,

7/15/2029(b)

25,000

25,916

5.35%,

1/7/2030(b)

50,000

51,629

5.85%,

4/6/2030(b)

45,000

47,273

3.60%,

6/21/2030

100,000

96,326

5.45%,

7/15/2030(b)

25,000

25,961

2.70%,

6/10/2031(b)

120,000

108,661

5.60%,

6/18/2031(b)

30,000

31,264

3.10%,

1/12/2032

50,000

45,574

5.63%,

4/4/2032(b)

25,000

26,031

6.40%,

1/9/2033(b)

100,000

107,963

5.95%,

4/4/2034

50,000

52,329

5.45%,

9/6/2034

50,000

50,719

5.90%,

1/7/2035

50,000

52,055

6.15%,

7/15/2035(b)

25,000

26,345

John

Deere

Capital

Corp.

,

4.85%,

3/5/2027

25,000

25,315

4.90%,

6/11/2027

50,000

50,845

4.20%,

7/15/2027

35,000

35,254

4.15%,

9/15/2027

60,000

60,464

4.65%,

1/7/2028

25,000

25,430

4.75%,

1/20/2028

40,000

40,766

1.50%,

3/6/2028(b)

75,000

71,440

Series

I,

4.25%,

6/5/2028(b)

50,000

50,576

4.95%,

7/14/2028

48,000

49,293

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Consumer

#### Finance
John

Deere

Capital

Corp.,

4.50%,

1/16/2029

50,000

50,799

3.35%,

4/18/2029

40,000

39,238

4.85%,

6/11/2029

50,000

51,378

Series

I,

4.55%,

6/5/2030(b)

50,000

50,836

4.70%,

6/10/2030(b)

40,000

40,973

4.38%,

10/15/2030(b)

50,000

50,527

1.45%,

1/15/2031(b)

75,000

66,059

4.90%,

3/7/2031

25,000

25,809

4.40%,

9/8/2031(b)

25,000

25,246

4.35%,

9/15/2032(b)

60,000

60,186

5.10%,

4/11/2034(b)

50,000

51,702

Series

MTN1,

5.05%,

6/12/2034

50,000

51,647

PACCAR

Financial

Corp.

,

2.00%,

2/4/2027

100,000

98,131

5.00%,

5/13/2027

25,000

25,416

4.25%,

6/23/2027

25,000

25,199

4.45%,

8/6/2027(b)

50,000

50,578

Series

R,

4.00%,

11/7/2028

25,000

25,117

4.60%,

1/31/2029

25,000

25,459

5.00%,

3/22/2034

25,000

25,846

Synchrony

Financial

,

(United

States

SOFR

Compounded

Index

+

2.13%),

5.94%,

8/2/2030(b)

(c) 50,000

52,109

2.88%,

10/28/2031(b)

30,000

26,915

(SOFR

+

2.07%),

6.00%,

7/29/2036(b)(c)

50,000

51,322

Toyota

Motor

Credit

Corp.

,

4.60%,

1/8/2027

25,000

25,231

1.90%,

1/13/2027

100,000

98,128

Series

B,

5.00%,

3/19/2027

50,000

50,719

3.05%,

3/22/2027(b)

100,000

99,136

4.50%,

5/14/2027(b)

75,000

75,720

4.55%,

9/20/2027

90,000

91,114

4.35%,

10/8/2027

50,000

50,484

4.63%,

1/12/2028

40,000

40,623

5.25%,

9/11/2028

25,000

25,877

4.65%,

1/5/2029(b)

25,000

25,455

5.05%,

5/16/2029

25,000

25,788

4.45%,

6/29/2029

65,000

65,836

4.95%,

1/9/2030

25,000

25,742

2.15%,

2/13/2030(b)

75,000

69,565

4.55%,

5/17/2030(b)

60,000

61,023

5.55%,

11/20/2030

98,000

103,799

5.10%,

3/21/2031

50,000

51,934

1.90%,

9/12/2031

75,000

65,801

4.60%,

10/10/2031(b)

50,000

50,751

5.35%,

1/9/2035

50,000

52,396

9,725,704

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0

#### .3

#### %
Costco

Wholesale

Corp.

,

1.38%,

6/20/2027(b)

120,000

116,291

1.60%,

4/20/2030(b)

150,000

135,868

Dollar

General

Corp.

,

3.50%,

4/3/2030(b)

300,000

290,149

Dollar

Tree,

Inc.

,

4.20%,

5/15/2028(b)

90,000

90,054

3.38%,

12/1/2051

50,000

33,578

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Bond

Index

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail
Kroger

Co.

(The)

,

7.50%,

4/1/2031(b)

57,000

64,995

5.40%,

7/15/2040

125,000

124,494

4.45%,

2/1/2047

82,000

68,988

3.95%,

1/15/2050(b)

100,000

76,334

5.50%,

9/15/2054(b)

30,000

28,569

5.65%,

9/15/2064(b)

60,000

57,234

Sysco

Corp.

,

5.75%,

1/17/2029(b)

25,000

26,128

5.95%,

4/1/2030(b)

50,000

53,022

5.10%,

9/23/2030(b)

25,000

25,814

2.45%,

12/14/2031(b)

100,000

89,626

6.00%,

1/17/2034

25,000

27,013

5.40%,

3/23/2035(b)

25,000

25,895

6.60%,

4/1/2050(b)

75,000

82,395

3.15%,

12/14/2051

50,000

33,327

Target

Corp.

,

1.95%,

1/15/2027

130,000

127,662

2.35%,

2/15/2030(b)

105,000

98,219

2.65%,

9/15/2030(b)

50,000

46,891

4.50%,

9/15/2032

100,000

100,988

4.40%,

1/15/2033

50,000

49,980

4.50%,

9/15/2034(b)

50,000

49,504

5.00%,

4/15/2035

25,000

25,328

5.25%,

2/15/2036(b)

25,000

25,679

4.00%,

7/1/2042(b)

71,000

59,947

4.80%,

1/15/2053(b)

50,000

44,526

Walmart,

Inc.

,

3.95%,

9/9/2027(b)

60,000

60,340

4.35%,

4/28/2030(b)

45,000

45,710

1.80%,

9/22/2031(b)

150,000

133,665

4.15%,

9/9/2032(b)

60,000

60,378

4.10%,

4/15/2033(b)

80,000

79,857

4.90%,

4/28/2035(b)

65,000

66,821

5.25%,

9/1/2035

118,000

124,845

6.50%,

8/15/2037(b)

100,000

115,554

2.50%,

9/22/2041

100,000

72,457

4.05%,

6/29/2048

75,000

62,561

2.65%,

9/22/2051

75,000

47,282

4.50%,

4/15/2053(b)

80,000

70,747

3,018,715

#### Containers

#### &

#### Packaging

#### 0

#### .1

#### %
Amcor

Finance

USA,

Inc.

,

5.63%,

5/26/2033(b)

40,000

41,754

Amcor

Flexibles

North

America,

Inc.

,

4.80%,

3/17/2028(b)

50,000

50,687

5.10%,

3/17/2030(b)

25,000

25,662

2.63%,

6/19/2030

50,000

46,354

2.69%,

5/25/2031(b)

50,000

45,717

Avery

Dennison

Corp.

,

2.25%,

2/15/2032

25,000

21,975

5.75%,

3/15/2033(b)

15,000

15,894

Berry

Global,

Inc.

,

5.80%,

6/15/2031

50,000

52,783

5.65%,

1/15/2034(b)

30,000

31,255

International

Paper

Co.

,

6.00%,

11/15/2041(b)

150,000

155,379

Packaging

Corp.

of

America

,

3.00%,

12/15/2029

25,000

23,903

4.05%,

12/15/2049(b)

75,000

59,454

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Containers

#### &

#### Packaging
Smurfit

Kappa

Treasury

ULC

,

5.44%,

4/3/2034(b)

200,000

207,080

Sonoco

Products

Co.

,

2.25%,

2/1/2027

165,000

161,827

3.13%,

5/1/2030

50,000

47,303

2.85%,

2/1/2032(b)

50,000

45,083

5.00%,

9/1/2034(b)

25,000

24,765

1,056,875

#### Distributors

#### 0

#### .0

#### %

#### †
Genuine

Parts

Co.

,

6.50%,

11/1/2028

25,000

26,356

4.95%,

8/15/2029

25,000

25,418

6.88%,

11/1/2033

25,000

27,780

79,554

#### Diversified

#### Consumer

#### Services

#### 0

#### .1

#### %
American

University

(The)

,

Series

2019,

3.67%,

4/1/2049

35,000

26,322

California

Institute

of

Technology

,

3.65%,

9/1/2119

50,000

31,674

Duke

University

,

Series

2020,

2.83%,

10/1/2055

110,000

68,868

George

Washington

University

(The)

,

Series

2018,

4.13%,

9/15/2048

73,000

59,505

Georgetown

University

(The)

,

Series

20A,

2.94%,

4/1/2050

35,000

22,480

Leland

Stanford

Junior

University

(The)

,

2.41%,

6/1/2050

150,000

89,889

Massachusetts

Institute

of

Technology

,

5.60%,

7/1/2111

50,000

49,872

4.68%,

7/1/2114

75,000

62,076

Northwestern

University

,

Series

2020,

2.64%,

12/1/2050

28,000

17,544

President

and

Fellows

of

Harvard

College

,

3.15%,

7/15/2046

75,000

54,347

3.30%,

7/15/2056(b)

200,000

137,638

Trustees

of

Princeton

University

(The)

,

4.65%,

7/1/2030

5,000

5,117

Series

2020,

2.52%,

7/1/2050

84,000

52,581

Trustees

of

the

University

of

Pennsylvania

(The)

,

Series

2020,

2.40%,

10/1/2050

48,000

28,197

University

of

Southern

California

,

Series

21A,

2.95%,

10/1/2051

125,000

81,171

4.98%,

10/1/2053

75,000

68,896

NVIT

Bond

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Diversified

#### Consumer

#### Services
Yale

University

,

Series

2020,

2.40%,

4/15/2050

61,000

36,582

892,759

#### Diversified

#### REITs

#### 0

#### .1

#### %
American

Assets

Trust

LP

,

6.15%,

10/1/2034(b)

25,000

25,359

Broadstone

Net

Lease

LLC

,

2.60%,

9/15/2031

35,000

30,972

Digital

Realty

Trust

LP

,

3.70%,

8/15/2027

110,000

109,404

5.55%,

1/15/2028(b)

105,000

107,842

Equinix

Europe

Financing

Corp.

LLC

,

4.60%,

11/15/2030

50,000

50,151

GLP

Capital

LP

,

5.30%,

1/15/2029

200,000

203,481

4.00%,

1/15/2031

100,000

95,783

3.25%,

1/15/2032(b)

50,000

45,238

5.25%,

2/15/2033(b)

25,000

25,091

5.75%,

11/1/2037

25,000

24,865

Safehold

GL

Holdings

LLC

,

5.65%,

1/15/2035

25,000

25,666

Simon

Property

Group

LP

,

1.38%,

1/15/2027

100,000

97,421

4.38%,

10/1/2030(b)

25,000

25,179

4.75%,

9/26/2034(b)

35,000

34,809

5.13%,

10/1/2035(b)

50,000

50,750

4.25%,

11/30/2046(b)

125,000

104,261

3.25%,

9/13/2049(b)

132,000

90,925

5.85%,

3/8/2053(b)

50,000

50,773

VICI

Properties

LP

,

5.13%,

11/15/2031

45,000

45,586

5.75%,

4/1/2034

50,000

51,600

5.63%,

4/1/2035

30,000

30,636

5.63%,

5/15/2052(b)

30,000

28,040

6.13%,

4/1/2054(b)

50,000

49,813

WP

Carey,

Inc.

,

3.85%,

7/15/2029

45,000

44,362

2.45%,

2/1/2032

45,000

39,679

5.38%,

6/30/2034

25,000

25,802

1,513,488

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .6

#### %
AT&T,

Inc.

,

4.35%,

3/1/2029

150,000

150,782

4.30%,

2/15/2030(b)

150,000

150,190

4.70%,

8/15/2030

100,000

101,655

2.75%,

6/1/2031(b)

225,000

206,638

2.25%,

2/1/2032

100,000

87,701

2.55%,

12/1/2033

160,000

136,555

5.40%,

2/15/2034

110,000

114,054

4.50%,

5/15/2035(b)

210,000

201,721

4.90%,

11/1/2035(b)

100,000

98,766

4.85%,

3/1/2039(b)

100,000

95,095

3.50%,

6/1/2041(b)

175,000

137,654

4.65%,

6/1/2044(b)

150,000

129,865

5.55%,

11/1/2045(b)

75,000

72,227

4.50%,

3/9/2048

150,000

123,849

3.65%,

6/1/2051

175,000

122,974

3.50%,

9/15/2053

290,000

194,075

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Diversified

#### Telecommunication

#### Services
AT&T,

Inc.,

5.70%,

11/1/2054(b)

75,000

71,938

3.55%,

9/15/2055

300,000

199,693

3.80%,

12/1/2057(b)

314,000

215,982

3.65%,

9/15/2059

479,000

315,881

Bell

Canada

,

3.65%,

8/15/2052

25,000

17,587

Bell

Telephone

Co.

of

Canada

or

Bell

Canada

,

5.20%,

2/15/2034

50,000

50,700

4.46%,

4/1/2048(b)

58,000

47,832

5.55%,

2/15/2054

50,000

47,498

British

Telecommunications

plc

,

9.62%,

12/15/2030(b)(e)

150,000

183,107

Deutsche

Telekom

International

Finance

BV

,

8.75%,

6/15/2030(e)

169,000

197,191

Orange

SA

,

9.00%,

3/1/2031(e)

100,000

120,332

5.38%,

1/13/2042

75,000

73,464

Sprint

Capital

Corp.

,

6.88%,

11/15/2028

50,000

53,657

8.75%,

3/15/2032

150,000

181,403

Telefonica

Emisiones

SA

,

7.05%,

6/20/2036

200,000

223,122

5.52%,

3/1/2049(b)

150,000

136,279

TELUS

Corp.

,

3.40%,

5/13/2032(b)

60,000

55,345

Verizon

Communications,

Inc.

,

2.10%,

3/22/2028(b)

125,000

120,012

4.02%,

12/3/2029

300,000

297,713

1.75%,

1/20/2031

500,000

440,118

2.36%,

3/15/2032

240,000

211,500

4.75%,

1/15/2033

70,000

69,945

5.05%,

5/9/2033(b)

45,000

46,153

4.50%,

8/10/2033

250,000

246,039

4.78%,

2/15/2035(b)

100,000

98,457

5.25%,

4/2/2035(b)

140,000

142,294

5.00%,

1/15/2036

235,000

233,005

4.81%,

3/15/2039

185,000

175,568

3.40%,

3/22/2041

230,000

180,094

2.85%,

9/3/2041(b)

110,000

79,279

5.75%,

11/30/2045(b)

150,000

148,929

2.88%,

11/20/2050

125,000

77,497

3.55%,

3/22/2051(b)

145,000

102,926

3.88%,

3/1/2052(b)

90,000

66,677

5.50%,

2/23/2054(b)

25,000

24,001

5.88%,

11/30/2055

35,000

34,580

2.99%,

10/30/2056

125,000

74,367

3.00%,

11/20/2060

180,000

104,888

3.70%,

3/22/2061

150,000

101,216

6.00%,

11/30/2065(b)

105,000

103,630

7,493,700

#### Electric

#### Utilities

#### 1

#### .8

#### %
AEP

Texas,

Inc.

,

5.45%,

5/15/2029

25,000

25,881

4.70%,

5/15/2032

70,000

70,244

3.80%,

10/1/2047

100,000

73,875

5.25%,

5/15/2052(b)

20,000

18,339

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Bond

Index

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Electric

#### Utilities
AEP

Transmission

Co.

LLC

,

5.38%,

6/15/2035

50,000

51,569

Series

N,

2.75%,

8/15/2051

50,000

30,782

Series

O,

4.50%,

6/15/2052

80,000

67,815

5.40%,

3/15/2053(b)

40,000

38,891

Alabama

Power

Co.

,

3.75%,

9/1/2027

40,000

40,024

Series

C,

4.30%,

3/15/2031

25,000

25,063

3.94%,

9/1/2032(b)

40,000

38,760

5.10%,

4/2/2035(b)

35,000

35,826

4.15%,

8/15/2044

200,000

167,055

3.13%,

7/15/2051

30,000

19,845

American

Electric

Power

Co.,

Inc.

,

5.75%,

11/1/2027(b)

100,000

103,075

Series

J,

4.30%,

12/1/2028

50,000

50,355

5.20%,

1/15/2029(b)

50,000

51,535

5.63%,

3/1/2033

24,000

25,205

Series

C,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.13%),

5.80%,

3/15/2056(c)

25,000

24,819

Series

D,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.94%),

6.05%,

3/15/2056(c)

25,000

24,563

Appalachian

Power

Co.

,

Series

BB,

4.50%,

8/1/2032

30,000

29,686

Arizona

Public

Service

Co.

,

2.60%,

8/15/2029

50,000

47,308

2.20%,

12/15/2031(b)

100,000

87,780

4.35%,

11/15/2045

50,000

41,664

3.50%,

12/1/2049

75,000

52,536

Baltimore

Gas

and

Electric

Co.

,

5.30%,

6/1/2034

25,000

25,873

3.50%,

8/15/2046(b)

75,000

55,559

3.20%,

9/15/2049

40,000

27,028

2.90%,

6/15/2050

60,000

38,379

4.55%,

6/1/2052

30,000

25,263

5.40%,

6/1/2053(b)

25,000

24,036

5.65%,

6/1/2054(b)

25,000

24,824

CenterPoint

Energy

Houston

Electric

LLC

,

5.20%,

10/1/2028

105,000

108,407

4.80%,

3/15/2030

50,000

51,201

Series

ai.,

4.45%,

10/1/2032

40,000

39,839

4.50%,

4/1/2044

142,000

124,835

Series

AD,

2.90%,

7/1/2050

60,000

38,647

Commonwealth

Edison

Co.

,

5.30%,

6/1/2034

25,000

26,038

4.35%,

11/15/2045

200,000

170,028

3.65%,

6/15/2046

100,000

76,397

4.00%,

3/1/2048

75,000

59,571

Series

127,

3.20%,

11/15/2049

55,000

37,175

Series

131,

2.75%,

9/1/2051

50,000

30,663

Connecticut

Light

and

Power

Co.

(The)

,

4.65%,

1/1/2029(b)

25,000

25,464

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Electric

#### Utilities
Connecticut

Light

and

Power

Co.

(The),

Series

A,

2.05%,

7/1/2031(b)

100,000

88,885

4.90%,

7/1/2033

25,000

25,357

4.95%,

8/15/2034(b)

25,000

25,217

5.25%,

1/15/2053

50,000

47,333

Dayton

Power

&

Light

Co.

(The)

,

4.55%,

8/15/2030(f)

25,000

24,903

Dominion

Energy

South

Carolina,

Inc.

,

Series

A,

2.30%,

12/1/2031

50,000

44,619

6.05%,

1/15/2038

150,000

161,336

DTE

Electric

Co.

,

Series

A,

3.00%,

3/1/2032

40,000

36,961

5.20%,

4/1/2033(b)

40,000

41,568

5.20%,

3/1/2034

50,000

51,580

5.25%,

5/15/2035

75,000

77,080

4.30%,

7/1/2044

150,000

127,735

Series

B,

3.65%,

3/1/2052

25,000

18,405

5.85%,

5/15/2055(b)

25,000

25,657

Duke

Energy

Carolinas

LLC

,

2.45%,

2/1/2030

75,000

70,332

2.85%,

3/15/2032(b)

70,000

64,104

5.25%,

3/15/2035

25,000

25,836

6.10%,

6/1/2037

50,000

53,838

6.00%,

1/15/2038

200,000

215,341

3.20%,

8/15/2049

50,000

34,154

5.35%,

1/15/2053

25,000

23,983

5.40%,

1/15/2054(b)

34,000

32,912

Duke

Energy

Corp.

,

5.00%,

12/8/2027(b)

85,000

86,655

4.30%,

3/15/2028(b)

80,000

80,431

2.45%,

6/1/2030(b)

70,000

64,898

2.55%,

6/15/2031

150,000

136,590

4.50%,

8/15/2032(b)

90,000

89,703

5.75%,

9/15/2033

75,000

79,420

5.45%,

6/15/2034(b)

25,000

26,032

4.95%,

9/15/2035(b)

35,000

34,706

3.75%,

9/1/2046

119,000

90,242

5.00%,

8/15/2052

65,000

57,384

6.10%,

9/15/2053

75,000

77,687

5.80%,

6/15/2054

25,000

24,720

Duke

Energy

Florida

LLC

,

5.65%,

4/1/2040(b)

125,000

129,900

3.40%,

10/1/2046

150,000

109,420

6.20%,

11/15/2053

25,000

26,747

Duke

Energy

Indiana

LLC

,

6.35%,

8/15/2038

125,000

138,021

5.40%,

4/1/2053

40,000

37,983

Duke

Energy

Ohio,

Inc.

,

2.13%,

6/1/2030

155,000

141,889

5.30%,

6/15/2035

25,000

25,772

5.55%,

3/15/2054

25,000

24,431

Duke

Energy

Progress

LLC

,

5.25%,

3/15/2033

30,000

31,197

5.05%,

3/15/2035(b)

25,000

25,420

4.15%,

12/1/2044

100,000

83,292

4.20%,

8/15/2045

100,000

82,948

5.35%,

3/15/2053

50,000

47,746

5.55%,

3/15/2055

25,000

24,660

NVIT

Bond

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Electric

#### Utilities
Edison

International

,

4.13%,

3/15/2028

100,000

98,838

5.25%,

11/15/2028

25,000

25,337

5.45%,

6/15/2029

50,000

50,869

Emera

US

Finance

LP

,

4.75%,

6/15/2046

75,000

64,014

Enel

Chile

SA

,

4.88%,

6/12/2028

71,000

71,994

Entergy

Arkansas

LLC

,

5.15%,

1/15/2033

50,000

51,694

5.45%,

6/1/2034

50,000

52,235

5.75%,

6/1/2054(b)

25,000

25,197

Entergy

Corp.

,

3.75%,

6/15/2050(b)

35,000

25,417

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.18%),

5.88%,

6/15/2056(b)(c)

25,000

24,984

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.01%),

6.10%,

6/15/2056(c)

25,000

24,961

Entergy

Louisiana

LLC

,

5.35%,

3/15/2034(b)

25,000

25,982

5.15%,

9/15/2034(b)

50,000

51,115

4.75%,

9/15/2052(b)

150,000

130,536

5.70%,

3/15/2054

25,000

24,832

5.80%,

3/15/2055

25,000

25,124

Entergy

Mississippi

LLC

,

5.00%,

9/1/2033

20,000

20,327

5.85%,

6/1/2054(b)

25,000

25,191

5.80%,

4/15/2055

25,000

25,148

Entergy

Texas,

Inc.

,

1.75%,

3/15/2031(b)

200,000

176,368

3.55%,

9/30/2049

50,000

35,647

5.00%,

9/15/2052

20,000

17,748

Evergy

Kansas

Central,

Inc.

,

5.25%,

3/15/2035

50,000

50,968

4.10%,

4/1/2043

150,000

124,254

Evergy

Metro,

Inc.

,

4.95%,

4/15/2033

30,000

30,489

5.13%,

8/15/2035(b)

25,000

25,261

Evergy,

Inc.

,

2.90%,

9/15/2029(b)

125,000

119,112

Eversource

Energy

,

5.00%,

1/1/2027

25,000

25,217

2.90%,

3/1/2027

50,000

49,306

4.60%,

7/1/2027

35,000

35,238

5.95%,

2/1/2029(b)

50,000

52,233

Series

R,

1.65%,

8/15/2030

100,000

88,265

4.45%,

12/15/2030(b)

35,000

34,804

5.85%,

4/15/2031(b)

50,000

52,741

Exelon

Corp.

,

5.15%,

3/15/2028

30,000

30,650

4.05%,

4/15/2030

200,000

198,020

5.13%,

3/15/2031

50,000

51,617

5.30%,

3/15/2033(b)

60,000

62,300

5.45%,

3/15/2034(b)

35,000

36,390

4.10%,

3/15/2052(b)

35,000

27,007

FirstEnergy

Corp.

,

Series

B,

3.90%,

7/15/2027(e)

106,000

105,577

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Electric

#### Utilities
FirstEnergy

Corp.,

Series

C,

4.85%,

7/15/2047(b)(e)

100,000

88,034

Series

C,

3.40%,

3/1/2050

25,000

17,243

FirstEnergy

Transmission

LLC

,

4.75%,

1/15/2033(f)

25,000

24,992

Florida

Power

&

Light

Co.

,

5.05%,

4/1/2028

35,000

35,884

4.40%,

5/15/2028

35,000

35,436

5.15%,

6/15/2029(b)

50,000

51,918

4.63%,

5/15/2030

35,000

35,688

2.45%,

2/3/2032(b)

148,000

133,555

5.10%,

4/1/2033

60,000

62,139

4.70%,

2/15/2036

50,000

49,525

3.95%,

3/1/2048

100,000

79,902

2.88%,

12/4/2051

10,000

6,374

5.30%,

4/1/2053(b)

40,000

38,305

5.60%,

6/15/2054(b)

45,000

45,176

5.70%,

3/15/2055(b)

30,000

30,397

5.60%,

2/15/2066

75,000

73,824

Georgia

Power

Co.

,

4.65%,

5/16/2028

100,000

101,565

4.00%,

10/1/2028(b)

50,000

50,277

4.55%,

3/15/2030

50,000

50,800

4.85%,

3/15/2031

100,000

102,599

4.95%,

5/17/2033

100,000

101,956

5.20%,

3/15/2035(b)

50,000

51,318

4.30%,

3/15/2042

125,000

109,380

5.13%,

5/15/2052(b)

25,000

23,321

Idaho

Power

Co.

,

5.20%,

8/15/2034

25,000

25,713

5.50%,

3/15/2053(b)

20,000

19,448

5.80%,

4/1/2054

25,000

25,368

Indiana

Michigan

Power

Co.

,

Series

K,

4.55%,

3/15/2046(b)

100,000

86,490

Interstate

Power

and

Light

Co.

,

3.60%,

4/1/2029(b)

50,000

48,982

5.70%,

10/15/2033

25,000

26,229

5.60%,

6/29/2035(b)

50,000

52,036

3.70%,

9/15/2046

100,000

74,688

3.10%,

11/30/2051

20,000

12,843

IPALCO

Enterprises,

Inc.

,

5.75%,

4/1/2034

75,000

76,419

Jersey

Central

Power

&

Light

Co.

,

4.15%,

1/15/2029(b)(f)

25,000

24,958

4.40%,

1/15/2031(f)

25,000

24,909

5.15%,

1/15/2036(f)

25,000

25,267

Kentucky

Utilities

Co.

,

Series

KENT,

5.45%,

4/15/2033(b)

20,000

20,978

5.85%,

8/15/2055(b)

50,000

50,386

Louisville

Gas

and

Electric

Co.

,

4.25%,

4/1/2049

125,000

102,106

MidAmerican

Energy

Co.

,

5.35%,

1/15/2034

25,000

26,098

5.80%,

10/15/2036(b)

175,000

188,370

2.70%,

8/1/2052

25,000

15,278

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Bond

Index

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Electric

#### Utilities
MidAmerican

Energy

Co.,

5.85%,

9/15/2054(b)

70,000

72,010

5.50%,

11/15/2056

25,000

24,461

Mississippi

Power

Co.

,

Series

B,

3.10%,

7/30/2051

50,000

32,637

Nevada

Power

Co.

,

Series

EE,

3.13%,

8/1/2050

50,000

32,566

Series

GG,

5.90%,

5/1/2053(b)

30,000

30,159

6.00%,

3/15/2054

50,000

51,229

NextEra

Energy

Capital

Holdings,

Inc.

,

4.63%,

7/15/2027(b)

150,000

151,609

4.69%,

9/1/2027(b)

45,000

45,535

4.85%,

2/4/2028

40,000

40,733

4.90%,

2/28/2028

100,000

101,847

1.90%,

6/15/2028(b)

125,000

119,115

4.90%,

3/15/2029(b)

100,000

102,484

2.75%,

11/1/2029(b)

45,000

42,859

5.00%,

2/28/2030

100,000

103,061

5.05%,

3/15/2030(b)

50,000

51,582

2.25%,

6/1/2030

75,000

68,973

2.44%,

1/15/2032(b)

145,000

129,129

5.00%,

7/15/2032(b)

105,000

107,548

5.05%,

2/28/2033(b)

100,000

102,345

5.25%,

3/15/2034

90,000

92,303

5.45%,

3/15/2035(b)

50,000

51,748

3.00%,

1/15/2052

85,000

53,869

5.25%,

2/28/2053(b)

100,000

93,096

5.55%,

3/15/2054

50,000

48,295

5.90%,

3/15/2055(b)

40,000

40,440

Northern

States

Power

Co.

,

5.05%,

5/15/2035(b)

75,000

76,417

2.60%,

6/1/2051

48,000

29,315

4.50%,

6/1/2052

25,000

21,235

5.10%,

5/15/2053

40,000

37,078

5.40%,

3/15/2054

30,000

29,083

5.65%,

6/15/2054

25,000

25,167

NSTAR

Electric

Co.

,

3.95%,

4/1/2030(b)

100,000

98,663

5.40%,

6/1/2034

100,000

103,576

5.20%,

3/1/2035

50,000

51,037

OGE

Energy

Corp.

,

5.45%,

5/15/2029

25,000

25,893

Ohio

Power

Co.

,

5.65%,

6/1/2034

25,000

26,069

Series

R,

2.90%,

10/1/2051

90,000

55,467

Oklahoma

Gas

and

Electric

Co.

,

5.40%,

1/15/2033

150,000

156,980

5.60%,

4/1/2053

25,000

24,486

Oncor

Electric

Delivery

Co.

LLC

,

4.50%,

3/20/2027(f)

50,000

50,412

4.55%,

9/15/2032

40,000

39,967

5.35%,

4/1/2035(f)

40,000

41,239

4.55%,

12/1/2041(b)

50,000

45,274

5.30%,

6/1/2042

50,000

48,771

3.10%,

9/15/2049

50,000

33,175

2.70%,

11/15/2051

105,000

62,639

4.60%,

6/1/2052

90,000

75,726

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Electric

#### Utilities
Pacific

Gas

and

Electric

Co.

,

5.45%,

6/15/2027(b)

100,000

101,663

5.00%,

6/4/2028(b)

50,000

50,857

3.75%,

7/1/2028(b)

150,000

148,031

4.20%,

3/1/2029

200,000

198,745

4.55%,

7/1/2030(b)

100,000

99,570

2.50%,

2/1/2031

150,000

134,994

3.25%,

6/1/2031

100,000

93,049

5.90%,

6/15/2032

100,000

104,696

5.05%,

10/15/2032

25,000

25,140

5.70%,

3/1/2035(b)

50,000

51,403

6.00%,

8/15/2035

50,000

52,465

4.50%,

7/1/2040

100,000

87,140

4.20%,

6/1/2041

100,000

83,312

4.95%,

7/1/2050(b)

75,000

63,392

3.50%,

8/1/2050

100,000

67,430

5.25%,

3/1/2052

75,000

65,392

6.75%,

1/15/2053

60,000

63,812

6.70%,

4/1/2053

30,000

31,657

5.90%,

10/1/2054(b)

25,000

23,960

6.15%,

3/1/2055

50,000

49,464

6.10%,

10/15/2055(b)

50,000

49,069

PacifiCorp

,

5.10%,

2/15/2029(b)

50,000

51,023

5.45%,

2/15/2034(b)

50,000

50,726

2.90%,

6/15/2052

50,000

29,282

5.35%,

12/1/2053

75,000

65,757

5.50%,

5/15/2054(b)

65,000

58,088

5.80%,

1/15/2055(b)

75,000

69,989

PECO

Energy

Co.

,

4.90%,

6/15/2033

44,000

44,950

4.88%,

9/15/2035(b)

50,000

50,465

3.70%,

9/15/2047

125,000

95,348

4.60%,

5/15/2052

30,000

25,509

4.38%,

8/15/2052

30,000

24,712

PG&E

Recovery

Funding

LLC

,

Series

A-3,

5.53%,

6/1/2049

200,000

199,721

PG&E

Wildfire

Recovery

Funding

LLC

,

Series

A-2,

4.26%,

6/1/2036

1,000,000

972,392

Series

A-3,

4.38%,

6/1/2039

250,000

236,529

Pinnacle

West

Capital

Corp.

,

4.90%,

5/15/2028

50,000

50,898

Potomac

Electric

Power

Co.

,

5.20%,

3/15/2034

25,000

25,673

5.50%,

3/15/2054

25,000

24,138

PPL

Electric

Utilities

Corp.

,

5.00%,

5/15/2033(b)

100,000

102,375

4.85%,

2/15/2034(b)

25,000

25,264

5.25%,

5/15/2053(b)

75,000

71,857

5.55%,

8/15/2055

25,000

24,845

Public

Service

Co.

of

Colorado

,

Series

35,

1.90%,

1/15/2031

100,000

88,990

Series

38,

4.10%,

6/1/2032

30,000

29,388

5.15%,

9/15/2035

25,000

25,332

4.30%,

3/15/2044(b)

150,000

127,201

Series

34,

3.20%,

3/1/2050

25,000

17,026

Series

36,

2.70%,

1/15/2051

25,000

15,050

Series

39,

4.50%,

6/1/2052

30,000

24,991

5.25%,

4/1/2053(b)

30,000

27,913

5.75%,

5/15/2054

25,000

25,020

NVIT

Bond

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Electric

#### Utilities
Public

Service

Co.

of

Colorado,

5.85%,

5/15/2055(b)

25,000

25,334

Public

Service

Co.

of

New

Hampshire

,

4.40%,

7/1/2028

25,000

25,233

5.35%,

10/1/2033

75,000

78,263

5.15%,

1/15/2053(b)

45,000

41,633

Public

Service

Co.

of

Oklahoma

,

Series

J,

2.20%,

8/15/2031

100,000

88,717

5.25%,

1/15/2033

25,000

25,654

Series

K,

3.15%,

8/15/2051

50,000

32,874

Public

Service

Electric

and

Gas

Co.

,

1.90%,

8/15/2031

165,000

145,630

4.90%,

12/15/2032

100,000

102,194

5.20%,

3/1/2034

50,000

51,503

4.90%,

8/15/2035(b)

25,000

25,176

3.95%,

5/1/2042

125,000

105,170

3.20%,

8/1/2049

25,000

17,127

5.45%,

3/1/2054

50,000

48,860

5.30%,

8/1/2054(b)

25,000

23,890

Sierra

Pacific

Power

Co.

,

5.90%,

3/15/2054(b)

50,000

49,835

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.55%),

6.20%,

12/15/2055(b)(c)

25,000

24,777

Southern

California

Edison

Co.

,

4.88%,

2/1/2027

50,000

50,321

Series

D,

4.70%,

6/1/2027

75,000

75,583

5.15%,

6/1/2029

50,000

51,091

5.25%,

3/15/2030

50,000

51,279

Series

G,

2.50%,

6/1/2031

100,000

89,677

2.75%,

2/1/2032

100,000

88,977

5.20%,

6/1/2034

50,000

50,216

5.45%,

3/1/2035

25,000

25,347

Series

08-A,

5.95%,

2/1/2038

50,000

51,071

4.00%,

4/1/2047

100,000

74,990

Series

C,

4.13%,

3/1/2048

125,000

94,873

Series

B,

4.88%,

3/1/2049

50,000

41,926

3.65%,

2/1/2050

25,000

17,481

Series

H,

3.65%,

6/1/2051

30,000

20,469

Series

E,

5.45%,

6/1/2052

40,000

35,935

5.88%,

12/1/2053

40,000

38,300

5.75%,

4/15/2054

50,000

46,877

6.20%,

9/15/2055

50,000

50,235

Southern

Co.

(The)

,

4.85%,

6/15/2028(b)

40,000

40,723

5.50%,

3/15/2029

50,000

51,893

4.85%,

3/15/2035

50,000

49,385

4.40%,

7/1/2046(b)

125,000

105,452

Series

2025,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.07%),

6.38%,

3/15/2055(b)(c)

50,000

52,184

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Electric

#### Utilities
Southwestern

Electric

Power

Co.

,

5.30%,

4/1/2033

25,000

25,686

Series

L,

3.85%,

2/1/2048

125,000

93,062

3.25%,

11/1/2051

100,000

65,767

Southwestern

Public

Service

Co.

,

5.30%,

5/15/2035

50,000

51,026

6.00%,

6/1/2054

25,000

25,540

System

Energy

Resources,

Inc.

,

5.30%,

12/15/2034(b)

25,000

25,269

Tampa

Electric

Co.

,

4.90%,

3/1/2029

35,000

35,726

5.15%,

3/1/2035

25,000

25,351

3.63%,

6/15/2050(b)

40,000

29,179

5.00%,

7/15/2052

35,000

31,690

Tucson

Electric

Power

Co.

,

3.25%,

5/15/2032

20,000

18,604

5.20%,

9/15/2034

25,000

25,551

5.50%,

4/15/2053

50,000

47,949

5.90%,

4/15/2055(b)

25,000

25,452

Union

Electric

Co.

,

2.15%,

3/15/2032(b)

50,000

43,865

5.20%,

4/1/2034(b)

50,000

51,484

3.65%,

4/15/2045

75,000

58,136

5.45%,

3/15/2053

25,000

24,096

5.25%,

1/15/2054

25,000

23,338

5.13%,

3/15/2055

25,000

22,895

Virginia

Electric

and

Power

Co.

,

5.00%,

4/1/2033(b)

40,000

40,961

5.00%,

1/15/2034

25,000

25,299

5.05%,

8/15/2034(b)

125,000

126,562

5.15%,

3/15/2035

25,000

25,437

Series

C,

4.90%,

9/15/2035(b)

50,000

49,763

Series

B,

4.20%,

5/15/2045

200,000

165,725

2.95%,

11/15/2051

50,000

31,449

Series

C,

4.63%,

5/15/2052

40,000

33,676

5.35%,

1/15/2054

25,000

23,438

5.55%,

8/15/2054(b)

30,000

29,080

5.65%,

3/15/2055

25,000

24,477

Series

D,

5.60%,

9/15/2055(b)

55,000

53,418

Wisconsin

Electric

Power

Co.

,

1.70%,

6/15/2028(b)

245,000

232,691

4.15%,

10/15/2030

45,000

44,941

4.75%,

9/30/2032(b)

25,000

25,455

4.60%,

10/1/2034

25,000

24,766

Wisconsin

Power

and

Light

Co.

,

3.95%,

9/1/2032

100,000

96,347

5.70%,

12/15/2055

25,000

24,515

Xcel

Energy,

Inc.

,

4.60%,

6/1/2032

60,000

59,671

5.45%,

8/15/2033

100,000

103,221

5.50%,

3/15/2034(b)

50,000

51,556

6.50%,

7/1/2036

77,000

84,358

21,511,555

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Bond

Index

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Electrical

#### Equipment

#### 0

#### .1

#### %
Eaton

Corp.

,

4.15%,

3/15/2033(b)

26,000

25,584

4.15%,

11/2/2042(b)

100,000

86,570

Emerson

Electric

Co.

,

2.00%,

12/21/2028

200,000

189,696

1.95%,

10/15/2030

50,000

45,381

2.20%,

12/21/2031

25,000

22,305

5.00%,

3/15/2035(b)

25,000

25,630

2.80%,

12/21/2051

45,000

28,620

Regal

Rexnord

Corp.

,

6.05%,

4/15/2028(b)

20,000

20,689

6.40%,

4/15/2033(b)

70,000

75,295

Rockwell

Automation,

Inc.

,

2.80%,

8/15/2061

60,000

34,528

554,298

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0

#### .1

#### %
Allegion

US

Holding

Co.,

Inc.

,

5.41%,

7/1/2032(b)

30,000

31,244

5.60%,

5/29/2034

25,000

26,094

Amphenol

Corp.

,

5.05%,

4/5/2027

25,000

25,345

3.80%,

11/15/2027

70,000

69,906

4.38%,

6/12/2028(b)

25,000

25,231

3.90%,

11/15/2028

35,000

34,961

4.13%,

11/15/2030

55,000

54,712

4.40%,

2/15/2033

95,000

94,002

5.00%,

1/15/2035(b)

25,000

25,465

4.63%,

2/15/2036

100,000

97,972

5.30%,

11/15/2055

95,000

90,755

Arrow

Electronics,

Inc.

,

2.95%,

2/15/2032(b)

35,000

31,293

5.88%,

4/10/2034(b)

25,000

26,079

Avnet,

Inc.

,

6.25%,

3/15/2028(b)

30,000

31,071

5.50%,

6/1/2032

20,000

20,281

CDW

LLC

,

3.28%,

12/1/2028

150,000

145,738

3.57%,

12/1/2031(b)

50,000

46,574

Corning,

Inc.

,

4.38%,

11/15/2057

80,000

64,535

Flex

Ltd.

,

5.25%,

1/15/2032

75,000

76,449

5.38%,

11/13/2035

25,000

24,941

Jabil,

Inc.

,

3.00%,

1/15/2031(b)

45,000

41,928

Keysight

Technologies,

Inc.

,

3.00%,

10/30/2029(b)

75,000

71,887

TD

SYNNEX

Corp.

,

4.30%,

1/17/2029

25,000

24,955

6.10%,

4/12/2034

50,000

52,833

5.30%,

10/10/2035(b)

25,000

24,755

Teledyne

Technologies,

Inc.

,

2.75%,

4/1/2031(b)

85,000

78,657

1,337,663

#### Energy

#### Equipment

#### &

#### Services

#### 0

#### .0

#### %

#### †
Baker

Hughes

Holdings

LLC

,

3.14%,

11/7/2029(b)

35,000

33,767

5.13%,

9/15/2040(b)

100,000

97,242

Halliburton

Co.

,

6.70%,

9/15/2038(b)

150,000

166,062

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Energy

#### Equipment

#### &

#### Services
Halliburton

Co.,

5.00%,

11/15/2045(b)

125,000

111,759

NOV,

Inc.

,

3.95%,

12/1/2042

40,000

31,390

440,220

#### Entertainment

#### 0

#### .1

#### %
Electronic

Arts,

Inc.

,

2.95%,

2/15/2051(b)

72,000

66,414

NBCUniversal

Media

LLC

,

5.95%,

4/1/2041

100,000

102,157

Netflix,

Inc.

,

4.88%,

4/15/2028(b)

300,000

306,424

5.88%,

11/15/2028(b)

100,000

105,138

4.90%,

8/15/2034(b)

106,000

108,547

Take-Two

Interactive

Software,

Inc.

,

5.60%,

6/12/2034

25,000

26,092

TWDC

Enterprises

Corp.

,

3.00%,

7/30/2046

150,000

103,686

Walt

Disney

Co.

(The)

,

2.00%,

9/1/2029

75,000

70,124

2.65%,

1/13/2031(b)

200,000

187,076

6.65%,

11/15/2037

150,000

171,282

5.40%,

10/1/2043(b)

100,000

99,930

2.75%,

9/1/2049

125,000

79,351

4.70%,

3/23/2050(b)

75,000

67,090

3.60%,

1/13/2051(b)

100,000

74,277

3.80%,

5/13/2060(b)

55,000

40,225

1,607,813

#### Financial

#### Services

#### 0

#### .4

#### %
Apollo

Global

Management,

Inc.

,

4.60%,

1/15/2031

25,000

25,139

6.38%,

11/15/2033

25,000

27,444

5.15%,

8/12/2035

50,000

50,090

5.80%,

5/21/2054(b)

50,000

49,090

Berkshire

Hathaway,

Inc.

,

4.50%,

2/11/2043(b)

150,000

140,846

Block

Financial

LLC

,

2.50%,

7/15/2028

30,000

28,618

5.38%,

9/15/2032

25,000

25,161

Corebridge

Financial,

Inc.

,

3.65%,

4/5/2027

50,000

49,684

6.05%,

9/15/2033

50,000

53,057

5.75%,

1/15/2034(b)

25,000

26,137

4.35%,

4/5/2042(b)

50,000

42,751

4.40%,

4/5/2052(b)

85,000

68,957

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.85%),

6.88%,

12/15/2052(b)(c)

76,000

77,827

Enact

Holdings,

Inc.

,

6.25%,

5/28/2029(b)

50,000

52,329

Equitable

Holdings,

Inc.

,

4.35%,

4/20/2028(b)

233,000

233,864

5.59%,

1/11/2033(b)

150,000

156,578

Essent

Group

Ltd.

,

6.25%,

7/1/2029

25,000

26,095

NVIT

Bond

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Financial

#### Services
Fidelity

National

Information

Services,

Inc.

,

1.65%,

3/1/2028(b)

85,000

80,687

2.25%,

3/1/2031

86,000

76,726

3.10%,

3/1/2041

50,000

37,079

Fiserv,

Inc.

,

2.25%,

6/1/2027(b)

400,000

389,297

5.45%,

3/2/2028(b)

60,000

61,439

5.38%,

8/21/2028

50,000

51,277

3.50%,

7/1/2029(b)

300,000

290,926

2.65%,

6/1/2030

65,000

59,921

4.55%,

2/15/2031

30,000

29,691

5.35%,

3/15/2031

50,000

51,305

5.60%,

3/2/2033(b)

40,000

41,287

5.63%,

8/21/2033

50,000

51,558

5.45%,

3/15/2034

50,000

50,696

5.25%,

8/11/2035(b)

50,000

49,888

Global

Payments,

Inc.

,

4.45%,

6/1/2028

250,000

250,220

4.50%,

11/15/2028

75,000

75,143

5.30%,

8/15/2029(b)

45,000

46,027

2.90%,

5/15/2030

78,000

72,357

4.88%,

11/15/2030

65,000

65,072

5.20%,

11/15/2032

50,000

50,023

5.55%,

11/15/2035

75,000

74,545

5.95%,

8/15/2052(b)

30,000

28,658

HA

Sustainable

Infrastructure

Capital,

Inc.

,

6.15%,

1/15/2031(b)

25,000

25,698

6.38%,

7/1/2034

50,000

50,941

6.75%,

7/15/2035

25,000

26,118

Jackson

Financial,

Inc.

,

3.13%,

11/23/2031(b)

100,000

90,914

Mastercard,

Inc.

,

2.95%,

6/1/2029(b)

50,000

48,432

3.35%,

3/26/2030(b)

95,000

92,767

2.00%,

11/18/2031

25,000

22,276

4.55%,

1/15/2035(b)

45,000

44,992

3.85%,

3/26/2050(b)

162,000

126,819

National

Rural

Utilities

Cooperative

Finance

Corp.

,

4.80%,

2/5/2027

25,000

25,239

5.10%,

5/6/2027

25,000

25,374

3.95%,

12/10/2027

25,000

25,094

4.80%,

3/15/2028

50,000

50,911

Series

D,

4.15%,

8/25/2028

50,000

50,262

5.05%,

9/15/2028

25,000

25,650

2.40%,

3/15/2030

185,000

172,711

4.30%,

12/10/2030

25,000

25,057

4.15%,

12/15/2032

30,000

29,323

5.80%,

1/15/2033

50,000

53,612

5.00%,

8/15/2034

25,000

25,434

NMI

Holdings,

Inc.

,

6.00%,

8/15/2029(b)

25,000

25,887

ORIX

Corp.

,

5.00%,

9/13/2027

40,000

40,692

4.65%,

9/10/2029

25,000

25,408

4.45%,

9/9/2030(b)

25,000

25,057

4.00%,

4/13/2032

50,000

48,578

5.40%,

2/25/2035(b)

50,000

51,585

PayPal

Holdings,

Inc.

,

2.30%,

6/1/2030(b)

100,000

92,597

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Financial

#### Services
PayPal

Holdings,

Inc.,

4.40%,

6/1/2032(b)

60,000

59,901

5.15%,

6/1/2034(b)

50,000

51,277

5.10%,

4/1/2035

25,000

25,439

5.05%,

6/1/2052(b)

10,000

9,074

5.50%,

6/1/2054(b)

50,000

48,511

Radian

Group,

Inc.

,

6.20%,

5/15/2029

50,000

52,417

Shell

International

Finance

BV

,

2.88%,

11/26/2041

50,000

36,982

Visa,

Inc.

,

2.00%,

8/15/2050

300,000

162,645

Western

Union

Co.

(The)

,

6.20%,

11/17/2036

25,000

26,039

Woodside

Finance

Ltd.

,

5.10%,

9/12/2034(b)

50,000

49,400

6.00%,

5/19/2035

75,000

78,108

5.70%,

9/12/2054(b)

50,000

46,929

5,111,639

#### Food

#### Products

#### 0

#### .4

#### %
Archer-Daniels-Midland

Co.

,

2.90%,

3/1/2032(b)

20,000

18,381

4.02%,

4/16/2043(b)

72,000

60,229

2.70%,

9/15/2051

80,000

49,057

Bunge

Ltd.

Finance

Corp.

,

4.10%,

1/7/2028

25,000

25,058

4.20%,

9/17/2029(b)

25,000

25,014

4.55%,

8/4/2030(b)

25,000

25,230

2.75%,

5/14/2031(b)

100,000

91,819

4.65%,

9/17/2034(b)

25,000

24,530

5.15%,

8/4/2035(b)

25,000

25,395

Campbell's

Co.

(The)

,

4.15%,

3/15/2028(b)

250,000

249,965

4.55%,

3/21/2031

25,000

24,875

5.40%,

3/21/2034(b)

50,000

50,926

4.75%,

3/23/2035(b)

50,000

48,323

5.25%,

10/13/2054(b)

25,000

22,713

Conagra

Brands,

Inc.

,

5.30%,

11/1/2038(b)

50,000

47,737

5.40%,

11/1/2048(b)

50,000

44,792

General

Mills,

Inc.

,

5.50%,

10/17/2028

55,000

57,042

4.88%,

1/30/2030

50,000

51,135

2.25%,

10/14/2031

100,000

88,752

4.95%,

3/29/2033(b)

30,000

30,435

5.25%,

1/30/2035

50,000

51,032

3.00%,

2/1/2051(b)

50,000

32,334

Hershey

Co.

(The)

,

2.45%,

11/15/2029

100,000

94,316

4.75%,

2/24/2030(b)

50,000

51,354

4.95%,

2/24/2032(b)

50,000

51,832

5.10%,

2/24/2035

50,000

51,396

Hormel

Foods

Corp.

,

3.05%,

6/3/2051

50,000

32,716

Ingredion,

Inc.

,

2.90%,

6/1/2030(b)

200,000

188,229

J

M

Smucker

Co.

(The)

,

5.90%,

11/15/2028

75,000

78,578

2.13%,

3/15/2032(b)

50,000

43,286

6.20%,

11/15/2033(b)

50,000

54,199

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Bond

Index

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Food

#### Products
J

M

Smucker

Co.

(The),

4.25%,

3/15/2035(b)

75,000

70,610

6.50%,

11/15/2043(b)

40,000

42,924

6.50%,

11/15/2053(b)

25,000

27,050

JBS

USA

Holding

Lux

Sarl

,

3.00%,

5/15/2032

100,000

89,765

5.75%,

4/1/2033(b)

73,000

76,264

5.50%,

1/15/2036(b)(f)

25,000

25,404

4.38%,

2/2/2052(b)

25,000

19,433

6.50%,

12/1/2052(b)

75,000

77,320

7.25%,

11/15/2053

100,000

111,942

6.25%,

3/1/2056(f)

50,000

49,764

6.38%,

4/15/2066(b)(f)

25,000

24,892

JBS

USA

LUX

Sarl

,

5.95%,

4/20/2035(b)(f)

50,000

52,574

6.38%,

2/25/2055(f)

25,000

25,415

Kellanova

,

5.25%,

3/1/2033

30,000

31,105

4.50%,

4/1/2046

50,000

44,049

5.75%,

5/16/2054

25,000

25,062

Kraft

Heinz

Foods

Co.

,

5.20%,

3/15/2032

50,000

51,416

5.40%,

3/15/2035

50,000

51,370

5.00%,

6/4/2042(b)

75,000

68,820

4.38%,

6/1/2046

250,000

206,530

McCormick

&

Co.,

Inc.

,

3.40%,

8/15/2027

100,000

99,108

4.95%,

4/15/2033

100,000

101,519

4.70%,

10/15/2034(b)

25,000

24,634

Mead

Johnson

Nutrition

Co.

,

4.60%,

6/1/2044

50,000

44,256

Mondelez

International,

Inc.

,

4.25%,

5/6/2028(b)

25,000

25,132

4.75%,

2/20/2029

50,000

50,991

4.50%,

5/6/2030

25,000

25,271

1.50%,

2/4/2031(b)

45,000

39,181

4.75%,

8/28/2034(b)

50,000

49,761

5.13%,

5/6/2035(b)

25,000

25,530

2.63%,

9/4/2050

40,000

23,867

Pilgrim's

Pride

Corp.

,

4.25%,

4/15/2031(b)

100,000

97,627

Tyson

Foods,

Inc.

,

3.55%,

6/2/2027

100,000

99,301

5.40%,

3/15/2029(b)

50,000

51,695

4.55%,

6/2/2047(b)

100,000

85,841

Unilever

Capital

Corp.

,

1.38%,

9/14/2030(b)

165,000

146,521

5.90%,

11/15/2032

181,000

197,623

4,150,247

#### Gas

#### Utilities

#### 0

#### .1

#### %
Atmos

Energy

Corp.

,

5.90%,

11/15/2033(b)

50,000

54,050

5.20%,

8/15/2035

40,000

41,226

4.13%,

10/15/2044(b)

74,000

62,398

4.30%,

10/1/2048(b)

100,000

82,834

3.38%,

9/15/2049

85,000

59,667

5.75%,

10/15/2052

30,000

30,312

5.45%,

1/15/2056

35,000

33,860

CenterPoint

Energy

Resources

Corp.

,

5.40%,

7/1/2034(b)

100,000

103,089

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Gas

#### Utilities
ONE

Gas,

Inc.

,

4.66%,

2/1/2044

50,000

44,392

Piedmont

Natural

Gas

Co.,

Inc.

,

5.40%,

6/15/2033(b)

20,000

20,781

5.10%,

2/15/2035

25,000

25,371

3.35%,

6/1/2050

25,000

17,154

Southern

California

Gas

Co.

,

2.95%,

4/15/2027(b)

80,000

79,132

5.20%,

6/1/2033

40,000

41,302

5.05%,

9/1/2034(b)

50,000

50,801

5.45%,

6/15/2035(b)

75,000

78,122

6.35%,

11/15/2052(b)

10,000

10,809

5.75%,

6/1/2053(b)

40,000

39,741

5.60%,

4/1/2054

25,000

24,469

Southwest

Gas

Corp.

,

5.80%,

12/1/2027

100,000

103,097

4.05%,

3/15/2032(b)

100,000

96,466

Washington

Gas

Light

Co.

,

3.65%,

9/15/2049

25,000

18,163

1,117,236

#### Ground

#### Transportation

#### 0

#### .4

#### %
Burlington

Northern

Santa

Fe

LLC

,

3.25%,

6/15/2027

300,000

298,053

4.90%,

4/1/2044

77,000

72,459

4.55%,

9/1/2044

250,000

222,021

3.90%,

8/1/2046

125,000

99,956

4.05%,

6/15/2048

75,000

60,621

3.55%,

2/15/2050(b)

50,000

36,617

2.88%,

6/15/2052

25,000

15,693

4.45%,

1/15/2053(b)

50,000

42,160

5.20%,

4/15/2054(b)

25,000

23,528

5.50%,

3/15/2055

40,000

39,336

5.55%,

3/15/2056

50,000

49,287

Canadian

National

Railway

Co.

,

6.90%,

7/15/2028

92,000

98,680

4.20%,

3/12/2031

25,000

24,953

3.85%,

8/5/2032(b)

40,000

38,821

4.38%,

9/18/2034(b)

50,000

49,140

4.75%,

11/12/2035

25,000

24,960

6.20%,

6/1/2036(b)

86,000

95,220

2.45%,

5/1/2050

85,000

50,313

4.40%,

8/5/2052

35,000

29,554

Canadian

Pacific

Railway

Co.

,

2.88%,

11/15/2029(b)

160,000

152,865

2.45%,

12/2/2031(b)

35,000

31,488

5.95%,

5/15/2037

100,000

107,501

3.00%,

12/2/2041(b)

25,000

18,686

3.10%,

12/2/2051

30,000

19,902

6.13%,

9/15/2115

100,000

99,660

CSX

Corp.

,

4.25%,

3/15/2029(b)

100,000

100,812

4.10%,

11/15/2032(b)

40,000

39,252

4.10%,

3/15/2044

100,000

83,731

4.30%,

3/1/2048

50,000

41,712

4.50%,

3/15/2049

75,000

64,007

3.95%,

5/1/2050

50,000

38,830

4.50%,

8/1/2054(b)

150,000

125,857

4.65%,

3/1/2068

40,000

32,763

NVIT

Bond

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Ground

#### Transportation
Norfolk

Southern

Corp.

,

2.55%,

11/1/2029

100,000

94,440

5.05%,

8/1/2030(b)

90,000

93,299

4.45%,

6/15/2045

150,000

129,538

3.40%,

11/1/2049

70,000

49,460

3.70%,

3/15/2053

40,000

29,127

3.16%,

5/15/2055

100,000

64,304

5.95%,

3/15/2064

75,000

76,738

Ryder

System,

Inc.

,

2.85%,

3/1/2027

25,000

24,675

4.30%,

6/15/2027(b)

25,000

25,093

5.25%,

6/1/2028(b)

40,000

41,061

6.30%,

12/1/2028

25,000

26,459

5.38%,

3/15/2029(b)

25,000

25,875

4.85%,

6/15/2030(b)

25,000

25,504

6.60%,

12/1/2033(b)

25,000

27,867

Uber

Technologies,

Inc.

,

4.15%,

1/15/2031

50,000

49,815

4.80%,

9/15/2034(b)

56,000

55,984

4.80%,

9/15/2035

50,000

49,736

5.35%,

9/15/2054(b)

60,000

57,220

Union

Pacific

Corp.

,

2.15%,

2/5/2027

55,000

54,019

3.95%,

9/10/2028

150,000

150,314

2.40%,

2/5/2030(b)

100,000

93,613

2.38%,

5/20/2031(b)

25,000

22,926

5.10%,

2/20/2035(b)

50,000

51,601

3.60%,

9/15/2037(b)

50,000

44,467

4.05%,

11/15/2045

95,000

77,845

4.05%,

3/1/2046

40,000

32,586

2.95%,

3/10/2052

335,000

213,631

4.95%,

5/15/2053

100,000

90,805

3.84%,

3/20/2060

200,000

144,284

4,250,724

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0

#### .3

#### %
Abbott

Laboratories

,

4.75%,

11/30/2036

75,000

75,461

6.00%,

4/1/2039

50,000

54,946

5.30%,

5/27/2040

50,000

51,620

4.90%,

11/30/2046

150,000

141,233

Baxter

International,

Inc.

,

1.92%,

2/1/2027

79,000

77,088

2.27%,

12/1/2028(b)

190,000

179,361

4.90%,

12/15/2030(b)

50,000

50,383

2.54%,

2/1/2032(b)

75,000

65,356

5.65%,

12/15/2035(b)

50,000

50,601

3.13%,

12/1/2051(b)

30,000

18,857

Becton

Dickinson

&

Co.

,

3.70%,

6/6/2027(b)

326,000

324,638

5.08%,

6/7/2029

50,000

51,323

1.96%,

2/11/2031

71,000

63,111

4.30%,

8/22/2032

40,000

39,358

4.67%,

6/6/2047(b)

75,000

65,302

3.79%,

5/20/2050

41,000

30,662

Boston

Scientific

Corp.

,

2.65%,

6/1/2030

100,000

94,097

4.70%,

3/1/2049(b)

75,000

67,261

DH

Europe

Finance

II

Sarl

,

3.25%,

11/15/2039(b)

50,000

40,954

3.40%,

11/15/2049

40,000

28,826

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Health

#### Care

#### Equipment

#### &

#### Supplies
GE

HealthCare

Technologies,

Inc.

,

5.65%,

11/15/2027(b)

200,000

205,887

4.15%,

12/15/2028

25,000

25,069

4.80%,

8/14/2029

40,000

40,886

4.80%,

1/15/2031(b)

25,000

25,462

5.50%,

6/15/2035(b)

25,000

25,973

6.38%,

11/22/2052(b)

100,000

109,046

Koninklijke

Philips

NV

,

5.00%,

3/15/2042

50,000

46,089

Medtronic

Global

Holdings

SCA

,

4.25%,

3/30/2028(b)

35,000

35,269

4.50%,

3/30/2033

35,000

35,072

Medtronic,

Inc.

,

4.38%,

3/15/2035

75,000

73,558

4.63%,

3/15/2045(b)

97,000

88,775

Smith

&

Nephew

plc

,

2.03%,

10/14/2030(b)

96,000

86,322

Solventum

Corp.

,

5.40%,

3/1/2029(b)

35,000

36,249

5.60%,

3/23/2034(b)

100,000

104,049

5.90%,

4/30/2054(b)

50,000

50,219

STERIS

Irish

FinCo.

UnLtd

Co.

,

2.70%,

3/15/2031(b)

150,000

138,400

Stryker

Corp.

,

4.70%,

2/10/2028(b)

50,000

50,714

4.85%,

12/8/2028

25,000

25,592

1.95%,

6/15/2030(b)

80,000

72,640

4.63%,

3/15/2046

150,000

133,936

Zimmer

Biomet

Holdings,

Inc.

,

5.35%,

12/1/2028(b)

50,000

51,693

5.20%,

9/15/2034(b)

50,000

50,962

5.50%,

2/19/2035

25,000

25,926

4.45%,

8/15/2045

25,000

21,805

3,130,031

#### Health

#### Care

#### Providers

#### &

#### Services

#### 1

#### .0

#### %
Advocate

Health

&

Hospitals

Corp.

,

4.27%,

8/15/2048

57,000

47,719

Aetna,

Inc.

,

6.63%,

6/15/2036

50,000

55,008

6.75%,

12/15/2037

75,000

82,568

Allina

Health

System

,

Series

2019,

3.89%,

4/15/2049

50,000

38,339

Ascension

Health

,

Series

2025,

4.29%,

11/15/2030(b)

30,000

30,046

Series

2025,

4.92%,

11/15/2035

25,000

25,038

Series

B,

3.11%,

11/15/2039(b)

218,000

173,471

Banner

Health

,

Series

2020,

3.18%,

1/1/2050(b)

39,000

26,572

Baylor

Scott

&

White

Holdings

,

Series

2021,

2.84%,

11/15/2050

86,000

54,450

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Bond

Index

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Health

#### Care

#### Providers

#### &

#### Services
Cardinal

Health,

Inc.

,

3.41%,

6/15/2027

100,000

99,274

5.13%,

2/15/2029

25,000

25,730

5.00%,

11/15/2029

25,000

25,676

4.50%,

9/15/2030(b)

25,000

25,237

5.35%,

11/15/2034

25,000

25,771

5.15%,

9/15/2035(b)

25,000

25,406

4.37%,

6/15/2047

100,000

82,748

Cencora,

Inc.

,

4.85%,

12/15/2029

25,000

25,555

4.30%,

12/15/2047(b)

100,000

83,726

Centene

Corp.

,

2.45%,

7/15/2028

200,000

187,268

3.00%,

10/15/2030

300,000

268,361

Cigna

Group

(The)

,

4.38%,

10/15/2028(b)

125,000

126,136

5.00%,

5/15/2029

50,000

51,352

4.50%,

9/15/2030(b)

50,000

50,343

2.38%,

3/15/2031

60,000

54,305

5.13%,

5/15/2031(b)

50,000

51,670

4.88%,

9/15/2032

50,000

50,651

5.40%,

3/15/2033

60,000

62,483

5.25%,

2/15/2034(b)

50,000

51,425

5.25%,

1/15/2036(b)

50,000

50,900

4.80%,

8/15/2038

125,000

119,690

4.90%,

12/15/2048(b)

250,000

222,884

3.40%,

3/15/2051(b)

100,000

69,481

5.60%,

2/15/2054(b)

50,000

48,489

6.00%,

1/15/2056

25,000

25,708

Cleveland

Clinic

Foundation

(The)

,

4.86%,

1/1/2114

30,000

25,278

CommonSpirit

Health

,

4.35%,

9/1/2030(b)

30,000

29,870

2.78%,

10/1/2030

77,000

71,657

4.98%,

9/1/2035

25,000

24,706

3.91%,

10/1/2050

149,000

111,283

5.66%,

9/1/2055(b)

10,000

9,651

CVS

Health

Corp.

,

4.30%,

3/25/2028(b)

77,000

77,255

5.00%,

1/30/2029

80,000

81,696

5.40%,

6/1/2029(b)

100,000

103,569

1.75%,

8/21/2030

160,000

142,115

5.25%,

1/30/2031(b)

65,000

67,167

1.88%,

2/28/2031

85,000

74,579

5.55%,

6/1/2031

100,000

104,657

5.00%,

9/15/2032(b)

50,000

51,033

5.25%,

2/21/2033(b)

80,000

82,366

5.30%,

6/1/2033(b)

80,000

82,494

5.70%,

6/1/2034

50,000

52,396

5.45%,

9/15/2035

75,000

76,771

4.78%,

3/25/2038

175,000

165,184

4.13%,

4/1/2040

100,000

85,457

6.00%,

6/1/2044(b)

50,000

50,246

5.13%,

7/20/2045

125,000

112,851

5.05%,

3/25/2048(b)

250,000

220,387

4.25%,

4/1/2050

85,000

65,808

5.63%,

2/21/2053(b)

80,000

75,097

5.88%,

6/1/2053(b)

80,000

77,680

6.05%,

6/1/2054(b)

50,000

49,712

Elevance

Health,

Inc.

,

5.15%,

6/15/2029(b)

45,000

46,434

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Health

#### Care

#### Providers

#### &

#### Services
Elevance

Health,

Inc.,

2.25%,

5/15/2030

200,000

183,624

4.10%,

5/15/2032

40,000

38,922

5.50%,

10/15/2032(b)

50,000

52,638

4.75%,

2/15/2033

45,000

45,139

5.38%,

6/15/2034

150,000

155,012

5.20%,

2/15/2035(b)

70,000

71,501

5.00%,

1/15/2036(b)

50,000

49,698

4.63%,

5/15/2042

125,000

112,471

4.65%,

8/15/2044(b)

100,000

88,135

4.38%,

12/1/2047(b)

100,000

83,004

3.60%,

3/15/2051

100,000

71,195

4.55%,

5/15/2052(b)

40,000

33,100

5.13%,

2/15/2053(b)

100,000

90,256

5.85%,

11/1/2064(b)

75,000

73,642

Hackensack

Meridian

Health,

Inc.

,

Series

2020,

2.88%,

9/1/2050

117,000

75,419

HCA,

Inc.

,

5.20%,

6/1/2028(b)

40,000

40,983

3.50%,

9/1/2030

100,000

96,166

4.30%,

11/15/2030

40,000

39,849

5.50%,

3/1/2032(b)

40,000

41,683

4.60%,

11/15/2032

70,000

69,366

5.50%,

6/1/2033

55,000

57,221

5.60%,

4/1/2034(b)

55,000

57,361

5.45%,

9/15/2034

100,000

102,905

5.75%,

3/1/2035(b)

50,000

52,480

4.90%,

11/15/2035

70,000

69,043

5.50%,

6/15/2047

160,000

151,201

3.50%,

7/15/2051(b)

70,000

47,446

4.63%,

3/15/2052

55,000

44,916

5.90%,

6/1/2053(b)

75,000

73,429

6.00%,

4/1/2054(b)

45,000

44,737

5.95%,

9/15/2054(b)

55,000

54,334

5.70%,

11/15/2055(b)

75,000

71,470

6.10%,

4/1/2064(b)

75,000

74,296

Humana,

Inc.

,

1.35%,

2/3/2027

180,000

174,720

5.38%,

4/15/2031

50,000

51,694

2.15%,

2/3/2032(b)

115,000

99,685

3.95%,

8/15/2049

150,000

110,810

5.75%,

4/15/2054

74,000

69,613

Johns

Hopkins

Health

System

Corp.

(The)

,

3.84%,

5/15/2046(b)

20,000

15,988

Kaiser

Foundation

Hospitals

,

Series

2021,

2.81%,

6/1/2041

86,000

63,868

4.88%,

4/1/2042(b)

50,000

47,519

Series

2019,

3.27%,

11/1/2049

122,000

85,066

Laboratory

Corp.

of

America

Holdings

,

2.95%,

12/1/2029

25,000

23,803

4.35%,

4/1/2030(b)

50,000

50,080

4.70%,

2/1/2045(b)

75,000

66,688

Mass

General

Brigham,

Inc.

,

Series

2020,

3.19%,

7/1/2049(b)

100,000

68,924

NVIT

Bond

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Health

#### Care

#### Providers

#### &

#### Services
Mayo

Clinic

,

Series

2021,

3.20%,

11/15/2061

79,000

49,746

McKesson

Corp.

,

3.95%,

2/16/2028

125,000

124,976

4.65%,

5/30/2030

50,000

50,867

5.25%,

5/30/2035(b)

50,000

51,628

Memorial

Sloan-Kettering

Cancer

Center

,

Series

2020,

2.96%,

1/1/2050

57,000

37,402

4.13%,

7/1/2052

50,000

39,908

New

York

and

Presbyterian

Hospital

(The)

,

2.61%,

8/1/2060

150,000

81,564

Northwell

Healthcare,

Inc.

,

3.98%,

11/1/2046

50,000

39,444

Novant

Health,

Inc.

,

3.17%,

11/1/2051

80,000

53,287

Orlando

Health

Obligated

Group

,

5.48%,

10/1/2035

35,000

36,507

PeaceHealth

Obligated

Group

,

Series

2018,

4.79%,

11/15/2048

100,000

86,278

Providence

St

Joseph

Health

Obligated

Group

,

Series

A,

3.93%,

10/1/2048

38,000

29,465

Series

21A,

2.70%,

10/1/2051

51,000

30,134

Quest

Diagnostics,

Inc.

,

4.63%,

12/15/2029(b)

25,000

25,424

2.95%,

6/30/2030

75,000

70,954

5.00%,

12/15/2034(b)

50,000

50,567

Stanford

Health

Care

,

Series

2018,

3.80%,

11/15/2048

30,000

23,258

Sutter

Health

,

Series

2018,

3.70%,

8/15/2028

40,000

39,761

Series

2025,

5.21%,

8/15/2032(b)

20,000

20,712

Series

2025,

5.54%,

8/15/2035

60,000

62,624

Series

20A,

3.36%,

8/15/2050(b)

134,000

93,690

Trinity

Health

Corp.

,

Series

2019,

3.43%,

12/1/2048

62,000

46,963

UnitedHealth

Group,

Inc.

,

3.70%,

5/15/2027

55,000

54,899

2.95%,

10/15/2027(b)

200,000

197,192

4.25%,

1/15/2029

45,000

45,332

4.70%,

4/15/2029(b)

50,000

50,983

4.00%,

5/15/2029(b)

50,000

49,950

5.30%,

2/15/2030(b)

300,000

312,768

4.65%,

1/15/2031

50,000

50,862

2.30%,

5/15/2031

75,000

67,636

4.95%,

1/15/2032

200,000

205,012

4.20%,

5/15/2032

65,000

64,173

5.35%,

2/15/2033(b)

60,000

62,511

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Health

#### Care

#### Providers

#### &

#### Services
UnitedHealth

Group,

Inc.,

4.63%,

7/15/2035(b)

105,000

103,510

5.80%,

3/15/2036

75,000

80,014

3.50%,

8/15/2039(b)

100,000

83,266

3.05%,

5/15/2041(b)

180,000

136,475

3.95%,

10/15/2042

125,000

103,481

5.50%,

7/15/2044(b)

200,000

198,515

4.25%,

6/15/2048

125,000

102,290

3.70%,

8/15/2049

200,000

148,497

3.25%,

5/15/2051

60,000

40,496

4.75%,

5/15/2052

200,000

172,484

5.63%,

7/15/2054(b)

200,000

196,163

3.88%,

8/15/2059

100,000

71,779

3.13%,

5/15/2060

100,000

60,351

4.95%,

5/15/2062

100,000

86,576

5.50%,

4/15/2064

75,000

70,467

Universal

Health

Services,

Inc.

,

2.65%,

1/15/2032

100,000

88,298

Willis-Knighton

Medical

Center

,

Series

2018,

4.81%,

9/1/2048

41,000

35,707

12,086,825

#### Health

#### Care

#### REITs

#### 0

#### .1

#### %
Alexandria

Real

Estate

Equities,

Inc.

,

1.88%,

2/1/2033(b)

300,000

245,680

4.85%,

4/15/2049

50,000

42,260

5.15%,

4/15/2053(b)

45,000

39,191

5.63%,

5/15/2054(b)

50,000

46,866

DOC

DR

LLC

,

2.63%,

11/1/2031

50,000

44,953

Healthcare

Realty

Holdings

LP

,

3.10%,

2/15/2030

100,000

94,991

Healthpeak

OP

LLC

,

3.50%,

7/15/2029

125,000

121,495

3.00%,

1/15/2030

30,000

28,424

5.25%,

12/15/2032

60,000

61,501

Omega

Healthcare

Investors,

Inc.

,

3.63%,

10/1/2029(b)

100,000

96,821

5.20%,

7/1/2030

25,000

25,442

Sabra

Health

Care

LP

,

3.20%,

12/1/2031(b)

100,000

91,498

Ventas

Realty

LP

,

4.40%,

1/15/2029

82,000

82,365

3.00%,

1/15/2030

100,000

95,208

5.63%,

7/1/2034(b)

25,000

26,122

5.00%,

1/15/2035

75,000

75,092

Welltower

OP

LLC

,

3.10%,

1/15/2030

100,000

95,919

4.50%,

7/1/2030(b)

50,000

50,557

2.75%,

1/15/2031

175,000

162,774

2.75%,

1/15/2032

50,000

45,487

1,572,646

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Bond

Index

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Health

#### Care

#### Technology

#### 0

#### .0

#### %

#### †
IQVIA,

Inc.

,

6.25%,

2/1/2029(b)

88,000

92,762

#### Hotel

#### &

#### Resort

#### REITs

#### 0

#### .0

#### %

#### †
Host

Hotels

&

Resorts

LP

,

Series

H,

3.38%,

12/15/2029(b)

50,000

47,965

Series

J,

2.90%,

12/15/2031(b)

80,000

72,458

5.70%,

7/1/2034(b)

25,000

25,828

146,251

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0

#### .2

#### %
Choice

Hotels

International,

Inc.

,

5.85%,

8/1/2034(b)

50,000

50,978

Darden

Restaurants,

Inc.

,

4.35%,

10/15/2027

25,000

25,116

4.55%,

10/15/2029

25,000

25,230

6.30%,

10/10/2033(b)

50,000

54,267

Expedia

Group,

Inc.

,

3.80%,

2/15/2028(b)

150,000

149,171

3.25%,

2/15/2030(b)

65,000

62,340

5.40%,

2/15/2035(b)

50,000

51,286

Hyatt

Hotels

Corp.

,

5.05%,

3/30/2028(b)

25,000

25,453

5.25%,

6/30/2029(b)

25,000

25,734

5.75%,

4/23/2030(e)

50,000

52,251

5.75%,

3/30/2032

25,000

26,192

5.50%,

6/30/2034(b)

25,000

25,768

5.40%,

12/15/2035(b)

25,000

25,052

Las

Vegas

Sands

Corp.

,

5.90%,

6/1/2027

25,000

25,499

5.63%,

6/15/2028

25,000

25,632

6.00%,

8/15/2029(b)

25,000

26,094

6.00%,

6/14/2030

25,000

26,198

Marriott

International,

Inc.

,

5.00%,

10/15/2027(b)

55,000

55,930

5.55%,

10/15/2028

50,000

51,923

Series

FF,

4.63%,

6/15/2030(b)

92,000

93,373

Series

HH,

2.85%,

4/15/2031(b)

75,000

69,531

4.50%,

10/15/2031

25,000

25,054

5.10%,

4/15/2032(b)

25,000

25,746

Series

GG,

3.50%,

10/15/2032(b)

100,000

93,367

5.30%,

5/15/2034(b)

50,000

51,568

5.35%,

3/15/2035(b)

50,000

51,369

5.25%,

10/15/2035(b)

25,000

25,337

5.50%,

4/15/2037(b)

50,000

51,184

McDonald's

Corp.

,

4.80%,

8/14/2028(b)

50,000

51,057

5.00%,

5/17/2029

25,000

25,730

4.60%,

5/15/2030

25,000

25,427

4.40%,

2/12/2031

25,000

25,201

5.20%,

5/17/2034

25,000

26,065

4.95%,

3/3/2035

25,000

25,286

4.70%,

12/9/2035(b)

100,000

99,263

5.00%,

2/13/2036(b)

25,000

25,203

4.88%,

7/15/2040

100,000

96,015

4.88%,

12/9/2045

100,000

91,131

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Hotels,

#### Restaurants

#### &

#### Leisure
McDonald's

Corp.,

3.63%,

9/1/2049(b)

200,000

147,178

4.20%,

4/1/2050

50,000

40,290

5.45%,

8/14/2053(b)

50,000

48,539

Sands

China

Ltd.

,

5.40%,

8/8/2028(b)(e)

200,000

203,618

Starbucks

Corp.

,

3.50%,

3/1/2028

75,000

74,218

2.55%,

11/15/2030(b)

200,000

184,876

4.80%,

2/15/2033

100,000

101,248

5.40%,

5/15/2035

25,000

26,000

4.45%,

8/15/2049(b)

100,000

82,699

3.50%,

11/15/2050(b)

75,000

52,637

2,748,324

#### Household

#### Durables

#### 0

#### .0

#### %

#### †
DR

Horton,

Inc.

,

5.50%,

10/15/2035(b)

75,000

78,101

Leggett

&

Platt,

Inc.

,

3.50%,

11/15/2051

50,000

32,856

Mohawk

Industries,

Inc.

,

5.85%,

9/18/2028

50,000

52,004

PulteGroup,

Inc.

,

6.38%,

5/15/2033(b)

50,000

54,826

217,787

#### Household

#### Products

#### 0

#### .1

#### %
Church

&

Dwight

Co.,

Inc.

,

5.60%,

11/15/2032

40,000

42,527

5.00%,

6/15/2052(b)

40,000

36,509

Clorox

Co.

(The)

,

4.60%,

5/1/2032(b)

75,000

75,674

Colgate-Palmolive

Co.

,

4.20%,

5/1/2030

45,000

45,307

3.25%,

8/15/2032

35,000

32,977

4.60%,

3/1/2033

16,000

16,341

Kimberly-Clark

Corp.

,

6.63%,

8/1/2037

55,000

63,320

3.20%,

7/30/2046

65,000

46,372

2.88%,

2/7/2050

25,000

16,527

Procter

&

Gamble

Co.

(The)

,

2.85%,

8/11/2027(b)

250,000

247,316

4.35%,

1/29/2029

50,000

50,933

4.15%,

10/24/2029

50,000

50,686

4.05%,

5/1/2030

50,000

50,247

1.20%,

10/29/2030

100,000

88,032

1.95%,

4/23/2031(b)

100,000

90,352

4.10%,

11/3/2032

50,000

49,705

4.55%,

1/29/2034(b)

50,000

50,771

4.35%,

11/3/2035

50,000

49,347

3.60%,

3/25/2050(b)

75,000

57,156

1,160,099

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0

#### .1

#### %
AES

Corp.

(The)

,

2.45%,

1/15/2031(b)

70,000

63,465

Basin

Electric

Power

Cooperative

,

5.85%,

10/15/2055(f)

75,000

73,457

NVIT

Bond

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers
Constellation

Energy

Generation

LLC

,

5.60%,

3/1/2028(b)

40,000

41,266

5.80%,

3/1/2033(b)

40,000

42,687

6.13%,

1/15/2034(b)

25,000

27,098

6.25%,

10/1/2039(b)

30,000

32,504

5.60%,

6/15/2042

75,000

75,225

Oglethorpe

Power

Corp.

,

5.25%,

9/1/2050

150,000

135,332

Southern

Power

Co.

,

Series

A,

4.25%,

10/1/2030(b)

50,000

49,866

Series

B,

4.90%,

10/1/2035(b)

50,000

49,461

590,361

#### Industrial

#### Conglomerates

#### 0

#### .1

#### %
3M

Co.

,

4.80%,

3/15/2030

25,000

25,555

3.05%,

4/15/2030

25,000

23,894

5.15%,

3/15/2035

25,000

25,552

5.70%,

3/15/2037

40,000

42,118

4.00%,

9/14/2048

96,000

75,755

3.25%,

8/26/2049

90,000

61,881

Honeywell

International,

Inc.

,

1.10%,

3/1/2027

100,000

96,933

4.65%,

7/30/2027

50,000

50,641

4.25%,

1/15/2029

20,000

20,142

2.70%,

8/15/2029

25,000

23,857

4.70%,

2/1/2030

50,000

51,099

1.75%,

9/1/2031(b)

100,000

87,428

4.95%,

9/1/2031(b)

50,000

51,675

5.00%,

2/15/2033(b)

60,000

61,803

4.50%,

1/15/2034

45,000

44,600

5.00%,

3/1/2035(b)

75,000

76,391

2.80%,

6/1/2050

40,000

26,137

5.25%,

3/1/2054(b)

74,000

69,937

5.35%,

3/1/2064(b)

50,000

47,542

Pentair

Finance

Sarl

,

5.90%,

7/15/2032

30,000

31,829

994,769

#### Industrial

#### REITs

#### 0

#### .1

#### %
Americold

Realty

Operating

Partnership

LP

,

5.60%,

5/15/2032(b)

25,000

25,169

5.41%,

9/12/2034

25,000

24,397

First

Industrial

LP

,

5.25%,

1/15/2031

25,000

25,517

Prologis

LP

,

1.75%,

7/1/2030(b)

65,000

58,477

1.25%,

10/15/2030(b)

65,000

56,921

4.75%,

1/15/2031(b)

75,000

76,666

2.25%,

1/15/2032

50,000

44,243

3.00%,

4/15/2050

65,000

42,883

2.13%,

10/15/2050

105,000

56,491

5.25%,

6/15/2053(b)

30,000

28,507

5.25%,

3/15/2054(b)

75,000

71,264

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Industrial

#### REITs
Rexford

Industrial

Realty

LP

,

2.15%,

9/1/2031(b)

40,000

35,036

545,571

#### Insurance

#### 0

#### .7

#### %
Aflac,

Inc.

,

3.60%,

4/1/2030(b)

275,000

270,354

Alleghany

Corp.

,

3.63%,

5/15/2030(b)

50,000

48,811

3.25%,

8/15/2051(b)

50,000

33,652

Allstate

Corp.

(The)

,

5.25%,

3/30/2033

20,000

20,818

+

2.12%),

6.50%,

5/15/2057(c)

95,000

99,808

American

International

Group,

Inc.

,

5.13%,

3/27/2033

60,000

61,706

4.75%,

4/1/2048

100,000

88,895

4.38%,

6/30/2050(b)

50,000

41,735

Aon

Corp.

,

2.80%,

5/15/2030

50,000

47,209

2.05%,

8/23/2031

50,000

44,166

2.60%,

12/2/2031

25,000

22,592

5.00%,

9/12/2032

30,000

30,728

5.35%,

2/28/2033

25,000

26,034

Aon

Global

Ltd.

,

4.60%,

6/14/2044(b)

75,000

65,572

Aon

North

America,

Inc.

,

5.13%,

3/1/2027(b)

55,000

55,676

5.30%,

3/1/2031

75,000

78,188

5.75%,

3/1/2054(b)

138,000

137,300

Arch

Capital

Finance

LLC

,

5.03%,

12/15/2046(b)

100,000

93,148

Arthur

J

Gallagher

&

Co.

,

4.60%,

12/15/2027

50,000

50,519

2.40%,

11/9/2031

100,000

89,219

5.15%,

2/15/2035(b)

100,000

101,046

3.05%,

3/9/2052

100,000

63,267

5.55%,

2/15/2055(b)

100,000

95,975

Athene

Holding

Ltd.

,

6.15%,

4/3/2030

150,000

159,051

6.65%,

2/1/2033

50,000

54,169

5.88%,

1/15/2034(b)

25,000

25,918

6.25%,

4/1/2054(b)

50,000

48,624

6.63%,

5/19/2055

75,000

76,386

Berkshire

Hathaway

Finance

Corp.

,

2.30%,

3/15/2027(b)

100,000

98,425

4.20%,

8/15/2048

100,000

83,454

4.25%,

1/15/2049

100,000

83,846

2.85%,

10/15/2050

45,000

28,945

3.85%,

3/15/2052(b)

100,000

76,950

Brighthouse

Financial,

Inc.

,

4.70%,

6/22/2047(b)

50,000

36,792

Brown

&

Brown,

Inc.

,

4.20%,

3/17/2032

30,000

29,029

5.25%,

6/23/2032

25,000

25,566

5.65%,

6/11/2034

50,000

51,590

5.55%,

6/23/2035

75,000

76,901

6.25%,

6/23/2055(b)

50,000

51,991

Chubb

INA

Holdings

LLC

,

5.00%,

3/15/2034

75,000

76,714

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Bond

Index

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Insurance
Chubb

INA

Holdings

LLC,

4.90%,

8/15/2035

50,000

50,212

6.00%,

5/11/2037

90,000

97,694

4.35%,

11/3/2045

50,000

43,527

2.85%,

12/15/2051

50,000

31,839

3.05%,

12/15/2061

35,000

21,460

CNO

Financial

Group,

Inc.

,

6.45%,

6/15/2034

25,000

26,449

Enstar

Group

Ltd.

,

3.10%,

9/1/2031

55,000

49,431

Everest

Reinsurance

Holdings,

Inc.

,

3.50%,

10/15/2050

50,000

34,797

3.13%,

10/15/2052

50,000

31,686

F&G

Annuities

&

Life,

Inc.

,

7.40%,

1/13/2028

50,000

52,328

6.50%,

6/4/2029

25,000

26,044

6.25%,

10/4/2034

25,000

25,432

Fairfax

Financial

Holdings

Ltd.

,

4.63%,

4/29/2030(b)

100,000

100,292

6.00%,

12/7/2033(b)

100,000

106,039

6.10%,

3/15/2055(b)

25,000

25,062

6.50%,

5/20/2055(b)

50,000

52,841

Fidelity

National

Financial,

Inc.

,

3.20%,

9/17/2051

35,000

22,119

First

American

Financial

Corp.

,

2.40%,

8/15/2031

25,000

21,809

5.45%,

9/30/2034(b)

25,000

25,001

Globe

Life,

Inc.

,

2.15%,

8/15/2030(b)

50,000

45,225

5.85%,

9/15/2034

25,000

26,250

Hanover

Insurance

Group,

Inc.

(The)

,

2.50%,

9/1/2030

75,000

68,209

Hartford

Insurance

Group,

Inc.

(The)

,

6.10%,

10/1/2041

109,000

116,264

Kemper

Corp.

,

3.80%,

2/23/2032

30,000

27,664

Lincoln

National

Corp.

,

3.05%,

1/15/2030(b)

100,000

95,307

5.35%,

11/15/2035(b)

25,000

25,221

Loews

Corp.

,

4.13%,

5/15/2043(b)

50,000

42,537

Manulife

Financial

Corp.

,

(USD

ICE

Swap

Rate

Year

+

1.65%),

4.06%,

2/24/2032(c)

100,000

99,670

3.70%,

3/16/2032

20,000

19,163

4.99%,

12/11/2035

25,000

24,938

Markel

Group,

Inc.

,

3.35%,

9/17/2029

275,000

266,112

3.45%,

5/7/2052

100,000

67,600

Marsh

&

McLennan

Cos.,

Inc.

,

4.55%,

11/8/2027

75,000

75,884

4.38%,

3/15/2029

50,000

50,499

4.85%,

11/15/2031

25,000

25,644

5.75%,

11/1/2032(b)

25,000

26,783

5.40%,

9/15/2033

50,000

52,517

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Insurance
Marsh

&

McLennan

Cos.,

Inc.,

5.15%,

3/15/2034(b)

25,000

25,823

5.00%,

3/15/2035

215,000

217,788

5.35%,

11/15/2044(b)

50,000

48,925

4.20%,

3/1/2048

50,000

41,129

5.40%,

3/15/2055

175,000

168,490

MetLife,

Inc.

,

5.30%,

12/15/2034(b)

50,000

51,997

4.88%,

11/13/2043

250,000

233,088

5.00%,

7/15/2052(b)

60,000

54,834

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.08%),

6.35%,

3/15/2055(c)

30,000

31,637

Old

Republic

International

Corp.

,

5.75%,

3/28/2034(b)

25,000

25,971

Principal

Financial

Group,

Inc.

,

4.30%,

11/15/2046(b)

50,000

41,930

5.50%,

3/15/2053

45,000

43,810

Progressive

Corp.

(The)

,

2.50%,

3/15/2027

40,000

39,373

4.95%,

6/15/2033(b)

20,000

20,505

3.70%,

1/26/2045

125,000

98,146

4.13%,

4/15/2047

67,000

55,371

Prudential

Financial,

Inc.

,

3.88%,

3/27/2028(b)

200,000

199,860

5.20%,

3/14/2035(b)

50,000

51,279

4.60%,

5/15/2044(b)

150,000

133,938

3.91%,

12/7/2047

136,000

106,932

3.70%,

3/13/2051(b)

100,000

74,630

Prudential

Funding

Asia

plc

,

3.13%,

4/14/2030

75,000

71,894

Reinsurance

Group

of

America,

Inc.

,

6.00%,

9/15/2033

20,000

21,303

5.75%,

9/15/2034(b)

25,000

26,072

RenaissanceRe

Holdings

Ltd.

,

5.75%,

6/5/2033

60,000

62,736

5.80%,

4/1/2035

25,000

26,111

Travelers

Cos.,

Inc.

(The)

,

6.25%,

6/15/2037(b)

86,000

95,530

5.35%,

11/1/2040(b)

100,000

101,280

4.10%,

3/4/2049

150,000

121,655

5.45%,

5/25/2053

20,000

19,708

Travelers

Property

Casualty

Corp.

,

6.38%,

3/15/2033

67,000

75,296

Unum

Group

,

4.00%,

6/15/2029

200,000

197,831

5.25%,

12/15/2035

25,000

24,812

4.13%,

6/15/2051

50,000

37,945

W

R

Berkley

Corp.

,

4.00%,

5/12/2050

50,000

38,204

Willis

North

America,

Inc.

,

4.65%,

6/15/2027

50,000

50,389

4.50%,

9/15/2028

125,000

125,899

2.95%,

9/15/2029

65,000

61,837

4.55%,

3/15/2031

50,000

50,062

5.35%,

5/15/2033(b)

20,000

20,625

5.15%,

3/15/2036

25,000

25,002

NVIT

Bond

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Insurance
Willis

North

America,

Inc.,

5.90%,

3/5/2054(b)

50,000

49,911

7,819,876

#### Interactive

#### Media

#### &

#### Services

#### 0

#### .3

#### %
Alphabet,

Inc.

,

3.88%,

11/15/2028(b)

35,000

35,171

4.10%,

11/15/2030

125,000

125,384

4.38%,

11/15/2032(b)

45,000

45,153

4.50%,

5/15/2035(b)

100,000

99,467

4.70%,

11/15/2035

150,000

150,037

1.90%,

8/15/2040

100,000

67,687

5.35%,

11/15/2045

125,000

124,210

2.05%,

8/15/2050(b)

75,000

40,828

5.25%,

5/15/2055(b)

50,000

47,889

5.45%,

11/15/2055

100,000

98,097

2.25%,

8/15/2060

100,000

51,230

5.30%,

5/15/2065

60,000

56,429

5.70%,

11/15/2075

125,000

123,031

Baidu,

Inc.

,

4.38%,

3/29/2028

200,000

201,803

Meta

Platforms,

Inc.

,

3.50%,

8/15/2027(b)

230,000

229,544

4.60%,

5/15/2028(b)

60,000

61,106

4.20%,

11/15/2030

170,000

170,359

3.85%,

8/15/2032(b)

195,000

189,162

4.60%,

11/15/2032(b)

100,000

100,804

4.95%,

5/15/2033(b)

60,000

61,739

4.75%,

8/15/2034(b)

175,000

176,434

4.88%,

11/15/2035

145,000

144,806

5.50%,

11/15/2045(b)

405,000

393,263

4.45%,

8/15/2052(b)

40,000

32,552

5.60%,

5/15/2053

35,000

33,501

5.40%,

8/15/2054

46,000

42,795

5.63%,

11/15/2055(b)

230,000

220,747

5.75%,

5/15/2063

60,000

57,624

5.75%,

11/15/2065

365,000

348,029

3,528,881

#### IT

#### Services

#### 0

#### .1

#### %
Accenture

Capital,

Inc.

,

3.90%,

10/4/2027(b)

35,000

35,136

4.05%,

10/4/2029

50,000

50,181

4.25%,

10/4/2031(b)

50,000

50,039

4.50%,

10/4/2034(b)

35,000

34,502

Booz

Allen

Hamilton,

Inc.

,

5.95%,

4/15/2035(b)

50,000

51,804

CGI,

Inc.

,

4.95%,

3/14/2030(f)

25,000

25,335

DXC

Technology

Co.

,

2.38%,

9/15/2028(b)

25,000

23,572

IBM

International

Capital

Pte.

Ltd.

,

4.60%,

2/5/2029

100,000

101,500

International

Business

Machines

Corp.

,

1.70%,

5/15/2027(b)

300,000

291,539

3.50%,

5/15/2029

150,000

147,123

4.80%,

2/10/2030(b)

100,000

102,278

5.00%,

2/10/2032

100,000

102,722

5.88%,

11/29/2032

53,000

57,147

4.15%,

5/15/2039

150,000

133,907

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### IT

#### Services
International

Business

Machines

Corp.,

4.25%,

5/15/2049

300,000

242,254

5.70%,

2/10/2055(b)

100,000

98,550

Kyndryl

Holdings,

Inc.

,

3.15%,

10/15/2031(b)

150,000

136,910

1,684,499

#### Leisure

#### Products

#### 0

#### .0

#### %

#### †
Brunswick

Corp.

,

5.10%,

4/1/2052

3,000

2,355

Hasbro,

Inc.

,

6.05%,

5/14/2034(b)

25,000

26,520

5.10%,

5/15/2044

25,000

22,282

51,157

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0

#### .1

#### %
Agilent

Technologies,

Inc.

,

2.30%,

3/12/2031

82,000

74,181

4.75%,

9/9/2034

25,000

24,943

Bio-Rad

Laboratories,

Inc.

,

3.70%,

3/15/2032(b)

50,000

47,205

Danaher

Corp.

,

2.60%,

10/1/2050

44,000

26,855

2.80%,

12/10/2051

65,000

40,951

Illumina,

Inc.

,

5.75%,

12/13/2027

100,000

102,996

4.75%,

12/12/2030

25,000

25,239

Revvity,

Inc.

,

3.30%,

9/15/2029

100,000

96,344

Thermo

Fisher

Scientific,

Inc.

,

1.75%,

10/15/2028

115,000

108,566

5.00%,

1/31/2029

75,000

77,207

4.98%,

8/10/2030(b)

65,000

67,417

4.20%,

3/1/2031(b)

45,000

44,978

4.47%,

10/7/2032

50,000

50,159

4.79%,

10/7/2035(b)

50,000

50,153

4.89%,

10/7/2037(b)

50,000

49,700

2.80%,

10/15/2041

30,000

22,203

5.30%,

2/1/2044

75,000

73,947

983,044

#### Machinery

#### 0

#### .2

#### %
AGCO

Corp.

,

5.45%,

3/21/2027

50,000

50,675

5.80%,

3/21/2034(b)

25,000

26,169

Caterpillar,

Inc.

,

2.60%,

9/19/2029

70,000

66,744

6.05%,

8/15/2036

102,000

113,232

3.80%,

8/15/2042(b)

200,000

167,974

3.25%,

9/19/2049(b)

105,000

74,687

CNH

Industrial

Capital

LLC

,

5.50%,

1/12/2029

100,000

103,150

5.10%,

4/20/2029(b)

50,000

51,098

Cummins,

Inc.

,

5.30%,

5/9/2035(b)

125,000

129,621

Deere

&

Co.

,

5.45%,

1/16/2035(b)

50,000

52,729

3.90%,

6/9/2042(b)

75,000

64,510

5.70%,

1/19/2055

75,000

77,516

Deere

Funding

Canada

Corp.

,

4.15%,

10/9/2030

25,000

24,998

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Bond

Index

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Machinery
Dover

Corp.

,

5.38%,

3/1/2041

25,000

25,099

Flowserve

Corp.

,

2.80%,

1/15/2032

25,000

22,357

Illinois

Tool

Works,

Inc.

,

4.88%,

9/15/2041

75,000

72,824

Ingersoll

Rand,

Inc.

,

5.20%,

6/15/2027(b)

50,000

50,793

5.18%,

6/15/2029

50,000

51,682

5.70%,

8/14/2033(b)

100,000

105,950

5.45%,

6/15/2034

50,000

52,024

Nordson

Corp.

,

4.50%,

12/15/2029(b)

25,000

25,166

5.80%,

9/15/2033

25,000

26,444

nVent

Finance

Sarl

,

5.65%,

5/15/2033(b)

40,000

41,714

Otis

Worldwide

Corp.

,

5.25%,

8/16/2028

30,000

30,915

3.11%,

2/15/2040

125,000

98,178

Parker-Hannifin

Corp.

,

4.25%,

9/15/2027(b)

65,000

65,386

3.25%,

6/14/2029

104,000

101,183

4.50%,

9/15/2029

45,000

45,630

4.20%,

11/21/2034(b)

175,000

169,700

Stanley

Black

&

Decker,

Inc.

,

6.00%,

3/6/2028

100,000

103,646

4.25%,

11/15/2028

50,000

50,040

2.30%,

3/15/2030(b)

175,000

160,220

3.00%,

5/15/2032

40,000

36,212

Westinghouse

Air

Brake

Technologies

Corp.

,

4.70%,

9/15/2028(e)

100,000

101,225

4.90%,

5/29/2030

50,000

51,159

5.50%,

5/29/2035(b)

25,000

26,073

2,516,723

#### Media

#### 0

#### .4

#### %
Charter

Communications

Operating

LLC

,

2.25%,

1/15/2029

100,000

93,609

5.05%,

3/30/2029(b)

100,000

101,161

6.10%,

6/1/2029(b)

75,000

78,276

6.65%,

2/1/2034(b)

125,000

131,680

6.55%,

6/1/2034(b)

75,000

78,882

6.38%,

10/23/2035(b)

250,000

258,014

3.50%,

3/1/2042

100,000

69,374

5.38%,

5/1/2047(b)

150,000

123,562

5.75%,

4/1/2048(b)

175,000

149,273

4.80%,

3/1/2050(b)

175,000

131,460

3.90%,

6/1/2052

75,000

48,407

5.25%,

4/1/2053(b)

180,000

142,352

6.83%,

10/23/2055

125,000

119,981

3.85%,

4/1/2061

310,000

184,732

Comcast

Corp.

,

2.65%,

2/1/2030

200,000

188,761

3.40%,

4/1/2030(b)

165,000

160,023

1.95%,

1/15/2031

200,000

178,276

4.95%,

5/15/2032(b)

50,000

51,215

4.25%,

1/15/2033(b)

100,000

97,783

4.80%,

5/15/2033(b)

80,000

80,689

4.40%,

8/15/2035(b)

125,000

119,422

5.17%,

1/15/2037(f)

706,000

696,094

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Media
Comcast

Corp.,

3.40%,

7/15/2046(b)

150,000

104,303

4.00%,

11/1/2049

125,000

92,173

2.89%,

11/1/2051

200,000

116,959

2.45%,

8/15/2052

70,000

37,120

5.35%,

5/15/2053(b)

80,000

71,861

5.65%,

6/1/2054(b)

70,000

65,597

6.05%,

5/15/2055(b)

75,000

74,076

2.94%,

11/1/2056

327,000

183,733

2.65%,

8/15/2062

200,000

100,721

Fox

Corp.

,

6.50%,

10/13/2033(b)

100,000

110,238

5.58%,

1/25/2049(b)

100,000

96,177

Omnicom

Group,

Inc.

,

2.40%,

3/1/2031(f)

160,000

143,642

2.60%,

8/1/2031(b)

32,000

29,032

5.38%,

6/15/2033(f)

24,000

24,341

5.30%,

11/1/2034

50,000

51,055

3.38%,

3/1/2041(f)

70,000

52,996

Paramount

Global

,

5.50%,

5/15/2033

118,000

112,790

4.60%,

1/15/2045

250,000

173,366

4,923,206

#### Metals

#### &

#### Mining

#### 0

#### .2

#### %
ArcelorMittal

SA

,

6.80%,

11/29/2032(b)

40,000

44,790

7.00%,

10/15/2039(b)(e)

50,000

56,414

6.35%,

6/17/2054(b)

50,000

52,682

Barrick

North

America

Finance

LLC

,

5.75%,

5/1/2043

100,000

101,707

BHP

Billiton

Finance

USA

Ltd.

,

5.10%,

9/8/2028(b)

100,000

103,042

5.00%,

2/21/2030(b)

100,000

103,177

5.25%,

9/8/2030

100,000

104,168

5.13%,

2/21/2032

75,000

77,757

4.90%,

2/28/2033

35,000

35,714

5.25%,

9/8/2033

50,000

51,940

5.30%,

2/21/2035(b)

75,000

77,433

4.13%,

2/24/2042(b)

92,000

79,460

5.00%,

9/30/2043(b)

100,000

94,970

Freeport-McMoRan,

Inc.

,

5.40%,

11/14/2034(b)

50,000

51,552

Newmont

Corp.

,

5.35%,

3/15/2034(b)

25,000

26,131

5.88%,

4/1/2035

86,000

92,987

4.88%,

3/15/2042(b)

50,000

47,833

Nucor

Corp.

,

4.65%,

6/1/2030(b)

50,000

51,046

5.10%,

6/1/2035

50,000

51,091

5.20%,

8/1/2043

75,000

72,867

Rio

Tinto

Alcan,

Inc.

,

5.75%,

6/1/2035

56,000

59,660

Rio

Tinto

Finance

USA

Ltd.

,

2.75%,

11/2/2051

100,000

61,986

Rio

Tinto

Finance

USA

plc

,

4.50%,

3/14/2028

40,000

40,471

4.88%,

3/14/2030

80,000

82,187

5.00%,

3/14/2032(b)

55,000

56,790

5.25%,

3/14/2035

85,000

87,587

4.13%,

8/21/2042(b)

100,000

85,955

NVIT

Bond

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Metals

#### &

#### Mining
Rio

Tinto

Finance

USA

plc,

5.13%,

3/9/2053

60,000

55,888

5.75%,

3/14/2055(b)

60,000

61,180

Southern

Copper

Corp.

,

6.75%,

4/16/2040(b)

150,000

169,245

Steel

Dynamics,

Inc.

,

4.00%,

12/15/2028

50,000

49,943

3.25%,

1/15/2031(b)

75,000

71,303

5.38%,

8/15/2034(b)

50,000

51,799

5.25%,

5/15/2035

50,000

51,133

Vale

Overseas

Ltd.

,

3.75%,

7/8/2030

300,000

288,830

6.40%,

6/28/2054(b)

75,000

76,537

2,727,255

#### Multi-Utilities

#### 0

#### .5

#### %
Ameren

Corp.

,

1.95%,

3/15/2027

80,000

78,085

5.00%,

1/15/2029

50,000

51,115

5.38%,

3/15/2035(b)

25,000

25,691

Ameren

Illinois

Co.

,

3.85%,

9/1/2032

40,000

38,411

2.90%,

6/15/2051

100,000

63,168

5.90%,

12/1/2052(b)

100,000

103,543

Berkshire

Hathaway

Energy

Co.

,

6.13%,

4/1/2036

150,000

162,675

5.15%,

11/15/2043(b)

150,000

144,020

4.60%,

5/1/2053(b)

90,000

75,777

Black

Hills

Corp.

,

3.05%,

10/15/2029

210,000

200,414

4.55%,

1/31/2031

25,000

25,005

6.00%,

1/15/2035(b)

25,000

26,661

CenterPoint

Energy,

Inc.

,

5.40%,

6/1/2029(b)

50,000

51,783

Consolidated

Edison

Co.

of

New

York,

Inc.

,

5.20%,

3/1/2033(b)

40,000

41,656

5.50%,

3/15/2034

50,000

52,460

5.13%,

3/15/2035

125,000

127,786

3.95%,

3/1/2043

75,000

61,665

4.50%,

12/1/2045

125,000

107,551

6.15%,

11/15/2052(b)

50,000

52,583

5.90%,

11/15/2053(b)

50,000

50,967

4.63%,

12/1/2054

50,000

42,104

5.75%,

11/15/2055

35,000

34,901

3.60%,

6/15/2061(b)

200,000

136,617

Consumers

Energy

Co.

,

4.90%,

2/15/2029(b)

100,000

102,528

4.70%,

1/15/2030

25,000

25,550

4.50%,

1/15/2031

40,000

40,441

5.05%,

5/15/2035

100,000

101,728

4.35%,

4/15/2049

175,000

145,650

3.10%,

8/15/2050

45,000

30,050

Dominion

Energy,

Inc.

,

4.60%,

5/15/2028

50,000

50,584

Series

C,

3.38%,

4/1/2030(b)

150,000

144,726

5.00%,

6/15/2030(b)

50,000

51,372

Series

A,

4.35%,

8/15/2032

40,000

39,273

5.38%,

11/15/2032(b)

50,000

51,909

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Multi-Utilities
Dominion

Energy,

Inc.,

Series

B,

5.95%,

6/15/2035(b)

151,000

160,772

Series

C,

4.90%,

8/1/2041

200,000

184,318

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.26%),

6.00%,

2/15/2056(c)

25,000

25,115

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.01%),

6.20%,

2/15/2056(c)

25,000

25,017

DTE

Energy

Co.

,

4.88%,

6/1/2028

100,000

101,732

5.10%,

3/1/2029

75,000

76,856

2.95%,

3/1/2030

50,000

47,353

5.05%,

10/1/2035(b)

25,000

24,954

National

Grid

plc

,

5.42%,

1/11/2034

100,000

103,434

NiSource,

Inc.

,

5.25%,

3/30/2028(b)

104,000

106,623

5.20%,

7/1/2029(b)

50,000

51,549

2.95%,

9/1/2029(b)

125,000

119,944

1.70%,

2/15/2031(b)

85,000

74,588

5.35%,

4/1/2034(b)

25,000

25,772

5.35%,

7/15/2035(b)

100,000

102,239

5.95%,

6/15/2041

175,000

180,786

5.00%,

6/15/2052

70,000

61,924

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.04%),

5.75%,

7/15/2056(b)(c)

25,000

25,162

Public

Service

Enterprise

Group,

Inc.

,

5.88%,

10/15/2028

50,000

52,205

5.20%,

4/1/2029

50,000

51,395

4.90%,

3/15/2030

25,000

25,564

5.45%,

4/1/2034

50,000

51,653

5.40%,

3/15/2035(b)

25,000

25,687

Puget

Energy,

Inc.

,

2.38%,

6/15/2028(b)

50,000

47,844

4.22%,

3/15/2032(b)

40,000

38,353

5.73%,

3/15/2035

25,000

25,654

Puget

Sound

Energy,

Inc.

,

5.33%,

6/15/2034

25,000

25,728

5.64%,

4/15/2041

175,000

174,829

San

Diego

Gas

&

Electric

Co.

,

Series

VVV,

1.70%,

10/1/2030(b)

100,000

89,242

5.40%,

4/15/2035

25,000

25,876

3.32%,

4/15/2050

75,000

51,663

5.35%,

4/1/2053(b)

20,000

18,893

5.55%,

4/15/2054(b)

50,000

48,597

Sempra

,

3.40%,

2/1/2028(b)

300,000

295,430

6.00%,

10/15/2039

95,000

98,899

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.63%),

6.40%,

10/1/2054(b)(c)

26,000

26,445

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Bond

Index

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Multi-Utilities
Southern

Co.

Gas

Capital

Corp.

,

Series

20-A,

1.75%,

1/15/2031

250,000

221,187

5.75%,

9/15/2033(b)

50,000

52,982

Series

B,

5.10%,

9/15/2035(b)

25,000

25,192

WEC

Energy

Group,

Inc.

,

1.80%,

10/15/2030

103,000

91,610

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.91%),

5.63%,

5/15/2056(b)(c)

25,000

25,157

5,626,672

#### Office

#### REITs

#### 0

#### .1

#### %
Boston

Properties

LP

,

2.90%,

3/15/2030(b)

100,000

93,760

3.25%,

1/30/2031

89,000

83,470

2.45%,

10/1/2033(b)

100,000

82,720

COPT

Defense

Properties

LP

,

4.50%,

10/15/2030

25,000

24,879

2.90%,

12/1/2033

100,000

85,317

Highwoods

Realty

LP

,

3.05%,

2/15/2030

100,000

93,112

Kilroy

Realty

LP

,

3.05%,

2/15/2030(b)

100,000

92,984

6.25%,

1/15/2036(b)

25,000

25,840

582,082

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 1

#### .7

#### %
APA

Corp.

,

6.10%,

2/15/2035

25,000

25,698

6.75%,

2/15/2055(b)

25,000

24,899

Boardwalk

Pipelines

LP

,

3.40%,

2/15/2031

175,000

165,572

5.63%,

8/1/2034

25,000

26,120

5.38%,

2/15/2036(b)

25,000

25,124

BP

Capital

Markets

America,

Inc.

,

5.02%,

11/17/2027

100,000

101,977

4.23%,

11/6/2028

275,000

276,765

4.70%,

4/10/2029

50,000

50,967

4.87%,

11/25/2029(b)

25,000

25,646

2.72%,

1/12/2032

50,000

45,539

4.89%,

9/11/2033(b)

15,000

15,260

5.23%,

11/17/2034(b)

125,000

128,953

3.06%,

6/17/2041

50,000

38,057

3.00%,

2/24/2050

75,000

48,897

2.77%,

11/10/2050

150,000

92,350

2.94%,

6/4/2051

150,000

95,441

3.00%,

3/17/2052

50,000

31,983

3.38%,

2/8/2061

50,000

32,639

BP

Capital

Markets

plc

,

3.28%,

9/19/2027(b)

300,000

297,399

Canadian

Natural

Resources

Ltd.

,

5.40%,

12/15/2034(b)

25,000

25,450

6.25%,

3/15/2038(b)

90,000

95,456

4.95%,

6/1/2047(b)

75,000

66,007

Cenovus

Energy,

Inc.

,

4.65%,

3/20/2031

50,000

49,844

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
Cenovus

Energy,

Inc.,

2.65%,

1/15/2032(b)

45,000

39,979

5.40%,

3/20/2036(b)

50,000

49,934

6.75%,

11/15/2039(b)

17,000

18,718

5.40%,

6/15/2047(b)

70,000

63,799

3.75%,

2/15/2052(b)

25,000

17,477

Cheniere

Corpus

Christi

Holdings

LLC

,

3.70%,

11/15/2029(b)

65,000

63,478

Cheniere

Energy

Partners

LP

,

4.50%,

10/1/2029

150,000

150,315

4.00%,

3/1/2031(b)

75,000

73,032

3.25%,

1/31/2032(b)

50,000

46,052

5.75%,

8/15/2034(b)

75,000

78,309

5.55%,

10/30/2035(f)

50,000

51,119

Cheniere

Energy,

Inc.

,

5.65%,

4/15/2034(b)

150,000

155,607

Chevron

Corp.

,

2.00%,

5/11/2027

120,000

117,364

2.24%,

5/11/2030

77,000

71,407

3.08%,

5/11/2050

25,000

16,951

Chevron

USA,

Inc.

,

1.02%,

8/12/2027(b)

120,000

115,020

4.05%,

8/13/2028

25,000

25,193

4.30%,

10/15/2030(b)

75,000

75,725

4.98%,

4/15/2035

50,000

51,222

4.85%,

10/15/2035(b)

50,000

50,580

2.34%,

8/12/2050

100,000

58,097

CNOOC

Finance

2013

Ltd.

,

3.30%,

9/30/2049

200,000

154,166

Columbia

Pipeline

Group,

Inc.

,

5.80%,

6/1/2045(b)

25,000

24,694

ConocoPhillips

,

5.90%,

10/15/2032

52,000

56,438

6.50%,

2/1/2039(b)

50,000

56,197

ConocoPhillips

Co.

,

4.85%,

1/15/2032

50,000

51,342

5.00%,

1/15/2035(b)

25,000

25,346

3.76%,

3/15/2042

50,000

40,722

4.30%,

11/15/2044

105,000

88,750

3.80%,

3/15/2052

50,000

36,678

5.30%,

5/15/2053(b)

40,000

37,262

5.55%,

3/15/2054(b)

50,000

48,108

5.50%,

1/15/2055(b)

55,000

52,610

4.03%,

3/15/2062

50,000

36,327

5.70%,

9/15/2063

50,000

48,172

Continental

Resources,

Inc.

,

4.90%,

6/1/2044

35,000

27,866

Coterra

Energy,

Inc.

,

5.40%,

2/15/2035(b)

100,000

101,499

Devon

Energy

Corp.

,

5.88%,

6/15/2028

100,000

100,003

5.20%,

9/15/2034

75,000

74,669

4.75%,

5/15/2042(b)

75,000

64,848

5.75%,

9/15/2054(b)

75,000

68,917

Diamondback

Energy,

Inc.

,

5.20%,

4/18/2027(b)

125,000

126,807

6.25%,

3/15/2033(b)

35,000

37,711

4.40%,

3/24/2051(b)

50,000

40,075

4.25%,

3/15/2052(b)

60,000

46,636

5.75%,

4/18/2054(b)

50,000

47,252

5.90%,

4/18/2064

60,000

56,638

NVIT

Bond

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
Eastern

Energy

Gas

Holdings

LLC

,

5.80%,

1/15/2035(b)

25,000

26,397

5.65%,

10/15/2054

90,000

87,060

Eastern

Gas

Transmission

&

Storage,

Inc.

,

3.00%,

11/15/2029(b)

100,000

95,570

Enbridge,

Inc.

,

5.25%,

4/5/2027(b)

25,000

25,345

4.60%,

6/20/2028

25,000

25,258

6.00%,

11/15/2028(b)

50,000

52,544

4.20%,

11/20/2028(b)

50,000

50,048

3.13%,

11/15/2029

75,000

71,816

4.90%,

6/20/2030(b)

35,000

35,781

6.20%,

11/15/2030

80,000

85,906

4.50%,

2/15/2031

50,000

49,949

5.70%,

3/8/2033

105,000

110,595

5.63%,

4/5/2034(b)

131,000

136,754

5.55%,

6/20/2035(b)

50,000

51,730

5.20%,

11/20/2035

50,000

50,400

4.00%,

11/15/2049

100,000

76,516

3.40%,

8/1/2051

15,000

10,250

5.95%,

4/5/2054(b)

25,000

25,308

Energy

Transfer

LP

,

5.55%,

2/15/2028

50,000

51,331

5.25%,

7/1/2029

30,000

30,872

3.75%,

5/15/2030(b)

60,000

58,390

6.40%,

12/1/2030(b)

40,000

43,208

5.75%,

2/15/2033(b)

155,000

162,662

5.70%,

4/1/2035(b)

100,000

103,513

5.00%,

5/15/2044(e)

150,000

130,021

5.35%,

5/15/2045

200,000

180,875

5.30%,

4/15/2047

200,000

177,475

5.00%,

5/15/2050(b)

200,000

167,330

5.95%,

5/15/2054

40,000

37,906

6.05%,

9/1/2054

50,000

48,086

Enterprise

Products

Operating

LLC

,

4.60%,

1/11/2027

50,000

50,359

4.30%,

6/20/2028

75,000

75,643

2.80%,

1/31/2030

70,000

66,499

4.60%,

1/15/2031

135,000

136,659

5.35%,

1/31/2033

70,000

73,102

4.85%,

1/31/2034

50,000

50,518

4.95%,

2/15/2035

50,000

50,582

6.13%,

10/15/2039

85,000

91,498

4.45%,

2/15/2043

100,000

87,883

4.85%,

3/15/2044

100,000

91,275

4.25%,

2/15/2048

100,000

82,109

4.80%,

2/1/2049(b)

75,000

66,045

4.20%,

1/31/2050(b)

59,000

47,318

3.70%,

1/31/2051(b)

75,000

54,998

3.20%,

2/15/2052

30,000

19,900

4.95%,

10/15/2054

100,000

88,668

5.55%,

2/16/2055(b)

45,000

43,610

EOG

Resources,

Inc.

,

4.40%,

7/15/2028(b)

75,000

75,839

4.40%,

1/15/2031

25,000

25,097

5.35%,

1/15/2036(b)

75,000

77,067

4.95%,

4/15/2050(b)

60,000

53,637

5.65%,

12/1/2054(b)

25,000

24,451

5.95%,

7/15/2055(b)

35,000

35,643

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
EQT

Corp.

,

3.90%,

10/1/2027(b)

300,000

298,634

5.75%,

2/1/2034(b)

50,000

52,232

Equinor

ASA

,

4.25%,

6/2/2028

50,000

50,452

3.13%,

4/6/2030(b)

200,000

192,683

4.50%,

9/3/2030

25,000

25,362

5.13%,

6/3/2035(b)

50,000

51,348

4.75%,

11/14/2035

25,000

24,871

3.70%,

4/6/2050

100,000

75,790

Expand

Energy

Corp.

,

5.70%,

1/15/2035(b)

100,000

103,487

Exxon

Mobil

Corp.

,

3.29%,

3/19/2027(b)

200,000

199,139

3.48%,

3/19/2030

50,000

48,893

2.61%,

10/15/2030(b)

125,000

117,192

4.23%,

3/19/2040(b)

125,000

114,650

4.11%,

3/1/2046

175,000

146,319

3.10%,

8/16/2049

50,000

34,147

4.33%,

3/19/2050

101,000

84,655

3.45%,

4/15/2051

49,000

35,139

Hess

Corp.

,

5.60%,

2/15/2041

75,000

77,492

Kinder

Morgan

Energy

Partners

LP

,

5.00%,

8/15/2042

100,000

91,633

Kinder

Morgan,

Inc.

,

5.00%,

2/1/2029(b)

60,000

61,389

5.10%,

8/1/2029(b)

40,000

41,132

2.00%,

2/15/2031(b)

50,000

44,624

5.20%,

6/1/2033(b)

90,000

92,611

5.40%,

2/1/2034(b)

75,000

77,431

5.30%,

12/1/2034(b)

150,000

152,905

5.05%,

2/15/2046

250,000

224,771

3.25%,

8/1/2050

50,000

33,072

3.60%,

2/15/2051(b)

100,000

69,969

5.95%,

8/1/2054

25,000

24,837

Marathon

Petroleum

Corp.

,

5.70%,

3/1/2035(b)

50,000

51,452

6.50%,

3/1/2041(b)

150,000

159,649

MPLX

LP

,

4.00%,

3/15/2028(b)

100,000

99,788

2.65%,

8/15/2030(b)

140,000

129,665

4.80%,

2/15/2031

70,000

70,735

4.95%,

9/1/2032

90,000

90,608

5.00%,

1/15/2033

50,000

50,178

5.00%,

3/1/2033(b)

35,000

35,165

5.50%,

6/1/2034

60,000

61,211

5.40%,

4/1/2035

50,000

50,319

5.40%,

9/15/2035(b)

50,000

50,372

4.50%,

4/15/2038

100,000

91,178

5.20%,

3/1/2047

100,000

89,361

4.70%,

4/15/2048

75,000

62,334

5.50%,

2/15/2049

50,000

45,915

6.20%,

9/15/2055(b)

40,000

39,660

Occidental

Petroleum

Corp.

,

5.00%,

8/1/2027(b)

70,000

71,277

5.20%,

8/1/2029(b)

65,000

66,624

6.13%,

1/1/2031(b)

100,000

105,693

5.38%,

1/1/2032(b)

70,000

71,680

5.55%,

10/1/2034(b)

55,000

56,101

6.45%,

9/15/2036

50,000

53,286

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Bond

Index

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
Occidental

Petroleum

Corp.,

4.20%,

3/15/2048

180,000

135,633

ONEOK

Partners

LP

,

6.13%,

2/1/2041

100,000

102,520

ONEOK,

Inc.

,

4.55%,

7/15/2028

86,000

86,740

5.65%,

11/1/2028

100,000

103,858

4.35%,

3/15/2029(b)

100,000

100,320

5.80%,

11/1/2030

75,000

79,058

4.75%,

10/15/2031(b)

125,000

125,664

4.95%,

10/15/2032

25,000

25,113

5.05%,

11/1/2034(b)

150,000

148,661

5.40%,

10/15/2035(b)

25,000

25,260

5.45%,

6/1/2047

100,000

91,935

5.20%,

7/15/2048(b)

150,000

135,148

6.63%,

9/1/2053(b)

50,000

52,365

6.25%,

10/15/2055

50,000

50,106

5.85%,

11/1/2064(b)

30,000

28,146

Ovintiv,

Inc.

,

5.65%,

5/15/2028

60,000

61,768

6.25%,

7/15/2033(b)

40,000

42,429

6.50%,

2/1/2038

25,000

26,196

7.10%,

7/15/2053

40,000

42,506

Phillips

,

4.65%,

11/15/2034(b)

100,000

97,975

5.88%,

5/1/2042

57,000

57,614

4.88%,

11/15/2044

100,000

87,837

Phillips

Co.

,

4.95%,

12/1/2027

40,000

40,638

5.25%,

6/15/2031(b)

75,000

77,947

4.95%,

3/15/2035(b)

75,000

74,529

4.90%,

10/1/2046(b)

50,000

43,577

5.50%,

3/15/2055(b)

25,000

23,028

Series

B,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.17%),

6.20%,

3/15/2056(b)(c)

25,000

24,897

Pioneer

Natural

Resources

Co.

,

2.15%,

1/15/2031(b)

200,000

181,388

Plains

All

American

Pipeline

LP

,

3.55%,

12/15/2029(b)

106,000

102,977

5.70%,

9/15/2034

50,000

51,561

5.95%,

6/15/2035(b)

50,000

52,072

5.60%,

1/15/2036

50,000

50,578

5.15%,

6/1/2042

100,000

91,334

Sabine

Pass

Liquefaction

LLC

,

5.00%,

3/15/2027(b)

200,000

201,344

4.50%,

5/15/2030(b)

150,000

150,608

Shell

Finance

US,

Inc.

,

4.13%,

11/6/2030

50,000

49,994

4.75%,

1/6/2036

50,000

49,926

6.38%,

12/15/2038(f)

250,000

278,468

4.55%,

8/12/2043

50,000

44,723

4.38%,

5/11/2045

100,000

86,124

4.00%,

5/10/2046

100,000

80,845

3.75%,

9/12/2046

100,000

77,910

3.00%,

11/26/2051(f)

100,000

64,140

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
South

Bow

USA

Infrastructure

Holdings

LLC

,

5.58%,

10/1/2034

45,000

45,446

6.18%,

10/1/2054

60,000

57,639

Spectra

Energy

Partners

LP

,

4.50%,

3/15/2045

100,000

84,337

Suncor

Energy,

Inc.

,

7.15%,

2/1/2032

100,000

112,264

5.95%,

12/1/2034(b)

50,000

52,896

6.85%,

6/1/2039

70,000

77,686

Targa

Resources

Corp.

,

5.20%,

7/1/2027(b)

60,000

60,973

4.35%,

1/15/2029(b)

50,000

50,139

6.15%,

3/1/2029(b)

35,000

36,845

4.90%,

9/15/2030(b)

50,000

50,944

6.13%,

3/15/2033

100,000

106,968

5.50%,

2/15/2035(b)

100,000

102,435

5.55%,

8/15/2035

50,000

51,175

5.65%,

2/15/2036(b)

50,000

51,360

5.40%,

7/30/2036

50,000

50,057

6.25%,

7/1/2052

60,000

60,244

Targa

Resources

Partners

LP

,

4.88%,

2/1/2031(b)

100,000

100,611

4.00%,

1/15/2032

25,000

23,855

TotalEnergies

Capital

International

SA

,

3.46%,

2/19/2029(b)

75,000

73,848

3.13%,

5/29/2050

125,000

83,318

3.39%,

6/29/2060

100,000

64,887

TotalEnergies

Capital

SA

,

5.15%,

4/5/2034(b)

50,000

51,908

5.49%,

4/5/2054

64,000

61,883

5.28%,

9/10/2054(b)

75,000

70,470

5.64%,

4/5/2064

50,000

48,292

5.43%,

9/10/2064(b)

50,000

46,795

TransCanada

PipeLines

Ltd.

,

4.25%,

5/15/2028(b)

400,000

400,797

4.10%,

4/15/2030

100,000

98,855

4.63%,

3/1/2034(b)

100,000

97,406

5.85%,

3/15/2036

150,000

156,490

6.10%,

6/1/2040

50,000

52,532

Valero

Energy

Corp.

,

2.80%,

12/1/2031(b)

25,000

22,781

7.50%,

4/15/2032

18,000

20,605

6.63%,

6/15/2037(b)

100,000

110,113

3.65%,

12/1/2051(b)

50,000

34,611

Viper

Energy

Partners

LLC

,

5.70%,

8/1/2035(b)

25,000

25,513

Western

Midstream

Operating

LP

,

4.05%,

2/1/2030(b)(e)

104,000

101,887

4.80%,

3/1/2031(b)

25,000

24,989

6.15%,

4/1/2033(b)

100,000

105,887

5.30%,

3/1/2048

70,000

60,356

Williams

Cos.,

Inc.

(The)

,

5.15%,

3/15/2034

150,000

152,514

5.60%,

3/15/2035(b)

50,000

51,999

5.30%,

9/30/2035(b)

50,000

50,859

6.30%,

4/15/2040

100,000

107,723

5.80%,

11/15/2043(b)

150,000

148,996

4.90%,

1/15/2045

75,000

67,120

NVIT

Bond

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
Williams

Cos.,

Inc.

(The),

5.80%,

11/15/2054(b)

100,000

98,790

19,975,118

#### Paper

#### &

#### Forest

#### Products

#### 0

#### .0

#### %

#### †
Georgia-Pacific

LLC

,

8.88%,

5/15/2031

50,000

60,621

Suzano

Austria

GmbH

,

5.00%,

1/15/2030

200,000

200,168

260,789

#### Passenger

#### Airlines

#### 0

#### .0

#### %

#### †
American

Airlines

Pass-

Through

Trust

,

Series

2021-1,

Class

A,

2.88%,

7/11/2034

20,978

19,162

Southwest

Airlines

Co.

,

4.38%,

11/15/2028(b)

50,000

50,105

2.63%,

2/10/2030(b)

50,000

46,447

5.25%,

11/15/2035

50,000

48,898

164,612

#### Personal

#### Care

#### Products

#### 0

#### .0

#### %

#### †
Estee

Lauder

Cos.,

Inc.

(The)

,

2.38%,

12/1/2029

35,000

32,760

1.95%,

3/15/2031(b)

100,000

89,199

5.00%,

2/14/2034

75,000

76,123

3.13%,

12/1/2049

100,000

66,311

Kenvue,

Inc.

,

5.05%,

3/22/2028(b)

30,000

30,649

5.00%,

3/22/2030(b)

30,000

30,939

4.85%,

5/22/2032

50,000

51,129

5.10%,

3/22/2043

60,000

57,609

5.05%,

3/22/2053(b)

50,000

45,564

5.20%,

3/22/2063

45,000

40,814

521,097

#### Pharmaceuticals

#### 0

#### .8

#### %
Astrazeneca

Finance

LLC

,

4.80%,

2/26/2027(b)

75,000

75,837

4.85%,

2/26/2029(b)

75,000

77,003

4.90%,

2/26/2031

75,000

77,624

4.88%,

3/3/2033(b)

100,000

103,163

5.00%,

2/26/2034

25,000

25,861

AstraZeneca

plc

,

4.00%,

1/17/2029

90,000

90,208

6.45%,

9/15/2037

200,000

227,960

4.00%,

9/18/2042

75,000

64,592

Bristol-Myers

Squibb

Co.

,

3.40%,

7/26/2029

200,000

196,218

5.75%,

2/1/2031(b)

75,000

80,221

5.10%,

2/22/2031(b)

230,000

239,487

2.95%,

3/15/2032(b)

140,000

129,674

5.90%,

11/15/2033

31,000

33,873

5.20%,

2/22/2034(b)

170,000

176,725

3.25%,

8/1/2042

50,000

38,403

5.50%,

2/22/2044

25,000

25,048

4.55%,

2/20/2048

45,000

38,931

4.25%,

10/26/2049

100,000

81,706

3.70%,

3/15/2052(b)

25,000

18,369

5.55%,

2/22/2054(b)

110,000

108,028

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Pharmaceuticals
Eli

Lilly

&

Co.

,

4.50%,

2/9/2027(b)

75,000

75,628

4.15%,

8/14/2027

75,000

75,552

4.00%,

10/15/2028(b)

95,000

95,640

4.50%,

2/9/2029

75,000

76,414

4.20%,

8/14/2029

65,000

65,630

4.75%,

2/12/2030(b)

50,000

51,414

4.25%,

3/15/2031(b)

75,000

75,556

4.90%,

2/12/2032

50,000

51,684

4.70%,

2/27/2033

40,000

40,837

4.70%,

2/9/2034(b)

100,000

101,379

4.90%,

10/15/2035(b)

25,000

25,424

3.95%,

3/15/2049

25,000

20,093

2.25%,

5/15/2050(b)

175,000

100,673

4.88%,

2/27/2053

40,000

36,545

5.00%,

2/9/2054(b)

85,000

79,401

5.50%,

2/12/2055

50,000

50,043

5.55%,

10/15/2055(b)

25,000

25,165

2.50%,

9/15/2060

150,000

81,484

5.10%,

2/9/2064

75,000

69,056

5.20%,

8/14/2064

50,000

47,048

5.65%,

10/15/2065

50,000

50,381

GlaxoSmithKline

Capital,

Inc.

,

3.88%,

5/15/2028

25,000

25,020

4.50%,

4/15/2030

25,000

25,409

4.88%,

4/15/2035

25,000

25,254

6.38%,

5/15/2038

125,000

140,189

4.20%,

3/18/2043

50,000

43,717

Johnson

&

Johnson

,

0.95%,

9/1/2027(b)

300,000

287,258

4.80%,

6/1/2029

75,000

77,423

4.70%,

3/1/2030(b)

50,000

51,522

1.30%,

9/1/2030(b)

125,000

111,472

4.90%,

6/1/2031

75,000

78,308

4.85%,

3/1/2032

50,000

51,871

5.00%,

3/1/2035(b)

50,000

52,055

3.63%,

3/3/2037

100,000

90,876

3.70%,

3/1/2046(b)

250,000

202,587

5.25%,

6/1/2054

50,000

50,043

2.45%,

9/1/2060

75,000

41,200

Merck

&

Co.,

Inc.

,

1.70%,

6/10/2027(b)

170,000

165,541

1.90%,

12/10/2028(b)

130,000

123,286

3.40%,

3/7/2029

125,000

123,008

3.85%,

3/15/2029

30,000

29,990

4.30%,

5/17/2030

35,000

35,352

4.15%,

3/15/2031(b)

50,000

49,843

4.45%,

12/4/2032

25,000

25,035

4.50%,

5/17/2033

35,000

35,309

4.95%,

9/15/2035(b)

50,000

50,777

4.75%,

12/4/2035

30,000

29,888

3.90%,

3/7/2039(b)

100,000

89,502

3.60%,

9/15/2042

50,000

40,305

4.90%,

5/17/2044

40,000

37,635

3.70%,

2/10/2045

100,000

79,481

5.50%,

3/15/2046

40,000

39,848

4.00%,

3/7/2049(b)

100,000

80,023

2.45%,

6/24/2050

62,000

36,252

2.75%,

12/10/2051

70,000

43,318

5.00%,

5/17/2053(b)

60,000

55,107

5.70%,

9/15/2055

75,000

75,754

5.55%,

12/4/2055

30,000

29,599

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Bond

Index

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Pharmaceuticals
Merck

&

Co.,

Inc.,

2.90%,

12/10/2061

25,000

14,530

5.15%,

5/17/2063(b)

25,000

22,973

5.70%,

12/4/2065

50,000

49,464

Novartis

Capital

Corp.

,

3.90%,

11/5/2028

50,000

50,163

4.10%,

11/5/2030

50,000

49,947

4.30%,

11/5/2032

50,000

49,762

4.60%,

11/5/2035(b)

50,000

49,538

4.40%,

5/6/2044

88,000

78,509

5.20%,

11/5/2045

25,000

24,412

4.00%,

11/20/2045

100,000

83,656

2.75%,

8/14/2050

50,000

31,996

4.70%,

9/18/2054

30,000

26,743

5.30%,

11/5/2055

25,000

24,201

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

4.45%,

5/19/2028(b)

300,000

303,978

4.65%,

5/19/2030(b)

175,000

178,456

4.75%,

5/19/2033(b)

95,000

96,007

5.11%,

5/19/2043

150,000

144,344

5.30%,

5/19/2053(b)

220,000

208,313

5.34%,

5/19/2063

150,000

139,170

Pfizer,

Inc.

,

3.88%,

11/15/2027

25,000

25,082

1.70%,

5/28/2030(b)

140,000

126,808

4.20%,

11/15/2030(b)

35,000

35,162

4.50%,

11/15/2032

50,000

50,115

4.88%,

11/15/2035

50,000

50,149

7.20%,

3/15/2039

150,000

178,818

2.55%,

5/28/2040(b)

45,000

33,035

4.00%,

3/15/2049

100,000

79,918

2.70%,

5/28/2050

65,000

40,515

5.60%,

11/15/2055(b)

25,000

24,774

5.70%,

11/15/2065

25,000

24,579

Royalty

Pharma

plc

,

2.20%,

9/2/2030(b)

50,000

45,325

4.45%,

3/25/2031

25,000

24,928

5.20%,

9/25/2035(b)

25,000

25,126

3.55%,

9/2/2050

100,000

69,063

3.35%,

9/2/2051

50,000

33,120

5.90%,

9/2/2054(b)

50,000

49,359

Sanofi

SA

,

3.75%,

11/3/2027

25,000

25,061

3.63%,

6/19/2028(b)

96,000

95,800

3.80%,

11/3/2028(b)

25,000

25,020

4.20%,

11/3/2032(b)

25,000

24,962

Takeda

Pharmaceutical

Co.

Ltd.

,

5.30%,

7/5/2034(b)

200,000

206,331

3.03%,

7/9/2040(b)

200,000

153,089

Utah

Acquisition

Sub,

Inc.

,

5.25%,

6/15/2046(b)

100,000

82,134

Viatris,

Inc.

,

2.70%,

6/22/2030

50,000

45,704

4.00%,

6/22/2050

100,000

66,596

Wyeth

LLC

,

6.50%,

2/1/2034

106,000

118,966

Zoetis,

Inc.

,

4.15%,

8/17/2028

50,000

50,269

3.90%,

8/20/2028(b)

75,000

74,954

5.00%,

8/17/2035

50,000

50,548

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Pharmaceuticals
Zoetis,

Inc.,

3.00%,

5/15/2050

150,000

99,360

9,493,867

#### Professional

#### Services

#### 0

#### .1

#### %
Automatic

Data

Processing,

Inc.

,

1.25%,

9/1/2030

25,000

22,110

4.75%,

5/8/2032(b)

50,000

51,210

4.45%,

9/9/2034(b)

50,000

49,849

Broadridge

Financial

Solutions,

Inc.

,

2.60%,

5/1/2031

60,000

54,533

Concentrix

Corp.

,

6.60%,

8/2/2028(b)

50,000

51,570

Equifax,

Inc.

,

5.10%,

12/15/2027

45,000

45,841

5.10%,

6/1/2028(b)

40,000

40,868

4.80%,

9/15/2029(b)

40,000

40,649

2.35%,

9/15/2031(b)

50,000

44,474

Jacobs

Engineering

Group,

Inc.

,

6.35%,

8/18/2028(b)

100,000

105,197

Paychex,

Inc.

,

5.10%,

4/15/2030(b)

50,000

51,476

5.35%,

4/15/2032

50,000

51,779

5.60%,

4/15/2035(b)

75,000

78,547

UL

Solutions,

Inc.

,

6.50%,

10/20/2028(b)

25,000

26,385

Verisk

Analytics,

Inc.

,

5.25%,

3/15/2035(b)

25,000

25,441

5.13%,

2/15/2036(b)

25,000

25,114

3.63%,

5/15/2050

85,000

61,333

826,376

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0

#### .0

#### %

#### †
CBRE

Services,

Inc.

,

4.80%,

6/15/2030

25,000

25,346

4.90%,

1/15/2033

25,000

25,120

5.95%,

8/15/2034

25,000

26,711

5.50%,

6/15/2035(b)

25,000

25,809

Jones

Lang

LaSalle,

Inc.

,

6.88%,

12/1/2028

25,000

26,753

129,739

#### Residential

#### REITs

#### 0

#### .1

#### %
American

Homes

Rent

LP

,

5.50%,

2/1/2034

50,000

51,630

5.25%,

3/15/2035(b)

75,000

76,070

AvalonBay

Communities,

Inc.

,

1.90%,

12/1/2028(b)

50,000

47,247

2.30%,

3/1/2030(b)

76,000

70,459

4.35%,

12/1/2030

25,000

25,053

2.45%,

1/15/2031(b)

210,000

192,083

Camden

Property

Trust

,

2.80%,

5/15/2030

80,000

75,496

ERP

Operating

LP

,

4.65%,

9/15/2034

25,000

24,737

4.50%,

7/1/2044(b)

100,000

89,041

Essential

Properties

LP

,

2.95%,

7/15/2031(b)

50,000

45,642

NVIT

Bond

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Residential

#### REITs
Essex

Portfolio

LP

,

4.00%,

3/1/2029

100,000

99,224

3.00%,

1/15/2030

75,000

71,245

5.50%,

4/1/2034

50,000

51,788

4.88%,

2/15/2036

25,000

24,506

Invitation

Homes

Operating

Partnership

LP

,

4.15%,

4/15/2032(b)

100,000

97,063

4.95%,

1/15/2033(b)

25,000

25,363

Mid-America

Apartments

LP

,

2.75%,

3/15/2030

50,000

47,265

5.30%,

2/15/2032(b)

25,000

26,097

4.65%,

1/15/2033(b)

25,000

24,967

5.00%,

3/15/2034

25,000

25,258

Store

Capital

LLC

,

2.70%,

12/1/2031

50,000

44,158

Sun

Communities

Operating

LP

,

2.70%,

7/15/2031

30,000

27,262

4.20%,

4/15/2032

30,000

29,120

UDR,

Inc.

,

3.00%,

8/15/2031(b)

100,000

92,581

1.90%,

3/15/2033

55,000

45,392

1,428,747

#### Retail

#### REITs

#### 0

#### .1

#### %
Brixmor

Operating

Partnership

LP

,

4.05%,

7/1/2030(b)

59,000

58,166

2.50%,

8/16/2031(b)

100,000

89,884

5.50%,

2/15/2034

25,000

25,777

Federal

Realty

OP

LP

,

3.50%,

6/1/2030(b)

125,000

120,863

Kimco

Realty

OP

LLC

,

2.25%,

12/1/2031

25,000

22,175

4.45%,

9/1/2047

150,000

127,870

NNN

REIT,

Inc.

,

2.50%,

4/15/2030

100,000

92,815

4.60%,

2/15/2031

25,000

25,173

5.60%,

10/15/2033

25,000

26,112

5.50%,

6/15/2034(b)

25,000

25,874

3.50%,

4/15/2051

40,000

28,167

Phillips

Edison

Grocery

Center

Operating

Partnership

I

LP

,

2.63%,

11/15/2031

50,000

44,810

4.95%,

1/15/2035

25,000

24,652

Realty

Income

Corp.

,

4.70%,

12/15/2028

40,000

40,771

3.95%,

2/1/2029

25,000

24,913

4.75%,

2/15/2029

25,000

25,452

3.40%,

1/15/2030(b)

125,000

121,480

3.25%,

1/15/2031

65,000

61,882

5.63%,

10/13/2032

45,000

47,698

2.85%,

12/15/2032

125,000

112,122

4.50%,

2/1/2033

25,000

24,731

1.80%,

3/15/2033

55,000

45,656

4.90%,

7/15/2033

60,000

60,974

5.13%,

2/15/2034(b)

25,000

25,612

Regency

Centers

LP

,

3.70%,

6/15/2030(b)

300,000

294,264

1,597,893

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0

#### .6

#### %
Advanced

Micro

Devices,

Inc.

,

4.32%,

3/24/2028

25,000

25,264

3.92%,

6/1/2032(b)

75,000

73,566

Analog

Devices,

Inc.

,

4.25%,

6/15/2028

75,000

75,619

4.50%,

6/15/2030(b)

50,000

50,678

2.10%,

10/1/2031

52,000

46,191

5.05%,

4/1/2034(b)

25,000

25,835

2.80%,

10/1/2041

100,000

73,757

5.30%,

4/1/2054(b)

25,000

24,043

Applied

Materials,

Inc.

,

2.75%,

6/1/2050

85,000

54,510

Broadcom,

Inc.

,

5.05%,

7/12/2027(b)

125,000

127,229

4.00%,

4/15/2029(f)

95,000

94,600

4.75%,

4/15/2029(b)

100,000

101,877

5.05%,

7/12/2029(b)

75,000

77,218

4.60%,

7/15/2030

75,000

76,202

4.20%,

10/15/2030(b)

30,000

29,977

4.15%,

11/15/2030(b)

121,000

120,504

2.45%,

2/15/2031(b)

200,000

182,936

4.15%,

4/15/2032(f)

80,000

78,228

4.90%,

7/15/2032(b)

125,000

127,625

2.60%,

2/15/2033(b)

260,000

228,960

3.42%,

4/15/2033

84,000

77,756

3.47%,

4/15/2034

1,000,000

911,843

5.20%,

7/15/2035

125,000

128,071

4.80%,

2/15/2036

50,000

49,337

4.93%,

5/15/2037(f)

113,000

111,532

3.50%,

2/15/2041(b)

100,000

81,349

Intel

Corp.

,

3.15%,

5/11/2027(b)

300,000

296,324

4.88%,

2/10/2028(b)

110,000

111,545

1.60%,

8/12/2028(b)

75,000

70,379

4.00%,

8/5/2029(b)

60,000

59,371

2.45%,

11/15/2029(b)

150,000

139,978

3.90%,

3/25/2030

50,000

49,014

5.00%,

2/21/2031

30,000

30,670

2.00%,

8/12/2031(b)

25,000

21,924

4.15%,

8/5/2032(b)

100,000

96,425

5.15%,

2/21/2034(b)

40,000

40,503

2.80%,

8/12/2041

30,000

20,954

5.63%,

2/10/2043

45,000

43,221

4.10%,

5/11/2047

300,000

226,778

3.25%,

11/15/2049

100,000

63,884

5.70%,

2/10/2053

120,000

111,715

3.10%,

2/15/2060

200,000

111,738

5.90%,

2/10/2063(b)

110,000

102,862

KLA

Corp.

,

4.65%,

7/15/2032(b)

50,000

50,729

4.70%,

2/1/2034(b)

25,000

25,127

3.30%,

3/1/2050(b)

70,000

48,594

5.25%,

7/15/2062

75,000

69,611

Lam

Research

Corp.

,

4.00%,

3/15/2029(b)

94,000

94,025

1.90%,

6/15/2030(b)

90,000

81,903

4.88%,

3/15/2049

75,000

68,587

Microchip

Technology,

Inc.

,

4.90%,

3/15/2028

50,000

50,687

5.05%,

3/15/2029(b)

50,000

50,978

5.05%,

2/15/2030

50,000

51,019

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Bond

Index

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Semiconductors

#### &

#### Semiconductor

#### Equipment
Micron

Technology,

Inc.

,

5.33%,

2/6/2029(b)

150,000

154,664

5.30%,

1/15/2031(b)

40,000

41,433

2.70%,

4/15/2032(b)

100,000

89,687

5.80%,

1/15/2035(b)

125,000

131,729

6.05%,

11/1/2035

50,000

53,345

3.37%,

11/1/2041(b)

25,000

19,162

NVIDIA

Corp.

,

2.85%,

4/1/2030(b)

110,000

105,081

2.00%,

6/15/2031(b)

50,000

45,005

3.50%,

4/1/2050(b)

130,000

96,206

NXP

BV

,

4.30%,

8/19/2028

25,000

25,093

4.30%,

6/18/2029(b)

25,000

25,041

3.40%,

5/1/2030

35,000

33,753

2.50%,

5/11/2031(b)

90,000

81,448

2.65%,

2/15/2032

40,000

35,929

4.85%,

8/19/2032(b)

25,000

25,132

5.00%,

1/15/2033(b)

10,000

10,158

5.25%,

8/19/2035(b)

50,000

50,739

3.25%,

5/11/2041

45,000

34,118

3.25%,

11/30/2051

30,000

19,810

QUALCOMM,

Inc.

,

2.15%,

5/20/2030

80,000

73,672

4.50%,

5/20/2030(b)

50,000

50,826

1.65%,

5/20/2032(b)

90,000

76,811

5.40%,

5/20/2033

25,000

26,473

5.00%,

5/20/2035

50,000

50,771

4.30%,

5/20/2047(b)

100,000

83,962

4.50%,

5/20/2052(b)

90,000

76,240

6.00%,

5/20/2053(b)

100,000

105,248

Texas

Instruments,

Inc.

,

4.60%,

2/8/2029

25,000

25,539

2.25%,

9/4/2029(b)

50,000

47,104

4.50%,

5/23/2030

50,000

50,796

3.65%,

8/16/2032

40,000

38,414

4.90%,

3/14/2033

20,000

20,633

4.85%,

2/8/2034

25,000

25,634

4.15%,

5/15/2048(b)

100,000

82,361

2.70%,

9/15/2051

50,000

30,580

5.00%,

3/14/2053

20,000

18,344

5.15%,

2/8/2054(b)

75,000

70,677

5.05%,

5/18/2063

45,000

40,225

TSMC

Arizona

Corp.

,

4.50%,

4/22/2052

200,000

187,116

7,502,211

#### Software

#### 0

#### .6

#### %
Adobe,

Inc.

,

2.15%,

2/1/2027(b)

245,000

240,914

4.80%,

4/4/2029(b)

25,000

25,637

2.30%,

2/1/2030(b)

100,000

93,630

4.95%,

4/4/2034(b)

25,000

25,834

AppLovin

Corp.

,

5.13%,

12/1/2029

75,000

76,929

5.38%,

12/1/2031

25,000

25,924

5.50%,

12/1/2034

55,000

56,510

Atlassian

Corp.

,

5.50%,

5/15/2034(b)

25,000

25,870

Autodesk,

Inc.

,

2.40%,

12/15/2031

30,000

26,669

5.30%,

6/15/2035

35,000

35,890

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Software
Cadence

Design

Systems,

Inc.

,

4.20%,

9/10/2027(b)

35,000

35,190

4.30%,

9/10/2029

50,000

50,256

4.70%,

9/10/2034(b)

25,000

24,991

Intuit,

Inc.

,

5.13%,

9/15/2028

75,000

77,361

5.20%,

9/15/2033(b)

75,000

78,409

5.50%,

9/15/2053(b)

47,000

46,292

Microsoft

Corp.

,

3.50%,

2/12/2035(b)

175,000

164,926

3.45%,

8/8/2036(b)

164,000

149,767

2.53%,

6/1/2050

436,000

266,200

2.92%,

3/17/2052

275,000

180,135

2.68%,

6/1/2060

200,000

115,173

3.04%,

3/17/2062

100,000

62,293

Oracle

Corp.

,

3.25%,

11/15/2027

300,000

293,481

4.80%,

8/3/2028(b)

150,000

150,747

6.15%,

11/9/2029

65,000

67,860

2.95%,

4/1/2030

175,000

161,555

4.65%,

5/6/2030(b)

55,000

54,518

3.25%,

5/15/2030

50,000

46,545

4.45%,

9/26/2030(b)

150,000

146,750

2.88%,

3/25/2031

125,000

112,324

5.25%,

2/3/2032

70,000

69,991

4.80%,

9/26/2032

190,000

183,430

4.70%,

9/27/2034

100,000

92,728

5.20%,

9/26/2035(b)

150,000

143,712

3.80%,

11/15/2037

200,000

161,468

3.60%,

4/1/2040(b)

300,000

222,491

5.88%,

9/26/2045(b)

240,000

216,750

3.60%,

4/1/2050

400,000

249,164

6.90%,

11/9/2052

180,000

177,863

5.55%,

2/6/2053(b)

130,000

107,884

5.38%,

9/27/2054

195,000

157,711

5.95%,

9/26/2055(b)

120,000

106,322

3.85%,

4/1/2060

250,000

152,762

4.10%,

3/25/2061

200,000

128,829

Roper

Technologies,

Inc.

,

4.20%,

9/15/2028

82,000

82,229

4.50%,

10/15/2029

25,000

25,236

4.45%,

9/15/2030(b)

25,000

25,115

1.75%,

2/15/2031

95,000

83,333

4.75%,

2/15/2032(b)

50,000

50,543

4.90%,

10/15/2034

25,000

24,945

5.10%,

9/15/2035(b)

25,000

25,190

Salesforce,

Inc.

,

3.70%,

4/11/2028(b)

200,000

199,971

2.70%,

7/15/2041

100,000

72,537

2.90%,

7/15/2051

90,000

56,954

ServiceNow,

Inc.

,

1.40%,

9/1/2030

70,000

61,672

Synopsys,

Inc.

,

4.65%,

4/1/2028(b)

65,000

65,876

4.85%,

4/1/2030(b)

75,000

76,601

5.00%,

4/1/2032

125,000

127,639

5.15%,

4/1/2035(b)

170,000

172,779

5.70%,

4/1/2055(b)

35,000

34,720

VMware

LLC

,

4.70%,

5/15/2030(b)

150,000

152,384

NVIT

Bond

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Software
Workday,

Inc.

,

3.80%,

4/1/2032

70,000

66,981

6,494,390

#### Specialized

#### REITs

#### 0

#### .2

#### %
American

Tower

Corp.

,

5.50%,

3/15/2028(b)

60,000

61,732

5.25%,

7/15/2028

40,000

41,132

5.80%,

11/15/2028(b)

85,000

88,734

3.95%,

3/15/2029(b)

150,000

148,735

2.90%,

1/15/2030(b)

110,000

104,420

4.90%,

3/15/2030(b)

50,000

51,067

1.88%,

10/15/2030(b)

165,000

147,386

2.30%,

9/15/2031

95,000

84,379

5.90%,

11/15/2033(b)

100,000

106,809

5.40%,

1/31/2035

25,000

25,734

5.35%,

3/15/2035

25,000

25,630

Crown

Castle,

Inc.

,

5.00%,

1/11/2028(b)

65,000

66,016

3.80%,

2/15/2028

150,000

148,806

3.10%,

11/15/2029

160,000

152,450

2.25%,

1/15/2031(b)

92,000

82,175

5.10%,

5/1/2033

35,000

35,295

5.20%,

9/1/2034(b)

50,000

50,509

4.75%,

5/15/2047

100,000

86,825

CubeSmart

LP

,

2.00%,

2/15/2031

50,000

44,238

2.50%,

2/15/2032(b)

50,000

44,217

EPR

Properties

,

4.95%,

4/15/2028(b)

200,000

201,455

4.75%,

11/15/2030

25,000

24,805

Equinix,

Inc.

,

2.00%,

5/15/2028

30,000

28,627

3.20%,

11/18/2029

30,000

28,799

2.50%,

5/15/2031(b)

65,000

58,824

2.95%,

9/15/2051

100,000

62,628

3.40%,

2/15/2052

25,000

17,080

Extra

Space

Storage

LP

,

5.50%,

7/1/2030

50,000

52,040

2.40%,

10/15/2031

65,000

57,760

2.35%,

3/15/2032

40,000

35,015

5.40%,

2/1/2034

25,000

25,656

5.35%,

1/15/2035

25,000

25,559

5.40%,

6/15/2035(b)

50,000

51,257

Public

Storage

Operating

Co.

,

5.13%,

1/15/2029

30,000

30,994

4.38%,

7/1/2030

50,000

50,408

5.10%,

8/1/2033(b)

74,000

76,586

5.00%,

7/1/2035

40,000

40,643

5.35%,

8/1/2053(b)

25,000

24,174

Weyerhaeuser

Co.

,

7.38%,

3/15/2032

118,000

134,383

2,622,982

#### Specialty

#### Retail

#### 0

#### .3

#### %
AutoNation,

Inc.

,

4.45%,

1/15/2029

25,000

25,069

2.40%,

8/1/2031(b)

90,000

79,554

3.85%,

3/1/2032

30,000

28,200

AutoZone,

Inc.

,

6.25%,

11/1/2028(b)

25,000

26,417

4.00%,

4/15/2030(b)

100,000

98,885

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Specialty

#### Retail
AutoZone,

Inc.,

5.13%,

6/15/2030

25,000

25,783

4.75%,

8/1/2032

40,000

40,342

4.75%,

2/1/2033

50,000

50,107

5.20%,

8/1/2033

25,000

25,654

6.55%,

11/1/2033

25,000

27,783

Best

Buy

Co.,

Inc.

,

1.95%,

10/1/2030(b)

25,000

22,468

Dick's

Sporting

Goods,

Inc.

,

4.10%,

1/15/2052

50,000

36,533

Home

Depot,

Inc.

(The)

,

4.88%,

6/25/2027(b)

65,000

66,099

0.90%,

3/15/2028(b)

130,000

122,528

3.90%,

12/6/2028(b)

50,000

50,184

2.95%,

6/15/2029

186,000

179,978

3.95%,

9/15/2030(b)

40,000

39,908

1.38%,

3/15/2031

75,000

65,107

4.85%,

6/25/2031(b)

85,000

87,894

3.25%,

4/15/2032(b)

100,000

94,137

4.65%,

9/15/2035

50,000

49,569

5.88%,

12/16/2036(b)

125,000

135,551

5.95%,

4/1/2041

50,000

53,511

4.20%,

4/1/2043

50,000

43,357

4.40%,

3/15/2045(b)

100,000

86,815

4.25%,

4/1/2046

100,000

84,670

4.50%,

12/6/2048

100,000

86,325

3.35%,

4/15/2050(b)

60,000

42,325

2.38%,

3/15/2051

50,000

28,677

2.75%,

9/15/2051

50,000

30,888

3.63%,

4/15/2052(b)

140,000

102,180

5.30%,

6/25/2054(b)

75,000

71,738

Lowe's

Cos.,

Inc.

,

3.35%,

4/1/2027

60,000

59,568

3.95%,

10/15/2027(b)

75,000

75,038

1.70%,

9/15/2028

80,000

75,365

4.00%,

10/15/2028(b)

75,000

75,135

6.50%,

3/15/2029(b)

236,000

253,111

1.70%,

10/15/2030

75,000

66,615

4.25%,

3/15/2031(b)

75,000

74,686

3.75%,

4/1/2032

45,000

43,121

4.50%,

10/15/2032(b)

75,000

74,595

5.15%,

7/1/2033(b)

50,000

51,649

4.85%,

10/15/2035

75,000

74,388

2.80%,

9/15/2041

60,000

43,130

4.05%,

5/3/2047

100,000

79,075

3.00%,

10/15/2050

95,000

60,216

4.25%,

4/1/2052(b)

65,000

51,211

5.63%,

4/15/2053(b)

75,000

72,713

5.85%,

4/1/2063

110,000

107,624

O'Reilly

Automotive,

Inc.

,

4.70%,

6/15/2032

100,000

100,867

5.00%,

8/19/2034

25,000

25,181

Tractor

Supply

Co.

,

1.75%,

11/1/2030(b)

55,000

48,713

5.25%,

5/15/2033(b)

20,000

20,682

3,540,919

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0

#### .3

#### %
Apple,

Inc.

,

3.20%,

5/11/2027(b)

300,000

298,355

4.00%,

5/10/2028(b)

60,000

60,456

3.25%,

8/8/2029(b)

100,000

98,203

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Bond

Index

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals
Apple,

Inc.,

2.20%,

9/11/2029(b)

235,000

221,661

1.65%,

5/11/2030

300,000

272,787

1.25%,

8/20/2030(b)

300,000

266,176

3.35%,

8/8/2032(b)

150,000

143,624

3.85%,

5/4/2043

225,000

190,050

4.38%,

5/13/2045

155,000

138,178

4.65%,

2/23/2046(b)

285,000

261,655

2.65%,

5/11/2050

150,000

93,771

2.40%,

8/20/2050

100,000

59,325

2.65%,

2/8/2051

125,000

77,272

2.70%,

8/5/2051

50,000

31,120

2.55%,

8/20/2060

200,000

111,005

2.80%,

2/8/2061

100,000

58,677

2.85%,

8/5/2061

50,000

29,514

Dell

International

LLC

,

4.15%,

2/15/2029

75,000

74,919

4.35%,

2/1/2030

25,000

25,013

5.00%,

4/1/2030(b)

30,000

30,743

4.50%,

2/15/2031

75,000

74,893

5.30%,

4/1/2032

50,000

51,426

4.75%,

10/6/2032

75,000

74,902

5.75%,

2/1/2033(b)

60,000

63,216

4.85%,

2/1/2035(b)

75,000

74,000

5.50%,

4/1/2035(b)

50,000

51,519

5.10%,

2/15/2036

75,000

74,067

3.38%,

12/15/2041(b)

100,000

76,044

3.45%,

12/15/2051

55,000

37,454

Hewlett

Packard

Enterprise

Co.

,

4.05%,

9/15/2027

75,000

75,009

4.40%,

9/25/2027(b)

75,000

75,361

5.25%,

7/1/2028

20,000

20,504

4.40%,

10/15/2030

75,000

74,771

4.85%,

10/15/2031

40,000

40,401

5.00%,

10/15/2034

85,000

84,253

6.35%,

10/15/2045(b)(e)

100,000

102,519

5.60%,

10/15/2054(b)

60,000

55,590

HP,

Inc.

,

4.75%,

1/15/2028

60,000

60,655

4.00%,

4/15/2029(b)

60,000

59,365

5.40%,

4/25/2030

25,000

25,906

2.65%,

6/17/2031

50,000

45,084

5.50%,

1/15/2033(b)

60,000

61,895

6.10%,

4/25/2035(b)

25,000

26,406

6.00%,

9/15/2041

50,000

50,460

NetApp,

Inc.

,

5.70%,

3/17/2035

50,000

52,327

4,030,531

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0

#### .0

#### %

#### †
NIKE,

Inc.

,

2.85%,

3/27/2030(b)

400,000

381,525

3.88%,

11/1/2045(b)

100,000

80,532

PVH

Corp.

,

5.50%,

6/13/2030

25,000

25,411

487,468

#### Tobacco

#### 0

#### .3

#### %
Altria

Group,

Inc.

,

6.20%,

11/1/2028

25,000

26,402

4.80%,

2/14/2029(b)

225,000

228,846

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Tobacco
Altria

Group,

Inc.,

4.50%,

8/6/2030(b)

25,000

25,199

5.80%,

2/14/2039(b)

150,000

154,597

4.50%,

5/2/2043

175,000

149,287

5.38%,

1/31/2044(b)

95,000

91,762

5.95%,

2/14/2049(b)

100,000

99,979

3.70%,

2/4/2051(b)

100,000

70,665

BAT

Capital

Corp.

,

4.70%,

4/2/2027(b)

100,000

100,691

3.56%,

8/15/2027(b)

198,000

196,477

2.26%,

3/25/2028(b)

85,000

81,793

6.34%,

8/2/2030(b)

75,000

81,117

4.74%,

3/16/2032(b)

70,000

70,639

5.35%,

8/15/2032

25,000

25,975

4.63%,

3/22/2033(b)

30,000

29,829

6.42%,

8/2/2033(b)

90,000

99,309

6.00%,

2/20/2034(b)

25,000

26,768

5.63%,

8/15/2035(b)

50,000

52,081

4.39%,

8/15/2037(b)

125,000

115,145

4.76%,

9/6/2049

100,000

84,491

5.65%,

3/16/2052

70,000

66,169

BAT

International

Finance

plc

,

5.93%,

2/2/2029(b)

100,000

104,933

Philip

Morris

International,

Inc.

,

5.13%,

11/17/2027(b)

90,000

91,946

4.88%,

2/15/2028(b)

25,000

25,480

5.25%,

9/7/2028(b)

25,000

25,811

3.88%,

10/27/2028(b)

40,000

39,951

4.88%,

2/13/2029(b)

50,000

51,180

4.63%,

11/1/2029(b)

50,000

50,849

5.63%,

11/17/2029

70,000

73,590

5.13%,

2/15/2030

100,000

103,368

5.50%,

9/7/2030

25,000

26,287

4.00%,

10/29/2030(b)

50,000

49,546

5.13%,

2/13/2031

100,000

103,620

4.75%,

11/1/2031(b)

25,000

25,526

4.25%,

10/29/2032(b)

50,000

49,203

5.75%,

11/17/2032(b)

80,000

85,499

5.38%,

2/15/2033(b)

125,000

130,711

5.63%,

9/7/2033(b)

25,000

26,517

5.25%,

2/13/2034(b)

75,000

77,521

4.90%,

11/1/2034(b)

50,000

50,400

4.63%,

10/29/2035(b)

50,000

48,914

6.38%,

5/16/2038

85,000

94,723

3.88%,

8/21/2042

100,000

82,411

4.25%,

11/10/2044(b)

60,000

51,034

Reynolds

American,

Inc.

,

5.70%,

8/15/2035(b)

120,000

125,165

5.85%,

8/15/2045(b)

75,000

73,788

3,545,194

#### Trading

#### Companies

#### &

#### Distributors

#### 0

#### .1

#### %
Air

Lease

Corp.

,

2.10%,

9/1/2028(b)

100,000

94,186

3.25%,

10/1/2029(b)

250,000

238,623

2.88%,

1/15/2032(b)

100,000

89,653

GATX

Corp.

,

4.90%,

3/15/2033(b)

145,000

145,165

6.90%,

5/1/2034(b)

25,000

28,007

5.50%,

6/15/2035

25,000

25,618

6.05%,

6/5/2054

50,000

50,622

NVIT

Bond

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Trading

#### Companies

#### &

#### Distributors
WW

Grainger,

Inc.

,

3.75%,

5/15/2046

100,000

79,139

751,013

#### Water

#### Utilities

#### 0

#### .1

#### %
American

Water

Capital

Corp.

,

4.45%,

6/1/2032(b)

60,000

60,033

5.15%,

3/1/2034(b)

50,000

51,480

5.25%,

3/1/2035(b)

75,000

77,315

4.30%,

9/1/2045

150,000

128,077

5.45%,

3/1/2054

50,000

48,477

5.70%,

9/1/2055(b)

50,000

50,065

Essential

Utilities,

Inc.

,

4.80%,

8/15/2027

25,000

25,299

3.35%,

4/15/2050

150,000

103,118

543,864

#### Wireless

#### Telecommunication

#### Services

#### 0

#### .3

#### %
America

Movil

SAB

de

CV

,

6.38%,

3/1/2035(b)

100,000

109,780

6.13%,

3/30/2040

150,000

159,484

Rogers

Communications,

Inc.

,

5.30%,

2/15/2034(b)

50,000

50,380

4.50%,

3/15/2042(b)

70,000

59,831

4.50%,

3/15/2043

100,000

83,596

5.00%,

3/15/2044(b)

55,000

49,042

4.55%,

3/15/2052(b)

80,000

63,662

T-Mobile

USA,

Inc.

,

3.75%,

4/15/2027

500,000

498,429

4.95%,

3/15/2028(b)

85,000

86,576

4.80%,

7/15/2028

80,000

81,452

3.38%,

4/15/2029(b)

275,000

268,021

2.55%,

2/15/2031

200,000

182,717

2.70%,

3/15/2032

80,000

71,922

5.13%,

5/15/2032

50,000

51,454

4.63%,

1/15/2033(b)

60,000

59,643

5.05%,

7/15/2033(b)

100,000

102,045

5.15%,

4/15/2034(b)

25,000

25,556

4.70%,

1/15/2035

75,000

73,686

5.30%,

5/15/2035(b)

75,000

76,898

4.95%,

11/15/2035(b)

75,000

74,565

4.38%,

4/15/2040

125,000

112,131

4.50%,

4/15/2050

100,000

82,366

3.30%,

2/15/2051

75,000

50,136

3.40%,

10/15/2052

25,000

16,804

5.65%,

1/15/2053

125,000

120,838

5.75%,

1/15/2054(b)

80,000

78,492

6.00%,

6/15/2054(b)

100,000

101,679

5.25%,

6/15/2055(b)

100,000

91,097

5.88%,

11/15/2055(b)

80,000

79,915

5.70%,

1/15/2056(b)

100,000

97,562

Vodafone

Group

plc

,

7.88%,

2/15/2030

106,000

120,671

5.25%,

5/30/2048(b)

47,000

43,384

4.25%,

9/17/2050

20,000

15,652

5.63%,

2/10/2053(b)

100,000

95,740

5.75%,

6/28/2054

50,000

48,566

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Wireless

#### Telecommunication

#### Services
Vodafone

Group

plc,

5.75%,

2/10/2063

100,000

95,030

3,478,802

#### Total

#### Corporate

#### Bonds

#### (cost

#### $298,216,238)

#### 282,392,556

#### Foreign

#### Government

#### Securities

#### 1

#### .5

#### %

#### CANADA

#### 0

#### .3

#### %
Canada

Government

Bond

,

3.75%,

4/26/2028(b)

300,000

301,300

4.00%,

3/18/2030(b)

180,000

181,877

Export

Development

Canada

,

4.13%,

2/13/2029

500,000

507,085

4.00%,

6/20/2030

100,000

100,937

Province

of

Alberta

,

3.30%,

3/15/2028

500,000

495,629

Province

of

British

Columbia

,

4.90%,

4/24/2029(b)

200,000

207,135

4.75%,

6/12/2034

250,000

255,791

4.80%,

6/11/2035(b)

115,000

117,331

Province

of

Manitoba

,

4.90%,

5/31/2034(b)

100,000

103,097

Province

of

Ontario

,

2.00%,

10/2/2029(b)

700,000

657,068

4.70%,

1/15/2030

35,000

36,116

5.05%,

4/24/2034(b)

200,000

209,155

4.85%,

6/11/2035(b)

160,000

164,468

Province

of

Quebec

,

7.50%,

9/15/2029

53,000

59,676

4.25%,

9/5/2034(b)

200,000

197,501

4.63%,

8/28/2035(b)

150,000

151,132

3,745,298

#### CHILE

#### 0

#### .1

#### %
Republic

of

Chile

,

2.45%,

1/31/2031(b)

200,000

183,180

3.10%,

5/7/2041

200,000

153,890

3.50%,

1/25/2050(b)

250,000

182,862

5.33%,

1/5/2054

328,290

316,570

836,502

#### HUNGARY

#### 0

#### .0

#### %

#### †
Hungary

Government

Bond

,

7.63%,

3/29/2041

100,000

117,108

#### INDONESIA

#### 0

#### .1

#### %
Republic

of

Indonesia

,

4.15%,

9/20/2027

200,000

200,314

3.50%,

1/11/2028

500,000

495,284

4.65%,

9/20/2032(b)

200,000

201,292

4.75%,

9/10/2034

200,000

199,656

4.20%,

10/15/2050

200,000

164,684

3.05%,

3/12/2051

300,000

200,643

1,461,873

#### ISRAEL

#### 0

#### .1

#### %
State

of

Israel

Government

Bond

,

3.25%,

1/17/2028

200,000

196,436

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Bond

Index

Fund

#### Foreign

#### Government

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### ISRAEL
State

of

Israel

Government

Bond

5.50%,

3/12/2034

250,000

258,972

3.38%,

1/15/2050

200,000

134,128

5.75%,

3/12/2054(b)

250,000

240,502

830,038

#### ITALY

#### 0

#### .0

#### %

#### †
Italian

Republic

Government

Bond

,

4.00%,

10/17/2049

200,000

153,097

#### JAPAN

#### 0

#### .1

#### %
Japan

Bank

for

International

Cooperation

,

3.50%,

10/31/2028

400,000

397,561

1.88%,

4/15/2031(b)

400,000

359,887

Japan

International

Cooperation

Agency

,

4.00%,

5/23/2028

450,000

452,017

1,209,465

#### MEXICO

#### 0

#### .3

#### %
United

Mexican

States

,

4.15%,

3/28/2027(b)

200,000

199,700

4.50%,

4/22/2029(b)

300,000

301,200

2.66%,

5/24/2031(b)

500,000

445,000

5.85%,

7/2/2032

200,000

205,482

4.88%,

5/19/2033

200,000

192,000

3.50%,

2/12/2034

250,000

216,125

6.35%,

2/9/2035

200,000

209,600

5.63%,

9/22/2035

200,000

197,200

6.88%,

5/13/2037

300,000

320,100

6.63%,

1/29/2038

200,000

208,700

4.75%,

3/8/2044

200,000

164,800

5.55%,

1/21/2045

200,000

185,200

4.50%,

1/31/2050(b)

200,000

151,300

4.40%,

2/12/2052

200,000

145,700

6.40%,

5/7/2054

200,000

192,100

3.77%,

5/24/2061

200,000

123,100

3,457,307

#### PANAMA

#### 0

#### .1

#### %
Republic

of

Panama

,

3.88%,

3/17/2028

200,000

196,260

2.25%,

9/29/2032

200,000

165,220

6.40%,

2/14/2035(b)

200,000

210,920

4.50%,

4/1/2056

400,000

299,680

3.87%,

7/23/2060

200,000

132,220

1,004,300

#### PERU

#### 0

#### .1

#### %
Republic

of

Peru

,

2.78%,

1/23/2031

150,000

138,308

3.00%,

1/15/2034(b)

125,000

108,731

5.50%,

3/30/2036

162,000

165,175

3.30%,

3/11/2041(b)

125,000

96,512

5.63%,

11/18/2050(b)

100,000

97,375

5.88%,

8/8/2054(b)

125,000

123,694

6.20%,

6/30/2055

75,000

77,055

#### Foreign

#### Government

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### PERU
Republic

of

Peru

3.60%,

1/15/2072

100,000

63,280

870,130

#### PHILIPPINES

#### 0

#### .1

#### %
Republic

of

Philippines

,

9.50%,

2/2/2030

300,000

360,642

2.46%,

5/5/2030(b)

300,000

279,573

7.75%,

1/14/2031

200,000

232,258

6.38%,

10/23/2034

200,000

224,561

3.70%,

3/1/2041

250,000

208,906

3.70%,

2/2/2042(b)

200,000

165,101

3.20%,

7/6/2046

200,000

143,736

1,614,777

#### POLAND

#### 0

#### .1

#### %
Republic

of

Poland

,

4.88%,

10/4/2033

100,000

101,692

5.13%,

9/18/2034

250,000

256,041

5.38%,

2/12/2035

125,000

129,581

5.50%,

4/4/2053

125,000

119,952

5.50%,

3/18/2054

175,000

167,358

774,624

#### SOUTH

#### KOREA

#### 0

#### .0

#### %

#### †
Export-Import

Bank

of

Korea

,

5.13%,

1/11/2033(b)

200,000

209,890

Republic

of

Korea

,

4.13%,

6/10/2044

250,000

224,512

434,402

#### SWEDEN

#### 0

#### .0

#### %

#### †
Svensk

Exportkredit

AB

,

4.13%,

6/14/2028(b)

500,000

505,490

#### URUGUAY

#### 0

#### .1

#### %
Oriental

Republic

of

Uruguay

,

4.38%,

10/27/2027

33,333

33,453

4.38%,

1/23/2031

100,000

101,260

5.75%,

10/28/2034

100,000

106,550

5.44%,

2/14/2037

25,000

25,976

5.10%,

6/18/2050

200,000

188,540

4.98%,

4/20/2055(b)

150,000

136,613

5.25%,

9/10/2060

75,000

70,013

662,405

#### Total

#### Foreign

#### Government

#### Securities

#### (cost

#### $18,512,880)

#### 17,676,816

#### Mortgage-Backed

#### Securities

#### 24

#### .0

#### %
FHLMC

Gold

Pool

Pool#

J14732

4.00%,

3/1/2026

1,084

1,083

Pool#

E02896

3.50%,

5/1/2026

1,008

1,006

Pool#

J18702

3.00%,

3/1/2027

9,791

9,728

Pool#

J19106

3.00%,

5/1/2027

5,271

5,231

NVIT

Bond

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FHLMC

Gold

Pool

Pool#

G14609

3.00%,

11/1/2027

49,186

48,793

Pool#

C00566

7.50%,

12/1/2027

Pool#

G15100

2.50%,

7/1/2028

24,843

24,501

Pool#

C18271

7.00%,

11/1/2028

Pool#

C00678

7.00%,

11/1/2028

Pool#

C00836

7.00%,

7/1/2029

Pool#

C31285

7.00%,

9/1/2029

Pool#

G18536

2.50%,

1/1/2030

547,838

535,153

Pool#

C37436

8.00%,

1/1/2030

Pool#

C36429

7.00%,

2/1/2030

Pool#

C36306

7.00%,

2/1/2030

Pool#

C00921

7.50%,

2/1/2030

Pool#

G01108

7.00%,

4/1/2030

Pool#

U49055

3.00%,

6/1/2030

18,041

17,804

Pool#

J32243

3.00%,

7/1/2030

173,291

170,426

Pool#

C41561

8.00%,

8/1/2030

1,074

1,104

Pool#

C01051

8.00%,

9/1/2030

Pool#

C43550

7.00%,

10/1/2030

725

762

Pool#

C44017

7.50%,

10/1/2030

Pool#

C44957

8.00%,

11/1/2030

Pool#

G18578

3.00%,

12/1/2030

76,678

75,338

Pool#

C01103

7.50%,

12/1/2030

Pool#

C46932

7.50%,

1/1/2031

Pool#

G18587

3.00%,

2/1/2031

57,751

56,678

Pool#

G18592

3.00%,

3/1/2031

63,715

62,492

Pool#

C91366

4.50%,

4/1/2031

19,812

19,980

Pool#

G18601

3.00%,

5/1/2031

37,273

36,574

Pool#

G18605

3.00%,

6/1/2031

21,530

21,126

Pool#

J34627

3.00%,

6/1/2031

5,713

5,604

Pool#

C91377

4.50%,

6/1/2031

10,412

10,502

Pool#

C53324

7.00%,

6/1/2031

924

971

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FHLMC

Gold

Pool

Pool#

J35107

2.50%,

8/1/2031

37,870

36,717

Pool#

G01309

7.00%,

8/1/2031

Pool#

G01311

7.00%,

9/1/2031

1,906

2,004

Pool#

C01222

7.00%,

9/1/2031

Pool#

G01315

7.00%,

9/1/2031

Pool#

J35522

2.50%,

10/1/2031

148,961

144,374

Pool#

C60012

7.00%,

11/1/2031

Pool#

C61298

8.00%,

11/1/2031

1,309

1,335

Pool#

J35957

2.50%,

12/1/2031

226,467

219,549

Pool#

C61105

7.00%,

12/1/2031

3,086

3,244

Pool#

C63171

7.00%,

1/1/2032

1,690

1,776

Pool#

D99004

3.50%,

3/1/2032

40,756

40,278

Pool#

G30577

3.50%,

4/1/2032

84,244

82,874

Pool#

G01391

7.00%,

4/1/2032

3,411

3,586

Pool#

C01345

7.00%,

4/1/2032

1,531

1,609

Pool#

C01370

8.00%,

4/1/2032

Pool#

C01381

8.00%,

5/1/2032

5,940

6,266

Pool#

C68290

7.00%,

6/1/2032

1,505

1,582

Pool#

C68300

7.00%,

6/1/2032

Pool#

D99266

3.50%,

7/1/2032

66,287

65,517

Pool#

G01449

7.00%,

7/1/2032

2,257

2,372

Pool#

C69908

7.00%,

8/1/2032

11,440

12,025

Pool#

C91558

3.50%,

9/1/2032

12,944

12,747

Pool#

G16407

2.50%,

1/1/2033

109,943

106,291

Pool#

G16408

2.50%,

1/1/2033

82,207

79,489

Pool#

G01536

7.00%,

3/1/2033

2,989

3,142

Pool#

C01528

5.00%,

4/1/2033

18,556

18,858

Pool#

G30646

3.00%,

5/1/2033

90,583

87,979

Pool#

G30642

3.00%,

5/1/2033

44,840

43,513

Pool#

K90535

3.00%,

5/1/2033

17,956

17,440

Pool#

G18693

4.00%,

5/1/2033

25,436

25,491

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Bond

Index

Fund

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FHLMC

Gold

Pool

Pool#

G18696

3.50%,

7/1/2033

7,253

7,177

Pool#

A16419

6.50%,

11/1/2033

10,238

10,632

Pool#

A21356

6.50%,

4/1/2034

13,184

13,692

Pool#

C01851

6.50%,

4/1/2034

12,176

12,645

Pool#

A24301

6.50%,

5/1/2034

19,882

20,928

Pool#

A22067

6.50%,

5/1/2034

7,702

7,999

Pool#

G18737

3.50%,

6/1/2034

48,596

47,803

Pool#

A24988

6.50%,

7/1/2034

7,826

8,128

Pool#

G01741

6.50%,

10/1/2034

3,222

3,379

Pool#

G08023

6.50%,

11/1/2034

7,026

7,449

Pool#

G01947

7.00%,

5/1/2035

3,051

3,207

Pool#

G08073

5.50%,

8/1/2035

32,955

34,493

Pool#

A37135

5.50%,

9/1/2035

73,104

76,290

Pool#

A47368

5.00%,

10/1/2035

48,899

50,268

Pool#

A38531

5.50%,

10/1/2035

99,801

102,899

Pool#

A38255

5.50%,

10/1/2035

61,477

64,155

Pool#

G08088

6.50%,

10/1/2035

34,266

36,025

Pool#

A39759

5.50%,

11/1/2035

3,176

3,315

Pool#

A40376

5.50%,

12/1/2035

1,335

1,385

Pool#

A42305

5.50%,

1/1/2036

4,276

4,469

Pool#

A41548

7.00%,

1/1/2036

5,041

5,299

Pool#

G08111

5.50%,

2/1/2036

47,039

49,235

Pool#

A43885

5.50%,

3/1/2036

131,824

135,742

Pool#

A43886

5.50%,

3/1/2036

64,979

66,907

Pool#

A43884

5.50%,

3/1/2036

50,842

52,771

Pool#

A48378

5.50%,

3/1/2036

42,303

42,933

Pool#

A43861

5.50%,

3/1/2036

26,415

27,418

Pool#

G08116

5.50%,

3/1/2036

10,651

11,148

Pool#

A48735

5.50%,

5/1/2036

5,441

5,648

Pool#

A53039

6.50%,

10/1/2036

35,559

37,368

Pool#

G05254

5.00%,

1/1/2037

32,929

33,845

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FHLMC

Gold

Pool

Pool#

G04331

5.00%,

2/1/2037

33,047

33,973

Pool#

G05941

6.00%,

2/1/2037

161,556

170,510

Pool#

G03620

6.50%,

10/1/2037

1,226

1,305

Pool#

G03721

6.00%,

12/1/2037

16,080

17,022

Pool#

G03969

6.00%,

2/1/2038

18,212

19,279

Pool#

C91982

3.50%,

3/1/2038

61,209

59,098

Pool#

G04913

5.00%,

3/1/2038

60,380

62,160

Pool#

G05299

4.50%,

6/1/2038

52,560

53,074

Pool#

G04581

6.50%,

8/1/2038

30,780

32,162

Pool#

C92013

3.50%,

9/1/2038

150,876

145,980

Pool#

A81674

6.00%,

9/1/2038

101,153

106,796

Pool#

G05459

5.50%,

5/1/2039

475,880

496,397

Pool#

G05535

4.50%,

7/1/2039

169,630

171,297

Pool#

A89500

4.50%,

10/1/2039

15,191

15,340

Pool#

A91165

5.00%,

2/1/2040

685,402

705,641

Pool#

G60342

4.50%,

5/1/2042

171,908

173,279

Pool#

G60195

4.00%,

6/1/2042

223,975

219,305

Pool#

Q08977

4.00%,

6/1/2042

53,350

52,116

Pool#

Q09824

4.00%,

8/1/2042

29,943

29,328

Pool#

Q11087

4.00%,

9/1/2042

21,515

20,938

Pool#

G07158

3.50%,

10/1/2042

122,990

117,465

Pool#

G07163

3.50%,

10/1/2042

99,924

95,446

Pool#

Q11532

3.50%,

10/1/2042

90,299

86,233

Pool#

Q12051

3.50%,

10/1/2042

72,401

69,291

Pool#

Q12052

3.50%,

10/1/2042

30,168

28,816

Pool#

C09020

3.50%,

11/1/2042

211,000

201,501

Pool#

G07264

3.50%,

12/1/2042

191,022

182,422

Pool#

Q14292

3.50%,

1/1/2043

53,207

50,888

Pool#

Q15884

3.00%,

2/1/2043

286,507

265,258

Pool#

Q16470

3.00%,

3/1/2043

572,225

529,787

Pool#

V80002

2.50%,

4/1/2043

248,422

220,647

NVIT

Bond

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FHLMC

Gold

Pool

Pool#

Q16915

3.00%,

4/1/2043

210,051

194,494

Pool#

Q17675

3.50%,

4/1/2043

227,409

217,922

Pool#

Q18523

3.50%,

5/1/2043

228,006

217,598

Pool#

Q18751

3.50%,

6/1/2043

324,347

309,643

Pool#

G07410

3.50%,

7/1/2043

90,183

86,421

Pool#

Q20332

3.50%,

7/1/2043

32,448

30,960

Pool#

G07459

3.50%,

8/1/2043

270,203

257,898

Pool#

G60038

3.50%,

1/1/2044

568,393

542,796

Pool#

Q26869

4.00%,

6/1/2044

251,893

245,236

Pool#

G07946

4.00%,

7/1/2044

7,733

7,545

Pool#

Q28607

3.50%,

9/1/2044

97,128

92,632

Pool#

G61231

3.50%,

9/1/2044

27,152

25,918

Pool#

G08609

3.50%,

10/1/2044

87,549

83,315

Pool#

Q30833

4.00%,

1/1/2045

11,448

11,095

Pool#

G60400

4.50%,

1/1/2045

73,775

73,848

Pool#

G07925

4.00%,

2/1/2045

22,626

22,105

Pool#

Q34165

4.00%,

6/1/2045

155,372

151,458

Pool#

V81873

4.00%,

8/1/2045

88,013

85,315

Pool#

G08669

4.00%,

9/1/2045

130,107

126,078

Pool#

Q38357

4.00%,

1/1/2046

36,204

35,049

Pool#

G08697

3.00%,

3/1/2046

391,018

356,451

Pool#

Q39440

4.00%,

3/1/2046

22,906

22,180

Pool#

G08704

4.50%,

4/1/2046

10,797

10,789

Pool#

Q40097

4.50%,

4/1/2046

2,699

2,697

Pool#

G08707

4.00%,

5/1/2046

61,062

59,114

Pool#

G08708

4.50%,

5/1/2046

9,498

9,492

Pool#

Q41548

3.00%,

7/1/2046

53,093

48,400

Pool#

Q41903

3.50%,

7/1/2046

74,224

70,366

Pool#

G61791

4.00%,

7/1/2046

60,745

58,926

Pool#

Q41947

4.50%,

7/1/2046

2,259

2,256

Pool#

G61237

3.50%,

8/1/2046

12,046

11,503

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FHLMC

Gold

Pool

Pool#

Q42680

4.00%,

8/1/2046

2,243

2,182

Pool#

G08720

4.50%,

8/1/2046

7,795

7,786

Pool#

G61323

3.00%,

9/1/2046

373,691

345,675

Pool#

G08721

3.00%,

9/1/2046

218,140

198,302

Pool#

G60733

4.50%,

9/1/2046

79,755

79,702

Pool#

G60722

3.00%,

10/1/2046

620,254

565,194

Pool#

Q44035

3.00%,

10/1/2046

302,661

274,902

Pool#

G61815

4.00%,

10/1/2046

24,222

23,469

Pool#

G08732

3.00%,

11/1/2046

39,876

36,219

Pool#

G60989

3.00%,

12/1/2046

224,760

204,482

Pool#

G08738

3.50%,

12/1/2046

837,382

791,642

Pool#

G08741

3.00%,

1/1/2047

364,646

329,773

Pool#

G08748

3.50%,

2/1/2047

172,999

163,027

Pool#

G08751

3.50%,

3/1/2047

258,449

244,217

Pool#

G60988

3.00%,

5/1/2047

760,382

692,880

Pool#

Q48237

4.50%,

5/1/2047

50,074

49,793

Pool#

Q48414

4.50%,

6/1/2047

34,099

33,341

Pool#

Q48365

4.50%,

6/1/2047

11,190

11,160

Pool#

V83270

3.50%,

7/1/2047

101,316

95,456

Pool#

Q49917

3.50%,

8/1/2047

40,796

38,482

Pool#

Q53085

3.00%,

9/1/2047

129,238

117,953

Pool#

G61295

3.50%,

9/1/2047

280,826

266,514

Pool#

Q52075

4.00%,

11/1/2047

96,901

94,031

Pool#

G67707

3.50%,

1/1/2048

312,461

295,375

Pool#

V83909

4.00%,

1/1/2048

114,786

111,429

Pool#

T65458

3.50%,

2/1/2048

53,110

49,445

Pool#

Q54460

4.00%,

2/1/2048

86,320

84,043

Pool#

G61298

4.00%,

2/1/2048

41,708

40,355

Pool#

Q55401

5.00%,

4/1/2048

23,220

23,634

Pool#

G08821

5.00%,

5/1/2048

6,163

6,266

Pool#

G67712

4.00%,

6/1/2048

85,286

83,131

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Bond

Index

Fund

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FHLMC

Gold

Pool

Pool#

G67713

4.00%,

6/1/2048

70,331

68,069

Pool#

Q56473

4.50%,

6/1/2048

22,282

22,110

Pool#

Q56472

4.50%,

6/1/2048

20,017

19,961

Pool#

Q57401

4.50%,

7/1/2048

22,269

22,097

Pool#

Q57402

4.50%,

7/1/2048

6,230

6,213

Pool#

G08833

5.00%,

7/1/2048

2,544

2,590

Pool#

G67716

4.50%,

10/1/2048

48,748

48,509

Pool#

V85044

4.00%,

12/1/2048

81,243

78,566

Pool#

V85139

4.50%,

1/1/2049

19,515

19,399

FHLMC

Non

Gold

Pool

Pool#

1B8478

6.60%,

7/1/2041(a)

10,961

11,413

Pool#

2B0108

6.77%,

1/1/2042(a)

FHLMC

UMBS

Pool

Pool#

ZT1998

4.00%,

7/1/2029

811

809

Pool#

ZS7757

3.00%,

3/1/2030

114,383

112,836

Pool#

SB0383

2.50%,

4/1/2032

354,103

342,776

Pool#

ZS8701

3.50%,

6/1/2033

25,382

25,095

Pool#

SB0218

3.00%,

10/1/2033

45,323

44,321

Pool#

SB0366

3.50%,

2/1/2034

61,053

60,318

Pool#

SB0095

3.50%,

7/1/2034

11,422

11,325

Pool#

SB0069

3.00%,

9/1/2034

82,352

79,914

Pool#

SB8021

3.00%,

12/1/2034

174,214

169,525

Pool#

RC1826

2.00%,

2/1/2036

257,985

238,969

Pool#

SB8092

1.50%,

3/1/2036

303,810

275,795

Pool#

SB8103

2.00%,

5/1/2036

256,934

237,834

Pool#

QN7405

2.00%,

8/1/2036

149,893

138,841

Pool#

SB8119

2.00%,

9/1/2036

669,105

619,764

Pool#

SB8140

1.50%,

2/1/2037

453,138

410,150

Pool#

SB8144

1.50%,

3/1/2037

952,150

861,824

Pool#

QN9700

1.50%,

3/1/2037

304,102

275,253

Pool#

SB8148

2.00%,

4/1/2037

2,056,121

1,903,238

Pool#

SB8156

3.00%,

4/1/2037

162,995

156,790

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FHLMC

UMBS

Pool

Pool#

SB8154

2.50%,

5/1/2037

138,766

131,254

Pool#

SB0725

4.00%,

8/1/2037

44,993

44,424

Pool#

SB1009

4.00%,

2/1/2038

44,293

43,772

Pool#

SB8346

4.00%,

12/1/2039

201,744

199,193

Pool#

QA2237

3.00%,

7/1/2046

784,723

715,956

Pool#

QA2226

3.00%,

7/1/2046

460,803

420,707

Pool#

ZM2339

3.50%,

1/1/2047

121,495

114,644

Pool#

ZS4746

3.00%,

12/1/2047

297,369

268,402

Pool#

ZA6139

4.50%,

12/1/2048

40,062

39,737

Pool#

SD0295

3.00%,

2/1/2049

1,405,363

1,285,683

Pool#

RA3022

2.50%,

6/1/2050

491,092

419,522

Pool#

SD7521

2.50%,

7/1/2050

668,984

577,970

Pool#

SD7523

2.50%,

8/1/2050

177,663

153,844

Pool#

SD0500

3.00%,

8/1/2050

30,866

27,992

Pool#

SD8100

3.00%,

10/1/2050

1,285,014

1,146,432

Pool#

RA3934

2.50%,

11/1/2050

659,740

560,302

Pool#

SD0522

3.00%,

12/1/2050

414,216

369,545

Pool#

RA4493

2.00%,

2/1/2051

1,191,599

970,716

Pool#

QB9104

2.00%,

2/1/2051

638,365

520,036

Pool#

RA4737

2.00%,

3/1/2051

2,265,215

1,849,687

Pool#

RA4718

2.00%,

3/1/2051

1,024,361

841,145

Pool#

SD7537

2.00%,

3/1/2051

537,783

441,412

Pool#

QC5128

2.00%,

8/1/2051

262,861

215,453

Pool#

SD8166

2.00%,

9/1/2051

1,574,010

1,278,797

Pool#

RA6140

2.00%,

10/1/2051

1,129,469

924,633

Pool#

RA6085

2.00%,

10/1/2051

640,252

526,968

Pool#

RA6624

2.00%,

1/1/2052

4,974,842

4,026,262

Pool#

SD0856

2.00%,

1/1/2052

1,234,371

1,001,705

Pool#

SD7347

2.00%,

4/1/2052

803,656

651,228

Pool#

SD8211

2.00%,

5/1/2052

8,822,426

7,151,161

Pool#

SD8224

2.50%,

7/1/2052

2,489,575

2,115,853

NVIT

Bond

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FHLMC

UMBS

Pool

Pool#

RA7779

4.50%,

8/1/2052

489,686

483,497

Pool#

SD2215

4.00%,

10/1/2052

475,986

456,155

Pool#

SD1926

5.50%,

11/1/2052

656,796

674,409

Pool#

SD7557

4.50%,

12/1/2052

1,077,702

1,064,956

Pool#

RA8411

5.50%,

1/1/2053

172,627

177,847

Pool#

QF5629

6.00%,

1/1/2053

370,222

389,463

Pool#

RA8794

5.50%,

4/1/2053

772,132

793,235

Pool#

SD2661

5.50%,

4/1/2053

525,613

535,482

Pool#

RA9090

5.50%,

5/1/2053

803,023

817,519

Pool#

SD2890

5.50%,

5/1/2053

311,118

319,532

Pool#

SD2905

5.50%,

5/1/2053

178,717

181,996

Pool#

RA9162

5.50%,

6/1/2053

397,964

408,038

Pool#

SD3085

5.50%,

6/1/2053

198,277

203,033

Pool#

SD3260

6.00%,

6/1/2053

156,142

162,281

Pool#

SD3565

4.50%,

8/1/2053

172,054

169,361

Pool#

SD8348

5.00%,

8/1/2053

1,008,022

1,008,482

Pool#

SD3853

5.50%,

8/1/2053

127,150

129,370

Pool#

SD3603

6.00%,

8/1/2053

1,358,779

1,416,801

Pool#

RJ0007

6.50%,

10/1/2053

276,901

291,591

Pool#

SD4340

5.50%,

11/1/2053

871,755

893,395

Pool#

RJ0325

6.50%,

11/1/2053

141,864

147,743

Pool#

RJ0528

6.50%,

12/1/2053

250,547

262,094

Pool#

RJ0530

6.50%,

12/1/2053

206,756

215,282

Pool#

RJ0841

6.00%,

2/1/2054

224,348

233,236

Pool#

RJ0858

6.50%,

2/1/2054

426,089

444,516

Pool#

RJ0992

5.00%,

5/1/2054

720,035

718,693

Pool#

RJ1422

6.00%,

5/1/2054

380,367

397,077

Pool#

RJ1437

6.50%,

5/1/2054

349,491

368,758

Pool#

SD8438

5.50%,

6/1/2054

1,489,760

1,511,683

Pool#

SD5812

6.00%,

7/1/2054

437,601

455,152

Pool#

SD6025

6.00%,

8/1/2054

560,239

575,780

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FHLMC

UMBS

Pool

Pool#

SD8491

5.00%,

12/1/2054

764,124

762,483

Pool#

SL0050

5.50%,

1/1/2055

820,287

840,202

Pool#

SL0425

6.00%,

2/1/2055

482,400

503,282

Pool#

RJ4130

6.00%,

5/1/2055

488,412

505,741

Pool#

RQ0028

6.00%,

7/1/2055

2,408,513

2,473,033

Pool#

SL2010

6.00%,

8/1/2055

969,438

998,032

Pool#

QZ7777

5.50%,

10/1/2055

374,265

379,581

FNMA

Pool

Pool#

AC9890

6.61%,

4/1/2040(a)

118,225

122,078

Pool#

AC9895

6.68%,

4/1/2040(a)

282,125

292,129

Pool#

AJ1249

6.56%,

9/1/2041(a)

33,532

35,143

Pool#

AK0714

6.71%,

2/1/2042(a)

5,289

5,497

Pool#

AT4250

6.25%,

6/1/2043(a)

12,064

12,535

Pool#

BF0203

3.00%,

2/1/2047

328,585

296,068

Pool#

BF0206

4.00%,

2/1/2047

193,704

187,535

Pool#

BF0200

3.50%,

11/1/2051

148,101

136,619

Pool#

BF0171

4.00%,

1/1/2057

129,643

123,254

Pool#

BF0184

4.00%,

2/1/2057

144,921

135,883

FNMA

UMBS

Pool

Pool#

AH5616

3.50%,

2/1/2026

1,510

1,506

Pool#

AL0298

4.00%,

5/1/2026

3,151

3,143

Pool#

AB4277

3.00%,

1/1/2027

24,914

24,754

Pool#

AL1391

3.50%,

1/1/2027

Pool#

AP4746

3.00%,

8/1/2027

8,401

8,330

Pool#

AP4640

3.00%,

9/1/2027

5,991

5,936

Pool#

AB6886

3.00%,

11/1/2027

6,526

6,460

Pool#

AQ7406

3.00%,

11/1/2027

4,286

4,244

Pool#

AQ2884

3.00%,

12/1/2027

8,140

8,056

Pool#

AS0487

2.50%,

9/1/2028

45,923

45,202

Pool#

930998

4.50%,

4/1/2029

1,083

1,086

Pool#

BM1507

2.50%,

12/1/2029

21,641

21,349

Pool#

AL8077

3.50%,

12/1/2029

3,961

3,937

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Bond

Index

Fund

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FNMA

UMBS

Pool

Pool#

BM4299

3.00%,

3/1/2030

43,908

43,606

Pool#

AS5412

2.50%,

7/1/2030

39,162

38,133

Pool#

AL7152

3.50%,

7/1/2030

67,589

67,141

Pool#

AS5702

2.50%,

8/1/2030

153,993

149,746

Pool#

AZ9234

3.50%,

10/1/2030

8,212

8,124

Pool#

AS6174

3.50%,

11/1/2030

5,516

5,452

Pool#

AS6272

2.50%,

12/1/2030

53,636

52,081

Pool#

AS6295

3.00%,

12/1/2030

84,085

82,627

Pool#

AH1515

4.00%,

12/1/2030

85,807

85,571

Pool#

AD0716

6.50%,

12/1/2030

174,386

180,931

Pool#

BA6532

2.50%,

1/1/2031

44,384

43,178

Pool#

BM5016

3.00%,

1/1/2031

115,380

113,617

Pool#

AB2121

4.00%,

1/1/2031

14,456

14,423

Pool#

AL8060

3.00%,

2/1/2031

82,177

80,769

Pool#

MA0641

4.00%,

2/1/2031

58,076

57,912

Pool#

560868

7.50%,

2/1/2031

Pool#

AS6799

3.00%,

3/1/2031

67,211

65,900

Pool#

BC0774

3.00%,

3/1/2031

37,651

36,979

Pool#

AS6919

3.50%,

3/1/2031

5,142

5,101

Pool#

BC4410

3.50%,

3/1/2031

4,725

4,670

Pool#

BC0320

3.50%,

3/1/2031

3,655

3,628

Pool#

AL8565

3.00%,

6/1/2031

47,377

46,422

Pool#

AL8561

3.50%,

6/1/2031

37,352

37,087

Pool#

AL9378

3.00%,

9/1/2031

22,374

21,987

Pool#

MA2775

2.50%,

10/1/2031

356,271

345,007

Pool#

BM1888

2.50%,

10/1/2031

171,151

168,624

Pool#

BC4777

2.50%,

10/1/2031

131,816

127,714

Pool#

607212

7.50%,

10/1/2031

1,943

1,967

Pool#

MA0895

3.50%,

11/1/2031

63,209

62,314

Pool#

MA2830

2.50%,

12/1/2031

145,364

140,646

Pool#

BM3814

2.50%,

12/1/2031

93,471

90,632

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FNMA

UMBS

Pool

Pool#

AS8594

2.50%,

1/1/2032

116,030

112,329

Pool#

AS8597

2.50%,

1/1/2032

95,896

92,837

Pool#

AL9786

3.00%,

1/1/2032

54,979

53,995

Pool#

AL9585

3.50%,

1/1/2032

24,300

24,088

Pool#

BM1036

2.50%,

2/1/2032

508,806

492,792

Pool#

BM4624

3.00%,

2/1/2032

65,849

64,577

Pool#

AL9740

3.00%,

2/1/2032

50,964

49,814

Pool#

AL9872

3.00%,

2/1/2032

47,934

46,955

Pool#

AL9871

3.00%,

2/1/2032

30,566

29,961

Pool#

AS8767

3.00%,

2/1/2032

6,005

5,874

Pool#

BM1007

2.50%,

3/1/2032

163,001

157,386

Pool#

AL9899

3.00%,

3/1/2032

9,667

9,460

Pool#

MA1029

3.50%,

4/1/2032

57,443

56,595

Pool#

545556

7.00%,

4/1/2032

1,029

1,081

Pool#

AO2565

3.50%,

5/1/2032

12,916

12,642

Pool#

AS9695

3.50%,

5/1/2032

10,909

10,805

Pool#

545605

7.00%,

5/1/2032

1,418

1,494

Pool#

BM4088

3.00%,

6/1/2032

86,301

84,657

Pool#

AO5103

3.50%,

6/1/2032

60,990

59,729

Pool#

890786

3.50%,

6/1/2032

12,137

12,019

Pool#

MA1107

3.50%,

7/1/2032

8,442

8,311

Pool#

FM1664

4.00%,

7/1/2032

3,967

3,955

Pool#

651361

7.00%,

7/1/2032

667

701

Pool#

BM1669

3.00%,

8/1/2032

53,355

52,102

Pool#

AP1990

3.50%,

8/1/2032

28,384

27,850

Pool#

AP1997

3.50%,

8/1/2032

17,809

17,488

Pool#

BH5355

3.50%,

8/1/2032

2,688

2,663

Pool#

AO7202

3.50%,

9/1/2032

55,907

55,022

Pool#

MA1166

3.50%,

9/1/2032

45,883

45,148

Pool#

BM5167

3.50%,

9/1/2032

6,132

6,076

Pool#

AP3673

3.50%,

10/1/2032

52,539

51,719

NVIT

Bond

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FNMA

UMBS

Pool

Pool#

BH9391

3.50%,

10/1/2032

3,399

3,365

Pool#

BM3389

3.00%,

11/1/2032

91,003

88,923

Pool#

AB6962

3.50%,

11/1/2032

79,854

78,750

Pool#

AQ3343

3.50%,

11/1/2032

49,379

48,666

Pool#

BM3977

3.00%,

12/1/2032

127,342

124,467

Pool#

CA0951

3.00%,

12/1/2032

74,906

73,150

Pool#

FM1661

2.50%,

1/1/2033

201,145

196,304

Pool#

BM4338

2.50%,

1/1/2033

150,282

145,769

Pool#

BM3919

3.00%,

2/1/2033

82,662

80,792

Pool#

BM3750

3.50%,

3/1/2033

72,556

71,851

Pool#

BM4129

3.50%,

4/1/2033

82,633

81,842

Pool#

555346

5.50%,

4/1/2033

16,558

16,942

Pool#

713560

5.50%,

4/1/2033

4,687

4,752

Pool#

694846

6.50%,

4/1/2033

1,423

1,490

Pool#

AB9402

3.00%,

5/1/2033

103,555

100,704

Pool#

AB9403

3.00%,

5/1/2033

46,610

45,162

Pool#

AB9300

3.00%,

5/1/2033

33,866

32,956

Pool#

BM4132

3.50%,

5/1/2033

65,506

64,778

Pool#

MA3372

4.00%,

5/1/2033

55,372

55,435

Pool#

555421

5.00%,

5/1/2033

352,442

356,437

Pool#

MA3393

4.00%,

6/1/2033

24,821

24,848

Pool#

MA3427

4.00%,

7/1/2033

19,114

19,133

Pool#

720087

5.50%,

7/1/2033

41,648

42,226

Pool#

728721

5.50%,

7/1/2033

9,003

9,209

Pool#

555684

5.50%,

7/1/2033

1,980

2,041

Pool#

MA1527

3.00%,

8/1/2033

357,196

346,009

Pool#

743235

5.50%,

10/1/2033

5,157

5,229

Pool#

750229

6.50%,

10/1/2033

11,954

12,402

Pool#

FM2154

4.00%,

12/1/2033

2,422

2,414

Pool#

755872

5.50%,

12/1/2033

51,855

52,991

Pool#

725221

5.50%,

1/1/2034

1,504

1,545

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FNMA

UMBS

Pool

Pool#

725223

5.50%,

3/1/2034

Pool#

725228

6.00%,

3/1/2034

142,586

148,311

Pool#

725425

5.50%,

4/1/2034

87,127

89,599

Pool#

725423

5.50%,

5/1/2034

8,670

8,914

Pool#

725594

5.50%,

7/1/2034

38,987

40,074

Pool#

MA3739

3.50%,

8/1/2034

55,929

55,095

Pool#

788027

6.50%,

9/1/2034

16,944

17,740

Pool#

MA3827

2.50%,

11/1/2034

332,958

317,250

Pool#

FM1905

3.00%,

11/1/2034

41,054

39,805

Pool#

807310

7.00%,

11/1/2034

1,267

1,330

Pool#

FM2412

3.50%,

1/1/2035

21,424

21,107

Pool#

735141

5.50%,

1/1/2035

122,214

125,889

Pool#

889852

5.50%,

5/1/2035

3,140

3,197

Pool#

FM4900

2.00%,

12/1/2035

42,614

39,554

Pool#

256023

6.00%,

12/1/2035

109,240

115,531

Pool#

CA8793

2.00%,

2/1/2036

1,023,723

950,168

Pool#

FM5908

2.00%,

2/1/2036

344,032

319,322

Pool#

CA9141

2.00%,

2/1/2036

337,872

313,599

Pool#

CA9145

2.00%,

2/1/2036

284,237

263,288

Pool#

FM5571

2.00%,

2/1/2036

154,533

143,223

Pool#

CA9435

2.00%,

3/1/2036

314,806

291,601

Pool#

CA9475

2.00%,

3/1/2036

300,133

278,010

Pool#

CB0262

2.00%,

4/1/2036

481,552

446,049

Pool#

745418

5.50%,

4/1/2036

18,290

19,123

Pool#

745516

5.50%,

5/1/2036

10,462

10,938

Pool#

MA4360

2.00%,

6/1/2036

874,332

809,871

Pool#

889745

5.50%,

6/1/2036

1,916

1,953

Pool#

FM8538

2.00%,

8/1/2036

160,193

148,431

Pool#

995065

5.50%,

9/1/2036

58,282

59,782

Pool#

888635

5.50%,

9/1/2036

40,687

41,787

Pool#

MA4441

1.50%,

10/1/2036

199,091

180,507

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Bond

Index

Fund

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FNMA

UMBS

Pool

Pool#

MA4566

1.50%,

3/1/2037

1,508,318

1,365,385

Pool#

MA4581

1.50%,

4/1/2037

396,466

358,895

Pool#

MA4582

2.00%,

4/1/2037

1,877,147

1,737,571

Pool#

MA4628

2.50%,

6/1/2037

140,017

132,451

Pool#

FS2497

1.50%,

8/1/2037

247,307

223,874

Pool#

995024

5.50%,

8/1/2037

23,902

24,979

Pool#

MA4726

4.00%,

9/1/2037

59,847

59,143

Pool#

995050

6.00%,

9/1/2037

228,030

241,166

Pool#

MA4797

4.00%,

11/1/2037

85,776

84,768

Pool#

955194

7.00%,

11/1/2037

21,077

22,363

Pool#

MA5023

4.00%,

5/1/2038

39,932

39,428

Pool#

MA3389

4.00%,

6/1/2038

49,201

48,434

Pool#

MA3464

3.50%,

9/1/2038

106,428

102,681

Pool#

990810

7.00%,

10/1/2038

36,103

37,912

Pool#

MA5223

4.00%,

11/1/2038

23,820

23,519

Pool#

MA5556

4.00%,

12/1/2039

1,041,259

1,028,092

Pool#

AD8536

5.00%,

8/1/2040

75,711

77,858

Pool#

AB1735

3.50%,

11/1/2040

4,187

4,034

Pool#

AE9747

4.50%,

12/1/2040

272,327

274,179

Pool#

AB2067

3.50%,

1/1/2041

104,809

101,165

Pool#

932888

3.50%,

1/1/2041

83,749

80,812

Pool#

AB2068

3.50%,

1/1/2041

62,456

60,246

Pool#

932891

3.50%,

1/1/2041

17,402

16,721

Pool#

AL3650

5.00%,

2/1/2041

5,257

5,406

Pool#

AL6521

5.00%,

4/1/2041

456,120

469,035

Pool#

AL0390

5.00%,

5/1/2041

153,988

158,354

Pool#

AL5863

4.50%,

6/1/2041

804,183

811,349

Pool#

AI9851

4.50%,

9/1/2041

17,078

17,163

Pool#

AL0761

5.00%,

9/1/2041

54,091

55,625

Pool#

BM3907

5.50%,

9/1/2041

104,592

107,375

Pool#

AJ5431

4.50%,

10/1/2041

44,285

44,387

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FNMA

UMBS

Pool

Pool#

AJ4861

4.00%,

12/1/2041

51,872

50,730

Pool#

AX5316

4.50%,

1/1/2042

28,820

28,995

Pool#

AL2499

4.50%,

1/1/2042

8,638

8,695

Pool#

AW8167

3.50%,

2/1/2042

343,454

330,302

Pool#

AB5185

3.50%,

5/1/2042

164,872

157,506

Pool#

AO3575

4.50%,

5/1/2042

40,746

40,840

Pool#

AO4647

3.50%,

6/1/2042

343,763

328,615

Pool#

AO8036

4.50%,

7/1/2042

134,562

135,684

Pool#

AP2092

4.50%,

8/1/2042

10,302

10,280

Pool#

AP6579

3.50%,

9/1/2042

209,706

200,596

Pool#

AL2782

4.50%,

9/1/2042

51,284

51,506

Pool#

AB6524

3.50%,

10/1/2042

474,884

452,733

Pool#

AB7074

3.00%,

11/1/2042

293,184

271,029

Pool#

AP8785

3.00%,

11/1/2042

92,056

85,099

Pool#

AL2677

3.50%,

11/1/2042

288,003

275,491

Pool#

AB6786

3.50%,

11/1/2042

159,305

151,957

Pool#

MA1273

3.50%,

12/1/2042

129,586

123,636

Pool#

AR4210

3.50%,

1/1/2043

86,037

82,042

Pool#

AT4040

3.00%,

3/1/2043

71,629

66,209

Pool#

AR8213

3.50%,

4/1/2043

64,764

62,272

Pool#

AB9238

3.00%,

5/1/2043

434,515

401,593

Pool#

AB9237

3.00%,

5/1/2043

353,359

326,585

Pool#

AB9236

3.00%,

5/1/2043

106,055

98,008

Pool#

AB9362

3.50%,

5/1/2043

453,313

432,264

Pool#

AT4145

3.00%,

6/1/2043

137,097

126,680

Pool#

AB9814

3.00%,

7/1/2043

419,755

387,907

Pool#

AT6871

3.00%,

7/1/2043

56,771

52,427

Pool#

AS0203

3.00%,

8/1/2043

326,048

301,207

Pool#

AS0255

4.50%,

8/1/2043

122,624

122,954

Pool#

AS0516

3.00%,

9/1/2043

230,017

212,420

Pool#

AL4471

4.00%,

9/1/2043

159,597

156,085

NVIT

Bond

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FNMA

UMBS

Pool

Pool#

AL6951

3.50%,

10/1/2043

229,036

218,421

Pool#

BM4222

3.00%,

1/1/2044

316,445

292,379

Pool#

AS2276

4.50%,

4/1/2044

177,912

177,804

Pool#

AW1006

4.00%,

5/1/2044

62,681

61,224

Pool#

AL7767

4.50%,

6/1/2044

15,302

15,372

Pool#

AS3161

4.00%,

8/1/2044

391,632

379,459

Pool#

BM4650

3.00%,

10/1/2044

572,570

529,086

Pool#

CA0688

3.50%,

10/1/2044

139,163

132,641

Pool#

BC5090

4.00%,

10/1/2044

29,250

28,434

Pool#

AS3946

4.00%,

12/1/2044

444,240

430,942

Pool#

AL8303

3.00%,

1/1/2045

100,340

92,728

Pool#

BM4384

4.00%,

1/1/2045

173,554

169,198

Pool#

BM3611

4.00%,

1/1/2045

137,861

134,771

Pool#

BM3804

3.50%,

2/1/2045

62,684

59,760

Pool#

AL9555

4.00%,

2/1/2045

877,478

858,362

Pool#

AX9524

4.00%,

2/1/2045

496,890

484,769

Pool#

AS4418

4.00%,

2/1/2045

357,546

348,773

Pool#

AS4375

4.00%,

2/1/2045

236,003

230,258

Pool#

AL6889

4.50%,

2/1/2045

53,801

53,858

Pool#

BM3931

3.00%,

3/1/2045

274,436

253,680

Pool#

AY1312

3.50%,

3/1/2045

799,645

760,261

Pool#

AX9567

3.50%,

3/1/2045

47,251

44,505

Pool#

BM4975

4.00%,

3/1/2045

70,552

68,520

Pool#

AS4578

4.00%,

3/1/2045

63,829

62,268

Pool#

BM3664

3.00%,

5/1/2045

311,858

288,239

Pool#

AS4921

3.50%,

5/1/2045

415,749

394,971

Pool#

AS5012

4.00%,

5/1/2045

650,400

634,375

Pool#

BM5562

4.00%,

6/1/2045

122,819

119,890

Pool#

AS5312

3.50%,

7/1/2045

84,907

80,628

Pool#

AZ7111

4.00%,

7/1/2045

10,327

9,988

Pool#

AZ9866

4.00%,

8/1/2045

7,731

7,425

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FNMA

UMBS

Pool

Pool#

AL7207

4.50%,

8/1/2045

70,764

70,809

Pool#

AL9634

3.50%,

10/1/2045

51,611

49,305

Pool#

BA2164

3.00%,

11/1/2045

72,330

66,256

Pool#

AS6311

3.50%,

12/1/2045

668,737

634,067

Pool#

AS6282

3.50%,

12/1/2045

615,751

584,464

Pool#

BC0092

3.50%,

12/1/2045

38,581

36,521

Pool#

BC0475

3.50%,

12/1/2045

25,272

23,994

Pool#

AS6362

4.50%,

12/1/2045

12,495

12,472

Pool#

AS6474

3.50%,

1/1/2046

154,331

146,620

Pool#

AS6539

3.50%,

1/1/2046

135,404

128,640

Pool#

AL9849

3.50%,

1/1/2046

76,607

73,049

Pool#

AS6527

4.00%,

1/1/2046

93,138

90,099

Pool#

BC0178

4.50%,

1/1/2046

1,942

1,935

Pool#

BC2667

4.00%,

2/1/2046

16,746

16,200

Pool#

BC0605

4.00%,

2/1/2046

13,025

12,593

Pool#

AL9781

4.50%,

2/1/2046

128,804

129,223

Pool#

BM4621

3.50%,

3/1/2046

196,545

187,641

Pool#

AS6795

4.00%,

3/1/2046

50,634

48,987

Pool#

BA6972

4.00%,

3/1/2046

17,623

17,048

Pool#

BC0311

4.50%,

3/1/2046

1,309

1,313

Pool#

AS7026

4.00%,

4/1/2046

37,779

36,538

Pool#

AS7251

4.00%,

5/1/2046

6,372

6,161

Pool#

AL8833

4.00%,

6/1/2046

397,432

387,738

Pool#

AL8824

3.50%,

7/1/2046

89,001

84,555

Pool#

BD5180

4.50%,

7/1/2046

1,147

1,141

Pool#

MA2705

3.00%,

8/1/2046

321,237

291,911

Pool#

BC1489

3.00%,

8/1/2046

74,656

68,157

Pool#

AS7760

4.00%,

8/1/2046

69,387

67,087

Pool#

AS7648

4.00%,

8/1/2046

33,127

32,039

Pool#

AS7795

4.00%,

8/1/2046

24,396

23,594

Pool#

BD3911

4.00%,

8/1/2046

6,493

6,269

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Bond

Index

Fund

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FNMA

UMBS

Pool

Pool#

BD3923

4.00%,

8/1/2046

5,781

5,579

Pool#

AS7770

4.50%,

8/1/2046

19,224

19,167

Pool#

BD5232

4.50%,

8/1/2046

3,468

3,448

Pool#

AL9263

3.00%,

10/1/2046

106,550

96,976

Pool#

AL9234

3.50%,

10/1/2046

41,917

39,709

Pool#

FM1871

4.00%,

10/1/2046

63,013

61,627

Pool#

BC4766

4.50%,

10/1/2046

23,275

23,232

Pool#

AS8154

4.50%,

10/1/2046

5,885

5,877

Pool#

FM1368

3.00%,

11/1/2046

600,728

548,826

Pool#

MA2806

3.00%,

11/1/2046

217,115

197,025

Pool#

BE5038

4.00%,

11/1/2046

7,097

6,931

Pool#

AS8488

3.00%,

12/1/2046

168,146

153,507

Pool#

AS8509

3.00%,

12/1/2046

53,896

49,404

Pool#

AS8492

3.50%,

12/1/2046

331,408

314,302

Pool#

AL9697

3.00%,

1/1/2047

414,053

378,002

Pool#

AS8647

3.00%,

1/1/2047

313,395

286,109

Pool#

AL9774

3.50%,

1/1/2047

213,950

203,730

Pool#

BM3204

3.50%,

1/1/2047

168,245

159,596

Pool#

BD2440

3.50%,

1/1/2047

127,311

120,188

Pool#

AS8692

3.50%,

1/1/2047

115,248

108,787

Pool#

BD2450

3.50%,

1/1/2047

87,009

82,256

Pool#

BE6548

3.50%,

1/1/2047

44,825

42,317

Pool#

BE5856

4.50%,

1/1/2047

5,312

5,303

Pool#

BE7115

4.50%,

1/1/2047

5,154

5,119

Pool#

BE6503

4.50%,

1/1/2047

662

658

Pool#

BM3908

5.50%,

1/1/2047

22,075

23,070

Pool#

BD5046

3.50%,

2/1/2047

53,849

50,860

Pool#

BM5274

4.00%,

2/1/2047

44,873

43,404

Pool#

BE7869

4.50%,

2/1/2047

2,739

2,722

Pool#

BE8495

4.50%,

2/1/2047

2,539

2,526

Pool#

BM5383

4.00%,

3/1/2047

32,261

31,235

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FNMA

UMBS

Pool

Pool#

AS8979

4.50%,

3/1/2047

29,804

29,675

Pool#

BE9247

4.50%,

3/1/2047

3,826

3,801

Pool#

BM3707

2.50%,

4/1/2047

123,318

107,229

Pool#

AS9467

4.00%,

4/1/2047

147,696

142,799

Pool#

BH0304

4.50%,

4/1/2047

4,976

4,946

Pool#

BM3237

3.50%,

5/1/2047

227,202

215,565

Pool#

BM1268

4.00%,

5/1/2047

182,486

176,436

Pool#

AS9747

4.00%,

6/1/2047

416,856

403,679

Pool#

BM3549

4.00%,

6/1/2047

173,306

167,622

Pool#

BM1295

4.50%,

6/1/2047

65,363

65,054

Pool#

BE9624

4.50%,

6/1/2047

9,112

8,969

Pool#

AS9938

3.50%,

7/1/2047

90,789

86,068

Pool#

AS9973

4.00%,

7/1/2047

19,104

18,473

Pool#

CA0240

3.50%,

8/1/2047

80,995

76,086

Pool#

CA0123

4.00%,

8/1/2047

225,745

218,609

Pool#

BH5359

4.00%,

8/1/2047

80,175

77,517

Pool#

BH4004

4.00%,

9/1/2047

134,049

129,631

Pool#

BM3556

4.00%,

9/1/2047

78,799

76,820

Pool#

BM1959

3.50%,

10/1/2047

227,759

215,954

Pool#

CA0493

4.00%,

10/1/2047

144,577

139,798

Pool#

BM3015

4.00%,

10/1/2047

96,432

93,885

Pool#

CA0496

4.50%,

10/1/2047

108,997

108,405

Pool#

CA0623

4.50%,

10/1/2047

23,452

23,351

Pool#

BM3358

3.50%,

11/1/2047

99,699

94,523

Pool#

CA0696

4.00%,

11/1/2047

259,142

250,495

Pool#

BM3191

4.00%,

11/1/2047

53,855

52,078

Pool#

CA0808

4.00%,

11/1/2047

41,803

40,559

Pool#

BM3379

3.00%,

12/1/2047

338,757

308,329

Pool#

MA3211

4.00%,

12/1/2047

386,955

374,920

Pool#

BJ1699

4.00%,

12/1/2047

115,612

112,474

Pool#

CA1025

4.50%,

1/1/2048

187,527

186,428

NVIT

Bond

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FNMA

UMBS

Pool

Pool#

CA1242

3.50%,

2/1/2048

106,736

101,570

Pool#

BJ8271

4.50%,

2/1/2048

204,263

203,066

Pool#

BJ8269

4.50%,

2/1/2048

162,402

161,555

Pool#

BK1972

4.50%,

3/1/2048

34,563

34,414

Pool#

BJ0640

5.00%,

3/1/2048

11,500

11,692

Pool#

CA1531

3.50%,

4/1/2048

86,490

82,292

Pool#

CA1560

4.50%,

4/1/2048

72,975

72,403

Pool#

BJ2681

5.00%,

4/1/2048

26,655

27,076

Pool#

MA3348

5.00%,

4/1/2048

2,305

2,343

Pool#

BM4024

3.50%,

5/1/2048

53,306

50,729

Pool#

MA3374

5.00%,

5/1/2048

7,388

7,511

Pool#

CA1898

4.50%,

6/1/2048

91,106

90,553

Pool#

MA3472

5.00%,

9/1/2048

9,021

9,138

Pool#

BM5024

3.00%,

11/1/2048

440,807

397,882

Pool#

BN3944

4.00%,

1/1/2049

67,038

64,722

Pool#

BN3960

4.50%,

1/1/2049

108,221

107,353

Pool#

CA3394

5.00%,

4/1/2049

19,643

19,950

Pool#

MA3665

4.50%,

5/1/2049

156,816

155,364

Pool#

FM1051

4.50%,

5/1/2049

94,463

93,754

Pool#

FM8304

4.00%,

7/1/2049

480,756

464,231

Pool#

CA3825

4.00%,

7/1/2049

192,651

186,933

Pool#

BO5494

3.00%,

11/1/2049

69,718

63,096

Pool#

BO6225

3.00%,

12/1/2049

559,239

501,019

Pool#

BO5380

3.00%,

12/1/2049

80,531

72,882

Pool#

CA5152

3.00%,

2/1/2050

177,249

158,463

Pool#

FM2887

3.00%,

3/1/2050

371,416

332,630

Pool#

FM0077

3.00%,

3/1/2050

88,721

79,394

Pool#

CA5510

3.00%,

4/1/2050

281,264

251,718

Pool#

MA4077

2.00%,

7/1/2050

856,118

697,934

Pool#

CA6598

2.50%,

8/1/2050

697,503

599,842

Pool#

BQ4909

2.00%,

9/1/2050

1,487,468

1,216,491

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FNMA

UMBS

Pool

Pool#

CA6985

2.00%,

9/1/2050

750,912

616,353

Pool#

FM4222

2.50%,

9/1/2050

410,031

354,582

Pool#

CA7029

2.50%,

9/1/2050

389,512

337,045

Pool#

CA7368

2.50%,

10/1/2050

1,032,545

885,160

Pool#

CA7573

2.50%,

11/1/2050

3,581,409

3,070,167

Pool#

FM4808

2.50%,

11/1/2050

692,880

591,906

Pool#

FM6360

3.00%,

1/1/2051

456,996

407,525

Pool#

FM6031

2.00%,

2/1/2051

2,289,714

1,853,212

Pool#

CA8823

2.00%,

2/1/2051

912,488

745,105

Pool#

CA8893

2.00%,

2/1/2051

909,817

742,922

Pool#

BQ9747

2.00%,

2/1/2051

678,725

552,915

Pool#

CA8866

2.50%,

2/1/2051

561,835

481,596

Pool#

FM6554

2.00%,

3/1/2051

1,635,587

1,342,490

Pool#

CB0149

2.00%,

4/1/2051

281,484

231,141

Pool#

BR7647

2.00%,

4/1/2051

192,268

157,879

Pool#

BR7703

2.50%,

4/1/2051

308,149

264,040

Pool#

MA4325

2.00%,

5/1/2051

812,795

661,626

Pool#

CB0400

2.00%,

5/1/2051

258,691

214,201

Pool#

CB0514

2.50%,

5/1/2051

1,109,207

956,701

Pool#

FS1463

4.00%,

5/1/2051

224,708

216,003

Pool#

CB0684

2.00%,

6/1/2051

1,137,922

932,887

Pool#

MA4355

2.00%,

6/1/2051

1,017,701

828,101

Pool#

CB0819

2.00%,

6/1/2051

1,013,581

830,950

Pool#

FM7719

2.00%,

6/1/2051

735,142

603,399

Pool#

MA4378

2.00%,

7/1/2051

1,833,518

1,491,351

Pool#

CB1110

2.00%,

7/1/2051

482,543

394,890

Pool#

FM8160

2.50%,

7/1/2051

535,518

462,886

Pool#

FM8007

2.50%,

7/1/2051

346,993

296,924

Pool#

CB1065

2.50%,

7/1/2051

289,864

246,983

Pool#

CB1330

2.50%,

8/1/2051

1,292,517

1,106,113

Pool#

FM8011

2.50%,

8/1/2051

1,079,793

931,998

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Bond

Index

Fund

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FNMA

UMBS

Pool

Pool#

CB1400

3.00%,

8/1/2051

33,170

29,894

Pool#

BU1052

2.00%,

10/1/2051

407,122

334,717

Pool#

FS1215

2.50%,

10/1/2051

928,690

791,158

Pool#

FM9450

2.00%,

11/1/2051

1,636,133

1,342,901

Pool#

MA4465

2.00%,

11/1/2051

1,596,088

1,295,744

Pool#

MA4466

2.50%,

11/1/2051

4,585,680

3,912,030

Pool#

BU5908

2.00%,

12/1/2051

2,838,926

2,328,451

Pool#

MA4493

2.50%,

12/1/2051

2,952,571

2,513,942

Pool#

FM9543

2.50%,

12/1/2051

2,176,239

1,866,912

Pool#

CB2410

2.50%,

12/1/2051

1,577,659

1,343,536

Pool#

FM9806

2.50%,

12/1/2051

1,349,666

1,161,520

Pool#

FM9864

2.50%,

12/1/2051

809,382

695,692

Pool#

CB2469

2.50%,

12/1/2051

749,463

643,030

Pool#

FM9697

2.50%,

12/1/2051

371,309

318,972

Pool#

FS1192

2.00%,

1/1/2052

3,909,924

3,181,490

Pool#

FS1095

2.00%,

1/1/2052

2,367,214

1,927,671

Pool#

MA4512

2.50%,

1/1/2052

3,642,957

3,107,015

Pool#

FS2639

2.50%,

1/1/2052

787,492

669,737

Pool#

BU9905

2.00%,

2/1/2052

795,010

644,660

Pool#

CB3237

3.00%,

3/1/2052

752,346

666,769

Pool#

BV5355

2.50%,

4/1/2052

766,836

652,195

Pool#

CB3368

3.00%,

4/1/2052

777,528

688,985

Pool#

MA4653

3.00%,

7/1/2052

712,488

632,129

Pool#

CB4673

4.50%,

9/1/2052

743,144

735,017

Pool#

CB4831

4.50%,

10/1/2052

1,215,378

1,196,625

Pool#

MA4785

5.00%,

10/1/2052

2,612,987

2,621,050

Pool#

MA4805

4.50%,

11/1/2052

711,866

697,561

Pool#

CB5642

5.50%,

2/1/2053

582,536

594,705

Pool#

FS3801

5.50%,

2/1/2053

159,576

162,683

Pool#

CB6004

5.50%,

4/1/2053

2,661,877

2,741,384

Pool#

CB6082

5.50%,

4/1/2053

585,986

596,604

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FNMA

UMBS

Pool

Pool#

CB6182

5.00%,

5/1/2053

860,375

861,478

Pool#

CB6650

5.50%,

6/1/2053

1,892,397

1,944,949

Pool#

FS5214

5.00%,

7/1/2053

653,419

657,192

Pool#

FS7303

5.00%,

7/1/2053

539,365

538,693

Pool#

FS5424

4.50%,

8/1/2053

483,815

475,908

Pool#

CB6921

6.00%,

8/1/2053

401,303

419,697

Pool#

CB7115

6.00%,

9/1/2053

1,250,582

1,305,514

Pool#

CB7482

6.00%,

11/1/2053

1,585,379

1,633,187

Pool#

CB7484

6.50%,

11/1/2053

967,593

1,005,146

Pool#

CB7449

6.50%,

11/1/2053

173,366

180,516

Pool#

CB7650

6.50%,

12/1/2053

2,115,835

2,235,279

Pool#

CB7653

6.50%,

12/1/2053

789,761

832,377

Pool#

CB7649

6.50%,

12/1/2053

590,265

625,871

Pool#

CB7803

6.50%,

1/1/2054

153,583

161,311

Pool#

FS7172

6.50%,

2/1/2054

301,437

316,591

Pool#

CB8024

6.50%,

2/1/2054

275,288

293,633

Pool#

MA5297

6.50%,

3/1/2054

39,078

40,594

Pool#

CB8756

6.00%,

6/1/2054

929,304

957,689

Pool#

CB8823

6.50%,

7/1/2054

487,270

512,864

Pool#

CB9009

6.00%,

8/1/2054

1,448,762

1,506,868

Pool#

CB9010

6.00%,

8/1/2054

299,043

307,700

Pool#

FS8674

6.50%,

8/1/2054

587,783

612,892

Pool#

FA2727

6.50%,

8/1/2054

380,212

398,876

Pool#

CB9472

5.00%,

11/1/2054

1,148,985

1,147,485

Pool#

FA2035

6.00%,

11/1/2054

954,590

991,929

Pool#

CB9738

5.00%,

1/1/2055

1,559,213

1,563,425

Pool#

FA1766

5.50%,

2/1/2055

358,876

367,502

Pool#

CC0750

6.50%,

7/1/2055

55,973

58,617

Pool#

FA2810

6.00%,

9/1/2055

1,314,501

1,350,688

Pool#

FA3133

5.50%,

10/1/2055

64,542

66,194

NVIT

Bond

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
FNMA/FHLMC

UMBS,

Year,

Single

Family

TBA

2.00%,

1/25/2041

1,599,750

1,480,769

3.50%,

1/25/2041

100,000

97,203

4.00%,

1/25/2041

300,000

296,050

4.50%,

1/25/2041

215,000

215,076

5.00%,

1/25/2041

35,000

35,445

FNMA/FHLMC

UMBS,

Year,

Single

Family

Conventional

Pool

TBA

6.00%,

1/25/2056

1,425,000

1,463,087

FNMA/FHLMC

UMBS,

Year,

Single

Family

TBA

5.00%,

1/25/2056

601,000

599,310

5.50%,

1/25/2056

2,675,000

2,712,403

GNMA

I

Pool

Pool#

457801

7.00%,

8/15/2028

Pool#

486936

6.50%,

2/15/2029

Pool#

502969

6.00%,

3/15/2029

850

872

Pool#

487053

7.00%,

3/15/2029

Pool#

781014

6.00%,

4/15/2029

Pool#

509099

7.00%,

6/15/2029

1,423

1,450

Pool#

434505

7.50%,

8/15/2029

Pool#

781124

7.00%,

12/15/2029

1,856

1,921

Pool#

507396

7.50%,

9/15/2030

14,990

15,228

Pool#

531352

7.50%,

9/15/2030

1,126

1,144

Pool#

536334

7.50%,

10/15/2030

Pool#

535388

7.50%,

1/15/2031

Pool#

486019

7.50%,

1/15/2031

Pool#

528589

6.50%,

3/15/2031

5,484

5,723

Pool#

508473

7.50%,

4/15/2031

1,576

1,610

Pool#

544470

8.00%,

4/15/2031

Pool#

781287

7.00%,

5/15/2031

916

956

Pool#

781319

7.00%,

7/15/2031

Pool#

485879

7.00%,

8/15/2031

932

955

Pool#

572554

6.50%,

9/15/2031

11,892

12,040

Pool#

781328

7.00%,

9/15/2031

866

906

Pool#

550991

6.50%,

10/15/2031

Pool#

571267

7.00%,

10/15/2031

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
GNMA

I

Pool

Pool#

555171

6.50%,

12/15/2031

761

775

Pool#

781380

7.50%,

12/15/2031

Pool#

781481

7.50%,

1/15/2032

1,254

1,310

Pool#

580972

6.50%,

2/15/2032

Pool#

781401

7.50%,

2/15/2032

1,106

1,181

Pool#

781916

6.50%,

3/15/2032

7,665

7,864

Pool#

552474

7.00%,

3/15/2032

2,326

2,417

Pool#

781478

7.50%,

3/15/2032

578

611

Pool#

781429

8.00%,

3/15/2032

1,031

1,092

Pool#

781431

7.00%,

4/15/2032

4,032

4,247

Pool#

552616

7.00%,

6/15/2032

17,678

18,193

Pool#

570022

7.00%,

7/15/2032

6,627

6,875

Pool#

595077

6.00%,

10/15/2032

2,007

2,067

Pool#

552903

6.50%,

11/15/2032

30,588

31,337

Pool#

552952

6.00%,

12/15/2032

1,676

1,699

Pool#

602102

6.00%,

2/15/2033

9,647

9,777

Pool#

588192

6.00%,

2/15/2033

1,993

2,030

Pool#

553144

5.50%,

4/15/2033

4,217

4,295

Pool#

604243

6.00%,

4/15/2033

3,339

3,427

Pool#

611526

6.00%,

5/15/2033

5,374

5,435

Pool#

553320

6.00%,

6/15/2033

10,256

10,548

Pool#

604788

6.50%,

11/15/2033

28,871

29,889

Pool#

781688

6.00%,

12/15/2033

11,654

12,101

Pool#

604875

6.00%,

12/15/2033

10,273

10,585

Pool#

781690

6.00%,

12/15/2033

4,236

4,398

Pool#

781699

7.00%,

12/15/2033

1,140

1,161

Pool#

621856

6.00%,

1/15/2034

6,373

6,440

Pool#

564799

6.00%,

3/15/2034

4,374

4,582

Pool#

630038

6.50%,

8/15/2034

22,984

24,374

Pool#

781804

6.00%,

9/15/2034

11,857

12,368

Pool#

781847

6.00%,

12/15/2034

9,135

9,541

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Bond

Index

Fund

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
GNMA

I

Pool

Pool#

486921

5.50%,

2/15/2035

2,641

2,683

Pool#

781902

6.00%,

2/15/2035

13,123

13,851

Pool#

781933

6.00%,

6/15/2035

1,244

1,314

Pool#

649513

5.50%,

10/15/2035

53,304

55,036

Pool#

649510

5.50%,

10/15/2035

19,160

19,680

Pool#

652207

5.50%,

3/15/2036

32,296

33,309

Pool#

655519

5.00%,

5/15/2036

15,110

15,503

Pool#

652539

5.00%,

5/15/2036

5,148

5,238

Pool#

606308

5.50%,

5/15/2036

5,125

5,303

Pool#

657912

6.50%,

8/15/2036

2,546

2,667

Pool#

697957

4.50%,

3/15/2039

395,698

393,875

Pool#

704630

5.50%,

7/15/2039

12,899

13,386

Pool#

710724

4.50%,

8/15/2039

105,850

106,191

Pool#

722292

5.00%,

9/15/2039

246,964

253,979

Pool#

782803

6.00%,

11/15/2039

118,279

124,881

Pool#

736666

4.50%,

4/15/2040

281,830

276,830

Pool#

733312

4.00%,

9/15/2040

31,456

30,469

Pool#

742235

4.00%,

12/15/2040

66,677

64,626

Pool#

755959

4.00%,

1/15/2041

63,928

62,033

Pool#

755958

4.00%,

1/15/2041

61,074

59,263

Pool#

742244

4.00%,

1/15/2041

52,825

51,201

Pool#

759075

4.00%,

1/15/2041

51,185

49,611

Pool#

753826

4.00%,

1/15/2041

27,751

26,880

Pool#

690662

4.00%,

1/15/2041

12,647

12,258

Pool#

719486

4.00%,

1/15/2041

6,170

5,946

Pool#

759207

4.00%,

2/15/2041

113,165

109,684

Pool#

757555

4.00%,

2/15/2041

12,625

12,250

Pool#

757557

4.00%,

2/15/2041

6,524

6,343

Pool#

738107

4.00%,

3/15/2041

134,941

130,041

Pool#

784637

4.00%,

8/15/2041

44,640

43,434

Pool#

778869

4.00%,

2/15/2042

82,771

80,214

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
GNMA

I

Pool

Pool#

AD8789

3.50%,

3/15/2043

289,205

269,358

Pool#

AD2254

3.50%,

3/15/2043

33,110

30,880

Pool#

AA6403

3.00%,

5/15/2043

346,309

318,222

Pool#

AD2411

3.50%,

5/15/2043

165,403

154,617

Pool#

783781

3.50%,

6/15/2043

247,387

229,855

Pool#

784015

3.00%,

7/15/2043

66,203

60,835

Pool#

784459

3.00%,

12/15/2046

154,616

140,422

Pool#

784293

3.00%,

12/15/2046

44,087

39,874

Pool#

784355

4.00%,

12/15/2046

64,410

61,221

Pool#

784500

3.00%,

2/15/2047

326,892

296,371

Pool#

784713

3.00%,

2/15/2047

85,122

77,183

Pool#

784747

4.00%,

5/15/2048

43,692

41,807

Pool#

784715

4.00%,

5/15/2048

35,644

34,207

Pool#

785073

4.00%,

9/15/2049

54,750

52,408

Pool#

BD4016

3.00%,

10/15/2049

124,054

111,526

GNMA

II

Pool

Pool#

3851

5.50%,

5/20/2036

139,612

143,912

Pool#

4245

6.00%,

9/20/2038

57,500

61,418

Pool#

4559

5.00%,

10/20/2039

134,157

138,530

Pool#

4715

5.00%,

6/20/2040

34,776

35,867

Pool#

4747

5.00%,

7/20/2040

391,686

403,015

Pool#

4771

4.50%,

8/20/2040

322,975

324,702

Pool#

4802

5.00%,

9/20/2040

268,596

276,365

Pool#

4834

4.50%,

10/20/2040

88,617

89,253

Pool#

737727

4.00%,

12/20/2040

525,489

508,048

Pool#

737730

4.00%,

12/20/2040

159,547

153,219

Pool#

4923

4.50%,

1/20/2041

137,657

138,623

Pool#

4978

4.50%,

3/20/2041

19,398

19,533

Pool#

5017

4.50%,

4/20/2041

197,469

198,835

Pool#

5056

5.00%,

5/20/2041

68,383

70,278

Pool#

5082

4.50%,

6/20/2041

80,083

80,182

NVIT

Bond

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
GNMA

II

Pool

Pool#

5175

4.50%,

9/20/2041

94,732

95,363

Pool#

675523

3.50%,

3/20/2042

106,199

97,176

Pool#

5332

4.00%,

3/20/2042

90,440

87,911

Pool#

MA0392

3.50%,

9/20/2042

831,660

786,999

Pool#

MA0462

3.50%,

10/20/2042

660,403

621,812

Pool#

MA0698

3.00%,

1/20/2043

345,721

320,149

Pool#

AF1001

3.50%,

6/20/2043

281,609

258,028

Pool#

MA1376

4.00%,

10/20/2043

137,457

133,313

Pool#

AJ9335

3.50%,

10/20/2044

30,213

27,504

Pool#

MA2677

3.00%,

3/20/2045

114,523

104,725

Pool#

MA2824

2.50%,

5/20/2045

236,056

208,862

Pool#

MA2825

3.00%,

5/20/2045

450,667

411,692

Pool#

AM4381

3.50%,

5/20/2045

286,982

259,919

Pool#

MA2891

3.00%,

6/20/2045

765,796

699,330

Pool#

MA2960

3.00%,

7/20/2045

263,384

240,504

Pool#

784156

4.00%,

8/20/2045

111,227

106,607

Pool#

AO1103

3.50%,

9/20/2045

454,408

415,768

Pool#

AO1099

3.50%,

9/20/2045

251,543

230,155

Pool#

MA3106

4.00%,

9/20/2045

61,802

59,715

Pool#

MA3174

4.00%,

10/20/2045

7,686

7,458

Pool#

MA3244

3.50%,

11/20/2045

231,171

215,368

Pool#

MA3310

3.50%,

12/20/2045

171,016

159,122

Pool#

MA3377

4.00%,

1/20/2046

34,465

33,283

Pool#

MA3520

3.00%,

3/20/2046

312,498

285,205

Pool#

MA3521

3.50%,

3/20/2046

600,133

559,117

Pool#

MA3522

4.00%,

3/20/2046

235,714

227,714

Pool#

MA3596

3.00%,

4/20/2046

164,318

149,547

Pool#

MA3597

3.50%,

4/20/2046

172,530

160,737

Pool#

MA3662

3.00%,

5/20/2046

627,584

572,574

Pool#

MA3735

3.00%,

6/20/2046

380,484

346,280

Pool#

MA3736

3.50%,

6/20/2046

978,644

911,549

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
GNMA

II

Pool

Pool#

MA3804

4.00%,

7/20/2046

36,029

34,767

Pool#

MA3876

4.50%,

8/20/2046

37,696

37,590

Pool#

MA3939

4.50%,

9/20/2046

5,903

5,911

Pool#

MA4006

4.50%,

10/20/2046

120,052

119,809

Pool#

MA4069

3.50%,

11/20/2046

12,860

11,967

Pool#

MA4070

4.00%,

11/20/2046

22,344

21,557

Pool#

MA4071

4.50%,

11/20/2046

7,855

7,833

Pool#

MA4125

2.50%,

12/20/2046

73,310

64,431

Pool#

MA4194

2.50%,

1/20/2047

287,303

253,483

Pool#

MA4264

4.50%,

2/20/2047

9,414

9,377

Pool#

AZ1974

3.50%,

4/20/2047

159,747

146,850

Pool#

MA4383

4.00%,

4/20/2047

478,410

461,229

Pool#

MA4384

4.50%,

4/20/2047

11,126

11,079

Pool#

MA4511

4.00%,

6/20/2047

225,082

216,934

Pool#

MA4512

4.50%,

6/20/2047

26,399

26,277

Pool#

MA4587

4.00%,

7/20/2047

673,789

650,561

Pool#

784471

3.50%,

8/20/2047

260,998

240,975

Pool#

BC1888

3.50%,

8/20/2047

257,348

236,570

Pool#

784408

3.50%,

10/20/2047

177,296

163,277

Pool#

MA4780

4.50%,

10/20/2047

8,662

8,613

Pool#

784421

3.50%,

12/20/2047

259,698

241,711

Pool#

MA5018

3.00%,

2/20/2048

83,816

76,202

Pool#

784480

3.50%,

4/20/2048

200,607

185,201

Pool#

784479

3.50%,

4/20/2048

147,251

136,139

Pool#

784481

3.50%,

4/20/2048

62,946

57,935

Pool#

BD4034

4.00%,

4/20/2048

66,331

62,977

Pool#

MA5138

4.50%,

4/20/2048

78,953

78,406

Pool#

MA5192

4.00%,

5/20/2048

358,560

345,640

Pool#

MA5265

4.50%,

6/20/2048

143,911

142,689

Pool#

MA5331

4.50%,

7/20/2048

64,130

63,602

Pool#

MA5398

4.00%,

8/20/2048

362,799

348,385

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Bond

Index

Fund

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
GNMA

II

Pool

Pool#

MA5399

4.50%,

8/20/2048

176,389

174,992

Pool#

MA5466

4.00%,

9/20/2048

80,781

77,653

Pool#

BJ2692

4.00%,

11/20/2048

54,956

51,630

Pool#

MA5597

5.00%,

11/20/2048

5,851

5,945

Pool#

MA5652

4.50%,

12/20/2048

82,033

81,275

Pool#

784656

4.50%,

12/20/2048

47,724

46,186

Pool#

BK2856

4.50%,

12/20/2048

11,804

11,412

Pool#

MA5653

5.00%,

12/20/2048

17,062

17,311

Pool#

MA5712

5.00%,

1/20/2049

63,704

64,690

Pool#

MA5818

4.50%,

3/20/2049

57,775

57,230

Pool#

MA5878

5.00%,

4/20/2049

6,665

6,781

Pool#

MA5987

4.50%,

6/20/2049

381,306

379,169

Pool#

MA6041

4.50%,

7/20/2049

102,793

101,571

Pool#

MA6092

4.50%,

8/20/2049

44,301

43,603

Pool#

MA6153

3.00%,

9/20/2049

85,777

77,402

Pool#

MA6474

3.00%,

2/20/2050

552,738

498,163

Pool#

BW4732

2.50%,

8/20/2050

759,401

643,648

Pool#

BW6206

2.50%,

8/20/2050

715,198

606,183

Pool#

MA6864

2.00%,

9/20/2050

1,054,624

874,264

Pool#

BW4741

2.50%,

9/20/2050

798,770

677,018

Pool#

BY0776

2.50%,

9/20/2050

518,941

439,840

Pool#

BY0805

2.50%,

9/20/2050

491,863

416,891

Pool#

MA6994

2.00%,

11/20/2050

1,406,154

1,165,020

Pool#

MA7053

3.00%,

12/20/2050

667,814

601,947

Pool#

MA7136

2.50%,

1/20/2051

1,464,821

1,265,103

Pool#

MA7192

2.00%,

2/20/2051

3,565,148

2,953,519

Pool#

MA7367

2.50%,

5/20/2051

3,015,300

2,602,340

Pool#

MA7472

2.50%,

7/20/2051

2,620,574

2,261,653

Pool#

MA7647

1.50%,

10/20/2051

328,252

259,201

Pool#

MA7648

2.00%,

10/20/2051

2,861,254

2,370,383

Pool#

MA7650

3.00%,

10/20/2051

1,823,061

1,640,206

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
GNMA

II

Pool

Pool#

MA7766

2.00%,

12/20/2051

2,806,555

2,325,068

Pool#

786843

3.00%,

3/20/2052

390,288

350,353

Pool#

MA8265

3.00%,

9/20/2052

359,655

324,410

Pool#

MA8491

5.50%,

12/20/2052

601,320

612,296

Pool#

MA8726

5.50%,

3/20/2053

259,839

264,150

Pool#

MA8800

5.00%,

4/20/2053

934,625

936,072

Pool#

MA8801

5.50%,

4/20/2053

1,166,442

1,185,221

Pool#

MA8879

5.50%,

5/20/2053

446,527

454,068

Pool#

MA8948

5.50%,

6/20/2053

1,038,274

1,054,683

Pool#

MA9016

5.00%,

7/20/2053

3,398,804

3,404,654

Pool#

MA9017

5.50%,

7/20/2053

1,517,131

1,541,855

Pool#

786798

5.50%,

7/20/2053

374,634

381,643

Pool#

MA9171

5.50%,

9/20/2053

2,381,700

2,422,857

Pool#

MA9243

6.50%,

10/20/2053

583,049

604,358

Pool#

MA9605

5.50%,

4/20/2054

1,291,764

1,309,156

Pool#

MA9780

6.00%,

7/20/2054

1,424,843

1,453,001

Pool#

MA9852

6.00%,

8/20/2054

1,720,869

1,756,463

Pool#

MB0024

4.50%,

11/20/2054

1,547,681

1,509,117

Pool#

MB0426

6.50%,

6/20/2055

411,737

425,893

Pool#

MB0487

6.50%,

7/20/2055

133,659

138,255

Pool#

MB0558

6.50%,

8/20/2055

379,655

392,709

Pool#

MB0624

6.00%,

9/20/2055

249,662

254,897

Pool#

MB0625

6.50%,

9/20/2055

17,838

18,452

GNMA

TBA

5.00%,

1/15/2056

1,475,000

1,471,514

5.50%,

1/15/2056

500,000

504,848

6.00%,

1/15/2056

1,150,000

1,171,877

6.50%,

1/15/2056

75,000

77,525

#### Total

#### Mortgage-Backed

#### Securities

#### (cost

#### $306,361,676)

#### 284,514,763
NVIT

Bond

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Municipal

#### Bonds

#### 0

#### .5

#### %

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### California

#### 0

#### .2

#### %
Alameda

County

Joint

Powers

Authority,

RB,

Series

A,

7.05%,

12/1/2044

100,000

113,071

Bay

Area

Toll

Authority,

RB,

Series

F,

6.26%,

4/1/2049

250,000

263,731

California

State

University,

RB,

Series

B,

2.98%,

11/1/2051

90,000

60,098

Golden

State

Tobacco

Securitization

Corp.,

RB,

Series

A-1,

3.71%,

6/1/2041

90,000

69,970

Los

Angeles

Community

College

District,

GO,

Series

E,

6.75%,

8/1/2049

50,000

55,447

Los

Angeles

County

Public

Works

Financing

Authority,

RB,

Series

B,

7.62%,

8/1/2040

75,000

89,122

Los

Angeles

Department

of

Water

&

Power,

RB,

Series

D,

6.57%,

7/1/2045

50,000

53,756

Regents

of

the

University

of

California

Medical

Center

Pooled

Revenue

Series

H,

6.55%,

5/15/2048

50,000

53,409

Series

F,

6.58%,

5/15/2049

50,000

53,356

Series

N,

3.26%,

5/15/2060

80,000

51,863

San

Diego

County

Water

Authority,

RB,

Series

B,

6.14%,

5/1/2049

100,000

102,826

State

of

California

7.55%,

4/1/2039

410,000

497,567

7.63%,

3/1/2040

175,000

210,985

University

of

California

Series

BD,

3.35%,

7/1/2029

50,000

49,321

Series

AQ,

4.77%,

5/15/2115

50,000

40,642

1,765,164

#### Connecticut

#### 0

#### .0

#### %

#### †
State

of

Connecticut,

GO,

Series

A,

5.85%,

3/15/2032

250,000

268,873

#### Florida

#### 0

#### .0

#### %

#### †
State

Board

of

Administration

Finance

Corp.,

RB,

Series

A,

2.15%,

7/1/2030

105,000

96,612

#### Georgia

#### 0

#### .0

#### %

#### †
Municipal

Electric

Authority

of

Georgia,

RB,

Series

A,

6.66%,

4/1/2057

100,000

108,973

#### Illinois

#### 0

#### .0

#### %

#### †
Chicago

Transit

Authority

Sales

&

Transfer

Tax

Receipts

Revenue,

RB,

Series

A,

6.90%,

12/1/2040

131,169

147,134

State

of

Illinois,

GO,

5.10%,

6/1/2033

388,284

397,941

545,075

#### Municipal

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Louisiana

#### 0

#### .0

#### %

#### †
Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Series

A,

4.48%,

8/1/2039

50,000

48,854

5.20%,

12/1/2039

45,000

46,383

95,237

#### New

#### Jersey

#### 0

#### .1

#### %
New

Jersey

Economic

Development

Authority,

RB,

7.43%,

2/15/2029

125,000

130,550

New

Jersey

Turnpike

Authority,

RB,

Series

F,

7.41%,

1/1/2040

440,000

527,359

Rutgers

The

State

University

of

New

Jersey,

RB,

Series

H,

5.67%,

5/1/2040

100,000

103,191

761,100

#### New

#### York

#### 0

#### .1

#### %
City

of

New

York

Series

B-2,

5.26%,

10/1/2052

35,000

33,605

Series

D-1,

5.11%,

10/1/2054

35,000

32,751

Metropolitan

Transportation

Authority

Dedicated

Tax

Fund,

RB,

Series

C,

7.34%,

11/15/2039

100,000

117,573

New

York

City

Municipal

Water

Finance

Authority,

RB,

Series

AA,

5.44%,

6/15/2043

50,000

48,653

New

York

State

Dormitory

Authority

Series

B,

5.23%,

7/1/2035

100,000

103,933

Series

F,

5.63%,

3/15/2039

150,000

154,178

Port

Authority

of

New

York

&

New

Jersey

Series

159,

6.04%,

12/1/2029

100,000

107,706

Series

225,

3.18%,

7/15/2060

135,000

86,797

685,196

#### Ohio

#### 0

#### .0

#### %

#### †
JobsOhio

Beverage

System,

RB,

Series

2013B,

4.53%,

1/1/2035

90,000

90,571

Ohio

State

University

(The),

RB,

Series

C,

4.91%,

6/1/2040

50,000

50,054

140,625

#### Oklahoma

#### 0

#### .0

#### %

#### †
Oklahoma

Development

Finance

Authority,

RB,

Series

2022,

4.38%,

11/1/2045

60,000

56,595

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Bond

Index

Fund

#### Municipal

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### South

#### Carolina

#### 0

#### .0

#### %

#### †
South

Carolina

Public

Service

Authority,

RB,

Series

C,

6.45%,

1/1/2050

100,000

106,347

#### Texas

#### 0

#### .1

#### %
Board

of

Regents

of

the

University

of

Texas

System,

RB,

Series

C,

4.79%,

8/15/2046

200,000

189,498

City

of

San

Antonio,

RB,

Series

2025A,

5.57%,

2/1/2050

35,000

34,773

Dallas

Area

Rapid

Transit,

RB,

Series

2009

B,

6.00%,

12/1/2044

200,000

209,444

Dallas

Fort

Worth

International

Airport

Series

C,

2.92%,

11/1/2050

100,000

69,998

Series

A,

4.51%,

11/1/2051

45,000

38,799

Grand

Parkway

Transportation

Corp.,

RB,

Series

B,

3.24%,

10/1/2052

45,000

31,170

Texas

Department

of

Transportation

State

Highway

Fund,

RB,

5.18%,

4/1/2030

150,000

153,477

Texas

Natural

Gas

Securitization

Finance

Corp.

Series

A-1,

5.10%,

4/1/2035

125,596

128,930

Series

A-2,

5.17%,

4/1/2041

70,000

71,390

927,479

#### Virginia

#### 0

#### .0

#### %

#### †
University

of

Virginia,

RB,

Series

2020,

2.26%,

9/1/2050

90,000

52,599

#### Total

#### Municipal

#### Bonds

#### (cost

#### $5,760,045)

#### 5,609,875

#### Supranational

#### 1

#### .3

#### %
African

Development

Bank

4.38%,

3/14/2028

300,000

304,894

3.50%,

9/18/2029

200,000

198,734

4.00%,

3/18/2030(b)

150,000

151,427

Asian

Development

Bank

3.75%,

4/25/2028

1,250,000

1,254,730

4.50%,

8/25/2028

700,000

716,164

1.88%,

1/24/2030

500,000

465,428

3.75%,

8/28/2030

120,000

119,974

Asian

Infrastructure

Investment

Bank

(The),

4.13%,

1/18/2029(b)

600,000

608,987

Corp.

Andina

de

Fomento,

5.00%,

1/24/2029

200,000

205,999

#### Supranational

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Asian

Development

Bank

European

Bank

for

Reconstruction

&

Development,

4.13%,

1/25/2029

475,000

481,616

European

Investment

Bank

2.38%,

5/24/2027(b)

1,500,000

1,475,737

3.63%,

7/15/2030

900,000

894,958

3.88%,

10/15/2030

115,000

115,512

1.25%,

2/14/2031

300,000

264,586

4.25%,

8/16/2032(b)

120,000

121,809

4.13%,

2/13/2034(b)

400,000

400,500

4.63%,

2/12/2035(b)

100,000

103,323

Inter-American

Development

Bank

2.25%,

6/18/2029

250,000

238,658

3.50%,

9/14/2029

650,000

646,255

1.13%,

1/13/2031

400,000

351,069

4.38%,

7/17/2034

210,000

213,199

4.38%,

7/16/2035

235,000

237,621

Inter-American

Investment

Corp.

4.25%,

2/14/2029

200,000

203,007

4.25%,

4/1/2030

100,000

101,527

International

Bank

for

Reconstruction

&

Development

2.50%,

11/22/2027

1,000,000

981,043

1.13%,

9/13/2028

800,000

749,771

3.88%,

2/14/2030

850,000

854,879

4.13%,

3/20/2030

310,000

314,613

4.00%,

7/25/2030

300,000

302,867

1.63%,

11/3/2031

1,000,000

882,284

4.38%,

8/27/2035

400,000

404,612

International

Finance

Corp.,

4.50%,

7/13/2028

400,000

408,759

Nordic

Investment

Bank,

4.38%,

3/14/2028

250,000

253,968

#### Total

#### Supranational

#### (cost

#### $15,273,313)

#### 15,028,510

#### U.S.

#### Government

#### Agency

#### Securities

#### 0

#### .6

#### %
FHLB,

5.50%,

7/15/2036(b)

1,000,000

1,094,272

FHLMC,

6.25%,

7/15/2032(b)

995,000

1,126,963

FNMA

6.25%,

5/15/2029

2,000,000

2,166,550

7.25%,

5/15/2030

1,500,000

1,713,483

0.88%,

8/5/2030(b)

250,000

220,572

Tennessee

Valley

Authority

4.88%,

1/15/2048

250,000

241,034

5.25%,

2/1/2055

25,000

24,734

#### Total

#### U.S.

#### Government

#### Agency

#### Securities

#### (cost

#### $6,866,446)

#### 6,587,608

#### U.S.

#### Treasury

#### Obligations

#### 45

#### .1

#### %
U.S.

Treasury

Bonds

5.38%,

2/15/2031

250,000

268,779

4.25%,

5/15/2039

1,810,000

1,773,093

NVIT

Bond

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### U.S.

#### Treasury

#### Obligations

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
U.S.

Treasury

Bonds

4.50%,

8/15/2039

1,080,000

1,081,856

4.38%,

11/15/2039

300,000

295,957

1.13%,

5/15/2040

5,020,000

3,185,151

4.38%,

5/15/2040

450,000

442,354

1.13%,

8/15/2040

4,430,000

2,782,248

3.88%,

8/15/2040

1,000,000

926,133

1.38%,

11/15/2040

2,790,000

1,810,884

4.75%,

2/15/2041

(b) 1,000,000

1,017,734

1.75%,

8/15/2041

4,300,000

2,901,324

2.38%,

2/15/2042

3,000,000

2,208,281

3.13%,

2/15/2042

1,000,000

822,852

3.00%,

5/15/2042

(b) 1,000,000

804,727

3.25%,

5/15/2042

2,000,000

1,667,969

2.75%,

8/15/2042

1,000,000

771,914

3.38%,

8/15/2042

1,473,000

1,244,685

2.75%,

11/15/2042

1,500,000

1,152,656

4.00%,

11/15/2042

3,000,000

2,749,687

3.13%,

2/15/2043

1,750,000

1,415,381

3.88%,

2/15/2043

1,331,000

1,197,380

2.88%,

5/15/2043

620,000

481,299

4.38%,

8/15/2043

1,000,000

955,195

4.75%,

11/15/2043

1,008,000

1,008,118

4.63%,

5/15/2044

2,000,000

1,963,594

4.13%,

8/15/2044

946,000

868,214

4.63%,

11/15/2044

1,270,000

1,244,501

4.75%,

2/15/2045

(b) 1,565,000

1,557,053

5.00%,

5/15/2045

1,630,000

1,673,297

4.88%,

8/15/2045

(b) 2,383,000

2,406,085

4.63%,

11/15/2045

480,000

469,050

2.50%,

2/15/2046

2,500,000

1,740,918

3.00%,

2/15/2047

2,000,000

1,505,703

3.00%,

5/15/2047

2,000,000

1,501,875

2.75%,

8/15/2047

2,500,000

1,786,133

2.75%,

11/15/2047

3,200,000

2,279,625

3.00%,

2/15/2048

3,000,000

2,232,422

3.13%,

5/15/2048

2,000,000

1,518,984

3.00%,

8/15/2048

3,000,000

2,221,289

3.38%,

11/15/2048

4,000,000

3,164,844

3.00%,

2/15/2049

3,000,000

2,209,922

2.88%,

5/15/2049

3,500,000

2,510,840

2.25%,

8/15/2049

3,000,000

1,881,445

2.00%,

2/15/2050

2,630,000

1,541,632

1.25%,

5/15/2050

(b) 1,041,000

498,297

1.38%,

8/15/2050

5,000,000

2,458,398

1.63%,

11/15/2050

3,590,000

1,884,750

2.38%,

5/15/2051

5,000,000

3,150,977

4.00%,

11/15/2052

(b) 4,800,000

4,162,312

4.13%,

8/15/2053

988,000

874,612

4.75%,

11/15/2053

4,829,000

4,740,531

4.25%,

2/15/2054

330,000

298,341

4.63%,

5/15/2054

4,700,000

4,526,504

4.25%,

8/15/2054

4,553,000

4,116,552

4.50%,

11/15/2054

3,733,000

3,520,977

4.63%,

2/15/2055

4,236,000

4,080,294

4.75%,

5/15/2055

(b) 4,756,000

4,673,513

4.75%,

8/15/2055

(b) 1,806,000

1,775,524

4.63%,

11/15/2055

390,000

375,741

U.S.

Treasury

Notes

4.13%,

2/15/2027

4,070,000

4,096,709

1.88%,

2/28/2027

2,500,000

2,453,809

4.25%,

3/15/2027

2,470,000

2,490,937

2.50%,

3/31/2027

(b) 2,500,000

2,469,043

#### U.S.

#### Treasury

#### Obligations

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
U.S.

Treasury

Notes

3.88%,

3/31/2027

7,634,000

7,667,101

4.50%,

4/15/2027

300,000

303,691

2.75%,

4/30/2027

3,500,000

3,466,094

3.75%,

4/30/2027

10,734,000

10,767,544

2.38%,

5/15/2027

5,700,000

5,614,055

0.50%,

5/31/2027

4,100,000

3,932,637

2.63%,

5/31/2027

3,000,000

2,964,141

3.88%,

5/31/2027

7,326,000

7,363,489

4.63%,

6/15/2027

3,000,000

3,047,930

3.75%,

6/30/2027

7,323,000

7,351,319

4.38%,

7/15/2027

5,000,000

5,066,406

0.38%,

7/31/2027

3,710,000

3,534,065

2.75%,

7/31/2027

3,000,000

2,966,133

2.25%,

8/15/2027

5,300,000

5,196,898

0.50%,

8/31/2027

8,000,000

7,617,500

3.13%,

8/31/2027

3,000,000

2,982,773

3.63%,

8/31/2027

6,630,000

6,644,762

3.38%,

9/15/2027

6,800,000

6,787,516

0.38%,

9/30/2027

3,420,000

3,241,652

3.50%,

9/30/2027

(b) 4,413,000

4,413,862

4.13%,

9/30/2027

4,000,000

4,042,812

3.88%,

10/15/2027

1,836,000

1,848,264

0.50%,

10/31/2027

3,000,000

2,842,617

4.13%,

10/31/2027

(b) 2,000,000

2,022,188

2.25%,

11/15/2027

5,390,000

5,270,409

4.13%,

11/15/2027

2,000,000

2,022,813

3.38%,

11/30/2027

5,810,000

5,798,879

3.38%,

12/31/2027

5,570,000

5,559,121

4.25%,

1/15/2028

6,820,000

6,920,435

3.13%,

11/15/2028

1,040,000

1,028,381

3.50%,

11/15/2028

(b) 1,481,000

1,479,380

1.50%,

11/30/2028

3,000,000

2,831,484

4.38%,

11/30/2028

3,000,000

3,068,086

1.38%,

12/31/2028

5,000,000

4,694,336

3.75%,

12/31/2028

3,000,000

3,016,992

1.75%,

1/31/2029

2,000,000

1,895,000

4.00%,

1/31/2029

4,000,000

4,050,938

1.88%,

2/28/2029

4,000,000

3,799,062

4.25%,

2/28/2029

1,953,000

1,992,518

2.38%,

3/31/2029

5,000,000

4,817,187

4.13%,

3/31/2029

3,000,000

3,049,688

2.88%,

4/30/2029

5,000,000

4,889,453

4.63%,

4/30/2029

536,000

553,315

2.75%,

5/31/2029

3,500,000

3,406,211

4.50%,

5/31/2029

4,000,000

4,115,000

4.25%,

6/30/2029

5,000,000

5,105,664

4.00%,

7/31/2029

3,000,000

3,038,789

1.63%,

8/15/2029

(b) 3,000,000

2,800,430

3.13%,

8/31/2029

4,000,000

3,932,500

3.50%,

9/30/2029

5,650,000

5,623,736

3.88%,

9/30/2029

3,500,000

3,530,215

1.75%,

11/15/2029

(b) 4,000,000

3,735,469

3.88%,

11/30/2029

3,000,000

3,025,078

4.13%,

11/30/2029

3,000,000

3,051,797

3.88%,

12/31/2029

3,000,000

3,025,430

4.38%,

12/31/2029

2,678,000

2,749,553

3.50%,

1/31/2030

3,000,000

2,982,773

4.25%,

1/31/2030

5,212,000

5,327,845

1.50%,

2/15/2030

4,700,000

4,317,023

4.00%,

2/28/2030

(b) 3,700,000

3,747,117

3.63%,

3/31/2030

2,800,000

2,794,750

4.00%,

3/31/2030

(b) 4,861,000

4,922,902

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Bond

Index

Fund

#### U.S.

#### Treasury

#### Obligations

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
U.S.

Treasury

Notes

3.50%,

4/30/2030

4,000,000

3,971,094

3.88%,

4/30/2030

3,333,000

3,359,039

3.75%,

5/31/2030

2,500,000

2,506,152

4.00%,

5/31/2030

(b) 5,284,000

5,351,288

3.75%,

6/30/2030

3,000,000

3,007,148

3.88%,

6/30/2030

4,409,000

4,442,240

4.00%,

7/31/2030

3,000,000

3,038,086

0.63%,

8/15/2030

4,720,000

4,107,138

3.63%,

8/31/2030

5,570,000

5,550,200

4.13%,

8/31/2030

3,000,000

3,052,734

4.63%,

9/30/2030

2,500,000

2,597,852

3.63%,

10/31/2030

(b) 3,950,000

3,933,336

4.88%,

10/31/2030

2,000,000

2,100,938

4.38%,

11/30/2030

3,000,000

3,086,367

3.63%,

12/31/2030

3,150,000

3,134,988

3.75%,

12/31/2030

3,000,000

3,001,523

4.00%,

1/31/2031

2,000,000

2,023,047

4.25%,

2/28/2031

3,000,000

3,069,023

4.63%,

4/30/2031

3,000,000

3,122,695

1.63%,

5/15/2031

5,500,000

4,927,441

4.63%,

5/31/2031

3,000,000

3,122,578

4.50%,

12/31/2031

1,313,000

1,358,750

4.38%,

1/31/2032

1,735,000

1,783,255

4.13%,

3/31/2032

1,117,000

1,132,315

4.00%,

4/30/2032

1,218,000

1,225,898

2.88%,

5/15/2032

1,700,000

1,602,914

4.13%,

5/31/2032

2,732,000

2,767,858

4.00%,

7/31/2032

2,714,000

2,728,206

3.88%,

8/31/2032

2,258,000

2,252,090

3.88%,

9/30/2032

2,827,000

2,818,276

3.75%,

10/31/2032

(b) 1,713,000

1,693,996

4.13%,

11/15/2032

(b) 4,900,000

4,956,082

3.50%,

2/15/2033

8,700,000

8,454,973

3.38%,

5/15/2033

7,500,000

7,210,254

3.88%,

8/15/2033

9,200,000

9,123,453

4.50%,

11/15/2033

9,000,000

9,292,852

4.38%,

5/15/2034

9,500,000

9,708,184

3.88%,

8/15/2034

650,000

639,996

4.25%,

11/15/2034

9,290,000

9,387,618

4.63%,

2/15/2035

4,567,000

4,740,582

4.25%,

5/15/2035

1,784,000

1,798,774

4.25%,

8/15/2035

(b) 3,729,000

3,755,802

4.00%,

11/15/2035

1,340,000

1,320,738

#### Total

#### U.S.

#### Treasury

#### Obligations

#### (cost

#### $554,327,370)

#### 533,803,885

#### Repurchase

#### Agreements

#### 4

#### .4

#### %
Bank

of

America

NA

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$2,000,428,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.50%,

maturing

5/1/2049

-

9/1/2050;

total

market

value

$2,040,000.

(g)(h) 2,000,000

2,000,000

#### Repurchase

#### Agreements

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
BofA

Securities,

Inc.

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$6,501,390,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.34%

-

5.25%,

maturing

10/20/2034

-

2/20/2073;

total

market

value

$6,630,000.

(g)(h) 6,500,000

6,500,000

Cantor

Fitzgerald

&

Co.

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$2,529,272,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$2,579,308.

(g)(h) 2,528,733

2,528,733

Cantor

Fitzgerald

&

Co.

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$2,000,427,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$2,040,000.

(g)(h) 2,000,000

2,000,000

Citi

Global

Market,

Inc.

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$5,001,058,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.38%

-

4.25%,

maturing

2/15/2028

-

10/31/2029;

total

market

value

$5,100,001.

(g)(h) 5,000,000

5,000,000

MetLife,

Inc.

3.83%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$27,005,745,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$27,553,954.

(g)(h) 27,000,000

27,000,000

NVIT

Bond

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Repurchase

#### Agreements

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Pershing

LLC

3.72%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$7,001,447,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

2/15/2026

-

12/20/2075;

total

market

value

$7,140,000.

(g)(h) 7,000,000

7,000,000

#### Total

#### Repurchase

#### Agreements

#### (cost

#### $52,028,733)

#### 52,028,733

#### Total

#### Investments

#### (cost

#### $1,279,572,914)

#### —

#### 103.0%

#### 1,219,673,298

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (3.0)%

#### (#### 35,550,589

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 1,184,122,709
†

Amount

rounds

to

less

than

0.1%.

(a) Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets. See

Note

–

for

further

information.

The

interest

rate

shown

was

the

current

rate

as

of

December

31,

2025. (b) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$165,328,522,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$52,028,733

and

by

$119,034,589

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.25%,

and

maturity

dates

ranging

from

1/15/2026

-

11/15/2055,

a

total

value

of

$171,063,322.

(c) Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

December

31,

2025. (d) Zero

Coupon

Security.

Debt

security

that

pays

no

cash

income

but

is

sold

at

substantial

discount

from

its

value

at

maturity.

(e) Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

December

31,

2025. (f) Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

December

31,

2025

was

$2,463,654

which

represents

0.21%

of

net

assets.

(g) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$52,028,733.

(h) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

ACES

Alternative

Credit

Enhancement

Services

FHLB

Federal

Home

Loan

Bank

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

ICE

Intercontinental

Exchange

RB

Revenue

Bond

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

UMBS

Uniform

Mortgage-Backed

Securities

#### Currency:
USD

United

States

Dollar

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

International

Index

Fund

#### Common

#### Stocks

#### 97

#### .7

#### %

#### Shares

#### Value

#### ($)

#### AUSTRALIA

#### 6

#### .9

#### %

#### Banks

#### 2

#### .0

#### %
ANZ

Group

Holdings

Ltd.

116,232

2,812,512

Commonwealth

Bank

of

Australia

64,655

6,912,539

National

Australia

Bank

Ltd.

119,059

3,352,838

Westpac

Banking

Corp.

131,384

3,373,739

16,451,628

#### Biotechnology

#### 0

#### .3

#### %
CSL

Ltd.

18,636

2,147,101

#### Broadline

#### Retail

#### 0

#### .3

#### %
Wesfarmers

Ltd.

44,319

2,388,925

#### Capital

#### Markets

#### 0

#### .3

#### %
ASX

Ltd.

7,786

267,135

Macquarie

Group

Ltd.

14,201

1,911,222

2,178,357

#### Commercial

#### Services

#### &

#### Supplies

#### 0

#### .1

#### %
Brambles

Ltd.

52,335

802,206

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0

#### .2

#### %
Coles

Group

Ltd.

52,131

745,893

Woolworths

Group

Ltd.

46,924

919,011

1,664,904

#### Diversified

#### REITs

#### 0

#### .0

#### %

#### †
Stockland

93,069

354,685

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .1

#### %
Telstra

Group

Ltd.

152,600

495,026

#### Electric

#### Utilities

#### 0

#### .1

#### %
Origin

Energy

Ltd.

65,074

498,439

#### Financial

#### Services

#### 0

#### .0

#### %

#### †
Washington

H

Soul

Pattinson

&

Co.

Ltd.(a)

13,530

334,586

#### Gas

#### Utilities

#### 0

#### .0

#### %

#### †
APA

Group

52,150

311,948

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0

#### .1

#### %
Cochlear

Ltd.

2,515

435,872

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0

#### .1

#### %
Sigma

Healthcare

Ltd.

200,087

392,478

Sonic

Healthcare

Ltd.

18,984

286,270

678,748

#### Health

#### Care

#### Technology

#### 0

#### .0

#### %

#### †
Pro

Medicus

Ltd.

2,236

327,418

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0

#### .1

#### %
Aristocrat

Leisure

Ltd.

21,326

827,025

Lottery

Corp.

Ltd.

(The)

89,157

306,517

1,133,542

#### Industrial

#### REITs

#### 0

#### .2

#### %
Goodman

Group

78,545

1,614,831

#### Insurance

#### 0

#### .3

#### %
Insurance

Australia

Group

Ltd.

90,856

483,034

Medibank

Pvt

Ltd.

108,884

347,377

QBE

Insurance

Group

Ltd.

58,734

778,096

Suncorp

Group

Ltd.

44,207

519,274

2,127,781

#### Interactive

#### Media

#### &

#### Services

#### 0

#### .1

#### %
CAR

Group

Ltd.

14,909

305,081

REA

Group

Ltd.(a)

1,853

226,811

531,892

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### AUSTRALIA

#### Metals

#### &

#### Mining

#### 2

#### .0

#### %
BHP

Group

Ltd.

196,403

5,926,669

Evolution

Mining

Ltd.

77,997

656,188

Fortescue

Ltd.

65,049

951,128

Glencore

plc

393,615

2,141,161

Lynas

Rare

Earths

Ltd.\*

33,343

275,047

Northern

Star

Resources

Ltd.

52,210

926,123

Rio

Tinto

Ltd.

14,259

1,397,350

Rio

Tinto

plc

43,358

3,459,313

South32

Ltd.

176,101

418,075

16,151,054

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0

#### .2

#### %
Santos

Ltd.

122,393

502,002

Woodside

Energy

Group

Ltd.

73,026

1,143,488

1,645,490

#### Passenger

#### Airlines

#### 0

#### .0

#### %

#### †
Qantas

Airways

Ltd.

26,003

179,393

#### Professional

#### Services

#### 0

#### .1

#### %
Computershare

Ltd.

19,996

454,120

#### Retail

#### REITs

#### 0

#### .1

#### %
Scentre

Group

200,375

559,560

Vicinity

Ltd.

158,646

269,914

829,474

#### Software

#### 0

#### .1

#### %
WiseTech

Global

Ltd.(a)

7,859

356,190

#### Trading

#### Companies

#### &

#### Distributors

#### 0

#### .0

#### %

#### †
SGH

Ltd.

7,137

219,950

#### Transportation

#### Infrastructure

#### 0

#### .1

#### %
Transurban

Group

119,623

1,131,306

55,444,866

#### AUSTRIA

#### 0

#### .3

#### %

#### Banks

#### 0

#### .2

#### %
Erste

Group

Bank

AG

11,827

1,422,902

Raiffeisen

Bank

International

AG

4,848

216,793

1,639,695

#### Electric

#### Utilities

#### 0

#### .0

#### %

#### †
Verbund

AG

2,388

174,325

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0

#### .1

#### %
OMV

AG

5,865

326,246

2,140,266

#### BELGIUM

#### 0

#### .8

#### %

#### Banks

#### 0

#### .1

#### %
KBC

Group

NV

9,120

1,185,446

#### Beverages

#### 0

#### .3

#### %
Anheuser-Busch

InBev

SA/

NV

38,587

2,475,758

#### Chemicals

#### 0

#### .0

#### %

#### †
Syensqo

SA

2,551

204,876

#### Distributors

#### 0

#### .0

#### %

#### †
D'ieteren

Group(a)

753

135,642

#### Electric

#### Utilities

#### 0

#### .0

#### %

#### †
Elia

Group

SA/NV(a)

1,530

197,268

#### Financial

#### Services

#### 0

#### .1

#### %
Groupe

Bruxelles

Lambert

NV

3,253

289,541

NVIT

International

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### BELGIUM

#### Financial

#### Services
Sofina

SA(a)

579

167,497

457,038

#### Food

#### Products

#### 0

#### .0

#### %

#### †
Lotus

Bakeries

NV(a)

166,059

#### Insurance

#### 0

#### .1

#### %
Ageas

SA/NV

5,805

406,947

#### Pharmaceuticals

#### 0

#### .2

#### %
Financiere

de

Tubize

SA

738

180,548

UCB

SA

4,997

1,393,749

1,574,297

6,803,331

#### BRAZIL

#### 0

#### .0

#### %

#### †

#### Chemicals

#### 0

#### .0

#### %

#### †
Yara

International

ASA

5,806

237,888

#### CHILE

#### 0

#### .1

#### %

#### Metals

#### &

#### Mining

#### 0

#### .1

#### %
Antofagasta

plc

15,148

664,848

#### CHINA

#### 0

#### .6

#### %

#### Banks

#### 0

#### .1

#### %
BOC

Hong

Kong

Holdings

Ltd.

145,500

735,671

#### Broadline

#### Retail

#### 0

#### .4

#### %
Prosus

NV

50,892

3,143,277

#### Food

#### Products

#### 0

#### .0

#### %

#### †
Wilmar

International

Ltd.

67,394

161,114

#### Machinery

#### 0

#### .1

#### %
Yangzijiang

Shipbuilding

Holdings

Ltd.

105,000

284,283

#### Marine

#### Transportation

#### 0

#### .0

#### %

#### †
SITC

International

Holdings

Co.

Ltd.

47,000

167,918

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0

#### .0

#### %

#### †
Wharf

Holdings

Ltd.

(The)(a)

48,708

136,060

4,628,323

#### DENMARK

#### 1

#### .8

#### %

#### Air

#### Freight

#### &

#### Logistics

#### 0

#### .2

#### %
DSV

A/S

7,851

1,975,674

#### Banks

#### 0

#### .2

#### %
Danske

Bank

A/S

25,659

1,280,006

#### Beverages

#### 0

#### .1

#### %
Carlsberg

A/S,

Class

B

3,611

473,371

#### Biotechnology

#### 0

#### .1

#### %
Genmab

A/S\*

2,382

736,073

#### Building

#### Products

#### 0

#### .0

#### %

#### †
ROCKWOOL

A/S,

Class

B

3,381

119,006

#### Chemicals

#### 0

#### .1

#### %
Novonesis

Novozymes

B,

Class

B

13,621

872,287

#### Electrical

#### Equipment

#### 0

#### .1

#### %
Vestas

Wind

Systems

A/S

38,791

1,047,304

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0

#### .1

#### %
Coloplast

A/S,

Class

B

4,861

417,250

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### DENMARK

#### Health

#### Care

#### Equipment

#### &

#### Supplies
Demant

A/S\*

3,757

126,822

544,072

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0

#### .1

#### %
Orsted

A/S

Reg.

S\*(b)

20,450

392,430

#### Insurance

#### 0

#### .0

#### %

#### †
Tryg

A/S

13,266

347,207

#### Pharmaceuticals

#### 0

#### .8

#### %
Novo

Nordisk

A/S,

Class

B

123,712

6,305,947

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0

#### .0

#### %

#### †
Pandora

A/S

3,063

338,790

14,432,167

#### FINLAND

#### 1

#### .1

#### %

#### Banks

#### 0

#### .3

#### %
Nordea

Bank

Abp

119,291

2,248,675

#### Communications

#### Equipment

#### 0

#### .2

#### %
Nokia

OYJ

203,473

1,317,899

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0

#### .0

#### %

#### †
Kesko

OYJ,

Class

B

9,578

216,668

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .0

#### %

#### †
Elisa

OYJ

4,988

221,369

#### Electric

#### Utilities

#### 0

#### .0

#### %

#### †
Fortum

OYJ

17,425

370,822

#### Insurance

#### 0

#### .1

#### %
Sampo

OYJ,

Class

A

93,005

1,127,353

#### Machinery

#### 0

#### .3

#### %
Kone

OYJ,

Class

B

13,056

926,038

Metso

Oyj

25,604

446,710

Wartsila

OYJ

Abp

19,320

683,539

2,056,287

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0

#### .1

#### %
Neste

OYJ(a)

16,831

380,875

#### Paper

#### &

#### Forest

#### Products

#### 0

#### .1

#### %
Stora

Enso

OYJ,

Class

R(a)

23,687

296,579

UPM-Kymmene

OYJ(a)

20,272

587,465

884,044

#### Pharmaceuticals

#### 0

#### .0

#### %

#### †
Orion

OYJ,

Class

B

4,367

326,100

9,150,092

#### FRANCE

#### 8

#### .9

#### %

#### Aerospace

#### &

#### Defense

#### 1

#### .4

#### %
Airbus

SE

22,996

5,333,998

Dassault

Aviation

SA

809

259,238

Safran

SA

13,943

4,851,899

Thales

SA

3,560

961,557

11,406,692

#### Automobile

#### Components

#### 0

#### .1

#### %
Cie

Generale

des

Etablissements

Michelin

SCA

25,754

854,103

#### Automobiles

#### 0

#### .0

#### %

#### †
Renault

SA

7,668

317,447

#### Banks

#### 0

#### .8

#### %
BNP

Paribas

SA

39,026

3,692,858

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

International

Index

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### FRANCE

#### Banks
Credit

Agricole

SA

40,989

841,386

Societe

Generale

SA

27,638

2,226,735

6,760,979

#### Beverages

#### 0

#### .1

#### %
Pernod

Ricard

SA

7,881

674,684

#### Building

#### Products

#### 0

#### .2

#### %
Cie

de

Saint-Gobain

SA

17,253

1,751,404

#### Capital

#### Markets

#### 0

#### .0

#### %

#### †
Amundi

SA

Reg.

S(b)

2,641

218,422

#### Chemicals

#### 0

#### .5

#### %
Air

Liquide

SA

22,432

4,221,362

#### Construction

#### &

#### Engineering

#### 0

#### .4

#### %
Bouygues

SA

7,554

391,595

Eiffage

SA

2,712

388,974

Vinci

SA

19,164

2,691,149

3,471,718

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0

#### .1

#### %
Carrefour

SA

23,247

387,770

#### Diversified

#### REITs

#### 0

#### .0

#### %

#### †
Covivio

SA

1,902

126,404

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .2

#### %
Orange

SA

71,525

1,193,407

#### Electrical

#### Equipment

#### 0

#### .2

#### %
Legrand

SA

10,073

1,496,908

#### Entertainment

#### 0

#### .0

#### %

#### †
Bollore

SE

24,656

138,650

#### Financial

#### Services

#### 0

#### .0

#### %

#### †
Edenred

SE

8,413

186,899

#### Food

#### Products

#### 0

#### .3

#### %
Danone

SA

24,865

2,243,555

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0

#### .5

#### %
BioMerieux

1,453

188,125

EssilorLuxottica

SA

11,564

3,656,236

3,844,361

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0

#### .1

#### %
Accor

SA

7,583

429,661

FDJ

UNITED

3,898

108,072

Sodexo

SA

3,103

158,967

696,700

#### Insurance

#### 0

#### .4

#### %
AXA

SA

67,443

3,243,657

#### IT

#### Services

#### 0

#### .1

#### %
Capgemini

SE

5,924

981,089

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0

#### .0

#### %

#### †
Sartorius

Stedim

Biotech

1,186

291,822

#### Machinery

#### 0

#### .1

#### %
Alstom

SA\*

13,650

404,079

#### Media

#### 0

#### .1

#### %
Publicis

Groupe

SA

8,792

912,093

#### Multi-Utilities

#### 0

#### .3

#### %
Engie

SA

71,671

1,884,488

Veolia

Environnement

SA

24,218

843,797

2,728,285

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### FRANCE

#### Office

#### REITs

#### 0

#### .0

#### %

#### †
Gecina

SA

1,615

153,227

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0

#### .6

#### %
TotalEnergies

SE

76,882

5,011,005

#### Personal

#### Care

#### Products

#### 0

#### .5

#### %
L'Oreal

SA

9,226

3,962,874

#### Pharmaceuticals

#### 0

#### .0

#### %

#### †
Ipsen

SA

1,603

223,884

#### Professional

#### Services

#### 0

#### .1

#### %
Bureau

Veritas

SA

13,227

421,220

#### Retail

#### REITs

#### 0

#### .1

#### %
Klepierre

SA

8,560

338,924

Unibail-Rodamco-Westfield

4,677

508,323

847,247

#### Software

#### 0

#### .1

#### %
Dassault

Systemes

SE

25,764

719,597

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 1

#### .4

#### %
Hermes

International

SCA

1,233

3,046,372

Kering

SA

2,860

1,009,185

LVMH

Moet

Hennessy

Louis

Vuitton

SE

9,660

7,282,676

11,338,233

#### Trading

#### Companies

#### &

#### Distributors

#### 0

#### .1

#### %
Rexel

SA

8,912

350,302

#### Transportation

#### Infrastructure

#### 0

#### .1

#### %
Aeroports

de

Paris

SA

1,215

158,738

Getlink

SE

10,608

196,089

354,827

71,934,906

#### GERMANY

#### 9

#### .4

#### %

#### Aerospace

#### &

#### Defense

#### 0

#### .5

#### %
Hensoldt

AG(a)

2,228

192,538

MTU

Aero

Engines

AG

2,068

862,598

Rheinmetall

AG

1,767

3,240,152

4,295,288

#### Air

#### Freight

#### &

#### Logistics

#### 0

#### .3

#### %
Deutsche

Post

AG

36,876

2,019,781

#### Automobile

#### Components

#### 0

#### .0

#### %

#### †
Continental

AG

4,355

347,661

#### Automobiles

#### 0

#### .6

#### %
Bayerische

Motoren

Werke

AG

10,777

1,178,321

Bayerische

Motoren

Werke

AG

(Preference)

2,100

225,696

Dr

Ing

hc

F

Porsche

AG

(Preference)

Reg.

S(a)(b)

4,698

251,734

Mercedes-Benz

Group

AG(a)

27,741

1,957,652

Porsche

Automobil

Holding

SE

(Preference)

6,179

289,758

Volkswagen

AG

(Preference)

7,921

963,380

4,866,541

#### Banks

#### 0

#### .1

#### %
Commerzbank

AG

28,151

1,191,803

#### Capital

#### Markets

#### 0

#### .6

#### %
Deutsche

Bank

AG

(Registered)

71,095

2,765,215

NVIT

International

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### GERMANY

#### Capital

#### Markets
Deutsche

Boerse

AG

7,233

1,899,828

4,665,043

#### Chemicals

#### 0

#### .3

#### %
BASF

SE

34,284

1,791,087

Evonik

Industries

AG

8,988

141,055

Symrise

AG,

Class

A

5,149

416,661

2,348,803

#### Construction

#### &

#### Engineering

#### 0

#### .0

#### %

#### †
Hochtief

AG(a)

573

226,793

#### Construction

#### Materials

#### 0

#### .2

#### %
Heidelberg

Materials

AG

5,140

1,346,010

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .6

#### %
Deutsche

Telekom

AG

(Registered)

141,315

4,583,884

#### Electrical

#### Equipment

#### 0

#### .5

#### %
Siemens

Energy

AG\*

29,769

4,207,184

#### Entertainment

#### 0

#### .0

#### %

#### †
CTS

Eventim

AG

&

Co.

KGaA

2,188

200,840

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0

#### .1

#### %
Siemens

Healthineers

AG

Reg.

S(b)

12,999

682,154

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0

#### .2

#### %
Fresenius

Medical

Care

AG

8,450

404,839

Fresenius

SE

&

Co.

KGaA

16,226

933,894

1,338,733

#### Household

#### Products

#### 0

#### .1

#### %
Henkel

AG

&

Co.

KGaA

4,158

317,656

Henkel

AG

&

Co.

KGaA

(Preference)

6,159

503,370

821,026

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0

#### .2

#### %
RWE

AG

24,287

1,292,330

#### Industrial

#### Conglomerates

#### 1

#### .0

#### %
Siemens

AG

(Registered)

29,193

8,198,447

#### Insurance

#### 1

#### .4

#### %
Allianz

SE

(Registered)

14,834

6,803,885

Hannover

Rueck

SE(a)

2,316

723,618

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Registered)

5,018

3,313,779

Talanx

AG

2,570

343,057

11,184,339

#### Interactive

#### Media

#### &

#### Services

#### 0

#### .0

#### %

#### †
Scout24

SE

Reg.

S(b)

3,018

304,201

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0

#### .0

#### %

#### †
Sartorius

AG

(Preference)

1,056

305,312

#### Machinery

#### 0

#### .2

#### %
Daimler

Truck

Holding

AG

18,251

800,298

GEA

Group

AG

5,723

388,554

Knorr-Bremse

AG

2,902

324,523

Rational

AG

138,554

1,651,929

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### GERMANY

#### Multi-Utilities

#### 0

#### .2

#### %
E.ON

SE

86,240

1,634,843

#### Passenger

#### Airlines

#### 0

#### .0

#### %

#### †
Deutsche

Lufthansa

AG

(Registered)

21,042

208,072

#### Personal

#### Care

#### Products

#### 0

#### .1

#### %
Beiersdorf

AG(a)

3,765

414,323

#### Pharmaceuticals

#### 0

#### .3

#### %
Bayer

AG

(Registered)

37,737

1,627,868

Merck

KGaA

4,965

712,682

2,340,550

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0

#### .1

#### %
LEG

Immobilien

SE

2,650

193,532

Vonovia

SE

29,110

839,304

1,032,836

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0

#### .3

#### %
Infineon

Technologies

AG

50,164

2,222,710

#### Software

#### 1

#### .3

#### %
Nemetschek

SE

2,381

259,623

SAP

SE

40,111

9,814,293

10,073,916

#### Specialty

#### Retail

#### 0

#### .0

#### %

#### †
Zalando

SE

Reg.

S\*(b)

9,306

276,304

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0

#### .2

#### %
adidas

AG

6,569

1,293,099

#### Trading

#### Companies

#### &

#### Distributors

#### 0

#### .0

#### %

#### †
Brenntag

SE(a)

4,959

288,827

75,863,582

#### HONG

#### KONG

#### 1

#### .8

#### %

#### Banks

#### 0

#### .1

#### %
Hang

Seng

Bank

Ltd.

28,800

568,029

#### Capital

#### Markets

#### 0

#### .3

#### %
Futu

Holdings

Ltd.,

ADR\*

2,184

358,635

Hong

Kong

Exchanges

&

Clearing

Ltd.

42,200

2,204,948

2,563,583

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .0

#### %

#### †
HKT

Trust

&

HKT

Ltd.

159,220

235,308

#### Electric

#### Utilities

#### 0

#### .1

#### %
CK

Infrastructure

Holdings

Ltd.

27,500

203,526

CLP

Holdings

Ltd.

66,500

594,175

Power

Assets

Holdings

Ltd.

(a) 54,000

382,473

1,180,174

#### Food

#### Products

#### 0

#### .0

#### %

#### †
WH

Group

Ltd.

Reg.

S(b)

327,045

364,108

#### Gas

#### Utilities

#### 0

#### .1

#### %
Hong

Kong

&

China

Gas

Co.

Ltd.

428,266

385,367

#### Ground

#### Transportation

#### 0

#### .0

#### %

#### †
MTR

Corp.

Ltd.(a)

64,500

246,644

#### Industrial

#### Conglomerates

#### 0

#### .0

#### %

#### †
Swire

Pacific

Ltd.,

Class

A(a)

12,000

96,510

#### Insurance

#### 0

#### .7

#### %
AIA

Group

Ltd.

407,400

4,184,606

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

International

Index

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### HONG

#### KONG

#### Insurance
Prudential

plc

98,431

1,518,716

5,703,322

#### Machinery

#### 0

#### .1

#### %
Techtronic

Industries

Co.

Ltd.

58,500

672,094

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0

#### .3

#### %
CK

Asset

Holdings

Ltd.

74,516

375,344

Henderson

Land

Development

Co.

Ltd.

61,775

222,871

Hongkong

Land

Holdings

Ltd.

44,400

308,156

Sino

Land

Co.

Ltd.

159,000

208,358

Sun

Hung

Kai

Properties

Ltd.

55,500

673,299

Wharf

Real

Estate

Investment

Co.

Ltd.

71,500

225,295

2,013,323

#### Retail

#### REITs

#### 0

#### .1

#### %
Link

REIT

106,940

476,315

14,504,777

#### INDONESIA

#### 0

#### .1

#### %

#### Industrial

#### Conglomerates

#### 0

#### .1

#### %
Jardine

Matheson

Holdings

Ltd.

6,300

429,683

#### IRELAND

#### 0

#### .5

#### %

#### Banks

#### 0

#### .2

#### %
AIB

Group

plc

82,078

881,984

Bank

of

Ireland

Group

plc

36,651

701,184

1,583,168

#### Building

#### Products

#### 0

#### .1

#### %
Kingspan

Group

plc

5,902

509,993

#### Food

#### Products

#### 0

#### .1

#### %
Kerry

Group

plc,

Class

A

6,230

571,082

#### Trading

#### Companies

#### &

#### Distributors

#### 0

#### .1

#### %
AerCap

Holdings

NV

7,047

1,013,077

3,677,320

#### ISRAEL

#### 0

#### .9

#### %

#### Aerospace

#### &

#### Defense

#### 0

#### .1

#### %
Elbit

Systems

Ltd.

1,069

616,420

#### Banks

#### 0

#### .4

#### %
Bank

Hapoalim

BM

48,287

1,092,446

Bank

Leumi

Le-Israel

BM

57,199

1,260,840

Israel

Discount

Bank

Ltd.,

Class

A

46,987

498,981

Mizrahi

Tefahot

Bank

Ltd.

5,998

418,866

3,271,133

#### Chemicals

#### 0

#### .0

#### %

#### †
ICL

Group

Ltd.

27,157

155,752

#### Insurance

#### 0

#### .0

#### %

#### †
Phoenix

Financial

Ltd.

8,797

364,048

#### IT

#### Services

#### 0

#### .0

#### %

#### †
Wix.com

Ltd.\*(a)

2,264

235,207

#### Pharmaceuticals

#### 0

#### .2

#### %
Teva

Pharmaceutical

Industries

Ltd.,

ADR\*

45,312

1,414,188

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0

#### .0

#### %

#### †
Azrieli

Group

Ltd.

1,488

168,439

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### ISRAEL

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0

#### .1

#### %
Nova

Ltd.\*

1,151

383,597

#### Software

#### 0

#### .1

#### %
Check

Point

Software

Technologies

Ltd.\*(a)

3,299

612,162

Nice

Ltd.\*

2,218

251,678

863,840

7,472,624

#### ITALY

#### 3

#### .2

#### %

#### Aerospace

#### &

#### Defense

#### 0

#### .1

#### %
Leonardo

SpA

15,545

890,506

#### Automobiles

#### 0

#### .2

#### %
Ferrari

NV

4,842

1,802,843

#### Banks

#### 1

#### .4

#### %
Banca

Monte

dei

Paschi

di

Siena

SpA

75,863

807,611

Banco

BPM

SpA

43,651

663,046

BPER

Banca

SpA

56,591

765,252

FinecoBank

Banca

Fineco

SpA

23,492

610,066

Intesa

Sanpaolo

SpA

547,105

3,789,194

UniCredit

SpA

53,851

4,470,479

11,105,648

#### Beverages

#### 0

#### .1

#### %
Coca-Cola

HBC

AG

8,455

437,857

Davide

Campari-Milano

NV(a)

21,590

140,179

578,036

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .0

#### %

#### †
Infrastrutture

Wireless

Italiane

SpA

Reg.

S(a)(b)

9,804

90,852

Telecom

Italia

SpA\*

403,193

241,867

332,719

#### Electric

#### Utilities

#### 0

#### .5

#### %
Enel

SpA

312,421

3,255,151

Terna

-

Rete

Elettrica

Nazionale(a)

54,046

574,687

3,829,838

#### Electrical

#### Equipment

#### 0

#### .1

#### %
Prysmian

SpA

10,815

1,078,384

#### Financial

#### Services

#### 0

#### .1

#### %
Banca

Mediolanum

SpA

7,842

178,564

Nexi

SpA

Reg.

S(a)(b)

22,350

110,268

Poste

Italiane

SpA

Reg.

S(a)

(b) 17,641

443,805

732,637

#### Gas

#### Utilities

#### 0

#### .1

#### %
Snam

SpA

77,459

514,605

#### Insurance

#### 0

#### .2

#### %
Generali

32,742

1,374,377

Unipol

Assicurazioni

SpA

14,280

343,497

1,717,874

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0

#### .2

#### %
Eni

SpA

78,569

1,490,307

#### Passenger

#### Airlines

#### 0

#### .1

#### %
Ryanair

Holdings

plc

33,543

1,164,878

NVIT

International

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### ITALY

#### Pharmaceuticals

#### 0

#### .0

#### %

#### †
Recordati

Industria

Chimica

e

Farmaceutica

SpA

4,720

268,856

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0

#### .1

#### %
Moncler

SpA

8,973

576,703

26,083,834

#### IVORY

#### COAST

#### 0

#### .0

#### %

#### †

#### Metals

#### &

#### Mining

#### 0

#### .0

#### %

#### †
Endeavour

Mining

plc

7,113

368,304

#### JAPAN

#### 21

#### .7

#### %

#### Air

#### Freight

#### &

#### Logistics

#### 0

#### .0

#### %

#### †
SG

Holdings

Co.

Ltd.(a)

10,100

92,600

#### Automobile

#### Components

#### 0

#### .4

#### %
Aisin

Corp.

19,400

362,814

Bridgestone

Corp.(a)

43,800

985,234

Denso

Corp.

67,100

925,604

Sumitomo

Electric

Industries

Ltd.

27,400

1,109,398

3,383,050

#### Automobiles

#### 1

#### .4

#### %
Honda

Motor

Co.

Ltd.

142,000

1,390,019

Isuzu

Motors

Ltd.(a)

21,400

333,613

Nissan

Motor

Co.

Ltd.\*(a)

78,100

193,984

Subaru

Corp.

22,500

483,233

Suzuki

Motor

Corp.

60,700

901,513

Toyota

Motor

Corp.

365,970

7,828,765

Yamaha

Motor

Co.

Ltd.(a)

37,200

274,754

11,405,881

#### Banks

#### 2

#### .3

#### %
Chiba

Bank

Ltd.

(The)

23,400

260,150

Japan

Post

Bank

Co.

Ltd.

68,900

969,010

Mitsubishi

UFJ

Financial

Group,

Inc.

442,867

7,032,862

Mizuho

Financial

Group,

Inc.

96,751

3,513,193

Resona

Holdings,

Inc.

80,500

763,277

Sumitomo

Mitsui

Financial

Group,

Inc.

142,059

4,571,936

Sumitomo

Mitsui

Trust

Group,

Inc.

24,380

740,813

Yokohama

Financial

Group,

Inc.

41,300

340,402

18,191,643

#### Beverages

#### 0

#### .2

#### %
Asahi

Group

Holdings

Ltd.(a)

58,400

610,905

Kirin

Holdings

Co.

Ltd.(a)

29,800

448,216

Suntory

Beverage

&

Food

Ltd.(a)

4,900

148,071

1,207,192

#### Broadline

#### Retail

#### 0

#### .2

#### %
Pan

Pacific

International

Holdings

Corp.

73,200

436,216

Rakuten

Group,

Inc.\*(a)

58,700

376,625

Ryohin

Keikaku

Co.

Ltd.

19,500

346,456

1,159,297

#### Building

#### Products

#### 0

#### .2

#### %
AGC,

Inc.(a)

8,100

268,735

Daikin

Industries

Ltd.

10,500

1,347,917

1,616,652

#### Capital

#### Markets

#### 0

#### .3

#### %
Daiwa

Securities

Group,

Inc.

51,400

450,258

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### JAPAN

#### Capital

#### Markets
Japan

Exchange

Group,

Inc.

38,300

408,789

Nomura

Holdings,

Inc.

120,300

1,000,707

SBI

Holdings,

Inc.

21,580

465,725

2,325,479

#### Chemicals

#### 0

#### .5

#### %
Asahi

Kasei

Corp.

52,200

463,264

Mitsubishi

Chemical

Group

Corp.

51,600

301,376

Nippon

Paint

Holdings

Co.

Ltd.(a)

39,200

261,842

Nippon

Sanso

Holdings

Corp.

6,100

182,150

Nitto

Denko

Corp.

26,100

620,161

Shin-Etsu

Chemical

Co.

Ltd.

66,100

2,055,585

Toray

Industries,

Inc.

54,800

357,148

4,241,526

#### Commercial

#### Services

#### &

#### Supplies

#### 0

#### .1

#### %
Dai

Nippon

Printing

Co.

Ltd.

16,100

277,120

Secom

Co.

Ltd.

15,800

561,520

TOPPAN

Holdings,

Inc.

9,500

282,097

1,120,737

#### Construction

#### &

#### Engineering

#### 0

#### .2

#### %
Kajima

Corp.

16,200

604,107

Obayashi

Corp.

24,700

515,948

Taisei

Corp.

5,500

521,398

1,641,453

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0

#### .4

#### %
Aeon

Co.

Ltd.(a)

85,500

1,351,389

Kobe

Bussan

Co.

Ltd.

5,300

128,157

MatsukiyoCocokara

&

Co.(a)

11,500

199,643

Seven

&

i

Holdings

Co.

Ltd.

80,000

1,148,873

Tsuruha

Holdings,

Inc.(a)

9,600

176,224

3,004,286

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .2

#### %
NTT,

Inc.

1,147,800

1,158,014

#### Electric

#### Utilities

#### 0

#### .1

#### %
Chubu

Electric

Power

Co.,

Inc.

26,600

409,466

Kansai

Electric

Power

Co.,

Inc.

(The)

36,400

571,150

980,616

#### Electrical

#### Equipment

#### 0

#### .5

#### %
Fuji

Electric

Co.

Ltd.(a)

5,400

409,364

Fujikura

Ltd.

9,700

1,083,345

Mitsubishi

Electric

Corp.

74,500

2,185,567

Nidec

Corp.

31,900

431,991

4,110,267

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0

#### .8

#### %
Keyence

Corp.

7,644

2,769,458

Kyocera

Corp.

50,600

710,327

Murata

Manufacturing

Co.

Ltd.

64,100

1,330,692

Shimadzu

Corp.

9,700

258,330

TDK

Corp.

74,700

1,056,903

Yokogawa

Electric

Corp.

9,200

295,056

6,420,766

#### Entertainment

#### 0

#### .5

#### %
Capcom

Co.

Ltd.

13,600

316,411

Konami

Group

Corp.

3,900

531,583

Nexon

Co.

Ltd.(a)

14,300

350,806

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

International

Index

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### JAPAN

#### Entertainment
Nintendo

Co.

Ltd.

42,400

2,864,092

Toho

Co.

Ltd.(a)

3,700

188,671

4,251,563

#### Financial

#### Services

#### 0

#### .2

#### %
Mitsubishi

HC

Capital,

Inc.

35,600

297,978

ORIX

Corp.

44,700

1,299,510

Sony

Financial

Group,

Inc.\*

250,700

265,282

1,862,770

#### Food

#### Products

#### 0

#### .1

#### %
Ajinomoto

Co.,

Inc.

35,200

744,509

Kikkoman

Corp.(a)

28,100

254,812

999,321

#### Gas

#### Utilities

#### 0

#### .1

#### %
Osaka

Gas

Co.

Ltd.

13,800

478,988

Tokyo

Gas

Co.

Ltd.

12,100

478,446

957,434

#### Ground

#### Transportation

#### 0

#### .4

#### %
Central

Japan

Railway

Co.

29,700

823,337

East

Japan

Railway

Co.

37,128

982,585

Hankyu

Hanshin

Holdings,

Inc.(a)

10,000

251,500

Seibu

Holdings,

Inc.

7,700

211,702

Tokyo

Metro

Co.

Ltd.(a)

10,000

101,781

Tokyu

Corp.(a)

17,500

204,773

West

Japan

Railway

Co.(a)

14,700

293,953

2,869,631

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0

#### .4

#### %
Hoya

Corp.

13,200

1,999,392

Olympus

Corp.

45,800

583,411

Sysmex

Corp.

17,700

174,463

Terumo

Corp.

51,800

754,691

3,511,957

#### Health

#### Care

#### Technology

#### 0

#### .0

#### %

#### †
M3,

Inc.(a)

15,500

209,904

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0

#### .1

#### %
Oriental

Land

Co.

Ltd.(a)

41,500

767,650

Zensho

Holdings

Co.

Ltd.

3,400

194,868

962,518

#### Household

#### Durables

#### 1

#### .0

#### %
Panasonic

Holdings

Corp.

89,600

1,172,149

Sekisui

House

Ltd.(a)

22,900

511,160

Sony

Group

Corp.

237,800

6,078,206

7,761,515

#### Household

#### Products

#### 0

#### .0

#### %

#### †
Unicharm

Corp.(a)

46,100

264,226

#### Industrial

#### Conglomerates

#### 0

#### .8

#### %
Hikari

Tsushin,

Inc.

800

223,554

Hitachi

Ltd.

177,300

5,500,492

Sekisui

Chemical

Co.

Ltd.

15,500

260,041

5,984,087

#### Insurance

#### 0

#### .9

#### %
Dai-ichi

Life

Holdings,

Inc.

135,000

1,120,800

Japan

Post

Holdings

Co.

Ltd.

68,500

720,334

Japan

Post

Insurance

Co.

Ltd.

7,900

237,048

MS&AD

Insurance

Group

Holdings,

Inc.

49,423

1,163,771

Sompo

Holdings,

Inc.

34,050

1,159,225

T&D

Holdings,

Inc.

18,300

421,703

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### JAPAN

#### Insurance
Tokio

Marine

Holdings,

Inc.

70,600

2,621,086

7,443,967

#### Interactive

#### Media

#### &

#### Services

#### 0

#### .0

#### %

#### †
LY

Corp.

112,100

298,482

#### IT

#### Services

#### 0

#### .6

#### %
Fujitsu

Ltd.

67,600

1,853,430

NEC

Corp.

49,800

1,679,210

Nomura

Research

Institute

Ltd.

14,515

558,780

Obic

Co.

Ltd.

12,700

399,080

Otsuka

Corp.

8,000

164,689

TIS,

Inc.

8,700

291,218

4,946,407

#### Leisure

#### Products

#### 0

#### .1

#### %
Bandai

Namco

Holdings,

Inc.

23,300

621,022

Shimano,

Inc.(a)

3,000

316,738

937,760

#### Machinery

#### 1

#### .3

#### %
Daifuku

Co.

Ltd.(a)

12,400

390,882

Ebara

Corp.(a)

17,000

400,972

FANUC

Corp.(a)

35,800

1,393,325

IHI

Corp.

40,200

708,811

Kawasaki

Heavy

Industries

Ltd.(a)

5,900

390,275

Komatsu

Ltd.

36,500

1,166,795

Kubota

Corp.(a)

37,600

530,944

Makita

Corp.

9,200

277,897

MINEBEA

MITSUMI,

Inc.

14,600

293,223

Mitsubishi

Heavy

Industries

Ltd.

123,100

3,014,961

SMC

Corp.

2,200

766,032

Toyota

Industries

Corp.(a)

6,300

715,379

10,049,496

#### Marine

#### Transportation

#### 0

#### .1

#### %
Kawasaki

Kisen

Kaisha

Ltd.

(a) 12,300

171,024

Mitsui

OSK

Lines

Ltd.(a)

13,500

405,306

Nippon

Yusen

KK(a)

16,000

518,031

1,094,361

#### Metals

#### &

#### Mining

#### 0

#### .2

#### %
JFE

Holdings,

Inc.

23,300

296,487

JX

Advanced

Metals

Corp.

20,500

257,243

Nippon

Steel

Corp.(a)

188,020

768,933

Sumitomo

Metal

Mining

Co.

Ltd.

9,800

394,043

1,716,706

#### Office

#### REITs

#### 0

#### .0

#### %

#### †
Nippon

Building

Fund,

Inc.

287,179

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0

#### .2

#### %
ENEOS

Holdings,

Inc.

106,139

750,051

Idemitsu

Kosan

Co.

Ltd.

27,080

204,266

Inpex

Corp.(a)

33,900

670,863

1,625,180

#### Passenger

#### Airlines

#### 0

#### .0

#### %

#### †
ANA

Holdings,

Inc.

5,600

106,366

Japan

Airlines

Co.

Ltd.

6,386

118,868

225,234

#### Personal

#### Care

#### Products

#### 0

#### .1

#### %
Kao

Corp.(a)

18,200

728,289

NVIT

International

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### JAPAN

#### Personal

#### Care

#### Products
Shiseido

Co.

Ltd.(a)

16,500

240,843

969,132

#### Pharmaceuticals

#### 1

#### .0

#### %
Astellas

Pharma,

Inc.

69,700

931,262

Chugai

Pharmaceutical

Co.

Ltd.

25,800

1,356,255

Daiichi

Sankyo

Co.

Ltd.

71,000

1,512,133

Eisai

Co.

Ltd.(a)

10,600

314,478

Kyowa

Kirin

Co.

Ltd.(a)

8,300

133,616

Otsuka

Holdings

Co.

Ltd.

16,700

943,460

Shionogi

&

Co.

Ltd.

28,700

519,303

Takeda

Pharmaceutical

Co.

Ltd.

61,149

1,899,715

7,610,222

#### Professional

#### Services

#### 0

#### .4

#### %
Recruit

Holdings

Co.

Ltd.

54,100

3,086,246

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0

#### .5

#### %
Daito

Trust

Construction

Co.

Ltd.

10,300

196,437

Daiwa

House

Industry

Co.

Ltd.

21,500

714,006

Hulic

Co.

Ltd.(a)

16,200

177,101

Mitsubishi

Estate

Co.

Ltd.

40,800

993,694

Mitsui

Fudosan

Co.

Ltd.

101,500

1,154,806

Sumitomo

Realty

&

Development

Co.

Ltd.

23,400

586,423

3,822,467

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 1

#### .4

#### %
Advantest

Corp.

29,800

3,762,071

Disco

Corp.

3,700

1,141,046

Kioxia

Holdings

Corp.\*

7,000

468,656

Lasertec

Corp.(a)

3,000

569,356

Renesas

Electronics

Corp.\*

68,300

935,387

SCREEN

Holdings

Co.

Ltd.

(a) 2,900

281,165

Tokyo

Electron

Ltd.

17,400

3,821,345

10,979,026

#### Software

#### 0

#### .0

#### %

#### †
Oracle

Corp.

Japan

1,700

143,277

Trend

Micro,

Inc.\*(a)

4,400

182,192

325,469

#### Specialty

#### Retail

#### 0

#### .4

#### %
Fast

Retailing

Co.

Ltd.

7,500

2,719,892

Nitori

Holdings

Co.

Ltd.(a)

16,100

281,832

Sanrio

Co.

Ltd.(a)

6,300

197,653

ZOZO,

Inc.(a)

15,600

129,020

3,328,397

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0

#### .2

#### %
Canon,

Inc.(a)

33,300

985,761

FUJIFILM

Holdings

Corp.

43,000

918,745

1,904,506

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0

#### .1

#### %
Asics

Corp.

26,800

645,632

#### Tobacco

#### 0

#### .2

#### %
Japan

Tobacco,

Inc.(a)

46,100

1,659,003

#### Trading

#### Companies

#### &

#### Distributors

#### 1

#### .6

#### %
ITOCHU

Corp.

228,500

2,884,273

Marubeni

Corp.

54,200

1,508,220

Mitsubishi

Corp.

123,800

2,836,796

Mitsui

&

Co.

Ltd.

94,900

2,804,836

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### JAPAN

#### Trading

#### Companies

#### &

#### Distributors
MonotaRO

Co.

Ltd.(a)

8,800

141,335

Sumitomo

Corp.

41,900

1,449,104

Toyota

Tsusho

Corp.

26,700

900,409

12,524,973

#### Wireless

#### Telecommunication

#### Services

#### 1

#### .0

#### %
KDDI

Corp.

112,600

1,947,796

SoftBank

Corp.

1,103,300

1,514,674

SoftBank

Group

Corp.

146,800

4,138,626

7,601,096

174,775,326

#### LUXEMBOURG

#### 0

#### .2

#### %

#### Capital

#### Markets

#### 0

#### .0

#### %

#### †
CVC

Capital

Partners

plc

Reg.

S(b)

9,805

164,188

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0

#### .1

#### %
Eurofins

Scientific

SE

4,734

346,226

#### Metals

#### &

#### Mining

#### 0

#### .1

#### %
ArcelorMittal

SA

18,017

820,538

1,330,952

#### MACAU

#### 0

#### .1

#### %

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0

#### .1

#### %
Galaxy

Entertainment

Group

Ltd.

77,000

377,664

Sands

China

Ltd.

98,700

248,743

626,407

#### MEXICO

#### 0

#### .0

#### %

#### †

#### Metals

#### &

#### Mining

#### 0

#### .0

#### %

#### †
Fresnillo

plc

8,754

389,796

#### NETHERLANDS

#### 4

#### .4

#### %

#### Banks

#### 0

#### .5

#### %
ABN

AMRO

Bank

NV,

CVA

Reg.

S(b)

22,400

781,872

ING

Groep

NV

117,462

3,301,997

4,083,869

#### Beverages

#### 0

#### .2

#### %
Heineken

Holding

NV

5,093

373,588

Heineken

NV

11,063

904,969

1,278,557

#### Biotechnology

#### 0

#### .2

#### %
Argenx

SE\*

2,412

2,030,069

#### Capital

#### Markets

#### 0

#### .1

#### %
Euronext

NV

Reg.

S(b)

3,014

452,381

#### Chemicals

#### 0

#### .1

#### %
Akzo

Nobel

NV

6,572

456,451

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0

#### .2

#### %
Koninklijke

Ahold

Delhaize

NV

35,417

1,452,550

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .1

#### %
Koninklijke

KPN

NV

149,383

698,837

#### Entertainment

#### 0

#### .1

#### %
Universal

Music

Group

NV

42,273

1,104,404

#### Financial

#### Services

#### 0

#### .2

#### %
Adyen

NV

Reg.

S\*(b)

994

1,594,845

EXOR

NV

3,731

316,198

1,911,043

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

International

Index

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### NETHERLANDS

#### Food

#### Products

#### 0

#### .1

#### %
JDE

Peet's

NV

5,992

224,352

Magnum

Ice

Cream

Co.

NV

(The)\*(a)

18,054

286,555

510,907

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0

#### .1

#### %
Koninklijke

Philips

NV

29,590

800,852

#### Insurance

#### 0

#### .1

#### %
ASR

Nederland

NV

6,090

432,310

NN

Group

NV

10,333

795,469

1,227,779

#### Professional

#### Services

#### 0

#### .1

#### %
Randstad

NV(a)

3,806

144,695

Wolters

Kluwer

NV

8,932

927,377

1,072,072

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 2

#### .2

#### %
ASM

International

NV

1,800

1,085,074

ASML

Holding

NV

14,987

16,019,843

BE

Semiconductor

Industries

NV

2,812

437,283

17,542,200

#### Software

#### 0

#### .1

#### %
Nebius

Group

NV,

Class

A\*(a)

8,254

690,901

#### Trading

#### Companies

#### &

#### Distributors

#### 0

#### .0

#### %

#### †
IMCD

NV(a)

2,073

188,592

35,501,464

#### NEW

#### ZEALAND

#### 0

#### .2

#### %

#### Electric

#### Utilities

#### 0

#### .0

#### %

#### †
Contact

Energy

Ltd.

29,370

156,418

#### Financial

#### Services

#### 0

#### .0

#### %

#### †
Infratil

Ltd.

37,819

241,211

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0

#### .1

#### %
Fisher

&

Paykel

Healthcare

Corp.

Ltd.

23,966

520,008

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0

#### .0

#### %

#### †
Meridian

Energy

Ltd.

45,861

147,723

#### Software

#### 0

#### .1

#### %
Xero

Ltd.\*

6,355

480,512

#### Transportation

#### Infrastructure

#### 0

#### .0

#### %

#### †
Auckland

International

Airport

Ltd.

67,465

323,438

1,869,310

#### NORWAY

#### 0

#### .5

#### %

#### Aerospace

#### &

#### Defense

#### 0

#### .1

#### %
Kongsberg

Gruppen

ASA

16,964

434,899

#### Banks

#### 0

#### .1

#### %
DNB

Bank

ASA

34,146

950,924

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .0

#### %

#### †
Telenor

ASA

24,325

354,076

#### Food

#### Products

#### 0

#### .1

#### %
Mowi

ASA

17,912

432,488

Orkla

ASA

28,188

314,666

Salmar

ASA

2,345

143,651

890,805

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### NORWAY

#### Insurance

#### 0

#### .0

#### %

#### †
Gjensidige

Forsikring

ASA

7,014

210,126

#### Metals

#### &

#### Mining

#### 0

#### .1

#### %
Norsk

Hydro

ASA

53,620

414,302

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0

#### .1

#### %
Aker

BP

ASA

12,656

322,040

Equinor

ASA

30,036

710,098

1,032,138

4,287,270

#### POLAND

#### 0

#### .0

#### %

#### †

#### Air

#### Freight

#### &

#### Logistics

#### 0

#### .0

#### %

#### †
InPost

SA\*(a)

11,000

134,736

#### PORTUGAL

#### 0

#### .2

#### %

#### Banks

#### 0

#### .1

#### %
Banco

Comercial

Portugues

SA,

Class

R

278,371

291,704

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0

#### .0

#### %

#### †
Jeronimo

Martins

SGPS

SA

11,521

274,435

#### Electric

#### Utilities

#### 0

#### .1

#### %
EDP

SA

129,198

593,850

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0

#### .0

#### %

#### †
Galp

Energia

SGPS

SA

16,653

283,694

1,443,683

#### SINGAPORE

#### 1

#### .7

#### %

#### Aerospace

#### &

#### Defense

#### 0

#### .1

#### %
Singapore

Technologies

Engineering

Ltd.

61,300

399,944

#### Banks

#### 0

#### .9

#### %
DBS

Group

Holdings

Ltd.

81,700

3,575,549

Oversea-Chinese

Banking

Corp.

Ltd.

130,000

1,996,925

United

Overseas

Bank

Ltd.

48,100

1,309,929

6,882,403

#### Broadline

#### Retail

#### 0

#### .2

#### %
Sea

Ltd.,

ADR\*

15,009

1,914,698

#### Capital

#### Markets

#### 0

#### .0

#### %

#### †
Singapore

Exchange

Ltd.

30,100

395,517

#### Diversified

#### REITs

#### 0

#### .1

#### %
CapitaLand

Integrated

Commercial

Trust

224,886

417,137

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .1

#### %
Singapore

Telecommunications

Ltd.

296,650

1,051,045

#### Ground

#### Transportation

#### 0

#### .1

#### %
Grab

Holdings

Ltd.,

Class

A\*

98,692

492,473

#### Industrial

#### Conglomerates

#### 0

#### .1

#### %
Keppel

Ltd.

56,100

450,314

#### Industrial

#### REITs

#### 0

#### .0

#### %

#### †
CapitaLand

Ascendas

REIT

154,407

339,389

#### Multi-Utilities

#### 0

#### .0

#### %

#### †
Sembcorp

Industries

Ltd.

31,300

146,117

#### Passenger

#### Airlines

#### 0

#### .0

#### %

#### †
Singapore

Airlines

Ltd.

60,514

301,008

NVIT

International

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### SINGAPORE

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0

#### .0

#### %

#### †
CapitaLand

Investment

Ltd.

101,197

213,357

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0

#### .1

#### %
STMicroelectronics

NV

26,008

674,021

13,677,423

#### SOUTH

#### AFRICA

#### 0

#### .2

#### %

#### Metals

#### &

#### Mining

#### 0

#### .2

#### %
Anglo

American

plc

42,989

1,771,550

#### SOUTH

#### KOREA

#### 0

#### .0

#### %

#### †

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0

#### .0

#### %

#### †
Delivery

Hero

SE

Reg.

S\*(b)

6,739

179,923

#### SPAIN

#### 3

#### .7

#### %

#### Banks

#### 1

#### .9

#### %
Banco

Bilbao

Vizcaya

Argentaria

SA

223,071

5,217,661

Banco

de

Sabadell

SA

192,972

756,723

Banco

Santander

SA

575,142

6,749,202

Bankinter

SA

26,155

433,075

CaixaBank

SA

152,922

1,867,520

15,024,181

#### Biotechnology

#### 0

#### .0

#### %

#### †
Grifols

SA(a)

10,461

130,902

#### Construction

#### &

#### Engineering

#### 0

#### .1

#### %
ACS

Actividades

de

Construccion

y

Servicios

SA

6,783

672,731

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .2

#### %
Cellnex

Telecom

SA

Reg.

S(b)

18,996

611,036

Telefonica

SA(a)

141,573

581,157

1,192,193

#### Electric

#### Utilities

#### 0

#### .8

#### %
Acciona

SA(a)

1,051

228,380

Endesa

SA(a)

12,236

440,459

Iberdrola

SA

245,658

5,317,298

Redeia

Corp.

SA(a)

14,231

253,708

6,239,845

#### Gas

#### Utilities

#### 0

#### .0

#### %

#### †
Naturgy

Energy

Group

SA

8,880

270,384

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0

#### .2

#### %
Amadeus

IT

Group

SA

17,836

1,308,248

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0

#### .0

#### %

#### †
EDP

Renovaveis

SA(a)

11,058

155,984

#### Insurance

#### 0

#### .0

#### %

#### †
Mapfre

SA

34,050

171,361

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0

#### .1

#### %
Repsol

SA

43,343

811,792

#### Specialty

#### Retail

#### 0

#### .3

#### %
Industria

de

Diseno

Textil

SA

42,496

2,799,228

#### Transportation

#### Infrastructure

#### 0

#### .1

#### %
Aena

SME

SA

Reg.

S(b)

28,809

806,475

29,583,324

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### SWEDEN

#### 3

#### .2

#### %

#### Aerospace

#### &

#### Defense

#### 0

#### .1

#### %
Saab

AB,

Class

B

12,304

715,678

#### Banks

#### 0

#### .4

#### %
Skandinaviska

Enskilda

Banken

AB,

Class

A

58,153

1,227,641

Svenska

Handelsbanken

AB,

Class

A

56,028

817,082

Swedbank

AB,

Class

A

32,612

1,134,545

3,179,268

#### Biotechnology

#### 0

#### .0

#### %

#### †
Swedish

Orphan

Biovitrum

AB\*

7,961

286,242

#### Building

#### Products

#### 0

#### .2

#### %
Assa

Abloy

AB,

Class

B

38,501

1,492,663

Nibe

Industrier

AB,

Class

B(a)

53,147

203,903

1,696,566

#### Capital

#### Markets

#### 0

#### .1

#### %
EQT

AB(a)

19,270

751,858

#### Commercial

#### Services

#### &

#### Supplies

#### 0

#### .0

#### %

#### †
Securitas

AB,

Class

B

19,771

315,034

#### Communications

#### Equipment

#### 0

#### .1

#### %
Telefonaktiebolaget

LM

Ericsson,

Class

B

107,502

1,049,454

#### Construction

#### &

#### Engineering

#### 0

#### .0

#### %

#### †
Skanska

AB,

Class

B

13,474

367,699

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .1

#### %
Telia

Co.

AB

92,725

396,155

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0

#### .1

#### %
Hexagon

AB,

Class

B(a)

79,751

943,299

#### Financial

#### Services

#### 0

#### .4

#### %
Industrivarden

AB,

Class

A

4,157

186,826

Industrivarden

AB,

Class

C(a)

5,467

245,185

Investor

AB,

Class

B

69,985

2,497,512

L

E

Lundbergforetagen

AB,

Class

B

2,665

147,464

3,076,987

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0

#### .0

#### %

#### †
Evolution

AB

Reg.

S(b)

5,297

360,492

#### Household

#### Products

#### 0

#### .1

#### %
Essity

AB,

Class

B

23,157

667,101

#### Industrial

#### Conglomerates

#### 0

#### .1

#### %
Investment

AB

Latour,

Class

B

5,051

122,954

Lifco

AB,

Class

B

9,203

347,802

470,756

#### Machinery

#### 1

#### .1

#### %
Alfa

Laval

AB

11,114

561,591

Atlas

Copco

AB,

Class

A

103,178

1,848,512

Atlas

Copco

AB,

Class

B

59,957

961,555

Epiroc

AB,

Class

A

25,314

572,777

Epiroc

AB,

Class

B

13,676

275,970

Indutrade

AB

11,088

287,382

Sandvik

AB

40,956

1,326,573

SKF

AB,

Class

B

13,398

356,083

Trelleborg

AB,

Class

B

8,029

339,761

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

International

Index

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### SWEDEN

#### Machinery
Volvo

AB,

Class

B

61,036

1,956,442

8,486,646

#### Metals

#### &

#### Mining

#### 0

#### .1

#### %
Boliden

AB\*

10,918

604,204

#### Paper

#### &

#### Forest

#### Products

#### 0

#### .1

#### %
Holmen

AB,

Class

B(a)

2,679

102,960

Svenska

Cellulosa

AB

SCA,

Class

B(a)

24,320

323,040

426,000

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0

#### .0

#### %

#### †
Fastighets

AB

Balder,

Class

B\*

25,180

186,079

Sagax

AB,

Class

B(a)

7,707

165,333

351,412

#### Specialty

#### Retail

#### 0

#### .1

#### %
H

&

M

Hennes

&

Mauritz

AB,

Class

B(a)

19,539

393,027

#### Trading

#### Companies

#### &

#### Distributors

#### 0

#### .1

#### %
AddTech

AB,

Class

B(a)

10,272

365,032

Beijer

Ref

AB,

Class

B(a)

15,675

252,173

617,205

#### Wireless

#### Telecommunication

#### Services

#### 0

#### .0

#### %

#### †
Tele2

AB,

Class

B

21,721

364,473

25,519,556

#### SWITZERLAND

#### 4

#### .8

#### %

#### Banks

#### 0

#### .0

#### %

#### †
Banque

Cantonale

Vaudoise

(Registered)(a)

1,056

133,578

#### Building

#### Products

#### 0

#### .2

#### %
Belimo

Holding

AG

(Registered)

373,907

Geberit

AG

(Registered)(a)

1,303

1,015,000

1,388,907

#### Capital

#### Markets

#### 0

#### .9

#### %
Julius

Baer

Group

Ltd.

7,913

618,628

Partners

Group

Holding

AG(a)

872

1,071,173

UBS

Group

AG

(Registered)

121,940

5,636,928

7,326,729

#### Chemicals

#### 0

#### .4

#### %
DSM-Firmenich

AG

6,843

552,985

EMS-Chemie

Holding

AG

(Registered)

170,218

Givaudan

SA

(Registered)

1,411,341

Sika

AG

(Registered)

5,856

1,200,220

3,334,764

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .1

#### %
Swisscom

AG

(Registered)

(a) 1,012

735,414

#### Electric

#### Utilities

#### 0

#### .0

#### %

#### †
BKW

AG

741

157,249

#### Electrical

#### Equipment

#### 0

#### .5

#### %
ABB

Ltd.

(Registered)

60,204

4,450,358

#### Food

#### Products

#### 0

#### .2

#### %
Barry

Callebaut

AG

(Registered)(a)

205,432

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### SWITZERLAND

#### Food

#### Products
Chocoladefabriken

Lindt

&

Spruengli

AG

526,501

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

732,447

1,464,380

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0

#### .1

#### %
Sonova

Holding

AG

(Registered)

1,947

502,357

Straumann

Holding

AG

(Registered)(a)

4,288

502,122

1,004,479

#### Insurance

#### 0

#### .8

#### %
Helvetia

Baloise

Holding

AG(a)

3,066

808,290

Swiss

Life

Holding

AG

(Registered)(a)

1,096

1,266,215

Zurich

Insurance

Group

AG

5,622

4,267,194

6,341,699

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0

#### .2

#### %
Lonza

Group

AG

(Registered)

2,698

1,825,352

#### Machinery

#### 0

#### .2

#### %
Schindler

Holding

AG(a)

1,564

589,410

Schindler

Holding

AG

(Registered)

939

332,829

VAT

Group

AG

Reg.

S(b)

1,037

497,963

1,420,202

#### Marine

#### Transportation

#### 0

#### .0

#### %

#### †
Kuehne

+

Nagel

International

AG

(Registered)

1,894

407,980

#### Pharmaceuticals

#### 0

#### .3

#### %
Galderma

Group

AG

5,940

1,205,721

Sandoz

Group

AG

16,056

1,170,184

2,375,905

#### Professional

#### Services

#### 0

#### .1

#### %
SGS

SA

(Registered)

6,360

729,138

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0

#### .1

#### %
Swiss

Prime

Site

AG

(Registered)

3,082

478,913

#### Specialty

#### Retail

#### 0

#### .0

#### %

#### †
Avolta

AG

3,083

182,845

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0

#### .1

#### %
Logitech

International

SA

(Registered)

5,980

609,019

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0

#### .6

#### %
Cie

Financiere

Richemont

SA

(Registered)

20,650

4,456,605

Swatch

Group

AG

(The)(a)

1,204

255,530

4,712,135

39,079,046

#### UNITED

#### ARAB

#### EMIRATES

#### 0

#### .0

#### %

#### †

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0

#### .0

#### %

#### †
NMC

Health

plc\*^∞

11,719

#### UNITED

#### KINGDOM

#### 11

#### .1

#### %

#### Aerospace

#### &

#### Defense

#### 1

#### .0

#### %
BAE

Systems

plc

115,427

2,653,553

Melrose

Industries

plc

49,467

389,186

NVIT

International

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### UNITED

#### KINGDOM

#### Aerospace

#### &

#### Defense
Rolls-Royce

Holdings

plc

325,822

5,064,297

8,107,036

#### Banks

#### 2

#### .7

#### %
Barclays

plc

542,587

3,444,370

HSBC

Holdings

plc

664,692

10,420,906

Lloyds

Banking

Group

plc

2,274,119

2,996,929

NatWest

Group

plc

308,649

2,692,024

Standard

Chartered

plc

74,754

1,825,568

21,379,797

#### Beverages

#### 0

#### .3

#### %
Coca-Cola

Europacific

Partners

plc

8,080

732,856

Diageo

plc

85,521

1,842,182

2,575,038

#### Broadline

#### Retail

#### 0

#### .1

#### %
Next

plc

4,468

822,043

#### Capital

#### Markets

#### 0

#### .5

#### %
3i

Group

plc

39,058

1,699,310

London

Stock

Exchange

Group

plc

18,277

2,200,816

Schroders

plc

32,712

178,285

4,078,411

#### Commercial

#### Services

#### &

#### Supplies

#### 0

#### .1

#### %
Rentokil

Initial

plc

97,031

579,551

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0

#### .3

#### %
J

Sainsbury

plc(a)

69,501

306,296

Marks

&

Spencer

Group

plc

79,110

351,908

Tesco

plc

249,688

1,486,612

2,144,816

#### Diversified

#### Consumer

#### Services

#### 0

#### .0

#### %

#### †
Pearson

plc

23,391

330,111

#### Diversified

#### REITs

#### 0

#### .0

#### %

#### †
Land

Securities

Group

plc

29,819

248,169

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .1

#### %
BT

Group

plc

229,726

568,061

#### Electric

#### Utilities

#### 0

#### .2

#### %
SSE

plc

46,320

1,358,211

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0

#### .1

#### %
Halma

plc

14,583

691,096

#### Financial

#### Services

#### 0

#### .1

#### %
M&G

plc

90,785

348,641

Wise

plc,

Class

A\*

26,588

319,358

667,999

#### Food

#### Products

#### 0

#### .0

#### %

#### †
Associated

British

Foods

plc

12,720

364,754

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0

#### .1

#### %
Smith

&

Nephew

plc

31,618

526,363

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0

#### .4

#### %
Compass

Group

plc

66,413

2,112,930

Entain

plc

21,307

219,404

InterContinental

Hotels

Group

plc

5,561

778,969

Whitbread

plc

6,134

209,401

3,320,704

#### Household

#### Durables

#### 0

#### .0

#### %

#### †
Barratt

Redrow

plc

47,969

245,769

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### UNITED

#### KINGDOM

#### Household

#### Products

#### 0

#### .3

#### %
Reckitt

Benckiser

Group

plc

25,933

2,099,566

#### Industrial

#### Conglomerates

#### 0

#### .2

#### %
CK

Hutchison

Holdings

Ltd.

105,016

715,475

DCC

plc(a)

3,443

213,985

Smiths

Group

plc

12,782

402,775

1,332,235

#### Industrial

#### REITs

#### 0

#### .1

#### %
Segro

plc

49,391

477,790

#### Insurance

#### 0

#### .3

#### %
Admiral

Group

plc

10,052

430,331

Aviva

plc

117,428

1,075,118

Legal

&

General

Group

plc

218,852

768,466

Phoenix

Group

Holdings

plc

28,932

285,202

2,559,117

#### Interactive

#### Media

#### &

#### Services

#### 0

#### .0

#### %

#### †
Auto

Trader

Group

plc

Reg.

S(b)

30,593

241,251

#### Machinery

#### 0

#### .0

#### %

#### †
Spirax

Group

plc

3,014

275,638

#### Media

#### 0

#### .1

#### %
Informa

plc

49,717

589,734

#### Multi-Utilities

#### 0

#### .4

#### %
Centrica

plc

185,266

421,841

National

Grid

plc

190,581

2,937,066

3,358,907

#### Passenger

#### Airlines

#### 0

#### .0

#### %

#### †
International

Consolidated

Airlines

Group

SA

50,823

281,797

#### Personal

#### Care

#### Products

#### 0

#### .7

#### %
Unilever

plc

84,322

5,513,085

#### Pharmaceuticals

#### 1

#### .4

#### %
AstraZeneca

plc

59,876

11,028,674

Hikma

Pharmaceuticals

plc

5,774

120,636

11,149,310

#### Professional

#### Services

#### 0

#### .4

#### %
Intertek

Group

plc

6,132

380,293

RELX

plc

70,108

2,835,746

3,216,039

#### Software

#### 0

#### .1

#### %
Sage

Group

plc

(The)

37,007

538,884

#### Specialty

#### Retail

#### 0

#### .0

#### %

#### †
JD

Sports

Fashion

plc

88,961

101,011

Kingfisher

plc

61,809

259,172

360,183

#### Tobacco

#### 0

#### .7

#### %
British

American

Tobacco

plc

84,666

4,798,669

Imperial

Brands

plc

29,398

1,235,944

6,034,613

#### Trading

#### Companies

#### &

#### Distributors

#### 0

#### .2

#### %
Ashtead

Group

plc

16,194

1,104,836

Bunzl

plc

12,884

359,552

1,464,388

#### Water

#### Utilities

#### 0

#### .1

#### %
Severn

Trent

plc

10,584

397,880

United

Utilities

Group

plc

26,085

419,630

817,510

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

International

Index

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### UNITED

#### KINGDOM

#### Wireless

#### Telecommunication

#### Services

#### 0

#### .1

#### %
Vodafone

Group

plc

735,648

977,467

89,295,443

#### UNITED

#### STATES

#### 9

#### .3

#### %

#### Automobiles

#### 0

#### .1

#### %
Stellantis

NV

77,453

855,084

#### Construction

#### &

#### Engineering

#### 0

#### .2

#### %
Ferrovial

SE

19,730

1,276,033

#### Construction

#### Materials

#### 0

#### .3

#### %
Buzzi

SpA

2,839

172,566

Holcim

AG

19,598

1,921,258

2,093,824

#### Electrical

#### Equipment

#### 0

#### .7

#### %
Schneider

Electric

SE

21,202

5,811,498

#### Energy

#### Equipment

#### &

#### Services

#### 0

#### .0

#### %

#### †
Tenaris

SA

15,083

290,954

#### Entertainment

#### 0

#### .4

#### %
Spotify

Technology

SA\*

6,074

3,527,233

#### Food

#### Products

#### 1

#### .2

#### %
Nestle

SA

(Registered)

98,970

9,836,967

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0

#### .2

#### %
Alcon

AG(a)

19,195

1,524,725

#### Insurance

#### 0

#### .3

#### %
Aegon

Ltd.

51,471

397,231

Swiss

Re

AG

11,476

1,913,669

2,310,900

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0

#### .1

#### %
QIAGEN

NV

8,473

386,729

#### Marine

#### Transportation

#### 0

#### .1

#### %
AP

Moller

-

Maersk

A/S,

Class

A

276,358

AP

Moller

-

Maersk

A/S,

Class

B

357,265

633,623

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 1

#### .5

#### %
BP

plc

604,352

3,508,251

Shell

plc

223,655

8,215,796

11,724,047

#### Pharmaceuticals

#### 3

#### .9

#### %
GSK

plc

157,749

3,876,767

Haleon

plc

349,985

1,770,976

Novartis

AG

(Registered)

73,029

10,088,095

Roche

Holding

AG

28,216

11,671,793

Sanofi

SA

42,845

4,156,725

31,564,356

#### Professional

#### Services

#### 0

#### .2

#### %
Experian

plc

36,111

1,633,173

#### Software

#### 0

#### .1

#### %
CyberArk

Software

Ltd.\*

2,025

903,271

Monday.com

Ltd.\*(a)

1,684

248,491

1,151,762

74,620,908

#### Total

#### Common

#### Stocks

#### (cost

#### $361,088,423)

#### 787,922,928

#### Repurchase

#### Agreements

#### 2

#### .6

#### %

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Bank

of

America

NA,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$4,000,856,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.50%,

maturing

5/1/2049

-

9/1/2050;

total

market

value

$4,080,000.(c)(d)

4,000,000

4,000,000

BNP

Paribas

Securities

Corp.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$7,001,482,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.63%,

maturing

7/31/2026

-

11/15/2054;

total

market

value

$7,140,000.(c)(d)

7,000,000

7,000,000

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$244,150,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$248,980.(c)(d)

244,098

244,098

CF

Secured,

LLC,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$2,500,533,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.13%

-

7.50%,

maturing

3/31/2026

-

4/20/2071;

total

market

value

$2,550,544.(c)(d)

2,500,000

2,500,000

MetLife,

Inc.,

3.83%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$2,000,426,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$2,041,034.(c)(d)

2,000,000

2,000,000

NVIT

International

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Repurchase

#### Agreements

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Pershing

LLC,

3.72%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$5,001,033,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

2/15/2026

-

12/20/2075;

total

market

value

$5,100,000.(c)(d)

5,000,000

5,000,000

#### Total

#### Repurchase

#### Agreements

#### (cost

#### $20,744,098)

#### 20,744,098

#### Total

#### Investments

#### (cost

#### $381,832,521)

#### —

#### 100.3%

#### 808,667,026

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (0.3)%

#### (#### 2,042,626

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 806,624,400
\*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$33,517,225,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$20,744,098

and

by

$16,926,214

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.75%,

and

maturity

dates

ranging

from

1/13/2026

-

8/15/2055,

a

total

value

of

$37,670,312.

(b) Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

December

31,

2025

was

$8,824,704

which

represents

1.09%

of

net

assets.

(c) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$20,744,098.

(d) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

ADR

American

Depositary

Receipt

CVA

Dutch

Certification

ICE

Intercontinental

Exchange

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

International

Index

Fund

#### Futures

#### contracts

#### outstanding

#### as

#### of

#### December

#### 31,

#### 2025:

#### Description

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### ($)

#### Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Long

#### Contracts
EURO

STOXX

Index

3/2026

EUR

3,912,676

43,779

FTSE

Index

3/2026

GBP

1,741,996

4,586

Nikkei

Index

3/2026

JPY

1,127,155

(1,016)

SPI

Index

3/2026

AUD

1,013,237

(1,445)

#### Net

#### contracts
45,904

#### 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

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### 100

#### .2

#### %

#### Shares

#### Value

#### ($)

#### Aerospace

#### &

#### Defense

#### 3

#### .5

#### %
AeroVironment,

Inc.\*(a)

11,101

2,685,221

ATI,

Inc.\*

46,983

5,391,769

BWX

Technologies,

Inc.

31,892

5,512,213

Carpenter

Technology

Corp.

17,235

5,426,267

Curtiss-Wright

Corp.

13,006

7,169,818

Hexcel

Corp.(a)

27,762

2,051,612

Kratos

Defense

&

Security

Solutions,

Inc.\*(a)

58,898

4,470,947

Woodward,

Inc.

20,924

6,325,744

39,033,591

#### Air

#### Freight

#### &

#### Logistics

#### 0

#### .2

#### %
GXO

Logistics,

Inc.\*

39,943

2,102,600

#### Automobile

#### Components

#### 1

#### .1

#### %
Autoliv,

Inc.

24,656

2,926,667

BorgWarner,

Inc.

69,900

3,149,694

Gentex

Corp.

76,587

1,782,180

Goodyear

Tire

&

Rubber

Co.

(The)\*(a)

99,811

874,344

Lear

Corp.

18,565

2,127,549

Visteon

Corp.(a)

9,517

905,067

11,765,501

#### Automobiles

#### 0

#### .2

#### %
Harley-Davidson,

Inc.

42,414

869,063

Thor

Industries,

Inc.(a)

18,565

1,906,068

2,775,131

#### Banks

#### 6

#### .6

#### %
Associated

Banc-Corp.

50,678

1,305,465

Bank

OZK

36,939

1,699,933

Cadence

Bank

65,008

2,784,943

Columbia

Banking

System,

Inc.

104,347

2,916,499

Comerica,

Inc.

44,846

3,898,463

Commerce

Bancshares,

Inc.

(a) 45,466

2,379,690

Cullen/Frost

Bankers,

Inc.(a)

22,445

2,842,210

East

West

Bancorp,

Inc.(a)

48,090

5,404,835

First

Financial

Bankshares,

Inc.

40,588

1,212,364

First

Horizon

Corp.

172,762

4,129,012

Flagstar

Bank

NA(a)

104,405

1,314,459

FNB

Corp.

125,317

2,142,921

Glacier

Bancorp,

Inc.(a)

44,873

1,976,656

Hancock

Whitney

Corp.(a)

29,574

1,883,272

Home

BancShares,

Inc.

63,953

1,776,614

International

Bancshares

Corp.

18,869

1,253,656

Old

National

Bancorp

121,690

2,714,904

Pinnacle

Financial

Partners,

Inc.

26,833

2,560,136

Prosperity

Bancshares,

Inc.(a)

33,149

2,290,927

SOUTHSTATE

BANK

Corp.

33,785

3,179,506

Synovus

Financial

Corp.

48,433

2,424,072

Texas

Capital

Bancshares,

Inc.\*

15,965

1,445,471

UMB

Financial

Corp.

24,904

2,864,956

United

Bankshares,

Inc.

49,309

1,893,466

Valley

National

Bancorp(a)

167,962

1,961,796

Webster

Financial

Corp.

55,160

3,471,770

Western

Alliance

Bancorp

36,122

3,036,777

Wintrust

Financial

Corp.(a)

23,362

3,266,475

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Banks
Zions

Bancorp

NA

51,511

3,015,454

73,046,702

#### Beverages

#### 0

#### .6

#### %
Boston

Beer

Co.,

Inc.

(The),

Class

A\*(a)

2,759

538,364

Celsius

Holdings,

Inc.\*

55,803

2,552,429

Coca-Cola

Consolidated,

Inc.

19,973

3,061,861

6,152,654

#### Biotechnology

#### 2

#### .6

#### %
BioMarin

Pharmaceutical,

Inc.\*

67,000

3,981,810

Cytokinetics,

Inc.\*(a)

41,752

2,652,922

Exelixis,

Inc.\*

93,934

4,117,127

Halozyme

Therapeutics,

Inc.\*

40,813

2,746,715

Neurocrine

Biosciences,

Inc.\*

34,608

4,908,452

Roivant

Sciences

Ltd.\*

151,584

3,289,373

United

Therapeutics

Corp.\*

15,015

7,316,059

29,012,458

#### Broadline

#### Retail

#### 0

#### .4

#### %
Macy's,

Inc.

93,402

2,059,514

Ollie's

Bargain

Outlet

Holdings,

Inc.\*

21,404

2,346,093

4,405,607

#### Building

#### Products

#### 1

#### .9

#### %
AAON,

Inc.(a)

23,612

1,800,415

Advanced

Drainage

Systems,

Inc.

24,960

3,614,957

Carlisle

Cos.,

Inc.

14,436

4,617,499

Fortune

Brands

Innovations,

Inc.

41,885

2,095,088

Owens

Corning

28,104

3,145,118

Simpson

Manufacturing

Co.,

Inc.(a)

14,521

2,344,706

Trex

Co.,

Inc.\*

37,417

1,312,588

UFP

Industries,

Inc.

20,436

1,860,698

20,791,069

#### Capital

#### Markets

#### 3

#### .1

#### %
Affiliated

Managers

Group,

Inc.

9,914

2,858,008

Carlyle

Group,

Inc.

(The)(a)

90,872

5,371,444

Evercore,

Inc.,

Class

A

13,469

4,582,827

Federated

Hermes,

Inc.,

Class

B

25,791

1,342,937

Hamilton

Lane,

Inc.,

Class

A

14,116

1,895,920

Houlihan

Lokey,

Inc.,

Class

A

18,971

3,304,559

Janus

Henderson

Group

plc

43,541

2,071,245

Jefferies

Financial

Group,

Inc.

57,582

3,568,357

Morningstar,

Inc.

8,536

1,854,958

SEI

Investments

Co.

32,784

2,688,944

Stifel

Financial

Corp.

35,651

4,464,218

34,003,417

#### Chemicals

#### 1

#### .3

#### %
Ashland,

Inc.

15,948

935,669

Avient

Corp.

31,942

997,868

Axalta

Coating

Systems

Ltd.\*

73,244

2,366,514

Cabot

Corp.

18,565

1,230,488

NewMarket

Corp.

2,721

1,870,034

Olin

Corp.

40,002

833,242

RPM

International,

Inc.

44,794

4,658,576

Scotts

Miracle-Gro

Co.

(The)

15,513

905,184

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Mid

Cap

Index

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Chemicals
Westlake

Corp.(a)

11,635

860,292

14,657,867

#### Commercial

#### Services

#### &

#### Supplies

#### 1

#### .6

#### %
Brink's

Co.

(The)

14,537

1,696,904

Clean

Harbors,

Inc.\*

17,591

4,124,738

MSA

Safety,

Inc.(a)

12,839

2,056,037

RB

Global,

Inc.

64,119

6,595,921

Tetra

Tech,

Inc.

91,690

3,075,283

17,548,883

#### Communications

#### Equipment

#### 1

#### .8

#### %
Ciena

Corp.\*

48,971

11,452,848

Lumentum

Holdings,

Inc.\*(a)

24,560

9,052,570

20,505,418

#### Construction

#### &

#### Engineering

#### 2

#### .3

#### %
AECOM(a)

46,215

4,405,676

API

Group

Corp.\*(a)

129,154

4,941,432

Dycom

Industries,

Inc.\*

9,566

3,232,351

Fluor

Corp.\*

56,410

2,235,528

MasTec,

Inc.\*

21,392

4,649,979

Sterling

Infrastructure,

Inc.\*(a)

10,615

3,250,632

Valmont

Industries,

Inc.

6,887

2,770,778

25,486,376

#### Construction

#### Materials

#### 0

#### .3

#### %
Eagle

Materials,

Inc.(a)

10,930

2,259,013

Knife

River

Corp.\*(a)

19,772

1,390,960

3,649,973

#### Consumer

#### Finance

#### 0

#### .8

#### %
Ally

Financial,

Inc.

97,738

4,426,554

FirstCash

Holdings,

Inc.

13,623

2,171,234

SLM

Corp.(a)

72,746

1,968,507

8,566,295

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 2

#### .7

#### %
Albertsons

Cos.,

Inc.,

Class

A

140,651

2,414,978

BJ's

Wholesale

Club

Holdings,

Inc.\*(a)

45,622

4,107,349

Casey's

General

Stores,

Inc.

12,914

7,137,697

Maplebear,

Inc.\*

64,345

2,894,238

Performance

Food

Group

Co.\*(a)

53,808

4,838,415

Sprouts

Farmers

Market,

Inc.\*

33,256

2,649,505

US

Foods

Holding

Corp.\*

77,013

5,800,619

29,842,801

#### Containers

#### &

#### Packaging

#### 1

#### .1

#### %
AptarGroup,

Inc.

22,988

2,803,617

Crown

Holdings,

Inc.

39,705

4,088,424

Graphic

Packaging

Holding

Co.(a)

103,371

1,556,767

Greif,

Inc.,

Class

A(a)

9,118

617,289

Silgan

Holdings,

Inc.(a)

28,885

1,166,087

Sonoco

Products

Co.(a)

34,416

1,501,914

11,734,098

#### Diversified

#### Consumer

#### Services

#### 1

#### .0

#### %
Duolingo,

Inc.,

Class

A\*(a)

13,851

2,430,851

Graham

Holdings

Co.,

Class

B

1,185

1,301,841

Grand

Canyon

Education,

Inc.\*

9,679

1,609,714

H&R

Block,

Inc.(a)

44,116

1,922,575

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Diversified

#### Consumer

#### Services
Service

Corp.

International

48,934

3,815,384

11,080,365

#### Diversified

#### REITs

#### 0

#### .4

#### %
WP

Carey,

Inc.

76,413

4,917,941

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .3

#### %
Frontier

Communications

Parent,

Inc.\*

87,343

3,325,148

#### Electric

#### Utilities

#### 0

#### .8

#### %
IDACORP,

Inc.(a)

18,854

2,386,162

OGE

Energy

Corp.

70,273

3,000,657

Portland

General

Electric

Co.

38,230

1,834,658

TXNM

Energy,

Inc.

34,655

2,040,486

9,261,963

#### Electrical

#### Equipment

#### 1

#### .9

#### %
Acuity,

Inc.

10,278

3,700,491

EnerSys

12,527

1,838,338

Nextpower,

Inc.,

Class

A\*(a)

51,629

4,497,402

nVent

Electric

plc

56,160

5,726,635

Regal

Rexnord

Corp.(a)

23,160

3,249,811

Sensata

Technologies

Holding

plc

50,818

1,691,731

20,704,408

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 3

#### .7

#### %
Arrow

Electronics,

Inc.\*

17,971

1,980,045

Avnet,

Inc.

26,706

1,284,025

Belden,

Inc.(a)

13,825

1,611,304

Cognex

Corp.

58,585

2,107,888

Coherent

Corp.\*

54,434

10,046,883

Crane

NXT

Co.(a)

17,230

811,016

Fabrinet\*

12,353

5,624,074

Flex

Ltd.\*(a)

128,046

7,736,539

IPG

Photonics

Corp.\*(a)

8,839

632,872

Littelfuse,

Inc.(a)

8,647

2,186,999

Novanta,

Inc.\*

12,552

1,493,563

TD

SYNNEX

Corp.

26,761

4,020,305

Vontier

Corp.(a)

51,188

1,903,170

41,438,683

#### Energy

#### Equipment

#### &

#### Services

#### 1

#### .0

#### %
NOV,

Inc.(a)

129,581

2,025,351

TechnipFMC

plc

138,852

6,187,245

Valaris

Ltd.\*

23,109

1,164,694

Weatherford

International

plc

25,066

1,961,665

11,338,955

#### Entertainment

#### 0

#### .1

#### %
Warner

Music

Group

Corp.,

Class

A(a)

50,905

1,561,256

#### Financial

#### Services

#### 1

#### .5

#### %
Equitable

Holdings,

Inc.

99,522

4,742,223

Essent

Group

Ltd.

36,912

2,399,649

Euronet

Worldwide,

Inc.\*(a)

16,463

1,252,999

MGIC

Investment

Corp.

85,227

2,490,333

Shift4

Payments,

Inc.,

Class

A\*(a)

26,897

1,693,704

Voya

Financial,

Inc.

35,990

2,680,895

WEX,

Inc.\*(a)

13,384

1,993,949

17,253,752

#### Food

#### Products

#### 0

#### .8

#### %
Darling

Ingredients,

Inc.\*

55,196

1,987,056

NVIT

Mid

Cap

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Food

#### Products
Flowers

Foods,

Inc.(a)

73,673

801,562

Ingredion,

Inc.(a)

22,395

2,469,273

Marzetti

Co.

(The)

7,119

1,170,506

Pilgrim's

Pride

Corp.

14,920

581,731

Post

Holdings,

Inc.\*(a)

16,680

1,652,154

8,662,282

#### Gas

#### Utilities

#### 1

#### .1

#### %
National

Fuel

Gas

Co.(a)

31,531

2,524,372

New

Jersey

Resources

Corp.

35,051

1,616,552

ONE

Gas,

Inc.

20,935

1,617,229

Southwest

Gas

Holdings,

Inc.

22,353

1,788,687

Spire,

Inc.(a)

20,596

1,703,289

UGI

Corp.(a)

74,994

2,807,025

12,057,154

#### Ground

#### Transportation

#### 1

#### .5

#### %
Avis

Budget

Group,

Inc.\*(a)

5,895

756,446

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

56,632

2,960,721

Landstar

System,

Inc.

11,467

1,647,808

Ryder

System,

Inc.

14,233

2,724,054

Saia,

Inc.\*(a)

9,294

3,034,677

XPO,

Inc.\*(a)

40,488

5,502,724

16,626,430

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1

#### .4

#### %
Dentsply

Sirona,

Inc.

69,606

795,597

Envista

Holdings

Corp.\*(a)

57,986

1,258,876

Globus

Medical,

Inc.,

Class

A\*

38,526

3,363,705

Haemonetics

Corp.\*

16,097

1,290,174

Lantheus

Holdings,

Inc.\*(a)

22,697

1,510,485

LivaNova

plc\*

19,052

1,172,270

Masimo

Corp.\*

15,732

2,046,104

Penumbra,

Inc.\*

13,608

4,230,863

15,668,074

#### Health

#### Care

#### Providers

#### &

#### Services

#### 2

#### .0

#### %
Chemed

Corp.

5,085

2,175,668

Encompass

Health

Corp.

35,146

3,730,397

Ensign

Group,

Inc.

(The)(a)

19,990

3,482,258

HealthEquity,

Inc.\*

30,174

2,764,240

Hims

&

Hers

Health,

Inc.\*(a)

72,145

2,342,548

Option

Care

Health,

Inc.\*(a)

54,951

1,750,739

Tenet

Healthcare

Corp.\*

30,828

6,126,140

22,371,990

#### Health

#### Care

#### REITs

#### 0

#### .7

#### %
Healthcare

Realty

Trust,

Inc.,

Class

A

122,687

2,079,544

Omega

Healthcare

Investors,

Inc.(a)

102,935

4,564,138

Sabra

Health

Care

REIT,

Inc.

83,671

1,584,729

8,228,411

#### Health

#### Care

#### Technology

#### 0

#### .2

#### %
Doximity,

Inc.,

Class

A\*

47,594

2,107,462

#### Hotel

#### &

#### Resort

#### REITs

#### 0

#### .1

#### %
Park

Hotels

&

Resorts,

Inc.(a)

69,756

729,648

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 2

#### .5

#### %
Aramark(a)

91,717

3,380,689

Boyd

Gaming

Corp.

20,704

1,764,809

Cava

Group,

Inc.\*(a)

34,796

2,042,177

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Hotels,

#### Restaurants

#### &

#### Leisure
Choice

Hotels

International,

Inc.(a)

5,639

537,171

Churchill

Downs,

Inc.

23,245

2,644,816

Hilton

Grand

Vacations,

Inc.\*(a)

21,523

963,154

Hyatt

Hotels

Corp.,

Class

A

14,773

2,368,408

Planet

Fitness,

Inc.,

Class

A\*

28,523

3,093,890

Texas

Roadhouse,

Inc.,

Class

A

22,688

3,766,208

Travel

+

Leisure

Co.(a)

22,653

1,597,716

Vail

Resorts,

Inc.(a)

12,964

1,721,619

Wingstop,

Inc.(a)

9,504

2,266,609

Wyndham

Hotels

&

Resorts,

Inc.(a)

26,643

2,013,145

28,160,411

#### Household

#### Durables

#### 1

#### .8

#### %
KB

Home(a)

21,086

1,189,461

Somnigroup

International,

Inc.

72,604

6,482,085

Taylor

Morrison

Home

Corp.,

Class

A\*

33,267

1,958,428

Toll

Brothers,

Inc.

33,826

4,573,952

TopBuild

Corp.\*(a)

9,762

4,072,609

Whirlpool

Corp.(a)

19,503

1,406,947

19,683,482

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0

#### .7

#### %
Ormat

Technologies,

Inc.(a)

21,188

2,340,638

Talen

Energy

Corp.\*(a)

15,941

5,975,325

8,315,963

#### Industrial

#### REITs

#### 1

#### .0

#### %
EastGroup

Properties,

Inc.

18,584

3,310,554

First

Industrial

Realty

Trust,

Inc.(a)

46,200

2,645,874

Rexford

Industrial

Realty,

Inc.

(a) 82,393

3,190,257

STAG

Industrial,

Inc.(a)

65,145

2,394,730

11,541,415

#### Insurance

#### 4

#### .1

#### %
American

Financial

Group,

Inc.

24,152

3,301,095

Brighthouse

Financial,

Inc.\*

19,942

1,292,042

CNO

Financial

Group,

Inc.

33,823

1,436,463

F&G

Annuities

&

Life,

Inc.(a)

5,347

164,969

Fidelity

National

Financial,

Inc.

(a) 87,370

4,769,528

First

American

Financial

Corp.

35,522

2,182,472

Hanover

Insurance

Group,

Inc.

(The)

12,482

2,281,335

Kemper

Corp.

21,893

887,542

Kinsale

Capital

Group,

Inc.(a)

7,724

3,021,011

Old

Republic

International

Corp.(a)

79,763

3,640,383

Primerica,

Inc.

11,843

3,059,757

Reinsurance

Group

of

America,

Inc.

23,062

4,692,195

RenaissanceRe

Holdings

Ltd.

16,244

4,567,163

RLI

Corp.(a)

32,042

2,050,047

Ryan

Specialty

Holdings,

Inc.,

Class

A(a)

39,316

2,029,885

Selective

Insurance

Group,

Inc.

20,865

1,745,775

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Mid

Cap

Index

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Insurance
Unum

Group

54,674

4,237,235

45,358,897

#### Interactive

#### Media

#### &

#### Services

#### 0

#### .6

#### %
Pinterest,

Inc.,

Class

A\*(a)

200,928

5,202,026

ZoomInfo

Technologies,

Inc.,

Class

A\*(a)

97,839

995,023

6,197,049

#### IT

#### Services

#### 1

#### .4

#### %
ASGN,

Inc.\*

15,283

736,182

Kyndryl

Holdings,

Inc.\*

80,654

2,142,170

Okta,

Inc.,

Class

A\*

58,329

5,043,709

Twilio,

Inc.,

Class

A\*

52,591

7,480,544

15,402,605

#### Leisure

#### Products

#### 0

#### .5

#### %
Brunswick

Corp.

21,954

1,629,865

Mattel,

Inc.\*

107,795

2,138,653

Polaris,

Inc.

18,638

1,178,853

YETI

Holdings,

Inc.\*(a)

24,777

1,094,400

6,041,771

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 2

#### .0

#### %
Avantor,

Inc.\*(a)

237,880

2,726,105

Bio-Rad

Laboratories,

Inc.,

Class

A\*

6,369

1,929,743

Bruker

Corp.(a)

38,646

1,820,613

Illumina,

Inc.\*

52,996

6,950,955

Medpace

Holdings,

Inc.\*

7,744

4,349,418

Repligen

Corp.\*

18,452

3,023,545

Sotera

Health

Co.\*

72,353

1,276,307

22,076,686

#### Machinery

#### 5

#### .5

#### %
AGCO

Corp.(a)

21,611

2,254,460

Chart

Industries,

Inc.\*

15,065

3,106,855

CNH

Industrial

NV(a)

309,880

2,857,094

Crane

Co.

17,068

3,147,851

Donaldson

Co.,

Inc.

40,658

3,604,738

Esab

Corp.

19,909

2,224,233

Flowserve

Corp.

44,064

3,057,160

Graco,

Inc.

56,384

4,621,797

ITT,

Inc.

29,646

5,143,877

Lincoln

Electric

Holdings,

Inc.

19,256

4,614,508

Middleby

Corp.

(The)\*(a)

16,270

2,418,861

Mueller

Industries,

Inc.

38,627

4,434,380

Oshkosh

Corp.(a)

22,332

2,805,569

RBC

Bearings,

Inc.\*

10,967

4,917,932

SPX

Technologies,

Inc.\*

16,336

3,268,180

Terex

Corp.(a)

22,890

1,221,868

Timken

Co.

(The)

22,114

1,860,451

Toro

Co.

(The)

34,434

2,710,645

Watts

Water

Technologies,

Inc.,

Class

A

9,566

2,640,407

60,910,866

#### Marine

#### Transportation

#### 0

#### .2

#### %
Kirby

Corp.\*

19,470

2,145,205

#### Media

#### 1

#### .0

#### %
EchoStar

Corp.,

Class

A\*(a)

46,923

5,100,530

New

York

Times

Co.

(The),

Class

A

56,540

3,925,007

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Media
Nexstar

Media

Group,

Inc.,

Class

A

9,944

2,019,129

11,044,666

#### Metals

#### &

#### Mining

#### 2

#### .5

#### %
Alcoa

Corp.(a)

90,344

4,800,880

Cleveland-Cliffs,

Inc.\*

198,785

2,639,865

Commercial

Metals

Co.

39,056

2,703,457

Hecla

Mining

Co.(a)

227,633

4,368,277

MP

Materials

Corp.\*(a)

46,964

2,372,621

Reliance,

Inc.

17,960

5,188,105

Royal

Gold,

Inc.

28,185

6,265,244

28,338,449

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0

#### .7

#### %
Annaly

Capital

Management,

Inc.(a)

232,023

5,188,034

Starwood

Property

Trust,

Inc.

(a) 120,420

2,168,764

7,356,798

#### Multi-Utilities

#### 0

#### .3

#### %
Black

Hills

Corp.(a)

25,892

1,797,423

Northwestern

Energy

Group,

Inc.

21,422

1,382,576

3,179,999

#### Office

#### REITs

#### 0

#### .5

#### %
COPT

Defense

Properties(a)

39,320

1,093,096

Cousins

Properties,

Inc.

58,609

1,510,940

Kilroy

Realty

Corp.

37,974

1,419,088

Vornado

Realty

Trust(a)

56,288

1,873,265

5,896,389

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 2

#### .9

#### %
Antero

Midstream

Corp.(a)

116,875

2,079,206

Antero

Resources

Corp.\*

102,406

3,528,911

Chord

Energy

Corp.

19,979

1,852,053

Civitas

Resources,

Inc.(a)

29,099

788,292

CNX

Resources

Corp.\*(a)

49,346

1,814,452

DT

Midstream,

Inc.

35,449

4,242,536

HF

Sinclair

Corp.

55,487

2,556,841

Matador

Resources

Co.

40,834

1,732,995

Murphy

Oil

Corp.(a)

46,816

1,463,000

Ovintiv,

Inc.(a)

89,688

3,514,873

PBF

Energy,

Inc.,

Class

A

28,663

777,340

Permian

Resources

Corp.,

Class

A

243,987

3,423,138

Range

Resources

Corp.(a)

77,706

2,739,914

Viper

Energy,

Inc.,

Class

A(a)

58,871

2,274,187

32,787,738

#### Paper

#### &

#### Forest

#### Products

#### 0

#### .2

#### %
Louisiana-Pacific

Corp.

22,113

1,785,846

#### Passenger

#### Airlines

#### 0

#### .5

#### %
Alaska

Air

Group,

Inc.\*(a)

40,235

2,023,820

American

Airlines

Group,

Inc.\*(a)

230,235

3,529,503

5,553,323

#### Personal

#### Care

#### Products

#### 0

#### .3

#### %
BellRing

Brands,

Inc.\*

43,958

1,174,997

Coty,

Inc.,

Class

A\*(a)

127,835

393,732

elf

Beauty,

Inc.\*(a)

20,698

1,573,876

3,142,605

NVIT

Mid

Cap

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Pharmaceuticals

#### 0

#### .7

#### %
Elanco

Animal

Health,

Inc.\*(a)

173,354

3,923,001

Jazz

Pharmaceuticals

plc\*

21,166

3,598,220

7,521,221

#### Professional

#### Services

#### 2

#### .9

#### %
Booz

Allen

Hamilton

Holding

Corp.,

Class

A(a)

40,475

3,414,471

CACI

International,

Inc.,

Class

A\*

7,674

4,088,784

Concentrix

Corp.(a)

15,614

649,230

ExlService

Holdings,

Inc.\*

56,357

2,391,791

Exponent,

Inc.(a)

17,621

1,223,955

FTI

Consulting,

Inc.\*

10,372

1,771,849

Genpact

Ltd.

56,552

2,645,503

KBR,

Inc.

43,019

1,729,364

Maximus,

Inc.

19,662

1,697,224

Parsons

Corp.\*(a)

18,632

1,151,458

Paylocity

Holding

Corp.\*

14,901

2,272,402

Science

Applications

International

Corp.

16,355

1,646,294

TransUnion

66,904

5,737,018

UL

Solutions,

Inc.,

Class

A(a)

24,782

1,954,308

32,373,651

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0

#### .5

#### %
Jones

Lang

LaSalle,

Inc.\*

16,533

5,562,858

#### Residential

#### REITs

#### 0

#### .8

#### %
American

Homes

Rent,

Class

A

113,697

3,649,674

Equity

LifeStyle

Properties,

Inc.

67,620

4,098,448

Independence

Realty

Trust,

Inc.(a)

81,449

1,423,728

9,171,850

#### Retail

#### REITs

#### 0

#### .9

#### %
Agree

Realty

Corp.(a)

38,547

2,776,540

Brixmor

Property

Group,

Inc.

106,808

2,800,506

Kite

Realty

Group

Trust(a)

76,715

1,838,859

NNN

REIT,

Inc.

65,872

2,610,507

10,026,412

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 2

#### .8

#### %
Allegro

MicroSystems,

Inc.\*(a)

43,259

1,141,172

Amkor

Technology,

Inc.(a)

39,669

1,566,132

Cirrus

Logic,

Inc.\*(a)

16,939

2,007,272

Entegris,

Inc.(a)

52,898

4,456,657

Lattice

Semiconductor

Corp.\*(a)

47,767

3,514,696

MACOM

Technology

Solutions

Holdings,

Inc.\*(a)

22,347

3,827,594

MKS,

Inc.

23,434

3,744,753

Onto

Innovation,

Inc.\*

17,099

2,699,248

Rambus,

Inc.\*(a)

37,543

3,449,826

Silicon

Laboratories,

Inc.\*

11,450

1,496,515

Synaptics,

Inc.\*(a)

13,450

995,569

Universal

Display

Corp.(a)

15,425

1,801,332

30,700,766

#### Software

#### 3

#### .7

#### %
Appfolio,

Inc.,

Class

A\*(a)

7,981

1,856,780

Bentley

Systems,

Inc.,

Class

B

51,979

1,983,778

BILL

Holdings,

Inc.\*

31,995

1,745,007

Blackbaud,

Inc.\*

12,981

821,957

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Software
Commvault

Systems,

Inc.\*

15,514

1,944,835

Docusign,

Inc.,

Class

A\*(a)

69,079

4,725,004

Dolby

Laboratories,

Inc.,

Class

A(a)

21,349

1,371,033

Dropbox,

Inc.,

Class

A\*

60,976

1,695,133

Dynatrace,

Inc.\*

102,494

4,442,090

Guidewire

Software,

Inc.\*

29,378

5,905,272

Manhattan

Associates,

Inc.\*(a)

20,554

3,562,214

Nutanix,

Inc.,

Class

A\*(a)

93,541

4,835,134

Pegasystems,

Inc.(a)

31,592

1,886,674

Qualys,

Inc.\*

12,177

1,618,323

UiPath,

Inc.,

Class

A\*

146,158

2,395,530

40,788,764

#### Specialized

#### REITs

#### 1

#### .4

#### %
CubeSmart

79,569

2,868,463

EPR

Properties(a)

26,560

1,325,344

Gaming

and

Leisure

Properties,

Inc.

98,751

4,413,182

Lamar

Advertising

Co.,

Class

A(a)

30,287

3,833,729

National

Storage

Affiliates

Trust(a)

24,635

694,953

PotlatchDeltic

Corp.

24,810

986,942

Rayonier,

Inc.(a)

49,679

1,075,550

15,198,163

#### Specialty

#### Retail

#### 3

#### .4

#### %
Abercrombie

&

Fitch

Co.,

Class

A\*

16,624

2,092,463

AutoNation,

Inc.\*

9,497

1,960,941

Bath

&

Body

Works,

Inc.

70,626

1,418,170

Burlington

Stores,

Inc.\*

21,538

6,221,251

Chewy,

Inc.,

Class

A\*(a)

77,777

2,570,530

Dick's

Sporting

Goods,

Inc.(a)

22,811

4,515,894

Five

Below,

Inc.\*

19,211

3,618,584

Floor

&

Decor

Holdings,

Inc.,

Class

A\*(a)

37,577

2,288,064

GameStop

Corp.,

Class

A\*(a)

143,603

2,883,548

Gap,

Inc.

(The)(a)

79,407

2,032,819

Lithia

Motors,

Inc.,

Class

A

8,385

2,786,587

Murphy

USA,

Inc.(a)

6,126

2,471,963

Penske

Automotive

Group,

Inc.

6,453

1,021,445

RH\*(a)

5,360

960,244

Valvoline,

Inc.\*(a)

44,354

1,288,927

38,131,430

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0

#### .7

#### %
Pure

Storage,

Inc.,

Class

A\*

108,340

7,259,863

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0

#### .6

#### %
Capri

Holdings

Ltd.\*

41,540

1,013,576

Columbia

Sportswear

Co.(a)

8,982

494,818

Crocs,

Inc.\*(a)

19,058

1,629,840

PVH

Corp.(a)

16,774

1,124,194

VF

Corp.(a)

114,491

2,069,997

6,332,425

#### Trading

#### Companies

#### &

#### Distributors

#### 1

#### .7

#### %
Applied

Industrial

Technologies,

Inc.

12,831

3,294,616

Core

&

Main,

Inc.,

Class

A\*

66,176

3,439,167

GATX

Corp.(a)

12,422

2,106,771

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Mid

Cap

Index

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Trading

#### Companies

#### &

#### Distributors
MSC

Industrial

Direct

Co.,

Inc.,

Class

A

15,930

1,339,713

Watsco,

Inc.

12,179

4,103,714

WESCO

International,

Inc.(a)

16,980

4,153,987

18,437,968

#### Water

#### Utilities

#### 0

#### .3

#### %
Essential

Utilities,

Inc.

97,865

3,754,101

#### Total

#### Common

#### Stocks

#### (cost

#### $703,465,306)

#### 1,112,593,998

#### Repurchase

#### Agreements

#### 7

#### .8

#### %

#### Principal

#### Amount

#### ($)
Bank

of

America

NA,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$12,602,695,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.50%,

maturing

5/1/2049

-

9/1/2050;

total

market

value

$12,852,000.(b)(c)

12,600,000

12,600,000

BNP

Paribas

Securities

Corp.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$7,001,482,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.63%,

maturing

7/31/2026

-

11/15/2054;

total

market

value

$7,140,000.(b)(c)

7,000,000

7,000,000

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$5,683,530,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$5,795,965.(b)(c)

5,682,318

5,682,318

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$4,000,853,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$4,080,000.(b)(c)

4,000,000

4,000,000

#### Repurchase

#### Agreements

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
CF

Secured,

LLC,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$8,001,707,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.13%

-

7.50%,

maturing

3/31/2026

-

4/20/2071;

total

market

value

$8,161,741.(b)(c)

8,000,000

8,000,000

Citi

Global

Market,

Inc.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$15,003,175,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.38%

-

4.25%,

maturing

2/15/2028

-

10/31/2029;

total

market

value

$15,300,004.(b)(c)

15,000,000

15,000,000

MetLife,

Inc.,

3.83%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$25,005,319,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$25,512,920.(b)(c)

25,000,000

25,000,000

Pershing

LLC,

3.72%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$9,001,860,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

2/15/2026

-

12/20/2075;

total

market

value

$9,180,000.(b)(c)

9,000,000

9,000,000

#### Total

#### Repurchase

#### Agreements

#### (cost

#### $86,282,318)

#### 86,282,318

#### Total

#### Investments

#### (cost

#### $789,747,624)

#### —

#### 108.0%

#### 1,198,876,316

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (8.0)%

#### (#### 88,353,026

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 1,110,523,290
\*

Denotes

a

non-income

producing

security.

NVIT

Mid

Cap

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

(a) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$181,384,207,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$86,282,318

and

by

$101,244,810

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.75%,

and

maturity

dates

ranging

from

1/15/2026

-

8/15/2055,

a

total

value

of

$187,527,128.

(b) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$86,282,318.

(c) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

REIT

Real

Estate

Investment

Trust

#### Futures

#### contracts

#### outstanding

#### as

#### of

#### December

#### 31,

#### 2025:

#### Description

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### ($)

#### Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Long

#### Contracts
S&P

Midcap

E-Mini

Index

3/2026

USD

3,657,720

(34,185)

#### Net

#### contracts
(34,185)

#### Currency:
USD

United

States

Dollar

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Index

Fund

#### Common

#### Stocks

#### 98

#### .9

#### %

#### Shares

#### Value

#### ($)

#### Aerospace

#### &

#### Defense

#### 0

#### .3

#### %
Axon

Enterprise,

Inc.\*

1,154

655,391

#### Automobiles

#### 3

#### .9

#### %
Tesla,

Inc.\*

23,410

10,527,945

#### Beverages

#### 1

#### .9

#### %
Coca-Cola

Europacific

Partners

plc

6,740

611,318

Keurig

Dr

Pepper,

Inc.

19,722

552,413

Monster

Beverage

Corp.\*

14,287

1,095,384

PepsiCo,

Inc.

19,976

2,866,956

5,126,071

#### Biotechnology

#### 3

#### .3

#### %
Alnylam

Pharmaceuticals,

Inc.\*(a)

1,927

766,272

Amgen,

Inc.

7,867

2,574,948

Gilead

Sciences,

Inc.

18,141

2,226,626

Insmed,

Inc.\*

3,096

538,828

Regeneron

Pharmaceuticals,

Inc.

1,510

1,165,524

Vertex

Pharmaceuticals,

Inc.\*

3,707

1,680,605

8,952,803

#### Broadline

#### Retail

#### 5

#### .8

#### %
Amazon.com,

Inc.\*

56,573

13,058,180

MercadoLibre,

Inc.\*

741

1,492,567

PDD

Holdings,

Inc.,

ADR-CN\*

9,696

1,099,429

15,650,176

#### Chemicals

#### 1

#### .1

#### %
Linde

plc

6,822

2,908,833

#### Commercial

#### Services

#### &

#### Supplies

#### 0

#### .6

#### %
Cintas

Corp.

5,877

1,105,287

Copart,

Inc.\*

14,052

550,136

1,655,423

#### Communications

#### Equipment

#### 1

#### .7

#### %
Cisco

Systems,

Inc.

57,724

4,446,480

#### Construction

#### &

#### Engineering

#### 0

#### .3

#### %
Ferrovial

SE

10,776

696,237

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 2

#### .1

#### %
Costco

Wholesale

Corp.

6,475

5,583,651

#### Electric

#### Utilities

#### 1

#### .4

#### %
American

Electric

Power

Co.,

Inc.

7,823

902,070

Constellation

Energy

Corp.

4,556

1,609,498

Exelon

Corp.

14,788

644,609

Xcel

Energy,

Inc.

8,696

642,287

3,798,464

#### Energy

#### Equipment

#### &

#### Services

#### 0

#### .3

#### %
Baker

Hughes

Co.,

Class

A

14,499

660,284

#### Entertainment

#### 3

#### .1

#### %
Electronic

Arts,

Inc.

3,649

745,600

Netflix,

Inc.\*

61,906

5,804,307

Take-Two

Interactive

Software,

Inc.\*

2,714

694,865

Warner

Bros

Discovery,

Inc.\*

36,250

1,044,725

8,289,497

#### Financial

#### Services

#### 0

#### .3

#### %
PayPal

Holdings,

Inc.

13,623

795,311

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Food

#### Products

#### 0

#### .5

#### %
Kraft

Heinz

Co.

(The)

17,235

417,949

Mondelez

International,

Inc.,

Class

A

18,880

1,016,310

1,434,259

#### Ground

#### Transportation

#### 0

#### .6

#### %
CSX

Corp.

27,253

987,921

Old

Dominion

Freight

Line,

Inc.(a)

3,036

476,045

1,463,966

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1

#### .7

#### %
Dexcom,

Inc.\*

5,687

377,446

GE

HealthCare

Technologies,

Inc.

6,613

542,398

IDEXX

Laboratories,

Inc.\*

1,164

787,481

Intuitive

Surgical,

Inc.\*

5,179

2,933,179

4,640,504

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 2

#### .7

#### %
Airbnb,

Inc.,

Class

A\*

6,247

847,843

Booking

Holdings,

Inc.(a)

2,527,716

DoorDash,

Inc.,

Class

A\*(a)

5,936

1,344,385

Marriott

International,

Inc.,

Class

A

3,922

1,216,761

Starbucks

Corp.

16,602

1,398,055

7,334,760

#### Industrial

#### Conglomerates

#### 0

#### .7

#### %
Honeywell

International,

Inc.

9,276

1,809,655

#### Interactive

#### Media

#### &

#### Services

#### 10

#### .8

#### %
Alphabet,

Inc.,

Class

A

30,789

9,636,957

Alphabet,

Inc.,

Class

C

28,614

8,979,073

Meta

Platforms,

Inc.,

Class

A

15,542

10,259,119

28,875,149

#### IT

#### Services

#### 1

#### .3

#### %
Cognizant

Technology

Solutions

Corp.,

Class

A

7,006

581,498

Shopify,

Inc.,

Class

A\*

17,862

2,875,246

3,456,744

#### Machinery

#### 0

#### .3

#### %
PACCAR,

Inc.

7,712

844,541

#### Media

#### 0

#### .7

#### %
Charter

Communications,

Inc.,

Class

A\*

1,880

392,450

Comcast

Corp.,

Class

A

53,032

1,585,126

1,977,576

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0

#### .2

#### %
Diamondback

Energy,

Inc.

4,213

633,340

#### Pharmaceuticals

#### 0

#### .3

#### %
AstraZeneca

plc,

ADR-UK

8,507

782,049

#### Professional

#### Services

#### 1

#### .3

#### %
Automatic

Data

Processing,

Inc.

5,908

1,519,715

Paychex,

Inc.

5,295

593,993

Thomson

Reuters

Corp.

6,471

853,460

Verisk

Analytics,

Inc.,

Class

A

2,027

453,420

3,420,588

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0

#### .2

#### %
CoStar

Group,

Inc.\*(a)

6,171

414,938

NVIT

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 24

#### .2

#### %
Advanced

Micro

Devices,

Inc.\*

23,785

5,093,796

Analog

Devices,

Inc.

7,138

1,935,826

Applied

Materials,

Inc.

11,639

2,991,107

ARM

Holdings

plc,

ADR\*

2,048

223,867

ASML

Holding

NV

(Registered),

ADR-NL

1,282

1,371,560

Broadcom,

Inc.

24,991

8,649,385

Intel

Corp.\*

69,688

2,571,487

KLA

Corp.

1,921

2,334,169

Lam

Research

Corp.

18,350

3,141,153

Marvell

Technology,

Inc.

12,608

1,071,428

Microchip

Technology,

Inc.

7,845

499,883

Micron

Technology,

Inc.

16,441

4,692,426

Monolithic

Power

Systems,

Inc.

702

636,265

NVIDIA

Corp.

128,597

23,983,340

NXP

Semiconductors

NV

3,664

795,308

QUALCOMM,

Inc.

15,647

2,676,419

Texas

Instruments,

Inc.

13,282

2,304,294

64,971,713

#### Software

#### 16

#### .5

#### %
Adobe,

Inc.\*

6,123

2,142,989

AppLovin

Corp.,

Class

A\*

4,494

3,028,147

Atlassian

Corp.,

Class

A\*

2,449

397,081

Autodesk,

Inc.\*

3,080

911,711

Cadence

Design

Systems,

Inc.\*

3,977

1,243,131

Crowdstrike

Holdings,

Inc.,

Class

A\*

3,666

1,718,474

Datadog,

Inc.,

Class

A\*

4,761

647,448

Fortinet,

Inc.\*

10,895

865,172

Intuit,

Inc.

4,065

2,692,737

Microsoft

Corp.

39,332

19,021,742

Palantir

Technologies,

Inc.,

Class

A\*

33,373

5,932,051

Palo

Alto

Networks,

Inc.\*

10,183

1,875,709

Roper

Technologies,

Inc.

1,573

700,189

Strategy,

Inc.,

Class

A\*(a)

3,938

598,379

Synopsys,

Inc.\*

2,713

1,274,350

Workday,

Inc.,

Class

A\*

3,129

672,047

Zscaler,

Inc.\*

2,315

520,690

44,242,047

#### Specialty

#### Retail

#### 0

#### .7

#### %
O'Reilly

Automotive,

Inc.\*

12,342

1,125,714

Ross

Stores,

Inc.

4,732

852,422

1,978,136

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 8

#### .6

#### %
Apple,

Inc.

78,197

21,258,636

Seagate

Technology

Holdings

plc(a)

3,135

863,348

Western

Digital

Corp.

4,971

856,354

22,978,338

#### Trading

#### Companies

#### &

#### Distributors

#### 0

#### .3

#### %
Fastenal

Co.

16,771

673,020

#### Wireless

#### Telecommunication

#### Services

#### 1

#### .2

#### %
T-Mobile

US,

Inc.

16,341

3,317,877

#### Total

#### Common

#### Stocks

#### (cost

#### $256,052,645)

#### 264,995,766

#### Repurchase

#### Agreement

#### 0

#### .7

#### %

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$1,958,795,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$1,997,545.(b)(c)

1,958,377

1,958,377

#### Total

#### Repurchase

#### Agreement

#### (cost

#### $1,958,377)

#### 1,958,377

#### Total

#### Investments

#### (cost

#### $258,011,022)

#### —

#### 99.6%

#### 266,954,143

#### Other

#### assets

#### in

#### excess

#### of

#### liabilities

#### —

#### 0.4%

#### 1,155,908

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 268,110,051
\*

Denotes

a

non-income

producing

security.

(a) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$5,084,739,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$1,958,377

and

by

$3,292,050

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.13%,

and

maturity

dates

ranging

from

1/15/2026

-

8/15/2054,

a

total

value

of

$5,250,427.

(b) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$1,958,377.

(c) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

ADR

American

Depositary

Receipt

CN

China

NL

Netherlands

UK

United

Kingdom

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Index

Fund

#### Futures

#### contracts

#### outstanding

#### as

#### of

#### December

#### 31,

#### 2025:

#### Description

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### ($)

#### Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Long

#### Contracts
NASDAQ

Micro

E-Mini

Index

3/2026

USD

712,789

3,728

#### Net

#### contracts
3,728

#### Currency:
USD

United

States

Dollar

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.
NVIT

S&P

500

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### 99

#### .0

#### %

#### Shares

#### Value

#### ($)

#### Aerospace

#### &

#### Defense

#### 2

#### .2

#### %
Axon

Enterprise,

Inc.\*(a)

7,463

4,238,462

Boeing

Co.

(The)\*

75,070

16,299,198

GE

Aerospace

102,150

31,465,265

General

Dynamics

Corp.

24,515

8,253,220

Howmet

Aerospace,

Inc.

39,141

8,024,688

Huntington

Ingalls

Industries,

Inc.(a)

3,659

1,244,316

L3Harris

Technologies,

Inc.

18,342

5,384,661

Lockheed

Martin

Corp.

19,908

9,628,902

Northrop

Grumman

Corp.

13,106

7,473,172

RTX

Corp.

128,939

23,647,413

Textron,

Inc.(a)

17,907

1,560,953

TransDigm

Group,

Inc.

5,465

7,267,630

124,487,880

#### Air

#### Freight

#### &

#### Logistics

#### 0

#### .3

#### %
CH

Robinson

Worldwide,

Inc.

(a) 11,577

1,861,119

Expeditors

International

of

Washington,

Inc.

13,110

1,953,521

FedEx

Corp.

21,076

6,088,013

United

Parcel

Service,

Inc.,

Class

B

70,373

6,980,298

16,882,951

#### Automobile

#### Components

#### 0

#### .0

#### %

#### †
Aptiv

plc\*

22,067

1,679,078

#### Automobiles

#### 2

#### .4

#### %
Ford

Motor

Co.

375,205

4,922,690

General

Motors

Co.

91,263

7,421,507

Tesla,

Inc.\*

271,333

122,023,877

134,368,074

#### Banks

#### 3

#### .5

#### %
Bank

of

America

Corp.

528,944

29,091,920

Citigroup,

Inc.

177,330

20,692,638

Citizens

Financial

Group,

Inc.

41,472

2,422,380

Fifth

Third

Bancorp(a)

69,510

3,253,763

Huntington

Bancshares,

Inc.

153,787

2,668,204

JPMorgan

Chase

&

Co.

262,866

84,700,683

KeyCorp

110,710

2,285,054

M&T

Bank

Corp.(a)

14,841

2,990,165

PNC

Financial

Services

Group,

Inc.

(The)(a)

39,013

8,143,183

Regions

Financial

Corp.

84,673

2,294,638

Truist

Financial

Corp.

123,526

6,078,714

US

Bancorp

154,094

8,222,456

Wells

Fargo

&

Co.

303,115

28,250,318

201,094,116

#### Beverages

#### 1

#### .0

#### %
Brown-Forman

Corp.,

Class

B(a)

15,771

410,992

Coca-Cola

Co.

(The)

373,108

26,083,980

Constellation

Brands,

Inc.,

Class

A(a)

13,750

1,896,950

Keurig

Dr

Pepper,

Inc.

128,733

3,605,812

Molson

Coors

Beverage

Co.,

Class

B

14,728

687,503

Monster

Beverage

Corp.\*

69,295

5,312,848

PepsiCo,

Inc.

131,881

18,927,561

56,925,646

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Biotechnology

#### 1

#### .7

#### %
AbbVie,

Inc.

170,921

39,053,739

Amgen,

Inc.

51,859

16,973,969

Biogen,

Inc.\*

14,203

2,499,586

Gilead

Sciences,

Inc.

119,607

14,680,563

Incyte

Corp.\*

15,956

1,575,974

Moderna,

Inc.\*(a)

33,569

989,950

Regeneron

Pharmaceuticals,

Inc.

9,737

7,515,698

Vertex

Pharmaceuticals,

Inc.\*

24,782

11,235,168

94,524,647

#### Broadline

#### Retail

#### 3

#### .9

#### %
Amazon.com,

Inc.\*

939,361

216,823,306

eBay,

Inc.

43,333

3,774,304

220,597,610

#### Building

#### Products

#### 0

#### .4

#### %
A

O

Smith

Corp.

10,396

695,284

Allegion

plc

7,786

1,239,687

Builders

FirstSource,

Inc.\*

9,975

1,026,328

Carrier

Global

Corp.

79,322

4,191,374

Johnson

Controls

International

plc

59,012

7,066,687

Lennox

International,

Inc.(a)

3,060

1,485,875

Masco

Corp.(a)

20,486

1,300,042

Trane

Technologies

plc

21,575

8,396,990

25,402,267

#### Capital

#### Markets

#### 3

#### .4

#### %
Ameriprise

Financial,

Inc.

9,080

4,452,287

Ares

Management

Corp.,

Class

A

19,752

3,192,516

Bank

of

New

York

Mellon

Corp.

(The)

67,199

7,801,132

Blackrock,

Inc.

13,722

14,687,206

Blackstone,

Inc.

70,524

10,870,569

Cboe

Global

Markets,

Inc.

10,128

2,542,128

Charles

Schwab

Corp.

(The)

161,289

16,114,384

CME

Group,

Inc.

34,607

9,450,480

Coinbase

Global,

Inc.,

Class

A\*

21,538

4,870,603

FactSet

Research

Systems,

Inc.

3,797

1,101,851

Franklin

Resources,

Inc.

33,548

801,462

Goldman

Sachs

Group,

Inc.

(The)

29,345

25,794,255

Interactive

Brokers

Group,

Inc.,

Class

A

42,891

2,758,320

Intercontinental

Exchange,

Inc.

55,175

8,936,143

Invesco

Ltd.

42,078

1,105,389

KKR

&

Co.,

Inc.

66,810

8,516,939

Moody's

Corp.

14,973

7,648,957

Morgan

Stanley

117,240

20,813,617

MSCI,

Inc.,

Class

A

7,426

4,260,519

Nasdaq,

Inc.(a)

44,429

4,315,389

Northern

Trust

Corp.

18,975

2,591,795

Raymond

James

Financial,

Inc.(a)

17,860

2,868,137

Robinhood

Markets,

Inc.,

Class

A\*

75,023

8,485,101

S&P

Global,

Inc.

30,354

15,862,697

State

Street

Corp.

26,971

3,479,529

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

S&P

500

Index

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Capital

#### Markets
T. Rowe

Price

Group,

Inc.

20,936

2,143,428

195,464,833

#### Chemicals

#### 1

#### .0

#### %
Air

Products

&

Chemicals,

Inc.

21,735

5,368,980

Albemarle

Corp.

11,178

1,581,016

CF

Industries

Holdings,

Inc.(a)

15,789

1,221,121

Corteva,

Inc.(a)

65,214

4,371,294

Dow,

Inc.

69,794

1,631,784

DuPont

de

Nemours,

Inc.

40,707

1,636,421

Ecolab,

Inc.

24,842

6,521,522

International

Flavors

&

Fragrances,

Inc.(a)

24,364

1,641,890

Linde

plc

45,169

19,259,610

LyondellBasell

Industries

NV,

Class

A(a)

25,462

1,102,505

Mosaic

Co.

(The)

33,457

805,979

PPG

Industries,

Inc.

22,241

2,278,813

Sherwin-Williams

Co.

(The)

22,536

7,302,340

54,723,275

#### Commercial

#### Services

#### &

#### Supplies

#### 0

#### .4

#### %
Cintas

Corp.

33,413

6,283,983

Copart,

Inc.\*

83,959

3,286,995

Republic

Services,

Inc.,

Class

A

19,662

4,166,968

Rollins,

Inc.

28,112

1,687,282

Veralto

Corp.

23,690

2,363,788

Waste

Management,

Inc.

35,634

7,829,146

25,618,162

#### Communications

#### Equipment

#### 0

#### .9

#### %
Arista

Networks,

Inc.\*

99,374

13,020,975

Cisco

Systems,

Inc.

381,460

29,383,864

F5,

Inc.\*(a)

5,806

1,482,040

Motorola

Solutions,

Inc.

16,235

6,223,200

50,110,079

#### Construction

#### &

#### Engineering

#### 0

#### .2

#### %
Comfort

Systems

USA,

Inc.

3,398

3,171,319

EMCOR

Group,

Inc.

4,258

2,605,002

Quanta

Services,

Inc.

14,197

5,991,986

11,768,307

#### Construction

#### Materials

#### 0

#### .3

#### %
CRH

plc

64,722

8,077,305

Martin

Marietta

Materials,

Inc.

5,807

3,615,787

Vulcan

Materials

Co.

12,714

3,626,287

15,319,379

#### Consumer

#### Finance

#### 0

#### .7

#### %
American

Express

Co.

52,535

19,435,323

Capital

One

Financial

Corp.

61,811

14,980,514

Synchrony

Financial

34,779

2,901,612

37,317,449

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1

#### .8

#### %
Costco

Wholesale

Corp.

42,915

37,007,321

Dollar

General

Corp.

20,961

2,782,992

Dollar

Tree,

Inc.\*

18,811

2,313,941

Kroger

Co.

(The)(a)

58,184

3,635,336

Sysco

Corp.

45,100

3,323,419

Target

Corp.

43,258

4,228,470

Walmart,

Inc.

424,265

47,267,364

100,558,843

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Containers

#### &

#### Packaging

#### 0

#### .2

#### %
Amcor

plc(a)

222,939

1,859,311

Avery

Dennison

Corp.

7,922

1,440,853

Ball

Corp.

25,343

1,342,419

International

Paper

Co.(a)

50,776

2,000,067

Packaging

Corp.

of

America

8,902

1,835,860

Smurfit

WestRock

plc

50,839

1,965,944

10,444,454

#### Distributors

#### 0

#### .0

#### %

#### †
Genuine

Parts

Co.

13,777

1,694,020

Pool

Corp.(a)

3,151

720,791

2,414,811

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .6

#### %
AT&T,

Inc.

688,801

17,109,817

Verizon

Communications,

Inc.

406,151

16,542,530

33,652,347

#### Electric

#### Utilities

#### 1

#### .5

#### %
Alliant

Energy

Corp.(a)

25,060

1,629,151

American

Electric

Power

Co.,

Inc.

51,390

5,925,781

Constellation

Energy

Corp.

30,244

10,684,298

Duke

Energy

Corp.

74,337

8,713,040

Edison

International

37,333

2,240,727

Entergy

Corp.

43,924

4,059,895

Evergy,

Inc.

21,313

1,544,979

Eversource

Energy

35,655

2,400,651

Exelon

Corp.(a)

97,494

4,249,764

FirstEnergy

Corp.

49,195

2,202,460

NextEra

Energy,

Inc.(a)

198,368

15,924,983

NRG

Energy,

Inc.

18,431

2,934,952

PG&E

Corp.

210,777

3,387,186

Pinnacle

West

Capital

Corp.(a)

12,033

1,067,327

PPL

Corp.(a)

71,994

2,521,230

Southern

Co.

(The)

106,434

9,281,045

Xcel

Energy,

Inc.

56,579

4,178,925

82,946,394

#### Electrical

#### Equipment

#### 0

#### .8

#### %
AMETEK,

Inc.

22,156

4,548,848

Eaton

Corp.

plc

37,517

11,949,540

Emerson

Electric

Co.

54,836

7,277,834

GE

Vernova,

Inc.

26,228

17,141,834

Generac

Holdings,

Inc.\*

5,965

813,447

Hubbell,

Inc.,

Class

B

4,979

2,211,224

Rockwell

Automation,

Inc.

10,662

4,148,264

48,090,991

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0

#### .7

#### %
Amphenol

Corp.,

Class

A

117,609

15,893,680

CDW

Corp.

12,839

1,748,672

Corning,

Inc.

74,299

6,505,620

Jabil,

Inc.

10,242

2,335,381

Keysight

Technologies,

Inc.\*

16,352

3,322,563

TE

Connectivity

plc

28,868

6,567,759

Teledyne

Technologies,

Inc.\*

4,396

2,245,169

Trimble,

Inc.\*

23,162

1,814,743

Zebra

Technologies

Corp.,

Class

A\*

5,141

1,248,337

41,681,924

#### Energy

#### Equipment

#### &

#### Services

#### 0

#### .2

#### %
Baker

Hughes

Co.,

Class

A

94,004

4,280,942

Halliburton

Co.

82,061

2,319,044

NVIT

S&P

500

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Energy

#### Equipment

#### &

#### Services
SLB

Ltd.

144,757

5,555,774

12,155,760

#### Entertainment

#### 1

#### .4

#### %
Electronic

Arts,

Inc.

21,411

4,374,910

Live

Nation

Entertainment,

Inc.\*(a)

15,198

2,165,715

Netflix,

Inc.\*

409,163

38,363,123

Take-Two

Interactive

Software,

Inc.\*

16,401

4,199,148

TKO

Group

Holdings,

Inc.,

Class

A(a)

6,774

1,415,766

Walt

Disney

Co.

(The)

173,531

19,742,622

Warner

Bros

Discovery,

Inc.\*

236,253

6,808,811

77,070,095

#### Financial

#### Services

#### 3

#### .8

#### %
Apollo

Global

Management,

Inc.(a)

43,786

6,338,461

Berkshire

Hathaway,

Inc.,

Class

B\*

177,069

89,003,733

Block,

Inc.,

Class

A\*

52,383

3,409,610

Corpay,

Inc.\*

6,672

2,007,805

Fidelity

National

Information

Services,

Inc.

50,092

3,329,114

Fiserv,

Inc.\*

51,855

3,483,100

Global

Payments,

Inc.

23,746

1,837,941

Jack

Henry

&

Associates,

Inc.

(a) 7,363

1,343,600

Mastercard,

Inc.,

Class

A

79,518

45,395,236

PayPal

Holdings,

Inc.

91,184

5,323,322

Visa,

Inc.,

Class

A(a)

163,631

57,387,028

218,858,950

#### Food

#### Products

#### 0

#### .4

#### %
Archer-Daniels-Midland

Co.

46,114

2,651,094

Bunge

Global

SA(a)

13,694

1,219,861

Campbell's

Co.

(The)(a)

20,922

583,096

Conagra

Brands,

Inc.(a)

48,773

844,261

General

Mills,

Inc.

50,814

2,362,851

Hershey

Co.

(The)

14,030

2,553,179

Hormel

Foods

Corp.

30,704

727,685

J

M

Smucker

Co.

(The)

10,562

1,033,069

Kraft

Heinz

Co.

(The)

83,952

2,035,836

Lamb

Weston

Holdings,

Inc.

14,883

623,449

McCormick

&

Co.,

Inc.

(Non-Voting)

23,988

1,633,823

Mondelez

International,

Inc.,

Class

A

126,190

6,792,808

Tyson

Foods,

Inc.,

Class

A

29,168

1,709,828

24,770,840

#### Gas

#### Utilities

#### 0

#### .0

#### %

#### †
Atmos

Energy

Corp.(a)

15,836

2,654,589

#### Ground

#### Transportation

#### 0

#### .8

#### %
CSX

Corp.

178,122

6,456,923

JB

Hunt

Transport

Services,

Inc.

7,482

1,454,052

Norfolk

Southern

Corp.

21,516

6,212,100

Old

Dominion

Freight

Line,

Inc.(a)

17,698

2,775,046

Uber

Technologies,

Inc.\*

200,885

16,414,313

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Ground

#### Transportation
Union

Pacific

Corp.

57,485

13,297,430

46,609,864

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 2

#### .0

#### %
Abbott

Laboratories

167,655

21,005,495

Align

Technology,

Inc.\*

6,365

993,895

Baxter

International,

Inc.(a)

52,642

1,005,989

Becton

Dickinson

&

Co.

27,278

5,293,841

Boston

Scientific

Corp.\*

143,075

13,642,201

Cooper

Cos.,

Inc.

(The)\*

19,866

1,628,217

Dexcom,

Inc.\*

37,356

2,479,318

Edwards

Lifesciences

Corp.\*

55,872

4,763,088

GE

HealthCare

Technologies,

Inc.

43,303

3,551,712

Hologic,

Inc.\*

21,696

1,616,135

IDEXX

Laboratories,

Inc.\*

7,847

5,308,731

Insulet

Corp.\*

6,654

1,891,333

Intuitive

Surgical,

Inc.\*

34,531

19,556,977

Medtronic

plc

123,739

11,886,368

ResMed,

Inc.(a)

13,828

3,330,750

Solventum

Corp.\*

15,352

1,216,493

STERIS

plc

9,323

2,363,567

Stryker

Corp.

33,212

11,673,022

Zimmer

Biomet

Holdings,

Inc.

(a) 19,798

1,780,236

114,987,368

#### Health

#### Care

#### Providers

#### &

#### Services

#### 1

#### .6

#### %
Cardinal

Health,

Inc.

22,824

4,690,332

Cencora,

Inc.

18,638

6,294,984

Centene

Corp.\*

46,481

1,912,693

Cigna

Group

(The)

25,463

7,008,181

CVS

Health

Corp.

123,269

9,782,628

DaVita,

Inc.\*(a)

3,730

423,765

Elevance

Health,

Inc.

21,413

7,506,327

HCA

Healthcare,

Inc.

15,641

7,302,157

Henry

Schein,

Inc.\*(a)

11,010

832,136

Humana,

Inc.

11,439

2,929,871

Labcorp

Holdings,

Inc.

7,887

1,978,691

McKesson

Corp.

12,079

9,908,283

Molina

Healthcare,

Inc.\*

4,861

843,578

Quest

Diagnostics,

Inc.

10,571

1,834,386

UnitedHealth

Group,

Inc.

87,242

28,799,457

Universal

Health

Services,

Inc.,

Class

B

5,410

1,179,488

93,226,957

#### Health

#### Care

#### REITs

#### 0

#### .3

#### %
Alexandria

Real

Estate

Equities,

Inc.(a)

15,941

780,152

Healthpeak

Properties,

Inc.

67,767

1,089,693

Ventas,

Inc.(a)

43,892

3,396,363

Welltower,

Inc.

64,860

12,038,665

17,304,873

#### Hotel

#### &

#### Resort

#### REITs

#### 0

#### .0

#### %

#### †
Host

Hotels

&

Resorts,

Inc.(a)

60,893

1,079,633

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1

#### .8

#### %
Airbnb,

Inc.,

Class

A\*

42,039

5,705,533

Booking

Holdings,

Inc.

3,132

16,772,894

Carnival

Corp.\*

107,448

3,281,462

Chipotle

Mexican

Grill,

Inc.,

Class

A\*

127,356

4,712,172

Darden

Restaurants,

Inc.

11,067

2,036,549

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

S&P

500

Index

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Hotels,

#### Restaurants

#### &

#### Leisure
Domino's

Pizza,

Inc.

2,875

1,198,357

DoorDash,

Inc.,

Class

A\*

35,983

8,149,430

Expedia

Group,

Inc.

11,316

3,205,936

Hilton

Worldwide

Holdings,

Inc.(a)

22,848

6,563,088

Las

Vegas

Sands

Corp.

29,483

1,919,048

Marriott

International,

Inc.,

Class

A

21,698

6,731,588

McDonald's

Corp.

68,740

21,009,006

MGM

Resorts

International\*(a)

19,091

696,631

Norwegian

Cruise

Line

Holdings

Ltd.\*(a)

46,290

1,033,193

Royal

Caribbean

Cruises

Ltd.

(a) 24,175

6,742,891

Starbucks

Corp.(a)

110,086

9,270,342

Wynn

Resorts

Ltd.(a)

8,098

974,432

Yum!

Brands,

Inc.(a)

27,307

4,131,003

104,133,555

#### Household

#### Durables

#### 0

#### .2

#### %
DR

Horton,

Inc.

27,195

3,916,896

Garmin

Ltd.

15,511

3,146,406

Lennar

Corp.,

Class

A(a)

21,574

2,217,807

NVR,

Inc.\*

1,976,341

PulteGroup,

Inc.

19,030

2,231,458

13,488,908

#### Household

#### Products

#### 0

#### .8

#### %
Church

&

Dwight

Co.,

Inc.(a)

22,595

1,894,591

Clorox

Co.

(The)

12,398

1,250,090

Colgate-Palmolive

Co.

78,176

6,177,468

Kimberly-Clark

Corp.

31,206

3,148,373

Procter

&

Gamble

Co.

(The)

225,636

32,335,895

44,806,417

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0

#### .1

#### %
AES

Corp.

(The)

73,552

1,054,735

Vistra

Corp.

30,296

4,887,654

5,942,389

#### Industrial

#### Conglomerates

#### 0

#### .4

#### %
3M

Co.

51,711

8,278,931

Honeywell

International,

Inc.

61,300

11,959,017

20,237,948

#### Industrial

#### REITs

#### 0

#### .2

#### %
Prologis,

Inc.

90,054

11,496,294

#### Insurance

#### 1

#### .8

#### %
Aflac,

Inc.

47,122

5,196,143

Allstate

Corp.

(The)(a)

25,407

5,288,467

American

International

Group,

Inc.

52,789

4,516,099

Aon

plc,

Class

A

20,824

7,348,373

Arch

Capital

Group

Ltd.\*

36,064

3,459,259

Arthur

J

Gallagher

&

Co.

24,924

6,450,082

Assurant,

Inc.

4,613

1,111,041

Brown

&

Brown,

Inc.(a)

27,272

2,173,578

Chubb

Ltd.

35,657

11,129,263

Cincinnati

Financial

Corp.

14,856

2,426,282

Erie

Indemnity

Co.,

Class

A(a)

2,643

757,616

Everest

Group

Ltd.

4,254

1,443,595

Globe

Life,

Inc.

8,363

1,169,649

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Insurance
Hartford

Insurance

Group,

Inc.

(The)

26,907

3,707,785

Loews

Corp.

17,480

1,840,819

Marsh

&

McLennan

Cos.,

Inc.

47,357

8,785,671

MetLife,

Inc.

53,444

4,218,869

Principal

Financial

Group,

Inc.

18,084

1,595,190

Progressive

Corp.

(The)

56,674

12,905,803

Prudential

Financial,

Inc.(a)

33,541

3,786,108

Travelers

Cos.,

Inc.

(The)

21,725

6,301,553

W

R

Berkley

Corp.(a)

28,631

2,007,606

Willis

Towers

Watson

plc(a)

9,652

3,171,647

100,790,498

#### Interactive

#### Media

#### &

#### Services

#### 8

#### .0

#### %
Alphabet,

Inc.,

Class

A

561,796

175,842,148

Alphabet,

Inc.,

Class

C

449,014

140,900,593

Match

Group,

Inc.

22,017

710,929

Meta

Platforms,

Inc.,

Class

A

210,301

138,817,587

456,271,257

#### IT

#### Services

#### 1

#### .0

#### %
Accenture

plc,

Class

A

60,046

16,110,342

Akamai

Technologies,

Inc.\*

14,304

1,248,024

Cognizant

Technology

Solutions

Corp.,

Class

A

46,609

3,868,547

EPAM

Systems,

Inc.\*

5,566

1,140,362

Gartner,

Inc.\*

7,379

1,861,574

GoDaddy,

Inc.,

Class

A\*

13,574

1,684,262

International

Business

Machines

Corp.

89,732

26,579,516

VeriSign,

Inc.

7,867

1,911,287

54,403,914

#### Leisure

#### Products

#### 0

#### .0

#### %

#### †
Hasbro,

Inc.

12,006

984,492

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0

#### .9

#### %
Agilent

Technologies,

Inc.

27,074

3,683,959

Bio-Techne

Corp.

15,939

937,373

Charles

River

Laboratories

International,

Inc.\*

4,419

881,502

Danaher

Corp.

61,443

14,065,532

IQVIA

Holdings,

Inc.\*

16,255

3,664,039

Mettler-Toledo

International,

Inc.\*

1,946

2,713,094

Revvity,

Inc.

10,921

1,056,607

Thermo

Fisher

Scientific,

Inc.

36,375

21,077,494

Waters

Corp.\*

5,634

2,139,962

West

Pharmaceutical

Services,

Inc.

7,225

1,987,886

52,207,448

#### Machinery

#### 1

#### .6

#### %
Caterpillar,

Inc.

45,128

25,852,477

Cummins,

Inc.

13,159

6,717,012

Deere

&

Co.

24,384

11,352,459

Dover

Corp.

12,938

2,526,015

Fortive

Corp.(a)

32,584

1,798,963

IDEX

Corp.

7,383

1,313,731

Illinois

Tool

Works,

Inc.(a)

25,805

6,355,772

Ingersoll

Rand,

Inc.(a)

34,564

2,738,160

Nordson

Corp.

4,993

1,200,467

Otis

Worldwide

Corp.

37,371

3,264,357

PACCAR,

Inc.

50,142

5,491,050

Parker-Hannifin

Corp.

12,380

10,881,525

NVIT

S&P

500

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Machinery
Pentair

plc

15,544

1,618,752

Snap-on,

Inc.

5,039

1,736,439

Stanley

Black

&

Decker,

Inc.

(a) 15,863

1,178,304

Westinghouse

Air

Brake

Technologies

Corp.

16,267

3,472,191

Xylem,

Inc.

23,136

3,150,660

90,648,334

#### Media

#### 0

#### .4

#### %
Charter

Communications,

Inc.,

Class

A\*

9,289

1,939,079

Comcast

Corp.,

Class

A

356,983

10,670,222

Fox

Corp.,

Class

A(a)

20,620

1,506,703

Fox

Corp.,

Class

B

17,294

1,122,900

News

Corp.,

Class

A

35,275

921,383

News

Corp.,

Class

B

15,194

450,198

Omnicom

Group,

Inc.

31,717

2,561,148

Paramount

Skydance

Corp.,

Class

B(a)

19,876

266,338

Trade

Desk,

Inc.

(The),

Class

A\*

42,742

1,622,486

21,060,457

#### Metals

#### &

#### Mining

#### 0

#### .4

#### %
Freeport-McMoRan,

Inc.

139,916

7,106,333

Newmont

Corp.

105,812

10,565,328

Nucor

Corp.(a)

21,897

3,571,620

Steel

Dynamics,

Inc.

13,417

2,273,511

23,516,792

#### Multi-Utilities

#### 0

#### .6

#### %
Ameren

Corp.

26,596

2,655,877

CenterPoint

Energy,

Inc.(a)

63,265

2,425,580

CMS

Energy

Corp.

29,794

2,083,494

Consolidated

Edison,

Inc.

34,212

3,397,936

Dominion

Energy,

Inc.(a)

81,201

4,757,567

DTE

Energy

Co.

20,152

2,599,205

NiSource,

Inc.

46,401

1,937,706

Public

Service

Enterprise

Group,

Inc.

47,358

3,802,847

Sempra

63,774

5,630,606

WEC

Energy

Group,

Inc.

31,499

3,321,885

32,612,703

#### Office

#### REITs

#### 0

#### .0

#### %

#### †
BXP,

Inc.(a)

14,849

1,002,011

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 2

#### .6

#### %
APA

Corp.(a)

36,689

897,413

Chevron

Corp.

185,389

28,255,137

ConocoPhillips

120,398

11,270,457

Coterra

Energy,

Inc.

75,597

1,989,713

Devon

Energy

Corp.

61,190

2,241,390

Diamondback

Energy,

Inc.

17,681

2,657,985

EOG

Resources,

Inc.

53,347

5,601,968

EQT

Corp.

59,071

3,166,206

Expand

Energy

Corp.

22,663

2,501,089

Exxon

Mobil

Corp.

410,671

49,420,148

Kinder

Morgan,

Inc.

190,260

5,230,247

Marathon

Petroleum

Corp.

28,955

4,708,952

Occidental

Petroleum

Corp.(a)

67,807

2,788,224

ONEOK,

Inc.(a)

61,543

4,523,410

Phillips

39,594

5,109,210

Targa

Resources

Corp.

20,306

3,746,457

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
Texas

Pacific

Land

Corp.(a)

5,475

1,572,530

Valero

Energy

Corp.

29,565

4,812,886

Williams

Cos.,

Inc.

(The)

118,531

7,124,898

147,618,320

#### Passenger

#### Airlines

#### 0

#### .2

#### %
Delta

Air

Lines,

Inc.

61,657

4,278,996

Southwest

Airlines

Co.(a)

50,876

2,102,705

United

Airlines

Holdings,

Inc.\*

30,762

3,439,807

9,821,508

#### Personal

#### Care

#### Products

#### 0

#### .1

#### %
Estee

Lauder

Cos.,

Inc.

(The),

Class

A

23,294

2,439,348

Kenvue,

Inc.

182,377

3,146,003

5,585,351

#### Pharmaceuticals

#### 3

#### .3

#### %
Bristol-Myers

Squibb

Co.

197,647

10,661,079

Eli

Lilly

&

Co.

76,743

82,474,167

Johnson

&

Johnson

232,795

48,176,925

Merck

&

Co.,

Inc.

240,607

25,326,293

Pfizer,

Inc.

550,016

13,695,399

Viatris,

Inc.

105,664

1,315,517

Zoetis,

Inc.,

Class

A

43,406

5,461,343

187,110,723

#### Professional

#### Services

#### 0

#### .5

#### %
Automatic

Data

Processing,

Inc.

38,473

9,896,410

Broadridge

Financial

Solutions,

Inc.

11,472

2,560,206

Dayforce,

Inc.\*

15,897

1,099,437

Equifax,

Inc.

11,945

2,591,826

Jacobs

Solutions,

Inc.

11,891

1,575,082

Leidos

Holdings,

Inc.

12,541

2,262,396

Paychex,

Inc.(a)

31,838

3,571,587

Paycom

Software,

Inc.(a)

5,334

850,026

Verisk

Analytics,

Inc.,

Class

A

13,198

2,952,261

27,359,231

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0

#### .1

#### %
CBRE

Group,

Inc.,

Class

A\*

28,110

4,519,807

CoStar

Group,

Inc.\*

39,975

2,687,919

7,207,726

#### Residential

#### REITs

#### 0

#### .2

#### %
AvalonBay

Communities,

Inc.

(a) 13,537

2,454,393

Camden

Property

Trust(a)

10,495

1,155,290

Equity

Residential

33,171

2,091,100

Essex

Property

Trust,

Inc.

5,907

1,545,744

Invitation

Homes,

Inc.

55,688

1,547,569

Mid-America

Apartment

Communities,

Inc.

11,524

1,600,799

UDR,

Inc.

29,595

1,085,545

11,480,440

#### Retail

#### REITs

#### 0

#### .2

#### %
Federal

Realty

Investment

Trust

7,827

788,962

Kimco

Realty

Corp.

66,919

1,356,448

Realty

Income

Corp.(a)

87,801

4,949,342

Regency

Centers

Corp.

15,007

1,035,933

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

S&P

500

Index

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Retail

#### REITs
Simon

Property

Group,

Inc.

31,935

5,911,488

14,042,173

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 14

#### .0

#### %
Advanced

Micro

Devices,

Inc.\*

156,326

33,478,776

Analog

Devices,

Inc.

47,969

13,009,193

Applied

Materials,

Inc.

77,303

19,866,098

Broadcom,

Inc.

456,000

157,821,600

First

Solar,

Inc.\*

10,206

2,666,113

Intel

Corp.\*

421,783

15,563,793

KLA

Corp.

12,720

15,455,818

Lam

Research

Corp.

121,915

20,869,410

Microchip

Technology,

Inc.

50,901

3,243,412

Micron

Technology,

Inc.

107,803

30,768,054

Monolithic

Power

Systems,

Inc.

4,552

4,125,751

NVIDIA

Corp.

2,346,449

437,612,738

NXP

Semiconductors

NV

24,747

5,371,584

ON

Semiconductor

Corp.\*

40,370

2,186,035

Qnity

Electronics,

Inc.

20,122

1,642,961

QUALCOMM,

Inc.

103,892

17,770,727

Skyworks

Solutions,

Inc.(a)

15,231

965,798

Teradyne,

Inc.

15,127

2,927,982

Texas

Instruments,

Inc.

87,693

15,213,858

800,559,701

#### Software

#### 10

#### .2

#### %
Adobe,

Inc.\*

40,920

14,321,591

AppLovin

Corp.,

Class

A\*(a)

26,087

17,577,942

Autodesk,

Inc.\*

20,830

6,165,888

Cadence

Design

Systems,

Inc.\*

26,439

8,264,303

Crowdstrike

Holdings,

Inc.,

Class

A\*

24,041

11,269,459

Datadog,

Inc.,

Class

A\*

30,774

4,184,956

Fair

Isaac

Corp.\*

2,282

3,857,995

Fortinet,

Inc.\*

61,968

4,920,879

Gen

Digital,

Inc.(a)

52,316

1,422,472

Intuit,

Inc.

26,870

17,799,225

Microsoft

Corp.

717,683

347,085,853

Oracle

Corp.

162,414

31,656,113

Palantir

Technologies,

Inc.,

Class

A\*

220,579

39,207,917

Palo

Alto

Networks,

Inc.\*

64,459

11,873,348

PTC,

Inc.\*

11,253

1,960,385

Roper

Technologies,

Inc.

10,546

4,694,341

Salesforce,

Inc.

92,090

24,395,562

ServiceNow,

Inc.\*

100,180

15,346,574

Synopsys,

Inc.\*

18,036

8,471,870

Tyler

Technologies,

Inc.\*(a)

4,191

1,902,504

Workday,

Inc.,

Class

A\*

21,187

4,550,544

580,929,721

#### Specialized

#### REITs

#### 0

#### .7

#### %
American

Tower

Corp.

45,472

7,983,519

Crown

Castle,

Inc.

41,646

3,701,080

Digital

Realty

Trust,

Inc.(a)

30,622

4,737,530

Equinix,

Inc.

9,533

7,303,803

Extra

Space

Storage,

Inc.

20,138

2,622,371

Iron

Mountain,

Inc.

28,034

2,325,420

Public

Storage

14,972

3,885,234

SBA

Communications

Corp.,

Class

A

10,321

1,996,391

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Specialized

#### REITs
VICI

Properties,

Inc.,

Class

A

104,118

2,927,798

Weyerhaeuser

Co.

71,354

1,690,376

39,173,522

#### Specialty

#### Retail

#### 1

#### .7

#### %
AutoZone,

Inc.\*

1,626

5,514,579

Best

Buy

Co.,

Inc.(a)

19,359

1,295,698

Carvana

Co.,

Class

A\*(a)

13,656

5,763,105

Home

Depot,

Inc.

(The)

96,317

33,142,680

Lowe's

Cos.,

Inc.

54,041

13,032,527

O'Reilly

Automotive,

Inc.\*

81,801

7,461,069

Ross

Stores,

Inc.

31,177

5,616,225

TJX

Cos.,

Inc.

(The)

107,493

16,512,000

Tractor

Supply

Co.(a)

52,483

2,624,675

Ulta

Beauty,

Inc.\*

4,322

2,614,853

Williams-Sonoma,

Inc.(a)

11,658

2,082,002

95,659,413

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 7

#### .3

#### %
Apple,

Inc.

1,426,830

387,898,004

Dell

Technologies,

Inc.,

Class

C

28,915

3,639,820

Hewlett

Packard

Enterprise

Co.(a)

125,902

3,024,166

HP,

Inc.

89,901

2,002,994

NetApp,

Inc.

18,971

2,031,604

Sandisk

Corp.\*

13,287

3,154,068

Seagate

Technology

Holdings

plc(a)

20,910

5,758,405

Super

Micro

Computer,

Inc.\*(a)

49,021

1,434,845

Western

Digital

Corp.

33,070

5,696,969

414,640,875

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0

#### .3

#### %
Deckers

Outdoor

Corp.\*

13,583

1,408,149

Lululemon

Athletica,

Inc.\*

10,644

2,211,930

NIKE,

Inc.,

Class

B

115,428

7,353,918

Ralph

Lauren

Corp.,

Class

A

3,633

1,284,665

Tapestry,

Inc.

19,612

2,505,825

14,764,487

#### Tobacco

#### 0

#### .6

#### %
Altria

Group,

Inc.

161,821

9,330,599

Philip

Morris

International,

Inc.

149,943

24,050,857

33,381,456

#### Trading

#### Companies

#### &

#### Distributors

#### 0

#### .2

#### %
Fastenal

Co.

109,066

4,376,819

United

Rentals,

Inc.

6,322

5,116,521

WW

Grainger,

Inc.(a)

4,167

4,204,711

13,698,051

#### Water

#### Utilities

#### 0

#### .0

#### %

#### †
American

Water

Works

Co.,

Inc.(a)

18,568

2,423,124

#### Wireless

#### Telecommunication

#### Services

#### 0

#### .2

#### %
T-Mobile

US,

Inc.

46,796

9,501,460

#### Total

#### Common

#### Stocks

#### (cost

#### $1,910,741,617)

#### 5,643,353,145
NVIT

S&P

500

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Repurchase

#### Agreements

#### 1

#### .7

#### %

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Bank

of

America

NA,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$16,003,422,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.50%,

maturing

5/1/2049

-

9/1/2050;

total

market

value

$16,320,000.(b)(c)

16,000,000

16,000,000

BNP

Paribas

Securities

Corp.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$5,001,058,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.63%,

maturing

7/31/2026

-

11/15/2054;

total

market

value

$5,100,000.(b)(c)

5,000,000

5,000,000

BofA

Securities,

Inc.,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$3,000,642,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.34%

-

5.25%,

maturing

10/20/2034

-

2/20/2073;

total

market

value

$3,060,000.(b)(c)

3,000,000

3,000,000

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$9,473,718,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$9,661,131.(b)(c)

9,471,697

9,471,697

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$2,000,427,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$2,040,000.(b)(c)

2,000,000

2,000,000

#### Repurchase

#### Agreements

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
CF

Secured,

LLC,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$25,005,333,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.13%

-

7.50%,

maturing

3/31/2026

-

4/20/2071;

total

market

value

$25,505,441.(b)(c)

25,000,000

25,000,000

Citi

Global

Market,

Inc.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$2,000,423,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.38%

-

4.25%,

maturing

2/15/2028

-

10/31/2029;

total

market

value

$2,040,001.(b)(c)

2,000,000

2,000,000

MetLife,

Inc.,

3.83%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$9,001,915,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$9,184,651.(b)(c)

9,000,000

9,000,000

Pershing

LLC,

3.72%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$26,985,576,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

2/15/2026

-

12/20/2075;

total

market

value

$27,519,601.(b)(c)

26,980,000

26,980,000

#### Total

#### Repurchase

#### Agreements

#### (cost

#### $98,451,697)

#### 98,451,697

#### Total

#### Investments

#### (cost

#### $2,009,193,314)

#### —

#### 100.7%

#### 5,741,804,842

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (0.7)%

#### (#### 42,039,673

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 5,699,765,169

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

S&P

500

Index

Fund

\*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$169,686,849,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$98,451,697

and

by

$77,215,902

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.75%,

and

maturity

dates

ranging

from

1/15/2026

-

8/15/2055,

a

total

value

of

$175,667,599.

(b) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$98,451,697.

(c) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

REIT

Real

Estate

Investment

Trust

NVIT

S&P

500

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Futures

#### contracts

#### outstanding

#### as

#### of

#### December

#### 31,

#### 2025:

#### Description

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### ($)

#### Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Long

#### Contracts
S&P

500

E-Mini

Index

3/2026

USD

57,207,750

89,547

#### Net

#### contracts
89,547

#### Currency:
USD

United

States

Dollar

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Small

Cap

Index

Fund

#### Closed

#### End

#### Fund

#### 0

#### .0

#### %

#### †

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Diversified

#### REITs

#### 0

#### .0

#### %

#### †
NexPoint

Diversified

Real

Estate

Trust

8,522

32,639

#### Total

#### Closed

#### End

#### Fund

#### (cost $69,454)

#### 32,639

#### Common

#### Stocks

#### 100

#### .2

#### %

#### Shares

#### Aerospace

#### &

#### Defense

#### 1

#### .9

#### %
AAR

Corp.\*

7,754

641,954

AeroVironment,

Inc.\*(a)

7,502

1,814,659

AerSale

Corp.\*

6,270

44,580

AIRO

Group

Holdings,

Inc.\*

1,497

12,245

Archer

Aviation,

Inc.,

Class

A\*(a)

125,602

944,527

Astronics

Corp.\*

6,159

334,064

Byrna

Technologies,

Inc.\*(a)

3,864

64,877

Cadre

Holdings,

Inc.(a)

5,609

229,072

Ducommun,

Inc.\*(a)

2,726

259,324

Eve

Holding,

Inc.\*

18,949

75,606

Firefly

Aerospace,

Inc.\*(a)

4,102

91,762

Intuitive

Machines,

Inc.\*(a)

21,567

350,032

Kratos

Defense

&

Security

Solutions,

Inc.\*

33,110

2,513,380

Mercury

Systems,

Inc.\*(a)

10,347

755,434

Moog,

Inc.,

Class

A

5,647

1,375,327

National

Presto

Industries,

Inc.

1,030

109,963

Park

Aerospace

Corp.

3,765

80,345

Redwire

Corp.\*(a)

14,512

110,291

Satellogic,

Inc.,

Class

A\*(a)

19,349

36,183

V2X,

Inc.\*

4,561

248,803

Voyager

Technologies,

Inc.,

Class

A\*(a)

2,613

68,304

VSE

Corp.

4,524

781,611

10,942,343

#### Air

#### Freight

#### &

#### Logistics

#### 0

#### .1

#### %
Forward

Air

Corp.\*(a)

4,091

102,275

Hub

Group,

Inc.,

Class

A

12,128

516,774

Radiant

Logistics,

Inc.\*

5,309

33,606

652,655

#### Automobile

#### Components

#### 1

#### .1

#### %
Adient

plc\*

16,163

309,845

American

Axle

&

Manufacturing

Holdings,

Inc.\*(a)

24,073

154,308

Cooper-Standard

Holdings,

Inc.\*

3,466

113,789

Dana,

Inc.

23,384

555,604

Dorman

Products,

Inc.\*

5,433

669,291

Fox

Factory

Holding

Corp.\*

8,160

139,618

Garrett

Motion,

Inc.

31,404

547,372

Gentherm,

Inc.\*

6,141

223,348

Goodyear

Tire

&

Rubber

Co.

(The)\*(a)

54,730

479,435

Holley,

Inc.\*(a)

14,845

61,310

LCI

Industries

4,696

569,813

Motorcar

Parts

of

America,

Inc.\*

2,654

32,750

Patrick

Industries,

Inc.(a)

6,449

699,265

Phinia,

Inc.

7,668

480,707

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Automobile

#### Components
Solid

Power,

Inc.\*(a)

30,492

129,591

Standard

Motor

Products,

Inc.

4,243

156,354

Strattec

Security

Corp.\*(a)

888

67,612

Visteon

Corp.(a)

5,425

515,917

XPEL,

Inc.

Reg.

S\*(a)

5,009

249,999

6,155,928

#### Automobiles

#### 0

#### .1

#### %
Faraday

Future

Intelligent

Electric,

Inc.,

Class

A\*(a)

27,322

27,869

Livewire

Group,

Inc.\*(a)

6,722

29,711

Winnebago

Industries,

Inc.(a)

5,350

216,782

274,362

#### Banks

#### 9

#### .9

#### %
1st

Source

Corp.

3,698

231,088

ACNB

Corp.(a)

1,942

93,896

Amalgamated

Financial

Corp.

5,052

161,816

Amerant

Bancorp,

Inc.,

Class

A

7,272

141,877

Ameris

Bancorp

13,128

975,017

Ames

National

Corp.(a)

1,751

40,203

Arrow

Financial

Corp.(a)

3,238

101,673

Associated

Banc-Corp.

33,864

872,337

Atlantic

Union

Bankshares

Corp.(a)

28,290

998,637

Avidbank

Holdings,

Inc.\*

11,235

Axos

Financial,

Inc.\*(a)

10,794

930,011

Banc

of

California,

Inc.

25,686

495,483

BancFirst

Corp.

4,168

441,891

Bancorp,

Inc.

(The)\*

8,440

569,869

Bank

First

Corp.(a)

1,770

215,621

Bank

of

Hawaii

Corp.

7,759

530,483

Bank

of

Marin

Bancorp

3,092

80,423

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

8,455

421,228

Bank7

Corp.

774

31,718

BankFinancial

Corp.

1,512

18,144

BankUnited,

Inc.

14,367

640,337

Bankwell

Financial

Group,

Inc.

1,443

66,118

Banner

Corp.

6,673

418,130

Bar

Harbor

Bankshares

2,960

91,908

BayCom

Corp.

1,915

56,301

BCB

Bancorp,

Inc.

2,988

24,113

Beacon

Financial

Corp.(a)

16,321

430,385

Blue

Foundry

Bancorp\*

3,416

42,461

Blue

Ridge

Bankshares,

Inc.

13,831

59,058

Bridgewater

Bancshares,

Inc.\*

4,244

74,397

Burke

&

Herbert

Financial

Services

Corp.(a)

2,660

165,745

Business

First

Bancshares,

Inc.

5,910

154,487

BV

Financial,

Inc.\*

1,483

26,902

Byline

Bancorp,

Inc.

6,819

198,774

C&F

Financial

Corp.(a)

730

52,991

Cadence

Bank

29,606

1,268,321

California

BanCorp

4,168

77,817

Camden

National

Corp.

3,317

143,891

Capital

Bancorp,

Inc.

2,230

62,819

Capital

City

Bank

Group,

Inc.

2,817

119,920

Capitol

Federal

Financial,

Inc.

24,283

165,367

Carter

Bankshares,

Inc.\*

4,442

87,330

Cathay

General

Bancorp(a)

13,371

647,023

NVIT

Small

Cap

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Banks
CB

Financial

Services,

Inc.(a)

798

27,818

Central

Pacific

Financial

Corp.

4,915

153,151

CF

Bankshares,

Inc.

1,135

28,318

Chain

Bridge

Bancorp,

Inc.,

Class

A\*

15,172

Chemung

Financial

Corp.

906

50,555

ChoiceOne

Financial

Services,

Inc.

2,702

79,763

Citizens

&

Northern

Corp.(a)

3,322

67,005

Citizens

Community

Bancorp,

Inc.

2,318

41,307

Citizens

Financial

Services,

Inc.(a)

902

51,432

City

Holding

Co.

2,710

323,032

Civista

Bancshares,

Inc.

3,712

82,481

CNB

Financial

Corp.

5,481

143,438

Coastal

Financial

Corp.\*(a)

2,569

294,382

CoastalSouth

Bancshares,

Inc.\*

1,173

27,272

Colony

Bankcorp,

Inc.

3,632

64,722

Columbia

Financial,

Inc.\*(a)

5,037

78,275

Commercial

Bancgroup,

Inc.\*(a)

1,244

30,553

Community

Financial

System,

Inc.(a)

10,508

603,579

Community

Trust

Bancorp,

Inc.

3,234

182,721

Community

West

Bancshares

3,072

69,120

ConnectOne

Bancorp,

Inc.

9,468

248,251

Customers

Bancorp,

Inc.\*

6,351

464,385

CVB

Financial

Corp.(a)

26,125

485,925

Dime

Community

Bancshares,

Inc.(a)

7,756

233,378

Eagle

Bancorp

Montana,

Inc.

1,269

25,253

Eagle

Bancorp,

Inc.(a)

5,672

121,494

Eagle

Financial

Services,

Inc.

975

38,800

Eastern

Bankshares,

Inc.(a)

44,309

816,615

ECB

Bancorp,

Inc.\*(a)

1,598

27,789

Enterprise

Financial

Services

Corp.

7,458

402,732

Equity

Bancshares,

Inc.,

Class

A

2,942

131,360

Esquire

Financial

Holdings,

Inc.(a)

1,437

146,675

Farmers

&

Merchants

Bancorp,

Inc.

2,483

61,380

Farmers

National

Banc

Corp.

6,916

92,121

FB

Bancorp,

Inc.\*

3,343

42,957

FB

Financial

Corp.

8,327

464,647

Fidelity

D&D

Bancorp,

Inc.

857

37,305

Financial

Institutions,

Inc.

3,928

122,436

Finward

Bancorp

504

17,736

Finwise

Bancorp\*(a)

2,154

38,643

First

Bancorp(a)

39,542

1,060,456

First

Bancorp,

Inc.

(The)

2,506

66,259

First

Bank

4,076

67,091

First

Busey

Corp.(a)

16,768

398,911

First

Business

Financial

Services,

Inc.

1,593

86,500

First

Capital,

Inc.

690

40,848

First

Commonwealth

Financial

Corp.

20,731

349,525

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Banks
First

Community

Bankshares,

Inc.

2,972

100,246

First

Community

Corp.

1,283

38,041

First

Financial

Bancorp(a)

18,980

474,880

First

Financial

Bankshares,

Inc.

26,565

793,496

First

Financial

Corp.

2,244

135,582

First

Foundation,

Inc.\*

12,663

78,004

First

Internet

Bancorp

1,450

30,261

First

Interstate

BancSystem,

Inc.,

Class

A(a)

18,556

642,038

First

Merchants

Corp.

11,771

441,177

First

Mid

Bancshares,

Inc.

4,290

167,310

First

National

Corp.(a)

1,797

45,356

First

Savings

Financial

Group,

Inc.

1,014

32,306

First

United

Corp.

1,438

53,839

First

Western

Financial,

Inc.\*

1,828

49,009

Firstsun

Capital

Bancorp\*(a)

2,570

96,722

Five

Star

Bancorp(a)

3,007

107,590

Flagstar

Bank

NA(a)

60,669

763,823

Flushing

Financial

Corp.(a)

6,186

93,842

Franklin

Financial

Services

Corp.(a)

966

48,493

FS

Bancorp,

Inc.

1,342

55,250

Fulton

Financial

Corp.(a)

35,325

682,832

FVCBankcorp,

Inc.

3,449

47,976

GBank

Financial

Holdings,

Inc.\*

1,719

58,257

German

American

Bancorp,

Inc.(a)

7,057

276,493

Glacier

Bancorp,

Inc.(a)

25,859

1,139,089

Great

Southern

Bancorp,

Inc.

1,658

102,066

Greene

County

Bancorp,

Inc.

1,395

31,011

Hancock

Whitney

Corp.

17,563

1,118,412

Hanmi

Financial

Corp.

5,675

153,395

Hanover

Bancorp,

Inc.

768

17,748

Hawthorn

Bancshares,

Inc.(a)

1,069

37,287

HBT

Financial,

Inc.

2,659

68,735

Heritage

Commerce

Corp.

12,317

147,927

Heritage

Financial

Corp.

6,446

152,448

Hilltop

Holdings,

Inc.

8,860

300,708

Hingham

Institution

for

Savings(a)

93,139

Home

Bancorp,

Inc.

1,439

83,174

Home

BancShares,

Inc.

38,960

1,082,309

HomeTrust

Bancshares,

Inc.

3,083

132,384

Hope

Bancorp,

Inc.

24,845

272,301

Horizon

Bancorp,

Inc.(a)

9,875

167,480

Independent

Bank

Corp.(a)

13,768

852,846

International

Bancshares

Corp.

11,048

734,029

Investar

Holding

Corp.

1,782

47,615

John

Marshall

Bancorp,

Inc.

2,281

45,597

Kearny

Financial

Corp.

10,426

77,257

Lakeland

Financial

Corp.(a)

4,836

275,942

Landmark

Bancorp,

Inc.(a)

1,203

31,507

LCNB

Corp.

2,456

40,254

LINKBANCORP,

Inc.

3,402

28,100

Live

Oak

Bancshares,

Inc.

7,328

251,717

MainStreet

Bancshares,

Inc.

1,135

23,109

Mechanics

Bancorp(a)

9,552

139,746

Mercantile

Bank

Corp.

3,180

152,958

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Small

Cap

Index

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Banks
Meridian

Corp.

2,428

42,684

Metrocity

Bankshares,

Inc.

3,957

105,019

Metropolitan

Bank

Holding

Corp.

1,930

147,375

Mid

Penn

Bancorp,

Inc.(a)

3,884

120,482

Middlefield

Banc

Corp.

1,398

48,287

Midland

States

Bancorp,

Inc.

4,398

93,106

MidWestOne

Financial

Group,

Inc.

3,326

128,051

MVB

Financial

Corp.

2,183

56,387

National

Bank

Holdings

Corp.,

Class

A

7,473

284,049

National

Bankshares,

Inc.

1,074

36,011

NB

Bancorp,

Inc.(a)

7,441

147,481

NBT

Bancorp,

Inc.

10,355

429,940

Nicolet

Bankshares,

Inc.(a)

2,686

325,812

Northeast

Bank

1,514

157,350

Northeast

Community

Bancorp,

Inc.

2,554

57,746

Northfield

Bancorp,

Inc.

7,277

83,176

Northpointe

Bancshares,

Inc.

3,837

64,385

Northrim

Bancorp,

Inc.

4,180

111,230

Northwest

Bancshares,

Inc.

28,619

343,428

Norwood

Financial

Corp.(a)

1,634

45,834

Oak

Valley

Bancorp

1,456

43,767

OceanFirst

Financial

Corp.(a)

11,580

207,861

OFG

Bancorp

8,859

363,042

Ohio

Valley

Banc

Corp.

690

27,586

Old

National

Bancorp(a)

71,016

1,584,367

Old

Second

Bancorp,

Inc.

10,427

203,326

OP

Bancorp

3,148

44,450

Orange

County

Bancorp,

Inc.

2,226

63,552

Origin

Bancorp,

Inc.

5,930

223,027

Orrstown

Financial

Services,

Inc.

3,642

129,000

Park

National

Corp.

2,969

451,822

Parke

Bancorp,

Inc.

2,104

52,684

Pathward

Financial,

Inc.(a)

4,548

322,908

Patriot

National

Bancorp,

Inc.\*

14,599

26,570

PCB

Bancorp

2,268

49,102

Peapack-Gladstone

Financial

Corp.

3,168

88,229

Peoples

Bancorp

of

North

Carolina,

Inc.

839

30,372

Peoples

Bancorp,

Inc.

7,170

215,315

Peoples

Financial

Services

Corp.(a)

1,815

88,409

Pioneer

Bancorp,

Inc.\*

2,248

30,303

Plumas

Bancorp

1,166

52,108

Ponce

Financial

Group,

Inc.\*

3,681

60,184

Preferred

Bank

1,139

107,556

Primis

Financial

Corp.

4,235

58,909

Princeton

Bancorp,

Inc.

996

34,551

Provident

Financial

Services,

Inc.

23,497

464,066

QCR

Holdings,

Inc.

3,374

281,054

RBB

Bancorp

3,906

80,620

Red

River

Bancshares,

Inc.

958

68,430

Renasant

Corp.

18,911

666,045

Republic

Bancorp,

Inc.,

Class

A

1,630

112,454

Rhinebeck

Bancorp,

Inc.\*

765

9,195

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Banks
Richmond

Mutual

BanCorp,

Inc.

2,116

29,709

Riverview

Bancorp,

Inc.

3,480

17,470

S&T

Bancorp,

Inc.

7,542

296,778

SB

Financial

Group,

Inc.(a)

1,057

23,539

Seacoast

Banking

Corp.

of

Florida

17,368

545,702

ServisFirst

Bancshares,

Inc.

10,303

739,652

Shore

Bancshares,

Inc.

6,605

116,776

Sierra

Bancorp

2,879

94,086

Simmons

First

National

Corp.,

Class

A

28,135

530,345

SmartFinancial,

Inc.

2,749

101,685

Sound

Financial

Bancorp,

Inc.

(a) 304

13,263

South

Plains

Financial,

Inc.

2,672

103,674

Southern

First

Bancshares,

Inc.\*(a)

1,540

79,341

Southern

Missouri

Bancorp,

Inc.

1,939

114,634

Southside

Bancshares,

Inc.

5,897

179,210

SR

Bancorp,

Inc.(a)

1,120

17,629

Stellar

Bancorp,

Inc.

9,117

282,080

Sterling

Bancorp,

Inc.\*∞(a)

3,556

Stock

Yards

Bancorp,

Inc.

5,224

339,299

Texas

Capital

Bancshares,

Inc.\*

9,197

832,696

Third

Coast

Bancshares,

Inc.\*

2,773

105,402

Timberland

Bancorp,

Inc.

1,705

61,039

Tompkins

Financial

Corp.

2,621

190,075

Towne

Bank

14,787

493,442

TriCo

Bancshares

6,244

295,778

Triumph

Financial,

Inc.\*

4,486

280,958

TrustCo

Bank

Corp.(a)

3,526

145,730

Trustmark

Corp.

11,762

458,130

UMB

Financial

Corp.

14,752

1,697,070

Union

Bankshares,

Inc.(a)

604

14,333

United

Bankshares,

Inc.(a)

28,087

1,078,541

United

Community

Banks,

Inc.

24,300

758,646

United

Security

Bancshares

3,403

34,268

Unity

Bancorp,

Inc.

1,469

75,977

Univest

Financial

Corp.

5,938

194,410

USCB

Financial

Holdings,

Inc.

2,081

38,332

Valley

National

Bancorp(a)

99,121

1,157,733

Virginia

National

Bankshares

Corp.

841

33,514

WaFd,

Inc.

15,651

501,301

Washington

Trust

Bancorp,

Inc.

3,850

113,767

WesBanco,

Inc.

19,191

637,909

West

Bancorp,

Inc.

2,939

65,216

Westamerica

Bancorp

4,917

235,180

Western

New

England

Bancorp,

Inc.

3,406

42,984

WSFS

Financial

Corp.

11,138

615,263

56,905,189

#### Beverages

#### 0

#### .1

#### %
MGP

Ingredients,

Inc.(a)

2,739

66,558

National

Beverage

Corp.\*

4,544

144,908

Vita

Coco

Co.,

Inc.

(The)\*

9,454

501,156

NVIT

Small

Cap

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Beverages
Zevia

PBC,

Class

A\*

10,644

24,694

737,316

#### Biotechnology

#### 9

#### .4

#### %
4D

Molecular

Therapeutics,

Inc.\*(a)

8,396

62,970

Abeona

Therapeutics,

Inc.\*(a)

8,326

43,878

Absci

Corp.\*(a)

28,577

99,734

ACADIA

Pharmaceuticals,

Inc.\*

24,500

654,395

Actuate

Therapeutics,

Inc.\*

1,410

8,629

ADC

Therapeutics

SA\*

17,772

62,735

ADMA

Biologics,

Inc.\*

46,110

841,046

Agios

Pharmaceuticals,

Inc.\*

10,999

299,393

Akebia

Therapeutics,

Inc.\*(a)

51,199

82,430

Aldeyra

Therapeutics,

Inc.\*

11,398

59,042

Alector,

Inc.\*(a)

13,530

21,107

Alkermes

plc\*(a)

32,096

898,046

Allogene

Therapeutics,

Inc.\*(a)

29,700

40,689

Altimmune,

Inc.\*(a)

17,100

61,731

Amicus

Therapeutics,

Inc.\*(a)

58,918

838,992

AnaptysBio,

Inc.\*

3,675

178,164

Anavex

Life

Sciences

Corp.\*

17,048

60,691

Anika

Therapeutics,

Inc.\*

2,320

22,295

Annexon,

Inc.\*

20,352

102,167

Apogee

Therapeutics,

Inc.\*

7,663

578,403

Arbutus

Biopharma

Corp.\*

31,231

150,221

Arcellx,

Inc.\*(a)

6,783

442,252

Arcturus

Therapeutics

Holdings,

Inc.\*(a)

5,100

31,263

Arcus

Biosciences,

Inc.\*(a)

15,624

372,320

Arcutis

Biotherapeutics,

Inc.\*

21,936

637,021

Ardelyx,

Inc.\*

47,663

277,875

ArriVent

Biopharma,

Inc.\*(a)

5,776

116,213

Arrowhead

Pharmaceuticals,

Inc.\*

26,330

1,748,049

ARS

Pharmaceuticals,

Inc.\*(a)

12,037

140,231

Astria

Therapeutics,

Inc.\*

7,740

101,317

aTyr

Pharma,

Inc.\*(a)

16,483

12,908

Aura

Biosciences,

Inc.\*

8,724

47,546

Aurinia

Pharmaceuticals,

Inc.\*

23,552

375,654

Avidity

Biosciences,

Inc.\*

22,956

1,655,816

Avita

Medical,

Inc.\*(a)

2,475

8,539

Beam

Therapeutics,

Inc.\*(a)

18,800

521,136

Benitec

Biopharma,

Inc.\*(a)

2,518

33,917

Bicara

Therapeutics,

Inc.\*(a)

6,308

106,164

BioCryst

Pharmaceuticals,

Inc.\*(a)

41,155

321,009

Biohaven

Ltd.\*

18,941

213,844

Bridgebio

Pharma,

Inc.\*(a)

31,523

2,411,194

Bright

Minds

Biosciences,

Inc.\*

1,008

78,664

Candel

Therapeutics,

Inc.\*(a)

9,557

53,997

Capricor

Therapeutics,

Inc.\*(a)

7,651

220,808

Cardiff

Oncology,

Inc.\*(a)

12,554

35,277

CareDx,

Inc.\*

10,407

196,068

Cartesian

Therapeutics,

Inc.\*(a)

1,777

12,812

Catalyst

Pharmaceuticals,

Inc.\*(a)

22,637

528,348

Celcuity,

Inc.\*(a)

6,385

636,840

Celldex

Therapeutics,

Inc.\*(a)

12,944

351,559

CG

oncology,

Inc.\*(a)

11,180

464,194

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Biotechnology
Cidara

Therapeutics,

Inc.\*

3,891

859,483

Cogent

Biosciences,

Inc.\*

27,601

980,388

Coherus

Oncology,

Inc.\*(a)

18,551

26,342

Compass

Therapeutics,

Inc.\*

25,867

138,906

Corvus

Pharmaceuticals,

Inc.\*

11,827

91,068

CRISPR

Therapeutics

AG\*(a)

17,283

906,321

Cullinan

Therapeutics,

Inc.\*(a)

9,984

103,334

Cytokinetics,

Inc.\*(a)

23,085

1,466,821

Day

One

Biopharmaceuticals,

Inc.\*

14,808

138,011

Denali

Therapeutics,

Inc.\*

26,030

429,755

Design

Therapeutics,

Inc.\*

4,930

46,243

DiaMedica

Therapeutics,

Inc.\*(a)

6,401

50,952

Dianthus

Therapeutics,

Inc.\*

4,838

199,374

Disc

Medicine,

Inc.\*

4,946

392,762

Dynavax

Technologies

Corp.\*(a)

20,082

308,861

Dyne

Therapeutics,

Inc.\*

24,729

483,699

Editas

Medicine,

Inc.\*(a)

17,603

36,086

Eledon

Pharmaceuticals,

Inc.\*(a)

10,902

16,462

Emergent

BioSolutions,

Inc.\*(a)

10,441

129,051

Enanta

Pharmaceuticals,

Inc.\*

5,378

84,811

Entrada

Therapeutics,

Inc.\*

5,239

53,857

Erasca,

Inc.\*(a)

35,561

132,287

Fate

Therapeutics,

Inc.\*

25,363

24,922

Fennec

Pharmaceuticals,

Inc.\*

4,876

37,545

Foghorn

Therapeutics,

Inc.\*

6,573

35,494

Geron

Corp.\*(a)

105,479

139,232

Gossamer

Bio,

Inc.\*(a)

39,463

122,335

GRAIL,

Inc.\*(a)

6,975

596,990

Greenwich

Lifesciences,

Inc.\*(a)

984

20,674

Gyre

Therapeutics,

Inc.\*(a)

1,915

13,520

Heron

Therapeutics,

Inc.\*(a)

28,777

37,410

Humacyte,

Inc.\*(a)

34,509

33,146

Ideaya

Biosciences,

Inc.\*

15,797

546,102

ImmunityBio,

Inc.\*(a)

57,731

114,307

Immunome,

Inc.\*(a)

18,568

398,841

Immunovant,

Inc.\*(a)

13,827

351,482

Inhibikase

Therapeutics,

Inc.\*

10,793

22,126

Inhibrx

Biosciences,

Inc.\*

1,779

140,541

Inmune

Bio,

Inc.\*

3,523

5,496

Intellia

Therapeutics,

Inc.\*(a)

20,773

186,749

Iovance

Biotherapeutics,

Inc.\*(a)

60,503

165,173

Ironwood

Pharmaceuticals,

Inc.,

Class

A\*

33,972

114,486

Jade

Biosciences,

Inc.(a)

9,153

141,231

Janux

Therapeutics,

Inc.\*

7,813

107,819

KalVista

Pharmaceuticals,

Inc.\*(a)

7,167

115,747

Keros

Therapeutics,

Inc.\*

5,799

118,068

Kodiak

Sciences,

Inc.\*(a)

6,592

184,312

Korro

Bio,

Inc.\*(a)

1,374

11,006

Krystal

Biotech,

Inc.\*(a)

4,945

1,219,140

Kura

Oncology,

Inc.\*(a)

15,549

161,554

Kymera

Therapeutics,

Inc.\*(a)

11,229

873,728

Larimar

Therapeutics,

Inc.\*(a)

9,755

37,167

Lexeo

Therapeutics,

Inc.\*(a)

12,419

123,321

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Small

Cap

Index

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Biotechnology
Madrigal

Pharmaceuticals,

Inc.\*(a)

3,689

2,148,252

MannKind

Corp.\*

59,301

336,237

MapLight

Therapeutics,

Inc.\*

3,325

58,404

MeiraGTx

Holdings

plc\*(a)

8,664

68,879

MiMedx

Group,

Inc.\*

23,839

161,390

Mineralys

Therapeutics,

Inc.\*

9,250

335,682

Mirum

Pharmaceuticals,

Inc.\*

8,140

642,979

Monopar

Therapeutics,

Inc.\*(a)

932

60,860

Monte

Rosa

Therapeutics,

Inc.\*(a)

9,099

142,672

Myriad

Genetics,

Inc.\*

18,532

113,972

Neurogene,

Inc.\*(a)

1,908

39,305

Nkarta,

Inc.\*(a)

8,883

16,434

Novavax,

Inc.\*(a)

30,043

201,889

Nurix

Therapeutics,

Inc.\*(a)

19,909

377,674

Nuvalent,

Inc.,

Class

A\*(a)

9,943

1,000,166

Nuvectis

Pharma,

Inc.\*(a)

2,333

17,614

Olema

Pharmaceuticals,

Inc.\*(a)

11,945

298,625

Organogenesis

Holdings,

Inc.,

Class

A\*

14,327

74,214

ORIC

Pharmaceuticals,

Inc.\*(a)

12,243

100,148

Oruka

Therapeutics,

Inc.\*(a)

7,617

230,871

Palvella

Therapeutics,

Inc.\*(a)

1,439

150,620

Perspective

Therapeutics,

Inc.\*(a)

11,841

32,563

Praxis

Precision

Medicines,

Inc.\*

4,472

1,318,077

Precigen,

Inc.\*(a)

35,508

148,423

Prime

Medicine,

Inc.\*

19,503

67,675

Protagonist

Therapeutics,

Inc.\*

11,520

1,006,157

Protalix

BioTherapeutics,

Inc.\*(a)

13,041

23,474

Protara

Therapeutics,

Inc.\*

5,978

31,863

Prothena

Corp.

plc\*

9,070

86,618

PTC

Therapeutics,

Inc.\*

15,347

1,165,758

Puma

Biotechnology,

Inc.\*

9,783

58,209

Recursion

Pharmaceuticals,

Inc.,

Class

A\*(a)

75,348

308,173

REGENXBIO,

Inc.\*

8,930

128,592

Relay

Therapeutics,

Inc.\*(a)

27,993

236,821

Replimune

Group,

Inc.\*(a)

14,248

138,491

Rezolute,

Inc.\*(a)

14,882

35,122

Rhythm

Pharmaceuticals,

Inc.\*(a)

10,536

1,127,773

Rigel

Pharmaceuticals,

Inc.\*

3,465

148,406

Rocket

Pharmaceuticals,

Inc.\*(a)

18,128

63,629

Sana

Biotechnology,

Inc.\*(a)

32,926

134,009

Savara,

Inc.\*

28,285

170,559

Scholar

Rock

Holding

Corp.\*(a)

16,296

717,839

SELLAS

Life

Sciences

Group,

Inc.\*(a)

24,968

94,129

Sionna

Therapeutics,

Inc.\*(a)

3,174

130,578

Soleno

Therapeutics,

Inc.\*

9,246

428,090

Solid

Biosciences,

Inc.\*(a)

10,492

59,175

Spyre

Therapeutics,

Inc.\*

13,678

448,091

Stoke

Therapeutics,

Inc.\*(a)

8,985

285,184

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Biotechnology
Syndax

Pharmaceuticals,

Inc.\*(a)

16,943

355,972

Tango

Therapeutics,

Inc.\*(a)

21,083

186,795

Taysha

Gene

Therapies,

Inc.\*(a)

43,607

239,839

Tectonic

Therapeutic,

Inc.\*(a)

2,061

42,992

Tevogen

Bio

Holdings,

Inc.\*(a)

8,625

2,856

TG

Therapeutics,

Inc.\*(a)

28,641

853,788

Tonix

Pharmaceuticals

Holding

Corp.\*(a)

2,473

38,628

Travere

Therapeutics,

Inc.\*(a)

16,349

624,695

TriSalus

Life

Sciences,

Inc.\*(a)

6,366

44,435

TuHURA

Biosciences,

Inc.\*

4,559

3,450

Twist

Bioscience

Corp.\*(a)

11,816

374,804

Tyra

Biosciences,

Inc.\*(a)

5,071

133,317

Upstream

Bio,

Inc.\*(a)

6,522

177,072

UroGen

Pharma

Ltd.\*(a)

7,153

167,523

Vanda

Pharmaceuticals,

Inc.\*

10,528

92,857

Vaxcyte,

Inc.\*

22,687

1,046,778

Vera

Therapeutics,

Inc.,

Class

A\*

11,039

559,015

Veracyte,

Inc.\*

15,657

659,160

Verastem,

Inc.\*(a)

10,767

83,121

Vericel

Corp.\*(a)

9,898

356,427

Vir

Biotechnology,

Inc.\*(a)

17,329

104,494

Viridian

Therapeutics,

Inc.\*

15,850

493,252

Voyager

Therapeutics,

Inc.\*(a)

7,884

30,984

Xencor,

Inc.\*(a)

13,698

209,716

Xenon

Pharmaceuticals,

Inc.\*

14,968

670,866

XOMA

Royalty

Corp.\*(a)

1,685

44,804

Zenas

Biopharma,

Inc.\*(a)

3,741

135,836

Zymeworks,

Inc.\*

10,039

264,327

53,762,299

#### Broadline

#### Retail

#### 0

#### .1

#### %
Groupon,

Inc.,

Class

A\*(a)

5,376

94,671

Kohl's

Corp.

21,660

442,081

Savers

Value

Village,

Inc.\*

7,359

68,733

605,485

#### Building

#### Products

#### 1

#### .5

#### %
American

Woodmark

Corp.\*

2,808

151,351

Apogee

Enterprises,

Inc.

4,335

157,837

AZZ,

Inc.(a)

5,849

626,896

CSW

Industrials,

Inc.(a)

3,258

956,321

Gibraltar

Industries,

Inc.\*

5,895

291,449

Griffon

Corp.

7,592

559,151

Insteel

Industries,

Inc.

3,643

115,374

Janus

International

Group,

Inc.\*

27,174

177,718

JELD-WEN

Holding,

Inc.\*

15,996

39,350

Masterbrand,

Inc.\*(a)

25,503

281,553

Modine

Manufacturing

Co.\*

10,395

1,387,836

Quanex

Building

Products

Corp.(a)

9,009

138,558

Resideo

Technologies,

Inc.\*

25,715

903,111

Tecnoglass,

Inc.(a)

5,369

270,168

UFP

Industries,

Inc.

11,629

1,058,821

Zurn

Elkay

Water

Solutions

Corp.(a)

29,831

1,386,843

8,502,337

NVIT

Small

Cap

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Capital

#### Markets

#### 1

#### .8

#### %
Acadian

Asset

Management,

Inc.

5,451

256,197

AlTi

Global,

Inc.\*(a)

8,164

37,881

Artisan

Partners

Asset

Management,

Inc.,

Class

A(a)

12,630

514,546

Bakkt

Holdings,

Inc.,

Class

A\*(a)

3,419

34,327

BGC

Group,

Inc.,

Class

A

72,457

647,041

Cohen

&

Steers,

Inc.

5,643

354,268

Diamond

Hill

Investment

Group,

Inc.

502

85,089

DigitalBridge

Group,

Inc.(a)

35,407

543,143

Donnelley

Financial

Solutions,

Inc.\*(a)

5,223

243,862

Forge

Global

Holdings,

Inc.\*(a)

2,251

100,305

GCM

Grosvenor,

Inc.,

Class

A(a)

10,301

116,607

Innventure,

Inc.\*(a)

5,435

22,718

Marex

Group

plc

11,012

422,420

MarketWise,

Inc.

603

9,057

Miami

International

Holdings,

Inc.\*(a)

4,708

208,941

Moelis

&

Co.,

Class

A(a)

9,720

668,153

Open

Lending

Corp.\*

20,147

31,228

P10,

Inc.,

Class

A(a)

11,651

114,296

Patria

Investments

Ltd.,

Class

A(a)

13,526

214,928

Perella

Weinberg

Partners,

Class

A(a)

12,336

213,413

Piper

Sandler

Cos.

3,548

1,205,291

PJT

Partners,

Inc.,

Class

A

4,704

786,509

Siebert

Financial

Corp.\*

2,958

10,383

Silvercrest

Asset

Management

Group,

Inc.,

Class

A

1,945

29,545

StepStone

Group,

Inc.,

Class

A

14,094

904,412

StoneX

Group,

Inc.\*(a)

9,806

932,845

Value

Line,

Inc.

5,342

Victory

Capital

Holdings,

Inc.,

Class

A(a)

8,928

563,267

Virtus

Investment

Partners,

Inc.(a)

1,345

219,437

Webull

Corp.\*(a)

54,272

421,693

Westwood

Holdings

Group,

Inc.

2,134

36,726

WisdomTree,

Inc.(a)

24,571

299,520

10,253,390

#### Chemicals

#### 1

#### .5

#### %
AdvanSix,

Inc.

5,075

87,797

American

Vanguard

Corp.\*

3,390

12,950

Arq,

Inc.\*

5,544

18,129

ASP

Isotopes,

Inc.\*(a)

18,162

97,167

Aspen

Aerogels,

Inc.\*(a)

13,935

39,436

Avient

Corp.

18,522

578,627

Balchem

Corp.

6,512

998,680

Cabot

Corp.

10,655

706,213

Chemours

Co.

(The)

30,109

354,985

Core

Molding

Technologies,

Inc.\*

1,850

37,092

Ecovyst,

Inc.\*(a)

22,656

220,443

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Chemicals
Flotek

Industries,

Inc.\*(a)

2,722

46,900

Hawkins,

Inc.(a)

3,915

556,165

HB

Fuller

Co.

10,797

641,990

Ingevity

Corp.\*

7,202

426,214

Innospec,

Inc.

4,865

372,367

Intrepid

Potash,

Inc.\*

2,079

57,651

Koppers

Holdings,

Inc.

3,733

101,090

Kronos

Worldwide,

Inc.(a)

3,942

17,424

LSB

Industries,

Inc.\*

11,061

94,019

Mativ

Holdings,

Inc.

10,785

131,038

Minerals

Technologies,

Inc.

6,159

375,391

Orion

SA

10,758

56,802

Perimeter

Solutions,

Inc.\*

27,566

758,892

PureCycle

Technologies,

Inc.\*(a)

26,049

223,761

Quaker

Chemical

Corp.(a)

2,757

378,564

Rayonier

Advanced

Materials,

Inc.\*

13,098

77,147

Sensient

Technologies

Corp.

8,325

782,134

Solesence,

Inc.\*

3,341

5,329

Stepan

Co.

4,129

195,549

Trinseo

plc(a)

6,312

3,137

Tronox

Holdings

plc(a)

22,946

95,685

Valhi,

Inc.

582

7,013

8,555,781

#### Commercial

#### Services

#### &

#### Supplies

#### 1

#### .4

#### %
ABM

Industries,

Inc.

12,291

519,909

ACCO

Brands

Corp.

16,000

59,680

ACV

Auctions,

Inc.,

Class

A\*(a)

34,073

273,266

BrightView

Holdings,

Inc.\*(a)

14,880

188,530

Brink's

Co.

(The)

8,412

981,933

Casella

Waste

Systems,

Inc.,

Class

A\*(a)

12,500

1,224,250

Cimpress

plc\*(a)

3,460

230,401

CompX

International,

Inc.

7,028

CoreCivic,

Inc.\*

21,051

402,285

Deluxe

Corp.(a)

8,920

199,184

Ennis,

Inc.

4,819

86,790

Enviri

Corp.\*(a)

15,297

274,122

GEO

Group,

Inc.

(The)\*

26,791

431,871

Healthcare

Services

Group,

Inc.\*

13,917

266,093

HNI

Corp.

12,785

537,481

Interface,

Inc.,

Class

A

11,550

322,476

Liquidity

Services,

Inc.\*

4,513

136,789

MillerKnoll,

Inc.

14,083

257,437

Mobile

Infrastructure

Corp.,

Class

A\*

2,328

5,936

Montrose

Environmental

Group,

Inc.\*(a)

6,596

163,779

NL

Industries,

Inc.

1,817

9,939

OPENLANE,

Inc.\*

21,180

630,740

Perma-Fix

Environmental

Services,

Inc.\*(a)

3,635

45,765

Pitney

Bowes,

Inc.(a)

20,127

212,742

Quad/Graphics,

Inc.

6,241

39,131

UniFirst

Corp.

2,919

563,075

Vestis

Corp.(a)

23,781

158,619

Virco

Mfg.

Corp.(a)

2,381

15,215

8,244,466

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Small

Cap

Index

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Communications

#### Equipment

#### 0

#### .9

#### %
ADTRAN

Holdings,

Inc.\*(a)

14,766

128,317

Applied

Optoelectronics,

Inc.\*(a)

11,997

418,215

Aviat

Networks,

Inc.\*(a)

2,077

44,406

BK

Technologies

Corp.\*

639

47,663

Calix,

Inc.\*

11,954

632,725

Clearfield,

Inc.\*

2,304

67,162

CommScope

Holding

Co.,

Inc.\*

43,361

786,135

Digi

International,

Inc.\*(a)

7,229

312,943

Extreme

Networks,

Inc.\*

26,063

433,949

Harmonic,

Inc.\*

22,626

223,771

Inseego

Corp.\*(a)

2,358

24,217

NETGEAR,

Inc.\*(a)

5,617

137,785

NetScout

Systems,

Inc.\*

13,965

377,893

Ribbon

Communications,

Inc.\*(a)

19,188

55,261

Viasat,

Inc.\*

24,530

845,304

Viavi

Solutions,

Inc.\*

43,705

778,823

5,314,569

#### Construction

#### &

#### Engineering

#### 2

#### .4

#### %
Ameresco,

Inc.,

Class

A\*(a)

6,373

186,665

Arcosa,

Inc.

9,629

1,023,755

Argan,

Inc.

2,642

827,791

Bowman

Consulting

Group

Ltd.,

Class

A\*

2,843

93,876

Centuri

Holdings,

Inc.\*

15,555

392,764

Concrete

Pumping

Holdings,

Inc.

4,980

33,416

Construction

Partners,

Inc.,

Class

A\*(a)

9,278

1,007,127

Dycom

Industries,

Inc.\*

5,576

1,884,130

Fluor

Corp.\*

31,989

1,267,724

Granite

Construction,

Inc.(a)

8,777

1,012,427

Great

Lakes

Dredge

&

Dock

Corp.\*

13,580

178,170

IES

Holdings,

Inc.\*(a)

1,810

704,126

Legence

Corp.,

Class

A\*

7,263

312,600

Limbach

Holdings,

Inc.\*(a)

2,133

166,054

Matrix

Service

Co.\*

5,180

60,606

MYR

Group,

Inc.\*

3,050

666,425

NWPX

Infrastructure,

Inc.\*

1,933

120,793

Orion

Group

Holdings,

Inc.\*

7,433

73,884

Primoris

Services

Corp.(a)

10,781

1,338,353

Southland

Holdings,

Inc.\*

3,280

10,890

Sterling

Infrastructure,

Inc.\*(a)

5,922

1,813,494

Tutor

Perini

Corp.

8,959

600,432

13,775,502

#### Construction

#### Materials

#### 0

#### .2

#### %
Knife

River

Corp.\*(a)

11,436

804,523

Smith-Midland

Corp.\*

18,134

Titan

America

SA(a)

5,117

84,328

United

States

Lime

&

Minerals,

Inc.

2,144

256,722

1,163,707

#### Consumer

#### Finance

#### 1

#### .0

#### %
Atlanticus

Holdings

Corp.\*

1,052

70,431

Bread

Financial

Holdings,

Inc.

4,054

300,118

Consumer

Portfolio

Services,

Inc.\*(a)

2,448

22,840

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Consumer

#### Finance
Dave,

Inc.\*

2,067

457,655

Encore

Capital

Group,

Inc.\*(a)

4,487

243,868

Enova

International,

Inc.\*

4,800

754,560

FirstCash

Holdings,

Inc.

7,930

1,263,883

Green

Dot

Corp.,

Class

A\*

10,531

134,902

Jefferson

Capital,

Inc.

1,740

38,872

LendingClub

Corp.\*(a)

22,709

430,109

LendingTree,

Inc.\*

2,213

117,488

Medallion

Financial

Corp.

3,469

35,696

Navient

Corp.

14,493

188,409

Nelnet,

Inc.,

Class

A

2,307

306,739

NerdWallet,

Inc.,

Class

A\*

8,704

117,939

Oportun

Financial

Corp.\*(a)

8,032

42,489

OppFi,

Inc.(a)

4,703

49,193

PRA

Group,

Inc.\*

7,618

134,762

PROG

Holdings,

Inc.

8,006

236,097

Regional

Management

Corp.

1,860

72,075

Upstart

Holdings,

Inc.\*(a)

17,009

743,804

Vroom,

Inc.\*

6,680

World

Acceptance

Corp.\*

572

80,303

5,848,912

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0

#### .4

#### %
Andersons,

Inc.

(The)

6,526

346,987

Chefs'

Warehouse,

Inc.

(The)\*(a)

7,202

448,901

Grocery

Outlet

Holding

Corp.\*(a)

18,385

185,689

HF

Foods

Group,

Inc.\*

9,654

20,756

Ingles

Markets,

Inc.,

Class

A

2,900

198,795

Natural

Grocers

by

Vitamin

Cottage,

Inc.

2,431

60,897

PriceSmart,

Inc.(a)

5,044

618,747

United

Natural

Foods,

Inc.\*

11,751

395,656

Village

Super

Market,

Inc.,

Class

A(a)

1,715

60,702

Weis

Markets,

Inc.

2,628

168,429

2,505,559

#### Containers

#### &

#### Packaging

#### 0

#### .2

#### %
Ardagh

Metal

Packaging

SA

26,967

110,565

Greif,

Inc.,

Class

A(a)

5,207

352,514

Greif,

Inc.,

Class

B(a)

779

58,184

Myers

Industries,

Inc.

7,299

136,637

O-I

Glass,

Inc.\*(a)

30,351

447,981

Ranpak

Holdings

Corp.,

Class

A\*

9,525

51,530

TriMas

Corp.

6,192

219,506

1,376,917

#### Distributors

#### 0

#### .1

#### %
GigaCloud

Technology,

Inc.,

Class

A\*(a)

4,952

194,515

Gold.com,

Inc.(a)

3,906

132,999

Weyco

Group,

Inc.

1,090

33,343

360,857

#### Diversified

#### Consumer

#### Services

#### 1

#### .1

#### %
Adtalem

Global

Education,

Inc.\*

7,122

736,913

American

Public

Education,

Inc.\*

3,361

127,046

Carriage

Services,

Inc.,

Class

A

2,703

114,337

NVIT

Small

Cap

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Diversified

#### Consumer

#### Services
Coursera,

Inc.\*

27,922

205,506

Driven

Brands

Holdings,

Inc.\*(a)

11,832

175,350

European

Wax

Center,

Inc.,

Class

A\*

5,864

21,110

Frontdoor,

Inc.\*

14,538

838,697

Graham

Holdings

Co.,

Class

B

637

699,808

KinderCare

Learning

Cos.,

Inc.\*

5,879

25,397

Laureate

Education,

Inc.\*

25,507

858,821

Lincoln

Educational

Services

Corp.\*

6,076

146,735

Matthews

International

Corp.,

Class

A(a)

5,796

151,392

McGraw

Hill,

Inc.\*

5,749

94,859

Mister

Car

Wash,

Inc.\*

20,608

114,580

Nerdy,

Inc.\*(a)

9,492

9,872

OneSpaWorld

Holdings

Ltd.

19,779

410,216

Perdoceo

Education

Corp.

12,908

378,592

Phoenix

Education

Partners,

Inc.\*

873

26,452

Strategic

Education,

Inc.

4,614

370,043

Stride,

Inc.\*(a)

8,433

547,555

Udemy,

Inc.\*

18,328

107,219

Universal

Technical

Institute,

Inc.\*(a)

9,319

243,505

Zspace,

Inc.\*

1,144

539

6,404,544

#### Diversified

#### REITs

#### 0

#### .5

#### %
Alexander

&

Baldwin,

Inc.

14,400

297,216

Alpine

Income

Property

Trust,

Inc.(a)

2,179

36,433

American

Assets

Trust,

Inc.

11,093

209,990

Armada

Hoffler

Properties,

Inc.

(a) 16,089

106,509

Broadstone

Net

Lease,

Inc.

37,640

653,807

CTO

Realty

Growth,

Inc.

5,651

104,035

Essential

Properties

Realty

Trust,

Inc.(a)

39,839

1,181,625

Gladstone

Commercial

Corp.

8,642

92,210

Global

Net

Lease,

Inc.(a)

39,759

341,927

Modiv

Industrial,

Inc.,

Class

C(a)

1,704

24,521

3,048,273

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .6

#### %
Anterix,

Inc.\*

1,877

40,975

ATN

International,

Inc.

2,097

47,812

Bandwidth,

Inc.,

Class

A\*(a)

5,751

88,853

Cogent

Communications

Holdings,

Inc.(a)

9,630

207,623

Globalstar,

Inc.\*(a)

10,029

612,170

IDT

Corp.,

Class

B(a)

3,321

170,068

Liberty

Latin

America

Ltd.,

Class

A\*

8,453

62,468

Liberty

Latin

America

Ltd.,

Class

C\*(a)

23,201

173,079

Lumen

Technologies,

Inc.\*

189,221

1,470,247

Shenandoah

Telecommunications

Co.(a)

9,481

109,600

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Diversified

#### Telecommunication

#### Services
Uniti

Group,

Inc.(a)

32,984

231,218

3,214,113

#### Electric

#### Utilities

#### 1

#### .0

#### %
Genie

Energy

Ltd.,

Class

B

3,994

55,037

Hawaiian

Electric

Industries,

Inc.\*(a)

34,823

428,323

MGE

Energy,

Inc.

7,214

565,722

Oklo,

Inc.,

Class

A\*(a)

21,575

1,548,222

Otter

Tail

Corp.(a)

7,756

626,763

Portland

General

Electric

Co.

22,666

1,087,741

TXNM

Energy,

Inc.

20,140

1,185,843

5,497,651

#### Electrical

#### Equipment

#### 2

#### .4

#### %
Allient,

Inc.(a)

2,966

159,423

American

Superconductor

Corp.\*

8,611

247,825

Amprius

Technologies,

Inc.\*(a)

21,733

171,473

Array

Technologies,

Inc.\*(a)

29,794

274,701

Atkore,

Inc.

6,673

422,067

Bloom

Energy

Corp.,

Class

A\*

43,349

3,766,595

EnerSys(a)

7,426

1,089,766

Enovix

Corp.\*(a)

33,455

244,556

Eos

Energy

Enterprises,

Inc.\*(a)

61,144

700,710

Fluence

Energy,

Inc.\*(a)

12,710

251,404

Hyliion

Holdings

Corp.\*(a)

25,935

47,720

KULR

Technology

Group,

Inc.\*(a)

6,130

18,145

LSI

Industries,

Inc.

5,251

96,198

NANO

Nuclear

Energy,

Inc.\*(a)

7,955

191,000

Net

Power,

Inc.\*(a)

7,516

17,137

Nextpower,

Inc.,

Class

A\*(a)

28,949

2,521,747

NuScale

Power

Corp.,

Class

A\*(a)

24,943

353,442

Plug

Power,

Inc.\*(a)

224,195

441,664

Powell

Industries,

Inc.(a)

1,913

609,826

Power

Solutions

International,

Inc.\*(a)

1,706

97,481

Preformed

Line

Products

Co.(a)

102,115

Shoals

Technologies

Group,

Inc.,

Class

A\*

34,071

289,604

SKYX

Platforms

Corp.\*(a)

16,032

34,789

SunPower,

Inc.\*(a)

10,092

15,844

Sunrun,

Inc.\*(a)

44,310

815,304

T1

Energy,

Inc.\*(a)

26,485

176,920

Thermon

Group

Holdings,

Inc.\*

6,608

245,553

Vicor

Corp.\*

4,564

500,214

13,903,223

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 3

#### .5

#### %
908

Devices,

Inc.\*(a)

6,137

32,219

Advanced

Energy

Industries,

Inc.(a)

7,501

1,570,484

Aeva

Technologies,

Inc.\*(a)

7,567

100,490

Arlo

Technologies,

Inc.\*

19,520

273,085

Badger

Meter,

Inc.

5,918

1,032,158

Bel

Fuse,

Inc.,

Class

A

45,540

Bel

Fuse,

Inc.,

Class

B(a)

2,123

360,124

Belden,

Inc.(a)

7,788

907,691

Benchmark

Electronics,

Inc.(a)

7,018

300,090

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Small

Cap

Index

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components
Climb

Global

Solutions,

Inc.(a)

773

79,457

CTS

Corp.

5,658

242,558

Daktronics,

Inc.\*

7,694

152,110

ePlus,

Inc.

5,306

465,336

Evolv

Technologies

Holdings,

Inc.\*(a)

30,360

217,378

Fabrinet\*

7,175

3,266,634

Frequency

Electronics,

Inc.\*(a)

1,273

68,538

Insight

Enterprises,

Inc.\*

5,862

477,577

Itron,

Inc.\*

8,973

833,233

Kimball

Electronics,

Inc.\*

4,873

135,567

Knowles

Corp.\*

16,727

358,460

Methode

Electronics,

Inc.

6,215

41,268

MicroVision,

Inc.\*(a)

59,334

49,134

Mirion

Technologies,

Inc.,

Class

A\*(a)

47,463

1,111,583

M-Tron

Industries,

Inc.\*

23,630

Napco

Security

Technologies,

Inc.(a)

6,907

288,022

Neonode,

Inc.\*

2,002

3,483

nLight,

Inc.\*

9,425

353,532

Novanta,

Inc.\*

7,222

859,346

OSI

Systems,

Inc.\*(a)

3,210

818,743

Ouster,

Inc.\*

10,827

234,296

PC

Connection,

Inc.

2,308

133,310

Plexus

Corp.\*

5,387

791,889

Powerfleet,

Inc.

NJ\*(a)

25,670

136,564

Red

Cat

Holdings,

Inc.\*(a)

20,243

160,527

Richardson

Electronics

Ltd.(a)

2,810

30,573

Rogers

Corp.\*

3,588

328,553

Sanmina

Corp.\*

10,379

1,557,577

ScanSource,

Inc.\*

4,459

174,169

TTM

Technologies,

Inc.\*

20,288

1,399,872

Vishay

Intertechnology,

Inc.(a)

24,071

348,789

Vishay

Precision

Group,

Inc.\*(a)

2,292

88,242

Vuzix

Corp.\*(a)

12,273

46,392

19,898,223

#### Energy

#### Equipment

#### &

#### Services

#### 1

#### .8

#### %
Archrock,

Inc.

34,189

889,598

Atlas

Energy

Solutions,

Inc.,

Class

A(a)

15,594

146,895

Borr

Drilling

Ltd.(a)

50,455

203,334

Bristow

Group,

Inc.,

Class

A\*

5,613

205,548

Cactus,

Inc.,

Class

A

13,709

626,227

Core

Laboratories,

Inc.(a)

9,130

146,354

DMC

Global,

Inc.\*

3,371

22,552

Energy

Services

of

America

Corp.(a)

2,192

17,909

Expro

Group

Holdings

NV\*

17,758

237,069

Flowco

Holdings,

Inc.,

Class

A(a)

3,764

70,537

Forum

Energy

Technologies,

Inc.\*

1,952

72,126

Helix

Energy

Solutions

Group,

Inc.\*

28,232

177,015

Helmerich

&

Payne,

Inc.

19,242

551,861

Innovex

International,

Inc.\*(a)

7,915

173,101

Kodiak

Gas

Services,

Inc.

16,726

625,552

Liberty

Energy,

Inc.,

Class

A(a)

31,736

585,847

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Energy

#### Equipment

#### &

#### Services
Mammoth

Energy

Services,

Inc.\*

6,516

12,055

Nabors

Industries

Ltd.\*(a)

2,829

153,615

National

Energy

Services

Reunited

Corp.\*

12,074

189,079

Natural

Gas

Services

Group,

Inc.

1,748

58,820

Noble

Corp.

plc(a)

25,120

709,389

Oceaneering

International,

Inc.\*

19,684

473,006

Oil

States

International,

Inc.\*

11,397

77,158

Patterson-UTI

Energy,

Inc.(a)

70,188

428,849

ProFrac

Holding

Corp.,

Class

A\*(a)

5,570

21,667

ProPetro

Holding

Corp.\*

15,502

147,424

Ranger

Energy

Services,

Inc.,

Class

A

3,723

52,047

RPC,

Inc.(a)

19,562

106,417

SEACOR

Marine

Holdings,

Inc.\*(a)

4,025

24,230

Seadrill

Ltd.\*

12,763

441,600

Select

Water

Solutions,

Inc.,

Class

A

18,415

193,726

Solaris

Energy

Infrastructure,

Inc.,

Class

A(a)

8,379

385,183

TETRA

Technologies,

Inc.\*

25,488

238,822

Tidewater,

Inc.\*(a)

9,738

491,866

Transocean

Ltd.\*

183,978

759,829

Valaris

Ltd.\*

12,379

623,902

10,340,209

#### Entertainment

#### 0

#### .5

#### %
AMC

Entertainment

Holdings,

Inc.,

Class

A\*(a)

101,555

158,426

Atlanta

Braves

Holdings,

Inc.,

Class

A\*(a)

1,409

59,868

Atlanta

Braves

Holdings,

Inc.,

Class

C\*(a)

9,008

355,366

Cinemark

Holdings,

Inc.

20,521

476,908

CuriosityStream,

Inc.

8,982

34,132

Eventbrite,

Inc.,

Class

A\*

15,076

67,088

Gaia,

Inc.,

Class

A\*

2,873

10,429

Golden

Matrix

Group,

Inc.\*(a)

3,259

2,610

IMAX

Corp.\*

8,641

319,371

Lionsgate

Studios

Corp.\*

41,255

376,658

Madison

Square

Garden

Entertainment

Corp.,

Class

A\*(a)

7,871

424,168

Marcus

Corp.

(The)

4,362

67,655

Playstudios,

Inc.\*

17,505

11,404

Playtika

Holding

Corp.

10,803

42,672

Reservoir

Media,

Inc.\*(a)

4,182

31,658

Sphere

Entertainment

Co.\*(a)

5,496

522,560

Starz

Entertainment

Corp.

2,360

27,612

Vivid

Seats,

Inc.,

Class

A\*

810

5,840

2,994,425

#### Financial

#### Services

#### 2

#### .1

#### %
Acacia

Research

Corp.\*(a)

5,239

19,594

Alerus

Financial

Corp.

4,915

110,686

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

5,645

251,767

NVIT

Small

Cap

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Financial

#### Services
Better

Home

&

Finance

Holding

Co.\*

1,101

35,871

Burford

Capital

Ltd.(a)

41,256

368,003

Cannae

Holdings,

Inc.

9,409

148,004

Cantaloupe,

Inc.\*

11,346

120,495

Cass

Information

Systems,

Inc.

2,568

106,623

Compass

Diversified

Holdings

14,561

69,893

Enact

Holdings,

Inc.(a)

6,450

255,678

Essent

Group

Ltd.

18,941

1,231,354

EVERTEC,

Inc.

12,832

373,283

Federal

Agricultural

Mortgage

Corp.,

Class

C

1,883

330,598

Finance

of

America

Cos.,

Inc.,

Class

A\*(a)

901

21,813

Flywire

Corp.\*

23,324

330,268

HA

Sustainable

Infrastructure

Capital,

Inc.(a)

24,366

765,823

International

Money

Express,

Inc.\*

5,648

86,753

Jackson

Financial,

Inc.,

Class

A

11,166

1,190,854

loanDepot,

Inc.,

Class

A\*(a)

19,148

39,636

Marqeta,

Inc.,

Class

A\*(a)

73,379

348,550

Merchants

Bancorp

5,284

179,973

NCR

Atleos

Corp.\*(a)

14,618

557,092

NewtekOne,

Inc.

6,076

68,963

NMI

Holdings,

Inc.,

Class

A\*

15,967

651,294

Onity

Group,

Inc.\*

1,281

58,657

Pagseguro

Digital

Ltd.,

Class

A

36,442

351,301

Payoneer

Global,

Inc.\*

55,461

311,691

Paysafe

Ltd.\*(a)

6,476

52,391

Paysign,

Inc.\*(a)

7,538

38,821

PennyMac

Financial

Services,

Inc.

5,834

769,155

Priority

Technology

Holdings,

Inc.\*(a)

5,103

27,811

Radian

Group,

Inc.

27,109

975,653

Remitly

Global,

Inc.\*

33,929

468,220

Repay

Holdings

Corp.,

Class

A\*(a)

13,351

48,731

Security

National

Financial

Corp.,

Class

A\*

4,221

38,031

Sezzle,

Inc.\*(a)

3,241

205,722

StoneCo

Ltd.,

Class

A\*

49,781

736,261

SWK

Holdings

Corp.

1,155

19,866

Triller

Group,

Inc.\*(a)

17,950

574

Velocity

Financial,

Inc.\*

2,096

43,513

Walker

&

Dunlop,

Inc.

6,499

390,915

Waterstone

Financial,

Inc.

2,841

47,019

12,247,200

#### Food

#### Products

#### 0

#### .7

#### %
Alico,

Inc.(a)

1,161

42,237

B&G

Foods,

Inc.(a)

14,390

61,877

Beyond

Meat,

Inc.\*(a)

74,738

61,285

BRC,

Inc.,

Class

A\*(a)

22,242

24,689

Calavo

Growers,

Inc.

3,133

68,143

Cal-Maine

Foods,

Inc.

8,788

699,261

Dole

plc

16,714

250,543

Forafric

Global

plc\*(a)

651

7,181

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Food

#### Products
Fresh

Del

Monte

Produce,

Inc.

(a) 6,601

235,194

Hain

Celestial

Group,

Inc.

(The)\*

16,333

17,476

J

&

J

Snack

Foods

Corp.

3,097

279,876

John

B

Sanfilippo

&

Son,

Inc.

1,604

113,242

Lifeway

Foods,

Inc.\*

1,134

27,477

Limoneira

Co.

3,158

39,870

Mama's

Creations,

Inc.\*(a)

7,367

99,381

Marzetti

Co.

(The)

3,955

650,281

Mission

Produce,

Inc.\*

8,139

94,412

Seneca

Foods

Corp.,

Class

A\*

970

107,311

Simply

Good

Foods

Co.

(The)\*(a)

18,576

373,006

SunOpta,

Inc.\*

18,560

70,528

Tootsie

Roll

Industries,

Inc.(a)

3,646

133,553

TreeHouse

Foods,

Inc.\*

10,105

238,377

Utz

Brands,

Inc.

14,285

148,278

Vital

Farms,

Inc.\*(a)

6,717

214,541

Westrock

Coffee

Co.\*(a)

6,427

26,158

4,084,177

#### Gas

#### Utilities

#### 1

#### .0

#### %
Brookfield

Infrastructure

Corp.,

Class

A(a)

23,951

1,087,376

Chesapeake

Utilities

Corp.

4,511

562,792

New

Jersey

Resources

Corp.

20,073

925,767

Northwest

Natural

Holding

Co.(a)

8,076

377,472

ONE

Gas,

Inc.

11,932

921,747

RGC

Resources,

Inc.(a)

1,454

30,970

Southwest

Gas

Holdings,

Inc.

13,100

1,048,262

Spire,

Inc.(a)

11,683

966,184

5,920,570

#### Ground

#### Transportation

#### 0

#### .3

#### %
ArcBest

Corp.(a)

4,569

338,974

Covenant

Logistics

Group,

Inc.,

Class

A

3,123

68,831

FTAI

Infrastructure,

Inc.(a)

21,654

99,825

Heartland

Express,

Inc.(a)

8,992

81,198

Hertz

Global

Holdings,

Inc.\*(a)

22,747

116,920

Marten

Transport

Ltd.

11,672

132,827

PAMT

Corp.\*

602

7,272

Proficient

Auto

Logistics,

Inc.\*(a)

4,539

43,756

RXO,

Inc.\*

32,754

414,011

Universal

Logistics

Holdings,

Inc.(a)

1,510

22,937

Werner

Enterprises,

Inc.

12,129

363,991

1,690,542

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 2

#### .7

#### %
Accuray,

Inc.\*(a)

18,273

15,068

Acme

United

Corp.(a)

572

23,057

Alphatec

Holdings,

Inc.\*

23,386

492,041

AngioDynamics,

Inc.\*

7,690

98,740

Anteris

Technologies

Global

Corp.\*

6,575

32,809

Artivion,

Inc.\*(a)

8,374

381,938

AtriCure,

Inc.\*

9,533

377,125

Avanos

Medical,

Inc.\*

8,519

95,668

Axogen,

Inc.\*

9,010

294,897

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Small

Cap

Index

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Health

#### Care

#### Equipment

#### &

#### Supplies
Beta

Bionics,

Inc.\*(a)

7,854

239,311

Bioventus,

Inc.,

Class

A\*(a)

8,625

64,170

Butterfly

Network,

Inc.\*(a)

36,259

137,784

CapsoVision,

Inc.\*(a)

1,338

14,303

Carlsmed,

Inc.\*

1,178

14,548

Ceribell,

Inc.\*(a)

5,350

117,326

Cerus

Corp.\*

37,066

76,356

ClearPoint

Neuro,

Inc.\*(a)

4,925

67,374

CONMED

Corp.

6,195

251,517

CVRx,

Inc.\*(a)

3,785

26,874

Delcath

Systems,

Inc.\*(a)

5,681

57,378

Electromed,

Inc.\*

1,248

36,342

Embecta

Corp.

11,683

138,794

Enovis

Corp.\*(a)

11,428

304,442

Glaukos

Corp.\*

11,083

1,251,382

Haemonetics

Corp.\*

9,514

762,547

ICU

Medical,

Inc.\*

4,783

682,391

Inogen,

Inc.\*

4,635

31,147

Integer

Holdings

Corp.\*

6,843

536,696

Integra

LifeSciences

Holdings

Corp.\*

13,890

172,514

iRadimed

Corp.

1,584

154,092

iRhythm

Technologies,

Inc.\*

6,337

1,124,437

Kestra

Medical

Technologies

Ltd.\*(a)

3,877

102,818

KORU

Medical

Systems,

Inc.\*

8,439

49,031

Lantheus

Holdings,

Inc.\*(a)

13,317

886,246

LeMaitre

Vascular,

Inc.(a)

4,049

328,374

LENSAR,

Inc.\*(a)

1,793

20,853

LivaNova

plc\*

10,932

672,646

Lucid

Diagnostics,

Inc.\*(a)

12,106

13,196

Merit

Medical

Systems,

Inc.\*

11,604

1,022,777

Myomo,

Inc.\*(a)

5,953

5,417

Neogen

Corp.\*(a)

43,293

302,618

Neuronetics,

Inc.\*(a)

6,830

9,425

NeuroPace,

Inc.\*

5,271

81,384

Novocure

Ltd.\*

20,038

259,091

Omnicell,

Inc.\*(a)

9,128

413,498

OraSure

Technologies,

Inc.\*

15,628

37,820

Orthofix

Medical,

Inc.\*(a)

7,839

118,839

OrthoPediatrics

Corp.\*

3,050

54,168

Outset

Medical,

Inc.\*

3,318

12,310

PROCEPT

BioRobotics

Corp.\*(a)

10,406

327,373

Pro-Dex,

Inc.\*(a)

15,084

Pulmonx

Corp.\*(a)

7,592

16,778

Pulse

Biosciences,

Inc.\*(a)

3,668

50,362

QuidelOrtho

Corp.\*(a)

13,359

381,533

RxSight,

Inc.\*

6,814

71,002

Sanara

Medtech,

Inc.\*

11,371

SANUWAVE

Health,

Inc.\*

1,308

39,031

Semler

Scientific,

Inc.\*

2,347

35,886

Shoulder

Innovations,

Inc.\*(a)

835

11,941

SI-BONE,

Inc.\*

7,421

146,342

Sight

Sciences,

Inc.\*

8,068

63,979

STAAR

Surgical

Co.\*(a)

9,717

224,366

Stereotaxis,

Inc.\*(a)

13,190

30,337

Tactile

Systems

Technology,

Inc.\*(a)

4,314

125,106

Tandem

Diabetes

Care,

Inc.\*

13,497

296,664

TransMedics

Group,

Inc.\*(a)

6,624

805,810

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Health

#### Care

#### Equipment

#### &

#### Supplies
Treace

Medical

Concepts,

Inc.\*(a)

9,874

24,191

UFP

Technologies,

Inc.\*

1,512

335,709

Utah

Medical

Products,

Inc.

24,902

Varex

Imaging

Corp.\*

8,230

95,880

15,597,226

#### Health

#### Care

#### Providers

#### &

#### Services

#### 3

#### .3

#### %
AdaptHealth

Corp.,

Class

A\*

20,951

208,672

Addus

HomeCare

Corp.\*(a)

3,558

382,094

agilon

health,

Inc.\*(a)

59,362

40,883

AirSculpt

Technologies,

Inc.\*(a)

4,032

7,983

Alignment

Healthcare,

Inc.\*

33,665

664,884

AMN

Healthcare

Services,

Inc.\*

7,437

117,207

Ardent

Health,

Inc.\*

4,823

42,587

Astrana

Health,

Inc.\*(a)

8,216

203,839

Aveanna

Healthcare

Holdings,

Inc.\*

13,743

112,280

BrightSpring

Health

Services,

Inc.\*(a)

22,182

830,716

Brookdale

Senior

Living,

Inc.\*

46,290

499,469

Castle

Biosciences,

Inc.\*

5,542

215,584

Clover

Health

Investments

Corp.,

Class

A\*(a)

79,790

187,506

Community

Health

Systems,

Inc.\*(a)

27,450

85,644

Concentra

Group

Holdings

Parent,

Inc.(a)

22,932

451,302

CorVel

Corp.\*

5,714

386,666

Cross

Country

Healthcare,

Inc.\*(a)

6,274

50,819

DocGo,

Inc.\*

19,985

17,543

Enhabit,

Inc.\*

10,455

96,395

Ensign

Group,

Inc.

(The)(a)

11,143

1,941,111

Fulgent

Genetics,

Inc.\*

3,998

105,027

GeneDx

Holdings

Corp.,

Class

A\*(a)

3,751

487,855

Guardant

Health,

Inc.\*

24,105

2,462,085

Guardian

Pharmacy

Services,

Inc.,

Class

A\*(a)

4,420

132,998

HealthEquity,

Inc.\*

16,958

1,553,522

Hims

&

Hers

Health,

Inc.\*(a)

40,685

1,321,042

Innovage

Holding

Corp.\*

5,082

26,376

Joint

Corp.

(The)\*(a)

2,653

23,134

LifeStance

Health

Group,

Inc.\*

32,860

231,334

Nano-X

Imaging

Ltd.\*(a)

12,636

35,381

National

HealthCare

Corp.(a)

2,561

351,087

National

Research

Corp.

2,458

46,137

NeoGenomics,

Inc.\*

25,831

303,773

Nutex

Health,

Inc.\*

662

108,978

Omada

Health,

Inc.\*

1,773

27,978

Oncology

Institute,

Inc.

(The)\*(a)

14,229

50,655

OPKO

Health,

Inc.\*(a)

78,140

98,456

Option

Care

Health,

Inc.\*(a)

31,755

1,011,714

Owens

&

Minor,

Inc.\*(a)

14,696

41,149

PACS

Group,

Inc.\*

8,866

340,366

Pediatrix

Medical

Group,

Inc.\*

17,359

371,309

Pennant

Group,

Inc.

(The)\*

6,464

181,962

Privia

Health

Group,

Inc.\*

22,680

537,743

NVIT

Small

Cap

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Health

#### Care

#### Providers

#### &

#### Services
Progyny,

Inc.\*

15,002

385,251

RadNet,

Inc.\*

13,498

963,082

SBC

Medical

Group

Holdings,

Inc.\*(a)

1,977

8,521

Select

Medical

Holdings

Corp.

21,528

319,691

Sonida

Senior

Living,

Inc.\*

1,002

32,675

Strata

Critical

Medical,

Inc.\*(a)

14,393

69,230

Surgery

Partners,

Inc.\*

15,415

238,162

Talkspace,

Inc.\*(a)

28,030

101,749

US

Physical

Therapy,

Inc.

2,939

229,507

Viemed

Healthcare,

Inc.\*

6,479

48,139

18,789,252

#### Health

#### Care

#### REITs

#### 1

#### .0

#### %
American

Healthcare

REIT,

Inc.(a)

33,853

1,593,122

CareTrust

REIT,

Inc.(a)

44,813

1,620,438

Community

Healthcare

Trust,

Inc.(a)

5,055

83,003

Diversified

Healthcare

Trust

44,334

215,020

Global

Medical

REIT,

Inc.(a)

2,715

91,604

LTC

Properties,

Inc.

8,868

304,882

National

Health

Investors,

Inc.

9,246

706,117

Sabra

Health

Care

REIT,

Inc.

(a) 47,664

902,756

Sila

Realty

Trust,

Inc.

11,373

265,105

Strawberry

Fields

REIT,

Inc.

1,745

22,859

Universal

Health

Realty

Income

Trust

2,655

104,103

5,909,009

#### Health

#### Care

#### Technology

#### 0

#### .3

#### %
Claritev

Corp.\*(a)

1,467

62,714

Definitive

Healthcare

Corp.,

Class

A\*

6,943

19,926

Evolent

Health,

Inc.,

Class

A\*

22,552

90,208

Health

Catalyst,

Inc.\*

12,543

29,978

HealthStream,

Inc.(a)

4,724

108,983

HeartFlow,

Inc.\*(a)

3,812

111,120

LifeMD,

Inc.\*(a)

7,304

24,906

OptimizeRx

Corp.\*(a)

3,400

41,684

Phreesia,

Inc.\*

11,516

194,851

Schrodinger,

Inc.\*(a)

11,319

202,384

Simulations

Plus,

Inc.\*(a)

3,067

55,911

Teladoc

Health,

Inc.\*(a)

35,008

245,056

TruBridge,

Inc.\*

1,881

41,514

Waystar

Holding

Corp.\*(a)

21,957

719,092

1,948,327

#### Hotel

#### &

#### Resort

#### REITs

#### 0

#### .6

#### %
Apple

Hospitality

REIT,

Inc.(a)

46,609

552,317

Braemar

Hotels

&

Resorts,

Inc.(a)

12,891

36,997

Chatham

Lodging

Trust

10,808

73,602

DiamondRock

Hospitality

Co.

42,271

378,748

Pebblebrook

Hotel

Trust(a)

23,668

267,922

RLJ

Lodging

Trust(a)

28,598

213,055

Ryman

Hospitality

Properties,

Inc.

12,342

1,167,800

Service

Properties

Trust(a)

31,734

58,391

Summit

Hotel

Properties,

Inc.

(a) 21,716

105,757

Sunstone

Hotel

Investors,

Inc.

36,712

328,205

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Hotel

#### &

#### Resort

#### REITs
Xenia

Hotels

&

Resorts,

Inc.

19,127

270,456

3,453,250

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1

#### .7

#### %
Accel

Entertainment,

Inc.,

Class

A\*

10,006

114,168

Bally's

Corp.\*(a)

1,950

32,214

Biglari

Holdings,

Inc.,

Class

B\*

48,535

BJ's

Restaurants,

Inc.\*

4,027

158,664

Black

Rock

Coffee

Bar,

Inc.,

Class

A\*

1,954

43,477

Bloomin'

Brands,

Inc.(a)

17,297

106,722

Brightstar

Lottery

plc

20,799

321,969

Brinker

International,

Inc.\*

8,801

1,263,120

Cheesecake

Factory,

Inc.

(The)(a)

9,273

468,101

Cracker

Barrel

Old

Country

Store,

Inc.(a)

4,298

109,169

Dave

&

Buster's

Entertainment,

Inc.\*(a)

5,793

93,905

Denny's

Corp.\*(a)

9,497

59,071

Dine

Brands

Global,

Inc.(a)

3,075

98,831

El

Pollo

Loco

Holdings,

Inc.\*(a)

5,740

60,040

First

Watch

Restaurant

Group,

Inc.\*

10,837

163,422

Genius

Sports

Ltd.\*

43,457

478,896

Global

Business

Travel

Group

I\*(a)

25,870

197,906

Golden

Entertainment,

Inc.

3,849

104,654

Hilton

Grand

Vacations,

Inc.\*(a)

12,204

546,129

Inspired

Entertainment,

Inc.\*

5,221

48,869

Jack

in

the

Box,

Inc.(a)

3,633

68,845

Krispy

Kreme,

Inc.(a)

13,917

55,946

Kura

Sushi

USA,

Inc.,

Class

A\*(a)

1,219

63,790

Life

Time

Group

Holdings,

Inc.\*

30,090

799,792

Lindblad

Expeditions

Holdings,

Inc.\*

7,079

102,079

Marriott

Vacations

Worldwide

Corp.(a)

5,692

328,371

Monarch

Casino

&

Resort,

Inc.

2,462

235,613

Nathan's

Famous,

Inc.(a)

539

50,434

Navan,

Inc.,

Class

A\*

7,310

124,855

Papa

John's

International,

Inc.

(a) 6,441

247,914

Portillo's,

Inc.,

Class

A\*(a)

12,497

56,736

Pursuit

Attractions

and

Hospitality,

Inc.\*

4,000

134,720

RCI

Hospitality

Holdings,

Inc.

(a) 1,459

34,783

Red

Rock

Resorts,

Inc.,

Class

A(a)

9,768

605,128

Rush

Street

Interactive,

Inc.\*(a)

17,954

348,846

Sabre

Corp.\*(a)

69,349

94,315

Serve

Robotics,

Inc.\*(a)

12,594

130,726

Shake

Shack,

Inc.,

Class

A\*

7,690

624,197

Six

Flags

Entertainment

Corp.\*(a)

18,899

289,911

Super

Group

SGHC

Ltd.(a)

32,390

387,061

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Small

Cap

Index

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Hotels,

#### Restaurants

#### &

#### Leisure
Sweetgreen,

Inc.,

Class

A\*(a)

21,365

144,427

Target

Hospitality

Corp.\*

6,084

48,733

United

Parks

&

Resorts,

Inc.\*(a)

5,469

198,525

Xponential

Fitness,

Inc.,

Class

A\*

5,336

43,915

9,737,524

#### Household

#### Durables

#### 1

#### .7

#### %
Bassett

Furniture

Industries,

Inc.

1,752

29,364

Beazer

Homes

USA,

Inc.\*

5,543

112,357

Cavco

Industries,

Inc.\*(a)

1,538

908,558

Century

Communities,

Inc.(a)

5,226

310,163

Champion

Homes,

Inc.\*

11,211

947,329

Cricut,

Inc.,

Class

A(a)

10,041

49,703

Dream

Finders

Homes,

Inc.,

Class

A\*(a)

6,009

102,754

Ethan

Allen

Interiors,

Inc.

4,497

102,711

Flexsteel

Industries,

Inc.

734

28,986

Green

Brick

Partners,

Inc.\*(a)

6,140

384,732

Hamilton

Beach

Brands

Holding

Co.,

Class

A

1,335

21,961

Helen

of

Troy

Ltd.\*(a)

4,357

92,586

Hovnanian

Enterprises,

Inc.,

Class

A\*

988

96,370

Installed

Building

Products,

Inc.(a)

4,607

1,195,010

KB

Home

12,483

704,166

La-Z-Boy,

Inc.

8,368

311,875

Legacy

Housing

Corp.\*

1,422

27,757

Leggett

&

Platt,

Inc.

26,099

287,089

LGI

Homes,

Inc.\*(a)

4,143

177,983

Lovesac

Co.

(The)\*

2,656

39,176

M/I

Homes,

Inc.\*

5,180

662,781

Meritage

Homes

Corp.

13,645

897,841

Sonos,

Inc.\*

23,842

418,666

Taylor

Morrison

Home

Corp.,

Class

A\*

19,137

1,126,595

Traeger,

Inc.\*

5,223

5,641

Tri

Pointe

Homes,

Inc.\*(a)

16,478

518,563

9,560,717

#### Household

#### Products

#### 0

#### .3

#### %
Central

Garden

&

Pet

Co.\*(a)

2,110

67,837

Central

Garden

&

Pet

Co.,

Class

A\*

9,634

281,216

Energizer

Holdings,

Inc.(a)

12,345

245,542

Oil-Dri

Corp.

of

America

1,851

90,588

Spectrum

Brands

Holdings,

Inc.(a)

4,775

282,107

Co.

2,671

525,920

1,493,210

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0

#### .3

#### %
Hallador

Energy

Co.\*

5,847

111,327

Montauk

Renewables,

Inc.\*

15,729

26,267

Ormat

Technologies,

Inc.(a)

12,189

1,346,519

1,484,113

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Industrial

#### Conglomerates

#### 0

#### .0

#### %

#### †
Brookfield

Business

Corp.,

Class

A(a)

4,596

164,904

#### Industrial

#### REITs

#### 0

#### .4

#### %
Industrial

Logistics

Properties

Trust

10,337

57,267

Innovative

Industrial

Properties,

Inc.

5,631

266,684

LXP

Industrial

Trust(a)

11,843

587,176

One

Liberty

Properties,

Inc.

3,592

72,882

Plymouth

Industrial

REIT,

Inc.

8,603

188,233

Terreno

Realty

Corp.(a)

20,459

1,201,148

2,373,390

#### Insurance

#### 2

#### .0

#### %
Abacus

Global

Management,

Inc.(a)

8,069

68,990

American

Coastal

Insurance

Corp.(a)

5,939

75,010

American

Integrity

Insurance

Group,

Inc.\*

1,610

33,536

AMERISAFE,

Inc.

3,767

144,691

Aspen

Insurance

Holdings

Ltd.,

Class

A\*(a)

3,388

125,695

Ategrity

Specialty

Holdings

LLC\*(a)

1,559

32,755

Baldwin

Insurance

Group,

Inc.

(The),

Class

A\*(a)

14,285

343,269

Bowhead

Specialty

Holdings,

Inc.\*(a)

3,475

99,177

Citizens,

Inc.,

Class

A\*(a)

9,321

45,020

CNO

Financial

Group,

Inc.

20,420

867,237

Crawford

&

Co.,

Class

A

4,975

55,969

Donegal

Group,

Inc.,

Class

A

3,998

79,880

eHealth,

Inc.\*

5,571

25,627

Employers

Holdings,

Inc.

4,549

196,380

F&G

Annuities

&

Life,

Inc.(a)

7,944

245,072

Fidelis

Insurance

Holdings

Ltd.

11,832

231,552

Genworth

Financial,

Inc.,

Class

A\*

79,715

719,826

GoHealth,

Inc.,

Class

A\*

1,348

2,898

Goosehead

Insurance,

Inc.,

Class

A(a)

4,638

341,589

Greenlight

Capital

Re

Ltd.,

Class

A\*

6,289

91,694

Hamilton

Insurance

Group

Ltd.,

Class

B\*

8,898

248,254

HCI

Group,

Inc.

2,147

411,558

Heritage

Insurance

Holdings,

Inc.\*

4,939

144,515

Hippo

Holdings,

Inc.\*

3,707

111,507

Horace

Mann

Educators

Corp.

8,095

373,827

Investors

Title

Co.

74,393

James

River

Group

Holdings,

Inc.

8,020

51,007

Kestrel

Group

Ltd.(a)

893

9,144

Kingstone

Cos.,

Inc.(a)

2,288

38,507

Kingsway

Financial

Services,

Inc.\*

4,380

58,911

Lemonade,

Inc.\*(a)

12,046

857,434

MBIA,

Inc.\*(a)

9,219

66,008

Mercury

General

Corp.

5,501

517,424

NI

Holdings,

Inc.\*

1,529

20,336

NVIT

Small

Cap

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Insurance
Octave

Specialty

Group,

Inc.\*

8,414

65,461

Oscar

Health,

Inc.,

Class

A\*

39,513

567,802

Palomar

Holdings,

Inc.\*

5,298

713,959

ProAssurance

Corp.\*

10,256

247,785

Root,

Inc.,

Class

A\*(a)

2,385

172,269

Safety

Insurance

Group,

Inc.

2,989

232,873

Selective

Insurance

Group,

Inc.

12,254

1,025,292

Selectquote,

Inc.\*

27,157

38,291

SiriusPoint

Ltd.\*

12,378

270,954

Skyward

Specialty

Insurance

Group,

Inc.\*

7,194

367,685

Slide

Insurance

Holdings,

Inc.\*

5,546

108,036

Stewart

Information

Services

Corp.

5,587

392,543

Tiptree,

Inc.,

Class

A

4,838

88,390

Trupanion,

Inc.\*(a)

7,494

280,051

United

Fire

Group,

Inc.

4,254

154,633

Universal

Insurance

Holdings,

Inc.

5,178

175,016

11,709,732

#### Interactive

#### Media

#### &

#### Services

#### 0

#### .5

#### %
Angi,

Inc.,

Class

A\*(a)

7,046

91,105

Arena

Group

Holdings,

Inc.

(The)\*(a)

2,392

9,568

Bumble,

Inc.,

Class

A\*(a)

13,818

49,330

Cargurus,

Inc.,

Class

A\*

16,388

628,480

Cars.com,

Inc.\*(a)

10,876

132,687

EverQuote,

Inc.,

Class

A\*

5,862

158,274

fuboTV,

Inc.\*(a)

65,118

164,097

Getty

Images

Holdings,

Inc.\*(a)

21,043

28,198

Grindr,

Inc.\*(a)

6,382

86,412

MediaAlpha,

Inc.,

Class

A\*

6,246

80,886

Nextdoor

Holdings,

Inc.\*

44,612

93,685

QuinStreet,

Inc.\*

10,501

150,899

Rumble,

Inc.\*(a)

20,567

129,984

Shutterstock,

Inc.

4,932

94,201

Teads

Holding

Co.\*(a)

7,466

5,255

Travelzoo\*(a)

1,141

8,124

TripAdvisor,

Inc.\*(a)

22,307

324,790

TrueCar,

Inc.\*

15,719

35,525

Webtoon

Entertainment,

Inc.\*(a)

3,889

50,674

Yelp,

Inc.,

Class

A\*

12,045

366,048

Ziff

Davis,

Inc.\*

8,085

284,188

ZipRecruiter,

Inc.,

Class

A\*

13,366

52,127

3,024,537

#### IT

#### Services

#### 0

#### .6

#### %
Applied

Digital

Corp.\*(a)

47,276

1,159,208

ASGN,

Inc.\*(a)

8,589

413,732

Backblaze,

Inc.,

Class

A\*

10,005

46,623

BigBear.ai

Holdings,

Inc.\*(a)

86,319

466,123

Commerce.com,

Inc.,

Series

1\*

13,044

53,741

Crexendo,

Inc.\*

2,639

17,074

CSP,

Inc.

1,279

15,988

DigitalOcean

Holdings,

Inc.\*(a)

13,686

658,570

Fastly,

Inc.,

Class

A\*

27,805

283,055

Grid

Dynamics

Holdings,

Inc.\*

13,928

125,770

Hackett

Group,

Inc.

(The)

4,845

95,107

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### IT

#### Services
Information

Services

Group,

Inc.(a)

7,689

44,442

Rackspace

Technology,

Inc.\*(a)

19,964

19,383

TSS,

Inc.\*(a)

5,106

36,100

Tucows,

Inc.,

Class

A\*

1,339

30,020

Unisys

Corp.\*

13,372

36,907

VTEX,

Class

A\*

10,719

40,304

Whitefiber,

Inc.\*

2,208

34,886

3,577,033

#### Leisure

#### Products

#### 0

#### .4

#### %
Acushnet

Holdings

Corp.(a)

5,448

434,859

American

Outdoor

Brands,

Inc.\*(a)

2,174

16,805

Clarus

Corp.

4,367

14,630

Escalade,

Inc.

1,771

23,891

Funko,

Inc.,

Class

A\*

7,196

24,466

JAKKS

Pacific,

Inc.

2,231

37,659

Johnson

Outdoors,

Inc.,

Class

A

1,071

45,464

Latham

Group,

Inc.\*

9,915

62,960

Malibu

Boats,

Inc.,

Class

A\*(a)

3,607

101,754

Marine

Products

Corp.

1,063

9,312

MasterCraft

Boat

Holdings,

Inc.\*

3,207

60,644

Peloton

Interactive,

Inc.,

Class

A\*(a)

78,291

482,273

Polaris,

Inc.

10,581

669,248

Smith

&

Wesson

Brands,

Inc.

8,692

85,790

Sturm

Ruger

&

Co.,

Inc.

2,794

91,224

Topgolf

Callaway

Brands

Corp.\*(a)

26,082

304,377

2,465,356

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0

#### .5

#### %
10X

Genomics,

Inc.,

Class

A\*

21,634

352,851

Adaptive

Biotechnologies

Corp.\*(a)

29,892

485,446

Alpha

Teknova,

Inc.\*

2,070

7,866

Azenta,

Inc.\*(a)

8,115

269,905

BioLife

Solutions,

Inc.\*(a)

7,828

189,281

Codexis,

Inc.\*(a)

17,616

28,714

CryoPort,

Inc.\*

9,405

90,288

Cytek

Biosciences,

Inc.\*(a)

22,393

113,085

Fortrea

Holdings,

Inc.\*

18,470

318,607

Ginkgo

Bioworks

Holdings,

Inc.\*(a)

8,242

68,491

Lifecore

Biomedical,

Inc.\*(a)

4,790

39,182

Maravai

LifeSciences

Holdings,

Inc.,

Class

A\*(a)

23,079

75,007

MaxCyte,

Inc.\*

19,672

30,492

Mesa

Laboratories,

Inc.

1,076

84,466

Niagen

Bioscience,

Inc.\*

10,098

64,223

OmniAb,

Inc.\*

21,229

39,274

Pacific

Biosciences

of

California,

Inc.\*(a)

58,699

109,767

Personalis,

Inc.\*

10,667

84,909

Quanterix

Corp.\*

8,179

52,018

Quantum-Si,

Inc.\*(a)

31,567

34,724

Standard

BioTools,

Inc.\*(a)

61,482

78,697

2,617,293

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Small

Cap

Index

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Machinery

#### 3

#### .8

#### %
3D

Systems

Corp.\*(a)

27,653

48,946

Aebi

Schmidt

Holding

AG

7,066

89,385

AirJoule

Technologies

Corp.\*

5,733

22,588

Alamo

Group,

Inc.(a)

2,025

339,937

Albany

International

Corp.,

Class

A(a)

5,820

295,074

Alliance

Laundry

Holdings,

Inc.\*

8,328

169,475

Astec

Industries,

Inc.(a)

4,424

191,648

Atmus

Filtration

Technologies,

Inc.

16,487

855,840

Blue

Bird

Corp.\*

6,309

296,523

CECO

Environmental

Corp.\*(a)

5,863

350,901

Chart

Industries,

Inc.\*

8,975

1,850,914

Columbus

McKinnon

Corp.

5,535

95,479

Douglas

Dynamics,

Inc.

4,356

142,223

Eastern

Co.

(The)

1,205

23,726

Energy

Recovery,

Inc.\*

10,430

140,701

Enerpac

Tool

Group

Corp.,

Class

A

10,389

397,275

Enpro,

Inc.(a)

4,188

896,776

ESCO

Technologies,

Inc.

5,143

1,004,891

Federal

Signal

Corp.(a)

11,926

1,295,044

Franklin

Electric

Co.,

Inc.

7,627

728,607

Gencor

Industries,

Inc.\*

1,714

22,213

Gorman-Rupp

Co.

(The)(a)

4,000

191,000

Graham

Corp.\*(a)

2,072

133,085

Greenbrier

Cos.,

Inc.

(The)(a)

6,167

288,246

Helios

Technologies,

Inc.

6,626

354,425

Hillenbrand,

Inc.

13,840

439,005

Hillman

Solutions

Corp.\*

38,764

335,696

Hyster-Yale,

Inc.

2,264

67,263

JBT

Marel

Corp.(a)

10,377

1,563,503

Kadant,

Inc.(a)

2,326

662,956

Kennametal,

Inc.

15,111

429,303

L

B

Foster

Co.,

Class

A\*

1,959

52,795

Lindsay

Corp.(a)

2,176

256,485

Luxfer

Holdings

plc

4,821

65,228

Manitowoc

Co.,

Inc.

(The)\*

6,868

82,347

Mayville

Engineering

Co.,

Inc.\*

2,762

51,705

Microvast

Holdings,

Inc.\*(a)

39,547

110,732

Miller

Industries,

Inc.

2,132

79,673

Mueller

Water

Products,

Inc.,

Class

A

30,595

728,773

Omega

Flex,

Inc.

14,043

Palladyne

AI

Corp.\*(a)

4,869

20,742

Park-Ohio

Holdings

Corp.

1,939

40,603

Proto

Labs,

Inc.\*

4,745

240,050

REV

Group,

Inc.

9,651

586,877

Richtech

Robotics,

Inc.,

Class

B\*(a)

30,414

98,237

SPX

Technologies,

Inc.\*

9,577

1,915,975

Standex

International

Corp.(a)

2,353

511,260

Tennant

Co.

3,573

263,330

Terex

Corp.

12,893

688,228

Titan

International,

Inc.\*(a)

9,353

73,234

Trinity

Industries,

Inc.

15,922

420,978

Wabash

National

Corp.

7,749

67,029

Watts

Water

Technologies,

Inc.,

Class

A

5,474

1,510,933

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Machinery
Worthington

Enterprises,

Inc.

6,210

320,250

21,922,155

#### Marine

#### Transportation

#### 0

#### .2

#### %
Costamare

Bulkers

Holdings

Ltd.\*

1,557

23,993

Costamare,

Inc.

8,835

139,505

Genco

Shipping

&

Trading

Ltd.

(a) 6,306

116,219

Himalaya

Shipping

Ltd.(a)

5,221

47,511

Matson,

Inc.

6,283

776,265

Pangaea

Logistics

Solutions

Ltd.

6,061

41,700

Safe

Bulkers,

Inc.

11,215

54,056

1,199,249

#### Media

#### 1

#### .0

#### %
Advantage

Solutions,

Inc.\*(a)

17,774

15,641

AMC

Networks,

Inc.,

Class

A\*(a)

6,967

66,326

Boston

Omaha

Corp.,

Class

A\*(a)

4,087

50,556

Cable

One,

Inc.(a)

1,074

121,201

EchoStar

Corp.,

Class

A\*(a)

26,914

2,925,552

Emerald

Holding,

Inc.

2,270

10,147

Entravision

Communications

Corp.,

Class

A

13,281

38,913

EW

Scripps

Co.

(The),

Class

A\*(a)

14,158

56,490

Gambling.com

Group

Ltd.\*(a)

2,965

16,189

Gray

Media,

Inc.(a)

17,491

84,656

Ibotta,

Inc.,

Class

A\*(a)

2,854

64,871

iHeartMedia,

Inc.,

Class

A\*(a)

25,366

105,523

John

Wiley

&

Sons,

Inc.,

Class

A

8,201

251,197

Magnite,

Inc.\*(a)

27,798

451,162

National

CineMedia,

Inc.(a)

13,409

52,161

Newsmax,

Inc.,

Class

B\*(a)

9,339

72,191

Nexxen

International

Ltd.\*(a)

7,193

47,042

Optimum

Communications,

Inc.,

Class

A\*(a)

55,359

91,342

PubMatic,

Inc.,

Class

A\*(a)

6,994

62,037

Scholastic

Corp.

3,934

116,564

Sinclair,

Inc.(a)

7,628

116,708

Stagwell,

Inc.,

Class

A\*(a)

22,916

112,059

TechTarget,

Inc.\*

5,717

30,872

TEGNA,

Inc.

31,999

621,101

Thryv

Holdings,

Inc.\*(a)

7,239

43,796

USA

TODAY

Co.,

Inc.\*(a)

28,457

146,554

5,770,851

#### Metals

#### &

#### Mining

#### 2

#### .4

#### %
Alpha

Metallurgical

Resources,

Inc.\*(a)

2,368

473,316

American

Battery

Technology

Co.\*(a)

22,879

76,416

Ascent

Industries

Co.\*

1,338

21,662

Caledonia

Mining

Corp.

plc

3,353

87,748

Century

Aluminum

Co.\*

10,700

419,226

Coeur

Mining,

Inc.\*(a)

127,108

2,266,336

Commercial

Metals

Co.

22,242

1,539,591

Compass

Minerals

International,

Inc.\*(a)

6,606

129,742

NVIT

Small

Cap

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Metals

#### &

#### Mining
Constellium

SE,

Class

A\*

27,288

514,379

Contango

ORE,

Inc.\*

2,146

56,676

Critical

Metals

Corp.\*(a)

8,748

60,711

Dakota

Gold

Corp.\*(a)

16,795

95,396

Ferroglobe

plc(a)

23,189

107,597

Friedman

Industries,

Inc.

1,092

22,375

Hecla

Mining

Co.

126,272

2,423,160

Idaho

Strategic

Resources,

Inc.\*(a)

2,836

114,291

Ivanhoe

Electric,

Inc.\*(a)

21,080

336,858

Kaiser

Aluminum

Corp.(a)

3,221

369,964

Lifezone

Metals

Ltd.\*(a)

5,550

23,699

Materion

Corp.

4,101

509,836

Metallus,

Inc.\*(a)

7,244

124,307

NioCorp

Developments

Ltd.\*

20,941

110,987

Novagold

Resources,

Inc.\*

60,671

565,454

Olympic

Steel,

Inc.

1,862

79,666

Perpetua

Resources

Corp.\*

16,869

408,398

Ramaco

Resources,

Inc.,

Class

A\*(a)

8,148

146,664

Ryerson

Holding

Corp.(a)

5,357

134,782

SSR

Mining,

Inc.\*

40,402

885,612

SunCoke

Energy,

Inc.

17,176

123,667

Tredegar

Corp.\*

5,089

36,539

United

States

Antimony

Corp.\*(a)

23,107

115,997

US

Gold

Corp.\*(a)

2,687

52,155

USA

Rare

Earth,

Inc.\*(a)

17,338

206,322

Vox

Royalty

Corp.

11,210

53,135

Warrior

Met

Coal,

Inc.(a)

10,404

917,321

Worthington

Steel,

Inc.

6,381

220,910

13,830,895

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0

#### .9

#### %
ACRES

Commercial

Realty

Corp.\*(a)

1,195

25,501

Adamas

Trust,

Inc.(a)

16,450

120,085

Advanced

Flower

Capital,

Inc.

(a) 4,014

11,440

Angel

Oak

Mortgage

REIT,

Inc.

2,471

21,275

Apollo

Commercial

Real

Estate

Finance,

Inc.(a)

28,361

274,535

Arbor

Realty

Trust,

Inc.(a)

33,049

256,460

Ares

Commercial

Real

Estate

Corp.(a)

11,592

55,410

ARMOUR

Residential

REIT,

Inc.(a)

22,219

393,054

Blackstone

Mortgage

Trust,

Inc.,

Class

A(a)

31,868

609,635

BrightSpire

Capital,

Inc.,

Class

A(a)

25,119

140,666

Chicago

Atlantic

Real

Estate

Finance,

Inc.

4,297

52,681

Chimera

Investment

Corp.

16,293

202,522

Claros

Mortgage

Trust,

Inc.\*(a)

18,787

57,488

Dynex

Capital,

Inc.(a)

28,471

398,879

Ellington

Financial,

Inc.(a)

18,117

246,029

Franklin

BSP

Realty

Trust,

Inc.

(a) 16,545

165,946

Invesco

Mortgage

Capital,

Inc.

(a) 15,250

128,253

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

KKR

Real

Estate

Finance

Trust,

Inc.(a)

11,496

94,497

Ladder

Capital

Corp.,

Class

A(a)

24,173

265,661

Lument

Finance

Trust,

Inc.(a)

12,290

17,329

MFA

Financial,

Inc.(a)

21,720

202,213

Nexpoint

Real

Estate

Finance,

Inc.(a)

1,841

25,921

Orchid

Island

Capital,

Inc.(a)

29,047

209,139

PennyMac

Mortgage

Investment

Trust(a)

18,620

233,681

Ready

Capital

Corp.(a)

32,240

70,283

Redwood

Trust,

Inc.(a)

26,095

144,305

Rithm

Property

Trust,

Inc.

1,174

19,471

Seven

Hills

Realty

Trust

5,658

50,356

Sunrise

Realty

Trust,

Inc.

1,836

17,314

TPG

Mortgage

Investment

Trust,

Inc.

6,028

51,359

TPG

RE

Finance

Trust,

Inc.

14,576

125,499

Two

Harbors

Investment

Corp.

(a) 21,572

226,506

4,913,393

#### Multi-Utilities

#### 0

#### .5

#### %
Avista

Corp.

16,176

623,423

Black

Hills

Corp.

14,727

1,022,348

Northwestern

Energy

Group,

Inc.

12,314

794,746

Unitil

Corp.

3,284

159,077

2,599,594

#### Office

#### REITs

#### 0

#### .5

#### %
Brandywine

Realty

Trust(a)

35,646

104,086

City

Office

REIT,

Inc.

7,930

55,431

COPT

Defense

Properties

22,800

633,840

Douglas

Emmett,

Inc.(a)

25,347

278,564

Easterly

Government

Properties,

Inc.,

Class

A(a)

8,489

179,882

Empire

State

Realty

Trust,

Inc.,

Class

A(a)

28,468

185,611

Franklin

Street

Properties

Corp.

16,629

15,728

Hudson

Pacific

Properties,

Inc.\*(a)

11,098

120,191

JBG

SMITH

Properties(a)

12,126

206,263

NET

Lease

Office

Properties

2,911

75,075

Peakstone

Realty

Trust(a)

7,836

112,447

Piedmont

Realty

Trust,

Inc.,

Class

A

24,717

206,140

Postal

Realty

Trust,

Inc.,

Class

A

4,000

64,560

SL

Green

Realty

Corp.(a)

14,220

652,271

2,890,089

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 3

#### .0

#### %
Ardmore

Shipping

Corp.

6,702

70,974

BKV

Corp.\*(a)

4,370

118,646

California

Resources

Corp.

14,729

658,534

Calumet,

Inc.\*(a)

13,545

269,139

Centrus

Energy

Corp.,

Class

A\*(a)

3,340

810,818

Clean

Energy

Fuels

Corp.\*

34,584

72,626

CNX

Resources

Corp.\*(a)

25,943

953,924

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Small

Cap

Index

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
Comstock

Resources,

Inc.\*(a)

14,619

338,868

Core

Natural

Resources,

Inc.

(a) 10,135

897,049

Crescent

Energy

Co.,

Class

A(a)

46,638

391,293

CVR

Energy,

Inc.\*

6,237

158,669

Delek

US

Holdings,

Inc.

11,758

348,742

DHT

Holdings,

Inc.

26,629

325,140

Diversified

Energy

Co.

11,749

170,126

Dorian

LPG

Ltd.(a)

7,411

180,384

Empire

Petroleum

Corp.\*(a)

2,821

8,576

Encore

Energy

Corp.\*(a)

36,697

91,009

Energy

Fuels,

Inc.\*(a)

45,269

658,211

Epsilon

Energy

Ltd.

2,663

12,356

Evolution

Petroleum

Corp.(a)

4,403

15,587

Excelerate

Energy,

Inc.,

Class

A(a)

4,872

136,660

FLEX

LNG

Ltd.

6,171

153,966

FutureFuel

Corp.

4,710

15,025

Gevo,

Inc.\*

46,548

93,096

Golar

LNG

Ltd.

19,254

716,441

Granite

Ridge

Resources,

Inc.

(a) 9,834

46,220

Green

Plains,

Inc.\*(a)

13,518

132,476

Gulfport

Energy

Corp.\*

3,121

649,137

HighPeak

Energy,

Inc.(a)

3,536

16,761

Infinity

Natural

Resources,

Inc.,

Class

A\*

2,658

39,152

International

Seaways,

Inc.(a)

8,037

390,196

Kinetik

Holdings,

Inc.,

Class

A(a)

8,705

313,815

Kolibri

Global

Energy,

Inc.\*

6,503

25,557

Kosmos

Energy

Ltd.\*

92,025

83,503

Lightbridge

Corp.\*(a)

5,223

66,019

Magnolia

Oil

&

Gas

Corp.,

Class

A(a)

36,194

792,287

Murphy

Oil

Corp.(a)

27,023

844,469

NACCO

Industries,

Inc.,

Class

A

796

39,036

Navigator

Holdings

Ltd.(a)

6,226

107,834

New

Fortress

Energy,

Inc.\*(a)

32,076

36,567

NextDecade

Corp.\*(a)

25,727

135,581

NextNRG,

Inc.\*(a)

3,163

4,586

Nordic

American

Tankers

Ltd.

(a) 41,126

141,473

Northern

Oil

&

Gas,

Inc.(a)

19,165

411,473

OPAL

Fuels,

Inc.,

Class

A\*(a)

3,481

8,198

Par

Pacific

Holdings,

Inc.\*

9,929

348,905

PBF

Energy,

Inc.,

Class

A

16,869

457,487

Peabody

Energy

Corp.(a)

24,220

719,334

Prairie

Operating

Co.\*(a)

3,600

6,084

PrimeEnergy

Resources

Corp.\*(a)

11,628

REX

American

Resources

Corp.\*

5,754

185,969

Riley

Exploration

Permian,

Inc.

(a) 2,945

77,748

Sable

Offshore

Corp.\*(a)

14,618

131,854

SandRidge

Energy,

Inc.(a)

7,099

102,439

Scorpio

Tankers,

Inc.

8,949

454,878

SFL

Corp.

Ltd.(a)

23,106

180,458

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
SM

Energy

Co.

23,013

430,343

Summit

Midstream

Corp.\*

1,665

44,422

Talos

Energy,

Inc.\*(a)

26,288

289,694

Teekay

Corp.

Ltd.

10,890

98,337

Teekay

Tankers

Ltd.,

Class

A

4,823

257,645

Uranium

Energy

Corp.\*(a)

94,725

1,106,388

VAALCO

Energy,

Inc.(a)

19,911

72,476

Vitesse

Energy,

Inc.(a)

5,813

111,958

W&T

Offshore,

Inc.(a)

22,106

36,033

World

Kinect

Corp.(a)

10,738

251,591

17,325,870

#### Paper

#### &

#### Forest

#### Products

#### 0

#### .1

#### %
Clearwater

Paper

Corp.\*(a)

3,169

55,141

Magnera

Corp.\*

6,200

93,868

Sylvamo

Corp.

6,973

335,750

484,759

#### Passenger

#### Airlines

#### 0

#### .5

#### %
Allegiant

Travel

Co.\*(a)

2,953

251,802

flyExclusive,

Inc.\*

2,243

9,219

Frontier

Group

Holdings,

Inc.\*(a)

16,128

75,963

JetBlue

Airways

Corp.\*(a)

59,004

268,468

Joby

Aviation,

Inc.\*(a)

96,511

1,273,945

SkyWest,

Inc.\*

8,038

807,096

Sun

Country

Airlines

Holdings,

Inc.\*

10,755

154,764

2,841,257

#### Personal

#### Care

#### Products

#### 0

#### .2

#### %
Beauty

Health

Co.

(The)\*(a)

22,715

31,574

Edgewell

Personal

Care

Co.(a)

8,916

152,018

FitLife

Brands,

Inc.\*

741

12,056

Herbalife

Ltd.\*(a)

20,690

266,694

Honest

Co.,

Inc.

(The)\*(a)

18,306

47,229

Interparfums,

Inc.(a)

3,641

308,866

Lifevantage

Corp.(a)

2,016

12,419

Medifast,

Inc.\*(a)

2,461

26,284

Nature's

Sunshine

Products,

Inc.\*

3,385

73,048

Nu

Skin

Enterprises,

Inc.,

Class

A

9,849

94,747

Olaplex

Holdings,

Inc.\*(a)

29,822

39,962

USANA

Health

Sciences,

Inc.\*

2,220

43,579

Waldencast

plc,

Class

A\*(a)

8,088

15,205

1,123,681

#### Pharmaceuticals

#### 2

#### .6

#### %
Aardvark

Therapeutics,

Inc.\*(a)

2,484

32,602

Aclaris

Therapeutics,

Inc.\*

16,671

50,180

Alumis,

Inc.\*(a)

11,621

113,421

Amneal

Pharmaceuticals,

Inc.\*

29,993

377,912

Amphastar

Pharmaceuticals,

Inc.\*(a)

7,072

189,388

Amylyx

Pharmaceuticals,

Inc.\*(a)

17,503

211,436

ANI

Pharmaceuticals,

Inc.\*(a)

3,536

279,132

Aquestive

Therapeutics,

Inc.\*(a)

20,619

133,199

Arvinas,

Inc.\*

13,385

158,746

Atea

Pharmaceuticals,

Inc.\*(a)

15,343

54,774

NVIT

Small

Cap

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Pharmaceuticals
Avadel

Pharmaceuticals

plc,

ADR\*

17,882

385,357

Axsome

Therapeutics,

Inc.\*

8,167

1,491,621

BioAge

Labs,

Inc.\*(a)

4,530

59,932

Biote

Corp.,

Class

A\*

6,823

17,740

Collegium

Pharmaceutical,

Inc.\*

6,284

290,949

CorMedix,

Inc.\*(a)

14,693

170,880

Crinetics

Pharmaceuticals,

Inc.\*(a)

17,898

833,152

Edgewise

Therapeutics,

Inc.\*

13,541

336,020

Enliven

Therapeutics,

Inc.\*(a)

8,058

124,093

Esperion

Therapeutics,

Inc.\*(a)

46,532

172,168

Eton

Pharmaceuticals,

Inc.\*(a)

4,867

82,301

Evolus,

Inc.\*(a)

10,251

68,169

EyePoint,

Inc.\*(a)

15,046

274,890

Fulcrum

Therapeutics,

Inc.\*(a)

8,467

95,762

Harmony

Biosciences

Holdings,

Inc.\*

8,678

324,731

Harrow,

Inc.\*(a)

6,344

310,856

Indivior

plc\*

24,212

868,727

Innoviva,

Inc.\*

12,440

248,676

Journey

Medical

Corp.\*(a)

2,181

16,815

LB

Pharmaceuticals,

Inc.\*

3,610

80,359

LENZ

Therapeutics,

Inc.\*(a)

3,105

49,680

Ligand

Pharmaceuticals,

Inc.\*(a)

3,849

727,730

Liquidia

Corp.\*(a)

12,851

443,231

Maze

Therapeutics,

Inc.\*(a)

4,320

178,978

MBX

Biosciences,

Inc.\*(a)

5,647

178,106

MediWound

Ltd.\*(a)

1,902

35,111

Mind

Medicine

MindMed,

Inc.\*

18,676

250,072

Nuvation

Bio,

Inc.\*(a)

48,039

430,429

Ocular

Therapeutix,

Inc.\*

36,941

448,464

Omeros

Corp.\*(a)

12,563

215,770

Pacira

BioSciences,

Inc.\*(a)

8,875

229,685

Phathom

Pharmaceuticals,

Inc.\*(a)

7,923

131,443

Phibro

Animal

Health

Corp.,

Class

A

4,041

150,972

Prestige

Consumer

Healthcare,

Inc.\*(a)

9,776

603,081

Rapport

Therapeutics,

Inc.\*(a)

5,644

171,239

Septerna,

Inc.\*

4,106

114,475

SIGA

Technologies,

Inc.

7,997

48,862

Supernus

Pharmaceuticals,

Inc.\*

10,809

537,207

Tarsus

Pharmaceuticals,

Inc.\*

7,864

643,904

Terns

Pharmaceuticals,

Inc.\*

17,055

689,022

Theravance

Biopharma,

Inc.\*

7,326

137,069

Third

Harmonic

Bio,

Inc.\*∞

5,115

Trevi

Therapeutics,

Inc.\*(a)

17,753

222,268

Tvardi

Therapeutics,

Inc.\*

966

4,154

WaVe

Life

Sciences

Ltd.\*(a)

22,655

385,135

Xeris

Biopharma

Holdings,

Inc.\*

29,926

234,919

Zevra

Therapeutics,

Inc.\*(a)

10,312

92,395

15,207,389

#### Professional

#### Services

#### 1

#### .7

#### %
Alight,

Inc.,

Class

A

87,973

171,547

Asure

Software,

Inc.\*

4,715

44,415

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Professional

#### Services
Barrett

Business

Services,

Inc.

4,756

172,215

BlackSky

Technology,

Inc.\*(a)

6,042

113,287

CBIZ,

Inc.\*(a)

9,669

487,801

Conduent,

Inc.\*

33,782

64,861

CRA

International,

Inc.

1,274

255,685

CSG

Systems

International,

Inc.

5,659

433,989

Exponent,

Inc.

9,958

691,683

Falcon's

Beyond

Global,

Inc.,

Class

A\*(a)

2,754

41,338

First

Advantage

Corp.\*(a)

15,426

224,140

Forrester

Research,

Inc.\*

2,436

19,780

Franklin

Covey

Co.\*(a)

2,131

35,758

HireQuest,

Inc.

773

8,124

Huron

Consulting

Group,

Inc.\*

3,366

582,015

IBEX

Holdings

Ltd.\*

2,062

78,727

ICF

International,

Inc.

3,665

312,625

Innodata,

Inc.\*(a)

6,104

310,999

Insperity,

Inc.(a)

7,172

277,700

Kelly

Services,

Inc.,

Class

A

6,191

54,481

Kforce,

Inc.

3,561

110,106

Korn

Ferry

10,535

695,521

Legalzoom.com,

Inc.\*

25,218

250,415

Maximus,

Inc.

11,216

968,165

Mistras

Group,

Inc.\*

2,680

33,902

Planet

Labs

PBC\*(a)

47,547

937,627

RCM

Technologies,

Inc.\*

860

17,583

Resolute

Holdings

Management,

Inc.\*(a)

825

170,305

Resources

Connection,

Inc.(a)

6,140

30,946

Skillsoft

Corp.\*(a)

781

7,263

Spire

Global,

Inc.\*(a)

5,572

41,790

TIC

Solutions,

Inc.\*(a)

39,502

399,365

TriNet

Group,

Inc.(a)

5,984

353,834

TrueBlue,

Inc.\*

5,121

23,301

TTEC

Holdings,

Inc.\*(a)

3,470

12,492

Upwork,

Inc.\*(a)

24,442

484,440

Verra

Mobility

Corp.,

Class

A\*

31,824

713,176

Willdan

Group,

Inc.\*

2,746

284,650

9,916,051

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0

#### .7

#### %
American

Realty

Investors,

Inc.\*(a)

5,878

Anywhere

Real

Estate,

Inc.\*

21,210

300,334

Compass,

Inc.,

Class

A\*(a)

97,673

1,032,404

Cushman

&

Wakefield

Ltd.\*

24,335

393,984

Douglas

Elliman,

Inc.\*

13,933

33,021

eXp

World

Holdings,

Inc.(a)

17,359

157,099

Forestar

Group,

Inc.\*

3,949

97,264

FRP

Holdings,

Inc.\*(a)

2,375

54,126

Kennedy-Wilson

Holdings,

Inc.

(a) 24,378

235,735

Marcus

&

Millichap,

Inc.

5,112

139,506

Maui

Land

&

Pineapple

Co.,

Inc.\*

1,270

21,514

Newmark

Group,

Inc.,

Class

A

29,736

515,622

RE/MAX

Holdings,

Inc.,

Class

A\*

4,273

32,432

Real

Brokerage,

Inc.

(The)\*

26,299

95,991

RMR

Group,

Inc.

(The),

Class

A(a)

3,495

52,075

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Small

Cap

Index

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Real

#### Estate

#### Management

#### &

#### Development
Seaport

Entertainment

Group,

Inc.\*(a)

1,267

25,049

St

Joe

Co.

(The)

7,526

446,819

Stratus

Properties,

Inc.\*

1,321

31,942

Tejon

Ranch

Co.\*(a)

4,221

66,565

Transcontinental

Realty

Investors,

Inc.\*

26,144

3,763,504

#### Residential

#### REITs

#### 0

#### .4

#### %
Apartment

Investment

and

Management

Co.,

Class

A

25,491

151,417

BRT

Apartments

Corp.

1,783

26,210

Centerspace(a)

3,240

216,173

Clipper

Realty,

Inc.

2,440

9,321

Elme

Communities

17,344

301,786

Independence

Realty

Trust,

Inc.(a)

47,828

836,033

NexPoint

Residential

Trust,

Inc.

4,492

135,209

UMH

Properties,

Inc.

15,819

251,680

Veris

Residential,

Inc.(a)

14,629

217,679

2,145,508

#### Retail

#### REITs

#### 1

#### .2

#### %
Acadia

Realty

Trust(a)

26,496

544,228

Alexander's,

Inc.(a)

98,073

CBL

&

Associates

Properties,

Inc.

3,791

140,267

Curbline

Properties

Corp.(a)

19,497

452,525

FrontView

REIT,

Inc.(a)

4,147

61,210

Getty

Realty

Corp.(a)

10,310

282,185

InvenTrust

Properties

Corp.

15,717

443,377

Kite

Realty

Group

Trust

44,224

1,060,049

Macerich

Co.

(The)(a)

50,942

940,389

NETSTREIT

Corp.(a)

16,486

290,813

Phillips

Edison

&

Co.,

Inc.

25,417

904,083

Saul

Centers,

Inc.

2,582

81,410

SITE

Centers

Corp.

11,578

74,331

Tanger,

Inc.(a)

22,480

750,158

Urban

Edge

Properties

25,260

484,739

Whitestone

REIT

9,110

126,538

6,734,375

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 3

#### .4

#### %
ACM

Research,

Inc.,

Class

A\*

10,020

395,289

Aehr

Test

Systems\*(a)

5,456

110,157

Aeluma,

Inc.\*(a)

2,568

44,093

Alpha

&

Omega

Semiconductor

Ltd.\*

5,362

106,221

Ambarella,

Inc.\*

7,998

566,578

Ambiq

Micro,

Inc.\*

872

24,852

Atomera,

Inc.\*(a)

5,454

12,053

Axcelis

Technologies,

Inc.\*(a)

6,155

494,493

Blaize

Holdings,

Inc.\*(a)

14,011

27,321

CEVA,

Inc.\*

4,769

102,629

Cohu,

Inc.\*

9,169

213,363

Credo

Technology

Group

Holding

Ltd.\*

30,422

4,377,422

Diodes,

Inc.\*(a)

9,186

453,237

FormFactor,

Inc.\*

15,387

858,287

Ichor

Holdings

Ltd.\*(a)

6,607

121,767

Impinj,

Inc.\*(a)

5,353

931,475

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Semiconductors

#### &

#### Semiconductor

#### Equipment
indie

Semiconductor,

Inc.,

Class

A\*(a)

38,304

135,213

Kopin

Corp.\*(a)

32,374

75,755

Kulicke

&

Soffa

Industries,

Inc.

10,132

461,614

MaxLinear,

Inc.,

Class

A\*

16,642

290,070

Navitas

Semiconductor

Corp.,

Class

A\*(a)

31,579

225,474

NVE

Corp.

911

54,050

PDF

Solutions,

Inc.\*(a)

6,305

179,882

Penguin

Solutions,

Inc.\*(a)

10,448

204,363

Photronics,

Inc.\*

11,354

363,328

Power

Integrations,

Inc.

11,067

393,321

Rambus,

Inc.\*

21,471

1,972,970

Rigetti

Computing,

Inc.\*(a)

63,376

1,403,778

Semtech

Corp.\*(a)

17,301

1,274,911

Silicon

Laboratories,

Inc.\*

6,453

843,407

SiTime

Corp.\*

4,295

1,516,951

SkyWater

Technology,

Inc.\*(a)

6,112

110,994

Synaptics,

Inc.\*(a)

7,745

573,285

Ultra

Clean

Holdings,

Inc.\*

8,960

226,957

Veeco

Instruments,

Inc.\*(a)

11,736

335,415

19,480,975

#### Software

#### 5

#### .7

#### %
8x8,

Inc.\*

27,214

53,612

A10

Networks,

Inc.(a)

14,442

255,479

ACI

Worldwide,

Inc.\*

20,791

994,018

Adeia,

Inc.(a)

21,423

369,547

Agilysys,

Inc.\*(a)

5,172

614,641

Airship

AI

Holdings,

Inc.\*(a)

4,390

12,687

Alarm.com

Holdings,

Inc.\*

9,380

478,568

Alkami

Technology,

Inc.\*(a)

13,912

320,950

Amplitude,

Inc.,

Class

A\*

18,464

213,813

Appian

Corp.,

Class

A\*

7,705

272,911

Arteris,

Inc.\*

6,158

95,449

Asana,

Inc.,

Class

A\*

17,637

241,803

AudioEye,

Inc.\*

2,045

20,430

AvePoint,

Inc.\*

29,173

405,213

Bit

Digital,

Inc.\*(a)

64,935

122,727

Bitdeer

Technologies

Group,

Class

A\*(a)

19,769

221,611

Blackbaud,

Inc.\*

7,610

481,865

BlackLine,

Inc.\*

10,463

578,499

Blend

Labs,

Inc.,

Class

A\*

39,535

120,186

Box,

Inc.,

Class

A\*

28,046

838,856

Braze,

Inc.,

Class

A\*

16,987

582,484

C3.ai,

Inc.,

Class

A\*(a)

25,038

337,512

Cerence,

Inc.\*(a)

7,864

84,066

Chaince

Digital

Holdings,

Inc.\*(a)

6,090

30,267

Cipher

Mining,

Inc.\*(a)

64,576

953,142

Cleanspark,

Inc.\*(a)

55,591

562,581

Clear

Secure,

Inc.,

Class

A

17,159

601,938

Clearwater

Analytics

Holdings,

Inc.,

Class

A\*(a)

55,369

1,335,500

Commvault

Systems,

Inc.\*

8,872

1,112,194

Consensus

Cloud

Solutions,

Inc.\*

3,803

82,982

Core

Scientific,

Inc.\*

57,751

840,855

CS

Disco,

Inc.\*

5,673

44,023

Daily

Journal

Corp.\*(a)

123,779

Digimarc

Corp.\*(a)

3,506

22,999

NVIT

Small

Cap

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Software
Digital

Turbine,

Inc.\*

21,112

105,560

Domo,

Inc.,

Class

B\*(a)

7,305

61,581

D-Wave

Quantum,

Inc.\*(a)

66,395

1,736,229

eGain

Corp.\*(a)

3,411

35,099

EverCommerce,

Inc.\*(a)

2,563

31,038

Expensify,

Inc.,

Class

A\*

11,177

16,877

Five9,

Inc.\*

15,646

313,702

Freshworks,

Inc.,

Class

A\*

39,809

487,660

Hut

Corp.\*(a)

19,150

879,751

I3

Verticals,

Inc.,

Class

A\*(a)

4,638

116,831

Intapp,

Inc.\*

11,300

517,766

InterDigital,

Inc.(a)

5,145

1,638,065

Jamf

Holding

Corp.\*

15,684

204,049

Kaltura,

Inc.\*

21,983

36,052

Life360,

Inc.\*(a)

4,089

262,269

LiveRamp

Holdings,

Inc.\*

12,900

378,873

MARA

Holdings,

Inc.\*(a)

73,415

659,267

Mitek

Systems,

Inc.\*(a)

8,718

91,975

N-able,

Inc.\*(a)

13,723

102,648

NCR

Voyix

Corp.\*(a)

28,391

289,588

NextNav,

Inc.\*(a)

18,782

312,533

ON24,

Inc.\*

7,189

57,225

OneSpan,

Inc.

7,705

98,932

Ooma,

Inc.\*

4,320

50,674

Pagaya

Technologies

Ltd.,

Class

A\*(a)

10,208

213,347

PagerDuty,

Inc.\*

17,580

230,474

PAR

Technology

Corp.\*(a)

8,005

290,421

Porch

Group,

Inc.\*

17,532

160,067

Progress

Software

Corp.\*

8,531

366,492

Q2

Holdings,

Inc.\*(a)

12,287

886,630

Qualys,

Inc.\*(a)

7,297

969,771

Rapid7,

Inc.\*

12,544

190,669

Red

Violet,

Inc.(a)

2,177

123,980

ReposiTrak,

Inc.(a)

2,049

25,346

Rezolve

AI

plc\*(a)

35,604

91,502

Rimini

Street,

Inc.\*(a)

9,595

37,229

Riot

Platforms,

Inc.\*

69,416

879,501

SEMrush

Holdings,

Inc.,

Class

A\*

10,106

120,160

Silvaco

Group,

Inc.\*

1,102

4,463

SoundHound

AI,

Inc.,

Class

A\*(a)

74,526

743,024

SoundThinking,

Inc.\*

2,009

16,132

Sprinklr,

Inc.,

Class

A\*

22,427

174,482

Sprout

Social,

Inc.,

Class

A\*(a)

10,793

121,637

SPS

Commerce,

Inc.\*

7,563

674,090

Synchronoss

Technologies,

Inc.\*(a)

1,926

16,487

Telos

Corp.\*

10,730

54,723

Tenable

Holdings,

Inc.\*

24,027

565,355

Terawulf,

Inc.\*(a)

60,407

694,076

Varonis

Systems,

Inc.,

Class

B\*

23,078

756,958

Vertex,

Inc.,

Class

A\*(a)

13,911

277,803

Via

Transportation,

Inc.,

Class

A\*

2,012

58,368

Viant

Technology,

Inc.,

Class

A\*

3,443

41,454

Weave

Communications,

Inc.\*

12,758

96,833

WM

Technology,

Inc.\*

21,355

17,620

Workiva,

Inc.,

Class

A\*

9,921

855,686

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Software
Xperi,

Inc.\*

9,020

52,857

Yext,

Inc.\*

20,037

161,498

Zeta

Global

Holdings

Corp.,

Class

A\*(a)

37,257

758,180

32,638,746

#### Specialized

#### REITs

#### 0

#### .4

#### %
Farmland

Partners,

Inc.(a)

8,255

79,991

Four

Corners

Property

Trust,

Inc.(a)

19,993

461,038

Gladstone

Land

Corp.(a)

6,656

60,902

Outfront

Media,

Inc.

29,540

711,914

PotlatchDeltic

Corp.

15,474

615,556

Safehold,

Inc.(a)

11,662

159,653

Smartstop

Self

Storage

REIT,

Inc.(a)

6,387

197,614

2,286,668

#### Specialty

#### Retail

#### 2

#### .2

#### %
1-800-Flowers.com,

Inc.,

Class

A\*(a)

4,156

16,333

Abercrombie

&

Fitch

Co.,

Class

A\*

9,253

1,164,675

Academy

Sports

&

Outdoors,

Inc.

13,133

656,125

Advance

Auto

Parts,

Inc.

11,999

471,561

American

Eagle

Outfitters,

Inc.

31,701

835,955

America's

Car-Mart,

Inc.\*

1,432

36,172

Arhaus,

Inc.,

Class

A\*

10,412

116,718

Arko

Corp.(a)

15,602

70,833

Asbury

Automotive

Group,

Inc.\*

3,870

899,891

BARK,

Inc.\*(a)

23,596

14,217

Barnes

&

Noble

Education,

Inc.\*

2,741

25,190

Bed

Bath

&

Beyond,

Inc.\*(a)

13,657

74,567

Boot

Barn

Holdings,

Inc.\*

6,120

1,079,996

Buckle,

Inc.

(The)

6,188

330,563

Build-A-Bear

Workshop,

Inc.

(a) 2,530

155,013

Caleres,

Inc.(a)

7,084

86,212

Camping

World

Holdings,

Inc.,

Class

A

12,444

121,080

Citi

Trends,

Inc.\*

922

38,318

Designer

Brands,

Inc.,

Class

A(a)

6,941

51,572

Envela

Corp.\*

1,719

23,000

EVgo,

Inc.,

Class

A\*(a)

24,134

70,230

Genesco,

Inc.\*

2,243

55,559

Group

Automotive,

Inc.

2,447

962,405

Haverty

Furniture

Cos.,

Inc.

2,689

62,815

J

Jill,

Inc.

1,726

23,681

Lands'

End,

Inc.\*(a)

1,755

25,483

MarineMax,

Inc.\*(a)

3,615

87,591

Monro,

Inc.(a)

5,977

119,779

National

Vision

Holdings,

Inc.\*(a)

15,451

398,945

OneWater

Marine,

Inc.,

Class

A\*(a)

2,008

21,727

Outdoor

Holding

Co.\*(a)

18,385

31,438

Petco

Health

&

Wellness

Co.,

Inc.,

Class

A\*(a)

15,976

44,893

RealReal,

Inc.

(The)\*(a)

19,932

314,527

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Small

Cap

Index

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Specialty

#### Retail
Revolve

Group,

Inc.,

Class

A\*

8,298

250,517

Sally

Beauty

Holdings,

Inc.\*(a)

20,176

287,710

Shoe

Carnival,

Inc.

3,721

62,810

Signet

Jewelers

Ltd.(a)

7,935

657,653

Sleep

Number

Corp.\*(a)

3,371

28,519

Sonic

Automotive,

Inc.,

Class

A

2,898

179,270

Stitch

Fix,

Inc.,

Class

A\*

22,849

119,957

ThredUp,

Inc.,

Class

A\*(a)

19,861

126,912

Torrid

Holdings,

Inc.\*(a)

10,203

9,983

Upbound

Group,

Inc.

10,547

185,205

Urban

Outfitters,

Inc.\*(a)

12,191

917,495

Victoria's

Secret

&

Co.\*(a)

13,878

751,771

Warby

Parker,

Inc.,

Class

A\*(a)

19,426

423,293

Winmark

Corp.

576

233,245

Zumiez,

Inc.\*

2,541

66,193

12,787,597

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0

#### .7

#### %
CompoSecure,

Inc.,

Class

A\*(a)

11,565

222,973

Corsair

Gaming,

Inc.\*(a)

9,376

55,694

CPI

Card

Group,

Inc.\*

1,316

19,319

Diebold

Nixdorf,

Inc.\*

4,999

339,382

Eastman

Kodak

Co.\*(a)

10,063

85,133

Immersion

Corp.(a)

5,735

38,998

IonQ,

Inc.\*(a)

67,154

3,013,200

Quantum

Computing,

Inc.\*(a)

39,955

409,938

Turtle

Beach

Corp.\*

3,128

43,886

Xerox

Holdings

Corp.(a)

26,135

61,940

4,290,463

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0

#### .5

#### %
Capri

Holdings

Ltd.\*

22,921

559,272

Carter's,

Inc.(a)

7,262

235,507

Ermenegildo

Zegna

NV(a)

12,712

130,298

Figs,

Inc.,

Class

A\*(a)

17,787

202,060

G-III

Apparel

Group

Ltd.

7,358

213,088

Kontoor

Brands,

Inc.(a)

10,864

663,682

Lakeland

Industries,

Inc.(a)

1,578

13,949

Movado

Group,

Inc.

3,261

67,242

Oxford

Industries,

Inc.(a)

2,773

94,837

Rocky

Brands,

Inc.(a)

1,603

47,016

Steven

Madden

Ltd.(a)

14,165

589,831

Superior

Group

of

Cos.,

Inc.

2,204

21,335

Wolverine

World

Wide,

Inc.

16,063

291,543

3,129,660

#### Tobacco

#### 0

#### .1

#### %
Ispire

Technology,

Inc.\*(a)

3,811

10,671

Turning

Point

Brands,

Inc.

3,445

373,438

Universal

Corp.

4,802

253,305

637,414

#### Trading

#### Companies

#### &

#### Distributors

#### 1

#### .1

#### %
Alta

Equipment

Group,

Inc.

4,453

20,484

BlueLinx

Holdings,

Inc.\*

1,571

96,506

Boise

Cascade

Co.

7,489

551,190

Custom

Truck

One

Source,

Inc.\*

11,917

68,642

Distribution

Solutions

Group,

Inc.\*(a)

1,916

52,479

DNOW,

Inc.\*

37,260

493,695

DXP

Enterprises,

Inc.\*(a)

2,552

280,184

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### Trading

#### Companies

#### &

#### Distributors
EVI

Industries,

Inc.

1,027

25,305

GATX

Corp.(a)

7,140

1,210,944

Global

Industrial

Co.

2,957

86,404

Herc

Holdings,

Inc.(a)

6,483

961,948

Hudson

Technologies,

Inc.\*

7,451

51,039

Karat

Packaging,

Inc.

1,694

38,234

McGrath

RentCorp

4,792

502,825

NPK

International,

Inc.\*

16,379

195,238

Rush

Enterprises,

Inc.,

Class

A

12,168

656,342

Rush

Enterprises,

Inc.,

Class

B

1,688

94,967

Titan

Machinery,

Inc.\*

3,957

59,513

Transcat,

Inc.\*

1,803

102,284

Willis

Lease

Finance

Corp.(a)

558

75,687

Xometry,

Inc.,

Class

A\*(a)

8,618

512,512

6,136,422

#### Transportation

#### Infrastructure

#### 0

#### .0

#### %

#### †
Sky

Harbour

Group

Corp.\*

3,820

34,265

#### Water

#### Utilities

#### 0

#### .3

#### %
American

States

Water

Co.

7,478

542,005

Cadiz,

Inc.\*(a)

11,477

64,386

California

Water

Service

Group

11,679

506,051

Consolidated

Water

Co.

Ltd.(a)

3,160

111,516

Global

Water

Resources,

Inc.

1,601

13,528

H2O

America

6,545

320,640

Middlesex

Water

Co.

3,435

173,193

Pure

Cycle

Corp.\*

4,203

46,191

York

Water

Co.

(The)(a)

2,459

78,295

1,855,805

#### Wireless

#### Telecommunication

#### Services

#### 0

#### .2

#### %
Gogo,

Inc.\*(a)

16,601

77,361

Spok

Holdings,

Inc.

4,000

52,760

Telephone

&

Data

Systems,

Inc.(a)

19,679

806,839

936,960

#### Total

#### Common

#### Stocks

#### (cost

#### $399,236,353)

#### 575,969,192

#### Rights

#### 0

#### .0

#### %

#### †

#### Number

#### of

#### Rights

#### Biotechnology

#### 0

#### .0

#### %

#### †
Aduro

Biotech,

Inc.

CVR\*^∞(a)

2,552

Akero

Therapeutics,

Inc.,

CVR\*∞

14,089

Chinook

Therapeutics,

Inc.,

CVR\*^∞

8,695

Icosavax,

Inc.,

CVR\*^∞

4,394

Inhibrx,

Inc.,

CVR\*^∞

5,486

Oncternal

Therapeutics,

Inc.,

CVR\*^∞(a)

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0

#### .0

#### %

#### †
OmniAb,

Inc.\*^∞(a)

1,742

#### Total

#### Rights

#### (cost

#### $6,479)

#### 0
NVIT

Small

Cap

Index

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Repurchase

#### Agreements

#### 12

#### .7

#### %

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Bank

of

America

NA,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$8,001,711,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.50%,

maturing

5/1/2049

-

9/1/2050;

total

market

value

$8,160,000.

(b)(c) 8,000,000

8,000,000

BNP

Paribas

Securities

Corp.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$13,002,752,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.63%,

maturing

7/31/2026

-

11/15/2054;

total

market

value

$13,260,000.(b)(c)

13,000,000

13,000,000

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$9,046,874,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$9,225,844.(b)(c)

9,044,944

9,044,944

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$10,002,133,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$10,200,001.(b)(c)

10,000,000

10,000,000

Citi

Global

Market,

Inc.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$7,001,482,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.38%

-

4.25%,

maturing

2/15/2028

-

10/31/2029;

total

market

value

$7,140,002.(b)(c)

7,000,000

7,000,000

#### Repurchase

#### Agreements

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
MetLife,

Inc.,

3.83%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$10,002,128,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$10,205,168.(b)(c)

10,000,000

10,000,000

Pershing

LLC,

3.72%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$16,003,307,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

2/15/2026

-

12/20/2075;

total

market

value

$16,320,001.(b)(c)

16,000,000

16,000,000

#### Total

#### Repurchase

#### Agreements

#### (cost

#### $73,044,944)

#### 73,044,944

#### Total

#### Investments

#### (cost

#### $472,357,230)

#### —

#### 112.9%

#### 649,046,775

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (12.9)%

#### (#### 74,128,137

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 574,918,638
\*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$171,727,766,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$73,044,944

and

by

$104,368,003

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.75%,

and

maturity

dates

ranging

from

1/15/2026

-

8/15/2055,

a

total

value

of

$177,412,947.

(b) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$73,044,944.

(c) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Small

Cap

Index

Fund

ADR

American

Depositary

Receipt

CVR

Contingent

Value

Rights

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

#### Futures

#### contracts

#### outstanding

#### as

#### of

#### December

#### 31,

#### 2025:

#### Description

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### ($)

#### Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Long

#### Contracts
Russell

2000

E-Mini

Index

3/2026

USD

5,870,300

(110,406)

#### Net

#### contracts
(110,406)

#### Currency:
USD

United

States

Dollar

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Assets

and

Liabilities

-

December

31,

2025

-

Index

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Bond

#### Index

#### Fund

#### Assets:
Investment

securities,

at

value

\*

$

1,167,644,565

Repurchase

agreements,

at

value

52,028,733

Cash

21,385,282

Deposits

with

broker

for

futures

contracts

—

Foreign

currencies,

at

value

—

Interest

and

dividends

receivable

9,587,227

Security

lending

income

receivable

13,701

Receivable

for

investments

sold

27,996,749

Receivable

for

capital

shares

issued

523,119

Reclaims

receivable

—

Due

from

custodian

—

Receivable

for

reimbursement

from

investment

adviser

(Note

3)

—

Prepaid

expenses

1,578

Total

Assets

1,279,180,954

#### Liabilities:
Payable

for

investments

purchased

42,205,726

Payable

for

capital

shares

redeemed

399,420

Payable

for

variation

margin

on

futures

contracts

—

Cash

collateral

pledged

at

broker

for

TBAs

10,000

Payable

upon

return

of

securities

loaned

(Note

2)

52,028,733

Accrued

expenses

and

other

payables:

Investment

advisory

fees

195,889

Fund

administration

fees

57,477

Distribution

fees

—

Administrative

servicing

fees

30,194

Accounting

and

transfer

agent

fees

47,951

Trustee

fees

8,788

Custodian

fees

18,531

Compliance

program

costs

(Note

3)

2,520

Professional

fees

40,918

Printing

fees

3,910

Other

8,188

Total

Liabilities

95,058,245

Commitments

and

contingencies

(Note

3)

—

#### Net

#### Assets
$

1,184,122,709

\*

Includes

value

of

securities

on

loan

(Note

2)

165,328,522

Cost

of

investment

securities

1,227,544,181

Cost

of

repurchase

agreements

52,028,733

Cost

of

foreign

currencies

—

#### Represented

#### by:
Capital

$

1,394,697,941

Total

distributable

earnings

(loss)

(210,575,232)

#### Net

#### Assets
$

1,184,122,709

Index

Funds

-

December

31,

2025

-

Statements

of

Assets

and

Liabilities

-

#### NVIT

#### International

#### Index

#### Fund

#### NVIT

#### Mid

#### Cap

#### Index

#### Fund

#### NVIT

#### NASDAQ-100

#### Index

#### Fund

#### NVIT

#### S&P

#### 500

#### Index

#### Fund

#### NVIT

#### Small

#### Cap

#### Index

#### Fund
$

787,922,928

$

1,112,593,998

$

264,995,766

$

5,643,353,145

$

576,001,831

20,744,098

86,282,318

1,958,377

98,451,697

73,044,944

3,506,354

5,400,056

1,675,040

53,328,687

4,880,831

424,768

306,198

68,589

3,668,911

475,376

3,829,701

—

—

—

—

543,035

1,026,118

77,088

3,023,001

561,392

9,530

15,192

840

12,226

39,371

882

—

—

—

324,959

669,404

1,376,752

2,560,376

562,561

93,849

10,351,313

—

—

—

—

—

8,059

—

—

—

—

5,269

—

—

—

913

—

3,897

507

828,002,013

1,207,001,545

271,349,404

5,802,404,125

655,423,371

20,237

2,396,687

1,017,213

—

21,188

108,861

7,323,091

74,571

1,892,061

7,092,758

10,161

37,124

6,118

428,099

31,643

—

—

—

—

—

20,744,098

86,282,318

1,958,377

98,451,697

73,044,944

161,339

196,795

37,867

510,636

95,471

36,558

45,886

8,336

160,624

28,364

75,638

9,972

45,294

683,420

84,052

72,881

128,177

76,215

295,819

21,691

1,445

1,950

13,114

2,448

19,370

9,659

772

36,195

3,704

794

1,378

5,572

603

38,974

21,248

14,068

29,147

19,602

11,573

19,681

15,991

11,751

75,615

4,280

116,534

46,513

21,377,613

96,478,255

3,239,353

102,638,956

80,504,733

—

—

—

—

—

$

806,624,400

$

1,110,523,290

$

268,110,051

$

5,699,765,169

$

574,918,638

33,517,225

181,384,207

5,084,739

169,686,849

171,727,766

361,088,423

703,465,306

256,052,645

1,910,741,617

399,312,286

20,744,098

86,282,318

1,958,377

98,451,697

73,044,944

3,824,466

—

—

—

—

$

250,476,080

$

607,356,595

$

260,752,565

$

1,990,184,487

$

402,219,196

556,148,320

503,166,695

7,357,486

3,709,580,682

172,699,442

$

806,624,400

$

1,110,523,290

$

268,110,051

$

5,699,765,169

$

574,918,638

-

Statements

of

Assets

and

Liabilities

-

December

31,

2025

-

Index

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Bond

#### Index

#### Fund

#### Net

#### Assets:
Class

I

Shares

$

258,092,440

Class

II

Shares

—

Class

IV

Shares

—

Class

VIII

Shares

—

Class

Y

Shares

926,030,269

Total

$

1,184,122,709

#### Shares

#### Outstanding
(unlimited

number

of

shares

authorized):

Class

I

Shares

28,542,619

Class

II

Shares

—

Class

IV

Shares

—

Class

VIII

Shares

—

Class

Y

Shares

102,238,464

Total

130,781,083

#### Net

#### asset

#### value

#### and

#### offering

#### price

#### per

#### share
(Net

assets

by

class

divided

by

shares

outstanding

by

class,

respectively):

Class

I

Shares

$

.04

Class

II

Shares

$

—

Class

IV

Shares

$

—

Class

VIII

Shares

$

—

Class

Y

Shares

$

.06

Index

Funds

-

December

31,

2025

-

Statements

of

Assets

and

Liabilities

-

#### NVIT

#### International

#### Index

#### Fund

#### NVIT

#### Mid

#### Cap

#### Index

#### Fund

#### NVIT

#### NASDAQ-100

#### Index

#### Fund

#### NVIT

#### S&P

#### 500

#### Index

#### Fund

#### NVIT

#### Small

#### Cap

#### Index

#### Fund
$

335,793,903

$

967,908,824

$

49,114,737

$

1,433,232,876

$

—

27,846,433

46,369,516

218,995,314

3,219,612,315

381,998,904

—

—

—

292,000,120

—

239,174,490

—

—

—

—

203,809,574

96,244,950

—

754,919,858

192,919,734

$

806,624,400

$

1,110,523,290

$

268,110,051

$

5,699,765,169

$

574,918,638

25,402,287

48,612,890

3,833,405

108,564,053

—

2,110,187

2,389,148

17,104,642

250,566,919

41,276,135

—

—

—

21,934,206

—

18,275,827

—

—

—

—

15,375,743

4,813,435

—

56,723,587

20,390,469

61,164,044

55,815,473

20,938,047

437,788,765

61,666,604

$

.22

$

.91

$

.81

$

.20

$

—

$

.20

$

.41

$

.80

$

.85

$

.25

$

—

$

—

$

—

$

.31

$

—

$

.09

$

—

$

—

$

—

$

—

$

.26

$

.00

$

—

$

.31

$

.46

-

Statements

of

Operations

-

For

the

Year

Ended

December

31,

2025

-

Index

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Bond

#### Index

#### Fund

#### INVESTMENT

#### INCOME:
Interest

income

from

unaffiliated

issuers

$

82,737,614

Income

from

securities

lending

(net

of

fees)

(Note

2)

307,922

Interest

income

from

affiliated

issuers

2,387

Foreign

tax

withholding

—

Dividend

income

—

European

Union

tax

reclaims

(Note

2)

—

Total

Income

83,047,923

#### EXPENSES:
Investment

advisory

fees

3,929,175

Fund

administration

fees

607,528

Distribution

fees

Class

II

Shares

—

Distribution

fees

Class

VIII

Shares

—

Administrative

servicing

fees

Class

I

Shares

367,184

Administrative

servicing

fees

Class

II

Shares

—

Administrative

servicing

fees

Class

IV

Shares

—

Administrative

servicing

fees

Class

VIII

Shares

—

Professional

fees

136,220

Printing

fees

26,779

Trustee

fees

84,258

Custodian

fees

82,351

Accounting

and

transfer

agent

fees

301,310

Compliance

program

costs

(Note

3)

10,117

European

Union

tax

reclaims

filing

fees

(Note

2)

—

Index

licensing

fee

—

Other

21,327

Total

expenses

before

fees

waived

and

expenses

reimbursed

5,566,249

Distribution

fees

waived

-

Class

VIII

(Note

3)

—

Administrative

servicing

fees

waived

-

Class

I

(Note

3)

—

Administrative

servicing

fees

waived

-

Class

II

(Note

3)

—

Expenses

reimbursed

by

adviser

(Note

3)

—

Net

Expenses

5,566,249

#### NET

#### INVESTMENT

#### INCOME
77,481,674

#### REALIZED/UNREALIZED

#### GAINS
(LOSSES)

#### FROM

#### INVESTMENTS:
Net

realized

gains

(losses)

from:

Transactions

in

investment

securities

of

affiliated

issuers

13,947

Transactions

in

investment

securities

of

unaffiliated

issuers

(85,994,690)

Expiration

or

closing

of

futures

contracts

(Note

2)

—

Foreign

currency

transactions

(Note

2)

—

Net

realized

gains

(losses)

(85,980,743)

Net

change

in

unrealized

appreciation/depreciation

in

the

value

of:

Investment

securities

of

affiliated

issuers

(15,155)

Investment

securities

of

unaffiliated

issuers

156,196,946

Futures

contracts

(Note

2)

—

Translation

of

assets

and

liabilities

denominated

in

foreign

currencies

(Note

2)

—

Net

change

in

unrealized

appreciation/depreciation

156,181,791

Net

realized/unrealized

gains

(losses)

70,201,048

#### CHANGE

#### IN

#### NET

#### ASSETS

#### RESULTING

#### FROM

#### OPERATIONS
$

147,682,722

(a) For

the

period

from

April

28,

2025

(commencement

of

operations)

through

December

31,

2025. Index

Funds

-

For

the

Year

Ended

December

31,

2025

-

Statements

of

Operations

-

#### NVIT

#### International

#### Index

#### Fund

#### NVIT

#### Mid

#### Cap

#### Index

#### Fund

#### NVIT

#### NASDAQ-100

#### Index

#### Fund(a)

#### NVIT

#### S&P

#### 500

#### Index

#### Fund

#### NVIT

#### Small

#### Cap

#### Index

#### Fund
$

98,566

$

420,356

$

25,611

$

2,019,947

$

224,661

146,519

292,872

1,128

186,160

555,302

—

—

—

—

—

(2,511,342)

(13,767)

(1,785)

(15,359)

(13,264)

27,140,209

17,851,293

376,663

58,224,255

6,590,272

223,111

—

—

—

—

25,097,063

18,550,754

401,617

60,415,003

7,356,971

2,176,334

2,474,724

85,554

5,032,469

952,642

281,000

363,114

24,446

1,242,919

179,493

68,747

116,738

108,811

7,065,775

852,290

766,504

—

—

—

—

395,968

1,389,329

17,800

1,450,111

—

35,748

67,713

104,498

4,239,486

511,376

—

—

—

274,907

—

287,440

—

—

—

—

73,292

63,258

57,602

163,063

46,326

18,067

19,200

7,863

69,849

1,815

33,481

46,026

3,230

185,959

19,743

49,651

42,760

3,685

161,587

18,242

14,345

7,852

25,299

2,881

3,686

5,390

20,325

2,186

43,099

—

—

—

—

176,438

—

—

437,431

3,603

11,674

11,758

143,178

3,710

4,435,474

4,607,862

414,361

20,512,358

2,594,307

(95,816)

—

—

—

—

—

—

—

(676,714)

—

—

—

—

(1,978,413)

(238,641)

—

—

(70,833)

—

—

4,339,658

4,607,862

343,528

17,857,231

2,355,666

20,757,405

13,942,892

58,089

42,557,772

5,001,305

—

—

—

—

—

226,818,130

100,200,472

(1,374,113)

(2,536,874)

9,766,417

1,202,958

(791,038)

23,807

4,301,894

366,009

307,212

—

—

—

—

228,328,300

99,409,434

(1,350,306)

1,765,020

10,132,426

—

—

—

—

—

(4,605,368)

(36,312,748)

8,943,121

724,034,311

48,273,934

131,108

449,030

3,728

1,429,157

33,437

1,275,123

—

—

—

—

(3,199,137)

(35,863,718)

8,946,849

725,463,468

48,307,371

225,129,163

63,545,716

7,596,543

727,228,488

58,439,797

$

245,886,568

$

77,488,608

$

7,654,632

$

769,786,260

$

63,441,102

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

Index

Funds

#### NVIT

#### Bond

#### Index

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### OPERATIONS:
Net

investment

income

$

77,481,674

$

74,695,738

Net

realized

gains

(losses)

(85,980,743)

(13,355,897)

Net

change

in

unrealized

appreciation/depreciation

156,181,791

(40,217,614)

Change

in

net

assets

resulting

from

operations

147,682,722

21,122,227

#### Distributions

#### to

#### Shareholders

#### From:
Distributable

earnings:

Class

I

(15,874,292)

(6,814,234)

Class

II

—

—

Class

VIII

—

—

Class

Y

(65,226,808)

(60,606,480)

Change

in

net

assets

from

shareholder

distributions

(81,101,100)

(67,420,714)

Change

in

net

assets

from

capital

transactions

(1,116,673,329)

76,563,235

Change

in

net

assets

(1,050,091,707)

30,264,748

#### Net

#### Assets:
Beginning

of

year

2,234,214,416

2,203,949,668

End

of

year

$

1,184,122,709

$

2,234,214,416

#### CAPITAL

#### TRANSACTIONS:

#### Class

#### I

#### Shares
Proceeds

from

shares

issued

$

63,530,649

$

37,015,621

Dividends

reinvested

15,874,292

6,814,234

Cost

of

shares

redeemed

(58,991,910)

(128,241,876)

Total

Class

I

Shares

20,413,031

(84,412,021)

#### Class

#### II

#### Shares
Proceeds

from

shares

issued

—

—

Dividends

reinvested

—

—

Cost

of

shares

redeemed

—

—

Total

Class

II

Shares

—

—

#### Class

#### VIII

#### Shares
Proceeds

from

shares

issued

—

—

Dividends

reinvested

—

—

Cost

of

shares

redeemed

—

—

Total

Class

VIII

Shares

—

—

#### Class

#### Y

#### Shares
Proceeds

from

shares

issued

188,357,682

245,338,652

Dividends

reinvested

65,226,808

60,606,480

Cost

of

shares

redeemed

(1,390,670,850)

(144,969,876)

Total

Class

Y

Shares

(1,137,086,360)

160,975,256

Change

in

net

assets

from

capital

transactions

$

(1,116,673,329)

$

76,563,235

Index

Funds

-

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### International

#### Index

#### Fund

#### NVIT

#### Mid

#### Cap

#### Index

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
$

20,757,405

$

35,588,718

$

13,942,892

$

14,114,200

228,328,300

131,235,218

99,409,434

83,908,126

(3,199,137)

(113,734,711)

(35,863,718)

54,197,368

245,886,568

53,089,225

77,488,608

152,219,694

(11,280,487)

(6,965,286)

(74,558,799)

(52,570,028)

(1,015,991)

(843,871)

(3,730,158)

(2,737,548)

(7,663,163)

(5,249,647)

—

—

(11,936,610)

(26,835,108)

(19,423,527)

(14,801,670)

(31,896,251)

(39,893,912)

(97,712,484)

(70,109,246)

(398,214,394)

(441,179,448)

(90,904,673)

(5,765,049)

(184,224,077)

(427,984,135)

(111,128,549)

76,345,399

990,848,477

1,418,832,612

1,221,651,839

1,145,306,440

$

806,624,400

$

990,848,477

$

1,110,523,290

$

1,221,651,839

$

142,866,072

$

67,525,567

$

109,245,776

$

135,005,114

11,280,487

6,965,286

74,558,799

52,570,028

(71,992,623)

(63,869,929)

(135,570,519)

(168,904,747)

82,153,936

10,620,924

48,234,056

18,670,395

1,906,710

3,892,188

2,573,991

4,074,407

1,015,991

843,871

3,730,158

2,737,548

(6,040,041)

(4,949,825)

(8,631,665)

(7,299,159)

(3,117,340)

(213,766)

(2,327,516)

(487,204)

60,114,954

11,601,628

—

—

7,663,163

5,249,647

—

—

(26,643,889)

(14,735,455)

—

—

41,134,228

2,115,820

—

—

61,994,248

103,964,522

50,963,986

30,698,405

11,936,610

26,835,108

19,423,527

14,801,670

(592,316,076)

(584,502,056)

(207,198,726)

(69,448,315)

(518,385,218)

(453,702,426)

(136,811,213)

(23,948,240)

$

(398,214,394)

$

(441,179,448)

$

(90,904,673)

$

(5,765,049)

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

Index

Funds

#### NVIT

#### Bond

#### Index

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### SHARE

#### TRANSACTIONS:

#### Class

#### I

#### Shares
Issued

6,760,791

3,989,770

Reinvested

1,751,492

738,183

Redeemed

(6,318,527)

(14,039,833)

Total

Class

I

Shares

2,193,756

(9,311,880)

#### Class

#### II

#### Shares
Issued

—

—

Reinvested

—

—

Redeemed

—

—

Total

Class

II

Shares

—

—

#### Class

#### VIII

#### Shares
Issued

—

—

Reinvested

—

—

Redeemed

—

—

Total

Class

VIII

Shares

—

—

#### Class

#### Y

#### Shares
Issued

20,356,051

26,180,617

Reinvested

7,152,299

6,561,951

Redeemed

(146,336,896)

(15,617,123)

Total

Class

Y

Shares

(118,828,546)

17,125,445

Total

change

in

shares

(116,634,790)

7,813,565

Index

Funds

-

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### International

#### Index

#### Fund

#### NVIT

#### Mid

#### Cap

#### Index

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
11,554,251

6,080,608

5,522,615

6,668,728

877,263

629,061

3,765,589

2,706,263

(5,793,101)

(5,752,520)

(6,862,875)

(8,388,121)

6,638,413

957,149

2,425,329

986,870

157,566

345,854

132,376

203,930

79,251

76,348

193,573

144,884

(483,166)

(445,384)

(445,094)

(372,696)

(246,349)

(23,182)

(119,145)

(23,882)

4,897,257

1,050,973

—

—

602,048

478,002

—

—

(2,240,709)

(1,342,092)

—

—

3,258,596

186,883

—

—

4,997,812

9,454,969

2,567,629

1,517,433

926,888

2,410,618

976,389

757,816

(48,613,061)

(52,943,608)

(10,687,784)

(3,403,342)

(42,688,361)

(41,078,021)

(7,143,766)

(1,128,093)

(33,037,701)

(39,957,171)

(4,837,582)

(165,105)

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

Index

Funds

#### NVIT

#### NASDAQ-100

#### Index

#### Fund

#### Period

#### Ended

#### December

#### 31,

#### 2025(a)

#### OPERATIONS:
Net

investment

income

$

58,089

Net

realized

gains

(losses)

(1,350,306)

Net

change

in

unrealized

appreciation/depreciation

8,946,849

Change

in

net

assets

resulting

from

operations

7,654,632

#### Distributions

#### to

#### Shareholders

#### From:
Distributable

earnings:

Class

I

(84,458)

Class

II

(296,654)

Class

IV

—

Class

Y

—

Change

in

net

assets

from

shareholder

distributions

(381,112)

Change

in

net

assets

from

capital

transactions

260,836,531

Change

in

net

assets

268,110,051

#### Net

#### Assets:
Beginning

of

period

—

End

of

period

$

268,110,051

#### CAPITAL

#### TRANSACTIONS:

#### Class

#### I

#### Shares
Proceeds

from

shares

issued

$

49,875,115

Dividends

reinvested

84,458

Cost

of

shares

redeemed

(1,578,615)

Total

Class

I

Shares

48,380,958

#### Class

#### II

#### Shares
Proceeds

from

shares

issued

239,129,346

Dividends

reinvested

296,654

Cost

of

shares

redeemed

(26,970,427)

Total

Class

II

Shares

212,455,573

#### Class

#### IV

#### Shares
Proceeds

from

shares

issued

—

Dividends

reinvested

—

Cost

of

shares

redeemed

—

Total

Class

IV

Shares

—

#### Class

#### Y

#### Shares
Proceeds

from

shares

issued

—

Dividends

reinvested

—

Cost

of

shares

redeemed

—

Total

Class

Y

Shares

—

Change

in

net

assets

from

capital

transactions

$

260,836,531

Index

Funds

-

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### S&P

#### 500

#### Index

#### Fund

#### NVIT

#### Small

#### Cap

#### Index

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
$

42,557,772

$

39,015,194

$

5,001,305

$

4,934,032

1,765,020

9,788,745

10,132,426

14,270,222

725,463,468

760,216,899

48,307,371

25,129,095

769,786,260

809,020,838

63,441,102

44,333,349

(13,302,400)

(8,309,218)

—

—

(25,484,285)

(21,212,785)

(15,092,937)

(6,204,556)

(2,844,214)

(2,643,716)

—

—

(7,687,463)

(5,139,917)

(7,692,724)

(3,150,518)

(49,318,362)

(37,305,636)

(22,785,661)

(9,355,074)

719,544,191

216,621,701

59,050,495

45,540,290

1,440,012,089

988,336,903

99,705,936

80,518,565

4,259,753,080

3,271,416,177

475,212,702

394,694,137

$

5,699,765,169

$

4,259,753,080

$

574,918,638

$

475,212,702

$

557,555,354

$

117,482,699

$

—

$

—

13,302,400

8,309,218

—

—

(119,908,130)

(77,583,068)

—

—

450,949,624

48,208,849

—

—

276,555,863

194,262,976

63,700,898

60,884,563

25,484,285

21,212,785

15,092,937

6,204,556

(165,953,838)

(162,996,223)

(48,861,883)

(45,560,939)

136,086,310

52,479,538

29,931,952

21,528,180

4,201,600

3,326,477

—

—

2,844,214

2,643,716

—

—

(26,609,910)

(22,411,372)

—

—

(19,564,096)

(16,441,179)

—

—

310,513,591

281,466,722

47,634,572

43,485,661

7,687,463

5,139,917

7,692,724

3,150,518

(166,128,701)

(154,232,146)

(26,208,753)

(22,624,069)

152,072,353

132,374,493

29,118,543

24,012,110

$

719,544,191

$

216,621,701

$

59,050,495

$

45,540,290

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

Index

Funds

#### NVIT

#### NASDAQ-100

#### Index

#### Fund

#### Period

#### Ended

#### December

#### 31,

#### 2025(a)

#### SHARE

#### TRANSACTIONS:

#### Class

#### I

#### Shares
Issued

3,950,372

Reinvested

6,650

Redeemed

(123,617)

Total

Class

I

Shares

3,833,405

#### Class

#### II

#### Shares
Issued

19,307,590

Reinvested

23,377

Redeemed

(2,226,325)

Total

Class

II

Shares

17,104,642

#### Class

#### IV

#### Shares
Issued

—

Reinvested

—

Redeemed

—

Total

Class

IV

Shares

—

#### Class

#### Y

#### Shares
Issued

—

Reinvested

—

Redeemed

—

Total

Class

Y

Shares

—

Total

change

in

shares

20,938,047

(a) For

the

period

from

April

28,

2025

(commencement

of

operations)

through

December

31,

2025. Index

Funds

-

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### S&P

#### 500

#### Index

#### Fund

#### NVIT

#### Small

#### Cap

#### Index

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
43,917,174

11,173,231

—

—

1,017,994

721,367

—

—

(10,047,882)

(7,379,812)

—

—

34,887,286

4,514,786

—

—

23,204,046

18,460,069

7,414,334

7,350,102

2,017,856

1,898,717

1,677,821

730,685

(14,234,220)

(16,113,686)

(5,589,390)

(5,561,809)

10,987,682

4,245,100

3,502,765

2,518,978

339,821

317,028

—

—

216,676

227,866

—

—

(2,175,040)

(2,130,054)

—

—

(1,618,543)

(1,585,160)

—

—

25,654,498

26,261,359

5,420,886

5,038,260

584,830

442,165

833,150

358,488

(14,027,283)

(14,375,809)

(2,967,230)

(2,668,646)

12,212,045

12,327,715

3,286,806

2,728,102

56,468,470

19,502,441

6,789,571

5,247,080

-

Financial

Highlights

-

December

31,

2025

-

Index

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Bond

#### Index

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)

#### Portfolio

#### Turnover(b)(e)

#### Class

#### I

#### Shares
12/31/2025

$

9.02 $

0.32 $

0.29 $

0.61 $

(0.59)

$

—

$

(0.59)

$

9.04 6.80%

$

258,092

0.39%

3.46%

0.39%

73.41%

12/31/2024

9.18 0.30 (0.20)

0.10 (0.26)

—

(0.26)

9.02 1.08%

237,603

0.39%

3.24%

0.39%

66.71%

12/31/2023

8.97 0.26 0.20 0.46 (0.25)

—

(0.25)

9.18 5.19%

327,540

0.39%

2.85%

0.39%

74.37%

12/31/2022

10.69 0.21 (1.64)

(1.43)

(0.22)

(0.07)

(0.29)

8.97 (13.39)%

383,195

0.39%

2.16%

0.39%

92.31%

12/31/2021

11.18 0.19 (0.42)

(0.23)

(0.22)

(0.04)

(0.26)

10.69 (2.08)%

334,255

0.38%

1.71%

0.38%

99.47%

#### Class

#### Y

#### Shares
12/31/2025

9.03 0.34 0.30 0.64 (0.61)

—

(0.61)

9.06 7.06%

926,030

0.24%

3.61%

0.24%

73.41%

12/31/2024

9.20 0.31 (0.20)

0.11 (0.28)

—

(0.28)

9.03 1.14%

1,996,611

0.24%

3.40%

0.24%

66.71%

12/31/2023

8.99 0.27 0.21 0.48 (0.27)

—

(0.27)

9.20 5.38%

1,876,409

0.24%

3.02%

0.24%

74.37%

12/31/2022

10.71 0.22 (1.63)

(1.41)

(0.24)

(0.07)

(0.31)

8.99 (13.23)%

1,552,151

0.24%

2.29%

0.24%

92.31%

12/31/2021

11.20 0.20 (0.42)

(0.22)

(0.23)

(0.04)

(0.27)

10.71 (1.93)%

1,954,209

0.23%

1.86%

0.23%

99.47%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

Index

Funds

-

December

31,

2025

-

Financial

Highlights

-

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### International

#### Index

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### Portfolio

#### Turnover(b)(f)

#### Class

#### I

#### Shares
12/31/2025

$

10.52 $

0.29 $

2.91 $

3.20 $

(0.50)

$

—

$

(0.50)

$

13.22 30.64%

$

335,794

0.47%

2.36%

0.47%

23.98%

12/31/2024

10.57 0.28 0.07 0.35 (0.40)

—

(0.40)

10.52 3.11%

197,356

0.46%

2.50%

0.46%

5.29%

12/31/2023

9.22 0.26 1.35 1.61 (0.26)

—

(0.26)

10.57 17.58%

188,177

0.47%

2.62%

0.47%

5.46%

12/31/2022

11.20 0.27 (1.88)

(1.61)

(0.37)

—

(0.37)

9.22 (14.29)%

161,701

0.46%

2.80%

0.46%

7.05%

12/31/2021

10.41 0.27 0.85 1.12 (0.33)

—

(0.33)

11.20 10.84%

175,008

0.44%

2.45%

0.44%

3.87%

#### Class

#### II

#### Shares
12/31/2025

10.50 0.27 2.90 3.17 (0.47)

—

(0.47)

13.20 30.38%

27,846

0.70%

2.18%

0.70%

23.98%

12/31/2024

10.55 0.25 0.07 0.32 (0.37)

—

(0.37)

10.50 2.89%

24,742

0.69%

2.23%

0.69%

5.29%

12/31/2023

9.20 0.24 1.34 1.58 (0.23)

—

(0.23)

10.55 17.31%

25,107

0.70%

2.42%

0.70%

5.46%

12/31/2022

11.18 0.25 (1.88)

(1.63)

(0.35)

—

(0.35)

9.20 (14.51)%

24,478

0.70%

2.59%

0.70%

7.05%

12/31/2021

10.40 0.25 0.84 1.09 (0.31)

—

(0.31)

11.18 10.53%

24,720

0.66%

2.20%

0.66%

3.87%

#### Class

#### VIII

#### Shares
12/31/2025

10.42 0.24 2.90 3.14 (0.47)

—

(0.47)

13.09 30.28%

239,174

0.82%

1.99%

0.87%

23.98%

12/31/2024

10.48 0.23 0.07 0.30 (0.36)

—

(0.36)

10.42 2.68%

156,544

0.81%

2.12%

0.86%

5.29%

12/31/2023

9.14 0.23 1.33 1.56 (0.22)

—

(0.22)

10.48 17.22%

155,390

0.82%

2.26%

0.87%

5.46%

12/31/2022

11.11 0.23 (1.86)

(1.63)

(0.34)

—

(0.34)

9.14 (14.60)%

140,371

0.81%

2.44%

0.86%

7.05%

12/31/2021

10.34 0.23 0.84 1.07 (0.30)

—

(0.30)

11.11 10.35%

155,008

0.81%

2.06%

0.84%

3.87%

#### Class

#### Y

#### Shares
12/31/2025

10.54 0.30 2.94 3.24 (0.52)

—

(0.52)

13.26 30.94%

203,810

0.32%

2.49%

0.32%

23.98%

12/31/2024

10.59 0.30 0.06 0.36 (0.41)

—

(0.41)

10.54 3.25%

612,206

0.31%

2.69%

0.31%

5.29%

12/31/2023

9.24 0.28 1.34 1.62 (0.27)

—

(0.27)

10.59 17.71%

1,050,158

0.32%

2.81%

0.32%

5.46%

12/31/2022

11.22 0.29 (1.88)

(1.59)

(0.39)

—

(0.39)

9.24 (14.14)%

1,032,939

0.31%

3.01%

0.31%

7.05%

12/31/2021

10.43 0.29 0.85 1.14 (0.35)

—

(0.35)

11.22 10.98%

1,726,074

0.29%

2.60%

0.29%

3.87%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

-

Financial

Highlights

-

December

31,

2025

-

Index

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Mid

#### Cap

#### Index

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)

#### Portfolio

#### Turnover(b)(e)

#### Class

#### I

#### Shares
12/31/2025

$

20.15 $

0.23 $

1.17 $

1.40 $

(0.25)

$

(1.39)

$

(1.64)

$

19.91 7.05%

$

967,909

0.40%

1.14%

0.40%

15.61%

12/31/2024

18.84 0.23 2.26 2.49 (0.21)

(0.97)

(1.18)

20.15 13.49%

930,494

0.40%

1.15%

0.40%

18.09%

12/31/2023

17.35 0.24 2.45 2.69 (0.22)

(0.98)

(1.20)

18.84 16.06%

851,356

0.40%

1.33%

0.40%

19.66%

12/31/2022

27.67 0.27 (4.01)

(3.74)

(0.22)

(6.36)

(6.58)

17.35 (13.40)%

782,153

0.41%

1.24%

0.41%

15.01%

12/31/2021

22.93 0.23 5.30 5.53 (0.32)

(0.47)

(0.79)

27.67 24.26%

918,561

0.40%

0.85%

0.40%

21.16%

#### Class

#### II

#### Shares
12/31/2025

19.68 0.17 1.15 1.32 (0.20)

(1.39)

(1.59)

19.41 6.82%

46,370

0.65%

0.89%

0.65%

15.61%

12/31/2024

18.43 0.18 2.21 2.39 (0.17)

(0.97)

(1.14)

19.68 13.25%

49,360

0.62%

0.93%

0.62%

18.09%

12/31/2023

17.00 0.20 2.40 2.60 (0.19)

(0.98)

(1.17)

18.43 15.82%

46,661

0.60%

1.13%

0.60%

19.66%

12/31/2022

27.27 0.22 (3.95)

(3.73)

(0.18)

(6.36)

(6.54)

17.00 (13.55)%

42,899

0.61%

1.03%

0.61%

15.01%

12/31/2021

22.64 0.18 5.22 5.40 (0.30)

(0.47)

(0.77)

27.27 24.00%

53,636

0.60%

0.68%

0.60%

21.16%

#### Class

#### Y

#### Shares
12/31/2025

20.22 0.25 1.20 1.45 (0.28)

(1.39)

(1.67)

20.00 7.27%

96,245

0.25%

1.25%

0.25%

15.61%

12/31/2024

18.90 0.26 2.27 2.53 (0.24)

(0.97)

(1.21)

20.22 13.65%

241,798

0.25%

1.29%

0.25%

18.09%

12/31/2023

17.40 0.27 2.46 2.73 (0.25)

(0.98)

(1.23)

18.90 16.23%

247,290

0.25%

1.47%

0.25%

19.66%

12/31/2022

27.72 0.31 (4.02)

(3.71)

(0.25)

(6.36)

(6.61)

17.40 (13.27)%

241,715

0.26%

1.37%

0.26%

15.01%

12/31/2021

22.97 0.26 5.32 5.58 (0.36)

(0.47)

(0.83)

27.72 24.43%

338,153

0.25%

0.97%

0.25%

21.16%

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

Index

Funds

-

December

31,

2025

-

Financial

Highlights

-

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### NASDAQ-100

#### Index

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### Portfolio

#### Turnover(b)(f)

#### Class

#### I

#### Shares
12/31/2025(g)

$

10.00 $

0.03 $

2.80 $

2.83 $

(0.01)

$

(0.01)

$

(0.02)

$

12.81 28.32%

$

49,115

0.46%

0.37%

0.53%

50.00%

#### Class

#### II

#### Shares
12/31/2025(g)

10.00 0.01 2.81 2.82 (0.01)

(0.01)

(0.02)

12.80 28.18%

218,995

0.71%

0.07%

0.86%

50.00%

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(g) For

the

period

from

April

28,

2025

(commencement

of

operations)

through

December

31,

2025. Total

return

is

calculated

based

on

inception

date

of

April

25,

2025

through

December

31,

2025. 144

-

Financial

Highlights

-

December

31,

2025

-

Index

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### S&P

#### 500

#### Index

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### Portfolio

#### Turnover(b)(f)

#### Class

#### I

#### Shares
12/31/2025

$

11.34 $

0.13 $

1.86 $

1.99 $

(0.11)

$

(0.02)

$

(0.13)

$

13.20 17.60%

$

1,433,233

0.24%

1.06%

0.31%

1.72%

12/31/2024

9.18 0.12 2.16 2.28 (0.11)

(0.01)

(0.12)

11.34 24.76%

835,668

0.24%

1.18%

0.31%

1.53%

12/31/2023

7.39 0.12 1.79 1.91 (0.11)

(0.01)

(0.12)

9.18 25.96%

635,172

0.24%

1.42%

0.31%

2.73%

12/31/2022

27.94 0.20 (5.01)

(4.81)

(0.10)

(15.64)

(15.74)

7.39 (18.31)%

496,105

0.26%

1.34%

0.33%

2.01%

12/31/2021

22.36 0.29 6.03 6.32 (0.55)

(0.19)

(0.74)

27.94 28.37%

593,935

0.24%

1.13%

0.31%

10.30%

#### Class

#### II

#### Shares
12/31/2025

11.04 0.09 1.82 1.91 (0.08)

(0.02)

(0.10)

12.85 17.35%

3,219,612

0.49%

0.80%

0.56%

1.72%

12/31/2024

8.95 0.09 2.09 2.18 (0.08)

(0.01)

(0.09)

11.04 24.34%

2,645,993

0.49%

0.93%

0.56%

1.53%

12/31/2023

7.20 0.09 1.76 1.85 (0.09)

(0.01)

(0.10)

8.95 25.80%

2,105,725

0.49%

1.17%

0.56%

2.73%

12/31/2022

27.74 0.16 (4.98)

(4.82)

(0.08)

(15.64)

(15.72)

7.20 (18.56)%

1,694,017

0.51%

1.09%

0.58%

2.01%

12/31/2021

22.21 0.22 6.00 6.22 (0.50)

(0.19)

(0.69)

27.74 28.09%

1,971,833

0.49%

0.88%

0.56%

10.30%

#### Class

#### IV

#### Shares
12/31/2025

11.43 0.13 1.88 2.01 (0.11)

(0.02)

(0.13)

13.31 17.59%

292,000

0.26%

1.03%

0.26%

1.72%

12/31/2024

9.26 0.12 2.16 2.28 (0.10)

(0.01)

(0.11)

11.43 24.63%

269,307

0.26%

1.16%

0.26%

1.53%

12/31/2023

7.45 0.12 1.81 1.93 (0.11)

(0.01)

(0.12)

9.26 25.99%

232,708

0.26%

1.40%

0.26%

2.73%

12/31/2022

28.01 0.20 (5.02)

(4.82)

(0.10)

(15.64)

(15.74)

7.45 (18.32)%

198,301

0.28%

1.31%

0.28%

2.01%

12/31/2021

22.41 0.28 6.06 6.34 (0.55)

(0.19)

(0.74)

28.01 28.36%

260,586

0.26%

1.11%

0.26%

10.30%

#### Class

#### Y

#### Shares
12/31/2025

11.43 0.14 1.88 2.02 (0.12)

(0.02)

(0.14)

13.31 17.70%

754,920

0.16%

1.13%

0.16%

1.72%

12/31/2024

9.25 0.13 2.18 2.31 (0.12)

(0.01)

(0.13)

11.43 24.88%

508,784

0.16%

1.26%

0.16%

1.53%

12/31/2023

7.45 0.13 1.80 1.93 (0.12)

(0.01)

(0.13)

9.25 25.97%

297,812

0.16%

1.51%

0.16%

2.73%

12/31/2022

28.00 0.21 (5.01)

(4.80)

(0.11)

(15.64)

(15.75)

7.45 (18.20)%

176,092

0.18%

1.42%

0.18%

2.01%

12/31/2021

22.40 0.30 6.06 6.36 (0.57)

(0.19)

(0.76)

28.00 28.50%

208,957

0.15%

1.21%

0.15%

10.30%

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

Index

Funds

-

December

31,

2025

-

Financial

Highlights

-

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Small

#### Cap

#### Index

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)(f)

#### Portfolio

#### Turnover(b)(g)

#### Class

#### II

#### Shares
12/31/2025

$

8.60 $

0.08 $

0.96 $

1.04 $

(0.08)

$

(0.31)

$

(0.39)

$

9.25 12.14%

$

381,999

0.58%

0.89%

0.65%

18.08%

12/31/2024

7.91 0.09 0.77 0.86 (0.08)

(0.09)

(0.17)

8.60 10.87%

324,991

0.58%

1.04%

0.65%

20.11%

12/31/2023

6.92 0.08 1.04 1.12 (0.08)

(0.05)

(0.13)

7.91 16.35%

278,760

0.61%

1.13%

0.68%

19.05%

12/31/2022

10.13 0.08 (2.14)

(2.06)

(0.06)

(1.09)

(1.15)

6.92 (20.72)%

249,830

0.61%

0.97%

0.68%

17.25%

12/31/2021

9.12 0.06 1.23 1.29 (0.08)

(0.20)

(0.28)

10.13 14.20%

282,443

0.61%

0.57%

0.68%

32.44%

#### Class

#### Y

#### Shares
12/31/2025

8.78 0.11 0.98 1.09 (0.10)

(0.31)

(0.41)

9.46 12.54%

192,920

0.25%

1.22%

0.25%

18.08%

12/31/2024

8.06 0.12 0.79 0.91 (0.10)

(0.09)

(0.19)

8.78 11.35%

150,222

0.25%

1.37%

0.25%

20.11%

12/31/2023

7.05 0.11 1.06 1.17 (0.11)

(0.05)

(0.16)

8.06 16.69%

115,934

0.28%

1.46%

0.28%

19.05%

12/31/2022

10.29 0.11 (2.18)

(2.07)

(0.08)

(1.09)

(1.17)

7.05 (20.46)%

103,725

0.28%

1.30%

0.28%

17.25%

12/31/2021

9.26 0.08 1.26 1.34 (0.11)

(0.20)

(0.31)

10.29 14.54%

120,964

0.27%

0.76%

0.27%

32.44%

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) Expense

ratios

include

expenses

reimbursed

to

the

Advisor

for

the

years

2023

and

2021. (f) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(g) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Index

Funds

1. #### Organization
Nationwide

Variable

Insurance

Trust

("NVIT"

or

the

"Trust")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

management

investment

company,

organized

as

a

statutory

trust

under

the

laws

of

the

State

of

Delaware.

The

Trust

has

authorized

an

unlimited

number

of

shares

of

beneficial

interest

("shares"),

without

par

value.

The

Trust

currently

offers

shares

to

life

insurance

company

separate

accounts

to

fund

the

benefits

payable

under

variable

life

insurance

policies

and

variable

annuity

contracts.

As

of

December

31,

2025,

the

Trust

operates

sixty-nine

(69) separate

series,

or

mutual

funds,

each

with

its

own

objective(s)

and

investment

strategies.

This

report

contains

the

financial

statements

and

financial

highlights

for

the

six

(6) series

listed

below

(each,

a

"Fund";

collectively,

the

"Funds").

Nationwide

Fund

Advisors

("NFA")

serves

as

investment

adviser

to

the

Funds.

NFA

is

a

wholly

owned

subsidiary

of

Nationwide

Financial

Services,

Inc.

("NFS"),

a

holding

company

which

is

a

direct

wholly

owned

subsidiary

of

Nationwide

Corporation.

Nationwide

Corporation,

in

turn,

is

owned

by

Nationwide

Mutual

Insurance

Company

and

Nationwide

Mutual

Fire

Insurance

Company.

NVIT

Bond

Index

Fund

("Bond

Index")

NVIT

International

Index

Fund

("International

Index")

NVIT

Mid

Cap

Index

Fund

("Mid

Cap

Index")

NVIT

Index

Fund

("NASDAQ-100

Index")

NVIT

S&P

500

Index

Fund

("S&P

500

Index")

NVIT

Small

Cap

Index

Fund

("Small

Cap

Index")

Shares

of

the

Funds

are

held

by

separate

accounts

established

by

Nationwide

Life

Insurance

Company

("NLIC"),

a

wholly

owned

subsidiary

of

NFS,

Nationwide

Life

and

Annuity

Insurance

Company,

a

wholly

owned

subsidiary

of

NLIC,

and

other

affiliated

insurance

companies.

Bond

Index

is

also

owned

by

other

series

of

the

Trust

that

operate

as

a

fund-of-funds,

such

as

the

NVIT

Investor

Destinations

Funds. Mid

Cap

Index is

also

owned

by

other

unaffiliated

insurance

companies.

The

Funds,

as

applicable,

currently

offer Class

I,

Class

II,

Class

IV,

Class

VIII

and

Class

Y shares.

Each

share

class

of

a

Fund

represents

interests

in

the

same

portfolio

of

investments

of

that

Fund

and

the

classes

are

identical

except

for

any

differences

in

the

distribution

or

service

fees,

administrative

services

fees,

class

specific

expenses,

certain

voting

rights,

and

class

names

or

designations.

Each

Fund

is

a

diversified

fund,

as

defined

in

the

1940

Act.

Index

commenced

operations

on

April

28,

2025. 2. #### Summary

#### of

#### Significant

#### Accounting

#### Policies
The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Funds

in

the

accounting

and

the

preparation

of

their

financial

statements.

The

Funds

are

investment

companies

and

follow

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Codification

Topic

946

("ASC

946").

The

policies

are

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

("U.S.

GAAP"),

including,

but

not

limited

to,

ASC

946. The

preparation

of

financial

statements

requires

fund

management

to

make

estimates

and

assumptions

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

expenses

for

the

period.

The

Funds

utilize

various

methods

to

measure

the

value

of

their

investments

on

a

recurring

basis.

Amounts

received

upon

the

sale

of

such

investments

could

differ

from

those

estimated

values

and

those

differences

could

be

material.

(a) #### Security

#### Valuation
U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

Pursuant

to

procedures

approved

by

the

Board

of

Trustees

of

the

Trust

(the

"Board

of

Trustees"),

NFA

assigns

a

fair

value,

as

defined

by

U.S.

GAAP,

to

a

Fund's

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

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

—

Quoted

prices

in

active

markets

for

identical

assets

Index

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

Level

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

—

Significant

unobservable

inputs

(including

a

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.

Securities

for

which

market-based

quotations

are

readily

available

are

valued

at

the

current

market

value

as

of

"Valuation

Time".

Valuation

Time

is

as

of

the

close

of

regular

trading

on

the

New

York

Stock

Exchange

(usually

4:00

p.m.

Eastern

time).

Equity

securities

are

generally

valued

at

the

last

quoted

sale

price

or

official

closing

price,

or,

if

there

is

no

such

price,

the

last

quoted

bid

price

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Prices

are

taken

from

the

primary

market

or

exchange

on

which

each

security

trades.

Shares

of

registered

open-end

management

investment

companies

are

valued

at

net

asset

value

("NAV")

as

reported

by

such

company.

Shares

of

exchange

traded

funds

("ETFs")

are

generally

valued

at

the

last

quoted

sale

price

or

official

closing

price,

or,

if

there

is

no

such

price,

the

last

quoted

bid

price

provided

by

an

independent

pricing

service.

Master

limited

partnerships

("MLPs")

are

publicly

traded

partnerships

and

are

treated

as

partnerships

for

U.S.

federal

income

tax

purposes.

Investments

in

MLPs

are

valued

at

the

last

quoted

sale

price

or

official

closing

price,

or,

if

there

is

no

such

price,

the

last

quoted

bid

price

provided

by

an

independent

pricing

service.

Equity

securities,

shares

of

registered

open-

end

management

investment

companies,

shares

of

ETFs

and

MLPs

valued

in

this

manner

are

generally

categorized

as

Level

investments

within

the

hierarchy.

Repurchase

agreements

are

valued

at

amortized

cost,

which

approximates

fair

value,

and

are

generally

categorized

as

Level

investments

within

the

hierarchy.

Debt

and

other

fixed-income

securities

are

generally

valued

at

the

bid

evaluation

price

provided

by

an

independent

pricing

service

as

approved

by

the

Board

of

Trustees.

Evaluations

provided

by

independent

pricing

service

providers

may

be

determined

without

exclusive

reliance

on

quoted

prices

and

may

use

broker-dealer

quotations,

individual

trading

characteristics

and

other

market

data,

reported

trades

or

valuation

estimates

from

their

internal

pricing

models.

The

independent

pricing

service

providers'

internal

models

use

inputs

that

are

observable

such

as

issuer

details,

interest

rates,

yield

curves,

prepayment

speeds,

credit

risks/spreads,

default

rates,

anticipated

timing

of

principal

repayments,

and

quoted

prices

for

similar

assets

and

are

generally

categorized

as

Level

investments

within

the

hierarchy.

Debt

obligations

generally

involve

some

risk

of

default

with

respect

to

interest

and/or

principal

payments.

Municipal

securities

are

valued

as

determined

by

an

independent

pricing

service.

The

independent

pricing

service

utilizes

internal

models

and

uses

observable

inputs

such

as:

(i) yields

or

prices

of

municipal

securities

of

comparable

quality,

coupon,

maturity

and

type;

(ii) indications

as

to

values

from

dealers;

and

(iii) general

market

conditions.

Municipal

securities

are

generally

categorized

as

Level

investments

within

the

hierarchy.

The

Board

of

Trustees

has

delegated

authority

to

NFA,

and

the

Trust's

administrator,

Nationwide

Fund

Management

LLC

("NFM"),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

("FVC")

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i) market-based

quotations

are

not

readily

available;

(ii) an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii) a

significant

event

has

occurred

that

affects

the

value

of

a

Fund's

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer's

operations);

(iv) the

securities

are

illiquid;

(v) the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi) any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i) a

multiple

of

earnings;

(ii) the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii) the

yield-to-maturity

for

debt

issues;

or

(iv) a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

Each

Fund

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Index

Funds

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

investments;

otherwise,

they

are

classified

as

Level

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

("non-U.S.

securities")

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

The

following

tables

provide

a

summary

of

the

inputs

used

to

value

the

Funds'

net

assets

as

of

December

31,

2025. 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

$

–

$

4,789,962

$

–

$

4,789,962

Commercial

Mortgage-Backed

Securities

–

17,240,590

–

17,240,590

Corporate

Bonds

–

282,392,556

–

282,392,556

Foreign

Government

Securities

–

17,676,816

–

17,676,816

Mortgage-Backed

Securities

–

284,514,763

–

284,514,763

Municipal

Bonds

–

5,609,875

–

5,609,875

Repurchase

Agreements

–

52,028,733

–

52,028,733

Supranational

–

15,028,510

–

15,028,510

U.S.

Government

Agency

Securities

–

6,587,608

–

6,587,608

U.S.

Treasury

Obligations

–

533,803,885

–

533,803,885

#### Total

#### $

#### –

#### $

#### 1,219,673,298

#### $

#### –

#### $

#### 1,219,673,298

#### International

#### Index

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Common

Stocks

Aerospace

&

Defense

$

–

$

26,866,463

$

–

$

26,866,463

Air

Freight

&

Logistics

–

4,222,791

–

4,222,791

Automobile

Components

–

4,584,814

–

4,584,814

Automobiles

–

19,247,796

–

19,247,796

Banks

568,029

117,571,218

–

118,139,247

Beverages

732,856

8,529,779

–

9,262,635

Biotechnology

–

5,330,387

–

5,330,387

Broadline

Retail

1,914,698

7,513,543

–

9,428,241

Building

Products

–

7,082,528

–

7,082,528

Capital

Markets

358,635

24,761,332

–

25,119,967

Chemicals

–

16,073,709

–

16,073,709

Commercial

Services

&

Supplies

–

2,817,528

–

2,817,528

Communications

Equipment

–

2,367,353

–

2,367,353

Construction

&

Engineering

–

7,656,429

–

7,656,429

Construction

Materials

–

3,439,834

–

3,439,834

Consumer

Staples

Distribution

&

Retail

–

9,145,429

–

9,145,429

Distributors

–

135,642

–

135,642

Diversified

Consumer

Services

–

330,111

–

330,111

Diversified

REITs

–

1,146,395

–

1,146,395

Diversified

Telecommunication

Services

–

13,215,506

–

13,215,506

Electric

Utilities

–

15,737,056

–

15,737,056

Index

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Electrical

Equipment

$

–

$

22,201,903

$

–

$

22,201,903

Electronic

Equipment,

Instruments

&

Components

–

8,055,161

–

8,055,161

Energy

Equipment

&

Services

–

290,954

–

290,954

Entertainment

3,527,232

5,695,457

–

9,222,689

Financial

Services

–

9,471,172

–

9,471,172

Food

Products

286,555

17,286,497

–

17,573,052

Gas

Utilities

–

2,439,738

–

2,439,738

Ground

Transportation

492,473

3,116,275

–

3,608,748

Health

Care

Equipment

&

Supplies

–

13,394,844

–

13,394,844

Health

Care

Providers

&

Services

–

2,017,480

–

2,017,480

Health

Care

Technology

–

537,322

–

537,322

Hotels,

Restaurants

&

Leisure

–

8,588,533

–

8,588,533

Household

Durables

–

8,007,284

–

8,007,284

Household

Products

–

3,851,919

–

3,851,919

Independent

Power

and

Renewable

Electricity

Producers

–

1,988,468

–

1,988,468

Industrial

Conglomerates

–

16,962,032

–

16,962,032

Industrial

REITs

–

2,432,009

–

2,432,009

Insurance

–

46,487,479

–

46,487,479

Interactive

Media

&

Services

–

1,375,826

–

1,375,826

IT

Services

235,207

5,927,496

–

6,162,703

Leisure

Products

–

937,760

–

937,760

Life

Sciences

Tools

&

Services

–

3,155,441

–

3,155,441

Machinery

–

25,300,655

–

25,300,655

Marine

Transportation

–

2,303,881

–

2,303,881

Media

–

1,501,827

–

1,501,827

Metals

&

Mining

–

22,901,302

–

22,901,302

Multi-Utilities

–

7,868,152

–

7,868,152

Office

REITs

–

440,406

–

440,406

Oil,

Gas

&

Consumable

Fuels

–

24,330,774

–

24,330,774

Paper

&

Forest

Products

–

1,310,044

–

1,310,044

Passenger

Airlines

–

2,360,381

–

2,360,381

Personal

Care

Products

–

10,859,413

–

10,859,413

Pharmaceuticals

1,414,188

63,739,425

–

65,153,613

Professional

Services

–

10,612,009

–

10,612,009

Real

Estate

Management

&

Development

136,060

8,080,747

–

8,216,807

Retail

REITs

–

2,153,036

–

2,153,036

Semiconductors

&

Semiconductor

Equipment

–

31,801,554

–

31,801,554

Software

2,454,826

12,746,245

–

15,201,071

Specialty

Retail

–

7,339,984

–

7,339,984

Technology

Hardware,

Storage

&

Peripherals

–

2,513,525

–

2,513,525

Textiles,

Apparel

&

Luxury

Goods

–

18,904,593

–

18,904,593

Tobacco

–

7,693,616

–

7,693,616

Trading

Companies

&

Distributors

1,301,904

15,365,411

–

16,667,315

Transportation

Infrastructure

–

2,616,046

–

2,616,046

Water

Utilities

–

817,510

–

817,510

Wireless

Telecommunication

Services

–

8,943,036

–

8,943,036

#### Total

#### Common

#### Stocks

#### $

#### 13,422,663

#### $

#### 774,500,265

#### $

#### –

#### $

#### 787,922,928
Futures

Contracts#

48,365

–

–

48,365

Repurchase

Agreements

–

20,744,098

–

20,744,098

#### Total

#### Assets

#### $

#### 13,471,028

#### $

#### 795,244,363

#### $

#### –

#### $

#### 808,715,391

#### Liabilities:
Futures

Contracts#

$

(2,461)

$

–

$

–

$

(2,461)

#### Total

#### Liabilities

#### $

#### (2,461)

#### $

#### –

#### $

#### –

#### $

#### (2,461)

#### Total

#### $

#### 13,468,567

#### $

#### 795,244,363

#### $

#### –

#### $

#### 808,712,930

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Index

Funds

#### Mid

#### Cap

#### Index

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Common

Stocks

$

1,112,593,998

$

–

$

–

$

1,112,593,998

Repurchase

Agreements

–

86,282,318

–

86,282,318

#### Total

#### Assets

#### $

#### 1,112,593,998

#### $

#### 86,282,318

#### $

#### –

#### $

#### 1,198,876,316

#### Liabilities:
Futures

Contracts#

$

(34,185)

$

–

$

–

$

(34,185)

#### Total

#### Liabilities

#### $

#### (34,185)

#### $

#### –

#### $

#### –

#### $

#### (34,185)

#### Total

#### $

#### 1,112,559,813

#### $

#### 86,282,318

#### $

#### –

#### $

#### 1,198,842,131

#### NASDAQ-100

#### Index

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Common

Stocks

$

264,995,766

$

–

$

–

$

264,995,766

Futures

Contracts#

3,728

–

–

3,728

Repurchase

Agreement

–

1,958,377

–

1,958,377

#### Total

#### $

#### 264,999,494

#### $

#### 1,958,377

#### $

#### –

#### $

#### 266,957,871

#### S&P

#### 500

#### Index

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Common

Stocks

$

5,643,353,145

$

–

$

–

$

5,643,353,145

Futures

Contracts#

89,547

–

–

89,547

Repurchase

Agreements

–

98,451,697

–

98,451,697

#### Total

#### $

#### 5,643,442,692

#### $

#### 98,451,697

#### $

#### –

#### $

#### 5,741,894,389

#### Small

#### Cap

#### Index

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Closed

End

Fund

$

32,639

$

–

$

–

$

32,639

Common

Stocks

Aerospace

&

Defense

10,942,343

–

–

10,942,343

Air

Freight

&

Logistics

652,655

–

–

652,655

Automobile

Components

6,155,928

–

–

6,155,928

Automobiles

274,362

–

–

274,362

Banks

56,905,189

–

–

56,905,189

Beverages

737,316

–

–

737,316

Biotechnology

53,762,299

–

–

53,762,299

Broadline

Retail

605,485

–

–

605,485

Building

Products

8,502,337

–

–

8,502,337

Capital

Markets

10,253,390

–

–

10,253,390

Chemicals

8,555,781

–

–

8,555,781

Commercial

Services

&

Supplies

8,244,466

–

–

8,244,466

Communications

Equipment

5,314,569

–

–

5,314,569

Construction

&

Engineering

13,775,502

–

–

13,775,502

Construction

Materials

1,163,707

–

–

1,163,707

Consumer

Finance

5,848,912

–

–

5,848,912

Consumer

Staples

Distribution

&

Retail

2,505,559

–

–

2,505,559

Containers

&

Packaging

1,376,917

–

–

1,376,917

Distributors

360,857

–

–

360,857

Diversified

Consumer

Services

6,404,544

–

–

6,404,544

Diversified

REITs

3,048,273

–

–

3,048,273

Diversified

Telecommunication

Services

3,214,113

–

–

3,214,113

Index

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Electric

Utilities

$

5,497,651

$

–

$

–

$

5,497,651

Electrical

Equipment

13,903,223

–

–

13,903,223

Electronic

Equipment,

Instruments

&

Components

19,898,223

–

–

19,898,223

Energy

Equipment

&

Services

10,340,209

–

–

10,340,209

Entertainment

2,994,425

–

–

2,994,425

Financial

Services

12,247,200

–

–

12,247,200

Food

Products

4,084,177

–

–

4,084,177

Gas

Utilities

5,920,570

–

–

5,920,570

Ground

Transportation

1,690,542

–

–

1,690,542

Health

Care

Equipment

&

Supplies

15,597,226

–

–

15,597,226

Health

Care

Providers

&

Services

18,789,252

–

–

18,789,252

Health

Care

REITs

5,909,009

–

–

5,909,009

Health

Care

Technology

1,948,327

–

–

1,948,327

Hotel

&

Resort

REITs

3,453,250

–

–

3,453,250

Hotels,

Restaurants

&

Leisure

9,737,524

–

–

9,737,524

Household

Durables

9,560,717

–

–

9,560,717

Household

Products

1,493,210

–

–

1,493,210

Independent

Power

and

Renewable

Electricity

Producers

1,484,113

–

–

1,484,113

Industrial

Conglomerates

164,904

–

–

164,904

Industrial

REITs

2,373,390

–

–

2,373,390

Insurance

11,709,732

–

–

11,709,732

Interactive

Media

&

Services

3,024,537

–

–

3,024,537

IT

Services

3,577,033

–

–

3,577,033

Leisure

Products

2,465,356

–

–

2,465,356

Life

Sciences

Tools

&

Services

2,617,293

–

–

2,617,293

Machinery

21,922,155

–

–

21,922,155

Marine

Transportation

1,199,249

–

–

1,199,249

Media

5,770,851

–

–

5,770,851

Metals

&

Mining

13,830,895

–

–

13,830,895

Mortgage

Real

Estate

Investment

Trusts

(REITs)

4,913,393

–

–

4,913,393

Multi-Utilities

2,599,594

–

–

2,599,594

Office

REITs

2,890,089

–

–

2,890,089

Oil,

Gas

&

Consumable

Fuels

17,325,870

–

–

17,325,870

Paper

&

Forest

Products

484,759

–

–

484,759

Passenger

Airlines

2,841,257

–

–

2,841,257

Personal

Care

Products

1,123,681

–

–

1,123,681

Pharmaceuticals

15,207,389

–

–

15,207,389

Professional

Services

9,916,051

–

–

9,916,051

Real

Estate

Management

&

Development

3,763,504

–

–

3,763,504

Residential

REITs

2,145,508

–

–

2,145,508

Retail

REITs

6,734,375

–

–

6,734,375

Semiconductors

&

Semiconductor

Equipment

19,480,975

–

–

19,480,975

Software

32,638,746

–

–

32,638,746

Specialized

REITs

2,286,668

–

–

2,286,668

Specialty

Retail

12,787,597

–

–

12,787,597

Technology

Hardware,

Storage

&

Peripherals

4,290,463

–

–

4,290,463

Textiles,

Apparel

&

Luxury

Goods

3,129,660

–

–

3,129,660

Tobacco

637,414

–

–

637,414

Trading

Companies

&

Distributors

6,136,422

–

–

6,136,422

Transportation

Infrastructure

34,265

–

–

34,265

Water

Utilities

1,855,805

–

–

1,855,805

Wireless

Telecommunication

Services

936,960

–

–

936,960

#### Total

#### Common

#### Stocks

#### $

#### 575,969,192

#### $

#### –

#### $

#### –

#### $

#### 575,969,192
Repurchase

Agreements

–

73,044,944

–

73,044,944

Rights

–

–

–

–

#### Total

#### Assets

#### $

#### 576,001,831

#### $

#### 73,044,944

#### $

#### –

#### $

#### 649,046,775

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Index

Funds

The

following

is

a

reconciliation

of

assets

for

which

Level

inputs

were

used

in

determining

fair

value:

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations.

(b) #### Cash

#### Overdraft
Certain

Funds

may

have

overdrawn

U.S.

dollar

and/or

foreign

currency

balances

with

the Funds'

custodian

bank,

JPMorgan

Chase

Bank,

N.A.

("JPMorgan").

To

offset

the

overdraft,

JPMorgan

advanced

an

amount

equal

to

the

overdraft.

Consistent

with

the

Funds'

borrowing

policy,

the

advance

is

deemed

a

temporary

loan

to

the

Funds.

Such loans

are

payable

upon

demand

and

bear

interest

from

the

date

of

such

advance

to

the

date

of

payment

at

the

rate

agreed

upon

with

JPMorgan

under

the

custody

agreement.

These

advances

are

separate

from,

and

were

not

made

pursuant

to,

the

credit

agreement

discussed

in

Note

5. A

Fund

with

an

overdraft

is

subject

to

a

lien

by

JPMorgan

on

the

Fund's

account

and

JPMorgan

may

charge

the

Fund's

account

for

any

amounts

owed

to

JPMorgan.

JPMorgan

also

has

the

right

to

set

off

as

appropriate

and

apply

all

deposits

and

credits

held

by

or

owing

to

JPMorgan

against

such

amount,

subject

to

the

terms

of

the

custody

agreement.

As

of December

31,

2025,

the

Funds

did

not

have

overdrawn

balances.

(c) #### Foreign

#### Currency

#### Transactions&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The

accounting

records

of

the

Funds

are

maintained

in

U.S.

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

exchange

between

the

foreign

currency

and

the

U.S.

dollar

in

order

to

determine

the

value

of

the

Funds'

investments,

assets,

and

liabilities.

Purchases

and

sales

of

securities,

receipts

of

income,

and

payments

of

expenses

are

converted

at

the

prevailing

rate

of

exchange

on

the

respective

date

of

such

transactions.

The

accounting

records

of

a

Fund

do

not

differentiate

that

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

from

those

resulting

from

changes

in

the

market

prices

of

the

relevant

securities.

Each

portion

contributes

to

the

net

realized

gains

or

losses

from

transactions

in

investment

securities

and

net

change

in

unrealized

appreciation/depreciation

in

the

value

of

investment

securities.

Net

currency

gains

or

losses,

realized

and

unrealized,

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Liabilities:
Futures

Contracts#

$

(110,406)

$

–

$

–

$

(110,406)

#### Total

#### Liabilities

#### $

#### (110,406)

#### $

#### –

#### $

#### –

#### $

#### (110,406)

#### Total

#### $

#### 575,891,425

#### $

#### 73,044,944

#### $

#### –

#### $

#### 648,936,369
#

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

Assets

and

Liabilities.

As

of

December

31,

2025,

International

Index

held

one

common

stock

investment

that

was

categorized

as

a

Level

investment

which

was

valued

at

$0.

As

of

December

31,

2025,

Small

Cap

Index

held

six

rights

investments

that

were

categorized

as

Level

investments

which

were

each

valued

at

$0.

#### Small

#### Cap

#### Index

#### Rights

#### Warrants

#### Total
Balance

as

of

12/31/2024

$

—

$

1,557

$

1,557

Accrued

Accretion/(Amortization)

—

—

—

Realized

Gains

(Losses)

17,390

17,392

Distributions

—

—

—

Purchases

—

—

—

Sales

(17,390)

(1,559)

(18,949)

Change

in

Unrealized

Appreciation/Depreciation

—

—

—

Transfers

into

Level

—

—

—

Transfers

out

of

Level

—

—

—

Balance

as

of

12/31/2025

$

—

$

—

$

—

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

12/31/2025

\*\*

$

—

$

—

$

—

\*\*

Included

in

the

Statement

of

Operations

under

"Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

investment

securities."

Index

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

that

are

a

result

of

differences

between

the

amount

recorded

on

a

Fund's

accounting

records,

and

the

U.S.

dollar

equivalent

amount

actually

received

or

paid

for

interest

or

dividends,

receivables

and

payables

for

investments

sold

or

purchased,

and

foreign

cash,

are

included

in

the

Statements

of

Operations

under

"Net

realized

gains

(losses)

from

foreign

currency

transactions"

and

"Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

translation

of

assets

and

liabilities

denominated

in

foreign

currencies,"

if

applicable.

(d) #### Futures

#### Contracts
Certain

Funds are

subject

to

equity

price

and/or

interest

rate

risk

in

the

normal

course

of

pursuing

their

objectives. Certain Funds

entered

into

financial

futures

contracts

("futures

contracts")

to

manage

currency

risk,

to

equitize

cash

balances,

to

more

efficiently

manage

the

portfolio,

to

modify

exposure

to

volatility,

to

increase

or

decrease

the

baseline

equity

exposure,

to

gain

exposure

to

and/or

hedge

against

changes

in

interest

rates,

for

the

purpose

of

managing

active

risk

in

the

portfolio,

to

gain

exposure

to

and/

or

hedge

against

the

value

of

equities

and/or

to

gain

exposure

to

foreign

currencies,

as

applicable,

to

meet

each

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

Futures

contracts

are

contracts

for

delayed

delivery

of

securities

or

currencies

at

a

specific

future

date

and

at

a

specific

price

or

currency

amount.

Upon

entering

into

a

futures

contract, a

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, a

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 a

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

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, a

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, a

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. A

Fund's

investments

in

futures

contracts

entail

limited

counterparty

credit

risk

because a

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

Funds'

futures

contracts

are

reflected

in

the

Statements

of

Assets

and

Liabilities

under

"Receivable/Payable

for

variation

margin

on

futures

contracts,"

in

a

table

in

the

Statement

of

Investments

and

in

the

Statements

of

Operations

under

"Net

realized

gains

(losses)

from

expiration

or

closing

of

futures

contracts"

and

"Net

change

in

unrealized

appreciation/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

December

31,

2025:

#### Fair

#### Values

#### of

#### Derivatives

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### as

#### of

#### December

#### 31,

#### 2025:

#### International

#### Index

#### Assets:

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value
Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

48,365

#### Total

#### $

#### 48,365

#### Liabilities:
Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

(2,461)

#### Total

#### $

#### (2,461)

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Index

Funds

#### The

#### Effect

#### of

#### Derivative

#### Instruments

#### on

#### the

#### Statements

#### of

#### Operations

#### for

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025:&nbsp;&nbsp;&nbsp;&nbsp;

#### Mid

#### Cap

#### Index

#### Liabilities:

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value
Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

(34,185)

#### Total

#### $

#### (34,185)

#### NASDAQ-100

#### Index

#### Assets:

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value
Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

3,728

#### Total

#### $

#### 3,728

#### S&P

#### 500

#### Index

#### Assets:

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value
Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

89,547

#### Total

#### $

#### 89,547

#### Small

#### Cap

#### Index

#### Liabilities:

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value
Futures

Contracts#

Equity

risk

Receivable/payable

for

variation

margin

on

futures

contracts

$

(110,406)

#### Total

#### $

#### (110,406)
#

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

Assets

and

Liabilities.

#### International

#### Index

#### Realized

#### Gains

#### (Losses):

#### Total
Futures

Contracts

Equity

risk

$

1,202,958

#### $

#### 1,202,958

#### Mid

#### Cap

#### Index

#### Realized

#### Gains

#### (Losses):

#### Total
Futures

Contracts

Equity

risk

$

(791,038)

#### $

#### (791,038)

#### NASDAQ-100

#### Index

#### Realized

#### Gains

#### (Losses):

#### Total
Futures

Contracts

Equity

risk

$

23,807

#### $

#### 23,807

#### S&P

#### 500

#### Index

#### Realized

#### Gains

#### (Losses):

#### Total
Futures

Contracts

Equity

risk

$

4,301,894

#### $

#### 4,301,894
Index

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

#### Change

#### in

#### Unrealized

#### Appreciation/Depreciation

#### on

#### Derivatives

#### Recognized

#### in

#### the

#### Statements

#### of

#### Operations

#### for

#### the Year

#### Ended December

#### 31,

#### 2025:
The

following is

a

summary

of

the

Funds'

average

volume

of

derivative

instruments

held for

the year

ended December

31,

2025:

#### Small

#### Cap

#### Index

#### Realized

#### Gains

#### (Losses):

#### Total
Futures

Contracts

Equity

risk

$

366,009

#### $

#### 366,009

#### International

#### Index

#### Unrealized

#### Appreciation/Depreciation:

#### Total
Futures

Contracts

Equity

risk

$

131,108

#### $

#### 131,108

#### Mid

#### Cap

#### Index

#### Unrealized

#### Appreciation/Depreciation:

#### Total
Futures

Contracts

Equity

risk

$

449,030

#### $

#### 449,030

#### NASDAQ-100

#### Index

#### Unrealized

#### Appreciation/Depreciation:

#### Total
Futures

Contracts

Equity

risk

$

3,728

#### $

#### 3,728

#### S&P

#### 500

#### Index

#### Unrealized

#### Appreciation/Depreciation:

#### Total
Futures

Contracts

Equity

risk

$

1,429,157

#### $

#### 1,429,157

#### Small

#### Cap

#### Index

#### Unrealized

#### Appreciation/Depreciation:

#### Total
Futures

Contracts

Equity

risk

$

33,437

#### $

#### 33,437

#### International

#### Index

#### Futures

#### Contracts:
Average

Notional

Balance

Long

$

8,465,391

#### Mid

#### Cap

#### Index

#### Futures

#### Contracts:
Average

Notional

Balance

Long

$

10,752,681

#### NASDAQ-100

#### Index

#### Futures

#### Contracts:
Average

Notional

Balance

Long

$

154,057

#### S&P

#### 500

#### Index

#### Futures

#### Contracts:
Average

Notional

Balance

Long

$

52,192,263

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Index

Funds

The

Funds

are

required

to

disclose

information

about

offsetting

and

related

arrangements

to

enable

users

of

the

financial

statements

to

understand

the

effect

of

those

arrangements

on

the

Funds'

financial

position.

As

of December

31,

2025,

certain

Funds

have

entered

into

futures

contracts.

These

futures

contract

agreements

do

not

provide

for

netting

arrangements.

(e) #### TBA
The

Funds

may

invest

in

TBA

mortgage-backed

securities.

A

TBA,

or

"To

Be

Announced,"

trade

represents

a

contract

for

the

purchase

or

sale

of

mortgage-backed

securities

to

be

delivered

at

a

future

agreed-upon

date;

however,

the

specific

mortgage

pool

numbers

or

the

number

of

pools

that

will

be

delivered

to

fulfill

the

trade

obligation

or

terms

of

the

contract

are

unknown

at

the

time

of

the

trade.

Mortgage

pools

(including

fixed-rate

or

variable-rate

mortgages)

guaranteed

by

the

Government

National

Mortgage

Association,

or

GNMA,

the

Federal

National

Mortgage

Association,

or

FNMA,

or

the

Federal

Home

Loan

Mortgage

Corporation,

or

FHLMC,

are

subsequently

allocated

to

the

TBA

transactions.

TBAs

involve

a

risk

of

loss

if

the

value

of

the

security

to

be

purchased

or

sold

declines

or

increases,

respectively,

prior

to

the

settlement

date.

TBAs

are

valued

at

the

bid

evaluation

price

as

provided

by

an

independent

pricing

service

approved

by

the

Board.

The

Funds

may

also

enter

into

TBA

sale

commitments

to

hedge

its

portfolio

positions,

to

sell

mortgage-backed

securities

it

owns

under

delayed

delivery

arrangements

or

to

take

a

short

position

in

mortgage-backed

securities.

Proceeds

of

TBA

sale

commitments

are

not

received

until

the

contractual

settlement

date.

During

the

time

a

TBA

sale

commitment

is

outstanding,

either

equivalent

deliverable

securities

or

an

offsetting

TBA

purchase

commitment

deliverable

on

or

before

the

sale

commitment

date

are

held

as

"cover"

for

the

transaction,

or

other

liquid

assets

in

an

amount

equal

to

the

notional

value

of

the

TBA

sale

commitment

are

segregated.

If

the

TBA

sale

commitment

is

closed

through

the

acquisition

of

an

offsetting

TBA

purchase

commitment, a

Fund

realizes

a

gain

or

loss

based

upon

the

unit

price

of

the

acquisition.

If a

Fund

delivers

securities

under

the

commitment,

the

Fund

realizes

a

gain

or

a

loss

from

the

sale

of

the

securities

based

upon

the

unit

price

established

at

the

date

the

commitment

was

entered

into.

(f) #### Securities

#### Lending
During

the

year

ended

December

31,

2025, certain

Funds entered

into

securities

lending

transactions.

To

generate

additional

income,

the

Funds

lent

their

portfolio

securities,

up

to

1/3%

of

the

total

assets

of

a

Fund,

to

brokers,

dealers,

and

other

financial

institutions.

JPMorgan

serves

as

securities

lending

agent

for

the

securities

lending

program

for

the

Funds.

Securities

lending

transactions

are

considered

to

be

overnight

and

continuous

and

can

be

terminated

by

a

Fund

or

the

borrower

at

any

time.

The

Funds

receive

payments

from JPMorgan

equivalent

to

any

dividends

and/or

interest

while

on

loan,

in

lieu

of

income

which

is

included

as

"Dividend

income"

and/or

"Interest

income",

as

applicable,

on

the

Statements

of

Operations.

The

Funds

also

receive

interest

that

would

have

been

earned

on

the

securities

loaned

while

simultaneously

seeking

to

earn

income

on

the

investment

of

cash

collateral

or

receiving

a

fee

with

respect

to

the

receipt

of

non-cash

collateral.

Securities

lending

income

includes

any

fees

charged

to

borrowers

less

expenses

associated

with

the

loan.

Income

from

the

securities

lending

program

is

recorded

when

earned

from JPMorgan

and

reflected

in

the

Statements

of

Operations

under

"Income

from

securities

lending

(net

of

fees)".

There

may

be

risks

of

delay

or

restrictions

in

recovery

of

the

securities

or

disposal

of

collateral

should

the

borrower

of

the

securities

fail

financially.

Loans

are

made,

however,

only

to

borrowers

deemed

by JPMorgan

to

be

of

good

standing

and

creditworthy.

Loans

are

subject

to

termination

by

the

Funds

or

the

borrower

at

any

time,

and,

therefore,

are

not

considered

to

be

illiquid

investments.

For

Funds

to

which

JPMorgan

is

not

an

affiliate,

JPMorgan

receives

a

fee

based

on

a

percentage

of

earnings

(less

any

rebates

paid

to

the

borrower)

derived

from

the

investment

of

cash

collateral,

or

a

percentage

of

the

fee

paid

by

the

borrower

for

loans

collateralized

by

non-cash

collateral.

For

Funds

to

which

JPMorgan

is

an

affiliate,

JPMorgan

receives

a

flat

fee

based

on

a

percentage

of

the

market

value

of

loaned

securities.

#### Small

#### Cap

#### Index

#### Futures

#### Contracts:
Average

Notional

Balance

Long

$

5,433,335

Index

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

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

December

31,

2025,

which

were

comprised

of

repurchase

agreements

purchased

with

cash

collateral,

as

shown

on each

Fund's

Statement

of

Investments,

were

as

follows:

The

Trust's

securities

lending

policies

and

procedures

require

that

the

borrower

(i) deliver

cash

or

U.S.

Government

securities

as

collateral

with

respect

to

each

new

loan

of

U.S.

securities,

equal

to

at

least

102%

of

the

value

of

the

portfolio

securities

loaned,

and

with

respect

to

each

new

loan

of

non-U.S.

securities,

collateral

of

at

least

105%

of

the

value

of

the

portfolio

securities

loaned;

and

(ii) at

all

times

thereafter

mark-to-market

the

collateral

on

a

daily

basis

so

that

the

market

value

of

such

collateral

is

at

least

100%

of

the

value

of

securities

loaned.

Cash

collateral

received

is

generally

invested

in

joint

repurchase

agreements

and

shown

in

the

Statement

of

Investments

and

included

in

calculating

the

Fund's

total

assets.

U.S.

Government

securities

received

as

collateral,

if

any,

are

held

in

safe-keeping

by

JPMorgan

or

The

Bank

of

New

York

Mellon

and

cannot

be

sold

or

repledged

by

the

Funds

and

accordingly

are

not

reflected

in

the

Fund's

total

assets.

For

additional

information

on

the

non-cash

collateral

received,

if

any,

please

refer

to

the

Statement

of

Investments.

The

Securities

Lending

Agency

Agreement

between

the

Trust

and

JPMorgan

provides

that

in

the

event

of

a

default

by

a

borrower

with

respect

to

any

loan,

the

Fund

may

terminate

the

loan

and

JPMorgan

will

exercise

any

and

all

remedies

provided

under

the

applicable

borrower

agreement

to

make

the

Fund

whole.

These

remedies

include

purchasing

replacement

securities

by

applying

the

collateral

held

from

the

defaulting

borrower

against

the

purchase

cost

of

the

replacement

securities.

If,

despite

such

efforts

by

JPMorgan

to

exercise

these

remedies,

the

collateral

is

less

than

the

purchase

cost

of

the

replacement

securities,

JPMorgan

is

responsible

for

such

shortfall,

subject

to

certain

limitations

which

are

set

forth

in

detail

in

the

Securities

Lending

Agency

Agreement.

As

of December

31,

2025,

the

Securities

Lending

Agency

Agreement

does

not

permit

the

Funds

to

enforce

a

netting

arrangement.

(g) #### Joint

#### Repurchase

#### Agreements
During

the

year

ended December

31,

2025,

certain

Funds,

along

with

other

series

of

the

Trust,

pursuant

to

procedures

adopted

by

the

Board

of

Trustees

and

applicable

guidance

from

the

Securities

and

Exchange

Commission

("SEC"),

transferred

cash

collateral

received

from

securities

lending

transactions,

through

a

joint

account

at

JPMorgan,

the

Funds'

custodian,

the

daily

aggregate

balance

of

which

is

invested

in

one

or

more

joint

repurchase

agreements

("repo"

or

collectively

"repos")

collateralized

by

U.S.

Treasury

or

federal

agency

obligations.

For

repos,

each

Fund

participates

on

a

pro

rata

basis

with

other

clients

of

JPMorgan

in

its

share

of

the

underlying

collateral

under

such

repos

and

in

its

share

of

proceeds

from

any

repurchase

or

other

disposition

of

the

underlying

collateral.

In

repos,

the

seller

of

a

security

agrees

to

repurchase

the

security

at

a

mutually

agreed-upon

time

and

price,

which

reflects

the

effective

rate

of

return

for

the

term

of

the

agreement.

For

repos,

The

Bank

of

New

York

Mellon

or

JPMorgan

takes

possession

of

the

collateral

pledged

for

investments

in

such

repos.

The

underlying

collateral

is

valued

daily

on

a

mark-to-market

basis

to

ensure

that

the

value

is

equal

to

or

greater

than

the

repurchase

price,

including

accrued

interest.

In

the

event

of

default

of

the

obligation

to

repurchase,

the

Funds

have

the

right

to

liquidate

the

collateral

and

apply

the

proceeds

in

satisfaction

of

the

obligation.

If

the

seller

defaults

and

the

value

of

the

collateral

declines

or

if

bankruptcy

proceedings

are

commenced

with

respect

to

the

seller

of

the

security,

realization

of

the

collateral

by

the

Funds

may

be

delayed

or

limited.

#### Fund

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities
Bond

Index

$

52,028,733

International

Index

20,744,098

Mid

Cap

Index

86,282,318

Index

1,958,377

S&P

500

Index

98,451,697

Small

Cap

Index

73,044,944

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Index

Funds

As

of

December

31,

2025,

the

joint

repos

on

a

gross

basis

were

as

follows:

Bank

of

America

NA,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$98,020,961,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.50%,

maturing

5/1/2049

-

9/1/2050;

total

market

value

$99,960,000.

BNP

Paribas

Securities

Corp.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$89,018,838,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.63%,

maturing

7/31/2026

-

11/15/2054;

total

market

value

$90,780,000.

BofA

Securities,

Inc.,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$50,010,694,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

1.34%

-

5.25%,

maturing

10/20/2034

-

2/20/2073;

total

market

value

$51,000,000.

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$131,688,142,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$134,293,264.

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$148,531,680,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$151,470,009.

CF

Secured,

LLC,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$215,045,867,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.13%

-

7.50%,

maturing

3/31/2026

-

4/20/2071;

total

market

value

$219,346,790.

Citi

Global

Market,

Inc.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$138,529,316,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.38%

-

4.25%,

maturing

2/15/2028

-

10/31/2029;

total

market

value

$141,270,038.

MetLife,

Inc.,

3.83%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$150,031,917,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$153,077,523.

Pershing

LLC,

3.72%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$215,044,433,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

2/15/2026

-

12/20/2075;

total

market

value

$219,300,007.

Index

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

As

of December

31,

2025, certain

Funds'

investment in

joint

repos

was

subject

to

an

enforceable

netting

arrangement.

The

Funds'

proportionate

holding

in

joint

repos

was

as

follows:

#### Bond

#### Index

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
Bank

of

America

NA

$

2,000,000

$

–

$

2,000,000

$

(2,000,000)

$

–

BofA

Securities,

Inc.

6,500,000

–

6,500,000

(6,500,000)

–

Cantor

Fitzgerald

&

Co.

2,528,733

–

2,528,733

(2,528,733)

–

Cantor

Fitzgerald

&

Co.

2,000,000

–

2,000,000

(2,000,000)

–

Citi

Global

Market,

Inc.

5,000,000

–

5,000,000

(5,000,000)

–

MetLife,

Inc.

27,000,000

–

27,000,000

(27,000,000)

–

Pershing

LLC

7,000,000

–

7,000,000

(7,000,000)

–

#### Total
$

52,028,733

$

–

$

52,028,733

$

(52,028,733)

$

–

#### International

#### Index

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
Bank

of

America

NA

$

4,000,000

$

–

$

4,000,000

$

(4,000,000)

$

–

BNP

Paribas

Securities

Corp.

7,000,000

–

7,000,000

(7,000,000)

–

Cantor

Fitzgerald

&

Co.

244,098

–

244,098

(244,098)

–

CF

Secured,

LLC

2,500,000

–

2,500,000

(2,500,000)

–

MetLife,

Inc.

2,000,000

–

2,000,000

(2,000,000)

–

Pershing

LLC

5,000,000

–

5,000,000

(5,000,000)

–

#### Total
$

20,744,098

$

–

$

20,744,098

$

(20,744,098)

$

–

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Index

Funds

#### Mid

#### Cap

#### Index

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
Bank

of

America

NA

$

12,600,000

$

–

$

12,600,000

$

(12,600,000)

$

–

BNP

Paribas

Securities

Corp.

7,000,000

–

7,000,000

(7,000,000)

–

Cantor

Fitzgerald

&

Co.

5,682,318

–

5,682,318

(5,682,318)

–

Cantor

Fitzgerald

&

Co.

4,000,000

–

4,000,000

(4,000,000)

–

CF

Secured,

LLC

8,000,000

–

8,000,000

(8,000,000)

–

Citi

Global

Market,

Inc.

15,000,000

–

15,000,000

(15,000,000)

–

MetLife,

Inc.

25,000,000

–

25,000,000

(25,000,000)

–

Pershing

LLC

9,000,000

–

9,000,000

(9,000,000)

–

#### Total
$

86,282,318

$

–

$

86,282,318

$

(86,282,318)

$

–

#### NASDAQ-100

#### Index

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
Cantor

Fitzgerald

&

Co.

$

1,958,377

$

–

$

1,958,377

$

(1,958,377)

$

–

#### Total
$

1,958,377

$

–

$

1,958,377

$

(1,958,377)

$

–

Index

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

#### S&P

#### 500

#### Index

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
Bank

of

America

NA

$

16,000,000

$

–

$

16,000,000

$

(16,000,000)

$

–

BNP

Paribas

Securities

Corp.

5,000,000

–

5,000,000

(5,000,000)

–

BofA

Securities,

Inc.

3,000,000

–

3,000,000

(3,000,000)

–

Cantor

Fitzgerald

&

Co.

9,471,697

–

9,471,697

(9,471,697)

–

Cantor

Fitzgerald

&

Co.

2,000,000

–

2,000,000

(2,000,000)

–

CF

Secured,

LLC

25,000,000

–

25,000,000

(25,000,000)

–

Citi

Global

Market,

Inc.

2,000,000

–

2,000,000

(2,000,000)

–

MetLife,

Inc.

9,000,000

–

9,000,000

(9,000,000)

–

Pershing

LLC

26,980,000

–

26,980,000

(26,980,000)

–

#### Total
$

98,451,697

$

–

$

98,451,697

$

(98,451,697)

$

–

#### Small

#### Cap

#### Index

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
Bank

of

America

NA

$

8,000,000

$

–

$

8,000,000

$

(8,000,000)

$

–

BNP

Paribas

Securities

Corp.

13,000,000

–

13,000,000

(13,000,000)

–

Cantor

Fitzgerald

&

Co.

9,044,944

–

9,044,944

(9,044,944)

–

Cantor

Fitzgerald

&

Co.

10,000,000

–

10,000,000

(10,000,000)

–

Citi

Global

Market,

Inc.

7,000,000

–

7,000,000

(7,000,000)

–

MetLife,

Inc.

10,000,000

–

10,000,000

(10,000,000)

–

Pershing

LLC

16,000,000

–

16,000,000

(16,000,000)

–

#### Total
$

73,044,944

$

–

$

73,044,944

$

(73,044,944)

$

–

\*

As

of

December

31,

2025,

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.

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Index

Funds

(h) #### Security

#### Transactions

#### and

#### Investment

#### Income
Security

transactions

are

accounted

for

on

the

date

the

security

is

purchased

or

sold.

Security

gains

and

losses

are

calculated

on

the

identified

cost

basis.

Interest

income

is

recognized

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts,

and

is

recorded

as

such

on

a

Fund's

Statement

of

Operations.

Inflation

adjustments

to

the

face

amount

of

inflation-indexed

securities

are

included

in

interest

income

on

a

Fund's

Statement

of

Operations,

as

applicable.

In

the

event

that

a

deflation

reduction

exceeds

total

interest

income,

the

amount

characterized

as

deflation

is

recorded

as

an

increase

to

the

cost

of

investments

in

the

Statements

of

Assets

and

Liabilities

if

the

security

is

still

held;

otherwise

it

is

recorded

as

an

adjustment

to

realized

gain/loss

from

investment

transactions

in

the

Statements

of

Operations.

For

securities

with

paydown

provisions,

principal

payments

received

are

treated

as

a

proportionate

reduction

to

the

cost

basis

of

the

securities,

and

excess

or

shortfall

amounts

are

recorded

as

income.

Dividend

income

and

expenses,

as

applicable,

are

recorded

on

the

ex-dividend

date

and

are

recorded

as

such

on

a

Fund's

Statement

of

Operations,

except

for

certain

dividends

from

foreign

securities,

which

are

recorded

as

soon

as

the

Trust

is

informed

on

or

after

the

ex-dividend

date.

Income

from

non-cash

dividends,

if

any,

is

recorded

at

the

fair

value

of

the

securities

and

is

recorded

as

such

on

a

Fund's

Statement

of

Operations.

Foreign

income

and

capital

gains

may

be

subject

to

foreign

withholding

taxes,

a

portion

of

which

may

be

reclaimable,

and

capital

gains

taxes

at

various

rates.

Under

applicable

foreign

law,

a

withholding

tax

may

be

imposed

on

interest

and

dividends

paid

by

a

foreign

security

and

capital

gains

from

the

sale

of

a

foreign

security.

Foreign

income

or

capital

gains

subject

to

foreign

withholding

taxes

are

recorded

net

of

the

applicable

withholding

tax.

For

certain

securities,

including

a

real

estate

investment

trust

("REIT"),

a

Fund

records

distributions

received

in

excess

of

earnings

and

profits

of

such

security

as

a

reduction

of

cost

of

investments

and/or

realized

gain

(referred

to

as

a

return

of

capital).

Additionally,

a

REIT

may

characterize

distributions

it

pays

as

long-term

capital

gains.

Such

distributions

are

based

on

estimates

if

actual

amounts

are

not

available.

Actual

distributions

of

income,

long-term

capital

gain

and

return

of

capital

may

differ

from

the

estimated

amounts.

A

Fund

will

recharacterize

the

estimated

amounts

of

the

components

of

distributions

as

necessary,

once

the

issuers

provide

information

about

the

actual

composition

of

the

distributions.

Any

portion

of

a

distribution

deemed

a

return

of

capital

is

generally

not

taxable

to

a

Fund.

A

Fund

records

as

dividend

income

the

amount

characterized

as

ordinary

income

and

records

as

realized

gain

the

amount

characterized

by

a

REIT

as

long-term

capital

gain

in

the

Statements

of

Operations.

The

amount

characterized

as

return

of

capital

is

a

reduction

to

the

cost

of

investments

in

the

Statements

of

Assets

and

Liabilities

if

the

security

is

still

held;

otherwise

it

is

recorded

as

an

adjustment

to

realized

gains

(losses)

from

transactions

in

investment

securities

in

the

Statements

of

Operations.

These

characterizations

are

reflected

in

the

accompanying

financial

statements.

(i) #### Distributions

#### to

#### Shareholders
Distributions

from

net

investment

income,

if

any,

are

declared

and

paid

quarterly.

Distributions

from

net

realized

capital

gains,

if

any,

are

declared

and

distributed

at

least

annually.

All

distributions

are

recorded

on

the

ex-dividend

date.

Dividends

and

distributions

to

shareholders

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

"book/tax"

differences

are

considered

either

permanent

or

temporary.

Permanent

differences

are

reclassified

within

the

capital

accounts

based

on

their

nature

for

federal

income

tax

purposes;

temporary

differences

do

not

require

reclassification.

The

permanent

differences

as

of

December

31,

2025

are

primarily

attributable

to

paydown

reclass,

investments

in

passive

foreign

investment

companies

("PFICs")

and

investments

in

real

estate

investment

trusts.

Temporary

differences

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

and

tax

purposes;

these

differences

will

reverse

at

some

time

in

the

future.

The

temporary

differences

as

of

December

31,

2025

may

primarily

be

attributable

to outstanding

wash

sale

loss

deferrals

and investments

in

PFICs.

These

reclassifications

have

no

effect

upon

the

NAV

of a

Fund.

Any

distribution

in

excess

of

current

and

accumulated

earnings

and

profits

for

federal

income

tax

purposes

is

reported

as

a

return

of

capital

distribution.

Index

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

Reclassifications

for

the

year

ended

December

31,

2025

were

as

follows:

(j) #### Federal

#### Income

#### Taxes
Each Fund

elected

to

be

treated

as,

and

intends

to

qualify

each

year

as,

a

"regulated

investment

company"

("RIC")

by

complying

with

the

requirements

of

Subchapter

M

of

the

U.S.

Internal

Revenue

Code

of

1986

(the

"Code"),

as

amended,

and

to

make

distributions

of

net

investment

income

and

net

realized

capital

gains

sufficient

to

relieve

a

Fund

from

all,

or

substantially

all,

federal

income

taxes.

The

aforementioned

distributions

may

be

made

in

cash

or

via

consent

dividends.

Consent

dividends,

agreed

to

by

each

shareholder,

are

taxable

to

the

shareholders

as

if

they

were

paid

in

cash

during

their

current

tax

year.

A

Fund

recognizes

a

tax

benefit

from

an

uncertain

position

only

if

it

is

more

likely

than

not

that

the

position

is

sustainable,

based

solely

on

its

technical

merits

and

consideration

of

the

relevant

taxing

authorities'

widely

understood

administrative

practices

and

precedents.

Each

year,

a

Fund

undertakes

an

affirmative

evaluation

of

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

tax

returns

to

determine

whether

it

is

more

likely

than

not

(i.e.,

greater

than

percent)

that

each

tax

position

will

be

sustained

upon

examination

by

a

taxing

authority.

The

Funds

file

U.S.

federal

income

tax

returns

and,

if

applicable,

returns

in

various

foreign

jurisdictions

in

which

they

invest.

Generally,

a

Fund

is

subject

to

examinations

by

such

taxing

authorities

for

up

to

three

years

after

the

filing

of

the

return

for

the

tax

period.

The

Funds

adopted

FASB

Accounting

Standards

Update

2023-09,

Income

Taxes

(Topic

740)—Improvements

to

Income

Tax

Disclosures

("ASU

2023-09").

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disclosure

of

income

taxes

paid

by

jurisdiction.

During

the

year

ended

December

31,

2025,

the

Funds

did

not

pay

a

significant

amount

of

foreign

or

U.S.

federal,

state

or

local

income

taxes

and

therefore

did

not

include

any

additional

disclosures

in

these

financial

statements.

(k) #### Allocation

#### of

#### Expenses,

#### Income

#### and

#### Gains

#### and

#### Losses
Expenses

directly

attributable

to

a

Fund

are

charged

to

that

Fund.

Expenses

not

directly

attributable

to

a

Fund

are

allocated

proportionally

among

various

or

all

series

of

the

Trust.

Income,

fund

level

expenses,

and

realized

and

unrealized

gains

or

losses

are

allocated

to

each

class

of

shares

of

a

Fund

based

on

the

value

of

the

outstanding

shares

of

that

class

relative

to

the

total

value

of

the

outstanding

shares

of

that

Fund.

Expenses

specific

to

a

class

(such

as

Rule

12b-1

and

administrative

services

fees)

are

charged

to

that

specific

class.

(l) #### European

#### Union

#### ("EU")

#### Reclaims
As

a

result

of

several

court

cases,

certain

Funds

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

certain

countries

across

the

European

Union

("EU

reclaims").

Since

uncertainty

exists

as

to

the

ultimate

resolution

of

these

proceedings,

the

likelihood

of

receipt

of

these

EU

reclaims,

and

the

potential

timing

of

payment,

EU

Reclaim

amounts

are

generally

not

reflected

in

the

financial

statements

until

payments

are

received

by

the

Fund

or

NFA

believes

it

is

more

likely

than

not

that

amounts

for

a

certain

country

will

be

received.

Income

recognized

for

EU

reclaims

is

reflected

as

European

Union

tax

reclaims

in

the

Statements

of

Operations.

Any

fees

associated

with

these

filings

are

reflected

as

European

Union

tax

reclaim

fees

in

the

Statements

of

Operations.

(m) #### Reportable

#### Segment

#### Disclosure
The

Principal

Executive

Officer

acts

as

the

Funds'

Chief

Operating

Decision

Maker

("CODM')

and

is

responsible

for

assessing

performance

and

allocating

resources

with

respect

to

the

Funds.

The

CODM

has

concluded

that

each

Fund

operates

as

a

single

operating

segment

since

the

Funds

each

have

a

single

investment

strategy

as

disclosed

in

its

prospectus,

against

which

the

CODM

assesses

performance.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

presented

within

the

Funds'

financial

statements.

#### Fund

#### Capital

#### Total

#### Distributable

#### Earnings
(Loss)

Bond

Index

$

–

$

–

International

Index

–

–

Mid

Cap

Index

–

–

Index

(83,966)

83,966

S&P

500

Index

–

–

Small

Cap

Index

–

–

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Index

Funds

3. #### Transactions

#### with

#### Affiliates
Under

the

terms

of

the

Trust's

Investment

Advisory

Agreement,

NFA

manages

the

investments

of

the

assets

and

supervises

the

daily

business

affairs

of

the

Funds

in

accordance

with

policies

and

procedures

established

by

the

Board

of

Trustees.

NFA

has

selected

the

subadviser

for

each Fund

as

noted

below,

and

provides

investment

management

evaluation

services

in

monitoring,

on

an

ongoing

basis,

the

performance

of

the

subadvisers.

As

of

December

31,

2025,

the

subadviser

for each

Fund is

as

follows:

Under

the

terms

of

the

Investment

Advisory

Agreement,

each

Fund

pays

NFA

an

investment

advisory

fee

based

on

that

Fund's

average

daily

net

assets.

During

the

year

ended

December

31,

2025,

the

Funds

paid

investment

advisory

fees

to

NFA

according

to

the

following

schedule.

For

the

year

ended

December

31,

2025,

the

Funds'

effective

advisory

fee

rates

were

as

follows:

#### Fund

#### Subadviser
Bond

Index

BlackRock

Investment

Management,

LLC

("BlackRock")

International

Index

BlackRock

Mid

Cap

Index

BlackRock

BlackRock

S&P

500

Index

BlackRock

Small

Cap

Index

BlackRock

#### Fund

#### Fee

#### Schedule

#### Advisory

#### Fee

#### (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%

Index

Up

to

$1

billion

0.17%

$1

billion

and

more

0.16%

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%

#### Fund

#### Effective

#### Advisory

#### Fee

#### Rate

#### Before

#### Expense

#### Reimbursements

#### Effective

#### Advisory

#### Fee

#### Rate

#### After

#### Expense

#### Reimbursements
Bond

Index

0.18 %

0.18 %

International

Index

0.24 0.24 Mid

Cap

Index

0.21 0.21 NASDAQ-100

Index

0.17 0.03 S&P

500

Index

0.11 0.11 Small

Cap

Index

0.19 0.19 Index

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

The

Trust

and

NFA

have

entered

into

a

written

Expense

Limitation

Agreement

that

limits

certain

Funds'

operating

expenses,

(excluding

any

taxes,

interest,

compensation

payable

to

parties

not

affiliated

with

the

Adviser

for

the

recovery

of

tax

reclaims,

brokerage

commissions,

Rule

12b-1

fees,

short-sale

dividend

expenses,

administrative

services

fees,

other

expenses

which

are

capitalized

in

accordance

with

generally

accepted

accounting

principles

and

may

exclude

other

nonroutine

expenses

not

incurred

in

the

ordinary

course

of a

Fund's

business)

from

exceeding

the

amounts

listed

in

the

following

table

until

at

least

April

30,

2027. The

Trust

and

NFA

have

entered

into

a

written

Expense

Limitation

Agreement

that

limits

certain

Funds'

operating

expenses,

without

any

exclusions

for

Rule

12b-1

fees,

administrative

services

fees

or

excludable

sub

administration

fees

and

taking

into

account

the

effect

of

any

fees

waived

by

NFA

or

any

of

its

affiliates

pursuant

to

any

other

expense

limitation

agreement

or

fee

waiver

agreement

as

detailed

above,

from

exceeding

the

amounts

listed

in

the

following

table

until

April

30,

2026. On

November

14,

2025,

the

Trust

and

NFA

have

entered

into

a

written

Expense

Limitation

Agreement

that

limits

certain

Funds'

operating

expenses,

(excluding

any

interest,

taxes,

fees

paid

to

non-affiliated

parties

in

connection

with

the

recovery

of

tax

reclaims,

brokerage

commissions

and

other

costs

incurred

in

connection

with

the

purchase

and

sales

of

portfolio

securities,

short

sale

dividend

expenses,

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),

including

the

effect

of

any

fees

waived

by

NFA

or

any

of

its

affiliates

pursuant

to

any

other

expense

limitation

agreement

or

fee

waiver

agreement

as

detailed

above,

from

exceeding

the

amounts

listed

in

the

following

table

until

November

14,

2027. NFA

may

request

and

receive

reimbursement

from

a

Fund

for

advisory

fees

waived

or

other

expenses

reimbursed

by

NFA

pursuant

to

the

Expense

Limitation

Agreement

at

a

date

not

to

exceed

three

years

from

the

date

on

which

the

corresponding

waiver

or

reimbursement

to

the

Fund

was

made.

However,

no

reimbursement

may

be

made

unless:

(i) the

Fund's

assets

exceed

$100

million

and

(ii) the

total

annual

expense

ratio

of

the

class

making

such

reimbursement

is

no

higher

than

the

amount

of

the

expense

limitation

that

was

in

place

at

the

time

NFA

waived

the

fees

or

reimbursed

the

expenses

and

does

not

cause

the

expense

ratio

to

exceed

the

current

expense

limitation.

Reimbursement

by

a

Fund

of

amounts

previously

waived

or

reimbursed

by

NFA

is

not

permitted

except

as

provided

for

in

the

Expense

Limitation

Agreement.

The

Expense

Limitation

Agreement

may

be

changed

or

eliminated

only

with

the

consent

of

the

Board

of

Trustees.

#### Fund

#### Classes

#### Amount

#### (annual

#### rate)
Bond

Index

All

Classes

0.29%

International

Index

All

Classes

0.34 Mid

Cap

Index

All

Classes

0.30 NASDAQ-100

All

Classes

0.22 S&P

500

Index

All

Classes

0.21 Small

Cap

Index

All

Classes

0.28 #### Fund

#### Classes

#### Amount

#### (annual

#### rate)
Mid

Cap

Index

Class

II

0.72%

S&P

500

Index

Class

II

0.52%

#### Fund

#### Classes

#### Amount

#### (annual

#### rate)
International

Index

Class

VIII

1.14%

Index

Class

I

0.49%

Class

II

0.73%

S&P

500

Index

Class

I

0.27%

Class

II

0.52%

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Index

Funds

As

of

December

31,

2025,

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:

During

the

year

ended

December

31,

2025,

no

amounts

were

reimbursed

to

NFA

pursuant

to

the

Expense

Limitation

Agreement,

and

the

Funds

have

not

recorded

a

commitment

or

contingent

liability.

NFM,

a

wholly

owned

subsidiary

of

NFS

Distributors,

Inc.

("NFSDI")

(a

wholly

owned

subsidiary

of

NFS),

provides

various

administrative

and

accounting

services

for

the

Funds

and

serves

as

Transfer

and

Dividend

Disbursing

Agent

for

the

Funds.

NFM

has

entered

into

agreements

with

third-party

service

providers

to

provide

certain

sub-administration

and

sub-transfer

agency

services

to

the

Funds.

NFM

pays

the

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.

For

the

year

ended

December

31,

2025,

NFM

earned

an

aggregate

of

$2,698,500

in

fees

from

the

Funds

under

the

Joint

Fund

Administration

and

Transfer

Agency

Agreement.

Under

the

terms

of

the

Joint

Fund

Administration

and

Transfer

Agency

Agreement

and

a

letter

agreement

between

NFM

and

the

Trust,

the

Trust

has

agreed

to

reimburse

NFM

for

certain

costs

related

to

each

Fund's

portion

of

ongoing

administration,

monitoring

and

annual

(compliance

audit)

testing

of

the

Trust's

Rule

38a-1

Compliance

Program

subject

to

the

pre-approval

of

the

Trust's

Audit

Committee.

These

costs

are

allocated

among

the

series

of

the

Trust

based

upon

their

relative

net

assets.

For

the

year

ended

December

31,

2025,

the

Funds' aggregate

portion

of

such

costs

amounted

to

$41,830.

In

addition,

the

Trust

pays

out-of-pocket

expenses

reasonably

incurred

by

NFM

in

providing

services

to

the

Funds

and

the

Trust,

including,

but

not

limited

to,

the

cost

of

pricing

services

that

NFM

utilizes.

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.

#### Fund

#### Fiscal

#### Year

#### 2025

#### Amount

#### Total
Bond

Index

$

—

$

—

International

Index

—

—

Mid

Cap

Index

—

—

Index

70,833(a)

70,833

S&P

500

Index

—

—

Small

Cap

Index

—

—

(a) For

the

period

from

April

28,

2025

(commencement

of

operations)

through

December

31,

2025. #### Combined

#### Fee

#### Schedule
Up

to

$25

billion

0.025%

$25

billion

and

more

0.020 #### Fund

#### Class

#### II

#### Shares

#### Class

#### VIII

#### Shares
Bond

Index

0.25%

N/A

International

Index

0.25%

0.40%

Mid

Cap

Index

0.25%

N/A

Index

0.25%

N/A

S&P

500

Index

0.25%

N/A

Small

Cap

Index

0.25%

N/A

N/A

-

Not

Applicable.

Index

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

The

Trust

and

NFD

have

entered

into

a

written

contract

waiving

distribution

fees

for

Class

VIII

shares

of

the

Funds

according

to

the

following

schedule

until

at

least

April

30,

2026:

During

the year

ended December

31,

2025, each

Fund's

waiver

of

such

distribution

fees

by

NFD,

for

which

NFD

shall

not

be

entitled

to

reimbursement

by

the

Funds

for

any

amount

waived,

were

as

follows:

Under

the

terms

of

an

Administrative

Services

Plan,

the

Funds

pay

fees

to

servicing

organizations,

such

as

broker-dealers,

including

NFS,

and

financial

institutions,

that

agree

to

provide

administrative

support

services

to

the

shareholders

of

certain

classes.

These

services

may

include,

but

are

not

limited

to,

the

following:

(i) establishing

and

maintaining

shareholder

accounts;

(ii) processing

purchase

and

redemption

transactions;

(iii) arranging

bank

wires;

(iv) performing

shareholder

sub-accounting;

(v) answering

inquiries

regarding

the

Funds;

and

(vi) other

such

services.

These

fees

are

calculated

at

an

annual

rate

of

up

to

0.25%

of

the

average

daily

net

assets

of

Class

I,

Class

II,

and

Class

VIII

shares

of

the

Fund

and

up

to

0.20%

of

the

average

daily

net

assets

of

Class

IV

shares

of

each Fund.

For the

year

ended

December

31,

2025,

the

effective

rates

for

administrative

services

fees

were

as

follows:

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,

2026:

For

the

year

ended

December

31,

2025,

each

Fund's

total

administrative

services

fees

were

as

follows:

During

the

year

ended

December

31,

2025,

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

#### Distribution

#### Fee

#### Waiver

#### (Annual

#### Rate)
International

Index

0.05%

#### Fund

#### Amount
International

Index

$

95,816

#### Fund

#### Class

#### I

#### Class

#### II

#### Class

#### IV

#### Class

#### VIII
Bond

Index

0.15 %

N/A

N/A

N/A

International

Index

0.15 0.13 %

N/A

0.15 %

Mid

Cap

Index

0.15 0.15 N/A

N/A

Index

0.24 0.24 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.

#### Fund

#### Class

#### I

#### Shares

#### Class

#### II

#### Shares
S&P

500

Index

0.07%

0.07%

Small

Cap

Index

N/A

0.07%

N/A

-

Not

Applicable.

#### Fund

#### Amount
Bond

Index

$

367,184

International

Index

719,156

Mid

Cap

Index

1,457,042

Index

122,298

S&P

500

Index

5,964,504

Small

Cap

Index

511,376

#### Fund

#### Amount
S&P

500

Index

$

2,655,127

Small

Cap

Index

238,641

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Index

Funds

Cross

trades

for

the

year

ended

December

31,

2025

were

executed

by

certain

Funds

pursuant

to

procedures

adopted

by

the

Board

of

Trustees

of

the

Funds

to

ensure

compliance

with

Rule

17a-7

under

the

1940

Act

(the

"Procedures").

In

general,

cross

trading

is

the

buying

or

selling

of

portfolio

securities

between

a

Fund

and

other

series

of

the

Trust,

or

between

a

Fund

and

other

series

of

NMF.

The

Board

of

Trustees

determines

no

less

frequently

than

quarterly

that

such

transactions

were

effected

in

compliance

with

the

Procedures.

Pursuant

to

these

procedures,

for

the

year

ended

December

31,

2025,

the

Funds

that

engaged

in

securities

purchases

and

sales

which

resulted

in

net

realized

gain

(loss),

as

applicable,

were

as

follows:

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

year

ended December

31,

2025

were

as

follows:

J

5. #### Line

#### of

#### Credit

#### and

#### Interfund

#### Lending
The

Trust

and

NMF

(together,

the

"Trusts") renewed

the credit

agreement

with

JPMorgan,

The

Bank

of

New

York

Mellon,

and

Wells

Fargo

Bank

National

Association

(the

"Lenders"),

permitting

the

Trusts,

in

aggregate,

to

borrow

up

to

$100,000,000.

Advances

taken

by

a

Fund

under

this

arrangement

would

be

primarily

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

the

Fund's

borrowing

restrictions.

The

line

of

credit

requires

a

commitment

fee

of

0.15%

per

year

on

$100,000,000.

Such

commitment

fee

shall

be

payable

quarterly

in

arrears

on

the

last

business

day

of

each

March,

June,

September

and

December

and

on

the

termination

date.

Borrowings

under

this

arrangement

accrued

interest

at

the

Federal

Funds

Rate

plus

the

applicable

margin.

Interest

costs,

if

any,

would

be

shown

on

the

Statement

of

Operations.

No

compensating

balances

are

required

under

the

terms

of

the

line

of

credit.

In

addition,

a

Fund

may

not

draw

any

portion

of

the

line

of

credit

that

is

provided

by

a

bank

that

is

an

affiliate

of

the

Fund's

subadviser,

if

applicable.

In

addition

to

any

rights

and

remedies

of

the

Lenders

provided

by

law,

each

Lender

has

the

right,

upon

any

amount

becoming

due

and

payable

by

the

Fund,

to

set-off

as

appropriate

and

apply

all

deposits

and

credits

held

by

or

owing

to

such

Lender

against

such

amount,

subject

to

the

terms

of

the

credit

agreement.

The

line

of

credit

is

renewed

annually,

and

next

expires

on

July

1,

2026. During

the

year

ended December

31,

2025,

the

Funds

had

no

borrowings

under

the

line

of

credit.

Pursuant

to

an

exemptive

order

issued

by

the

SEC

(the

"Order"),

the

Funds

may

participate

in

an

interfund

lending

program

among

Funds

managed

by

NFA.

The

program

allows

the

participating

Funds

to

borrow

money

from

and

loan

money

to

each

other

for

temporary

purposes,

subject

to

the

conditions

in

the

Order.

A

loan

can

only

be

made

through

the

program

if

the

interfund

loan

rate

on

that

day

is

more

favorable

to

both

the

borrowing

and

lending

Funds

as

compared

to

rates

available

through

short-term

bank

loans

or

investments

in

overnight

repurchase

agreements

and

money

market

funds,

respectively,

as

detailed

in

the

Order.

Further,

a

Fund

may

participate

in

the

program

only

if

and

to

the

extent

that

such

participation

is

consistent

with

its

investment

objectives

and

limitations.

Interfund

loans

have

a

maximum

duration

of

seven

days

and

may

be

called

on

one

business

day's

notice. During

the

year

ended December

31,

2025,

none

of

the

Funds

engaged

in

interfund

lending.

#### Fund

#### Purchases

#### at

#### Cost

#### Sales

#### Proceeds

#### Net

#### Realized

#### Gain/Loss
Mid

Cap

Index

$

12,926

$

–

$

–

S&P

500

Index

253,001

–

–

Small

Cap

Index

2,671

8,722

(7,171)

#### Bond

#### Index

#### Security

#### Description

#### Shares/Principal

#### at

#### December

#### 31,

#### 2025

#### Market

#### Value

#### December

#### 31,

#### 2024

#### ($)

#### Purchases

#### at

#### Cost

#### ($)

#### Proceeds

#### from

#### Sales

#### ($)

#### Net

#### Realized

#### Gains
(Losses)

#### ($)

#### Amortization(a)

#### ($)

#### Change

#### in

#### Unrealized

#### Appreciation/
(Depreciation)

#### ($)

#### Market

#### Value

#### December

#### 31,

#### 2025

#### ($)

#### Dividend/

#### Interest

#### Income

#### ($)

#### Capital

#### Gain

#### Distributions

#### ($)
Nationwide

Financial

Services,

Inc.

—

41,151

—

(40,102)

13,947

(15,155)

—

2,387

—

(a) Amortization

is

included

in

Dividend/Interest

Income.

Index

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

6. #### Investment

#### Transactions
For

the

year

ended

December

31,

2025,

purchases

and

sales

of

securities

(excluding

short-term

securities)

were

as

follows:

For

the

year

ended

December

31,

2025,

purchases

and

sales

of

U.S.

Government

securities

(excluding

short-term

securities)

were

as

follows:

7. #### Portfolio

#### Investment

#### Risks
(a) #### Associated

#### with

#### Interest

#### Rates&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Prices

of

fixed-income

securities

generally

increase

when

interest

rates

decline

and

decrease

when

interest

rates

increase.

Prices

of

longer-term

securities

generally

change

more

in

response

to

interest

rate

changes

than

prices

of

shorter-term

securities.

To

the

extent

a

Fund

invests

a

substantial

portion

of

its

assets

in

fixed-income

securities

with

longer-term

maturities,

rising

interest

rates

are

more

likely

to

cause

the

value

of

the

Fund's

investments

to

decline

significantly.

(b) #### Risks

#### Associated

#### with

#### Foreign

#### Securities

#### and

#### Currencies&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Investments

in

securities

of

foreign

issuers

carry

certain

risks

not

ordinarily

associated

with

investments

in

securities

of

U.S.

issuers.

These

risks

include

foreign

currency

fluctuations,

future

disruptive

political

and

economic

developments

and

the

possible

imposition

of

exchange

controls

or

other

unfavorable

foreign

government

laws

and

restrictions.

In

addition,

investments

in

certain

countries

may

carry

risks

of

expropriation

of

assets,

confiscatory

taxation,

political

or

social

instability,

or

diplomatic

developments

that

adversely

affect

investments

in

those

countries.

Certain

countries

also

may

impose

substantial

restrictions

on

investments

in

their

capital

markets

by

foreign

entities,

including

restrictions

on

investments

in

issuers

in

industries

deemed

sensitive

to

relevant

national

interests.

These

factors

may

limit

the

investment

opportunities

available

and

result

in

a

lack

of

liquidity

and

high

price

volatility

with

respect

to

securities

of

issuers

from

developing

countries.

(c) #### Risks

#### Associated

#### with

#### Variable

#### Rate

#### Securities&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Mortgage-Backed

#### Securities
—

Mortgage-backed

securities

are

fixed-income

securities

that

give

the

holder

the

right

to

receive

a

portion

of

principal

and/or

interest

payments

made

on

a

pool

of

residential

or

commercial

mortgage

loans.

Such

securities

may

be

issued

or

guaranteed

by

U.S.

government

agencies

or

instrumentalities

or

may

be

issued

by

private

issuers,

generally

originators

in

mortgage

loans,

including

savings

and

loan

associations,

mortgage

bankers,

commercial

banks,

investment

bankers,

and

special

purpose

entities.

Adjustable

rate

mortgage-backed

securities

are

collateralized

by

or

represent

interests

in

mortgage

loans

with

variable

rates

of

interest.

These

variable

rates

of

interest

reset

periodically

to

align

themselves

with

market

rates.

The

Fund

will

not

benefit

from

increases

in

interest

rates

to

the

extent

that

interest

rates

rise

to

the

point

where

they

cause

the

current

coupon

of

the

underlying

adjustable

rate

mortgages

to

exceed

any

maximum

allowable

annual

or

lifetime

reset

limits

(or

"cap

rates")

for

a

particular

mortgage.

During

periods

of

declining

interest

rates,

income

to

the

Fund

derived

from

adjustable

rate

mortgage-backed

securities

which

remain

in

a

mortgage

pool

will

decrease

in

contrast

to

the

income

on

fixed

rate

mortgage-backed

securities,

which

will

remain

constant.

Adjustable

rate

mortgages

also

have

less

potential

for

appreciation

in

value

as

interest

rates

decline

than

do

fixed

rate

investments.

#### Asset-Backed

#### Securities
—

Asset-backed

securities

are

fixed-income

securities

issued

by

a

trust

or

other

legal

entity

established

for

the

purpose

of

issuing

securities

and

holding

certain

assets,

such

as

credit

card

receivables

or

auto

leases,

which

pay

down

over

time

and

generate

sufficient

cash

to

pay

holders

of

the

securities.

Almost

any

type

of

fixed-income

assets

may

be

used

to

create

an

asset-backed

security,

including

other

fixed-income

securities

or

derivative

instruments

such

as

swaps.

Payments

or

distributions

of

principal

and

interest

on

asset-backed

securities

may

be

supported

by

nongovernmental

credit

enhancements

#### Fund

#### Purchases

#### \*

#### Sales

#### \*
Bond

Index

$

1,536,562,962

$

2,659,672,517

International

Index

208,900,776

618,155,806

Mid

Cap

Index

186,289,780

346,445,970

Index

295,356,561

37,929,460

S&P

500

Index

792,078,673

80,205,179

Small

Cap

Index

137,478,547

89,995,593

\*

Includes

purchases

and

sales

of

long-term

U.S.

Government

securities,

if

any.

#### Fund

#### Purchases

#### Sales
Bond

Index

$

355,806,584

$

823,189,826

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Index

Funds

similar

to

those

utilized

in

connection

with

mortgage-backed

securities.

The

credit

quality

of

most

asset-backed

securities

depends

primarily

on

the

credit

quality

of

the

assets

underlying

such

securities,

how

well

the

entity

issuing

the

security

is

insulated

from

the

credit

risk

of

the

originator

or

any

other

affiliated

entities,

and

the

amount

and

quality

of

any

credit

enhancement

of

the

securities.

To

the

extent

a

security

interest

exists,

it

may

be

more

difficult

for

the

issuer

to

enforce

the

security

interest

as

compared

to

mortgage-backed

securities.

#### Collateralized

#### Mortgage

#### Obligations

#### ("CMOs")

#### and

#### Multiclass

#### Pass-Through

#### Securities
—

CMOs

are

multi-class

debt

obligations

which

are

collateralized

by

mortgage

loans

or

pass-through

certificates.

Multiclass

pass-through

securities

are

interests

in

a

trust

composed

of

whole

loans

or

private

pass-throughs

(referred

to

as

"Mortgage

Assets").

Often,

CMOs

are

collateralized

by

Government

National

Mortgage

Association

Pass-Through

Certificates

("Ginnie

Maes"),

Federal

National

Mortgage

Association

Pass-Through

Certificates

("Fannie

Maes"),

or

Federal

Home

Loan

Mortgage

Corporation

Pass-Through

Certificates

("Freddie

Macs"),

but

also

may

be

collateralized

by

Mortgage

Assets.

Payments

of

principal

and

interest

on

the

Mortgage

Assets,

and

any

reinvestment

income

thereon,

provide

the

funds

to

pay

debt

service

on

the

CMOs

or

make

scheduled

distributions

on

the

multiclass

pass-through

securities.

CMOs

may

be

issued

by

agencies

or

instrumentalities

of

the

U.S.

government,

or

by

private

originators

of,

or

investors

in,

mortgage

loans,

including

savings

and

loan

associations,

mortgage

banks,

commercial

banks,

investment

banks

and

special

purpose

subsidiaries

of

the

foregoing.

In

order

to

form

a

CMO,

the

issuer

assembles

a

package

of

traditional

mortgage-backed

pass-through

securities,

or

actual

mortgage

loans,

and

uses

them

as

collateral

for

a

multi-class

security.

Each

class

of

CMOs,

often

referred

to

as

a

"tranche,"

is

issued

at

a

specified

fixed

or

floating

coupon

rate

and

has

a

stated

maturity

or

final

distribution

date.

Principal

prepayments

on

the

Mortgage

Assets

may

cause

the

CMOs

to

be

retired

substantially

earlier

than

their

stated

maturities

or

final

distribution

dates.

Interest

is

paid

or

accrues

on

all

classes

of

the

CMOs

on

a

monthly,

quarterly

or

semi-annual

basis.

As

market

conditions

change,

and

particularly

during

periods

of

rapid

or

unanticipated

changes

in

market

interest

rates,

the

attractiveness

of

the

CMO

classes

and

the

ability

of

the

structure

to

provide

the

anticipated

investment

characteristics

may

be

reduced

significantly.

Such

changes

can

result

in

volatility

in

the

market

value,

and

in

some

instances

reduced

liquidity,

of

the

CMO

class.

#### Stripped

#### Mortgage

#### Securities
—

Stripped

mortgage

securities

are

derivative

multiclass

mortgage

securities.

Stripped

mortgage

securities

are

structured

with

two

or

more

classes

of

securities

that

receive

different

proportions

of

the

interest

and

principal

distributions

on

a

pool

of

mortgage

assets.

A

common

type

of

stripped

mortgage

security

will

have

at

least

one

class

receiving

only

a

small

portion

of

the

interest

and

a

larger

portion

of

the

principal

from

the

mortgage

assets,

while

the

other

class

will

receive

primarily

interest

and

only

a

small

portion

of

the

principal.

In

the

most

extreme

case,

one

class

will

receive

all

of

the

interest

("IO"

or

interest-only),

while

the

other

class

will

receive

the

entire

principal

("PO"

or

principal-only

class).

The

yield

to

maturity

on

IOs,

POs

and

other

mortgage-backed

securities

that

are

purchased

at

a

substantial

premium

or

discount

generally

are

extremely

sensitive

not

only

to

changes

in

prevailing

interest

rates

but

also

to

the

rate

of

principal

payments

(including

prepayments)

on

the

related

underlying

mortgage

assets,

and

a

rapid

rate

of

principal

payments

may

have

a

material

adverse

effect

on

such

securities'

yield

to

maturity.

If

the

underlying

mortgage

assets

experience

greater

than

anticipated

prepayments

of

principal,

the

Fund

may

fail

to

fully

recoup

its

initial

investment

in

these

securities

even

if

the

securities

have

received

the

highest

rating

by

a

nationally

recognized

statistical

rating

organization.

#### Collateralized

#### Debt

#### Obligations

#### ("CDOs")
—

CDOs

are

a

type

of

asset-backed

security

and

include,

among

other

things,

collateralized

bond

obligations

("CBOs"),

collateralized

loan

obligations

("CLOs")

and

other

similarly

structured

securities.

A

CBO

is

a

trust

which

is

backed

by

a

diversified

pool

of

high

risk,

below

investment

grade

fixed-income

securities.

A

CLO

is

a

trust

typically

collateralized

by

a

pool

of

loans,

which

may

include,

among

others,

domestic

and

foreign

senior

secured

loans,

senior

unsecured

loans

and

subordinate

corporate

loans,

including

loans

that

may

be

rated

below

investment

grade

or

equivalent

unrated

loans.

Normally,

CBOs,

CLOs

and

other

CDOs

are

privately

offered

and

sold,

and

thus

are

not

registered

under

the

securities

laws.

As

a

result,

investments

in

CDOs

may

be

characterized

by

the

Fund

as

illiquid

securities.

In

addition

to

the

risks

associated

with

debt

instruments

(e.g.,

interest

rate

risk

and

credit

risk),

CDOs

carry

additional

risks

including,

but

not

limited

to:

(i) the

possibility

that

distributions

from

collateral

securities

will

not

be

adequate

to

make

interest

or

other

payments;

(ii) the

quality

of

the

collateral

may

decline

in

value

or

default;

(iii) the

possibility

that

the

Fund

may

invest

in

CDOs

that

are

subordinate

to

other

classes;

and

(iv) the

complex

structure

of

the

security

may

not

be

fully

understood

at

the

time

of

investment

and

may

produce

disputes

with

the

issuer

or

unexpected

investment

results.

(d) #### Risks

#### Associated

#### with

#### REIT

#### and

#### Real

#### Estate

#### Investments&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Investments

in

REITs

and

in

real

estate

securities

carry

certain

risks

associated

with

direct

ownership

of

real

estate

and

with

the

real

estate

industry

in

general.

These

risks

include

possible

declines

in

the

value

of

real

estate,

possible

lack

of

availability

of

mortgage

funds,

unexpected

vacancies

of

properties,

and

the

relative

lack

of

liquidity

associated

with

investments

in

real

estate.

Index

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

(e) #### TBA

#### Commitments&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
TBA

commitments

are

forward

agreements

for

the

purchase

or

sale

of

mortgage-backed

securities

for

a

fixed

price,

with

payment

and

delivery

on

an

agreed

upon

future

settlement

date.

The

specific

securities

to

be

delivered

are

not

identified

at

the

trade

date.

However,

delivered

securities

must

meet

specified

terms,

including

issuer,

rate,

and

mortgage

terms.

When

entering

into

TBA

commitments,

the

Fund

may

take

possession

of

or

deliver

the

underlying

mortgage-backed

securities

but

can

extend

the

settlement

or

roll

the

transaction.

TBA

commitments

involve

a

risk

of

loss

if

the

value

of

the

security

to

be

purchased

or

sold

declines

or

increases,

respectively,

prior

to

settlement

date.

8. #### Indemnifications
Under

the

Trust's

organizational

documents,

the

Trust's

Officers

and

Trustees

are

indemnified

by

the

Trust

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

the

Trust

has

entered

into

indemnification

agreements

with

its

Trustees

and

certain

of

its

Officers.

Trust

Officers

receive

no

compensation

from

the

Trust

for

serving

as

its

Officers.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Trust's

maximum

liability

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

made

against

the

Trust.

Based

on

experience,

however,

the

Trust

expects

the

risk

of

loss

to

be

remote.

9. #### New

#### Accounting

#### Pronouncements
On

September

20,

2023,

the

SEC

adopted

amendments

to

the

current

rule

regarding

registered

fund

names,

as

well

as

certain

forms

and

disclosure

requirements.

The

amendments

are

intended

to

modernize

and

enhance

the

investor

protections

provided

by

Rule

35d-1

under

the

1940

Act

given

the

important

information

that

fund

names

can

convey

to

investors.

Management

is

currently

evaluating

the

implications

of

the

new

rule

and

the

impact

on

the

Funds'

financial

statement

disclosures

and

reporting

requirements.

10. #### Federal

#### Tax

#### Information
The

tax

character

of

distributions

paid

during

the

year

ended December

31,

2025

was

as

follows:

The

tax

character

of

distributions

paid

during

the

year

ended December

31,

2024

was

as

follows:

#### Distributions

#### paid

#### from

#### Fund

#### Ordinary

#### Income\*

#### Net

#### Long-Term

#### Capital

#### Gains

#### Total

#### Taxable

#### Distributions

#### Return

#### of

#### Capital

#### Total

#### Distributions

#### Paid
Bond

Index

$

81,101,100

$

–

$

81,101,100

$

–

$

81,101,100

International

Index

31,896,251

–

31,896,251

–

31,896,251

Mid

Cap

Index

34,057,143

63,655,341

97,712,484

–

97,712,484

Index

363,825

17,287

381,112

–

381,112

S&P

500

Index

44,461,468

4,856,894

49,318,362

–

49,318,362

Small

Cap

Index

7,327,590

15,458,071

22,785,661

–

22,785,661

\*

Ordinary

Income

amounts

include

taxable

market

discount

and

net

short-term

capital

gains,

if

any.

#### Distributions

#### paid

#### from

#### Fund

#### Ordinary

#### Income\*

#### Net

#### Long-Term

#### Capital

#### Gains

#### Total

#### Taxable

#### Distributions

#### Return

#### of

#### Capital

#### Total

#### Distributions

#### Paid
Bond

Index

$

67,420,714

$

–

$

67,420,714

$

–

$

67,420,714

International

Index

39,893,912

–

39,893,912

–

39,893,912

Mid

Cap

Index

14,814,699

55,294,547

70,109,246

–

70,109,246

Index

–

–

–

–

–

S&P

500

Index

35,008,267

2,297,369

37,305,636

–

37,305,636

Small

Cap

Index

4,650,122

4,704,952

9,355,074

–

9,355,074

\*

Ordinary

Income

amounts

include

taxable

market

discount

and

net

short-term

capital

gains,

if

any.

-

Notes

to

Financial

Statements

-

December

31,

2025

-

Index

Funds

As

of

December

31,

2025,

the

components

of

accumulated

earnings/(deficit)

on

a

tax

basis

were

as

follows:

As

of

December

31,

2025,

the

tax

cost

of

investments

(including

derivative

contracts)

and

the

breakdown

of

unrealized

appreciation/

(depreciation)

for

each

Fund

was

as

follows:

As

of

December

31,

2025,

for

federal

income

tax

purposes,

the

Funds

have

capital

loss

carryforwards

available

to

offset

future

capital

gains,

if

any,

to

the

extent

provided

by

the

U.S.

Treasury

regulations

and

in

any

given

year

may

be

limited

due

to

large

shareholder

redemptions

or

contributions.

Capital

loss

carryforwards

do

not

expire.

The

following

table

represents

capital

loss

carryforwards

available

as

of

December

31,

2025. During

the

year

ended December

31,

2025,

the

Funds

had

capital

loss

carryforwards

that

were

utilized

and

are

no

longer

eligible

to

offset

future

capital

gains,

if

any,

in

the

following

amounts.

11. #### Subsequent

#### Events
Management

has

evaluated

the

impact

of

subsequent

events

on

the

Funds

and

has

determined

that

there

are

no subsequent

events

requiring

recognition

or

disclosure

in

the

financial

statements.

#### Fund

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### Accumulated

#### Earnings

#### Other

#### Gains

#### and

#### Losses

#### Distributions

#### Payable

#### Accumulated

#### Capital

#### and

#### Other

#### Losses

#### Unrealized

#### Appreciation/

#### (Depreciation)\*

#### Total

#### Accumulated

#### Earnings
(Deficit)

Bond

Index

$

11,606,970

$

–

$

11,606,970

$

(812) $

–

$

(161,413,075)

(60,768,315)

(210,575,232)

International

Index

18,681,442

174,311,843

192,993,285

–

–

–

363,155,035

556,148,320

Mid

Cap

Index

4,155,499

98,658,027

102,813,526

–

–

–

400,353,169

503,166,695

Index

–

–

–

–

–

–

7,357,486

7,357,486

S&P

500

Index

10,645,420

3,817,693

14,463,113

–

–

–

3,695,117,569

3,709,580,682

Small

Cap

Index

3,693,484

11,752,099

15,445,583

–

–

–

157,253,859

172,699,442

\*

The

difference

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

is

primarily

attributable

to

timing

differences

in

recognizing

certain

gains

and

losses

on

investment

transactions.

#### Fund

#### Tax

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation/
(Depreciation)

Bond

Index

$

1,280,441,613

$

9,216,063

$

(69,984,378)

$

(60,768,315)

International

Index

446,602,529

367,457,424

(5,347,023)

362,110,401

Mid

Cap

Index

798,488,962

454,236,937

(53,883,768)

400,353,169

Index

259,599,045

12,435,577

(5,076,751)

7,358,826

S&P

500

Index

2,046,776,820

3,738,882,384

(43,764,815)

3,695,117,569

Small

Cap

Index

491,682,510

203,717,904

(46,464,044)

157,253,860

#### Fund

#### Amount
Bond

Index

$

(161,413,075)

#### Fund

#### Utilized
International

Index

$

22,533,836

Index

Funds

-

December

31,

2025

-

Report

of

Independent

Registered

Public

Accounting

Firm

-

#### To

#### the

#### Board

#### of

#### Trustees

#### of

#### Nationwide

#### Variable

#### Insurance

#### Trust

#### and

#### Shareholders

#### of

#### NVIT

#### Bond

#### Index

#### Fund,

#### NVIT

#### International

#### Index

#### Fund,

#### NVIT

#### Mid

#### Cap

#### Index

#### Fund,

#### NVIT

#### NASDAQ-100

#### Index

#### Fund,

#### NVIT

#### S&P

#### 500

#### Index

#### Fund

#### and

#### NVIT

#### Small

#### Cap

#### Index

#### Fund

#### Opinions

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

statements

of

investments,

of

each

of

the

funds

listed

in

the

table

below

(six

of

the

funds

constituting

Nationwide

Variable

Insurance

Trust,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

December

31,

2025,

the

related

statements

of

operations

and

of

changes

in

net

assets

for

each

of

the

periods

indicated

in

the

table

below,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

listed

in

the

table

below

as

of

December

31,

2025,

the

results

of

each

of

their

operations

and

the

changes

in

each

of

their

net

assets

for

each

of

the

periods

indicated

in

the

table

below,

and

each

of

the

financial

highlights

for

each

of

the

periods

indicated

therein,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinions
These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

#### /s/PricewaterhouseCoopers

#### LLP

#### Philadelphia,

#### Pennsylvania

#### February

#### 20,

#### 2026
We

have

served

as

the

auditor

of

one

or

more

investment

companies

of

Nationwide

Funds,

which

includes

the

investment

companies

of

Nationwide

Variable

Insurance

Trust,

since

1997. NVIT

Bond

Index

Fund

(1) NVIT

Index

Fund

(2) NVIT

International

Index

Fund

(1) NVIT

S&P

500

Index

Fund

(1) NVIT

Mid

Cap

Index

Fund

(1) NVIT

Small

Cap

Index

Fund

(1) (1) Statement

of

operations

for

the

year

ended

December

31,

2025

and

statement

of

changes

in

net

assets

for

the

years

ended

December

31,

2025

and

2024. (2) Statement

of

operations

and

statement

of

changes

in

net

assets

for

the

period

from

April

28,

2025

(commencement

of

operations)

through

December

31,

2025. 174

-

Supplemental

Information

-

December

31,

2025

(Unaudited)

-

Index

Funds

#### Other

#### Federal

#### Tax

#### Information
For

the

year

ended

December

31,

2025, certain

dividends

paid

by

the

Funds

may

be

subject

to

a

maximum

tax

rate

of

20%

as

provided

for

by

the

Jobs

and

Growth

Tax

Relief

Reconciliation

Act

of

2003. The

Funds

intend

to

designate

the

maximum

amount

allowable

as

taxed

at

a

maximum

rate

of

15%.

Complete

information

will

be

reported

in

conjunction

with

your

2025

Form

1099-DIV.

For

the

taxable

year

ended

December

31,

2025,

the

following

percentages

of

income

dividends

paid

by

the

Funds

qualify

for

the

dividends

received

deduction

available

to

corporations:

The

Funds

designate

the

following

amounts,

or

the

maximum

amount

allowable

under

the

Internal

Revenue

Code,

as

long

term

capital

gain

distributions

qualifying

for

the

maximum

20%

income

tax

rate

for

individuals:

Certain

Funds

have

derived

net

income

from

sources

within

foreign

countries.

As

of

December

31,

2025,

the

foreign

source

income

for

each

Fund

was

as

follows:

Certain

Funds

intend

to

elect

to

pass

through

to

shareholders

the

income

tax

credit

for

taxes

paid

to

foreign

countries.

As

of

December

31,

2025,

the

foreign

tax

credit

for

each

Fund

was

as

follows:

#### Fund

#### Dividends

#### Received

#### Deduction
Bond

Index

–

%

International

Index

–

Mid

Cap

Index

.41

Index

.00

S&P

500

Index

.00

Small

Cap

Index

.86

#### Fund

#### Amount
Bond

Index

$

–

International

Index

–

Mid

Cap

Index

63,655,341

Index

17,287

S&P

500

Index

4,856,894

Small

Cap

Index

15,458,071

#### Fund

#### Amount

#### Per

#### Share
Bond

Index

$

–

$

–

International

Index

24,206,455

0.3958 Mid

Cap

Index

–

–

Index

–

–

S&P

500

Index

–

–

Small

Cap

Index

–

–

#### Fund

#### Amount

#### Per

#### Share
Bond

Index

$

–

$

–

International

Index

1,298,582

0.0212 Mid

Cap

Index

–

–

Index

–

–

S&P

500

Index

–

–

Small

Cap

Index

–

–

P.O.

Box

701

Milwaukee,

WI

53201-0701

#### nationwide.com/mutualfunds
NAR-IDX

(2-26)

#### Annual

#### Financial

#### Statements
December

31,

2025

Nationwide

Variable

Insurance

Trust

International

Funds

NVIT

Fidelity

Institutional

AM®

Emerging

Markets

Fund

*(formerly,* 

*NVIT* 

*Emerging* 

*Markets* 

*Fund)*

NVIT

Fidelity

Institutional

AM®

Worldwide

Fund

NVIT

International

Equity

Fund

NVIT

Putnam

International

Value

Fund

*(formerly,* 

*NVIT* 

*Columbia* 

*Overseas* 

*Value* 

*Fund)*

NVIT

Strategic

Income

Fund

*(formerly,* 

*NVIT* 

*Amundi* 

*Multi* 

*Sector* 

*Bond* 

*Fund)*

#### IMPORTANT

#### INFORMATION
If

you

wish

to

receive

reports

and

other

Fund

documents

via

eDelivery

you

may

choose

this

option

by:

-

Calling

1-800-848-6331

-

Logging

into

your

account

at

https://www.nationwide.com/personal/investing/mutual-funds/

and

choosing

'Log

in',

or

by

contacting

your

financial

intermediary

(such

as

a

broker-dealer

or

bank).

You

can

access

the

full

report

and

other

details

online

at

https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html

Nationwide

Funds®

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.

Copies

of

the

first

and

third-quarter

holdings

are

available

with

the

Fund's

regulatory

documents

at

https://www.nationwide.com/mutual-funds-prospectuses.jsp.

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

N-MFP

are

available

on

the

SEC's

website

at

http://www.sec.gov

.

Forms

N-PORT

and

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

1-800-SEC-0330.

The

Trust

also

makes

this

information

available

to

investors

on

https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html

or

upon

request

without

charge.

Statement

Regarding

Availability

of

Proxy

Voting

Record

Federal

law

requires

the

Trust

and

each

of

its

investment

advisers

and

subadvisers

to

adopt

procedures

for

voting

proxies

(the

"Proxy

Voting

Guidelines")

and

to

provide

a

summary

of

those

Proxy

Voting

Guidelines

used

to

vote

the

securities

held

by

a

Fund.

The

Funds'

proxy

voting

policies

and

procedures,

as

well

as

information

regarding

how

the

Funds

voted

for

proxies

relating

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

is

available:

-

By

calling

1-800-848-0920

-

On

the

Fund's

website

at

https://www.nationwide.com/personal/investing/mutual-funds/proxy-voting/

-

On

the

SEC's

website

at

http://www.sec.gov

Funds

are

required

to

disclose

proxy

votes

using

the

issuer's

proxy

card

language

and

order,

categorize

votes

by

topic,

and

report

shares

voted

versus

shares

loaned

but

not

recalled.

#### Before

#### purchasing

#### a

#### variable

#### annuity,

#### 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

#### 1-800-848-6331.

#### Read

#### the

#### prospectus

#### carefully

#### before

#### making

#### a

#### purchase.
Variable

annuities

are

issued

by

Nationwide

Life

Insurance

Company,

Columbus,

Ohio.

The

Nationwide

Variable

Insurance

Trust

(NVIT)

Funds

are

distributed

by

Nationwide

Fund

Distributors

LLC

(NFD),

member

FINRA,

Columbus,

Ohio.

NFD

is

not

affiliated

with

any

subadviser

contracted

by

Nationwide

Fund

Advisors,

except

for

Nationwide

Asset

Management,

LLC,

and

is

not

affiliated

with

Morningstar,

Inc.

Nationwide,

the

Nationwide

N

and

Eagle,

and

Nationwide

is

on

your

side

are

service

marks

of

Nationwide

Mutual

Insurance

Company.©2026

Nationwide

Table

of

Contents

#### Statements

#### of

#### Investments

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Statements

#### of

#### Operations

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets

#### Financial

#### Highlights

#### Notes

#### to

#### Financial

#### Statements

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

#### Supplemental

#### Information

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Fidelity

Institutional

AM®

Emerging

Markets

Fund

#### Common

#### Stocks

#### 99

#### .7

#### %

#### Shares

#### Value

#### ($)

#### AUSTRALIA

#### 1

#### .7

#### %

#### Metals

#### &

#### Mining

#### 1

#### .7

#### %
Anglogold

Ashanti

plc

107,400

9,159,072

#### BRAZIL

#### 3

#### .1

#### %

#### Banks

#### 1

#### .1

#### %
Itau

Unibanco

Holding

SA

(Preference)

824,072

5,906,982

#### Metals

#### &

#### Mining

#### 2

#### .0

#### %
Gerdau

SA,

ADR

1,427,600

5,267,844

Vale

SA,

Class

B,

ADR

395,200

5,149,456

10,417,300

16,324,282

#### CHILE

#### 1

#### .3

#### %

#### Metals

#### &

#### Mining

#### 1

#### .3

#### %
Antofagasta

plc

154,900

6,798,584

#### CHINA

#### 29

#### .8

#### %

#### Automobiles

#### 1

#### .1

#### %
BYD

Co.

Ltd.,

Class

H

488,100

5,943,579

#### Banks

#### 2

#### .0

#### %
China

Construction

Bank

Corp.,

Class

H

10,644,000

10,490,042

#### Broadline

#### Retail

#### 4

#### .2

#### %
Alibaba

Group

Holding

Ltd.,

ADR

72,000

10,553,760

PDD

Holdings,

Inc.,

ADR

\*

101,100

11,463,730

22,017,490

#### Diversified

#### Consumer

#### Services

#### 0

#### .8

#### %
TAL

Education

Group,

ADR

\*

388,100

4,234,171

#### Electrical

#### Equipment

#### 1

#### .0

#### %
Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

96,123

5,032,254

#### Ground

#### Transportation

#### 0

#### .9

#### %
Full

Truck

Alliance

Co.

Ltd.,

ADR

440,500

4,726,565

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1

#### .9

#### %
Meituan,

Class

B

Reg.

S

\*(a)

754,200

9,952,177

#### Household

#### Durables

#### 1

#### .2

#### %
Haier

Smart

Home

Co.

Ltd.,

Class

A

1,645,600

6,138,466

#### Insurance

#### 3

#### .7

#### %
China

Life

Insurance

Co.

Ltd.,

Class

H

4,384,000

15,322,289

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

2,012,000

4,218,374

19,540,663

#### Interactive

#### Media

#### &

#### Services

#### 7

#### .1

#### %
Tencent

Holdings

Ltd.

495,600

37,976,460

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 1

#### .0

#### %
WuXi

AppTec

Co.

Ltd.,

Class

H

Reg.

S

(a) 434,200

5,471,745

#### Machinery

#### 2

#### .4

#### %
Shenzhen

Inovance

Technology

Co.

Ltd.,

Class

A

1,173,400

12,621,868

#### Metals

#### &

#### Mining

#### 1

#### .6

#### %
Zijin

Mining

Group

Co.

Ltd.,

Class

A

1,738,000

8,536,366

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### CHINA

#### Pharmaceuticals

#### 0

#### .9

#### %
Hansoh

Pharmaceutical

Group

Co.

Ltd.

Reg.

S

(a) 982,000

4,543,340

157,225,186

#### GREECE

#### 3

#### .5

#### %

#### Banks

#### 3

#### .5

#### %
Eurobank

SA

2,053,600

8,230,791

National

Bank

of

Greece

SA

685,400

10,439,749

18,670,540

#### HUNGARY

#### 2

#### .9

#### %

#### Banks

#### 1

#### .8

#### %
OTP

Bank

Nyrt.

89,300

9,568,141

#### Pharmaceuticals

#### 1

#### .1

#### %
Richter

Gedeon

Nyrt.

189,000

5,701,526

15,269,667

#### INDIA

#### 8

#### .1

#### %

#### Banks

#### 3

#### .5

#### %
HDFC

Bank

Ltd.

959,500

10,602,519

ICICI

Bank

Ltd.

503,900

7,522,994

18,125,513

#### Construction

#### &

#### Engineering

#### 2

#### .2

#### %
Larsen

&

Toubro

Ltd.

256,000

11,631,630

#### Construction

#### Materials

#### 1

#### .1

#### %
JK

Cement

Ltd.

93,700

5,766,424

#### IT

#### Services

#### 1

#### .3

#### %
Tata

Consultancy

Services

Ltd.

193,200

6,906,564

42,430,131

#### INDONESIA

#### 1

#### .6

#### %

#### Banks

#### 1

#### .6

#### %
Bank

Central

Asia

Tbk.

PT

17,766,800

8,575,974

#### MALAYSIA

#### 1

#### .7

#### %

#### Banks

#### 1

#### .7

#### %
CIMB

Group

Holdings

Bhd.

4,408,800

8,958,666

#### MEXICO

#### 7

#### .5

#### %

#### Banks

#### 1

#### .3

#### %
Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

103,500

959,505

Regional

SAB

de

CV

722,600

5,724,621

6,684,126

#### Beverages

#### 1

#### .1

#### %
Fomento

Economico

Mexicano

SAB

de

CV,

ADR

58,345

5,896,929

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 3

#### .1

#### %
Wal-Mart

de

Mexico

SAB

de

CV

5,185,200

16,162,448

#### Wireless

#### Telecommunication

#### Services

#### 2

#### .0

#### %
America

Movil

SAB

de

CV,

ADR

521,400

10,777,338

39,520,841

#### PERU

#### 2

#### .4

#### %

#### Banks

#### 2

#### .4

#### %
Credicorp

Ltd.

44,400

12,742,800

#### RUSSIA

#### 0

#### .0

#### %

#### †

#### Banks

#### 0

#### .0

#### %

#### †
Sberbank

of

Russia

PJSC

(Preference)

\*^∞

533,346

NVIT

Fidelity

Institutional

AM®

Emerging

Markets

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### RUSSIA

#### Banks
T-Tekhnologii

MKPAO,

GDR

Reg.

S

\*^∞

24,424

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0

#### .0

#### %

#### †
Magnit

PJSC

\*^∞

32,259

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0

#### .0

#### %

#### †
Gazprom

PJSC

\*^∞

1,425,666

#### SAUDI

#### ARABIA

#### 2

#### .5

#### %

#### Banks

#### 1

#### .6

#### %
Al

Rajhi

Bank

311,100

8,087,118

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0

#### .9

#### %
Saudi

Arabian

Oil

Co.

Reg.

S

(a) 785,600

4,991,306

13,078,424

#### SOUTH

#### AFRICA

#### 4

#### .0

#### %

#### Financial

#### Services

#### 1

#### .1

#### %
FirstRand

Ltd.

1,020,900

5,584,586

#### Metals

#### &

#### Mining

#### 1

#### .4

#### %
Impala

Platinum

Holdings

Ltd.

485,600

7,647,999

#### Wireless

#### Telecommunication

#### Services

#### 1

#### .5

#### %
MTN

Group

Ltd.

747,420

7,637,791

20,870,376

#### SOUTH

#### KOREA

#### 11

#### .8

#### %

#### Aerospace

#### &

#### Defense

#### 1

#### .3

#### %
Korea

Aerospace

Industries

Ltd.

88,520

7,005,464

#### Automobile

#### Components

#### 1

#### .4

#### %
Hyundai

Mobis

Co.

Ltd.

27,830

7,210,963

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 9

#### .1

#### %
Samsung

Electronics

Co.

Ltd.

578,050

48,177,170

62,393,597

#### TAIWAN

#### 14

#### .9

#### %

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 1

#### .4

#### %
Yageo

Corp.

994,000

7,280,636

#### Machinery

#### 0

#### .8

#### %
Hiwin

Technologies

Corp.

659,000

4,061,129

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 11

#### .6

#### %
MediaTek,

Inc.

300,000

13,593,472

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

972,000

47,485,482

61,078,954

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 1

#### .1

#### %
Eclat

Textile

Co.

Ltd.

475,000

5,803,049

78,223,768

#### TURKEY

#### 1

#### .4

#### %

#### Banks

#### 1

#### .1

#### %
Yapi

ve

Kredi

Bankasi

A/S

\*

6,473,000

5,476,315

#### Electrical

#### Equipment

#### 0

#### .3

#### %
Astor

Transformator

Enerji

Turizm

Insaat

ve

Petrol

Sanayi

Ticaret

A/S,

Class

B

673,600

1,837,772

7,314,087

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### UNITED

#### ARAB

#### EMIRATES

#### 1

#### .5

#### %

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 1

#### .5

#### %
Adnoc

Gas

plc

7,974,700

7,708,186

#### Total

#### Common

#### Stocks

#### (cost

#### $474,386,303)

#### 525,264,181

#### Total

#### Investments

#### (cost

#### $474,386,303)

#### —

#### 99.7%

#### 525,264,181

#### Other

#### assets

#### in

#### excess

#### of

#### liabilities

#### —

#### 0.3%

#### 1,326,134

#### NET

#### ASSETS

#### —

#### 100.0%

#### $526,590,315
\*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a) Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

December

31,

2025

was

$24,958,568

which

represents

4.74%

of

net

assets.

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Fidelity

Institutional

AM®

Worldwide

Fund

#### Common

#### Stocks

#### 99

#### .6

#### %

#### Shares

#### Value

#### ($)

#### AUSTRALIA

#### 1

#### .4

#### %

#### Aerospace

#### &

#### Defense

#### 0

#### .3

#### %
DroneShield

Ltd.

Reg.

S

\*(a)

344,606

696,355

#### Capital

#### Markets

#### 0

#### .3

#### %
Pinnacle

Investment

Management

Group

Ltd.

(a) 52,972

600,402

#### Commercial

#### Services

#### &

#### Supplies

#### 0

#### .2

#### %
Brambles

Ltd.

33,137

507,933

#### Insurance

#### 0

#### .2

#### %
Steadfast

Group

Ltd.

(a) 111,194

391,297

#### Metals

#### &

#### Mining

#### 0

#### .2

#### %
Deterra

Royalties

Ltd.

164,789

446,774

#### Specialty

#### Retail

#### 0

#### .2

#### %
Lovisa

Holdings

Ltd.

(a) 24,498

476,807

3,119,568

#### AUSTRIA

#### 0

#### .0

#### %

#### †

#### Construction

#### Materials

#### 0

#### .0

#### %

#### †
Wienerberger

AG

14,251

#### BELGIUM

#### 1

#### .0

#### %

#### Banks

#### 0

#### .4

#### %
KBC

Group

NV

7,475

971,624

#### Pharmaceuticals

#### 0

#### .6

#### %
UCB

SA

4,985

1,390,402

2,362,026

#### CANADA

#### 1

#### .8

#### %

#### IT

#### Services

#### 1

#### .1

#### %
Shopify,

Inc.,

Class

A

\*

15,417

2,481,675

#### Metals

#### &

#### Mining

#### 0

#### .7

#### %
Franco-Nevada

Corp.

(a) 7,123

1,476,496

G

Mining

Ventures

Corp.

\*

8,000

241,827

1,718,323

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0

#### .0

#### %

#### †
PrairieSky

Royalty

Ltd.

5,908

4,205,906

#### CHINA

#### 1

#### .8

#### %

#### Automobiles

#### 0

#### .3

#### %
BYD

Co.

Ltd.,

Class

H

51,239

623,936

#### Beverages

#### 0

#### .2

#### %
Kweichow

Moutai

Co.

Ltd.,

Class

A

2,200

433,258

#### Electrical

#### Equipment

#### 0

#### .3

#### %
Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

14,033

734,659

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0

#### .1

#### %
Luckin

Coffee,

Inc.,

ADR

\*(a)

7,997

267,900

#### Interactive

#### Media

#### &

#### Services

#### 0

#### .7

#### %
Tencent

Holdings

Ltd.

20,775

1,591,931

#### Machinery

#### 0

#### .2

#### %
Airtac

International

Group

16,421

486,033

4,137,717

#### DENMARK

#### 0

#### .5

#### %

#### Air

#### Freight

#### &

#### Logistics

#### 0

#### .5

#### %
DSV

A/S

4,893

1,231,305

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### FINLAND

#### 0

#### .1

#### %

#### Paper

#### &

#### Forest

#### Products

#### 0

#### .1

#### %
UPM-Kymmene

OYJ

12,066

349,662

#### FRANCE

#### 0

#### .9

#### %

#### Capital

#### Markets

#### 0

#### .2

#### %
Amundi

SA

Reg.

S

(b) 5,312

439,325

#### Food

#### Products

#### 0

#### .5

#### %
Danone

SA

12,528

1,130,394

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0

#### .1

#### %
EssilorLuxottica

SA

925

292,461

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0

#### .1

#### %
LVMH

Moet

Hennessy

Louis

Vuitton

SE

278,943

2,141,123

#### GERMANY

#### 1

#### .0

#### %

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0

#### .4

#### %
Fresenius

SE

&

Co.

KGaA

16,108

927,102

#### Software

#### 0

#### .4

#### %
SAP

SE

3,629

887,938

#### Specialty

#### Retail

#### 0

#### .2

#### %
Auto1

Group

SE

Reg.

S

\*(b)

10,655

341,623

2,156,663

#### HONG

#### KONG

#### 1

#### .1

#### %

#### Capital

#### Markets

#### 0

#### .3

#### %
Futu

Holdings

Ltd.,

ADR

\*

3,557

584,095

#### Insurance

#### 0

#### .8

#### %
Prudential

plc

122,363

1,887,969

2,472,064

#### INDONESIA

#### 0

#### .8

#### %

#### Banks

#### 0

#### .8

#### %
Bank

Central

Asia

Tbk.

PT

3,930,020

1,897,007

#### IRELAND

#### 1

#### .1

#### %

#### Banks

#### 0

#### .8

#### %
AIB

Group

plc

178,177

1,914,633

#### Building

#### Products

#### 0

#### .3

#### %
Kingspan

Group

plc

8,866

766,113

2,680,746

#### ITALY

#### 1

#### .8

#### %

#### Electrical

#### Equipment

#### 0

#### .5

#### %
Prysmian

SpA

10,059

1,003,002

#### Financial

#### Services

#### 0

#### .5

#### %
BFF

Bank

SpA

Reg.

S

\*(b)

106,338

1,181,018

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0

#### .0

#### %

#### †
Lottomatica

Group

Spa

9,683

#### Pharmaceuticals

#### 0

#### .4

#### %
Recordati

Industria

Chimica

e

Farmaceutica

SpA

14,655

834,763

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0

#### .4

#### %
PRADA

SpA

146,741

846,184

3,874,650

#### JAPAN

#### 4

#### .2

#### %

#### Chemicals

#### 0

#### .4

#### %
NOF

Corp.

43,083

829,581

NVIT

Fidelity

Institutional

AM®

Worldwide

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### JAPAN

#### Commercial

#### Services

#### &

#### Supplies

#### 0

#### .3

#### %
Japan

Elevator

Service

Holdings

Co.

Ltd.

49,432

548,932

#### Entertainment

#### 0

#### .5

#### %
Nintendo

Co.

Ltd.

16,944

1,144,556

#### Machinery

#### 0

#### .2

#### %
Ebara

Corp.

24,011

566,337

#### Media

#### 0

#### .3

#### %
CyberAgent,

Inc.

63,716

544,581

#### Professional

#### Services

#### 0

#### .2

#### %
Timee,

Inc.

\*(a)

71,739

579,668

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0

#### .3

#### %
Katitas

Co.

Ltd.

(a) 35,913

730,263

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0

#### .3

#### %
Renesas

Electronics

Corp.

\*

57,872

792,573

#### Specialty

#### Retail

#### 0

#### .7

#### %
Fast

Retailing

Co.

Ltd.

2,062

747,789

USS

Co.

Ltd.

82,301

902,873

1,650,662

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0

#### .5

#### %
FUJIFILM

Holdings

Corp.

47,980

1,025,148

#### Trading

#### Companies

#### &

#### Distributors

#### 0

#### .5

#### %
ITOCHU

Corp.

85,830

1,083,401

9,495,702

#### LUXEMBOURG

#### 0

#### .0

#### %

#### †

#### Automobile

#### Components

#### 0

#### .0

#### %

#### †
Novem

Group

SA

\*

1,315

#### NETHERLANDS

#### 1

#### .4

#### %

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 1

#### .4

#### %
ASM

International

NV

1,228

740,261

ASML

Holding

NV

1,426

1,524,274

BE

Semiconductor

Industries

NV

5,252

816,718

3,081,253

#### NORWAY

#### 0

#### .3

#### %

#### Energy

#### Equipment

#### &

#### Services

#### 0

#### .3

#### %
TGS

ASA

89,743

814,490

#### SPAIN

#### 2

#### .0

#### %

#### Banks

#### 2

#### .0

#### %
Banco

Santander

SA

94,051

1,103,674

Bankinter

SA

110,684

1,832,708

CaixaBank

SA

137,213

1,675,678

4,612,060

#### SWEDEN

#### 2

#### .1

#### %

#### Banks

#### 0

#### .9

#### %
NOBA

Bank

Group

AB

\*

39,220

500,647

Swedbank

AB,

Class

A

49,531

1,723,143

2,223,790

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0

#### .0

#### %

#### †
Dustin

Group

AB

Reg.

S

\*(b)

13,397

2,617

#### Household

#### Durables

#### 0

#### .3

#### %
JM

AB

35,704

538,716

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0

#### .6

#### %
AddLife

AB,

Class

B

82,173

1,419,234

#### Machinery

#### 0

#### .2

#### %
Epiroc

AB,

Class

A

19,425

439,528

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### SWEDEN

#### Metals

#### &

#### Mining

#### 0

#### .1

#### %
Alleima

AB

10,300

91,015

#### Specialty

#### Retail

#### 0

#### .0

#### %

#### †
Haypp

Group

AB

\*

1,168

18,117

4,733,017

#### SWITZERLAND

#### 2

#### .1

#### %

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 2

#### .1

#### %
TE

Connectivity

plc

21,055

4,790,223

#### TAIWAN

#### 3

#### .7

#### %

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0

#### .4

#### %
E

Ink

Holdings,

Inc.

142,834

897,422

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 3

#### .3

#### %
Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

24,425

1,193,244

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

21,735

6,605,049

7,798,293

8,695,715

#### UNITED

#### ARAB

#### EMIRATES

#### 0

#### .1

#### %

#### Personal

#### Care

#### Products

#### 0

#### .1

#### %
Softcare

Ltd.

\*

67,476

280,388

#### UNITED

#### KINGDOM

#### 5

#### .0

#### %

#### Banks

#### 0

#### .5

#### %
NatWest

Group

plc

126,388

1,102,351

#### Beverages

#### 0

#### .3

#### %
Diageo

plc

30,906

665,737

#### Capital

#### Markets

#### 0

#### .3

#### %
London

Stock

Exchange

Group

plc

6,772

815,447

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .0

#### %

#### †
Zegona

Communications

plc

1,280

23,859

#### Food

#### Products

#### 0

#### .2

#### %
Cranswick

plc

6,762

449,739

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1

#### .0

#### %
Flutter

Entertainment

plc

\*

7,943

1,721,898

Flutter

Entertainment

plc

\*

2,515

540,826

2,262,724

#### Insurance

#### 1

#### .2

#### %
Admiral

Group

plc

19,114

818,278

Beazley

plc

72,552

810,492

Hiscox

Ltd.

62,709

1,195,606

Sabre

Insurance

Group

plc

Reg.

S

(b) 11,193

19,586

2,843,962

#### IT

#### Services

#### 0

#### .2

#### %
Softcat

plc

25,659

487,822

#### Leisure

#### Products

#### 0

#### .0

#### %

#### †
Games

Workshop

Group

plc

37,564

#### Professional

#### Services

#### 0

#### .3

#### %
Intertek

Group

plc

9,491

588,611

#### Specialized

#### REITs

#### 0

#### .2

#### %
Big

Yellow

Group

plc

28,812

404,580

#### Tobacco

#### 0

#### .8

#### %
British

American

Tobacco

plc

33,791

1,915,194

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Fidelity

Institutional

AM®

Worldwide

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### UNITED

#### KINGDOM

#### Trading

#### Companies

#### &

#### Distributors

#### 0

#### .0

#### %

#### †
RS

GROUP

plc

2,057

17,183

11,614,773

#### UNITED

#### STATES

#### 65

#### .4

#### %

#### Aerospace

#### &

#### Defense

#### 1

#### .7

#### %
Boeing

Co.

(The)

\*

13,801

2,996,473

GE

Aerospace

3,251

1,001,406

Rocket

Lab

Corp.

\*

27,904

4,025,783

#### Automobiles

#### 1

#### .8

#### %
Rivian

Automotive,

Inc.,

Class

A

\*

40,774

803,655

Tesla,

Inc.

\*

7,661

3,445,305

4,248,960

#### Banks

#### 1

#### .4

#### %
Coastal

Financial

Corp.

\*(a)

1,424

163,176

Wells

Fargo

&

Co.

31,118

2,900,198

3,063,374

#### Biotechnology

#### 0

#### .8

#### %
Alnylam

Pharmaceuticals,

Inc.

\*(a)

4,989

1,983,876

#### Broadline

#### Retail

#### 4

#### .5

#### %
Amazon.com,

Inc.

\*

45,419

10,483,614

#### Capital

#### Markets

#### 4

#### .5

#### %
Bank

of

New

York

Mellon

Corp.

(The)

55,991

6,499,995

Coinbase

Global,

Inc.,

Class

A

\*

25,780

Interactive

Brokers

Group,

Inc.,

Class

A

9,792

629,723

Morgan

Stanley

13,232

2,349,077

MSCI,

Inc.,

Class

A

800

458,984

Robinhood

Markets,

Inc.,

Class

A

\*

4,992

564,595

10,528,154

#### Communications

#### Equipment

#### 1

#### .2

#### %
Arista

Networks,

Inc.

\*

571

74,818

Ciena

Corp.

\*

3,600

841,932

Lumentum

Holdings,

Inc.

\*(a)

5,237

1,930,306

2,847,056

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0

#### .6

#### %
Dollar

Tree,

Inc.

\*

10,682

1,313,993

Sprouts

Farmers

Market,

Inc.

\*

1,311

104,447

1,418,440

#### Electric

#### Utilities

#### 1

#### .3

#### %
NextEra

Energy,

Inc.

8,385

673,148

NRG

Energy,

Inc.

14,701

2,340,987

3,014,135

#### Electrical

#### Equipment

#### 0

#### .3

#### %
Eaton

Corp.

plc

2,405

766,017

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 2

#### .0

#### %
Amphenol

Corp.,

Class

A

22,894

3,093,895

Corning,

Inc.

19,167

1,678,263

4,772,158

#### Entertainment

#### 0

#### .4

#### %
Netflix,

Inc.

\*

9,230

865,405

#### Ground

#### Transportation

#### 1

#### .0

#### %
JB

Hunt

Transport

Services,

Inc.

3,200

621,888

Old

Dominion

Freight

Line,

Inc.

11,037

1,730,602

2,352,490

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0

#### .9

#### %
Alcon

AG

12,544

996,413

Intuitive

Surgical,

Inc.

\*

1,625

920,335

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### UNITED

#### STATES

#### Health

#### Care

#### Equipment

#### &

#### Supplies
Medline,

Inc.,

Class

A

\*(a)

3,900

163,800

2,080,548

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0

#### .6

#### %
Cardinal

Health,

Inc.

1,228

252,354

Cencora,

Inc.

986

333,022

HCA

Healthcare,

Inc.

1,468

685,350

McKesson

Corp.

153,394

1,424,120

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0

#### .1

#### %
DraftKings,

Inc.,

Class

A

\*

5,176

178,365

#### Household

#### Durables

#### 1

#### .9

#### %
Somnigroup

International,

Inc.

50,227

4,484,266

#### Household

#### Products

#### 0

#### .3

#### %
Procter

&

Gamble

Co.

(The)

4,700

673,557

#### Interactive

#### Media

#### &

#### Services

#### 8

#### .6

#### %
Alphabet,

Inc.,

Class

A

50,070

15,671,910

Meta

Platforms,

Inc.,

Class

A

6,808

4,493,893

20,165,803

#### IT

#### Services

#### 0

#### .4

#### %
International

Business

Machines

Corp.

2,790

826,426

MongoDB,

Inc.,

Class

A

\*

125,907

952,333

#### Machinery

#### 4

#### .5

#### %
Caterpillar,

Inc.

5,955

3,411,441

Cummins,

Inc.

7,402

3,778,351

PACCAR,

Inc.

18,964

2,076,747

Parker-Hannifin

Corp.

1,227

1,078,484

RBC

Bearings,

Inc.

\*

89,686

10,434,709

#### Media

#### 0

#### .6

#### %
EchoStar

Corp.,

Class

A

\*

13,340

1,450,058

#### Metals

#### &

#### Mining

#### 0

#### .9

#### %
Alcoa

Corp.

4,500

239,130

Steel

Dynamics,

Inc.

(a) 11,064

1,874,795

2,113,925

#### Passenger

#### Airlines

#### 0

#### .3

#### %
United

Airlines

Holdings,

Inc.

\*

7,335

820,200

#### Pharmaceuticals

#### 4

#### .6

#### %
Eli

Lilly

&

Co.

7,824

8,408,296

Johnson

&

Johnson

11,400

2,359,230

10,767,526

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 7

#### .9

#### %
Broadcom,

Inc.

5,670

1,962,387

MACOM

Technology

Solutions

Holdings,

Inc.

\*

537

91,977

Micron

Technology,

Inc.

3,372

962,403

NVIDIA

Corp.

81,974

15,288,151

Teradyne,

Inc.

865

167,429

18,472,347

#### Software

#### 4

#### .5

#### %
Microsoft

Corp.

18,287

8,843,959

Palantir

Technologies,

Inc.,

Class

A

\*

6,211

1,104,005

Rubrik,

Inc.,

Class

A

\*

3,900

298,272

Strategy,

Inc.,

Class

A

\*(a)

1,772

269,255

10,515,491

#### Specialty

#### Retail

#### 0

#### .2

#### %
Lithia

Motors,

Inc.,

Class

A

1,452

482,543

NVIT

Fidelity

Institutional

AM®

Worldwide

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### UNITED

#### STATES

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 6

#### .6

#### %
Apple,

Inc.

36,518

9,927,784

Seagate

Technology

Holdings

plc

(a) 3,614

995,259

Western

Digital

Corp.

26,159

4,506,411

15,429,454

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0

#### .7

#### %
Ralph

Lauren

Corp.,

Class

A

4,754

1,681,062

#### Tobacco

#### 0

#### .2

#### %
Philip

Morris

International,

Inc.

(a) 3,095

496,438

#### Trading

#### Companies

#### &

#### Distributors

#### 0

#### .1

#### %
Herc

Holdings,

Inc.

(a) 132

19,586

United

Rentals,

Inc.

207,995

227,581

153,219,788

#### Total

#### Common

#### Stocks

#### (cost

#### $225,360,454)

#### 231,981,412

#### Repurchase

#### Agreements

#### 3

#### .1

#### %

#### Principal

#### Amount

#### ($)
Bank

of

America

NA,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$2,000,428,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.50%,

maturing

5/1/2049

-

9/1/2050;

total

market

value

$2,040,000.(c)

(d) 2,000,000

2,000,000

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$4,139,543,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$4,221,433.(c)

(d) 4,138,660

4,138,660

Pershing

LLC,

3.72%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$1,000,207,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

2/15/2026

-

12/20/2075;

total

market

value

$1,020,000.(c)

(d) 1,000,000

1,000,000

#### Total

#### Repurchase

#### Agreements

#### (cost

#### $7,138,660)

#### 7,138,660

#### Total

#### Investments

#### (cost

#### $232,499,114)

#### —

#### 102.7%

#### 239,120,072

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (2.7)%

#### (#### 6,296,159

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $232,823,913
\*

Denotes

a

non-income

producing

security.

†

Amount

rounds

to

less

than

0.1%.

(a) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$9,495,224,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$7,138,660

and

by

$2,733,181

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.75%,

and

maturity

dates

ranging

from

1/15/2026

-

8/15/2055,

a

total

value

of

$9,871,841.

(b) Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

December

31,

2025

was

$1,984,169

which

represents

0.85%

of

net

assets.

(c) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$7,138,660.

(d) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Fidelity

Institutional

AM®

Worldwide

Fund

ADR

American

Depositary

Receipt

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.
NVIT

International

Equity

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### 98

#### .7

#### %

#### Shares

#### Value

#### ($)

#### AUSTRALIA

#### 3

#### .7

#### %

#### Commercial

#### Services

#### &

#### Supplies

#### 0

#### .7

#### %
Brambles

Ltd.

192,595

2,952,151

#### Construction

#### &

#### Engineering

#### 0

#### .1

#### %
SRG

Global

Ltd.

269,454

535,206

#### Interactive

#### Media

#### &

#### Services

#### 0

#### .2

#### %
REA

Group

Ltd.

(a) 7,610

931,480

#### Metals

#### &

#### Mining

#### 1

#### .8

#### %
Alkane

Resources

Ltd.

\*

627,720

560,198

Catalyst

Metals

Ltd.

\*(a)

246,381

1,202,292

Evolution

Mining

Ltd.

88,922

748,100

Fortescue

Ltd.

36,442

532,845

Northern

Star

Resources

Ltd.

183,493

3,254,878

Ramelius

Resources

Ltd.

(a) 301,323

831,764

Regis

Resources

Ltd.

151,033

756,376

7,886,453

#### Passenger

#### Airlines

#### 0

#### .8

#### %
Qantas

Airways

Ltd.

483,976

3,338,915

#### Software

#### 0

#### .1

#### %
Bravura

Solutions

Ltd.

(a) 331,000

564,052

16,208,257

#### BELGIUM

#### 0

#### .1

#### %

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .1

#### %
Proximus

SADP

(a) 67,606

562,052

#### BRAZIL

#### 1

#### .3

#### %

#### Electric

#### Utilities

#### 0

#### .4

#### %
CPFL

Energia

SA

177,800

1,726,334

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0

#### .7

#### %
Petroleo

Brasileiro

SA

(Preference)

547,100

3,088,027

#### Water

#### Utilities

#### 0

#### .2

#### %
Cia

De

Sanena

Do

Parana

110,100

805,496

5,619,857

#### CANADA

#### 8

#### .2

#### %

#### Automobile

#### Components

#### 1

#### .2

#### %
Magna

International,

Inc.

(a) 102,082

5,441,944

#### Banks

#### 0

#### .5

#### %
Toronto-Dominion

Bank

(The)

(a) 23,646

2,228,587

#### Broadline

#### Retail

#### 0

#### .3

#### %
Dollarama,

Inc.

(a) 9,834

1,469,780

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1

#### .5

#### %
Loblaw

Cos.

Ltd.

138,326

6,253,418

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .2

#### %
Quebecor,

Inc.,

Class

B

(a) 18,504

696,992

#### Insurance

#### 0

#### .3

#### %
Fairfax

Financial

Holdings

Ltd.

501

954,837

iA

Financial

Corp.,

Inc.

3,724

482,488

1,437,325

#### IT

#### Services

#### 0

#### .7

#### %
Shopify,

Inc.,

Class

A

\*

19,967

3,214,970

#### Metals

#### &

#### Mining

#### 1

#### .8

#### %
Agnico

Eagle

Mines

Ltd.

10,222

1,733,469

Barrick

Mining

Corp.

(a) 77,544

3,377,913

Kinross

Gold

Corp.

65,907

1,856,372

Torex

Gold

Resources,

Inc.

(a) 11,474

547,890

7,515,644

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### CANADA

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 1

#### .1

#### %
Cameco

Corp.

5,758

527,242

Canadian

Natural

Resources

Ltd.

(a) 62,061

2,102,084

Suncor

Energy,

Inc.

54,395

2,414,297

5,043,623

#### Software

#### 0

#### .6

#### %
Constellation

Software,

Inc.

1,091

2,624,187

35,926,470

#### CHINA

#### 8

#### .5

#### %

#### Banks

#### 1

#### .0

#### %
BOC

Hong

Kong

Holdings

Ltd.

96,000

485,391

China

Construction

Bank

Corp.,

Class

H

508,000

500,652

China

Everbright

Bank

Co.

Ltd.,

Class

H

(a) 2,420,000

1,130,862

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

Class

H

1,556,000

1,228,483

Postal

Savings

Bank

of

China

Co.

Ltd.,

Class

H

Reg.

S

(b) 1,264,000

862,705

4,208,093

#### Broadline

#### Retail

#### 1

#### .7

#### %
Alibaba

Group

Holding

Ltd.

229,400

4,198,340

Alibaba

Group

Holding

Ltd.,

ADR

(a) 6,499

952,623

JD.com,

Inc.,

Class

A

71,307

1,022,936

PDD

Holdings,

Inc.,

ADR

\*(a)

9,665

1,095,914

7,269,813

#### Capital

#### Markets

#### 0

#### .1

#### %
CITIC

Securities

Co.

Ltd.,

Class

H

131,000

459,332

#### Electrical

#### Equipment

#### 0

#### .1

#### %
Contemporary

Amperex

Technology

Co.

Ltd.,

Class

H

(a) 9,500

615,715

#### Entertainment

#### 0

#### .5

#### %
NetEase,

Inc.

46,700

1,285,141

Tencent

Music

Entertainment

Group,

ADR

47,028

824,401

2,109,542

#### Food

#### Products

#### 0

#### .2

#### %
Uni-President

China

Holdings

Ltd.

1,050,000

1,096,856

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0

#### .2

#### %
H

World

Group

Ltd.,

ADR

(a) 10,697

503,294

Trip.com

Group

Ltd.

7,300

523,656

1,026,950

#### Household

#### Durables

#### 0

#### .6

#### %
Midea

Group

Co.

Ltd.,

Class

H

223,700

2,436,857

#### Industrial

#### Conglomerates

#### 0

#### .1

#### %
CITIC

Ltd.

417,000

644,428

#### Insurance

#### 1

#### .6

#### %
China

Pacific

Insurance

Group

Co.

Ltd.,

Class

H

109,200

491,813

New

China

Life

Insurance

Co.

Ltd.,

Class

H

85,100

591,272

People's

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

H

3,091,000

2,671,609

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

404,500

3,402,589

7,157,283

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

International

Equity

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### CHINA

#### Interactive

#### Media

#### &

#### Services

#### 1

#### .8

#### %
Kuaishou

Technology

Reg.

S

(b) 142,300

1,159,814

Tencent

Holdings

Ltd.

85,800

6,574,616

7,734,430

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0

#### .1

#### %
PetroChina

Co.

Ltd.,

Class

H

518,000

556,536

#### Professional

#### Services

#### 0

#### .2

#### %
Kanzhun

Ltd.,

ADR

38,839

791,539

#### Specialty

#### Retail

#### 0

#### .1

#### %
Pop

Mart

International

Group

Ltd.

Reg.

S

(b) 25,400

609,495

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0

#### .2

#### %
Xiaomi

Corp.,

Class

B

Reg.

S

\*(b)

154,200

778,257

37,495,126

#### DENMARK

#### 0

#### .4

#### %

#### Pharmaceuticals

#### 0

#### .4

#### %
Novo

Nordisk

A/S,

Class

B

38,130

1,943,593

#### FRANCE

#### 6

#### .4

#### %

#### Aerospace

#### &

#### Defense

#### 0

#### .2

#### %
Thales

SA

3,139

847,845

#### Banks

#### 2

#### .7

#### %
BNP

Paribas

SA

90,406

8,554,722

Societe

Generale

SA

47,891

3,858,475

12,413,197

#### Construction

#### &

#### Engineering

#### 1

#### .2

#### %
Vinci

SA

36,360

5,105,936

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0

#### .1

#### %
Carrefour

SA

27,070

451,539

#### Diversified

#### REITs

#### 0

#### .1

#### %
Covivio

SA

7,815

519,372

#### Energy

#### Equipment

#### &

#### Services

#### 0

#### .3

#### %
Technip

Energies

NV

17,666

671,014

Viridien

\*

3,909

452,169

1,123,183

#### Gas

#### Utilities

#### 0

#### .1

#### %
Rubis

SCA

13,296

501,344

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 1

#### .1

#### %
Gaztransport

Et

Technigaz

SA

5,937

1,089,215

TotalEnergies

SE

57,966

3,778,100

4,867,315

#### Personal

#### Care

#### Products

#### 0

#### .6

#### %
L'Oreal

SA

5,763

2,475,400

28,305,131

#### GERMANY

#### 4

#### .8

#### %

#### Aerospace

#### &

#### Defense

#### 0

#### .1

#### %
Rheinmetall

AG

416,250

#### Automobiles

#### 0

#### .9

#### %
Mercedes-Benz

Group

AG

30,455

2,149,177

Volkswagen

AG

(Preference)

14,741

1,792,853

3,942,030

#### Capital

#### Markets

#### 1

#### .4

#### %
Deutsche

Bank

AG

(Registered)

151,475

5,891,566

#### Electrical

#### Equipment

#### 0

#### .3

#### %
Siemens

Energy

AG

\*

8,194

1,158,039

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### GERMANY

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0

#### .5

#### %
TUI

AG

\*

202,132

2,133,119

#### Insurance

#### 0

#### .2

#### %
Allianz

SE

(Registered)

2,197

1,007,694

#### IT

#### Services

#### 0

#### .2

#### %
IONOS

Group

SE

\*

29,156

916,597

#### Machinery

#### 1

#### .1

#### %
GEA

Group

AG

74,088

5,030,087

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0

#### .1

#### %
Friedrich

Vorwerk

Group

SE

(a) 6,164

591,091

21,086,473

#### HONG

#### KONG

#### 2

#### .1

#### %

#### Food

#### Products

#### 1

#### .2

#### %
WH

Group

Ltd.

Reg.

S

(b) 4,732,000

5,268,261

#### Insurance

#### 0

#### .9

#### %
AIA

Group

Ltd.

53,800

552,606

Prudential

plc

231,268

3,568,291

4,120,897

9,389,158

#### HUNGARY

#### 0

#### .2

#### %

#### Banks

#### 0

#### .2

#### %
OTP

Bank

Nyrt.

9,008

965,171

#### INDIA

#### 4

#### .8

#### %

#### Automobiles

#### 0

#### .1

#### %
Tata

Motors

Passenger

Vehicles

Ltd.

153,152

625,288

#### Banks

#### 1

#### .9

#### %
Canara

Bank

886,379

1,527,817

HDFC

Bank

Ltd.

50,228

555,022

Indian

Bank

133,376

1,242,426

South

Indian

Bank

Ltd.

(The)

3,052,617

1,301,656

State

Bank

of

India

208,997

2,284,018

Union

Bank

of

India

Ltd.

489,612

837,696

7,748,635

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .3

#### %
Indus

Towers

Ltd.

\*

326,542

1,521,959

#### Financial

#### Services

#### 0

#### .3

#### %
LIC

Housing

Finance

Ltd.

86,030

516,499

Power

Finance

Corp.

Ltd.

222,318

881,589

1,398,088

#### Insurance

#### 0

#### .2

#### %
Life

Insurance

Corp.

of

India

104,023

989,432

#### IT

#### Services

#### 1

#### .1

#### %
HCL

Technologies

Ltd.

139,558

2,520,763

Infosys

Ltd.

132,296

2,365,961

4,886,724

#### Machinery

#### 0

#### .0

#### %

#### †
Tata

Motors

Ltd.

\*

23,071

106,654

#### Metals

#### &

#### Mining

#### 0

#### .3

#### %
Vedanta

Ltd.

214,969

1,445,751

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0

#### .1

#### %
Reliance

Industries

Ltd.

24,214

422,645

#### Pharmaceuticals

#### 0

#### .3

#### %
Sun

Pharmaceutical

Industries

Ltd.

59,757

1,146,669

NVIT

International

Equity

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### INDIA

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0

#### .2

#### %
Oberoi

Realty

Ltd.

42,185

783,882

21,075,727

#### INDONESIA

#### 0

#### .5

#### %

#### Food

#### Products

#### 0

#### .3

#### %
Indofood

Sukses

Makmur

Tbk.

PT

1,132,900

460,276

Japfa

Comfeed

Indonesia

Tbk.

PT

6,468,100

1,016,086

1,476,362

#### Media

#### 0

#### .2

#### %
Solusi

Sinergi

Digital

Tbk.

PT

3,480,000

678,105

2,154,467

#### IRELAND

#### 0

#### .5

#### %

#### Banks

#### 0

#### .2

#### %
AIB

Group

plc

91,013

977,997

#### Trading

#### Companies

#### &

#### Distributors

#### 0

#### .3

#### %
AerCap

Holdings

NV

8,763

1,259,769

2,237,766

#### ISRAEL

#### 0

#### .3

#### %

#### IT

#### Services

#### 0

#### .2

#### %
Wix.com

Ltd.

\*(a)

7,341

762,656

#### Software

#### 0

#### .1

#### %
Nice

Ltd.,

ADR

\*(a)

4,490

507,550

1,270,206

#### ITALY

#### 2

#### .9

#### %

#### Aerospace

#### &

#### Defense

#### 0

#### .6

#### %
Leonardo

SpA

45,085

2,582,725

#### Automobiles

#### 0

#### .5

#### %
Ferrari

NV

6,269

2,334,164

#### Banks

#### 1

#### .2

#### %
Intesa

Sanpaolo

SpA

272,894

1,890,036

UniCredit

SpA

38,032

3,157,255

5,047,291

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .2

#### %
Telecom

Italia

SpA

\*

1,307,684

784,451

#### Financial

#### Services

#### 0

#### .2

#### %
Nexi

SpA

Reg.

S

(a)(b) 204,571

1,009,288

#### Leisure

#### Products

#### 0

#### .2

#### %
Technogym

SpA

Reg.

S

(b) 49,277

930,266

12,688,185

#### JAPAN

#### 13

#### .0

#### %

#### Automobile

#### Components

#### 1

#### .0

#### %
Denso

Corp.

311,100

4,291,435

#### Automobiles

#### 0

#### .3

#### %
Suzuki

Motor

Corp.

39,400

585,167

Toyota

Motor

Corp.

43,000

919,848

1,505,015

#### Banks

#### 1

#### .2

#### %
Hachijuni

Bank

Ltd.

(The)

(a) 78,700

849,930

Japan

Post

Bank

Co.

Ltd.

47,200

663,821

Mizuho

Financial

Group,

Inc.

24,500

889,637

Sumitomo

Mitsui

Financial

Group,

Inc.

88,100

2,835,353

5,238,741

#### Chemicals

#### 1

#### .2

#### %
Asahi

Kasei

Corp.

401,600

3,564,112

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### JAPAN

#### Chemicals
Nissan

Chemical

Corp.

(a) 23,500

805,319

Sumitomo

Chemical

Co.

Ltd.

245,200

697,963

5,067,394

#### Construction

#### &

#### Engineering

#### 0

#### .4

#### %
Chiyoda

Corp.

\*

182,400

856,772

Sanki

Engineering

Co.

Ltd.

(a) 30,500

1,118,998

1,975,770

#### Consumer

#### Finance

#### 0

#### .2

#### %
Credit

Saison

Co.

Ltd.

24,600

661,034

#### Diversified

#### Telecommunication

#### Services

#### 0

#### .6

#### %
NTT,

Inc.

2,426,900

2,448,496

#### Electrical

#### Equipment

#### 1

#### .3

#### %
Mitsubishi

Electric

Corp.

208,300

6,110,788

#### Financial

#### Services

#### 0

#### .4

#### %
ORIX

Corp.

54,600

1,587,321

#### Ground

#### Transportation

#### 0

#### .2

#### %
Central

Japan

Railway

Co.

26,600

737,400

#### Household

#### Durables

#### 0

#### .8

#### %
Sony

Group

Corp.

145,100

3,708,779

#### Insurance

#### 1

#### .6

#### %
Dai-ichi

Life

Holdings,

Inc.

68,600

569,533

Japan

Post

Holdings

Co.

Ltd.

504,300

5,303,132

MS&AD

Insurance

Group

Holdings,

Inc.

29,100

685,222

T&D

Holdings,

Inc.

37,300

859,537

7,417,424

#### Leisure

#### Products

#### 0

#### .6

#### %
Bandai

Namco

Holdings,

Inc.

79,300

2,113,606

Sankyo

Co.

Ltd.

30,400

493,453

2,607,059

#### Machinery

#### 0

#### .2

#### %
Glory

Ltd.

29,000

733,836

#### Passenger

#### Airlines

#### 0

#### .6

#### %
Japan

Airlines

Co.

Ltd.

145,000

2,699,005

#### Personal

#### Care

#### Products

#### 0

#### .2

#### %
Kao

Corp.

(a) 17,600

704,279

#### Pharmaceuticals

#### 0

#### .3

#### %
Chugai

Pharmaceutical

Co.

Ltd.

23,100

1,214,321

#### Professional

#### Services

#### 0

#### .5

#### %
Recruit

Holdings

Co.

Ltd.

40,100

2,287,587

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0

#### .5

#### %
Daito

Trust

Construction

Co.

Ltd.

33,700

642,710

Daiwa

House

Industry

Co.

Ltd.

15,600

518,070

Mitsui

Fudosan

Co.

Ltd.

78,900

897,676

2,058,456

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0

#### .5

#### %
Advantest

Corp.

5,900

744,840

Tokyo

Electron

Ltd.

5,700

1,251,820

1,996,660

#### Wireless

#### Telecommunication

#### Services

#### 0

#### .4

#### %
KDDI

Corp.

76,400

1,321,595

SoftBank

Corp.

377,500

518,254

1,839,849

56,890,649

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

International

Equity

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### MALAYSIA

#### 0

#### .4

#### %

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0

#### .2

#### %

Speed

Mart

Retail

Holdings

Bhd.

713,600

670,143

#### Electric

#### Utilities

#### 0

#### .2

#### %
Tenaga

Nasional

Bhd.

336,800

1,139,653

1,809,796

#### MEXICO

#### 0

#### .2

#### %

#### Construction

#### Materials

#### 0

#### .2

#### %
Cemex

SAB

de

CV,

ADR

69,686

800,692

#### NETHERLANDS

#### 3

#### .1

#### %

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0

#### .8

#### %
Koninklijke

Ahold

Delhaize

NV

85,188

3,493,797

#### Financial

#### Services

#### 0

#### .5

#### %
EXOR

NV

28,380

2,405,173

#### Professional

#### Services

#### 0

#### .5

#### %
Wolters

Kluwer

NV

22,678

2,354,575

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 1

#### .3

#### %
ASML

Holding

NV

5,046

5,393,750

13,647,295

#### PHILIPPINES

#### 0

#### .4

#### %

#### Transportation

#### Infrastructure

#### 0

#### .4

#### %
International

Container

Terminal

Services,

Inc.

175,950

1,687,053

#### POLAND

#### 0

#### .5

#### %

#### Electric

#### Utilities

#### 0

#### .5

#### %
PGE

Polska

Grupa

Energetyczna

SA

\*

599,074

1,465,169

Tauron

Polska

Energia

SA

\*

390,134

936,936

2,402,105

#### PORTUGAL

#### 0

#### .4

#### %

#### Banks

#### 0

#### .3

#### %
Banco

Comercial

Portugues

SA,

Class

R

1,089,049

1,141,211

#### Electric

#### Utilities

#### 0

#### .1

#### %
EDP

SA

97,001

445,859

1,587,070

#### SAUDI

#### ARABIA

#### 0

#### .5

#### %

#### Electrical

#### Equipment

#### 0

#### .3

#### %
Electrical

Industries

Co.

415,303

1,240,124

#### Wireless

#### Telecommunication

#### Services

#### 0

#### .2

#### %
Etihad

Etisalat

Co.

61,969

1,089,761

2,329,885

#### SINGAPORE

#### 1

#### .2

#### %

#### Banks

#### 0

#### .5

#### %
Oversea-Chinese

Banking

Corp.

Ltd.

34,700

533,025

United

Overseas

Bank

Ltd.

57,300

1,560,476

2,093,501

#### Broadline

#### Retail

#### 0

#### .2

#### %
Sea

Ltd.,

ADR

\*

6,319

806,115

#### Capital

#### Markets

#### 0

#### .3

#### %
Singapore

Exchange

Ltd.

89,900

1,181,296

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### SINGAPORE

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0

#### .2

#### %
UOL

Group

Ltd.

148,900

1,011,218

5,092,130

#### SOUTH

#### AFRICA

#### 1

#### .1

#### %

#### Financial

#### Services

#### 0

#### .1

#### %
FirstRand

Ltd.

102,455

560,455

#### Metals

#### &

#### Mining

#### 1

#### .0

#### %
Gold

Fields

Ltd.,

ADR

43,602

1,903,663

Harmony

Gold

Mining

Co.

Ltd.,

ADR

128,427

2,555,698

4,459,361

5,019,816

#### SOUTH

#### KOREA

#### 4

#### .3

#### %

#### Banks

#### 0

#### .7

#### %
Hana

Financial

Group,

Inc.

38,681

2,523,108

KB

Financial

Group,

Inc.

6,044

522,492

3,045,600

#### Electric

#### Utilities

#### 0

#### .6

#### %
Korea

Electric

Power

Corp.

\*

78,607

2,554,923

#### Financial

#### Services

#### 0

#### .1

#### %
Meritz

Financial

Group,

Inc.

8,354

654,446

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0

#### .1

#### %
HD

Hyundai

Co.

Ltd.

3,700

480,220

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 1

#### .0

#### %
SK

hynix,

Inc.

9,790

4,433,161

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 1

#### .8

#### %
Samsung

Electronics

Co.

Ltd.

94,857

7,905,789

19,074,139

#### SPAIN

#### 1

#### .9

#### %

#### Banks

#### 1

#### .5

#### %
Banco

Bilbao

Vizcaya

Argentaria

SA

108,554

2,539,093

Banco

Santander

SA

320,380

3,759,610

6,298,703

#### Electric

#### Utilities

#### 0

#### .4

#### %
Acciona

SA

(a) 8,858

1,924,824

8,223,527

#### SWEDEN

#### 1

#### .6

#### %

#### Building

#### Products

#### 0

#### .8

#### %
Assa

Abloy

AB,

Class

B

84,425

3,273,113

#### Commercial

#### Services

#### &

#### Supplies

#### 0

#### .1

#### %
Loomis

AB,

Class

B

13,744

582,523

#### Communications

#### Equipment

#### 0

#### .3

#### %
Telefonaktiebolaget

LM

Ericsson,

ADR

(a) 140,337

1,354,252

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0

#### .0

#### %

#### †
Intellego

Technologies

AB

\*∞(a)

10,355

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0

#### .1

#### %
Betsson

AB,

Class

B

30,619

489,937

#### Metals

#### &

#### Mining

#### 0

#### .3

#### %
Boliden

AB

\*

27,120

1,500,825

7,200,650

NVIT

International

Equity

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### SWITZERLAND

#### 2

#### .1

#### %

#### Building

#### Products

#### 0

#### .4

#### %
Belimo

Holding

AG

(Registered)

1,841

1,792,609

#### Capital

#### Markets

#### 0

#### .3

#### %
UBS

Group

AG

(Registered)

25,175

1,163,766

#### Electrical

#### Equipment

#### 1

#### .4

#### %
ABB

Ltd.

(Registered)

83,222

6,151,879

9,108,254

#### TAIWAN

#### 6

#### .4

#### %

#### Communications

#### Equipment

#### 0

#### .2

#### %
Accton

Technology

Corp.

22,000

824,019

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 1

#### .2

#### %
Chunghwa

Precision

Test

Tech

Co.

Ltd.

6,000

431,278

Delta

Electronics,

Inc.

157,000

4,777,117

5,208,395

#### Financial

#### Services

#### 0

#### .1

#### %
Yuanta

Financial

Holding

Co.

Ltd.

424,000

529,311

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 4

#### .8

#### %
MediaTek,

Inc.

103,000

4,667,092

Realtek

Semiconductor

Corp.

44,000

684,772

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

315,000

15,388,815

20,740,679

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0

#### .1

#### %
Asia

Vital

Components

Co.

Ltd.

13,000

618,197

27,920,601

#### THAILAND

#### 0

#### .5

#### %

#### Banks

#### 0

#### .1

#### %
TMBThanachart

Bank

PCL

8,212,900

525,298

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0

#### .1

#### %
Delta

Electronics

Thailand

PCL

119,700

649,374

#### Food

#### Products

#### 0

#### .3

#### %
Charoen

Pokphand

Foods

PCL

1,317,900

911,875

2,086,547

#### UNITED

#### ARAB

#### EMIRATES

#### 0

#### .6

#### %

#### Energy

#### Equipment

#### &

#### Services

#### 0

#### .1

#### %
ADNOC

Drilling

Co.

PJSC

441,427

641,846

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0

#### .5

#### %
Emaar

Properties

PJSC

494,612

1,892,359

2,534,205

#### UNITED

#### KINGDOM

#### 9

#### .4

#### %

#### Aerospace

#### &

#### Defense

#### 0

#### .7

#### %
Rolls-Royce

Holdings

plc

204,485

3,178,339

#### Banks

#### 3

#### .8

#### %
Barclays

plc

447,901

2,843,298

HSBC

Holdings

plc

171,189

2,683,866

NatWest

Group

plc

618,939

5,398,361

Standard

Chartered

plc

232,879

5,687,139

16,612,664

#### Broadline

#### Retail

#### 0

#### .2

#### %
Next

plc

3,976

731,523

#### Capital

#### Markets

#### 0

#### .1

#### %
London

Stock

Exchange

Group

plc

4,378

527,175

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### UNITED

#### KINGDOM

#### Insurance

#### 0

#### .9

#### %
Legal

&

General

Group

plc

1,148,757

4,033,690

#### Marine

#### Transportation

#### 0

#### .2

#### %
Global

Ship

Lease,

Inc.,

Class

A

24,332

852,593

#### Media

#### 0

#### .1

#### %
4imprint

Group

plc

9,978

508,018

#### Passenger

#### Airlines

#### 0

#### .6

#### %
International

Consolidated

Airlines

Group

SA

471,207

2,612,687

#### Pharmaceuticals

#### 1

#### .6

#### %
AstraZeneca

plc,

ADR

78,162

7,185,433

#### Software

#### 0

#### .4

#### %
Sage

Group

plc

(The)

115,895

1,687,625

#### Specialty

#### Retail

#### 0

#### .2

#### %
Dunelm

Group

plc

57,410

869,846

#### Tobacco

#### 0

#### .2

#### %
Imperial

Brands

plc

20,386

857,063

#### Wireless

#### Telecommunication

#### Services

#### 0

#### .4

#### %
Vodafone

Group

plc

1,191,375

1,582,999

41,239,655

#### UNITED

#### STATES

#### 6

#### .4

#### %

#### Biotechnology

#### 0

#### .1

#### %
BeOne

Medicines

Ltd.,

Class

H

\*

18,000

418,276

#### Construction

#### Materials

#### 0

#### .2

#### %
Titan

SA

14,626

900,968

#### Entertainment

#### 0

#### .2

#### %
Spotify

Technology

SA

\*

1,495

868,161

#### Food

#### Products

#### 0

#### .4

#### %
JBS

NV,

Class

A

\*

33,028

476,264

Nestle

SA

(Registered)

13,981

1,389,619

1,865,883

#### Pharmaceuticals

#### 5

#### .5

#### %
GSK

plc

311,353

7,651,669

Novartis

AG

(Registered)

81,512

11,259,921

Roche

Holding

AG

9,731

4,021,512

Sanofi

SA

11,669

1,132,100

24,065,202

28,118,490

#### Total

#### Common

#### Stocks

#### (cost

#### $373,063,540)

#### 433,700,198

#### Warrants

#### 0

#### .0

#### %

#### †

#### Number

#### of

#### Warrants

#### CANADA

#### 0

#### .0

#### %

#### †

#### Software

#### 0

#### .0

#### %

#### †
Constellation

Software,

Inc.,

expiring

at

an

exercise

price

of

$0.00

on

03/31/40\*^∞

723

#### Total

#### Warrants

#### (cost

#### $0)

#### 0

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

International

Equity

Fund

#### Repurchase

#### Agreements

#### 1

#### .1

#### %

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
BNP

Paribas

Securities

Corp.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$2,000,423,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.63%,

maturing

7/31/2026

-

11/15/2054;

total

market

value

$2,040,000.(c)

(d) 2,000,000

2,000,000

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$2,045,033,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$2,085,489.(c)

(d) 2,044,596

2,044,596

MetLife,

Inc.,

3.83%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$1,000,213,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$1,020,517.(c)

(d) 1,000,000

1,000,000

#### Total

#### Repurchase

#### Agreements

#### (cost

#### $5,044,596)

#### 5,044,596

#### Total

#### Investments

#### (cost

#### $378,108,136)

#### —

#### 99.8%

#### 438,744,794

#### Other

#### assets

#### in

#### excess

#### of

#### liabilities

#### —

#### 0.2%

#### 809,653

#### NET

#### ASSETS

#### —

#### 100.0%

#### $439,554,447
\*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$21,293,851,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$5,044,596

and

by

$17,495,594

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.75%,

and

maturity

dates

ranging

from

1/15/2026

-

8/15/2055,

a

total

value

of

$22,540,190.

(b) Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

December

31,

2025

was

$10,618,086

which

represents

2.42%

of

net

assets.

(c) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$5,044,596.

(d) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

ADR

American

Depositary

Receipt

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.
NVIT

Putnam

International

Value

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Common

#### Stocks

#### 98.5%

#### Shares

#### Value

#### ($)

#### AUSTRALIA

#### 8.1%

#### Banks

#### 1.5%
ANZ

Group

Holdings

Ltd.

182,874

4,425,074

#### Diversified

#### REITs

#### 0.6%
Mirvac

Group

1,413,558

1,929,200

#### Diversified

#### Telecommunication

#### Services

#### 1.2%
Telstra

Group

Ltd.

1,144,277

3,711,973

#### Insurance

#### 1.8%
QBE

Insurance

Group

Ltd.

419,693

5,560,009

#### Metals

#### &

#### Mining

#### 1.5%
Glencore

plc

844,123

4,591,806

#### Passenger

#### Airlines

#### 1.5%
Qantas

Airways

Ltd.

648,626

4,474,824

24,692,886

#### CANADA

#### 1.7%

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 1.7%
Cenovus

Energy,

Inc.

303,200

5,129,361

#### DENMARK

#### 1.1%

#### Pharmaceuticals

#### 1.1%
Novo

Nordisk

A/S,

Class

B

63,367

3,229,993

#### FRANCE

#### 11.1%

#### Aerospace

#### &

#### Defense

#### 2.4%
Airbus

SE

17,592

4,080,522

Thales

SA

12,179

3,289,553

7,370,075

#### Banks

#### 3.0%
BNP

Paribas

SA

93,094

8,809,074

#### Building

#### Products

#### 1.3%
Cie

de

Saint-Gobain

SA

39,670

4,027,022

#### Insurance

#### 2.4%
AXA

SA

153,141

7,365,285

#### Machinery

#### 2.0%
Alstom

SA

\*

209,529

6,202,651

33,774,107

#### GERMANY

#### 9.2%

#### Air

#### Freight

#### &

#### Logistics

#### 1.1%
Deutsche

Post

AG

59,512

3,259,605

#### Chemicals

#### 0.5%
LANXESS

AG

(a) 70,986

1,471,463

#### Diversified

#### Telecommunication

#### Services

#### 1.5%
Deutsche

Telekom

AG

(Registered)

141,494

4,589,690

#### Industrial

#### Conglomerates

#### 1.7%
Siemens

AG

(Registered)

18,724

5,258,374

#### Insurance

#### 1.9%
Muenchener

Rueckversicherungs

-

Gesellschaft

AG

in

Muenchen

(Registered)

9,038

5,968,498

#### Multi-Utilities

#### 1.3%
E.ON

SE

205,937

3,903,928

#### Pharmaceuticals

#### 1.2%
Bayer

AG

(Registered)

86,068

3,712,732

28,164,290

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### HONG

#### KONG

#### 1.4%

#### Insurance

#### 1.4%
Prudential

plc

274,768

4,239,463

#### IRELAND

#### 3.0%

#### Banks

#### 2.1%
AIB

Group

plc

604,969

6,500,805

#### Household

#### Durables

#### 0.9%
Cairn

Homes

plc

1,101,983

2,683,509

9,184,314

#### ITALY

#### 1.9%

#### Electric

#### Utilities

#### 1.9%
Enel

SpA

557,760

5,811,366

#### JAPAN

#### 18.7%

#### Banks

#### 6.6%
Mitsubishi

UFJ

Financial

Group,

Inc.

629,200

9,991,887

Resona

Holdings,

Inc.

327,600

3,106,206

Sumitomo

Mitsui

Financial

Group,

Inc.

222,800

7,170,453

20,268,546

#### Beverages

#### 0.8%
Asahi

Group

Holdings

Ltd.

(a) 229,000

2,395,500

#### Broadline

#### Retail

#### 0.4%
Pan

Pacific

International

Holdings

Corp.

215,000

1,281,235

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.9%
MatsukiyoCocokara

&

Co.

(a) 159,400

2,767,223

#### Food

#### Products

#### 0.9%
Yamazaki

Baking

Co.

Ltd.

(a) 135,100

2,845,223

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1.7%
Hoya

Corp.

34,500

5,225,683

#### Household

#### Durables

#### 1.1%
Sony

Group

Corp.

133,100

3,402,057

#### Machinery

#### 0.9%
MINEBEA

MITSUMI,

Inc.

134,400

2,699,259

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 1.3%
Asics

Corp.

158,800

3,825,612

#### Trading

#### Companies

#### &

#### Distributors

#### 3.2%
ITOCHU

Corp.

290,500

3,666,876

Mitsubishi

Corp.

264,800

6,067,718

9,734,594

#### Wireless

#### Telecommunication

#### Services

#### 0.9%
KDDI

Corp.

154,600

2,674,327

57,119,259

#### NETHERLANDS

#### 6.6%

#### Banks

#### 3.9%
ING

Groep

NV

421,279

11,842,655

#### Biotechnology

#### 0.8%
Argenx

SE

\*

2,481

2,088,143

Argenx

SE

\*

556

468,182

#### Food

#### Products

#### 0.1%
Magnum

Ice

Cream

Co.

NV

(The)

\*

16,719

267,529

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Putnam

International

Value

Fund

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### NETHERLANDS

#### Insurance

#### 1.8%
ASR

Nederland

NV

79,151

5,618,676

20,285,185

#### RUSSIA

#### 0.0%

#### †

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.0%

#### †
LUKOIL

PJSC

\*^∞

10,847

#### SINGAPORE

#### 0.9%

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.9%
STMicroelectronics

NV

111,281

2,883,950

#### SOUTH

#### AFRICA

#### 0.7%

#### Metals

#### &

#### Mining

#### 0.7%
Anglo

American

plc

39,259

1,617,839

Valterra

Platinum

Ltd.

(a) 4,520

375,373

1,993,212

#### SPAIN

#### 2.3%

#### Banks

#### 2.3%
CaixaBank

SA

576,151

7,036,094

#### SWITZERLAND

#### 2.3%

#### Capital

#### Markets

#### 1.2%
Partners

Group

Holding

AG

(a) 2,957

3,632,407

#### Electrical

#### Equipment

#### 1.1%
ABB

Ltd.

(Registered)

45,780

3,384,116

7,016,523

#### UNITED

#### KINGDOM

#### 19.1%

#### Banks

#### 7.6%
Barclays

plc

1,730,385

10,984,572

HSBC

Holdings

plc

755,888

11,850,657

22,835,229

#### Beverages

#### 1.5%
Coca-Cola

Europacific

Partners

plc

50,900

4,616,630

#### Capital

#### Markets

#### 0.9%
London

Stock

Exchange

Group

plc

22,563

2,716,912

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1.5%
Tesco

plc

779,374

4,640,299

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.7%
Compass

Group

plc

62,342

1,983,411

#### Industrial

#### REITs

#### 0.9%
Segro

plc

290,772

2,812,816

#### Personal

#### Care

#### Products

#### 1.6%
Unilever

plc

(a) 74,309

4,870,708

#### Pharmaceuticals

#### 1.0%
AstraZeneca

plc

17,175

3,163,496

#### Specialty

#### Retail

#### 0.5%
JD

Sports

Fashion

plc

1,256,404

1,426,580

#### Tobacco

#### 1.4%
Imperial

Brands

plc

100,002

4,204,260

#### Trading

#### Companies

#### &

#### Distributors

#### 0.6%
Ashtead

Group

plc

26,860

1,832,525

#### Wireless

#### Telecommunication

#### Services

#### 0.9%
Vodafone

Group

plc

2,127,124

2,826,343

57,929,209

#### Common

#### Stocks

#### Shares

#### Value

#### ($)

#### UNITED

#### STATES

#### 10.4%

#### Automobiles

#### 0.5%
Stellantis

NV

144,649

1,596,930

#### Construction

#### Materials

#### 2.5%
CRH

plc

60,023

7,480,693

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 4.5%
Shell

plc

383,184

14,075,973

#### Pharmaceuticals

#### 1.9%
Sanofi

SA

58,447

5,670,395

#### Trading

#### Companies

#### &

#### Distributors

#### 1.0%
Ferguson

Enterprises,

Inc.

13,626

3,020,138

31,844,129

#### Total

#### Common

#### Stocks

#### (cost

#### $228,525,080)

#### 300,333,341

#### Short-Term

#### Investments

#### 0.2%

#### U.S.

#### Treasury

#### Obligations

#### 0.2%

#### Financial

#### Services

#### 0.2%
U.S.

Treasury

Bills(b)

3.81%,

01/20/26

450,000

449,205

3.76%,

04/23/26

240,000

237,386

686,591

#### Total

#### Short-Term

#### Investment

#### (cost

#### $686,344)

#### 686,591

#### Repurchase

#### Agreements

#### 0.7%

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$1,214,519,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$1,238,546.(c)

(d) 1,214,260

1,214,260

Citi

Global

Market,

Inc.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$1,000,212,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.38%

-

4.25%,

maturing

2/15/2028

-

10/31/2029;

total

market

value

$1,020,000.(c)

(d) 1,000,000

1,000,000

#### Total

#### Repurchase

#### Agreements

#### (cost

#### $2,214,260)

#### 2,214,260

#### Total

#### Investments

#### (cost

#### $231,425,684)

#### —

#### 99.4%

#### 303,234,192

#### Other

#### assets

#### in

#### excess

#### of

#### liabilities

#### —

#### 0.6%

#### 1,827,296

#### NET

#### ASSETS

#### —

#### 100.0%

#### $305,061,488
NVIT

Putnam

International

Value

Fund

-

December

31,

2025

-

Statement

of

Investments

-

\*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$10,264,158,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$2,214,260

and

by

$8,604,811

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.25%,

and

maturity

dates

ranging

from

1/15/2026

-

5/15/2055,

a

total

value

of

$10,819,071.

(b) Security

or

a

portion

of

the

security

was

used

to

cover

the

margin

requirement

for

Forward

Foreign

Currency

contracts.

(c) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$2,214,260.

(d) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

REIT

Real

Estate

Investment

Trust

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Putnam

International

Value

Fund

#### Forward

#### Foreign

#### Currency

#### Contracts

#### outstanding

#### as

#### of

#### December

#### 31,

#### 2025:

#### Currenc

#### y

#### Purchased

#### Currency

#### Sold

#### Counterparty

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)
AUD

591,900

USD

386,326

Goldman

Sachs

International

1/14/2026

8,705

AUD

2,440,000

USD

1,610,068

Goldman

Sachs

International

1/14/2026

18,378

AUD

4,427,600

USD

2,899,825

Morgan

Stanley

Co.,

Inc.

1/14/2026

55,136

AUD

1,500,200

USD

979,271

Toronto

Dominion

Bank

1/14/2026

21,956

AUD

1,186,500

USD

774,943

Westpac

Banking

Corp.

1/14/2026

16,922

CAD

135,700

USD

97,660

Goldman

Sachs

International

1/14/2026

1,249

CAD

192,500

USD

137,608

Morgan

Stanley

Co.,

Inc.

1/14/2026

2,701

CAD

429,000

USD

309,224

State

Street

Bank

and

Trust

Co.

1/14/2026

3,465

ILS

9,408,200

USD

2,866,431

Morgan

Stanley

Co.,

Inc.

1/14/2026

87,706

NZD

827,300

USD

476,376

Westpac

Banking

Corp.

1/14/2026

CNH

3,864,500

USD

547,415

Goldman

Sachs

International

\*\*

2/11/2026

7,849

CNH

5,641,200

USD

797,794

Morgan

Stanley

Co.,

Inc.

\*\*

2/11/2026

12,751

KRW

2,001,028,900

USD

1,382,694

Morgan

Stanley

Co.,

Inc.

\*\*

2/11/2026

8,269

SGD

1,839,800

USD

1,426,460

Goldman

Sachs

International

2/11/2026

8,421

SGD

132,600

USD

102,446

State

Street

Bank

and

Trust

Co.

2/11/2026

970

SGD

5,182,400

USD

4,003,684

Westpac

Banking

Corp.

2/11/2026

38,131

USD

378,525

HKD

2,937,300

Goldman

Sachs

International

2/11/2026

610

USD

8,361,348

JPY

1,278,940,100

Goldman

Sachs

International

2/12/2026

168,670

USD

1,060,693

JPY

163,158,800

Morgan

Stanley

Co.,

Inc.

2/12/2026

15,525

USD

1,560,749

JPY

240,179,700

State

Street

Bank

and

Trust

Co.

2/12/2026

22,197

USD

1,610,289

JPY

249,294,000

Toronto

Dominion

Bank

2/12/2026

13,353

USD

1,981,604

JPY

304,939,100

Westpac

Banking

Corp.

2/12/2026

28,215

CHF

2,011,200

USD

2,552,401

Morgan

Stanley

Co.,

Inc.

3/17/2026

5,937

GBP

1,600,300

USD

2,136,522

State

Street

Bank

and

Trust

Co.

3/17/2026

20,214

GBP

1,001,000

USD

1,336,447

Westpac

Banking

Corp.

3/17/2026

12,608

NOK

23,237,900

USD

2,290,506

Morgan

Stanley

Co.,

Inc.

3/17/2026

14,310

SEK

24,372,600

USD

2,649,790

Goldman

Sachs

International

3/17/2026

7,455

SEK

56,003,800

USD

6,060,699

Morgan

Stanley

Co.,

Inc.

3/17/2026

45,167

SEK

4,036,000

USD

436,791

State

Street

Bank

and

Trust

Co.

3/17/2026

3,238

SEK

8,386,200

USD

907,524

Toronto

Dominion

Bank

3/17/2026

6,789

USD

2,271,972

DKK

14,378,700

Morgan

Stanley

Co.,

Inc.

3/17/2026

USD

924,731

EUR

783,500

Goldman

Sachs

International

3/17/2026

895

USD

1,132,580

EUR

960,000

Morgan

Stanley

Co.,

Inc.

3/17/2026

629

#### Total

#### unrealized

#### appreciation
658,764

USD

940,636

AUD

1,441,300

Goldman

Sachs

International

1/14/2026

(21,282)

USD

974,879

AUD

1,476,800

Goldman

Sachs

International

1/14/2026

(10,731)

USD

366,989

AUD

564,900

Morgan

Stanley

Co.,

Inc.

1/14/2026

(10,023)

USD

4,120,267

AUD

6,305,400

State

Street

Bank

and

Trust

Co.

1/14/2026

(87,929)

USD

962,278

AUD

1,469,100

Westpac

Banking

Corp.

1/14/2026

(18,193)

USD

5,426,043

CAD

7,581,500

Goldman

Sachs

International

1/14/2026

(99,949)

USD

102,661

CAD

143,600

Morgan

Stanley

Co.,

Inc.

1/14/2026

(2,006)

HKD

9,451,900

USD

1,218,197

Morgan

Stanley

Co.,

Inc.

2/11/2026

(2,107)

HKD

11,145,600

USD

1,436,418

State

Street

Bank

and

Trust

Co.

2/11/2026

(2,416)

HKD

32,884,600

USD

4,237,952

Westpac

Banking

Corp.

2/11/2026

(6,990)

USD

1,259,855

CNH

8,865,000

Goldman

Sachs

International

\*\*

2/11/2026

(13,896)

USD

641,389

KRW

927,865,000

Goldman

Sachs

International

\*\*

2/11/2026

(3,593)

USD

743,668

KRW

1,076,012,700

Toronto

Dominion

Bank

\*\*

2/11/2026

(4,295)

USD

321,836

SGD

416,600

Toronto

Dominion

Bank

2/11/2026

(3,076)

JPY

475,823,000

USD

3,078,257

Goldman

Sachs

International

2/12/2026

(30,214)

JPY

3,320,592,400

USD

21,626,514

Morgan

Stanley

Co.,

Inc.

2/12/2026

(355,349)

CHF

15,041,600

USD

19,151,271

Goldman

Sachs

International

3/17/2026

(17,676)

DKK

6,328,500

USD

1,001,577

Goldman

Sachs

International

3/17/2026

(1,711)

EUR

707,800

USD

835,979

Goldman

Sachs

International

3/17/2026

(1,401)

USD

220,054

CHF

173,400

State

Street

Bank

and

Trust

Co.

3/17/2026

(518) USD

903,778

CHF

712,200

Westpac

Banking

Corp.

3/17/2026

(2,172)

USD

1,457

CZK

30,100

Morgan

Stanley

Co.,

Inc.

3/17/2026

(9) USD

313,052

EUR

265,500

Morgan

Stanley

Co.,

Inc.

3/17/2026

(3) USD

4,260,995

EUR

3,613,800

State

Street

Bank

and

Trust

Co.

3/17/2026

(92) USD

1,965,814

EUR

1,667,200

Westpac

Banking

Corp.

3/17/2026

(7) USD

18,341,803

GBP

13,654,700

Goldman

Sachs

International

3/17/2026

(60,740)

USD

14,526,061

GBP

10,878,900

Morgan

Stanley

Co.,

Inc.

3/17/2026

(135,516)

NVIT

Putnam

International

Value

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Currency

#### Purchased

#### Currency

#### Sold

#### Counterparty

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)
USD

465,574

NOK

4,723,600

State

Street

Bank

and

Trust

Co.

3/17/2026

(2,929)

USD

565,628

SEK

5,226,600

Westpac

Banking

Corp.

3/17/2026

(4,207)

#### Total

#### unrealized

#### depreciation
(899,030)

#### Net

#### unrealized

#### depreciation
(240,266)

\*\*

Non-deliverable

forward.

#### Currency:
AUD

Australian

dollar

CAD

Canadian

dollar

CNH

Chinese

Yuan

Renminbi

CHF

Swiss

franc

CZK

Czech

koruna

DKK

Danish

krone

EUR

Euro

GBP

British

pound

HKD

Hong

Kong

dollar

ILS

Israeli

shekel

JPY

Japanese

yen

KRW

South

Korean

won

NOK

Norwegian

krone

NZD

New

Zealand

dollar

SEK

Swedish

krona

SGD

Singapore

dollar

USD

United

States

dollar

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Strategic

Income

Fund

#### Asset-Backed

#### Securities

#### 14.6%

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Airlines

#### 0.3%
Blackbird

Capital

II

Aircraft

Lease

Ltd.,

Series

2021-

1A,

Class

B,

3.45%,

7/15/2046(a)

1,528,383

1,468,623

#### Automobiles

#### 4.2%
Ally

Bank

Auto

Credit-Linked

Notes,

Series

2025-A,

Class

E,

6.07%,

6/15/2033(a)

1,129,237

1,135,210

American

Credit

Acceptance

Receivables

Trust,

Series

2025-4,

Class

D,

5.25%,

9/12/2031(a)

380,000

382,086

Arivo

Acceptance

Auto

Loan

Receivables

Trust,

Series

2024-1A,

Class

B,

6.87%,

6/17/2030(a)

870,000

888,838

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2024-1A,

Class

C,

6.48%,

6/20/2030(a)

540,000

562,008

CPS

Auto

Receivables

Trust,

Series

2024-B,

Class

E,

8.36%,

11/17/2031(a)

930,000

978,664

Exeter

Automobile

Receivables

Trust

Series

2024-4A,

Class

E,

7.65%,

2/17/2032(a)

1,480,000

1,548,150

Series

2025-5A,

Class

E,

7.15%,

6/15/2033(a)

1,870,000

1,875,863

GLS

Auto

Receivables

Issuer

Trust

Series

2021-4A,

Class

E,

4.43%,

10/16/2028(a)

1,640,000

1,635,092

Series

2025-4A,

Class

E,

7.17%,

12/15/2032(a)

1,080,000

1,094,380

GLS

Auto

Select

Receivables

Trust,

Series

2024-

1A,

Class

D,

6.43%,

1/15/2031(a)

1,650,000

1,705,814

Kinetic

Advantage

Master

Owner

Trust,

Series

2025-1A,

Class

A,

6.18%,

10/15/2029(a)(b)

1,010,000

1,009,993

Merchants

Fleet

Funding

LLC

Series

2025-1A,

Class

D,

5.76%,

1/20/2039(a)

1,460,000

1,464,357

Series

2025-1A,

Class

E,

8.48%,

1/20/2039(a)

1,400,000

1,403,493

Octane

Receivables

Trust,

Series

2023-2A,

Class

E,

10.50%,

6/20/2031(a)

2,165,000

2,350,426

Research-Driven

Pagaya

Motor

Asset

Trust,

Series

2025-3A,

Class

A2,

5.15%,

2/27/2034(a)

1,410,000

1,420,113

19,454,487

#### Asset-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Equipment

#### Loans

#### &

#### Leases

#### 0.1%
NMEF

Funding

LLC,

Series

2025-B,

Class

E,

7.66%,

1/18/2033(a)

500,000

509,112

#### Financial

#### Services

#### 0.2%
Saluda

Grade

Alternative

Mortgage

Trust,

Series

2025-LOC4,

Class

A1A,

5.70%,

6/25/2055(a)(b)

1,074,053

1,075,762

#### Home

#### Equity

#### 3.3%
ACHM

Trust,

Series

2025-

HE3,

Class

A,

5.20%,

11/25/2055(a)(b)

2,410,000

2,409,356

Angel

Oak

Mortgage

Trust

Series

2025-HB2,

Class

A1,

5.47%,

12/25/2055(a)(b)

888,685

892,576

Series

2025-HB2,

Class

M2,

6.32%,

12/25/2055(a)(b)

2,140,000

2,148,399

BRAVO

Residential

Funding

Trust,

Series

2025-

HE1,

Class

A1,

5.22%,

9/25/2072(a)(b)

1,770,701

1,769,428

FIGRE

Trust

Series

2025-HE6,

Class

A,

5.04%,

9/25/2055(a)(b)

2,156,207

2,149,475

Series

2025-HE8,

Class

A,

5.21%,

11/25/2055(a)(b)

752,011

751,887

J.P.

Morgan

Mortgage

Trust,

Series

2025-HE3,

Class

A1,

5.27%,

3/20/2056(a)(b)

1,545,656

1,546,123

Saluda

Grade

Alternative

Mortgage

Trust,

Series

2025-FIG6,

Class

M1,

5.48%,

1/25/2056(a)(b)

2,150,000

2,154,096

Vista

Point

Securitization

Trust,

Series

2025-

CES3,

Class

A1,

5.30%,

11/25/2055(a)(c)

1,434,636

1,436,588

15,257,928

#### Other

#### 6.5%
Arbor

Realty

Collateralized

Loan

Obligation

Ltd.

Series

2025-BTR1,

Class

AS,

6.37%,

1/20/2041(a)(b)

2,300,000

2,316,242

Series

2025-BTR1,

Class

B,

6.92%,

1/20/2041(a)(b)

1,440,000

1,440,003

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.,

Series

2022-FL1,

Class

A,

5.43%,

1/15/2037(a)(b)

533,206

533,206

AREIT,

Series

2025-

CRE11,

Class

A,

5.55%,

7/25/2043(a)(b)

2,240,000

2,243,496

BHG

Securitization

Trust

Series

2022-C,

Class

E,

9.73%,

10/17/2035(a)

830,000

893,054

Series

2023-B,

Class

C,

8.15%,

12/17/2036(a)

2,270,000

2,361,856

NVIT

Strategic

Income

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Asset-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Other
BSPRT

Issuer

LLC,

Series

2025-FL12,

Class

A,

5.12%,

1/17/2043(a)(b)

1,490,000

1,490,926

GreenSky

Home

Improvement

Issuer

Trust,

Series

2025-3A,

Class

E,

7.83%,

12/27/2060(a)

3,200,000

3,203,240

Lending

Funding

Trust,

Series

2020-2A,

Class

D,

6.77%,

4/21/2031(a)

910,000

908,445

LMNT

CRE

LLC,

Series

2025-FL3,

Class

AS,

5.63%,

7/21/2043(a)(b)

2,280,000

2,284,272

LMRE

Trust,

Series

2025-

SFR1,

Class

D,

5.35%,

12/17/2042(a)

1,660,000

1,626,906

LoanCore

Issuer

LLC,

Series

2025-CRE9,

Class

A,

5.18%,

8/18/2042(a)(b)

1,110,000

1,110,345

LoanCore

Issuer

Ltd.,

Series

2022-CRE7,

Class

A,

5.49%,

1/17/2037(a)(b)

479,888

479,292

MF1,

Series

2024-FL16,

Class

A,

5.28%,

11/18/2039(a)(b)

1,185,000

1,186,480

Progress

Residential

Trust

Series

2021-SFR8,

Class

G,

4.01%,

10/17/2038(a)

2,100,000

2,070,766

Series

2021-SFR7,

Class

F,

3.83%,

8/17/2040(a)

1,710,000

1,621,218

Series

2021-SFR9,

Class

F,

4.05%,

11/17/2040(a)

780,000

755,075

RCKT

Trust,

Series

2025-

1A,

Class

D,

5.42%,

7/25/2034(a)

225,000

226,082

RCKTL,

Series

2025-

2A,

Class

D,

5.25%,

11/27/2034(a)

1,120,000

1,119,592

Reach

ABS

Trust,

Series

2025-1A,

Class

C,

5.99%,

8/16/2032(a)

1,000,000

1,017,895

Tricon

American

Homes,

Series

2020-SFR1,

Class

F,

4.88%,

7/17/2038(a)

980,000

975,453

29,863,844

#### Total

#### Asset-Backed

#### Securities

#### (cost

#### $67,531,648)

#### 67,629,756

#### Collateralized

#### Mortgage

#### Obligations

#### 8.8%
A&D

Mortgage

Trust

Series

2023-NQM3,

Class

B1,

8.10%,

7/25/2068(a)(b)

770,000

779,000

Series

2023-NQM4,

Class

B1,

8.05%,

9/25/2068(a)(b)

930,000

942,951

Bellemeade

Re

Ltd.,

Series

2025-1,

Class

M1B,

6.37%,

10/25/2035(a)(b)

500,000

502,956

#### Collateralized

#### Mortgage

#### Obligations

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
COLT

Mortgage

Loan

Trust

Series

2023-3,

Class

B2,

7.80%,

9/25/2068(a)(b)

3,000,000

3,008,510

Series

2025-5,

Class

B1,

7.44%,

5/25/2070(a)(b)

470,000

479,588

Connecticut

Avenue

Securities

Trust

Series

2021-R01,

Class

1B2,

9.87%,

10/25/2041(a)

(b) 1,500,000

1,548,613

Series

2025-R06,

Class

1A1,

4.77%,

9/25/2045(a)(b)

2,155,866

2,157,330

Series

2025-R06,

Class

1M1,

4.82%,

9/25/2045(a)

(b) 812,979

813,414

DataBank

Issuer,

Series

2024-1A,

Class

A2,

5.30%,

1/26/2054(a)

290,000

289,161

FARM

Mortgage

Trust,

Series

2021-1,

Class

B,

3.23%,

7/25/2051(a)(b)

536,965

415,206

FHLMC

REMICS

Series

4791,

Class

,

IO,

3.00%,

5/15/2048

332,613

55,366

Series

4988,

Class

IL,

IO,

3.00%,

6/25/2050

448,631

82,368

Series

5086,

Class

NI,

IO,

2.50%,

3/25/2051

358,926

55,187

Series

5141,

Class

IJ,

IO,

2.50%,

4/25/2051

533,510

61,276

Series

5135,

Class

MI,

IO,

2.50%,

8/25/2051

308,883

34,598

FHLMC

STACR

REMIC

Trust

Series

2024-HQA2,

Class

M1,

5.07%,

8/25/2044(a)(b)

1,411,784

1,412,906

Series

2025-DNA4,

Class

A1,

4.77%,

10/25/2045(a)(b)

1,063,750

1,065,083

Series

2025-DNA4,

Class

M1,

4.97%,

10/25/2045(a)

(b) 2,194,499

2,196,222

Series

2020-HQA5,

Class

B2,

11.27%,

11/25/2050(a)

(b) 1,140,000

1,391,827

Series

2020-DNA6,

Class

B2,

9.52%,

12/25/2050(a)(b)

2,115,000

2,434,960

FHLMC

STACR

Trust

Series

2018-HQA2,

Class

B2,

14.99%,

10/25/2048(a)

(b) 2,800,000

3,472,132

Series

2019-DNA3,

Class

B2,

12.14%,

7/25/2049(a)(b)

1,360,000

1,520,122

Flagstar

Mortgage

Trust,

Series

2021-4,

Class

AX1,

IO,

0.20%,

6/1/2051(a)(b)

74,448,579

942,943

FNMA

REMICS

Series

2018-42,

Class

SB,

IO,

2.21%,

6/25/2048(b)

2,754,396

340,133

Series

2021-1,

Class

CI,

IO,

3.00%,

11/25/2050

2,241,253

374,246

Series

2021-44,

Class

NI,

IO,

3.00%,

7/25/2051

568,072

108,590

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Strategic

Income

Fund

#### Collateralized

#### Mortgage

#### Obligations

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Series

2021-78,

Class

CI,

IO,

4.50%,

11/25/2051

558,444

127,608

Series

437,

Class

C11,

IO,

3.00%,

7/25/2052

5,156,001

912,363

GCAT

Trust,

Series

2021-

CM1,

Class

M1,

3.28%,

4/25/2065(a)(b)

805,000

744,331

GNMA

REMICS

Series

2020-34,

Class

,

IO,

5.00%,

12/20/2039

2,697,187

521,103

Series

2021-213,

Class

EI,

IO,

2.50%,

1/20/2049

381,880

38,134

Series

2019-159,

Class

HI,

IO,

3.50%,

12/20/2049

1,518,975

252,989

Series

2019-159,

Class

CI,

IO,

3.50%,

12/20/2049

754,574

123,464

Series

2023-70,

Class

,

IO,

4.00%,

6/20/2050

1,826,987

374,177

Series

2021-213,

Class

CI,

IO,

2.50%,

7/20/2050

436,184

57,334

Series

2021-42,

Class

KI,

IO,

2.50%,

3/20/2051

403,735

56,477

Series

2021-146,

Class

QI,

IO,

3.00%,

8/20/2051

622,684

100,885

Series

2021-182,

Class

TI,

IO,

3.50%,

10/20/2051

280,783

52,122

Series

2021-213,

Class

NI,

IO,

3.00%,

12/20/2051

557,878

69,448

Home

RE

Ltd.,

Series

2023-

1,

Class

M1B,

8.47%,

10/25/2033(a)(b)

443,806

455,020

Hundred

Acre

Wood

Trust,

Series

2021-INV1,

Class

AX1,

IO,

0.23%,

7/25/2051(a)(b)

23,620,548

314,049

Imperial

Fund

Mortgage

Trust,

Series

2022-NQM5,

Class

B1,

6.25%,

8/25/2067(a)(c)

990,000

987,503

J.P.

Morgan

Mortgage

Trust

Series

2021-10,

Class

AX1,

IO,

0.11%,

12/25/2051(a)(b)

46,077,718

286,687

Series

2021-8,

Class

AX1,

IO,

0.11%,

12/25/2051(a)(b)

40,992,799

252,954

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series

2023-NQM1,

Class

B2,

7.36%,

9/25/2068(a)(b)

1,300,000

1,301,424

PFP

Ltd.,

Series

2024-

11,

Class

A,

5.61%,

9/17/2039(a)(b)

302,834

303,590

Saluda

Grade

Alternative

Mortgage

Trust,

Series

2024-RTL5,

Class

A1,

7.76%,

4/25/2030(a)(c)

430,000

433,078

STACR

Trust,

Series

2018-

HRP2,

Class

B2,

14.49%,

2/25/2047(a)(b)

2,000,000

2,444,257

Towd

Point

Mortgage

Trust,

Series

2022-SJ1,

Class

B1,

5.25%,

3/25/2062(a)(b)

1,829,000

1,796,121

#### Collateralized

#### Mortgage

#### Obligations

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Verus

Securitization

Trust

Series

2023-3,

Class

B2,

7.71%,

3/25/2068(a)(b)

1,400,000

1,399,159

Series

2023-5,

Class

B2,

7.97%,

6/25/2068(a)(b)

340,000

341,009

Series

2023-INV3,

Class

B2,

8.17%,

11/25/2068(a)(b)

580,000

582,605

#### Total

#### Collateralized

#### Mortgage

#### Obligations

#### (cost

#### $37,896,981)

#### 40,812,579

#### Commercial

#### Mortgage-Backed

#### Securities

#### 4.0%
Commercial

Mortgage

Trust,

Series

2015-CR26,

Class

D,

3.61%,

10/10/2048(b)

3,000,000

2,434,350

FHLMC

Multifamily

Structured

Credit

Risk

REMICS

Series

2021-MN1,

Class

M2,

7.62%,

1/25/2051(a)(b)

1,275,000

1,315,877

Series

2021-MN3,

Class

M2,

7.87%,

11/25/2051(a)

(b) 1,615,000

1,673,313

HTL

Commercial

Mortgage

Trust

Series

2024-T53,

Class

C,

7.09%,

5/10/2039(a)(b)

410,000

416,406

Series

2024-T53,

Class

D,

8.20%,

5/10/2039(a)(b)

990,000

1,012,277

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2016-C2,

Class

D,

3.36%,

6/15/2049(a)(b)

2,500,000

1,199,592

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2015-C22,

Class

D,

3.97%,

4/15/2048(a)(b)

2,000,000

1,130,220

Series

2017-C33,

Class

D,

3.36%,

5/15/2050(a)

3,250,000

2,884,981

Morgan

Stanley

Capital

I

Trust,

Series

2016-

UBS9,

Class

D,

3.00%,

3/15/2049(a)

715,000

550,720

Multifamily

Connecticut

Avenue

Securities

Trust,

Series

2019-01,

Class

CE,

12.74%,

10/25/2049(a)(b)

2,136,000

2,183,847

SMRT,

Series

2022-

MINI,

Class

E,

6.45%,

1/15/2039(a)(b)

720,000

716,409

Velocity

Commercial

Capital

Loan

Trust,

Series

2025-5,

Class

A,

5.32%,

12/25/2055(a)(b)

1,712,028

1,717,129

VRTX

Trust

Series

2025-HQ,

Class

B,

5.49%,

8/5/2042(a)(b)

670,000

677,160

Series

2025-HQ,

Class

C,

5.92%,

8/5/2042(a)(b)

320,000

324,020

NVIT

Strategic

Income

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Commercial

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Series

2025-HQ,

Class

D,

6.60%,

8/5/2042(a)(b)

320,000

324,577

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### (cost

#### $20,311,615)

#### 18,560,878

#### Common

#### Stocks

#### 0.2%

#### Shares

#### Media

#### 0.0%

#### †
Diamond

Sports

Group

LLC

\*^∞

#### Passenger

#### Airlines

#### 0.2%
Grupo

Aeromexico

SAB

de

CV

\*(d)

437,430

971,662

#### Wireless

#### Telecommunication

#### Services

#### 0.0%

#### †
WOM

Mobile

SA

\*^∞

579

8,685

#### Total

#### Common

#### Stocks

#### (cost

#### $677,200)

#### 980,632

#### Convertible

#### Bond

#### 0.1%

#### Principal

#### Amount

#### ($)

#### Wireless

#### Telecommunication

#### Services

#### 0.1%
WOM

Chile

Holdco

SpA,

5.00%,

4/1/2032(a)(e)(f)

367,648

331,700

#### Total

#### Convertible

#### Bond

#### (cost

#### $367,499)

#### 331,700

#### Corporate

#### Bonds

#### 58.8%

#### Aerospace

#### &

#### Defense

#### 0.9%
Boeing

Co.

(The)

,

6.86%,

5/1/2054(d)

2,120,000

2,381,054

7.01%,

5/1/2064

415,000

471,544

Czechoslovak

Group

A/S

,

5.25%,

1/10/2031(a)

EUR

465,000

566,401

Goat

Holdco

LLC

,

6.75%,

2/1/2032(a)(d)

580,000

595,698

4,014,697

#### Automobiles

#### 1.2%
Hyundai

Capital

America

,

5.68%,

6/26/2028(a)

950,000

980,577

6.50%,

1/16/2029(a)

690,000

730,458

4.50%,

9/18/2030(a)(d)

810,000

810,074

6.20%,

9/21/2030(a)

770,000

820,882

5.40%,

6/23/2032(a)(d)

760,000

787,878

Volkswagen

Group

of

America

Finance

LLC

,

5.80%,

3/27/2035(a)(d)

1,250,000

1,294,638

5,424,507

#### Banks

#### 6.0%
BNP

Paribas

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.85%),

6.88%,

12/15/2033(a)(e)(g)

1,290,000

1,295,537

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Banks
BNP

Paribas

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.13%),

7.45%,

6/27/2035(a)(d)(e)

(g) 1,530,000

1,600,866

CaixaBank

SA

,

Reg.

S,

(EUR

Swap

Annual

Year

+

3.86%),

3.63%,

9/14/2028(d)(e)(g)

EUR

1,000,000

1,138,751

Citigroup,

Inc.

,

Series

GG,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.89%),

6.88%,

8/15/2030(d)(e)(g)

1,000,000

1,039,105

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.00%),

6.63%,

2/15/2031(e)(g)

3,545,000

3,602,684

Comerica

Bank

,

(SOFR

+

2.61%),

5.33%,

8/25/2033(e)

989,000

995,314

HSBC

Holdings

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.64%),

6.95%,

8/27/2031(d)(e)(g)

1,205,000

1,250,775

(SOFR

+

1.96%),

5.74%,

9/10/2036(e)

440,000

452,931

ING

Groep

NV

,

Series

NC10,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.86%),

4.25%,

5/16/2031(e)(g)

2,208,000

1,981,798

NatWest

Group

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.75%),

8.13%,

11/10/2033(e)(g)

595,000

669,459

Nordea

Bank

Abp

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.72%),

6.75%,

11/10/2033(a)(e)(g)

450,000

462,041

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.60%),

3.75%,

3/01/2029(a)(e)(g)

1,525,000

1,445,889

Santander

Holdings

USA,

Inc.

,

(SOFR

+

2.14%),

6.34%,

5/31/2035(d)(e)

1,900,000

2,037,361

Societe

Generale

SA

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.60%),

6.10%,

4/13/2033(a)(e)

1,000,000

1,056,619

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Strategic

Income

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Banks
Societe

Generale

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.20%),

6.22%,

6/15/2033(a)(e)

2,300,000

2,412,009

Truist

Financial

Corp.

,

(SOFR

+

2.24%),

4.92%,

7/28/2033(d)(e)

4,763,000

4,790,252

UniCredit

SpA

,

(USD

ICE

Swap

Rate

Year

+

3.70%),

5.86%,

6/19/2032(a)(d)(e)

1,760,000

1,789,347

28,020,738

#### Capital

#### Markets

#### 4.6%
Citadel

Securities

Global

Holdings

LLC

,

5.50%,

6/18/2030(a)

2,090,000

2,144,878

6.20%,

6/18/2035(a)(d)

2,949,000

3,104,241

Deutsche

Bank

AG

,

(SOFR

+

1.10%),

4.47%,

12/10/2031(e)

1,265,000

1,260,693

Jane

Street

Group

,

6.75%,

5/1/2033(a)(d)

3,632,000

3,791,068

Jefferies

Financial

Group,

Inc.

,

6.20%,

4/14/2034(d)

3,465,000

3,656,948

Macquarie

Bank

Ltd.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.45%),

5.64%,

8/13/2036(a)(d)(e)

1,550,000

1,571,021

Morgan

Stanley

,

(SOFR

+

2.62%),

5.30%,

4/20/2037(d)(e)

1,310,000

1,332,532

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.43%),

5.95%,

1/19/2038(d)(e)

695,000

731,361

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.80%),

5.94%,

2/7/2039(d)(e)

375,000

394,114

Northern

Trust

Corp.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.05%),

5.12%,

11/19/2040(d)(e)

760,000

758,955

S&P

Global,

Inc.

,

4.80%,

12/4/2035(a)

485,000

483,505

UBS

Group

AG

,

(ICE

IBA

-

USD

SOFR

ICE

Swap

Rate

Year

+

3.30%),

7.00%,

2/05/2035(a)(d)(e)

(g) 2,229,000

2,275,156

21,504,472

#### Chemicals

#### 1.1%
Celanese

US

Holdings

LLC

,

7.20%,

11/15/2033(c)(d)

3,790,000

4,003,817

7.38%,

2/15/2034(d)

1,110,000

1,127,727

5,131,544

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Commercial

#### Services

#### &

#### Supplies

#### 0.9%
Element

Fleet

Management

Corp.

,

5.04%,

3/25/2030(a)(d)

1,815,000

1,854,957

4.64%,

11/24/2030(a)

485,000

486,353

Garda

World

Security

Corp.

,

8.38%,

11/15/2032(a)(d)

1,710,000

1,741,828

4,083,138

#### Construction

#### &

#### Engineering

#### 0.0%

#### †
ASG

Finance

DAC

,

9.75%,

5/15/2029(a)

200,000

177,342

#### Consumer

#### Finance

#### 3.2%
Ally

Financial,

Inc.

,

(SOFR

+

3.26%),

6.99%,

6/13/2029(d)(e)

1,040,000

1,098,326

(SOFR

+

2.29%),

6.18%,

7/26/2035(d)(e)

1,050,000

1,088,219

Avolon

Holdings

Funding

Ltd.

,

6.38%,

5/4/2028(a)

1,665,000

1,734,883

5.38%,

5/30/2030(a)(d)

545,000

559,501

4.70%,

1/30/2031(a)

610,000

606,073

Ford

Motor

Credit

Co.

LLC

,

6.05%,

11/5/2031(d)

3,582,000

3,669,117

General

Motors

Financial

Co.,

Inc.

,

6.40%,

1/9/2033(d)

2,340,000

2,526,328

Global

Aircraft

Leasing

Co.

Ltd.

,

8.75%,

9/1/2027(a)(d)

1,435,000

1,488,165

OneMain

Finance

Corp.

,

6.50%,

3/15/2033(d)

1,975,000

1,992,086

14,762,698

#### Containers

#### &

#### Packaging

#### 0.3%
Ball

Corp.

,

4.25%,

7/1/2032

EUR

1,190,000

1,431,157

#### Diversified

#### REITs

#### 0.6%
Uniti

Group

LP

,

6.00%,

1/15/2030(a)

3,200,000

2,976,120

#### Diversified

#### Telecommunication

#### Services

#### 1.4%
Level

Financing,

Inc.

,

6.88%,

6/30/2033(a)

2,591,000

2,651,313

Total

Play

Telecomunicaciones

SA

de

CV

,

11.13%,

12/31/2032(a)

3,777,250

3,623,516

Uniti

Group

LP

,

8.63%,

6/15/2032(a)(d)

295,000

290,587

6,565,416

#### Electric

#### Utilities

#### 1.0%
American

Electric

Power

Co.,

Inc.

,

Series

C,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.13%),

5.80%,

3/15/2056(e)

3,195,000

3,171,870

NVIT

Strategic

Income

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Electric

#### Utilities
American

Electric

Power

Co.,

Inc.,

Series

D,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.94%),

6.05%,

3/15/2056(e)

1,520,000

1,493,445

4,665,315

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.1%
Flex

Ltd.

,

5.38%,

11/13/2035(d)

630,000

628,519

#### Energy

#### Equipment

#### &

#### Services

#### 1.0%
Borr

IHC

Ltd.

,

10.00%,

11/15/2028(a)

362,805

364,500

10.38%,

11/15/2030(a)(d)

1,528,631

1,519,273

Enerflex,

Inc.

,

6.88%,

1/15/2031(a)(d)

695,000

710,597

Transocean

International

Ltd.

,

6.80%,

3/15/2038(d)

2,175,000

1,870,492

4,464,862

#### Financial

#### Services

#### 2.6%
Alamo

Re

Ltd.

,

Series

A,

(FHMMUSTF

+

9.08%),

12.66%,

6/7/2026(a)(e)

700,000

721,000

Series

A,

(FHMMUSTF

+

6.54%),

10.16%,

6/7/2027(a)(e)

500,000

525,150

Series

B,

(FHMMUSTF

+

8.43%),

12.03%,

6/7/2027(a)(e)

250,000

265,725

Aquila

Re

I

Ltd.

,

Series

A-1,

(BNMMDTSC

+

5.34%),

8.97%,

6/8/2026(a)

(e) 450,000

456,300

Series

C-1,

(BNMMDTSC

+

8.83%),

12.46%,

6/8/2026(a)(e)

450,000

462,600

Series

A-1.,

(BRMMUSDF

+

5.39%),

9.00%,

6/7/2027(a)

(e) 250,000

258,900

Atlas

Capital

DAC

,

Series

A,

(SOFR

+

7.57%),

11.29%,

6/5/2026(a)(e)

450,000

464,535

Series

2024,

(SOFR

+

12.22%),

15.99%,

6/8/2027(a)(e)

250,000

277,125

Equitable

America

Global

Funding

,

4.30%,

12/15/2028(a)(d)

1,125,000

1,129,551

Freedom

Mortgage

Holdings

LLC

,

9.13%,

5/15/2031(a)(d)

1,010,000

1,084,798

8.38%,

4/1/2032(a)

125,000

131,583

High

Point

Re

Ltd.

,

Series

A,

(BRMMUSDF

+

5.64%),

9.27%,

1/6/2027(a)

(e) 250,000

254,050

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Financial

#### Services
Hypatia

Ltd.

,

Series

A,

(GSMMUSTI

+

10.50%),

14.12%,

4/8/2026(a)(e)

450,000

461,070

Lightning

Re

,

Series

2023-1,

(GSMMUSTI

+

11.00%),

14.62%,

3/31/2026(a)(e)

650,000

663,975

Locke

Tavern

Re

Ltd.

,

Series

A,

(GSMMUSTI

+

4.96%),

8.58%,

4/9/2026(a)

(e) 450,000

452,700

Long

Point

Re

IV

Ltd.

,

Series

2022,

(BRMMUSDF

+

4.25%),

7.86%,

6/1/2026(a)(e)

450,000

452,925

Mona

Lisa

Re

Ltd.

,

Series

B,

(BRMMUSDF

+

12.50%),

16.11%,

1/8/2026(a)(e)

450,000

450,450

Series

B,

(BRMMUSDF

+

0.50%),

4.12%,

1/8/2030(a)

(e) 500,000

499,995

Series

A,

(BRMMUSDF

+

0.50%),

4.12%,

1/8/2031(a)

(e) 750,000

749,994

PennyMac

Financial

Services,

Inc.

,

6.75%,

2/15/2034(a)

520,000

537,538

Skyline

Re

Ltd.

,

Series

A,

(1

Month

Treasury

Bill

Rate

+

3.50%),

7.13%,

1/7/2030(a)(e)

500,000

499,993

Woodside

Finance

Ltd.

,

6.00%,

5/19/2035(d)

1,105,000

1,150,796

11,950,753

#### Food

#### Products

#### 1.3%
Darling

Global

Finance

BV

,

4.50%,

7/15/2032(a)

EUR

955,000

1,136,984

Grupo

Nutresa

SA

,

9.00%,

5/12/2035(a)(d)

3,015,000

3,403,051

Minerva

Luxembourg

SA

,

4.38%,

3/18/2031(a)

1,625,000

1,510,508

6,050,543

#### Gas

#### Utilities

#### 0.1%
Spire,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.33%),

6.45%,

6/1/2056(d)(e)

480,000

478,145

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.1%
Baxter

International,

Inc.

,

4.90%,

12/15/2030(d)

335,000

337,565

5.65%,

12/15/2035(d)

335,000

339,026

676,591

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Strategic

Income

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.3%
US

Acute

Care

Solutions

LLC

,

9.75%,

5/15/2029(a)(d)

1,535,000

1,546,382

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 3.4%
Brightstar

Lottery

plc

,

5.75%,

1/15/2033(a)(d)

1,115,000

1,107,011

Carnival

Corp.

,

5.75%,

1/15/2030(a)

EUR

1,060,000

1,336,097

Cruise

Yacht

Upper

HoldCo

Ltd.

,

11.88%,

7/5/2028

800,000

693,203

Darden

Restaurants,

Inc.

,

6.30%,

10/10/2033(d)

2,960,000

3,212,584

Hilton

Domestic

Operating

Co.,

Inc.

,

5.50%,

3/31/2034(a)(d)

640,000

644,395

McDonald's

Corp.

,

5.00%,

2/13/2036

3,382,000

3,409,476

Melco

Resorts

Finance

Ltd.

,

6.50%,

9/24/2033(a)(d)

255,000

255,653

Resorts

World

Las

Vegas

LLC

,

8.45%,

7/27/2030(a)(d)

3,500,000

3,468,414

4.63%,

4/6/2031(a)(d)

400,000

330,625

Wynn

Macau

Ltd.

,

6.75%,

2/15/2034(a)

1,220,000

1,235,701

15,693,159

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.4%
Talen

Energy

Supply

LLC

,

6.25%,

2/1/2034(a)

830,000

846,529

6.50%,

2/1/2036(a)

830,000

858,294

1,704,823

#### Insurance

#### 12.5%
3264

re

Ltd.

,

Series

B,

(GSMMUSTI

+

0.50%),

0.00%,

1/8/2029(a)

(e) 250,000

250,275

Series

A,

(GSMMUSTI

+

6.50%),

10.12%,

1/8/2029(a)(e)

500,000

500,110

Allianz

SE

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.32%),

6.55%,

10/30/2033(a)(d)

(e)(g) 2,800,000

2,906,518

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.77%),

5.60%,

9/3/2054(a)(e)

2,000,000

2,047,250

Bayou

Re

Ltd.

,

Series

B,

(JMMMUSTF

+

19.04%),

22.71%,

5/26/2026(a)(e)

250,000

267,500

Blue

Ridge

Re

Ltd.

,

Series

A,

(FHMMUSTF

+

5.25%),

8.83%,

1/8/2027(a)

(e) 250,000

255,175

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Insurance
Blue

Ridge

Re

Ltd.,

Series

B,

(FHMMUSTF

+

7.99%),

11.59%,

1/8/2027(a)(e)

250,000

258,875

Series

A,

(FHMMUSTF

+

3.50%),

7.13%,

1/8/2029(a)

(e) 250,000

249,750

Series

B,

(FHMMUSTF

+

6.00%),

9.63%,

1/8/2029(a)

(e) 250,000

249,750

Series

C,

(FHMMUSTF

+

8.00%),

11.58%,

1/8/2029(a)(e)

250,000

249,750

Bonanza

RE

Ltd.

,

Series

A,

(MSMMUSTF

+

8.03%),

11.66%,

1/8/2026(a)(e)

450,000

450,000

Series

C,

(MSMMUSTF

+

5.50%),

9.12%,

12/19/2027(a)(e)

250,000

255,500

Bridge

Street

Re

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

7.75%),

11.38%,

1/8/2029(a)(e)

1,500,000

1,498,686

Cape

Lookout

Re

Ltd.

,

Series

A,

(FHMMUSTF

+

7.20%),

10.78%,

4/28/2026(a)(e)

700,000

712,600

Citrus

Re

Ltd.

,

Series

A,

(BRMMUSDF

+

6.59%),

10.20%,

6/7/2026(a)(e)

450,000

459,000

CNO

Financial

Group,

Inc.

,

6.45%,

6/15/2034

2,191,000

2,317,950

Dai-ichi

Life

Insurance

Co.

Ltd.

(The)

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.52%),

6.20%,

1/16/2035(a)(d)(e)

(g) 3,560,000

3,718,772

Farmers

Exchange

Capital

III

,

(CME

Term

SOFR

Month

+

3.72%),

5.45%,

10/15/2054(a)(d)(e)

2,010,000

1,885,132

Farmers

Insurance

Exchange

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.86%),

7.00%,

10/15/2064(a)(e)

410,000

420,668

First

Coast

Re

IV

Ltd.

,

Series

A,

(JMMMUSTF

+

9.94%),

13.60%,

4/7/2026(a)(e)

400,000

405,200

FloodSmart

Re

Ltd.

,

Series

A,

(FHMMUSTF

+

17.15%),

20.75%,

3/11/2026(a)(e)

800,000

824,000

Series

A,

(FHMMUSTF

+

14.36%),

17.94%,

3/12/2027(a)(e)

500,000

531,900

NVIT

Strategic

Income

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Insurance
Foundation

Re

IV

Ltd.

,

Series

A,

(3

Month

Treasury

Bill

Rate

+

3.50%),

7.13%,

1/7/2030(a)(e)

500,000

499,250

Four

Lakes

Re

Ltd.

,

Series

A,

(BRMMUSDF

+

6.81%),

10.42%,

1/7/2026(a)(e)

450,000

449,550

Series

A,

(BRMMUSDF

+

5.80%),

9.41%,

1/7/2027(a)

(e) 250,000

254,725

Series

A,

(BRMMUSDF

+

5.50%),

9.11%,

1/7/2028(a)

(e) 500,000

513,050

Series

A,

(BRMMUSDF

+

3.25%),

6.86%,

1/8/2029(a)

(e) 250,000

249,750

Series

B,

(BRMMUSDF

+

6.00%),

9.61%,

1/8/2029(a)

(e) 750,000

749,250

Fuchsia

-

London

Bridge

PCC

Ltd.

,

Series

A,

(FRMMUSTF

+

3.25%),

6.88%,

4/6/2029(a)

(e) 250,000

249,750

Gateway

Re

Ltd.

,

Series

A,

(BRMMUSDF

+

13.94%),

17.55%,

2/24/2026(a)(e)

450,000

457,650

Series

AA,

(BRMMUSDF

+

5.90%),

9.51%,

7/8/2027(a)

(e) 250,000

257,550

Handshake

Re

Ltd.

,

Series

A,

(JMMMUSTF

+

0.50%),

4.15%,

1/8/2030(a)

(e) 400,000

399,986

Hanwha

Life

Insurance

Co.

Ltd.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.29%),

6.30%,

6/24/2055(a)(e)

610,000

633,424

Herbie

Re

Ltd.

,

Series

A,

(JMMMUSTF

+

6.90%),

10.56%,

1/7/2028(a)(e)

250,000

254,475

Integrity

Re

Ltd.

,

Series

B,

(FHMMUSTF

+

13.32%),

16.92%,

6/6/2026(a)(e)

500,000

526,500

Kendall

Re

Ltd.

,

Series

A,

(GSMMUSTI

+

6.25%),

9.87%,

4/30/2027(a)(e)

250,000

261,150

Series

B,

(GSMMUSTI

+

7.74%),

11.41%,

4/30/2027(a)(e)

250,000

260,950

Kilimanjaro

II

Re

Ltd.

,

Series

C-1,

(GSMMUSTI

+

4.00%),

7.62%,

7/9/2029(a)

(e) 250,000

257,300

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Insurance
Kilimanjaro

II

Re

Ltd.,

Series

D-1,

(GSMMUSTI

+

6.50%),

10.12%,

7/9/2029(a)(e)

250,000

259,325

Liberty

Mutual

Insurance

Co.

,

7.70%,

10/15/2097(a)

730,000

814,785

Lincoln

National

Corp.

,

5.35%,

11/15/2035(d)

295,000

297,609

Manulife

Financial

Corp.

,

4.99%,

12/11/2035

1,195,000

1,192,055

Marlon

Ltd.

,

Series

A,

(JMMMUSTF

+

7.31%),

10.97%,

6/7/2027(a)(e)

250,000

265,225

Mayflower

Re

Ltd.

,

Series

A,

(FHMMUSTF

+

5.05%),

8.62%,

7/8/2026(a)

(e) 500,000

507,750

Series

A,

(FHMMUSTF

+

4.93%,

1.56%

Cap,

0.56%

Floor),

8.51%,

7/8/2027(a)

(e) 250,000

258,875

Meiji

Yasuda

Life

Insurance

Co.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.91%),

6.10%,

6/11/2055(a)(d)(e)

5,340,000

5,540,042

Merna

Reinsurance

II

Ltd.

,

Series

A,

(GSMMUSTI

+

8.38%),

12.00%,

7/7/2026(a)(e)

400,000

415,400

Series

B,

(GSMMUSTI

+

10.47%),

14.09%,

7/7/2026(a)(e)

450,000

469,800

Series

A,

(GSMMUSTI

+

7.47%),

11.09%,

7/7/2027(a)(e)

250,000

264,550

Series

C,

(GSMMUSTI

+

8.49%),

12.11%,

7/7/2027(a)(e)

250,000

259,425

Montoya

Re

Ltd.

,

Series

A,

(1

Month

Treasury

Bill

Rate

+

5.25%),

8.88%,

4/9/2030(a)(e)

750,000

749,944

Mystic

Re

IV

Ltd.

,

Series

A,

(BRMMUSDF

+

8.93%),

12.54%,

1/8/2026(a)(e)

450,000

450,000

Series

A,

(GSMMUSTI

+

12.00%),

15.62%,

1/8/2027(a)(e)

250,000

261,950

Nippon

Life

Insurance

Co.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.19%),

6.50%,

4/30/2055(a)(e)

2,137,000

2,301,098

Palm

RE

Ltd.

,

Series

A,

(BNMMDTSC

+

9.70%),

13.33%,

6/7/2027(a)(e)

250,000

264,150

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Strategic

Income

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Insurance
Purple

Re

Ltd.

,

Series

A,

(CME

Term

SOFR

Month

+

13.01%),

16.74%,

4/24/2026(a)(e)

300,000

311,280

Series

A,

(JMMMUSTF

+

9.13%),

13.05%,

6/7/2027(a)(e)

500,000

525,850

Residential

Reinsurance

2004

Ltd.

,

Series

4,

(JMMMUSTF

+

5.38%),

9.04%,

12/6/2028(a)(e)

250,000

258,550

Series

3,

(JMMMUSTF

+

6.94%),

10.55%,

12/6/2028(a)(e)

250,000

256,900

Residential

Reinsurance

2023

Ltd.

,

Series

5,

(JMMMUSTF

+

5.97%),

9.63%,

12/6/2027(a)(e)

250,000

262,450

Series

3,

(JMMMUSTF

+

8.70%),

12.36%,

12/6/2027(a)(e)

250,000

262,025

RGA

Global

Funding

,

5.00%,

8/25/2032(a)(d)

1,020,000

1,027,726

Sanders

Re

III

Ltd.

,

Series

A,

(BRMMUSDF

+

3.34%),

6.95%,

4/7/2026(a)

(e) 450,000

452,250

Series

A,

(BRMMUSDF

+

7.72%),

11.33%,

6/5/2026(a)(e)

450,000

461,250

(BRMMUSDF

+

5.47%),

9.08%,

4/7/2027(a)(e)

450,000

465,120

Series

A,

(BRMMUSDF

+

5.56%),

9.17%,

4/7/2028(a)

(e) 250,000

262,575

Solomon

Re

Ltd.

,

Series

A,

(GSMMUSTI

+

5.52%),

9.14%,

6/8/2026(a)

(e) 450,000

458,235

Sumitomo

Life

Insurance

Co.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.65%),

5.88%,

9/10/2055(a)(e)

5,545,000

5,600,544

Titania

RE

Ltd.

,

Series

A,

(BRMMUSDF

+

13.13%),

16.87%,

2/27/2026(a)(e)

450,000

457,650

Topanga

Re

Ltd.

,

Series

A,

(BRMMUSDF

+

4.77%),

8.48%,

1/8/2026(a)

(e) 450,000

448,650

Series

A,

(JMMMUSTF

+

4.75%),

8.41%,

1/7/2030(a)

(e) 500,000

499,500

Series

B,

(JMMMUSTF

+

5.75%),

9.42%,

1/7/2030(a)

(e) 250,000

249,750

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Insurance
Torrey

Pines

Re

Ltd.

,

Series

A,

(JMMMUSTF

+

5.31%),

8.97%,

6/5/2026(a)

(e) 450,000

453,195

Series

A,

(JMMMUSTF

+

6.04%),

9.70%,

6/7/2027(a)

(e) 250,000

261,400

Turris

RE

Ltd.

,

Series

A,

(JMMMUSTF

+

2.40%),

6.18%,

1/8/2029(a)

(e) 250,000

249,550

Ursa

Re

II

Ltd.

,

Series

FG,

(3

Month

Treasury

Bill

Rate

+

7.75%),

11.38%,

6/7/2028(a)(e)

250,000

249,625

Series

E,

(3

Month

Treasury

Bill

Rate

+

5.00%),

8.63%,

12/7/2029(a)(e)

450,000

449,325

Vitality

Re

XIII

Ltd.

,

Series

A,

(FHMMUSTF

+

2.00%),

5.58%,

1/6/2026(a)

(e) 450,000

449,955

Series

B,

(FHMMUSTF

+

2.75%),

6.33%,

1/6/2026(a)

(e) 250,000

249,975

Vitality

Re

XIV

Ltd.

,

Series

A,

(FHMMUSTF

+

3.50%),

7.08%,

1/5/2027(a)

(e) 500,000

509,850

Willis

North

America,

Inc.

,

4.55%,

3/15/2031(d)

1,045,000

1,046,300

57,740,134

#### Interactive

#### Media

#### &

#### Services

#### 0.4%
Meta

Platforms,

Inc.

,

5.63%,

11/15/2055(d)

750,000

719,828

5.75%,

11/15/2065(d)

1,250,000

1,191,880

1,911,708

#### IT

#### Services

#### 0.5%
ION

Platform

Finance

US,

Inc.

,

9.00%,

8/1/2029(a)

2,485,000

2,446,583

#### Leisure

#### Products

#### 0.1%
Mattel,

Inc.

,

5.00%,

11/17/2030

250,000

251,734

#### Marine

#### Transportation

#### 0.4%
Danaos

Corp.

,

6.88%,

10/15/2032(a)(d)

1,895,000

1,957,842

#### Media

#### 0.2%
CSC

Holdings

LLC

,

11.75%,

1/31/2029(a)

1,465,000

1,088,418

#### Metals

#### &

#### Mining

#### 1.7%
Commercial

Metals

Co.

,

5.75%,

11/15/2033(a)

465,000

475,477

6.00%,

12/15/2035(a)(d)

465,000

476,698

Corp.

Nacional

del

Cobre

de

Chile

,

6.78%,

1/13/2055(a)(d)

765,000

823,569

NVIT

Strategic

Income

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Metals

#### &

#### Mining
First

Quantum

Minerals

Ltd.

,

7.25%,

2/15/2034(a)(d)

450,000

473,087

Galileo

Re

Ltd.

,

Series

B,

(GSMMUSTI

+

7.00%),

10.62%,

1/8/2026(a)(e)

250,000

249,750

Series

A,

(GSMMUSTI

+

7.00%),

10.62%,

1/7/2028(a)(e)

250,000

262,125

Series

A,

(JMMMUSTF

+

3.25%),

6.99%,

1/8/2030(a)

(e) 500,000

499,500

Series

B,

(JMMMUSTF

+

5.00%),

8.74%,

1/8/2030(a)

(e) 500,000

499,500

Novelis

Corp.

,

6.38%,

8/15/2033(a)(d)

4,066,000

4,121,993

7,881,699

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.6%
Starwood

Property

Trust,

Inc.

,

5.25%,

10/15/2028(a)

2,365,000

2,382,198

5.75%,

1/15/2031(a)

330,000

333,547

2,715,745

#### Multi-Utilities

#### 0.3%
Algonquin

Power

&

Utilities

Corp.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.25%),

4.75%,

1/18/2082(d)(e)

1,330,000

1,311,603

WEC

Energy

Group,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.91%),

5.63%,

5/15/2056(d)(e)

265,000

266,669

1,578,272

#### Office

#### REITs

#### 0.7%
COPT

Defense

Properties

LP

,

4.50%,

10/15/2030

50,000

49,757

2.90%,

12/1/2033

3,150,000

2,687,489

Highwoods

Realty

LP

,

5.35%,

1/15/2033

280,000

279,790

3,017,036

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 6.8%
Aker

BP

ASA

,

6.00%,

6/13/2033(a)

2,005,000

2,098,143

5.25%,

10/30/2035(a)(d)

2,483,000

2,425,743

APA

Corp.

,

6.75%,

2/15/2055(d)

4,510,000

4,491,763

BP

Capital

Markets

plc

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.92%),

6.13%,

3/18/2035(e)(g)

2,605,000

2,686,297

Columbia

Pipelines

Holding

Co.

LLC

,

5.00%,

11/17/2032(a)

1,850,000

1,849,835

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
Delek

Logistics

Partners

LP

,

8.63%,

3/15/2029(a)

1,970,000

2,064,883

Enbridge,

Inc.

,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

2.97%),

7.20%,

6/27/2054(d)(e)

185,000

195,895

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

3.12%),

7.38%,

3/15/2055(d)(e)

185,000

195,829

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

4.43%),

8.50%,

1/15/2084(d)(e)

990,000

1,135,202

Energy

Transfer

LP

,

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

5.31%),

7.13%,

5/15/2030(e)(g)

620,000

634,851

Hilcorp

Energy

I

LP

,

6.88%,

5/15/2034(a)(d)

1,930,000

1,808,431

7.25%,

2/15/2035(a)(d)

480,000

456,178

International

Petroleum

Corp.

,

Reg.

S,

7.50%,

10/10/2030

3,190,000

3,223,429

MC

Brazil

Downstream

Trading

SARL

,

7.25%,

6/30/2031(a)

796,522

698,519

Saudi

Arabian

Oil

Co.

,

6.38%,

6/2/2055(a)

1,436,000

1,501,563

Summit

Midstream

Holdings

LLC

,

8.63%,

10/31/2029(a)

1,500,000

1,555,422

Venture

Global

Plaquemines

LNG

LLC

,

6.13%,

12/15/2030(a)

1,040,000

1,059,078

6.50%,

1/15/2034(a)(d)

710,000

727,211

6.75%,

1/15/2036(a)

1,305,000

1,336,699

Wildfire

Intermediate

Holdings

LLC

,

7.50%,

10/15/2029(a)

1,385,000

1,398,051

31,543,022

#### Passenger

#### Airlines

#### 1.4%
ABRA

Global

Finance

,

0.00%,

10/22/2029(a)(f)

2,773,904

2,728,474

American

Airlines,

Inc.

,

5.75%,

4/20/2029(a)(d)

345,000

351,327

Avianca

Midco

plc

,

9.63%,

2/14/2030(a)

1,464,000

1,468,977

Grupo

Aeromexico

SAB

de

CV

,

8.25%,

11/15/2029(a)

575,000

587,253

8.63%,

11/15/2031(a)

1,235,000

1,260,849

6,396,880

#### Pharmaceuticals

#### 1.1%
1261229

BC

Ltd.

,

10.00%,

4/15/2032(a)

2,965,000

3,083,650

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Strategic

Income

Fund

#### Corporate

#### Bonds

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Pharmaceuticals
Teva

Pharmaceutical

Finance

Netherlands

II

BV

,

4.38%,

5/9/2030

EUR

1,598,000

1,926,982

Tricida,

Inc.

,

3.50%,

5/15/2027^∞

2,520,000

5,010,632

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.1%
CBRE

Services,

Inc.

,

4.90%,

1/15/2033

300,000

301,441

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.7%
Foundry

JV

Holdco

LLC

,

6.15%,

1/25/2032(a)(d)

1,350,000

1,430,579

6.10%,

1/25/2036(a)

1,608,000

1,681,062

3,111,641

#### Software

#### 0.3%
Oracle

Corp.

,

5.95%,

9/26/2055(d)

1,396,000

1,236,876

#### Tobacco

#### 0.5%
Philip

Morris

International,

Inc.

,

4.63%,

10/29/2035(d)

2,352,000

2,300,917

#### Wireless

#### Telecommunication

#### Services

#### 0.0%

#### †
WOM

Mobile

SA

,

11.00%,

4/1/2031(a)(e)(f)

199,303

189,449

#### Total

#### Corporate

#### Bonds

#### (cost

#### $266,821,755)

#### 272,630,950

#### Foreign

#### Government

#### Securities

#### 2.2%

#### CHILE

#### 0.2%
Republic

of

Chile

,

3.75%,

1/14/2032

EUR

680,000

811,074

#### IVORY

#### COAST

#### 0.5%
Republic

of

Cote

d'Ivoire

,

4.88%,

1/30/2032(a)

2,092,000

2,385,006

#### KUWAIT

#### 0.4%
State

of

Kuwait

,

4.65%,

10/9/2035(a)

2,110,000

2,107,086

#### MEXICO

#### 1.1%
United

Mexican

States

,

5.13%,

5/4/2037

3,550,000

4,222,322

6.88%,

5/13/2037

820,000

874,940

5,097,262

#### Total

#### Foreign

#### Government

#### Securities

#### (cost

#### $9,493,667)

#### 10,400,428

#### Loan

#### Participations

#### 1.7%

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Diversified

#### Telecommunication

#### Services

#### 0.1%
Windstream

Services

LLC,

First

Lien

Term

Loan,

(CME

Term

SOFR

Month

+

4.00%),

7.72%,

10/6/2032

(e) 352,000

352,880

#### Electric

#### Utilities

#### 0.2%
Alpha

Generation

LLC,

First

Lien

Term

Loan

B,

(CME

Term

SOFR

Month

+

2.00%),

5.72%,

9/30/2031

(e) 829,500

831,657

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.1%
Sotera

Health

Holdings

LLC,

First

Lien

Term

Loan,

(CME

Term

SOFR

Month

+

2.50%),

6.34%,

5/30/2031

(e) 497,727

499,907

#### Insurance

#### 0.8%
River

Rock

Entertainment,

First

Lien

Term

Loan,

(CME

Term

SOFR

Month

+

9.00%),

10.00%,

6/25/2031

(e) 3,705,000

3,593,850

#### Media

#### 0.1%
DIRECTV

Financing

LLC,

First

Lien

Term

Loan

B,

(CME

Term

SOFR

Month

+

5.25%),

9.35%,

8/2/2029

(e) 383,338

384,185

#### Pharmaceuticals

#### 0.4%
1261229

BC

Ltd.,

First

Lien

Term

Loan,

(CME

Term

SOFR

Month

+

6.25%),

9.97%,

10/8/2030

(e) 2,039,750

1,988,002

#### Professional

#### Services

#### 0.0%

#### †
Amentum

Holdings,

Inc.,

First

Lien

Term

Loan,

(CME

Term

SOFR

Month

+

2.00%),

5.72%,

9/29/2031

(e) 258,176

258,578

#### Total

#### Loan

#### Participations

#### (cost

#### $7,900,397)

#### 7,909,059

#### Mortgage-Backed

#### Securities

#### 9.9%
FNMA/FHLMC

UMBS,

Year,

Single

Family

Conventional

Pool

TBA

5.50%,

1/25/2041

7,000,000

7,176,174

FNMA/FHLMC

UMBS,

Year,

Single

Family

TBA

4.00%,

1/25/2056

4,800,000

4,552,438

4.50%,

1/25/2056

7,000,000

6,832,995

5.00%,

1/25/2056

7,000,000

6,980,313

5.50%,

1/25/2056

11,000,000

11,153,808

NVIT

Strategic

Income

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Mortgage-Backed

#### Securities

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
GNMA

II

Pool

Pool#

MB0260

6.00%,

3/20/2055

500,000

509,883

Pool#

MB0309

6.00%,

4/20/2055

3,423,099

3,494,432

Pool#

MB0367

6.00%,

5/20/2055

576,802

588,204

GNMA

TBA

6.50%,

1/15/2056

4,400,000

4,548,156

#### Total

#### Mortgage-Backed

#### Securities

#### (cost

#### $45,712,813)

#### 45,836,403

#### Supranational

#### 0.7%
African

Development

Bank,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

+

1.65%),

5.88%,

5/7/2035(e)

2,366,000

2,360,737

International

Bank

for

Reconstruction

&

Development

(SOFR

+

4.22%),

8.09%,

4/24/2028(a)(e)

250,000

256,475

(SOFR

+

12.22%),

15.88%,

4/24/2028(a)(e)

250,000

267,300

(SOFR

+

13.72%),

17.38%,

4/24/2028(a)(e)

250,000

268,950

#### Total

#### Supranational

#### (cost

#### $3,117,045)

#### 3,153,462

#### Warrants

#### 0.0%

#### †

#### Number

#### of

#### Warrants

#### Trading

#### Companies

#### &

#### Distributors

#### 0.0%

#### †
Avation

plc,

expiring

10/31/2026

\*

35,000

18,871

#### Total

#### Warrants

#### (cost

#### $0)

#### 18,871

#### Preferred

#### Stocks

#### 0.7%

#### Shares

#### Banks

#### 0.5%
Bank

of

America

Corp.,

5.00%,

(d)(h) 18,557

385,243

JPMorgan

Chase

&

Co.,

4.20%,

9/1/2026(h)

55,330

1,010,879

KeyCorp,

5.63%,

12/15/2025(d)(h)

17,737

377,089

US

Bancorp,

3.75%,

1/15/2026(h)

11,215

171,926

Wells

Fargo

&

Co.,

4.25%,

9/15/2026(h)

22,892

406,791

2,351,928

#### Capital

#### Markets

#### 0.2%
Morgan

Stanley,

4.25%,

1/15/2027(h)

44,473

784,504

#### Preferred

#### Stocks

#### Shares

#### Value

#### ($)

#### Capital

#### Markets
State

Street

Corp.,

+

0.00%),

5.35%,

3/15/2026(e)(h)

6,645

149,180

933,684

#### Consumer

#### Finance

#### 0.0%

#### †
Capital

One

Financial

Corp.,

Preference,

4.38%,

9/1/2026(h)

10,375

173,677

#### Total

#### Preferred

#### Stocks

#### (cost

#### $3,452,743)

#### 3,459,289

#### Short-Term

#### Investment

#### 2.8%

#### Principal

#### Amount

#### ($)

#### U.S.

#### Treasury

#### Obligation

#### 2.8%
U.S.

Treasury

Bills,

3.83%,

1/15/2026(d)

13,000,000

12,983,385

#### Total

#### Short-Term

#### Investment

#### (cost

#### $12,980,764)

#### 12,983,385

#### Repurchase

#### Agreements

#### 12.2%
Bank

of

America

NA

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$4,000,856,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.50%,

maturing

5/1/2049

-

9/1/2050;

total

market

value

$4,080,000.

(i)(j) 4,000,000

4,000,000

BNP

Paribas

Securities

Corp.

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$10,002,117,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.63%,

maturing

7/31/2026

-

11/15/2054;

total

market

value

$10,200,000.

(i)(j) 10,000,000

10,000,000

Cantor

Fitzgerald

&

Co.

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$4,260,243,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$4,344,522.

(i)(j) 4,259,335

4,259,335

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Strategic

Income

Fund

#### Repurchase

#### Agreements

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Cantor

Fitzgerald

&

Co.

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$3,500,747,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$3,570,000.

(i)(j) 3,500,000

3,500,000

CF

Secured,

LLC

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$4,000,853,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.13%

-

7.50%,

maturing

3/31/2026

-

4/20/2071;

total

market

value

$4,080,871.

(i)(j) 4,000,000

4,000,000

Citi

Global

Market,

Inc.

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$1,000,212,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.38%

-

4.25%,

maturing

2/15/2028

-

10/31/2029;

total

market

value

$1,020,000.

(i)(j) 1,000,000

1,000,000

Pershing

LLC

3.72%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$30,006,200,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

2/15/2026

-

12/20/2075;

total

market

value

$30,600,001.

(i)(j) 30,000,000

30,000,000

#### Total

#### Repurchase

#### Agreements

#### (cost

#### $56,759,335)

#### 56,759,335

#### Total

#### Investments

#### (cost

#### $533,023,462)

#### —

#### 116.7%

#### 541,466,727

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (16.7)%

#### (77,582,089)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 463,884,638
\*

Denotes

a

non-income

producing

security.

^

Value

determined

using

significant

unobservable

inputs.

∞

Fair

valued

security.

†

Amount

rounds

to

less

than

0.1%.

(a) Rule

144A,

Section

4(2),

or

other

security

which

is

restricted

as

to

sale

to

institutional

investors.

These

securities

were

deemed

liquid

pursuant

to

procedures

approved

by

the

Board

of

Trustees.

The

liquidity

determination

is

unaudited.

The

aggregate

value

of

these

securities

as

of

December

31,

2025

was

$306,408,787

which

represents

66.05%

of

net

assets.

(b) Variable

or

floating

rate

security,

the

interest

rate

of

which

adjusts

periodically

based

on

changes

in

current

interest

rates

and

prepayments

on

the

underlying

pool

of

assets. See

Note

for

further

information.

The

interest

rate

shown

was

the

current

rate

as

of

December

31,

2025. (c) Step

Bond.

Coupon

rate

is

set

for

an

initial

period

and

then

increases

to

a

higher

coupon

rate

at

a

specific

date.

The

rate

shown

is

the

rate

as

of

December

31,

2025. (d) The

security

or

a

portion

of

this

security

is

on

loan

as

of

December

31,

2025. The

total

value

of

securities

on

loan

as

of

December

31,

2025

was

$99,645,139,

which

was

collateralized

by

cash

used

to

purchase

repurchase

agreements

with

a

total

value

of

$56,759,335

and

by

$46,524,949

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

-

6.25%,

and

maturity

dates

ranging

from

1/15/2026

-

11/15/2055,

a

total

value

of

$103,284,284.

(e) Variable

or

floating

rate

security,

linked

to

the

referenced

benchmark.

The

interest

rate

shown

was

the

current

rate

as

of

December

31,

2025. (f) PIK-Payment-in-kind

security.

Income

may

be

in

cash

or

additional

notes,

at

the

discretion

of

the

issuer.

The

rate

disclosed

is

the

cash

rate.

(g) Perpetual

Bond

Security.

The

rate

reflected

in

the

Statement

of

Investments

is

the

rate

in

effect

on

December

31,

2025. The

maturity

date

reflects

the

next

call

date.

(h) The

date

shown

reflects

the

next

call

date

on

which

the

issuer

may

redeem

the

security

at

par

value.

The

coupon

rate

for

this

security

is

based

on

par

value

and

is

currently

in

effect

as

of

December

31,

2025. (i) Security

was

purchased

with

cash

collateral

held

from

securities

on

loan.

The

total

value

of

securities

purchased

with

cash

collateral

as

of

December

31,

2025

was

$56,759,335.

(j) Please

refer

to

Note

for

additional

information

on

the

joint

repurchase

agreement.

NVIT

Strategic

Income

Fund

-

December

31,

2025

-

Statement

of

Investments

-

BNMMDTSC

Dreyfus

Treasury

Securities

Cash

Management

Fund

Yield

BRMMUSDF

BlackRock

Money

Market

US

Treasury

Fund

Index

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FHMMUSTF

Federated

Hermes

Money

Market

US

Treasury

Fund

Index

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

GSMMUSTI

Goldman

Sachs

Money

Market

US

Treasury

Instrument

Index

ICE

Intercontinental

Exchange

IO

Interest

only

JMMMUSTF

JP

Morgan

Money

Market

US

Treasury

Fund

Index

Preference

A

special

type

of

equity

investment

that

shares

in

the

earnings

of

the

company,

has

limited

voting

rights,

and

may

have

a

dividend

preference.

Preference

shares

may

also

have

liquidation

preference.

Reg.

S

Regulation

S

-

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933

or

pursuant

to

an

exemption

from

registration.

Currently

there

is

no

restriction

on

trading

this

security.

REIT

Real

Estate

Investment

Trust

REMICS

Real

Estate

Mortgage

Investment

Conduits

SOFR

Secured

Overnight

Financing

Rate

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

UMBS

Uniform

Mortgage-Backed

Securities

#### Centrally

#### Cleared

#### Credit

#### default

#### swap

#### contracts

#### outstanding

#### -

#### buy

#### protection

#### as

#### of

#### December

#### 31,

#### 2025

#### 1

#### :

#### Reference

#### Obligation/Index

#### Financing

#### Rate

#### Paid

#### by

#### the

#### Fund

#### (%)

#### Payment

#### Frequency

#### Maturity

#### Date

#### Implied

#### Credit

#### Spread

#### (%)

#### 2

#### Notional

#### Amount

#### 3

#### Upfront

#### Payments
(Receipts)

#### ($)

#### 4

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Value

#### ($)
Darden

Restaurants,

Inc.

1.00 Quarterly

6/20/2029

0.31 USD

533,898

(8,311)

(3,991)

(12,302)

Markit

CDX

North

American

High

Yield

Index

Series

45-V1

5.00 Quarterly

12/20/2030

3.16 USD

122,900,000

(8,634,526)

(894,629)

(9,529,155)

(8,642,837)

(898,620)

(9,541,457)

The

Fund,

as

a

buyer

of

credit

protection,

pays

periodic

payments

and

any

upfront

premium

to

the

protection

seller,

and

is

obligated

to

receive

a

contingent

payment,

upon

occurrence

of

a

credit

event

with

respect

to

an

underlying

reference

obligation,

as

defined

under

the

terms

of

each

individual

swap

contract.

Implied

credit

spreads

are

an

indication

of

the

seller's

performance

risk,

related

to

the

likelihood

of

a

credit

event

occurring

that

would

require

a

seller

to

make

a

payment

to

a

buyer.

Implied

credit

spreads

are

used

to

determine

the

value

of

swap

contracts

and

reflect

the

cost

of

buying/selling

protection,

which

may

include

upfront

payments

made

to

enter

into

the

contract.

Therefore,

higher

spreads

would

indicate

a

greater

likelihood

that

a

seller

will

be

obligated

to

perform

(i.e.,

make

payment)

under

the

swap

contract.

Increasing

values,

in

absolute

terms

and

relative

notional

amounts,

are

also

indicative

of

greater

performance

risk.

Implied

credit

spreads

for

credit

default

swaps

on

credit

indices

are

linked

to

the

weighted

average

spread

across

the

underlying

reference

obligations

included

in

a

particular

index.

The

notional

amount

is

the

maximum

amount

that

a

seller

of

credit

protection

would

be

obligated

to

pay

and

a

buyer

of

credit

protection

would

receive,

upon

occurrence

of

a

credit

event.

Upfront

premiums

generally

related

to

payments

received

or

paid

at

the

initiation

of

the

swap

agreement

to

compensate

for

differences

between

the

stated

terms

of

the

swap

agreement

and

current

market

conditions

(credit

spreads,

interest

rates

and

other

relevant

factors).

#### Currency:
USD

United

States

dollar

As

of

December

31,

2025,

the

Fund

had

$5,964,900

segregated

as

collateral

for

credit

default

swap

contracts.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

Strategic

Income

Fund

#### Forward

#### Foreign

#### Currency

#### Contracts

#### outstanding

#### as

#### of

#### December

#### 31,

#### 2025:

#### Currenc

#### y

#### Purchased

#### Currency

#### Sold

#### Counterparty

#### Settlement

#### Date

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)
USD

15,224,844

EUR

12,929,578

Morgan

Stanley

Co.,

Inc.

1/16/2026

21,955

#### Total

#### unrealized

#### appreciation
21,955

USD

771,812

MXN

14,036,553

Goldman

Sachs

International

3/27/2026

(1,425)

#### Total

#### unrealized

#### depreciation
(1,425)

#### Net

#### unrealized

#### appreciation
20,530

#### Currency:
EUR

Euro

MXN

Mexican

peso

USD

United

States

dollar

#### Futures

#### contracts

#### outstanding

#### as

#### of

#### December

#### 31,

#### 2025:

#### Description

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Trading

#### Currency

#### Notional

#### Amount

#### ($)

#### Value

#### and

#### Unrealized

#### Appreciation
(Depreciation)

#### ($)

#### Long

#### Contracts
U.S.

Treasury

Year

Note

3/2026

USD

45,307,226

(29,646)

#### Total

#### long

#### contracts
(29,646)

#### Short

#### Contracts
Euro-Bobl

(11) 3/2026

EUR

(1,501,624)

7,259

Euro-Bund

(27) 3/2026

EUR

(4,047,847)

35,366

U.S.

Treasury

Year

Note

(741) 3/2026

USD

(80,994,774)

286,562

U.S.

Treasury

Year

Note

(48) 3/2026

USD

(5,397,000)

35,887

U.S.

Treasury

Year

Ultra

Note

(696) 3/2026

USD

(80,050,875)

513,401

U.S.

Treasury

Long

Bond

(76) 3/2026

USD

(8,785,125)

89,240

U.S.

Treasury

Ultra

Bond

(133) 3/2026

USD

(15,694,000)

251,245

#### Total

#### short

#### contracts
1,218,960

#### Net

#### contracts
1,189,314

#### Currency:
EUR

Euro

USD

United

States

Dollar

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Assets

and

Liabilities

-

December

31,

2025

-

International

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Fidelity

#### Institutional

#### AM

####®

#### Emerging

#### Markets

#### Fund

#### Assets:
Investment

securities,

at

value

\*

$

525,264,181

Repurchase

agreements,

at

value

—

Cash

1,488,496

Cash

pledged

for

swap

contracts

—

Deposits

with

broker

for

futures

contracts

—

Foreign

currencies,

at

value

80,771

Interest

and

dividends

receivable

803,415

Security

lending

income

receivable

—

Receivable

for

investments

sold

—

Receivable

for

capital

shares

issued

509,750

Reclaims

receivable

17,796

Receivable

for

variation

margin

on

futures

contracts

—

Receivable

for

variation

margin

on

centrally

cleared

swap

contracts

—

Unrealized

appreciation

on

forward

foreign

currency

contracts

(Note

2)

—

Receivable

for

reimbursement

from

investment

adviser

(Note

3)

18,512

Prepaid

expenses

—

Total

Assets

528,182,921

#### Liabilities:
Payable

for

investments

purchased

—

Payable

for

capital

shares

redeemed

641,490

Unrealized

depreciation

on

forward

foreign

currency

contracts

(Note

2)

—

Payable

upon

return

of

securities

loaned

(Note

2)

—

Accrued

expenses

and

other

payables:

Investment

advisory

fees

381,373

Fund

administration

fees

25,897

Distribution

fees

15,223

Administrative

servicing

fees

33,663

Accounting

and

transfer

agent

fees

Trustee

fees

Deferred

capital

gain

country

tax

403,992

Custodian

fees

22,951

Compliance

program

costs

(Note

3)

Professional

fees

39,515

Printing

fees

20,162

Other

7,679

Total

Liabilities

1,592,606

Commitments

and

contingencies

(Note

3)

—

#### Net

#### Assets
$

526,590,315

\*

Includes

value

of

securities

on

loan

(Note

2)

—

Cost

of

investment

securities

474,386,303

Cost

of

repurchase

agreements

—

Cost

of

foreign

currencies

78,280

#### Represented

#### by:
Capital

$

612,487,568

Total

distributable

earnings

(loss)

(85,897,253)

#### Net

#### Assets
$

526,590,315

International

Funds

-

December

31,

2025

-

Statements

of

Assets

and

Liabilities

-

#### NVIT

#### Fidelity

#### Institutional

#### AM

####®

#### Worldwide

#### Fund

#### NVIT

#### International

#### Equity

#### Fund

#### NVIT

#### Putnam

#### International

#### Value

#### Fund

#### NVIT

#### Strategic

#### Income

#### Fund
$

231,981,412

$

433,700,198

$

301,019,932

$

484,707,392

7,138,660

5,044,596

2,214,260

56,759,335

880,033

3,828,561

2,874,943

4,397,123

—

—

—

5,964,900

—

—

—

5,118,696

74,709

246,700

—

119,585

471,764

104,843

4,535,076

5,052

5,380

2,614

11,122

303,628

—

89,797

546,433

29,859

329,180

1,949

1,678,320

2,087,314

—

—

—

—

278,327

—

—

—

235,642

—

—

658,764

21,955

2,344

6,661

—

—

240,505,708

445,524,542

308,999,395

562,448,813

57,050

142,068

—

41,363,289

283,732

126,304

502,851

85,342

—

—

899,030

1,425

7,138,660

5,044,596

2,214,260

56,759,335

93,817

249,763

187,909

219,669

14,201

21,824

24,971

25,295

29,137

47,148

42,753

—

46,040

44,527

8,771

40,349

566

2,230

—

197,601

—

—

1,894

5,279

7,198

2,912

16,745

62,231

24,085

30,619

16,424

22,198

32,726

11,472

3,040

610

7,681,795

5,970,095

3,937,907

98,564,175

—

—

—

—

$

232,823,913

$

439,554,447

$

305,061,488

$

463,884,638

9,495,224

21,293,851

10,264,158

99,645,139

225,360,454

373,063,540

229,211,424

476,264,127

7,138,660

5,044,596

2,214,260

56,759,335

74,506

245,753

—

$

227,833,763

$

365,800,535

$

211,850,145

$

468,971,268

4,990,150

73,753,912

93,211,343

(5,086,630)

$

232,823,913

$

439,554,447

$

305,061,488

$

463,884,638

-

Statements

of

Assets

and

Liabilities

-

December

31,

2025

-

International

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Fidelity

#### Institutional

#### AM

####®

#### Emerging

#### Markets

#### Fund

#### Net

#### Assets:
Class

I

Shares

$

223,952,171

Class

II

Shares

51,099,847

Class

D

Shares

19,798,048

Class

X

Shares

—

Class

Y

Shares

231,740,249

Class

Z

Shares

—

Total

$

526,590,315

#### Shares

#### Outstanding
(unlimited

number

of

shares

authorized):

Class

I

Shares

15,061,534

Class

II

Shares

3,497,106

Class

D

Shares

1,354,598

Class

X

Shares

—

Class

Y

Shares

15,572,727

Class

Z

Shares

—

Total

35,485,965

#### Net

#### asset

#### value

#### and

#### offering

#### price

#### per

#### share
(Net

assets

by

class

divided

by

shares

outstanding

by

class,

respectively):

Class

I

Shares

$

.87

Class

II

Shares

$

.61

Class

D

Shares

$

.62

Class

X

Shares

$

—

Class

Y

Shares

$

.88

Class

Z

Shares

$

—

International

Funds

-

December

31,

2025

-

Statements

of

Assets

and

Liabilities

-

#### NVIT

#### Fidelity

#### Institutional

#### AM

####®

#### Worldwide

#### Fund

#### NVIT

#### International

#### Equity

#### Fund

#### NVIT

#### Putnam

#### International

#### Value

#### Fund

#### NVIT

#### Strategic

#### Income

#### Fund
$

97,005,255

$

213,297,229

$

29,487,317

$

463,884,638

135,818,658

226,257,218

—

—

—

—

—

—

—

—

73,235,965

—

—

—

—

—

—

—

202,338,206

—

$

232,823,913

$

439,554,447

$

305,061,488

$

463,884,638

7,553,235

13,792,966

1,914,536

51,515,134

10,596,896

14,856,055

—

—

—

—

—

—

—

—

4,790,205

—

—

—

—

—

—

—

13,294,008

—

18,150,131

28,649,021

19,998,749

51,515,134

$

.84

$

.46

$

.40

$

.00

$

.82

$

.23

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

.29

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

.22

$

—

-

Statements

of

Operations

-

For

the

Year

Ended

December

31,

2025

-

International

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Fidelity

#### Institutional

#### AM

####®

#### Emerging

#### Markets

#### Fund

#### INVESTMENT

#### INCOME:
Dividend

income

$

5,893,149

Interest

income

108,442

Income

from

securities

lending

(net

of

fees)

(Note

2)

1,084

Foreign

tax

withholding

(556,550)

European

Union

tax

reclaims

(Note

2)

—

Total

Income

5,446,125

#### EXPENSES:
Investment

advisory

fees

1,837,769

Fund

administration

fees

105,665

Distribution

fees

Class

II

Shares

169,170

Distribution

fees

Class

D

Shares

44,044

Distribution

fees

Class

Z

Shares

—

Administrative

servicing

fees

Class

I

Shares

122,284

Administrative

servicing

fees

Class

II

Shares

105,502

Administrative

servicing

fees

Class

D

Shares

43,090

Administrative

servicing

fees

Class

X

Shares

—

Administrative

servicing

fees

Class

Z

Shares

—

Professional

fees

63,332

Printing

fees

21,578

Trustee

fees

9,694

Custodian

fees

27,990

Accounting

and

transfer

agent

fees

10,293

Compliance

program

costs

(Note

3)

674

European

Union

tax

reclaims

filing

fees

(Note

2)

—

Other

1,750

Total

expenses

before

fees

waived

and

expenses

reimbursed

2,562,835

Investment

advisory

fees

waived

(Note

3)

(168,979)

Expenses

reimbursed

by

adviser

(Note

3)

(123,186)

Net

Expenses

2,270,670

#### NET

#### INVESTMENT

#### INCOME
3,175,455

International

Funds

-

For

the

Year

Ended

December

31,

2025

-

Statements

of

Operations

-

#### NVIT

#### Fidelity

#### Institutional

#### AM

####®

#### Worldwide

#### Fund(a)

#### NVIT

#### International

#### Equity

#### Fund

#### NVIT

#### Putnam

#### International

#### Value

#### Fund

#### NVIT

#### Strategic

#### Income

#### Fund
$

326,045

$

5,253,843

$

9,362,270

$

12,843

23,574

93,876

190,187

22,488,349

6,048

29,875

19,777

88,315

(21,057)

(592,752)

(737,911)

—

—

86,109

39,258

—

334,610

4,870,951

8,873,581

22,589,507

143,662

1,392,999

1,874,059

1,801,290

26,317

92,850

117,905

137,125

48,073

228,355

—

—

—

—

—

—

—

—

411,390

—

27,974

142,854

41,616

477,626

45,366

136,463

—

—

—

—

—

—

—

—

6,386

—

—

—

16,457

—

62,666

53,922

64,551

65,597

7,989

836

12,812

—

2,714

7,993

10,200

13,085

3,091

5,675

28,371

13,975

11,763

10,958

14,583

793

1,107

1,339

—

4,112

9,920

—

1,081

2,102

2,558

368,542

2,079,696

2,607,834

2,527,178

—

—

—

—

(75,204)

(102,380)

(73,032)

—

293,338

1,977,316

2,534,802

2,527,178

41,272

2,893,635

6,338,779

20,062,329

-

Statements

of

Operations

-

For

the

Year

Ended

December

31,

2025

-

International

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Fidelity

#### Institutional

#### AM

####®

#### Emerging

#### Markets

#### Fund

#### REALIZED/UNREALIZED

#### GAINS
(LOSSES)

#### FROM

#### INVESTMENTS:
Net

realized

gains

(losses)

from:

Transactions

in

investment

securities

(Note

9)†

23,608,740

Expiration

or

closing

of

futures

contracts

(Note

2)

—

Settlement

of

forward

foreign

currency

contracts

(Note

2)

—

Foreign

currency

transactions

(Note

2)

(442,743)

TBA

Sale

Commitments

(Note

2)

—

Expiration

or

closing

of

swap

contracts

(Note

2)

—

Net

realized

gains

(losses)

23,165,997

Net

change

in

unrealized

appreciation/depreciation

in

the

value

of:

Investment

securities

††

33,976,925

Futures

contracts

(Note

2)

—

Forward

foreign

currency

contracts

(Note

2)

—

Translation

of

assets

and

liabilities

denominated

in

foreign

currencies

(Note

2)

6,586

Swap

contracts

(Note

2)

—

Net

change

in

unrealized

appreciation/depreciation

33,983,511

Net

realized/unrealized

gains

(losses)

57,149,508

#### CHANGE

#### IN

#### NET

#### ASSETS

#### RESULTING

#### FROM

#### OPERATIONS
$

60,324,963

†

Net

of

capital

gain

country

taxes

$

(503,332)

††

Net

of

(increase)

decrease

in

deferred

capital

gain

country

tax

accrual

on

unrealized

appreciation/

depreciation

$

686,786

(a) For

the

period

from

April

28,

2025

(commencement

of

operations)

through

December

31,

2025. (b) Excludes

unrealized

appreciation

of

$2,891,875

from

the

merger

(Note

10).

International

Funds

-

For

the

Year

Ended

December

31,

2025

-

Statements

of

Operations

-

#### NVIT

#### Fidelity

#### Institutional

#### AM

####®

#### Worldwide

#### Fund(a)

#### NVIT

#### International

#### Equity

#### Fund

#### NVIT

#### Putnam

#### International

#### Value

#### Fund

#### NVIT

#### Strategic

#### Income

#### Fund
(1,215,722)

11,676,338

39,301,124

1,349,410

—

—

—

(3,553,545)

—

—

113,539

(1,630,516)

20,308

(95,628)

168,951

461,671

—

—

—

(2,305)

—

—

—

(4,564,124)

(1,195,414)

11,580,710

39,583,614

(7,939,409)

6,620,958

43,996,648

(b) 29,313,420

10,637,734

—

—

—

137,466

—

—

456,743

(36,571)

152,073

235,414

36,366

—

—

—

52,975

6,621,066

44,148,721

30,005,577

10,827,970

5,425,652

55,729,431

69,589,191

2,888,561

$

5,466,924

$

58,623,066

$

75,927,970

$

22,950,890

$

—

$

(88,779)

$

—

$

—

$

—

$

(87,297)

$

—

$

—

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

International

Funds

#### NVIT

#### Fidelity

#### Institutional

#### AM

####®

#### Emerging

#### Markets

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### OPERATIONS:
Net

investment

income

$

3,175,455

$

1,650,630

Net

realized

gains

(losses)

23,165,997

5,314,843

Net

change

in

unrealized

appreciation/depreciation

33,983,511

1,995,490

Change

in

net

assets

resulting

from

operations

60,324,963

8,960,963

#### Distributions

#### to

#### Shareholders

#### From:
Distributable

earnings:

Class

I

(500,430)

(646,192)

Class

II

(108,564)

(1,064,970)

Class

D

(54,524)

(236,673)

Class

Y

(49)

(73)

Change

in

net

assets

from

shareholder

distributions

(663,567)

(1,947,908)

Change

in

net

assets

from

capital

transactions

325,478,380

(13,007,061)

Change

in

net

assets

385,139,776

(5,994,006)

#### Net

#### Assets:
Beginning

of

year

141,450,539

147,444,545

End

of

year

$

526,590,315

$

141,450,539

#### CAPITAL

#### TRANSACTIONS:

#### Class

#### I

#### Shares
Proceeds

from

shares

issued

$

168,150,253

$

6,006,514

Proceeds

from

shares

issued

from

merger

(Note

10)

—

—

Dividends

reinvested

500,430

646,192

Cost

of

shares

redeemed

(17,152,067)

(8,617,765)

Total

Class

I

Shares

151,498,616

(1,965,059)

#### Class

#### II

#### Shares
Proceeds

from

shares

issued

6,468,203

9,078,766

Proceeds

from

shares

issued

from

merger

(Note

10)

—

—

Dividends

reinvested

108,564

1,064,970

Cost

of

shares

redeemed

(52,238,542)

(18,182,332)

Total

Class

II

Shares

(45,661,775)

(8,038,596)

#### Class

#### D

#### Shares
Proceeds

from

shares

issued

1,299,574

802,444

Dividends

reinvested

54,524

236,673

Cost

of

shares

redeemed

(3,803,047)

(4,042,596)

Total

Class

D

Shares

(2,448,949)

(3,003,479)

#### Class

#### Y

#### Shares
Proceeds

from

shares

issued

226,156,115

—

Dividends

reinvested

Cost

of

shares

redeemed

(4,065,676)

—

Total

Class

Y

Shares

222,090,488

Change

in

net

assets

from

capital

transactions

$

325,478,380

$

(13,007,061)

International

Funds

-

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### Fidelity

#### Institutional

#### AM

####®

#### Worldwide

#### Fund

#### NVIT

#### International

#### Equity

#### Fund

#### Period

#### Ended

#### December

#### 31,

#### 2025(a)

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
$

41,272

$

2,893,635

$

1,653,223

(1,195,414)

11,580,710

10,009,438

6,621,066

44,148,721

(1,856,620)

5,466,924

58,623,066

9,806,041

(195,134)

(4,410,888)

(1,488,616)

(299,678)

(3,737,595)

(1,052,654)

—

—

—

—

—

—

(494,812)

(8,148,483)

(2,541,270)

227,851,801

280,735,104

10,509,065

232,823,913

331,209,687

17,773,836

—

108,344,760

90,570,924

$

232,823,913

$

439,554,447

$

108,344,760

$

96,151,817

$

91,920,535

$

17,621,380

—

58,544,488

—

195,134

4,371,365

1,488,616

(1,072,074)

(26,229,484)

(12,539,746)

95,274,877

128,606,904

6,570,250

138,938,588

24,540,507

10,471,697

—

136,252,688

—

299,678

3,644,623

1,052,654

(6,661,342)

(12,309,618)

(7,585,536)

132,576,924

152,128,200

3,938,815

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

$

227,851,801

$

280,735,104

$

10,509,065

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

International

Funds

#### NVIT

#### Fidelity

#### Institutional

#### AM

####®

#### Emerging

#### Markets

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### SHARE

#### TRANSACTIONS:

#### Class

#### I

#### Shares
Issued

11,962,687

539,596

Issued

in

merger

(Note

10)

—

—

Reinvested

36,905

59,284

Redeemed

(1,323,893)

(788,341)

Total

Class

I

Shares

10,675,699

(189,461)

#### Class

#### II

#### Shares
Issued

579,210

844,793

Issued

in

merger

(Note

10)

—

—

Reinvested

8,138

99,530

Redeemed

(4,174,622)

(1,666,258)

Total

Class

II

Shares

(3,587,274)

(721,935)

#### Class

#### D

#### Shares
Issued

101,690

73,803

Reinvested

4,087

22,078

Redeemed

(315,578)

(373,249)

Total

Class

D

Shares

(209,801)

(277,368)

#### Class

#### Y

#### Shares
Issued

15,846,894

—

Reinvested

Redeemed

(274,676)

—

Total

Class

Y

Shares

15,572,222

Total

change

in

shares

22,450,846

(1,188,757)

(a) For

the

period

from

April

28,

2025

(commencement

of

operations)

through

December

31,

2025. International

Funds

-

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### Fidelity

#### Institutional

#### AM

####®

#### Worldwide

#### Fund

#### NVIT

#### International

#### Equity

#### Fund

#### Period

#### Ended

#### December

#### 31,

#### 2025(a)

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
7,621,633

6,385,626

1,492,500

—

3,967,659

—

15,401

303,962

124,986

(83,799)

(1,883,875)

(1,059,690)

7,553,235

8,773,372

557,796

11,112,227

1,799,811

894,443

—

9,381,045

—

23,690

257,903

89,777

(539,021)

(905,042)

(671,403)

10,596,896

10,533,717

312,817

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

18,150,131

19,307,089

870,613

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

International

Funds

#### NVIT

#### Putnam

#### International

#### Value

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### OPERATIONS:
Net

investment

income

$

6,338,779

$

6,591,345

Net

realized

gains

(losses)

39,583,614

7,007,833

Net

change

in

unrealized

appreciation/depreciation

30,005,577

(4,565,799)

Change

in

net

assets

resulting

from

operations

75,927,970

9,033,379

#### Distributions

#### to

#### Shareholders

#### From:
Distributable

earnings:

Class

I

(501,081)

(1,561,883)

Class

X

(1,184,295)

(3,327,131)

Class

Z

(3,078,031)

(9,157,628)

Change

in

net

assets

from

shareholder

distributions

(4,763,407)

(14,046,642)

Change

in

net

assets

from

capital

transactions

10,694,890

(6,282,967)

Change

in

net

assets

81,859,453

(11,296,230)

#### Net

#### Assets:
Beginning

of

year

223,202,035

234,498,265

End

of

year

$

305,061,488

$

223,202,035

#### CAPITAL

#### TRANSACTIONS:

#### Class

#### I

#### Shares
Proceeds

from

shares

issued

$

780,340

$

434,842

Dividends

reinvested

501,081

1,561,883

Cost

of

shares

redeemed

(4,317,740)

(4,096,720)

Total

Class

I

Shares

(3,036,319)

(2,099,995)

#### Class

#### X

#### Shares
Proceeds

from

shares

issued

13,516,770

18,694,542

Dividends

reinvested

1,184,295

3,327,131

Cost

of

shares

redeemed

(13,257,221)

(11,188,216)

Total

Class

X

Shares

1,443,844

10,833,457

#### Class

#### Z

#### Shares
Proceeds

from

shares

issued

76,731,471

11,287,308

Dividends

reinvested

3,078,031

9,157,628

Cost

of

shares

redeemed

(67,522,137)

(35,461,365)

Total

Class

Z

Shares

12,287,365

(15,016,429)

Change

in

net

assets

from

capital

transactions

$

10,694,890

$

(6,282,967)

International

Funds

-

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### Strategic

#### Income

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
$

20,062,329

$

18,037,742

(7,939,409)

(7,472,075)

10,827,970

15,821,331

22,950,890

26,386,998

(14,409,735)

(17,487,473)

—

—

—

—

(14,409,735)

(17,487,473)

174,499,986

34,908,056

183,041,141

43,807,581

280,843,497

237,035,916

$

463,884,638

$

280,843,497

$

197,766,111

$

79,267,535

14,409,735

17,487,473

(37,675,860)

(61,846,952)

174,499,986

34,908,056

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

$

174,499,986

$

34,908,056

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

International

Funds

#### NVIT

#### Putnam

#### International

#### Value

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### SHARE

#### TRANSACTIONS:

#### Class

#### I

#### Shares
Issued

56,172

35,598

Reinvested

34,274

128,922

Redeemed

(314,336)

(340,419)

Total

Class

I

Shares

(223,890)

(175,899)

#### Class

#### X

#### Shares
Issued

967,961

1,485,838

Reinvested

81,619

276,938

Redeemed

(966,692)

(916,928)

Total

Class

X

Shares

82,888

845,848

#### Class

#### Z

#### Shares
Issued

5,409,032

930,077

Reinvested

213,013

764,552

Redeemed

(4,886,593)

(2,975,980)

Total

Class

Z

Shares

735,452

(1,281,351)

Total

change

in

shares

594,450

(611,402)

International

Funds

-

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### Strategic

#### Income

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
21,696,171

9,032,421

1,602,552

2,028,709

(4,238,532)

(6,966,944)

19,060,191

4,094,186

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

19,060,191

4,094,186

-

Financial

Highlights

-

December

31,

2025

-

International

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Fidelity

#### Institutional

#### AM

####®

#### Emerging

#### Markets

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### Portfolio

#### Turnover(b)(f)

#### Class

#### I

#### Shares
12/31/2025

$

10.99 $

0.22 $

3.74 $

3.96 $

(0.08)

$

—

$

(0.08)

$

14.87 36.15%

$

223,952

1.06%

1.70%

1.23%

99.34%

12/31/2024

10.48 0.14 0.52 0.66 (0.15)

—

(0.15)

10.99 6.28%

48,188

1.17%

1.27%

1.25%

59.43%

12/31/2023

10.24 0.10 0.32 0.42 (0.18)

—

(0.18)

10.48 4.16%

47,941

1.11%

0.92%

1.20%

71.45%

12/31/2022

13.74 0.13 (3.53)

(3.40)

(0.10)

—

(0.10)

10.24 (24.75)%

47,205

1.08%

1.20%

1.17%

62.21%

12/31/2021

14.96 0.12 (1.20)

(1.08)

(0.14)

—

(0.14)

13.74 (7.28)%

60,015

1.10%

0.77%

1.18%

121.44%

#### Class

#### II

#### Shares
12/31/2025

10.78 0.17 3.68 3.85 (0.02)

—

(0.02)

14.61 35.78%

51,100

1.35%

1.42%

1.49%

99.34%

12/31/2024

10.31 0.11 0.51 0.62 (0.15)

—

(0.15)

10.78 6.00%

76,359

1.42%

1.04%

1.51%

59.43%

12/31/2023

10.08 0.07 0.31 0.38 (0.15)

—

(0.15)

10.31 3.86%

80,468

1.36%

0.66%

1.45%

71.45%

12/31/2022

13.52 0.10 (3.47)

(3.37)

(0.07)

—

(0.07)

10.08 (24.92)%

80,197

1.33%

0.95%

1.42%

62.21%

12/31/2021

14.76 0.07 (1.17)

(1.10)

(0.14)

—

(0.14)

13.52 (7.51)%

107,438

1.35%

0.47%

1.43%

121.44%

#### Class

#### D

#### Shares
12/31/2025

10.80 0.16 3.70 3.86 (0.04)

—

(0.04)

14.62 35.77%

19,798

1.43%

1.27%

1.58%

99.34%

12/31/2024

10.33 0.11 0.51 0.62 (0.15)

—

(0.15)

10.80 5.99%

16,898

1.45%

1.00%

1.54%

59.43%

12/31/2023

10.10 0.07 0.31 0.38 (0.15)

—

(0.15)

10.33 3.80%

19,031

1.39%

0.64%

1.48%

71.45%

12/31/2022

13.49 0.10 (3.47)

(3.37)

(0.02)

—

(0.02)

10.10 (24.99)%

19,013

1.39%

0.87%

1.48%

62.21%

12/31/2021

14.74 0.07 (1.18)

(1.11)

(0.14)

—

(0.14)

13.49 (7.59)%

28,779

1.44%

0.44%

1.52%

121.44%

#### Class

#### Y

#### Shares
12/31/2025

10.97 0.32 3.69 4.01 (0.10)

—

(0.10)

14.88 36.61%(g)

231,740

0.88%

2.23%

1.01%

99.34%

12/31/2024

10.45 0.16 0.51 0.67 (0.15)

—

(0.15)

10.97 6.40%(g)

1.02%

1.41%

1.08%

59.43%

12/31/2023

10.23 0.12 0.30 0.42 (0.20)

—

(0.20)

10.45 4.13%(g)

0.93%

1.19%

1.02%

71.45%

12/31/2022

13.75 0.15 (3.53)

(3.38)

(0.14)

—

(0.14)

10.23 (24.60)%

334,033

0.93%

1.36%

1.02%

62.21%

12/31/2021

14.95 0.14 (1.20)

(1.06)

(0.14)

—

(0.14)

13.75 (7.15)%

384,522

0.95%

0.92%

1.03%

121.44%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(g) Includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

values

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

values

and

returns

for

shareholder

transactions.

International

Funds

-

December

31,

2025

-

Financial

Highlights

-

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Fidelity

#### Institutional

#### AM

####®

#### Worldwide

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### Portfolio

#### Turnover(b)(f)

#### Class

#### I

#### Shares
12/31/2025(g)

$

10.00 $

0.02 $

2.85 $

2.87 $

(0.01)

$

(0.02)

$

(0.03)

$

12.84 28.66%

$

97,005

0.78%

0.28%

0.78%

90.45%

#### Class

#### II

#### Shares
12/31/2025(g)

10.00 —

2.85 2.85 (0.01)

(0.02)

(0.03)

12.82 28.49%

135,819

1.04%

0.04%

1.43%

90.45%

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(g) For

the

period

from

April

28,

2025

(commencement

of

operations)

through

December

31,

2025. Total

return

is

calculated

based

on

inception

date

of

April

25,

2025

through

December

31,

2025. 54

-

Financial

Highlights

-

December

31,

2025

-

International

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### International

#### Equity

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### Portfolio

#### Turnover(b)(f)

#### Class

#### I

#### Shares
12/31/2025

$

11.67 $

0.24 $

4.29 $

4.53 $

(0.14)

$

(0.60)

$

(0.74)

$

15.46 39.29%

$

213,297

0.94%

1.74%

1.00%

70.12%

12/31/2024

10.75 0.21 1.01 1.22 (0.30)

—

(0.30)

11.67 11.31%

58,566

0.98%

1.75%

1.12%

81.82%

12/31/2023

9.08 0.26 1.69 1.95 (0.28)

—

(0.28)

10.75 21.70%

47,984

0.98%

2.59%

1.12%

74.54%

12/31/2022

12.75 0.37 (2.25)

(1.88)

(0.38)

(1.41)

(1.79)

9.08 (14.12)%

44,377

1.11%

3.54%

1.12%

68.60%

12/31/2021

11.61 0.30 1.17 1.47 (0.33)

—

(0.33)

12.75 12.66%

56,158

1.13%

2.34%

1.14%

86.05%

#### Class

#### II

#### Shares
12/31/2025

11.52 0.19 4.24 4.43 (0.12)

(0.60)

(0.72)

15.23 38.97%

226,257

1.18%

1.35%

1.23%

70.12%

12/31/2024

10.62 0.17 1.00 1.17 (0.27)

—

(0.27)

11.52 11.01%

49,779

1.23%

1.49%

1.37%

81.82%

12/31/2023

8.97 0.23 1.68 1.91 (0.26)

—

(0.26)

10.62 21.46%

42,587

1.23%

2.29%

1.37%

74.54%

12/31/2022

12.63 0.34 (2.23)

(1.89)

(0.36)

(1.41)

(1.77)

8.97 (14.38)%

36,875

1.36%

3.28%

1.37%

68.60%

12/31/2021

11.50 0.26 1.16 1.42 (0.29)

—

(0.29)

12.63 12.40%

46,879

1.38%

2.08%

1.39%

86.05%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

International

Funds

-

December

31,

2025

-

Financial

Highlights

-

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Putnam

#### International

#### Value

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)

#### Portfolio

#### Turnover(b)(f)

#### Class

#### I

#### Shares
12/31/2025

$

11.61 $

0.35 $

3.70 $

4.05 $

(0.26)

$

—

$

(0.26)

$

15.40 34.99%

$

29,487

0.95%

2.57%

0.98%

107.86%

12/31/2024

11.81 0.35 0.19 0.54 (0.74)

—

(0.74)

11.61 4.34%(g)

24,819

0.99%

2.86%

0.99%

55.80%

12/31/2023

10.48 0.35 1.26 1.61 (0.28)

—

(0.28)

11.81 15.46%

27,342

1.00%

3.10%

1.00%

37.23%

12/31/2022

11.60 0.30 (1.03)

(0.73)

(0.39)

—

(0.39)

10.48 (5.99)%

27,292

0.98%

2.85%

0.98%

38.18%

12/31/2021

10.76 0.29 0.83 1.12 (0.28)

—

(0.28)

11.60 10.40%

32,733

1.02%

2.50%

1.03%

36.23%

#### Class

#### X

#### Shares
12/31/2025

11.51 0.37 3.67 4.04 (0.26)

—

(0.26)

15.29 35.21%

73,236

0.81%

2.67%

0.84%

107.86%

12/31/2024

11.72 0.35 0.20 0.55 (0.76)

—

(0.76)

11.51 4.44%

54,163

0.85%

2.94%

0.85%

55.80%

12/31/2023

10.41 0.36 1.26 1.62 (0.31)

—

(0.31)

11.72 15.67%

45,256

0.87%

3.24%

0.87%

37.23%

12/31/2022

11.51 0.31 (1.02)

(0.71)

(0.39)

—

(0.39)

10.41 (5.86)%

41,808

0.84%

3.00%

0.84%

38.18%

12/31/2021

10.76 0.31 0.83 1.14 (0.39)

—

(0.39)

11.51 10.58%

43,911

0.88%

2.62%

0.89%

36.23%

#### Class

#### Z

#### Shares
12/31/2025

11.48 0.33 3.67 4.00 (0.26)

—

(0.26)

15.22 34.95%

202,338

1.06%

2.38%

1.09%

107.86%

12/31/2024

11.70 0.33 0.18 0.51 (0.73)

—

(0.73)

11.48 4.10%

144,220

1.10%

2.78%

1.10%

55.80%

12/31/2023

10.38 0.33 1.25 1.58 (0.26)

—

(0.26)

11.70 15.36%

161,900

1.11%

2.98%

1.11%

37.23%

12/31/2022

11.51 0.29 (1.03)

(0.74)

(0.39)

—

(0.39)

10.38 (6.13)%

176,115

1.09%

2.75%

1.09%

38.18%

12/31/2021

10.76 0.28 0.83 1.11 (0.36)

—

(0.36)

11.51 10.28%

203,813

1.13%

2.36%

1.14%

36.23%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

(e) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

among

the

classes

of

shares.

(g) Includes

adjustments

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

and

as

such,

the

net

asset

values

for

financial

reporting

purposes

and

the

returns

based

upon

those

net

asset

values

may

differ

from

the

net

asset

values

and

returns

for

shareholder

transactions.

-

Financial

Highlights

-

December

31,

2025

-

International

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### Strategic

#### Income

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Return

#### of

#### Capital

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)

#### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)

#### Portfolio

#### Turnover(b)

#### Class

#### I

#### Shares
12/31/2025

$

8.65 $

0.56 $

0.09 $

0.65 $

(0.30)

$

—

$

—

$

(0.30)

$

9.00 7.56%

$

463,885

0.79%

6.30%

0.79%

284.63%

12/31/2024

8.36 0.59 0.27 0.86 (0.57)

—

—

(0.57)

8.65 10.34%

280,843

0.81%

6.75%

0.81%

276.07%

12/31/2023

8.61 0.59 0.13 0.72 (0.44)

(0.49)

(0.04)

(0.97)

8.36 8.70%

237,036

0.80%

6.71%

0.80%

66.00%

12/31/2022

9.15 0.45 (0.66)

(0.21)

(0.33)

—

—

(0.33)

8.61 (2.30)%

226,194

0.82%

5.08%

0.82%

73.91%

12/31/2021

9.20 0.40 0.08 0.48 (0.53)

—

—

(0.53)

9.15 5.24%

276,178

0.82%

4.23%

0.82%

89.90%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Annualized

for

periods

less

than

one

year.

International

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

1. #### Organization
Nationwide

Variable

Insurance

Trust

("NVIT"

or

the

"Trust")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

management

investment

company,

organized

as

a

statutory

trust

under

the

laws

of

the

State

of

Delaware.

The

Trust

has

authorized

an

unlimited

number

of

shares

of

beneficial

interest

("shares"),

without

par

value.

The

Trust

currently

offers

shares

to

life

insurance

company

separate

accounts

to

fund

the

benefits

payable

under

variable

life

insurance

policies

and

variable

annuity

contracts.

As

of

December

31,

2025,

the

Trust

operates

sixty-nine

(69) separate

series,

or

mutual

funds,

each

with

its

own

objective(s)

and

investment

strategies.

This

report

contains

the

financial

statements

and

financial

highlights

for

the

five

(5) series

listed

below

(each,

a

"Fund";

collectively,

the

"Funds").

Nationwide

Fund

Advisors

("NFA")

serves

as

investment

adviser

to

the

Funds.

NFA

is

a

wholly

owned

subsidiary

of

Nationwide

Financial

Services,

Inc.

("NFS"),

a

holding

company

which

is

a

direct

wholly

owned

subsidiary

of

Nationwide

Corporation.

Nationwide

Corporation,

in

turn,

is

owned

by

Nationwide

Mutual

Insurance

Company

and

Nationwide

Mutual

Fire

Insurance

Company.

NVIT

Fidelity

Institutional

AM®

Emerging

Markets

Fund

(formerly,

NVIT

Emerging

Markets

Fund)

("Emerging

Markets")

NVIT

Fidelity

Institutional

AM®

Worldwide

Fund

("Worldwide")

NVIT

International

Equity

Fund

("International

Equity")

NVIT

Putnam

International

Value

Fund

(formerly,

NVIT

Columbia

Overseas

Value

Fund)

("International

Value")

NVIT

Strategic

Income

Fund

(formerly,

NVIT

Amundi

Multi

Sector

Bond

Fund)

("Strategic

Income")

Shares

of

Emerging

Markets

are

held

by

separate

accounts

established

by

Nationwide

Life

Insurance

Company

("NLIC"),

a

wholly

owned

subsidiary

of

NFS,

Nationwide

Life

and

Annuity

Insurance

Company

("NLAIC"),

a

wholly

owned

subsidiary

of

NLIC,

other

affiliated

and

unaffiliated

insurance

companies,

and

series

of

the

Trust

that

operate

as

a

fund-of-funds,

such

as

the NVIT

Investor

Destinations

Funds.

Shares

of

Worldwide,

International

Equity,

International

Value

and

Strategic

Income are

held

by

separate

accounts

established

by

NLIC

and

NLAIC,

and

other

affiliated insurance

companies.

The

Funds,

as

applicable,

currently

offer

Class

I,

Class

II,

Class

D,

Class

X,

Class

Y,

and

Class

Z

shares.

Each

share

class

of

a

Fund

represents

interests

in

the

same

portfolio

of

investments

of

that

Fund

and

the

classes

are

identical

except

for

any

differences

in

the

distribution

or

service

fees,

administrative

services

fees,

class

specific

expenses,

certain

voting

rights,

and

class

names

or

designations.

Each

Fund

is

a

diversified

fund,

as

defined

in

the

1940

Act.

Effective

February

3,

2025,

NVIT

Columbia

Overseas

Value

Fund

was

renamed

to

"NVIT

Putnam

International

Value

Fund".

Effective

March

3,

2025,

NVIT

Emerging

Markets

Fund

was

renamed

to

"NVIT

Fidelity

Institutional

AM®

Emerging

Markets

Fund".

Effective

June

26,

2025,

NVIT

Amundi

Multi

Sector

Bond

Fund

was

renamed

"NVIT

Strategic

Income

Fund".

Worldwide

commenced

operations

on

April

28,

2025. 2. #### Summary

#### of

#### Significant

#### Accounting

#### Policies
The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Funds

in

the

accounting

and

the

preparation

of

their

financial

statements.

The

Funds

are

investment

companies

and

follow

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Codification

Topic

946

("ASC

946").

The

policies

are

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

("U.S.

GAAP"),

including,

but

not

limited

to,

ASC

946. The

preparation

of

financial

statements

requires

fund

management

to

make

estimates

and

assumptions

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

expenses

for

the

period.

The

Funds

utilize

various

methods

to

measure

the

value

of

their

investments

on

a

recurring

basis.

Amounts

received

upon

the

sale

of

such

investments

could

differ

from

those

estimated

values

and

those

differences

could

be

material.

(a) #### Security

#### Valuation
U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

Pursuant

to

procedures

approved

by

the

Board

of

Trustees

of

the

Trust

(the

"Board

of

Trustees"),

NFA

assigns

a

fair

value,

as

defined

by

U.S.

GAAP,

to

a

Fund's

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

-

Notes

to

Financial

Statements

-

December

31,

2025

-

International

Funds

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

—

Quoted

prices

in

active

markets

for

identical

assets

Level

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

—

Significant

unobservable

inputs

(including

a

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.

Securities

for

which

market-based

quotations

are

readily

available

are

valued

at

the

current

market

value

as

of

"Valuation

Time".

Valuation

Time

is

as

of

the

close

of

regular

trading

on

the

New

York

Stock

Exchange

(usually

4:00

p.m.

Eastern

time).

Equity

securities

are

generally

valued

at

the

last

quoted

sale

price

or

official

closing

price,

or,

if

there

is

no

such

price,

the

last

quoted

bid

price

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

Prices

are

taken

from

the

primary

market

or

exchange

on

which

each

security

trades.

Shares

of

registered

open-end

management

investment

companies

are

valued

at

net

asset

value

("NAV")

as

reported

by

such

company.

Shares

of

exchange

traded

funds

("ETFs")

are

generally

valued

at

the

last

quoted

sale

price

or

official

closing

price,

or,

if

there

is

no

such

price,

the

last

quoted

bid

price

provided

by

an

independent

pricing

service.

Master

limited

partnerships

("MLPs")

are

publicly

traded

partnerships

and

are

treated

as

partnerships

for

U.S.

federal

income

tax

purposes.

Investments

in

MLPs

are

valued

at

the

last

quoted

sale

price

or

official

closing

price,

or,

if

there

is

no

such

price,

the

last

quoted

bid

price

provided

by

an

independent

pricing

service.

Equity

securities,

shares

of

registered

open-

end

management

investment

companies,

shares

of

ETFs

and

MLPs

valued

in

this

manner

are

generally

categorized

as

Level

investments

within

the

hierarchy.

Repurchase

agreements

are

valued

at

amortized

cost,

which

approximates

fair

value,

and

are

generally

categorized

as

Level

investments

within

the

hierarchy.

The

Board

of

Trustees

has

delegated

authority

to

NFA,

and

the

Trust's

administrator,

Nationwide

Fund

Management

LLC

("NFM"),

to

assign

a

fair

value

under

certain

circumstances,

as

described

below,

pursuant

to

valuation

procedures

approved

by

the

Board

of

Trustees.

NFA

and

NFM

have

established

a

Fair

Valuation

Committee

("FVC")

to

assign

these

fair

valuations.

The

fair

value

of

a

security

may

differ

from

its

quoted

or

published

price.

Fair

valuation

of

portfolio

securities

may

occur

on

a

daily

basis.

Securities

may

be

fair

valued

in

certain

circumstances,

such

as

where

(i) market-based

quotations

are

not

readily

available;

(ii) an

independent

pricing

service

does

not

provide

a

value

or

the

value

provided

by

an

independent

pricing

service

is

determined

to

be

unreliable

in

the

judgment

of

NFA/NFM

or

its

designee;

(iii) a

significant

event

has

occurred

that

affects

the

value

of

a

Fund's

securities

after

trading

has

stopped

(e.g.,

earnings

announcements

or

news

relating

to

natural

disasters

affecting

an

issuer's

operations);

(iv) the

securities

are

illiquid;

(v) the

securities

have

defaulted

or

been

delisted

from

an

exchange

and

are

no

longer

trading;

or

(vi) any

other

circumstance

in

which

the

FVC

believes

that

market-based

quotations

do

not

accurately

reflect

the

value

of

a

security.

The

FVC

will

assign

a

fair

value

according

to

fair

value

methodologies.

Information

utilized

by

the

FVC

to

obtain

a

fair

value

may

include,

among

others,

the

following:

(i) a

multiple

of

earnings;

(ii) the

discount

from

market

value

of

a

similar,

freely

traded

security;

(iii) the

yield-to-maturity

for

debt

issues;

or

(iv) a

combination

of

these

and

other

methods.

Fair

valuations

may

also

take

into

account

significant

events

that

occur

before

Valuation

Time

but

after

the

close

of

the

principal

market

on

which

a

security

trades

that

materially

affect

the

value

of

such

security.

To

arrive

at

the

appropriate

methodology,

the

FVC

may

consider

a

non-exclusive

list

of

factors,

which

are

specific

to

the

security,

as

well

as

whether

the

security

is

traded

on

the

domestic

or

foreign

markets.

The

FVC

monitors

the

results

of

fair

valuation

determinations

and

regularly

reports

the

results

to

the

Board

of

Trustees.

Each

Fund

attempts

to

establish

a

price

that

it

might

reasonably

expect

to

receive

upon

the

current

sale

of

that

security.

That

said,

there

can

be

no

assurance

that

the

fair

value

assigned

to

a

security

is

the

price

at

which

a

security

could

have

been

sold

during

the

period

in

which

the

particular

fair

value

was

used

to

value

the

security.

To

the

extent

the

significant inputs

used

are

observable,

these

securities

are

classified

as

Level

investments;

otherwise,

they

are

classified

as

Level

investments

within

the

hierarchy.

Equity

securities

listed

on

a

non-U.S.

exchange

("non-U.S.

securities")

are

generally

fair

valued

daily

by

an

independent

fair

value

pricing

service

approved

by

the

Board

of

Trustees.

The

fair

valuations

for

non-U.S.

securities

may

not

be

the

same

as

quoted

or

published

prices

of

the

securities

on

the

exchange

on

which

such

securities

trade.

Such

securities

are

categorized

as

Level

International

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

investments

within

the

hierarchy.

If

daily

fair

value

prices

from

the

independent

fair

value

pricing

service

are

not

available,

such

non-U.S.

securities

are

generally

valued

at

the

last

quoted

sale

price

at

the

close

of

an

exchange

on

which

the

security

is

traded

and

categorized

as

Level

investments

within

the

hierarchy.

Values

of

foreign

securities,

currencies,

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

of

said

currencies

against

the

U.S.

dollar,

as

of

Valuation

Time,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees.

The

following

tables

provide

a

summary

of

the

inputs

used

to

value

the

Funds'

net

assets

as

of

December

31,

2025. Please

refer

to

the

Statements

of

Investments

for

additional

information

on

portfolio

holdings.

#### Emerging

#### Markets

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Common

Stocks

Aerospace

&

Defense

$

–

$

7,005,464

$

–

$

7,005,464

Automobile

Components

–

7,210,963

–

7,210,963

Automobiles

–

5,943,579

–

5,943,579

Banks

19,426,927

93,859,290

–

113,286,217

Beverages

5,896,929

–

–

5,896,929

Broadline

Retail

22,017,489

–

–

22,017,489

Construction

&

Engineering

–

11,631,630

–

11,631,630

Construction

Materials

–

5,766,424

–

5,766,424

Consumer

Staples

Distribution

&

Retail

16,162,448

–

–

16,162,448

Diversified

Consumer

Services

4,234,171

–

–

4,234,171

Electrical

Equipment

–

6,870,027

–

6,870,027

Electronic

Equipment,

Instruments

&

Components

–

7,280,636

–

7,280,636

Financial

Services

–

5,584,586

–

5,584,586

Ground

Transportation

4,726,565

–

–

4,726,565

Hotels,

Restaurants

&

Leisure

–

9,952,177

–

9,952,177

Household

Durables

–

6,138,466

–

6,138,466

Insurance

–

19,540,663

–

19,540,663

Interactive

Media

&

Services

–

37,976,459

–

37,976,459

IT

Services

–

6,906,564

–

6,906,564

Life

Sciences

Tools

&

Services

–

5,471,745

–

5,471,745

Machinery

–

16,682,997

–

16,682,997

Metals

&

Mining

19,576,373

22,982,949

–

42,559,322

Oil,

Gas

&

Consumable

Fuels

–

12,699,493

–

12,699,493

Pharmaceuticals

–

10,244,866

–

10,244,866

Semiconductors

&

Semiconductor

Equipment

–

61,078,954

–

61,078,954

Technology

Hardware,

Storage

&

Peripherals

–

48,177,169

–

48,177,169

Textiles,

Apparel

&

Luxury

Goods

–

5,803,049

–

5,803,049

Wireless

Telecommunication

Services

10,777,338

7,637,791

–

18,415,129

#### Total

#### $

#### 102,818,240

#### $

#### 422,445,941

#### $

#### –

#### $

#### 525,264,181

#### Worldwide

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Common

Stocks

Aerospace

&

Defense

$

4,025,783

$

696,355

$

–

$

4,722,138

Air

Freight

&

Logistics

–

1,231,305

–

1,231,305

Automobile

Components

–

1,315

–

1,315

Automobiles

4,248,960

623,936

–

4,872,896

Banks

3,063,374

12,721,465

–

15,784,839

Beverages

–

1,098,995

–

1,098,995

Biotechnology

1,983,876

–

–

1,983,876

Broadline

Retail

10,483,614

–

–

10,483,614

-

Notes

to

Financial

Statements

-

December

31,

2025

-

International

Funds

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Building

Products

$

–

$

766,113

$

–

$

766,113

Capital

Markets

11,112,249

1,855,174

–

12,967,423

Chemicals

–

829,581

–

829,581

Commercial

Services

&

Supplies

–

1,056,865

–

1,056,865

Communications

Equipment

2,847,056

–

–

2,847,056

Construction

Materials

–

14,251

–

14,251

Consumer

Staples

Distribution

&

Retail

1,418,440

–

–

1,418,440

Diversified

Telecommunication

Services

–

23,859

–

23,859

Electric

Utilities

3,014,135

–

–

3,014,135

Electrical

Equipment

766,017

1,737,661

–

2,503,678

Electronic

Equipment,

Instruments

&

Components

9,562,381

900,039

–

10,462,420

Energy

Equipment

&

Services

–

814,490

–

814,490

Entertainment

865,405

1,144,556

–

2,009,961

Financial

Services

–

1,181,018

–

1,181,018

Food

Products

–

1,580,133

–

1,580,133

Ground

Transportation

2,352,490

–

–

2,352,490

Health

Care

Equipment

&

Supplies

1,084,135

1,288,874

–

2,373,009

Health

Care

Providers

&

Services

1,424,120

927,102

–

2,351,222

Hotels,

Restaurants

&

Leisure

987,091

1,731,581

–

2,718,672

Household

Durables

4,484,266

538,716

–

5,022,982

Household

Products

673,557

–

–

673,557

Insurance

–

5,123,228

–

5,123,228

Interactive

Media

&

Services

20,165,803

1,591,931

–

21,757,734

IT

Services

3,434,008

487,822

–

3,921,830

Leisure

Products

–

37,564

–

37,564

Life

Sciences

Tools

&

Services

–

1,419,234

–

1,419,234

Machinery

10,434,709

1,491,898

–

11,926,607

Media

1,450,058

544,581

–

1,994,639

Metals

&

Mining

3,832,248

537,789

–

4,370,037

Oil,

Gas

&

Consumable

Fuels

5,908

–

–

5,908

Paper

&

Forest

Products

–

349,662

–

349,662

Passenger

Airlines

820,200

–

–

820,200

Personal

Care

Products

280,388

–

–

280,388

Pharmaceuticals

10,767,527

2,225,164

–

12,992,691

Professional

Services

–

1,168,279

–

1,168,279

Real

Estate

Management

&

Development

–

730,263

–

730,263

Semiconductors

&

Semiconductor

Equipment

25,077,396

5,067,070

–

30,144,466

Software

10,515,491

887,938

–

11,403,429

Specialized

REITs

–

404,580

–

404,580

Specialty

Retail

482,543

2,487,209

–

2,969,752

Technology

Hardware,

Storage

&

Peripherals

15,429,454

1,025,148

–

16,454,602

Textiles,

Apparel

&

Luxury

Goods

1,681,062

1,125,127

–

2,806,189

Tobacco

496,438

1,915,194

–

2,411,632

Trading

Companies

&

Distributors

227,581

1,100,584

–

1,328,165

#### Total

#### Common

#### Stocks

#### $

#### 169,497,763

#### $

#### 62,483,649

#### $

#### –

#### $

#### 231,981,412
Repurchase

Agreements

–

7,138,660

–

7,138,660

#### Total

#### $

#### 169,497,763

#### $

#### 69,622,309

#### $

#### –

#### $

#### 239,120,072

#### International

#### Equity

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Common

Stocks

Aerospace

&

Defense

$

–

$

7,025,160

$

–

$

7,025,160

Automobile

Components

5,441,944

4,291,435

–

9,733,379

Automobiles

–

8,406,496

–

8,406,496

International

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Banks

$

2,228,587

$

66,316,103

$

–

$

68,544,690

Biotechnology

–

418,276

–

418,276

Broadline

Retail

4,324,432

5,952,800

–

10,277,232

Building

Products

–

5,065,721

–

5,065,721

Capital

Markets

–

9,223,135

–

9,223,135

Chemicals

–

5,067,394

–

5,067,394

Commercial

Services

&

Supplies

–

3,534,675

–

3,534,675

Communications

Equipment

1,354,252

824,019

–

2,178,271

Construction

&

Engineering

–

7,616,912

–

7,616,912

Construction

Materials

800,692

900,968

–

1,701,660

Consumer

Finance

–

661,034

–

661,034

Consumer

Staples

Distribution

&

Retail

6,253,418

4,615,479

–

10,868,897

Diversified

REITs

–

519,372

–

519,372

Diversified

Telecommunication

Services

696,992

5,316,958

–

6,013,950

Electric

Utilities

–

10,193,698

–

10,193,698

Electrical

Equipment

–

15,276,545

–

15,276,545

Electronic

Equipment,

Instruments

&

Components

–

5,857,769

–

5,857,769

Energy

Equipment

&

Services

–

1,765,029

–

1,765,029

Entertainment

1,692,562

1,285,141

–

2,977,703

Financial

Services

–

8,144,082

–

8,144,082

Food

Products

1,573,120

9,046,116

–

10,619,236

Gas

Utilities

–

501,344

–

501,344

Ground

Transportation

–

737,400

–

737,400

Hotels,

Restaurants

&

Leisure

503,294

3,146,712

–

3,650,006

Household

Durables

–

6,145,636

–

6,145,636

Industrial

Conglomerates

–

644,428

–

644,428

Insurance

1,437,325

24,726,418

–

26,163,743

Interactive

Media

&

Services

–

8,665,911

–

8,665,911

IT

Services

3,977,626

5,803,321

–

9,780,947

Leisure

Products

–

3,537,325

–

3,537,325

Machinery

106,654

5,763,923

–

5,870,577

Marine

Transportation

852,593

–

–

852,593

Media

–

1,186,123

–

1,186,123

Metals

&

Mining

11,975,007

10,833,028

–

22,808,035

Oil,

Gas

&

Consumable

Fuels

5,043,623

10,005,833

–

15,049,456

Passenger

Airlines

–

8,650,608

–

8,650,608

Personal

Care

Products

–

3,179,680

–

3,179,680

Pharmaceuticals

7,185,433

28,369,785

–

35,555,218

Professional

Services

791,539

4,642,162

–

5,433,701

Real

Estate

Management

&

Development

–

5,745,914

–

5,745,914

Semiconductors

&

Semiconductor

Equipment

–

32,564,249

–

32,564,249

Software

3,131,736

2,251,677

–

5,383,413

Specialty

Retail

–

1,479,341

–

1,479,341

Technology

Hardware,

Storage

&

Peripherals

–

9,302,244

–

9,302,244

Tobacco

–

857,063

–

857,063

Trading

Companies

&

Distributors

1,259,769

–

–

1,259,769

Transportation

Infrastructure

–

1,687,053

–

1,687,053

Water

Utilities

–

805,496

–

805,496

Wireless

Telecommunication

Services

–

4,512,609

–

4,512,609

#### Total

#### Common

#### Stocks

#### $

#### 60,630,598

#### $

#### 373,069,600

#### $

#### –

#### $

#### 433,700,198
Repurchase

Agreements

–

5,044,596

–

5,044,596

Warrants

–

–

–

–

#### Total

#### $

#### 60,630,598

#### $

#### 378,114,196

#### $

#### –

#### $

#### 438,744,794

-

Notes

to

Financial

Statements

-

December

31,

2025

-

International

Funds

#### International

#### Value

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Common

Stocks

Aerospace

&

Defense

$

–

$

7,370,075

$

–

$

7,370,075

Air

Freight

&

Logistics

–

3,259,605

–

3,259,605

Automobiles

–

1,596,930

–

1,596,930

Banks

–

81,717,475

–

81,717,475

Beverages

4,616,630

2,395,500

–

7,012,130

Biotechnology

–

2,556,325

–

2,556,325

Broadline

Retail

–

1,281,235

–

1,281,235

Building

Products

–

4,027,022

–

4,027,022

Capital

Markets

–

6,349,318

–

6,349,318

Chemicals

–

1,471,463

–

1,471,463

Construction

Materials

–

7,480,693

–

7,480,693

Consumer

Staples

Distribution

&

Retail

–

7,407,522

–

7,407,522

Diversified

REITs

–

1,929,200

–

1,929,200

Diversified

Telecommunication

Services

–

8,301,663

–

8,301,663

Electric

Utilities

–

5,811,366

–

5,811,366

Electrical

Equipment

–

3,384,116

–

3,384,116

Food

Products

267,529

2,845,224

–

3,112,753

Health

Care

Equipment

&

Supplies

–

5,225,683

–

5,225,683

Hotels,

Restaurants

&

Leisure

–

1,983,411

–

1,983,411

Household

Durables

–

6,085,566

–

6,085,566

Industrial

Conglomerates

–

5,258,374

–

5,258,374

Industrial

REITs

–

2,812,816

–

2,812,816

Insurance

–

28,751,933

–

28,751,933

Machinery

–

8,901,910

–

8,901,910

Metals

&

Mining

–

6,585,017

–

6,585,017

Multi-Utilities

–

3,903,928

–

3,903,928

Oil,

Gas

&

Consumable

Fuels

5,129,361

14,075,973

–

19,205,334

Passenger

Airlines

–

4,474,824

–

4,474,824

Personal

Care

Products

–

4,870,708

–

4,870,708

Pharmaceuticals

–

15,776,616

–

15,776,616

Semiconductors

&

Semiconductor

Equipment

–

2,883,950

–

2,883,950

Specialty

Retail

–

1,426,580

–

1,426,580

Textiles,

Apparel

&

Luxury

Goods

–

3,825,612

–

3,825,612

Tobacco

–

4,204,260

–

4,204,260

Trading

Companies

&

Distributors

–

14,587,258

–

14,587,258

Wireless

Telecommunication

Services

–

5,500,670

–

5,500,670

#### Total

#### Common

#### Stocks

#### $

#### 10,013,520

#### $

#### 290,319,821

#### $

#### –

#### $

#### 300,333,341
Forward

Foreign

Currency

Contracts

–

658,764

–

658,764

Repurchase

Agreements

–

2,214,260

–

2,214,260

Short-Term

Investments

–

686,591

–

686,591

#### Total

#### Assets

#### $

#### 10,013,520

#### $

#### 293,879,436

#### $

#### –

#### $

#### 303,892,956

#### Liabilities:
Forward

Foreign

Currency

Contracts

$

–

$

(899,030)

$

–

$

(899,030)

#### Total

#### Liabilities

#### $

#### –

#### $

#### (899,030)

#### $

#### –

#### $

#### (899,030)

#### Total

#### $

#### 10,013,520

#### $

#### 292,980,406

#### $

#### –

#### $

#### 302,993,926

#### Strategic

#### Income

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Asset-Backed

Securities

$

–

$

67,629,756

$

–

$

67,629,756

Collateralized

Mortgage

Obligations

–

40,812,579

–

40,812,579

Commercial

Mortgage-Backed

Securities

–

18,560,878

–

18,560,878

Common

Stocks

Media

–

–

Passenger

Airlines

971,662

–

–

971,662

International

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Assets:
Wireless

Telecommunication

Services

$

–

$

–

$

8,685

$

8,685

#### Total

#### Common

#### Stocks

#### $

#### 971,662

#### $

#### –

#### $

#### 8,970

#### $

#### 980,632
Convertible

Bond

–

331,700

–

331,700

Corporate

Bonds

Aerospace

&

Defense

–

4,014,697

–

4,014,697

Automobiles

–

5,424,507

–

5,424,507

Banks

–

28,020,738

–

28,020,738

Capital

Markets

–

21,504,472

–

21,504,472

Chemicals

–

5,131,544

–

5,131,544

Commercial

Services

&

Supplies

–

4,083,138

–

4,083,138

Construction

&

Engineering

–

177,342

–

177,342

Consumer

Finance

–

14,762,698

–

14,762,698

Containers

&

Packaging

–

1,431,157

–

1,431,157

Diversified

REITs

–

2,976,120

–

2,976,120

Diversified

Telecommunication

Services

–

6,565,416

–

6,565,416

Electric

Utilities

–

4,665,315

–

4,665,315

Electronic

Equipment,

Instruments

&

Components

–

628,519

–

628,519

Energy

Equipment

&

Services

–

4,464,862

–

4,464,862

Financial

Services

–

11,950,753

–

11,950,753

Food

Products

–

6,050,543

–

6,050,543

Gas

Utilities

–

478,146

–

478,146

Health

Care

Equipment

&

Supplies

–

676,591

–

676,591

Health

Care

Providers

&

Services

–

1,546,382

–

1,546,382

Hotels,

Restaurants

&

Leisure

–

15,693,159

–

15,693,159

Independent

Power

and

Renewable

Electricity

Producers

–

1,704,823

–

1,704,823

Insurance

–

57,740,133

–

57,740,133

Interactive

Media

&

Services

–

1,911,708

–

1,911,708

IT

Services

–

2,446,583

–

2,446,583

Leisure

Products

–

251,734

–

251,734

Marine

Transportation

–

1,957,842

–

1,957,842

Media

–

1,088,418

–

1,088,418

Metals

&

Mining

–

7,881,699

–

7,881,699

Mortgage

Real

Estate

Investment

Trusts

(REITs)

–

2,715,745

–

2,715,745

Multi-Utilities

–

1,578,272

–

1,578,272

Office

REITs

–

3,017,036

–

3,017,036

Oil,

Gas

&

Consumable

Fuels

–

31,543,022

–

31,543,022

Passenger

Airlines

–

6,396,880

–

6,396,880

Pharmaceuticals

–

5,010,632

–

5,010,632

Real

Estate

Management

&

Development

–

301,441

–

301,441

Semiconductors

&

Semiconductor

Equipment

–

3,111,641

–

3,111,641

Software

–

1,236,876

–

1,236,876

Tobacco

–

2,300,917

–

2,300,917

Wireless

Telecommunication

Services

–

189,449

–

189,449

#### Total

#### Corporate

#### Bonds

#### $

#### –

#### $

#### 272,630,950

#### $

#### –

#### $

#### 272,630,950
Foreign

Government

Securities

–

10,400,428

–

10,400,428

Forward

Foreign

Currency

Contracts

–

21,955

–

21,955

Futures

Contracts#

1,218,960

–

–

1,218,960

Loan

Participations

–

7,909,059

–

7,909,059

Mortgage-Backed

Securities

–

45,836,403

–

45,836,403

Preferred

Stocks

3,459,289

–

–

3,459,289

Repurchase

Agreements

–

56,759,335

–

56,759,335

Short-Term

Investment

–

12,983,385

–

12,983,385

Supranational

–

3,153,462

–

3,153,462

Warrants

18,871

–

–

18,871

#### Total

#### Assets

#### $

#### 5,668,782

#### $

#### 537,029,890

#### $

#### 8,970

#### $

#### 542,707,642

#### Liabilities:
Credit

Default

Swaps†

$

–

$

(898,620)

$

–

$

(898,620)

-

Notes

to

Financial

Statements

-

December

31,

2025

-

International

Funds

The

following

is

a

reconciliation

of

assets

for

which

Level

inputs

were

used

in

determining

fair

value:

The

FVC

continues

to

evaluate

any

information

that

could

cause

an

adjustment

to

the

fair

value

for

these

investments,

such

as

market

news,

the

progress

of

judicial

and

regulatory

proceedings,

and

subadviser

recommendations.

(b) #### Cash

#### Overdraft
Certain

Funds

may

have

overdrawn

U.S.

dollar

and/or

foreign

currency

balances

with

the

Funds'

custodian

bank,

JPMorgan

Chase

Bank,

N.A.

("JPMorgan").

To

offset

the

overdraft,

JPMorgan

advanced

an

amount

equal

to

the

overdraft.

Consistent

with

the

Funds'

borrowing

policy,

the

advance

is

deemed

a

temporary

loan

to

the

Funds.

Such

loans

are

payable

upon

demand

and

bear

interest

from

the

date

of

such

advance

to

the

date

of

payment

at

the

rate

agreed

upon

with

JPMorgan

under

the

custody

agreement.

These

advances

are

separate

from,

and

were

not

made

pursuant

to,

the

credit

agreement

discussed

in

Note

4. A

Fund

with

an

overdraft

is

subject

to

a

lien

by

JPMorgan

on

the

Fund's

account

and

JPMorgan

may

charge

the

Fund's

account

for

any

amounts

owed

to

JPMorgan.

JPMorgan

also

has

the

right

to

set

off

as

appropriate

and

apply

all

deposits

and

credits

held

by

or

owing

to

JPMorgan

against

such

amount,

subject

to

the

terms

of

the

custody

agreement.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Liabilities:
Forward

Foreign

Currency

Contracts

$

–

$

(1,425)

$

–

$

(1,425)

Futures

Contracts#

(29,646)

–

–

(29,646)

#### Total

#### Liabilities

#### $

#### (29,646)

#### $

#### (900,045)

#### $

#### –

#### $

#### (929,691)

#### Total

#### $

#### 5,639,136

#### $

#### 536,129,845

#### $

#### 8,970

#### $

#### 541,777,951
#

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

Assets

and

Liabilities.

†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

For

centrally

cleared

swaps,

only

the

variation

margin

on

swap

contracts

is

reported

in

the

Statements

of

Asset

and

Liabilities.

As

of

December

31,

2025,

Emerging

Markets

held

four

common

stock

investments

that

were

categorized

as

Level

investments

which

were

each

valued

at

$0.

As

of

December

31,

2025,

International

Equity

held

one

warrant

investment

that

was

categorized

as

a

Level

investment

which

was

valued

at

$0.

As

of

December

31,

2025,

International

Value

held

one

common

stock

investment

that

was

categorized

as

a

Level

investment

which

was

valued

at

$0.

As

of

December

31,

2025,

Strategic

Income

held

one

corporate

bond

investment

that

was

categorized

as

a

Level

investment

which

was

valued

at

$0.

#### Strategic

#### Income

#### Common

#### Stocks

#### Total
Balance

as

of

12/31/2024

$

839,154

$

839,154

Accrued

Accretion/(Amortization)

—

—

Realized

Gains

(Losses)

—

—

Distributions

—

—

Purchases

\*

21,468

21,468

Sales

—

—

Change

in

Unrealized

Appreciation/Depreciation

(12,498)

(12,498)

Transfers

into

Level

—

—

Transfers

out

of

Level

(839,154)

(839,154)

Balance

as

of

12/31/2025

$

8,970

$

8,970

Change

in

Unrealized

Appreciation/Depreciation

for

Investments

Still

Held

as

of

12/31/2025

\*\*

$

(12,498)

$

(12,498)

\*

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

\*\*

Included

in

the

Statement

of

Operations

under

"Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

investment

securities."

International

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

As

of December

31,

2025,

the

Funds

did

not

have

overdrawn

balances.

(c) #### Foreign

#### Currency

#### Transactions&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The

accounting

records

of

the

Funds

are

maintained

in

U.S.

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

exchange

between

the

foreign

currency

and

the

U.S.

dollar

in

order

to

determine

the

value

of

the

Funds'

investments,

assets,

and

liabilities.

Purchases

and

sales

of

securities,

receipts

of

income,

and

payments

of

expenses

are

converted

at

the

prevailing

rate

of

exchange

on

the

respective

date

of

such

transactions.

The

accounting

records

of

a

Fund

do

not

differentiate

that

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

from

those

resulting

from

changes

in

the

market

prices

of

the

relevant

securities.

Each

portion

contributes

to

the

net

realized

gains

or

losses

from

transactions

in

investment

securities

and

net

change

in

unrealized

appreciation/depreciation

in

the

value

of

investment

securities.

Net

currency

gains

or

losses,

realized

and

unrealized,

that

are

a

result

of

differences

between

the

amount

recorded

on

a

Fund's

accounting

records,

and

the

U.S.

dollar

equivalent

amount

actually

received

or

paid

for

interest

or

dividends,

receivables

and

payables

for

investments

sold

or

purchased,

and

foreign

cash,

are

included

in

the

Statements

of

Operations

under

"Net

realized

gains

(losses)

from

foreign

currency

transactions"

and

"Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

translation

of

assets

and

liabilities

denominated

in

foreign

currencies,"

if

applicable.

(d) #### Forward

#### Foreign

#### Currency

#### Contracts&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Certain

Funds

entered

into

forward

foreign

currency

contracts

in

connection

with

planned

purchases

or

sales

of

securities

denominated

in

a

foreign

currency

and/or

to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

to

express

a

view

on

a

foreign

currency

vs.

the

U.S.

dollar

or

other

foreign

currency, to

hedge

the

U.S.

dollar

value

of

portfolio

securities

denominated

in

a

foreign

currency,

and/or

to

seek

to

protect

against

anticipated

changes

in

future

foreign

currency

exchange

rate,

as

applicable,

to

meet

each

Fund's

stated

investment

strategies

as

shown

in

the

Fund's

Prospectus.

A

forward

foreign

currency

contract

involves

an

obligation

to

purchase

or

sell

a

specific

currency

at

a

future

date,

which

may

be

any

fixed

number

of

days

from

the

date

of

the

contract

agreed

upon

by

the

parties,

at

a

price

set

at

the

time

of

the

contract.

Forward

foreign

currency

contracts

are

generally

valued

at

the

mean

of

the

last

quoted

bid

and

ask

prices,

as

provided

by

an

independent

pricing

service

approved

by

the

Board

of

Trustees,

and

are

generally

categorized

as

Level

investments

within

the

hierarchy.

The

market

value

of

a

forward

foreign

currency

contract

fluctuates

with

changes

in

foreign

currency

exchange

rates.

All

commitments

are

marked-to-market

daily

at

the

applicable

exchange

rates

and

any

resulting

unrealized

appreciation

or

depreciation

is

recorded.

Realized

gains

or

losses

are

recorded

at

the

time

the

forward

foreign

currency

contract

matures

or

at

the

time

of

delivery

of

the

currency.

Forward

foreign

currency

contracts

entail

the

risk

of

unanticipated

movements

in

the

value

of

the

foreign

currency

relative

to

the

U.S.

dollar,

and

the

risk

that

the

counterparties

to

the

contracts

may

be

unable

to

meet

their

obligations

under

the

contract.

The Funds' forward

foreign

currency

contracts

are

disclosed

in

the

Statements

of

Assets

and

Liabilities

under

"Unrealized

appreciation/(depreciation)

on

forward

foreign

currency

contracts,"

in

a

table

in

the

Statement

of

Investments

and

in

the

Statements

of

Operations

under

"Net

realized

gains

(losses)

from

settlement

of

forward

foreign

currency

contracts"

and

"Net

change

in

unrealized

appreciation/depreciation

in

the

value

of

forward

foreign

currency

contracts,"

as

applicable.

The

following

is

a

summary

of

the

Funds'

derivative

instruments

categorized

by

risk

exposure

as

of

December

31,

2025:

#### Fair

#### Values

#### of

#### Derivatives

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### as

#### of

#### December

#### 31,

#### 2025:

#### International

#### Value

#### Assets:

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value
Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

658,764

#### Total

#### $

#### 658,764

#### Liabilities:
Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

$

(899,030)

#### Total

#### $

#### (899,030)

-

Notes

to

Financial

Statements

-

December

31,

2025

-

International

Funds

#### The

#### Effect

#### of

#### Derivative

#### Instruments

#### on

#### the

#### Statements

#### of

#### Operations

#### for

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025:&nbsp;&nbsp;&nbsp;&nbsp;

#### Change

#### in

#### Unrealized

#### Appreciation/Depreciation

#### on

#### Derivatives

#### Recognized

#### in

#### the

#### Statements

#### of

#### Operations

#### for

#### the Year

#### Ended December

#### 31,

#### 2025:

#### Strategic

#### Income

#### Assets:

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value
Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

appreciation

on

forward

foreign

currency

contracts

$

21,955

Futures

Contracts#

Interest

rate

risk

Receivable/payable

for

variation

margin

on

futures

contracts

1,218,960

#### Total

#### $

#### 1,240,915

#### Liabilities:
Swap

Contracts†

Credit

risk

Receivable/payable

for

variation

margin

on

centrally

cleared

swap

contracts

$

(898,620)

Forward

Foreign

Currency

Contracts

Currency

risk

Unrealized

depreciation

on

forward

foreign

currency

contracts

(1,425)

Futures

Contracts#

Interest

rate

risk

Receivable/payable

for

variation

margin

on

futures

contracts

(29,646)

#### Total

#### $

#### (929,691)
†

Swap

contracts

are

included

in

the

table

at

value,

with

the

exception

of

centrally

cleared

swap

contracts

which

are

included

in

the

table

at

unrealized

appreciation/(depreciation).

For

centrally

cleared

swaps,

only

the

variation

margin

on

swap

contracts

is

reported

in

the

Statements

of

Asset

and

Liabilities..

#

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.

#### International

#### Value

#### Realized

#### Gains

#### (Losses):

#### Total
Forward

Foreign

Currency

Contracts

Currency

risk

$

113,539

#### $

#### 113,539

#### Strategic

#### Income

#### Realized

#### Gains

#### (Losses):

#### Total
Swap

Contracts

Credit

risk

$

(4,564,124)

Forward

Foreign

Currency

Contracts

Currency

risk

(1,630,516)

Futures

Contracts

Interest

rate

risk

(3,553,545)

#### $

#### (9,748,185)

#### International

#### Value

#### Unrealized

#### Appreciation/Depreciation:

#### Total
Forward

Foreign

Currency

Contracts

Currency

risk

$

456,743

#### $

#### 456,743
International

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

The

following is

a

summary

of

the

Funds'

average

volume

of

derivative

instruments

held for

the year

ended December

31,

2025:

The

Funds

are

required

to

disclose

information

about

offsetting

and

related

arrangements

to

enable

users

of

the

financial

statements

to

understand

the

effect

of

those

arrangements

on

the

Funds'

financial

position.

In

order

to

better

define

its

contractual

rights

and

to

secure

rights

that

will

help

certain

Funds

mitigate

their

counterparty

risk,

certain

Funds

entered

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

("ISDA

Master

Agreement")

or

a

similar

agreement

with

each

of

their

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

certain

Funds

and

a

counterparty

that

governs

OTC

derivatives

and

forward

foreign

currency

contracts

and

typically

contains,

among

other

things,

collateral

posting

items,

if

applicable,

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

certain

Funds

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instrument's

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

(close-out

netting)

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

The

counterparty

is

a

financial

institution.

For

financial

reporting

purposes,

certain Funds

do

not

offset

derivative

assets

and

derivative

liabilities

that

may

be

subject

to

netting

arrangements

on

the

"Statements

of

Assets

and

Liabilities".

#### Strategic

#### Income

#### Unrealized

#### Appreciation/Depreciation:

#### Total
Swap

Contracts

Credit

risk

$

52,975

Forward

Foreign

Currency

Contracts

Currency

risk

(36,571)

Futures

Contracts

Interest

rate

risk

137,466

#### $

#### 153,870

#### International

#### Value

#### Forward

#### Foreign

#### Currency

#### Exchange

#### Contracts:
Average

Settlement

Value

Purchased

$

66,478,488

Average

Settlement

Value

Sold

$

52,846,551

#### Strategic

#### Income

#### Centrally

#### Cleared

#### Credit

#### Default

#### Swaps:
Average

Notional

Balance—Buy

Protection

$

104,772,360

#### Forward

#### Foreign

#### Currency

#### Exchange

#### Contracts:
Average

Settlement

Value

Purchased

$

117,650

Average

Settlement

Value

Sold

$

13,315,704

#### Futures

#### Contracts:
Average

Notional

Balance

Long

$

19,908,628

Average

Notional

Balance

Short

$

135,906,052

-

Notes

to

Financial

Statements

-

December

31,

2025

-

International

Funds

The

following

tables

set

forth certain

Funds' net

exposure

by

counterparty

for

forward

foreign

currency

contracts

that

are

subject

to

enforceable

master

netting

arrangements

or

similar

arrangements

as

of

December

31,

2025:

#### International

#### Value

#### Offsetting

#### of

#### Financial

#### Assets,

#### Derivative

#### Assets

#### and

#### Collateral

#### Received

#### by

#### Counterparty:

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Description

#### Gross

#### Amounts

#### of

#### Recognized

#### Asset

#### Derivatives

#### Available

#### for

#### Offset

#### Collateral

#### Received

#### Net

#### Amount

#### of

#### Asset

#### Derivatives
Goldman

Sachs

International

Forward

Foreign

Currency

Contracts

$

222,232

$

(222,232)

$

—

$

—

Morgan

Stanley

Co.,

Inc.

Forward

Foreign

Currency

Contracts

248,353

(248,353)

—

—

State

Street

Bank

and

Trust

Co.

Forward

Foreign

Currency

Contracts

50,084

(50,084)

—

—

Toronto

Dominion

Bank

Forward

Foreign

Currency

Contracts

42,098

(7,371)

—

34,727

Westpac

Banking

Corp.

Forward

Foreign

Currency

Contracts

95,997

(31,569)

—

64,428

#### Total

#### $

#### 658,764

#### $

#### (559,609)

#### $

#### —

#### $

#### 99,155

#### Offsetting

#### of

#### Financial

#### Liabilities,

#### Derivative

#### Liabilities

#### and

#### Collateral

#### Pledged

#### by

#### Counterparty:

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Description

#### Gross

#### Amounts

#### of

#### Recognized

#### Liability

#### Derivatives

#### Available

#### for

#### Offset

#### Collateral

#### Pledged

#### \*

#### Net

#### Amount

#### of

#### Liability

#### Derivatives
Goldman

Sachs

International

Forward

Foreign

Currency

Contracts

$

(261,193)

$

222,232

$

38,961

$

—

Morgan

Stanley

Co.,

Inc.

Forward

Foreign

Currency

Contracts

(505,013)

248,353

209,658

(47,002)

State

Street

Bank

and

Trust

Co.

Forward

Foreign

Currency

Contracts

(93,884)

50,084

—

(43,800)

Toronto

Dominion

Bank

Forward

Foreign

Currency

Contracts

(7,371)

7,371

—

—

Westpac

Banking

Corp.

Forward

Foreign

Currency

Contracts

(31,569)

31,569

—

—

#### Total

#### $

#### (899,030)

#### $

#### 559,609

#### $

#### 248,619

#### $

#### (90,802)
\*

Collateral

pledged

includes

non-cash

collateral.

For

additional

information

on

the

Fund's

non-cash

collateral,

please

refer

to

the

Statement

of

Investments.

Per

GAAP

disclosure

requirements,

the

table

above

does

not

include

the

additional

collateral

pledged

from

the

counterparties.

Aggregate

additional

collateral

pledged

was

$81,533.

#### Strategic

#### Income

#### Offsetting

#### of

#### Financial

#### Assets,

#### Derivative

#### Assets

#### and

#### Collateral

#### Received

#### by

#### Counterparty:

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Description

#### Gross

#### Amounts

#### of

#### Recognized

#### Asset

#### Derivatives

#### Available

#### for

#### Offset

#### Collateral

#### Received

#### Net

#### Amount

#### of

#### Asset

#### Derivatives
Morgan

Stanley

Co.,

Inc.

Forward

Foreign

Currency

Contracts

$

21,955

$

—

$

—

$

21,955

#### Total

#### $

#### 21,955

#### $

#### –

#### $

#### —

#### $

#### 21,955
International

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

(e) #### Securities

#### Lending
During

the

year

ended

December

31,

2025, certain

Funds entered

into

securities

lending

transactions.

To

generate

additional

income,

the

Funds

lent

their

portfolio

securities,

up

to

1/3%

of

the

total

assets

of

a

Fund,

to

brokers,

dealers,

and

other

financial

institutions.

JPMorgan

serves

as

securities

lending

agent

for

the

securities

lending

program

for

the

Funds.

Securities

lending

transactions

are

considered

to

be

overnight

and

continuous

and

can

be

terminated

by

a

Fund

or

the

borrower

at

any

time.

The

Funds

receive

payments

from JPMorgan

equivalent

to

any

dividends

and/or

interest

while

on

loan,

in

lieu

of

income

which

is

included

as

"Dividend

income"

and/or

"Interest

income",

as

applicable,

on

the

Statements

of

Operations.

The

Funds

also

receive

interest

that

would

have

been

earned

on

the

securities

loaned

while

simultaneously

seeking

to

earn

income

on

the

investment

of

cash

collateral

or

receiving

a

fee

with

respect

to

the

receipt

of

non-cash

collateral.

Securities

lending

income

includes

any

fees

charged

to

borrowers

less

expenses

associated

with

the

loan.

Income

from

the

securities

lending

program

is

recorded

when

earned

from JPMorgan

and

reflected

in

the

Statements

of

Operations

under

"Income

from

securities

lending

(net

of

fees)".

There

may

be

risks

of

delay

or

restrictions

in

recovery

of

the

securities

or

disposal

of

collateral

should

the

borrower

of

the

securities

fail

financially.

Loans

are

made,

however,

only

to

borrowers

deemed

by JPMorgan

to

be

of

good

standing

and

creditworthy.

Loans

are

subject

to

termination

by

the

Funds

or

the

borrower

at

any

time,

and,

therefore,

are

not

considered

to

be

illiquid

investments.

For

Funds

to

which

JPMorgan

is

not

an

affiliate,

JPMorgan

receives

a

fee

based

on

a

percentage

of

earnings

(less

any

rebates

paid

to

the

borrower)

derived

from

the

investment

of

cash

collateral,

or

a

percentage

of

the

fee

paid

by

the

borrower

for

loans

collateralized

by

non-cash

collateral.

For

Funds

to

which

JPMorgan

is

an

affiliate,

JPMorgan

receives

a

flat

fee

based

on

a

percentage

of

the

market

value

of

loaned

securities.

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

December

31,

2025,

which

were

comprised

of

repurchase

agreements

purchased

with

cash

collateral,

as

shown

on each

Fund's

Statement

of

Investments,

were

as

follows:

The

Trust's

securities

lending

policies

and

procedures

require

that

the

borrower

(i) deliver

cash

or

U.S.

Government

securities

as

collateral

with

respect

to

each

new

loan

of

U.S.

securities,

equal

to

at

least

102%

of

the

value

of

the

portfolio

securities

loaned,

and

with

respect

to

each

new

loan

of

non-U.S.

securities,

collateral

of

at

least

105%

of

the

value

of

the

portfolio

securities

loaned;

and

(ii) at

all

times

thereafter

mark-to-market

the

collateral

on

a

daily

basis

so

that

the

market

value

of

such

collateral

is

at

least

100%

of

the

value

of

securities

loaned.

Cash

collateral

received

is

generally

invested

in

joint

repurchase

agreements

and

shown

in

the

Statement

of

Investments

and

included

in

calculating

the

Fund's

total

assets.

U.S.

Government

securities

received

as

collateral,

if

any,

are

held

in

safe-keeping

by

JPMorgan

or

The

Bank

of

New

York

Mellon

and

cannot

be

sold

or

repledged

by

the

Funds

and

accordingly

are

not

reflected

in

the

Fund's

total

assets.

For

additional

information

on

the

non-cash

collateral

received,

if

any,

please

refer

to

the

Statement

of

Investments.

#### Offsetting

#### of

#### Financial

#### Liabilities,

#### Derivative

#### Liabilities

#### and

#### Collateral

#### Pledged

#### by

#### Counterparty:

#### Gross

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Description

#### Gross

#### Amounts

#### of

#### Recognized

#### Liability

#### Derivatives

#### Available

#### for

#### Offset

#### Collateral

#### Pledged

#### Net

#### Amount

#### of

#### Liability

#### Derivatives
Goldman

Sachs

International

Forward

Foreign

Currency

Contracts

$

(1,425)

$

—

$

—

$

(1,425)

#### Total

#### $

#### (1,425)

#### $

#### —

#### $

#### —

#### $

#### (1,425)

#### Fund

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities
Worldwide

$

7,138,660

International

Equity

5,044,596

International

Value

2,214,260

Strategic

Income

56,759,335

-

Notes

to

Financial

Statements

-

December

31,

2025

-

International

Funds

The

Securities

Lending

Agency

Agreement

between

the

Trust

and

JPMorgan

provides

that

in

the

event

of

a

default

by

a

borrower

with

respect

to

any

loan,

the

Fund

may

terminate

the

loan

and

JPMorgan

will

exercise

any

and

all

remedies

provided

under

the

applicable

borrower

agreement

to

make

the

Fund

whole.

These

remedies

include

purchasing

replacement

securities

by

applying

the

collateral

held

from

the

defaulting

borrower

against

the

purchase

cost

of

the

replacement

securities.

If,

despite

such

efforts

by

JPMorgan

to

exercise

these

remedies,

the

collateral

is

less

than

the

purchase

cost

of

the

replacement

securities,

JPMorgan

is

responsible

for

such

shortfall,

subject

to

certain

limitations

which

are

set

forth

in

detail

in

the

Securities

Lending

Agency

Agreement.

As

of December

31,

2025,

the

Securities

Lending

Agency

Agreement

does

not

permit

the

Funds

to

enforce

a

netting

arrangement.

(f) #### Joint

#### Repurchase

#### Agreements
During

the

year

ended December

31,

2025,

certain

Funds,

along

with

other

series

of

the

Trust,

pursuant

to

procedures

adopted

by

the

Board

of

Trustees

and

applicable

guidance

from

the

Securities

and

Exchange

Commission

("SEC"),

transferred

cash

collateral

received

from

securities

lending

transactions,

through

a

joint

account

at

JPMorgan,

the

Funds'

custodian,

the

daily

aggregate

balance

of

which

is

invested

in

one

or

more

joint

repurchase

agreements

("repo"

or

collectively

"repos")

collateralized

by

U.S.

Treasury

or

federal

agency

obligations.

For

repos,

each

Fund

participates

on

a

pro

rata

basis

with

other

clients

of

JPMorgan

in

its

share

of

the

underlying

collateral

under

such

repos

and

in

its

share

of

proceeds

from

any

repurchase

or

other

disposition

of

the

underlying

collateral.

In

repos,

the

seller

of

a

security

agrees

to

repurchase

the

security

at

a

mutually

agreed-upon

time

and

price,

which

reflects

the

effective

rate

of

return

for

the

term

of

the

agreement.

For

repos,

The

Bank

of

New

York

Mellon

or

JPMorgan

takes

possession

of

the

collateral

pledged

for

investments

in

such

repos.

The

underlying

collateral

is

valued

daily

on

a

mark-to-market

basis

to

ensure

that

the

value

is

equal

to

or

greater

than

the

repurchase

price,

including

accrued

interest.

In

the

event

of

default

of

the

obligation

to

repurchase,

the

Funds

have

the

right

to

liquidate

the

collateral

and

apply

the

proceeds

in

satisfaction

of

the

obligation.

If

the

seller

defaults

and

the

value

of

the

collateral

declines

or

if

bankruptcy

proceedings

are

commenced

with

respect

to

the

seller

of

the

security,

realization

of

the

collateral

by

the

Funds

may

be

delayed

or

limited.

As

of

December

31,

2025,

the

joint

repos

on

a

gross

basis

were

as

follows:

Bank

of

America

NA,

3.85%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$98,020,961,

collateralized

by

U.S.

Government

Agency

Securities,

ranging

from

2.50%

-

3.50%,

maturing

5/1/2049

-

9/1/2050;

total

market

value

$99,960,000.

BNP

Paribas

Securities

Corp.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$89,018,838,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

0.00%

-

4.63%,

maturing

7/31/2026

-

11/15/2054;

total

market

value

$90,780,000.

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$131,688,142,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$134,293,264.

Cantor

Fitzgerald

&

Co.,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$148,531,680,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

8.50%,

maturing

3/1/2026

-

11/20/2075;

total

market

value

$151,470,009.

CF

Secured,

LLC,

3.84%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$215,045,867,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

1.13%

-

7.50%,

maturing

3/31/2026

-

4/20/2071;

total

market

value

$219,346,790.

Citi

Global

Market,

Inc.,

3.81%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$138,529,316,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.38%

-

4.25%,

maturing

2/15/2028

-

10/31/2029;

total

market

value

$141,270,038.

MetLife,

Inc.,

3.83%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$150,031,917,

collateralized

by

U.S.

Government

Treasury

Securities,

ranging

from

2.63%

-

5.50%,

maturing

1/31/2026

-

8/15/2048;

total

market

value

$153,077,523.

Pershing

LLC,

3.72%,

dated

12/31/2025,

due

1/2/2026,

repurchase

price

$215,044,433,

collateralized

by

U.S.

Government

Agency

and

Treasury

Securities,

ranging

from

0.00%

-

9.00%,

maturing

2/15/2026

-

12/20/2075;

total

market

value

$219,300,007.

International

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

As

of December

31,

2025, certain

Funds'

investment in

joint

repos

was

subject

to

an

enforceable

netting

arrangement.

The

Funds'

proportionate

holding

in

joint

repos

was

as

follows:

#### Worldwide

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
Bank

of

America

NA

$

2,000,000

$

–

$

2,000,000

$

(2,000,000)

$

–

Cantor

Fitzgerald

&

Co.

4,138,660

–

4,138,660

(4,138,660)

–

Pershing

LLC

1,000,000

–

1,000,000

(1,000,000)

–

#### Total
$

7,138,660

$

–

$

7,138,660

$

(7,138,660)

$

–

#### International

#### Equity

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
BNP

Paribas

Securities

Corp.

$

2,000,000

$

–

$

2,000,000

$

(2,000,000)

$

–

Cantor

Fitzgerald

&

Co.

2,044,596

–

2,044,596

(2,044,596)

–

MetLife,

Inc.

1,000,000

–

1,000,000

(1,000,000)

–

#### Total
$

5,044,596

$

–

$

5,044,596

$

(5,044,596)

$

–

-

Notes

to

Financial

Statements

-

December

31,

2025

-

International

Funds

(g) #### Security

#### Transactions

#### and

#### Investment

#### Income
Security

transactions

are

accounted

for

on

the

date

the

security

is

purchased

or

sold.

Security

gains

and

losses

are

calculated

on

the

identified

cost

basis.

Interest

income

is

recognized

on

the

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts,

and

is

recorded

as

such

on

a

Fund's

Statement

of

Operations.

Dividend

income

and

expenses,

as

applicable,

are

recorded

on

the

ex-dividend

date

and

are

recorded

as

such

on

a

Fund's

Statement

of

Operations,

except

for

certain

dividends

from

foreign

securities,

which

are

recorded

as

soon

as

the

Trust

is

informed

on

or

after

the

ex-dividend

date.

Income

from

non-cash

dividends,

if

any,

is

recorded

at

the

fair

value

of

the

securities

and

is

recorded

as

such

on

a

Fund's

Statement

of

Operations.

Foreign

income

and

capital

gains

may

be

subject

to

foreign

withholding

taxes,

a

portion

of

which

may

be

reclaimable,

and

capital

gains

taxes

at

various

rates.

Under

applicable

foreign

law,

a

withholding

tax

may

be

imposed

on

interest

and

dividends

paid

by

a

#### International

#### Value

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
Cantor

Fitzgerald

&

Co.

$

1,214,260

$

–

$

1,214,260

$

(1,214,260)

$

–

Citi

Global

Market,

Inc.

1,000,000

–

1,000,000

(1,000,000)

–

#### Total
$

2,214,260

$

–

$

2,214,260

$

(2,214,260)

$

–

#### Strategic

#### Income

#### Gross

#### Amounts

#### not

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Counterparty

#### Gross

#### Amounts

#### of

#### Recognized

#### Assets

#### Gross

#### Amounts

#### Offset

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Collateral

#### Received
\*

#### Net

#### Amounts

#### of

#### Assets
Bank

of

America

NA

$

4,000,000

$

–

$

4,000,000

$

(4,000,000)

$

–

BNP

Paribas

Securities

Corp.

10,000,000

–

10,000,000

(10,000,000)

–

Cantor

Fitzgerald

&

Co.

4,259,335

–

4,259,335

(4,259,335)

–

Cantor

Fitzgerald

&

Co.

3,500,000

–

3,500,000

(3,500,000)

–

CF

Secured,

LLC

4,000,000

–

4,000,000

(4,000,000)

–

Citi

Global

Market,

Inc.

1,000,000

–

1,000,000

(1,000,000)

–

Pershing

LLC

30,000,000

–

30,000,000

(30,000,000)

–

#### Total
$

56,759,335

$

–

$

56,759,335

$

(56,759,335)

$

–

\*

As

of

December

31,

2025,

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.

International

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

foreign

security

and

capital

gains

from

the

sale

of

a

foreign

security.

Foreign

income

or

capital

gains

subject

to

foreign

withholding

taxes

are

recorded

net

of

the

applicable

withholding

tax.

For

certain

securities,

including

a

real

estate

investment

trust

("REIT"),

a

Fund

records

distributions

received

in

excess

of

earnings

and

profits

of

such

security

as

a

reduction

of

cost

of

investments

and/or

realized

gain

(referred

to

as

a

return

of

capital).

Additionally,

a

REIT

may

characterize

distributions

it

pays

as

long-term

capital

gains.

Such

distributions

are

based

on

estimates

if

actual

amounts

are

not

available.

Actual

distributions

of

income,

long-term

capital

gain

and

return

of

capital

may

differ

from

the

estimated

amounts.

A

Fund

will

recharacterize

the

estimated

amounts

of

the

components

of

distributions

as

necessary,

once

the

issuers

provide

information

about

the

actual

composition

of

the

distributions.

Any

portion

of

a

distribution

deemed

a

return

of

capital

is

generally

not

taxable

to

a

Fund.

A

Fund

records

as

dividend

income

the

amount

characterized

as

ordinary

income

and

records

as

realized

gain

the

amount

characterized

by

a

REIT

as

long-term

capital

gain

in

the

Statements

of

Operations.

The

amount

characterized

as

return

of

capital

is

a

reduction

to

the

cost

of

investments

in

the

Statements

of

Assets

and

Liabilities

if

the

security

is

still

held;

otherwise

it

is

recorded

as

an

adjustment

to

realized

gains

(losses)

from

transactions

in

investment

securities

in

the

Statements

of

Operations.

These

characterizations

are

reflected

in

the

accompanying

financial

statements.

(h) #### Distributions

#### to

#### Shareholders
Distributions

from

net

investment

income,

if

any,

are

declared

and

paid

quarterly.

Distributions

from

net

realized

capital

gains,

if

any,

are

declared

and

distributed

at

least

annually.

All

distributions

are

recorded

on

the

ex-dividend

date.

Dividends

and

distributions

to

shareholders

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

"book/tax"

differences

are

considered

either

permanent

or

temporary.

Permanent

differences

are

reclassified

within

the

capital

accounts

based

on

their

nature

for

federal

income

tax

purposes;

temporary

differences

do

not

require

reclassification.

The

permanent

differences

as

of

December

31,

2025

are

primarily

attributable

to

foreign

currency

gain/

loss, foreign

capital

gains

tax, investments

in

partnerships,

tax

method

change,

treatment

of

notional

principal

contracts,

and

investments

in

passive

foreign

investment

companies

("PFICs").

Temporary

differences

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

and

tax

purposes;

these

differences

will

reverse

at

some

time

in

the

future.

The

temporary

differences

as

of

December

31,

2025

may

primarily

be

attributable

to

amortization,

outstanding

wash

sale

loss

deferrals, mark-to-market

adjustments

on

forwards, investments

in

PFICs,

investments

in

perpetual

bonds,

mark-to-market

adjustments

on

futures,

outstanding

straddle

loss

deferrals,

and

treatment

of

notional

principal

contracts.

These

reclassifications

have

no

effect

upon

the

NAV

of a

Fund.

Any

distribution

in

excess

of

current

and

accumulated

earnings

and

profits

for

federal

income

tax

purposes

is

reported

as

a

return

of

capital

distribution.

Reclassifications

for

the

year

ended

December

31,

2025

were

as

follows:

(i) #### Federal

#### Income

#### Taxes
Each Fund

elected

to

be

treated

as,

and

intends

to

qualify

each

year

as,

a

"regulated

investment

company"

("RIC")

by

complying

with

the

requirements

of

Subchapter

M

of

the

U.S.

Internal

Revenue

Code

of

1986

(the

"Code"),

as

amended,

and

to

make

distributions

of

net

investment

income

and

net

realized

capital

gains

sufficient

to

relieve

a

Fund

from

all,

or

substantially

all,

federal

income

taxes.

The

aforementioned

distributions

may

be

made

in

cash

or

via

consent

dividends.

Consent

dividends,

agreed

to

by

each

shareholder,

are

taxable

to

the

shareholders

as

if

they

were

paid

in

cash

during

their

current

tax

year.

A

Fund

recognizes

a

tax

benefit

from

an

uncertain

position

only

if

it

is

more

likely

than

not

that

the

position

is

sustainable,

based

solely

on

its

technical

merits

and

consideration

of

the

relevant

taxing

authorities'

widely

understood

administrative

practices

and

precedents.

Each

year,

a

Fund

undertakes

an

affirmative

evaluation

of

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

tax

returns

to

determine

whether

it

is

more

likely

than

not

(i.e.,

greater

than

percent)

that

each

tax

position

will

be

sustained

upon

examination

by

a

taxing

authority.

#### Fund

#### Capital

#### Total

#### Distributable

#### Earnings
(Loss)

Emerging

Markets

$

–

$

–

Worldwide

(18,038)

18,038

International

Equity

29,268

(29,268)

International

Value

199,252

(199,252)

Strategic

Income

(5) 74

-

Notes

to

Financial

Statements

-

December

31,

2025

-

International

Funds

The

Funds

file

U.S.

federal

income

tax

returns

and,

if

applicable,

returns

in

various

foreign

jurisdictions

in

which

they

invest.

Generally,

a

Fund

is

subject

to

examinations

by

such

taxing

authorities

for

up

to

three

years

after

the

filing

of

the

return

for

the

tax

period.

The

Funds

adopted

FASB

Accounting

Standards

Update

2023-09,

Income

Taxes

(Topic

740)—Improvements

to

Income

Tax

Disclosures

("ASU

2023-09").

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disclosure

of

income

taxes

paid

by

jurisdiction.

During

the

year

ended

December

31,

2025,

the

Funds

did

not

pay

a

significant

amount

of

foreign

or

U.S.

federal,

state

or

local

income

taxes

and

therefore

did

not

include

any

additional

disclosures

in

these

financial

statements.

(j) #### Allocation

#### of

#### Expenses,

#### Income

#### and

#### Gains

#### and

#### Losses
Expenses

directly

attributable

to

a

Fund

are

charged

to

that

Fund.

Expenses

not

directly

attributable

to

a

Fund

are

allocated

proportionally

among

various

or

all

series

of

the

Trust.

Income,

fund

level

expenses,

and

realized

and

unrealized

gains

or

losses

are

allocated

to

each

class

of

shares

of

a

Fund

based

on

the

value

of

the

outstanding

shares

of

that

class

relative

to

the

total

value

of

the

outstanding

shares

of

that

Fund.

Expenses

specific

to

a

class

(such

as

Rule

12b-1

and

administrative

services

fees)

are

charged

to

that

specific

class.

(k) #### European

#### Union

#### ("EU")

#### Reclaims
As

a

result

of

several

court

cases,

certain

Funds

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

certain

countries

across

the

European

Union

("EU

reclaims").

Since

uncertainty

exists

as

to

the

ultimate

resolution

of

these

proceedings,

the

likelihood

of

receipt

of

these

EU

reclaims,

and

the

potential

timing

of

payment,

EU

Reclaim

amounts

are

generally

not

reflected

in

the

financial

statements

until

payments

are

received

by

the

Fund

or

NFA

believes

it

is

more

likely

than

not

that

amounts

for

a

certain

country

will

be

received.

Income

recognized

for

EU

reclaims

is

reflected

as

European

Union

tax

reclaims

in

the

Statements

of

Operations.

Any

fees

associated

with

these

filings

are

reflected

as

European

Union

tax

reclaim

fees

in

the

Statements

of

Operations.

(l) #### Reportable

#### Segment

#### Disclosure
The

Principal

Executive

Officer

acts

as

the

Funds'

Chief

Operating

Decision

Maker

("CODM')

and

is

responsible

for

assessing

performance

and

allocating

resources

with

respect

to

the

Funds.

The

CODM

has

concluded

that

each

Fund

operates

as

a

single

operating

segment

since

the

Funds

each

have

a

single

investment

strategy

as

disclosed

in

its

prospectus,

against

which

the

CODM

assesses

performance.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

presented

within

the

Funds'

financial

statements.

3. #### Transactions

#### with

#### Affiliates
Under

the

terms

of

the

Trust's

Investment

Advisory

Agreement,

NFA

manages

the

investments

of

the

assets

and

supervises

the

daily

business

affairs

of

the

Funds

in

accordance

with

policies

and

procedures

established

by

the

Board

of

Trustees.

NFA

has

selected

the

subadviser

for

each Fund

as

noted

below,

and

provides

investment

management

evaluation

services

in

monitoring,

on

an

ongoing

basis,

the

performance

of

the

subadvisers.

As

of

December

31,

2025,

the

subadviser

for each

Fund is

as

follows:

#### Fund

#### Subadviser
Emerging

Markets

FIAM

LLC

("FIAM")

(a) Worldwide

FIAM

International

Equity

Lazard

Asset

Management,

LLC

International

Value

Putnam

Investment

Management,

LLC

(b) Strategic

Income

Victory

Capital

Management

Inc.

(c) (a) Effective

March

3,

2025,

FIAM

LLC

was

appointed

as

the

subadviser

to

the

Fund.

Effective

March

3,

2025,

NS

Partners

Ltd

was

terminated

and

ceased

serving

as

subadviser

to

the

Fund.

(b) Effective

February

3,

2025,

Putnam

Investment

Management,

LLC

was

appointed

as

the

subadviser

to

the

Fund.

Effective

February

3,

2025,

Columbia

Management

Investment

Advisers,

LLC

was

terminated

and

ceased

serving

as

subadviser

to

the

Fund.

(c) Formerly

known

as

Amundi

Asset

Management

US,

Inc.

International

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

Under

the

terms

of

the

Investment

Advisory

Agreement,

each

Fund

pays

NFA

an

investment

advisory

fee

based

on

that

Fund's

average

daily

net

assets.

During

the

year

ended

December

31,

2025,

the

Funds

paid

investment

advisory

fees

to

NFA

according

to

the

following

schedule.

Prior

to

February

3,

2025,

under

the

terms

of

the

Investment

Advisory

Agreement, certain

Funds

paid

NFA

an

investment

advisory

fee

based

on

the

Funds'

average

daily

net

assets

according

to

the

following

schedule.

Prior

to

October

1,

2025,

under

the

terms

of

the

Investment

Advisory

Agreement,

certain

Funds

paid

NFA

an

investment

advisory

fee

based

on

the

Funds'

average

daily

net

assets

according

to

the

following

schedule.

The

Trust

and

NFA

have

entered

into

a

written

contract

waiving

a

portion

of

investment

advisory

fees

of

the

Funds

as

listed

in

the

following

table

until

April

30,

2026. During

the

year

ended December

31,

2025,

the

following

table

provides

the

waiver

of

such

investment

advisory

fees

by

NFA

for

which

NFA

shall

not

be

entitled

to

later

seek

recoupment.

#### Fund

#### Fee

#### Schedule

#### Advisory

#### Fee

#### (annual

#### rate)
Emerging

Markets

Up

to

$500

million

0.95%

$500

million

up

to

$2

billion

0.90%

$2

billion

and

more

0.85%

Worldwide

Up

to

$1

billion

0.47%

$1

billion

and

more

0.42%

International

Equity

Up

to

$50

million

0.725%

$50

million

and

more

0.675%

International

Value

Up

to

$1

billion

0.73%

$1

billion

and

more

0.68%

Strategic

Income

Up

to

$200

million

0.575%

$200

million

and

upto

to

$500

million

0.550%

$500

million

and

more

0.525%

#### Fund

#### Fee

#### Schedule

#### Advisory

#### Fee

#### (annual

#### rate)
International

Value

Up

to

$1

billion

0.75%

$1

billion

and

more

0.70%

#### Fund

#### Fee

#### Schedule

#### Advisory

#### Fee

#### (annual

#### rate)
International

Equity

Up

to

$500

million

0.80%

$500

million

up

to

$2

billion

0.75%

$2

billion

and

more

0.70%

#### Fund

#### Advisory

#### Fee

#### Waiver

#### (annual

#### rate)
Emerging

Markets

0.0873%

#### Fund

#### Amount
Emerging

Markets

$

168,979

-

Notes

to

Financial

Statements

-

December

31,

2025

-

International

Funds

For

the

year

ended

December

31,

2025,

the

effective

advisory

fee

rates

before

and

after

contractual

advisory

fee

waivers

and

expense

reimbursements, due

to

the

expense

limitation

agreement

described

below,

were

as

follows:

From

these

fees,

pursuant

to

the

subadvisory

agreement,

NFA

pays

fees

to

the

unaffiliated

subadvisers.

The

Trust

and

NFA

have

entered

into

a

written

Expense

Limitation

Agreement

that

limits

certain

Funds'

operating

expenses,

(excluding

any

taxes,

interest,

compensation

payable

to

parties

not

affiliated

with

the

Adviser

for

the

recovery

of

tax

reclaims,

brokerage

commissions,

Rule

12b-1

fees,

acquired

fund

fees

and

expenses,

short-sale

dividend

expenses,

administrative

services

fees,

other

expenses

which

are

capitalized

in

accordance

with

generally

accepted

accounting

principles

and

expenses

incurred

by

a

Fund

in

connection

with

any

merger

or

reorganization,

and

may

exclude

other

nonroutine

expenses

not

incurred

in

the

ordinary

course

of

a

Fund's

business)

from

exceeding

the

amounts

listed

in

the

following

table

until

at

least

April

30,

2027. 1

On

November

14,

2025,

the

Trust

and

NFA

have

entered

into

a

written

Expense

Limitation

Agreement

that

limits

certain

Funds'

operating

expenses,

(excluding

any

interest,

taxes,

fees

paid

to

non-affiliated

parties

in

connection

with

the

recovery

of

tax

reclaims,

brokerage

commissions

and

other

costs

incurred

in

connection

with

the

purchase

and

sales

of

portfolio

securities,

short

sale

dividend

expenses,

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),

including

the

effect

of

any

fees

waived

by

NFA

or

any

of

its

affiliates

pursuant

to

any

other

expense

limitation

agreement

or

fee

waiver

agreement

as

detailed

above,

from

exceeding

the

amounts

listed

in

the

following

table

until

November

14,

2027. NFA

may

request

and

receive

reimbursement

from

a

Fund

for

advisory

fees

waived

or

other

expenses

reimbursed

by

NFA

pursuant

to

the

Expense

Limitation

Agreement

at

a

date

not

to

exceed

three

years

from

the

date

on

which

the

corresponding

waiver

or

reimbursement

to

the

Fund

was

made.

However,

no

reimbursement

may

be

made

unless:

(i) the

Fund's

assets

exceed

$100

million

and

(ii) the

total

annual

expense

ratio

of

the

class

making

such

reimbursement

is

no

higher

than

the

amount

of

the

expense

#### Fund

#### Effective

#### Advisory

#### Fee

#### Rate

#### Before

#### Contractual\*

#### Fee

#### Waivers

#### and

#### Expense

#### Reimbursements

#### \*

#### Effective

#### Advisory

#### Fee

#### Rate

#### After

#### Contractual\*

#### Fee

#### Waivers

#### Effective

#### Advisory

#### Fee

#### Rate

#### After

#### Contractual\*

#### Fee

#### Waivers

#### and

#### Expense

#### Reimbursements
Emerging

Markets

0.95 %

0.86 %

0.80 %

Worldwide

0.46 N/A

0.22 International

Equity

0.75 N/A

0.69 International

Value

0.73 N/A

0.70 Strategic

Income

0.57 N/A

0.57 N/A

—

Not

Applicable.

\*

Please

see

above

for

additional

information

regarding

contractual

waivers.

#### Fund

#### Classes

#### Amount

#### (annual

#### rate)
Emerging

Markets

All

Classes

0.97%

(a) Worldwide

All

Classes

0.55 (b) International

Equity

All

Classes

0.73 (c) International

Value

All

Classes

0.78 (d) Strategic

Income

All

Classes

0.78 (e) (a) Effective

July

1,

2025,

prior

to

this

the

expense

limitation

rate

was

1.20%.

(b) Effective

July

1,

2025,

prior

to

this

the

expense

limitation

rate

was

0.62%.

(c) Effective

October

1,

2025,

prior

to

this

the

expense

limitation

rate

was

0.83%.

(d) Effective

July

1,

2025,

prior

to

this

the

expense

limitation

rate

was

0.82%.

Prior

to

February

3,

2025,

the

expense

limitation

rate

was

0.87%.

(e) Until

at

least

April

30,

2026. #### Fund

#### Classes

#### Amount

#### (annual

#### rate)
Emerging

Markets

Class

I

1.13%

Worldwide

Class

I

0.81%

Class

II

1.06%

International

Equity

Class

I

1.10%

International

Value

Class

X

0.82%

Class

Z

1.07%

Strategic

Income

Class

I

0.89%

International

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

limitation

that

was

in

place

at

the

time

NFA

waived

the

fees

or

reimbursed

the

expenses

and

does

not

cause

the

expense

ratio

to

exceed

the

current

expense

limitation.

Reimbursement

by

a

Fund

of

amounts

previously

waived

or

reimbursed

by

NFA

is

not

permitted

except

as

provided

for

in

the

Expense

Limitation

Agreement.

The

Expense

Limitation

Agreement

may

be

changed

or

eliminated

only

with

the

consent

of

the

Board

of

Trustees.

As

of

December

31,

2025,

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:

During

the

year

ended

December

31,

2025,

no

amounts

were

reimbursed

to

NFA

pursuant

to

the

Expense

Limitation

Agreement,

and

the

Funds

have

not

recorded

a

commitment

or

contingent

liability.

NFM,

a

wholly

owned

subsidiary

of

NFS

Distributors,

Inc.

("NFSDI")

(a

wholly

owned

subsidiary

of

NFS),

provides

various

administrative

and

accounting

services

for

the

Funds

and

serves

as

Transfer

and

Dividend

Disbursing

Agent

for

the

Funds.

NFM

has

entered

into

agreements

with

third-party

service

providers

to

provide

certain

sub-administration

and

sub-transfer

agency

services

to

the

Funds.

NFM

pays

the

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.

For

the

year

ended

December

31,

2025,

NFM

earned

an

aggregate

of

$479,862

in

fees

from

the

Funds

under

the

Joint

Fund

Administration

and

Transfer

Agency

Agreement.

Under

the

terms

of

the

Joint

Fund

Administration

and

Transfer

Agency

Agreement

and

a

letter

agreement

between

NFM

and

the

Trust,

the

Trust

has

agreed

to

reimburse

NFM

for

certain

costs

related

to

each

Fund's

portion

of

ongoing

administration,

monitoring

and

annual

(compliance

audit)

testing

of

the

Trust's

Rule

38a-1

Compliance

Program

subject

to

the

pre-approval

of

the

Trust's

Audit

Committee.

These

costs

are

allocated

among

the

series

of

the

Trust

based

upon

their

relative

net

assets.

For

the

year

ended

December

31,

2025,

the

Funds' aggregate

portion

of

such

costs

amounted

to

$3,926.

In

addition,

the

Trust

pays

out-of-pocket

expenses

reasonably

incurred

by

NFM

in

providing

services

to

the

Funds

and

the

Trust,

including,

but

not

limited

to,

the

cost

of

pricing

services

that

NFM

utilizes.

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

of

0.25%

for

Class

II,

Class

D and

Class Z

shares

of

each

Fund

Under

the

terms

of

an

Administrative

Services

Plan,

the

Funds

pay

fees

to

servicing

organizations,

such

as

broker-dealers,

including

NFS,

and

financial

institutions,

that

agree

to

provide

administrative

support

services

to

the

shareholders

of

certain

classes.

These

services

may

include,

but

are

not

limited

to,

the

following:

(i) establishing

and

maintaining

shareholder

accounts;

(ii) processing

purchase

and

redemption

transactions;

(iii) arranging

bank

wires;

(iv) performing

shareholder

sub-accounting;

(v) answering

inquiries

regarding

the

Funds;

and

(vi) other

such

services.

These

fees

are

calculated

at

an

annual

rate

of

up

to

0.25%

of

the

average

daily

net

assets

of

Class

I, Class

II

and

Class

D shares

of

the

Fund

and

up

to

0.01%

of

the

average

daily

net

assets

of

Class

X and

Class

Z

shares of

each Fund.

#### Fund

#### Fiscal

#### Year

#### 2023

#### Amount

#### Fiscal

#### Year

#### 2024

#### Amount

#### Fiscal

#### Year

#### 2025

#### Amount

#### Total
Emerging

Markets

$

—

$

—

$

123,186

$

123,186

Worldwide

—

—

75,204(a)

75,204

International

Equity

117,502

144,317

102,380

364,199

International

Value

—

—

73,032

73,032

Strategic

Income

—

—

—

—

(a) For

the

period

from

April

28,

2025

(commencement

of

operations)

through

December

31,

2025. #### Combined

#### Fee

#### Schedule
Up

to

$25

billion

0.025%

$25

billion

and

more

0.020 78

-

Notes

to

Financial

Statements

-

December

31,

2025

-

International

Funds

For the

year

ended

December

31,

2025,

the

effective

rates

for

administrative

services

fees

were

as

follows:

For

the

year

ended

December

31,

2025,

each

Fund's

total

administrative

services

fees

were

as

follows:

4. #### Line

#### of

#### Credit

#### and

#### Interfund

#### Lending
The

Trust

and

NMF

(together,

the

"Trusts") renewed

the credit

agreement

with

JPMorgan,

The

Bank

of

New

York

Mellon,

and

Wells

Fargo

Bank

National

Association

(the

"Lenders"),

permitting

the

Trusts,

in

aggregate,

to

borrow

up

to

$100,000,000.

Advances

taken

by

a

Fund

under

this

arrangement

would

be

primarily

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

the

Fund's

borrowing

restrictions.

The

line

of

credit

requires

a

commitment

fee

of

0.15%

per

year

on

$100,000,000.

Such

commitment

fee

shall

be

payable

quarterly

in

arrears

on

the

last

business

day

of

each

March,

June,

September

and

December

and

on

the

termination

date.

Borrowings

under

this

arrangement

accrued

interest

at

the

Federal

Funds

Rate

plus

the

applicable

margin.

Interest

costs,

if

any,

would

be

shown

on

the

Statement

of

Operations.

No

compensating

balances

are

required

under

the

terms

of

the

line

of

credit.

In

addition,

a

Fund

may

not

draw

any

portion

of

the

line

of

credit

that

is

provided

by

a

bank

that

is

an

affiliate

of

the

Fund's

subadviser,

if

applicable.

In

addition

to

any

rights

and

remedies

of

the

Lenders

provided

by

law,

each

Lender

has

the

right,

upon

any

amount

becoming

due

and

payable

by

the

Fund,

to

set-off

as

appropriate

and

apply

all

deposits

and

credits

held

by

or

owing

to

such

Lender

against

such

amount,

subject

to

the

terms

of

the

credit

agreement.

The

line

of

credit

is

renewed

annually,

and

next

expires

on

July

1,

2026. During

the

year

ended December

31,

2025,

the

Funds

had

no

borrowings

under

the

line

of

credit.

Pursuant

to

an

exemptive

order

issued

by

the

SEC

(the

"Order"),

the

Funds

may

participate

in

an

interfund

lending

program

among

Funds

managed

by

NFA.

The

program

allows

the

participating

Funds

to

borrow

money

from

and

loan

money

to

each

other

for

temporary

purposes,

subject

to

the

conditions

in

the

Order.

A

loan

can

only

be

made

through

the

program

if

the

interfund

loan

rate

on

that

day

is

more

favorable

to

both

the

borrowing

and

lending

Funds

as

compared

to

rates

available

through

short-term

bank

loans

or

investments

in

overnight

repurchase

agreements

and

money

market

funds,

respectively,

as

detailed

in

the

Order.

Further,

a

Fund

may

participate

in

the

program

only

if

and

to

the

extent

that

such

participation

is

consistent

with

its

investment

objectives

and

limitations.

Interfund

loans

have

a

maximum

duration

of

seven

days

and

may

be

called

on

one

business

day's

notice. During

the

year

ended December

31,

2025,

none

of

the

Funds

engaged

in

interfund

lending.

5. #### Investment

#### Transactions
For

the

year

ended

December

31,

2025,

purchases

and

sales

of

securities

(excluding

short-term

securities)

were

as

follows:

#### Fund

#### Class

#### I

#### Class

#### II

#### Class

#### D

#### Class

#### X

#### Class

#### Z
Emerging

Markets

0.15 %

0.16 %

0.24 %

N/A

N/A

Worldwide

0.23 0.24 N/A

N/A

N/A

International

Equity

0.15 0.15 N/A

N/A

N/A

International

Value

0.15 N/A

N/A

0.01 %

0.01 %

Strategic

Income

0.15 N/A

N/A

N/A

N/A

N/A

—

Not

Applicable.

#### Fund

#### Amount
Emerging

Markets

$

270,876

Worldwide

73,340

International

Equity

279,317

International

Value

64,459

Strategic

Income

477,626

#### Fund

#### Purchases

#### Sales
Emerging

Markets

$

529,146,729

$

203,256,182

Worldwide

271,430,743

44,854,233

International

Equity

250,660,979

136,929,057

International

Value

281,572,862

270,412,331

Strategic

Income

1,131,129,151

971,711,395

International

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

6. #### Portfolio

#### Investment

#### Risks
(a) #### Associated

#### with

#### Credit

#### and

#### Emerging

#### Markets&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Investments

in

emerging

market

instruments

are

subject

to

certain

additional

credit

and

market

risks.

The

yields

of

emerging

market

debt

obligations

reflect,

among

other

things,

perceived

credit

risk.

The

Fund's

investment

in

securities

rated

below

investment

grade

typically

involves

risks

not

associated

with

higher-rated

securities

including,

among

others,

greater

risk

of

not

receiving

timely

and/or

ultimate

payment

of

interest

and

principal,

greater

market

price

volatility,

and

less-liquid

secondary

market

trading.

The

consequences

of

political,

social,

economic,

or

diplomatic

changes

may

have

disruptive

effects

on

the

market

prices

of

emerging

market

investments.

(b) #### Risks

#### Associated

#### with

#### Foreign

#### Securities

#### and

#### Currencies&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Investments

in

securities

of

foreign

issuers

carry

certain

risks

not

ordinarily

associated

with

investments

in

securities

of

U.S.

issuers.

These

risks

include

foreign

currency

fluctuations,

future

disruptive

political

and

economic

developments

and

the

possible

imposition

of

exchange

controls

or

other

unfavorable

foreign

government

laws

and

restrictions.

In

addition,

investments

in

certain

countries

may

carry

risks

of

expropriation

of

assets,

confiscatory

taxation,

political

or

social

instability,

or

diplomatic

developments

that

adversely

affect

investments

in

those

countries.

Certain

countries

also

may

impose

substantial

restrictions

on

investments

in

their

capital

markets

by

foreign

entities,

including

restrictions

on

investments

in

issuers

in

industries

deemed

sensitive

to

relevant

national

interests.

These

factors

may

limit

the

investment

opportunities

available

and

result

in

a

lack

of

liquidity

and

high

price

volatility

with

respect

to

securities

of

issuers

from

developing

countries.

(c) #### Risks

#### Associated

#### with

#### REIT

#### and

#### Real

#### Estate

#### Investments&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Investments

in

REITs

and

in

real

estate

securities

carry

certain

risks

associated

with

direct

ownership

of

real

estate

and

with

the

real

estate

industry

in

general.

These

risks

include

possible

declines

in

the

value

of

real

estate,

possible

lack

of

availability

of

mortgage

funds,

unexpected

vacancies

of

properties,

and

the

relative

lack

of

liquidity

associated

with

investments

in

real

estate.

7. #### Indemnifications
Under

the

Trust's

organizational

documents,

the

Trust's

Officers

and

Trustees

are

indemnified

by

the

Trust

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

the

Trust

has

entered

into

indemnification

agreements

with

its

Trustees

and

certain

of

its

Officers.

Trust

Officers

receive

no

compensation

from

the

Trust

for

serving

as

its

Officers.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Trust's

maximum

liability

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

made

against

the

Trust.

Based

on

experience,

however,

the

Trust

expects

the

risk

of

loss

to

be

remote.

8. #### New

#### Accounting

#### Pronouncements
On

September

20,

2023,

the

SEC

adopted

amendments

to

the

current

rule

regarding

registered

fund

names,

as

well

as

certain

forms

and

disclosure

requirements.

The

amendments

are

intended

to

modernize

and

enhance

the

investor

protections

provided

by

Rule

35d-1

under

the

1940

Act

given

the

important

information

that

fund

names

can

convey

to

investors.

Management

is

currently

evaluating

the

implications

of

the

new

rule

and

the

impact

on

the

Funds'

financial

statement

disclosures

and

reporting

requirements.

9. #### Recaptured

#### Brokerage

#### Commissions
The

Funds

have

entered

into

agreements

with

brokers

whereby

the

brokers

will

return

a

portion

of

the

Funds'

brokerage

commissions

on

behalf

of

certain

Funds.

Such

amounts,

under

such

agreements,

are

included

in

net

realized

gains

(losses)

from

transactions

in

investment

securities

presented

in

the

Funds'

Statements

of

Operations.

During

the year

ended

December

31,

2025,

the

Funds

recaptured

the

following

amounts

of

brokerage

commissions:

#### Fund

#### Amount
Emerging

Markets

$

13,023

Worldwide

-

Notes

to

Financial

Statements

-

December

31,

2025

-

International

Funds

10. #### Mergers
At

close

of

business

on

October

24,

2025,

NVIT

International

Equity

Fund

("Acquiring

Fund")

acquired

all

of

the

net

assets

of

NVIT

NS

Partners

International

Focused

Growth

Fund

("Target

Fund"),

each

a

series

of

the

Trust,

pursuant

to

a

plan

of

reorganization

approved

by

the

Board

of

Trustees

at

a

meeting

held

on

June

10,

2025. The

reorganization

of

the

Target

Fund

was

not

required

to

be

approved

by

the

shareholders

of

the

Target

Fund.

The

purpose

of

the

reorganization

was

to

combine

funds

managed

by

NFA

that

had

comparable

objectives

and

investment

strategies.

The

reorganization

was

accomplished

by

a

tax

free

exchange

of 13,348,704

shares

of

the

Acquiring

Fund,

valued

at

$194,797,176,

for

the

assets

of

the

Target

Fund.

The

investment

portfolio

of

the

Target

Fund,

with

a

fair

value

of

$156,145,307

and

identified

cost

of

$153,348,147

at

October

24,

2025,

was

the

principal

asset

acquired

by

the

Acquiring

Fund.

The

net

assets

of

the

Acquiring

Fund

immediately

before

the

acquisition

were

$168,340,036.

The

net

assets

of

the

Acquiring

Fund

immediately

following

the

acquisition

were

$363,137,212.

For

financial

reporting

purposes,

assets

received

and

shares

issued

by

the

Acquiring

Fund

were

recorded

at

the

then

current

fair

values;

however,

the

cost

basis

of

the

investments

received

was

carried

forward

to

align

ongoing

reporting

of

the

Acquiring

Fund's

realized

and

unrealized

gains

and

losses

with

amounts

distributable

to

shareholders

for

tax

purposes.

Shareholders

of

Class I

and

Class

II shares

of

the

Target

Fund

received

a

number

of

shares

proportional

to

their

ownership

of

the

corresponding

class

of

the

Acquiring

Fund.

The

following

are summaries

of

Shares

Outstanding,

Net

Assets,

Net

Asset

Value

Per

Share

and

Net

Unrealized

Appreciation/

(Depreciation)

immediately

before

and

after

each

of the

reorganizations.

fst

The

following

pro

forma

information

for

the year

ended December

31,

2025 is

provided

as

though

the

reorganization

had

been

completed

on

January

1,

2025,

the

beginning

of

the

annual

reporting

period

for

the

Fund:

Net

investment

income

(loss) $4,177,082;

Net

gains

(losses)

on

investments

$46,176,288;

Net

change

in

unrealized

appreciation/depreciation

$25,800,298;

and

Net

increase

(decrease)

in

net

assets

resulting

from

operations

$76,153,668.

Because

the

Fund's

combined

investment

portfolio

has

been

managed

as

a

single

integrated

portfolio

since

the

reorganization

was

completed,

it

is

not

practical

to

separate

the

amounts

of

revenue

and

earnings

of

the

Target

Fund

that

have

been

included

in

the

Acquiring

Fund's

Statement

of

Operations

since

October

24,

2025. #### Fund/Class

#### Shares

#### Outstanding

#### Net

#### Assets

#### Net

#### Asset

#### Value

#### Per

#### Share

#### Net

#### Unrealized

#### Appreciation/
(Depreciation)

#### Target

#### Fund
NVIT

NS

Partners

International

Focused

Growth

Fund

$2,891,875

Class

I

7,337,516

$58,544,488

$7.98

Class

II

17,260,799

136,252,688

7.89 #### Acquiring

#### Fund
NVIT

International

Equity

Fund

$39,950,383

Class

I

6,128,863

$90,433,964

$14.76

Class

II

5,363,860

77,906,072

14.52 #### After

#### Reorganization
NVIT

International

Equity

Fund

$42,842,258

Class

I

10,096,522

$148,978,452

$14.76

Class

II

14,744,905

214,158,760

14.52 International

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

11. #### Federal

#### Tax

#### Information
The

tax

character

of

distributions

paid

during

the

year

ended December

31,

2025

was

as

follows:

The

tax

character

of

distributions

paid

during

the

year

ended December

31,

2024

was

as

follows:

As

of

December

31,

2025,

the

components

of

accumulated

earnings/(deficit)

on

a

tax

basis

were

as

follows:

As

of

December

31,

2025,

the

tax

cost

of

investments

(including

derivative

contracts)

and

the

breakdown

of

unrealized

appreciation/

(depreciation)

for

each

Fund

was

as

follows:

#### Distributions

#### paid

#### from

#### Fund

#### Ordinary

#### Income\*

#### Net

#### Long-Term

#### Capital

#### Gains

#### Total

#### Taxable

#### Distributions

#### Return

#### of

#### Capital

#### Total

#### Distributions

#### Paid
Emerging

Markets

$

663,567

$

–

$

663,567

$

–

$

663,567

Worldwide

494,756

494,812

–

494,812

International

Equity

1,805,782

6,342,701

8,148,483

–

8,148,483

International

Value

4,763,407

–

4,763,407

–

4,763,407

Strategic

Income

14,409,735

–

14,409,735

–

14,409,735

\*

Ordinary

Income

amounts

include

taxable

market

discount

and

net

short-term

capital

gains,

if

any.

#### Distributions

#### paid

#### from

#### Fund

#### Ordinary

#### Income\*

#### Net

#### Long-Term

#### Capital

#### Gains

#### Total

#### Taxable

#### Distributions

#### Return

#### of

#### Capital

#### Total

#### Distributions

#### Paid
Emerging

Markets

$

1,947,908

$

–

$

1,947,908

$

–

$

1,947,908

Worldwide

–

–

–

–

–

International

Equity

2,541,270

–

2,541,270

–

2,541,270

International

Value

14,046,642

–

14,046,642

–

14,046,642

Strategic

Income

17,487,473

–

17,487,473

–

17,487,473

\*

Ordinary

Income

amounts

include

taxable

market

discount

and

net

short-term

capital

gains,

if

any.

#### Fund

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### Accumulated

#### Earnings

#### Other

#### Gains

#### and

#### Losses

#### Distributions

#### Payable

#### Accumulated

#### Capital

#### and

#### Other

#### Losses

#### Unrealized

#### Appreciation/

#### (Depreciation)\*

#### Total

#### Accumulated

#### Earnings
(Deficit)

Emerging

Markets

$

4,179,267

$

–

$

4,179,267

$

–

$

–

$

(137,208,314)

$

47,131,794

$

(85,897,253)

Worldwide

–

–

–

–

–

(1,312,519)

6,302,669

4,990,150

International

Equity

8,426,512

7,232,027

15,658,539

–

–

–

58,095,373

73,753,912

International

Value

12,156,738

9,884,556

22,041,294

–

–

–

71,170,049

93,211,343

Strategic

Income

3,051,333

–

3,051,333

575,384

–

(15,263,891)

6,550,544

(5,086,630)

\*

The

difference

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

is

primarily

attributable

to

timing

differences

in

recognizing

certain

gains

and

losses

on

investment

transactions.

#### Fund

#### Tax

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation/
(Depreciation)

Emerging

Markets

$

477,732,279

$

68,600,195

$

(21,068,293)

$

47,531,902

Worldwide

232,817,511

9,877,857

(3,575,296)

6,302,561

International

Equity

380,599,981

62,858,764

(4,713,951)

58,144,813

International

Value

231,984,604

75,095,007

(4,085,685)

71,009,322

Strategic

Income

525,704,924

12,384,380

(4,954,190)

7,430,190

-

Notes

to

Financial

Statements

-

December

31,

2025

-

International

Funds

As

of

December

31,

2025,

for

federal

income

tax

purposes,

the

Funds

have

capital

loss

carryforwards

available

to

offset

future

capital

gains,

if

any,

to

the

extent

provided

by

the

U.S.

Treasury

regulations

and

in

any

given

year

may

be

limited

due

to

large

shareholder

redemptions

or

contributions.

Capital

loss

carryforwards

do

not

expire.

The

following

table

represents

capital

loss

carryforwards

available

as

of

December

31,

2025. During

the

year

ended December

31,

2025,

the

Funds

had

capital

loss

carryforwards

that

were

utilized

and

are

no

longer

eligible

to

offset

future

capital

gains,

if

any,

in

the

following

amounts.

The

Funds

may

elect

to

have

certain

late

year

losses

incurred

after

October

and

within

the

taxable

year

deemed

to

arise

on

the

first

business

day

of

the

Fund's

next

taxable

year.

For

the

year

ended

December

31,

2025,

the

Funds

elected

to

defer

qualified

late

year

capital losses,

if

any,

in

the

following

amount.

12. #### Subsequent

#### Events
Management

has

evaluated

the

impact

of

subsequent

events

on

the

Funds

and

has

determined

that

there

are

no subsequent

events

requiring

recognition

or

disclosure

in

the

financial

statements.

#### Fund

#### Amount
Emerging

Markets

$

(137,208,314)

Strategic

Income

(15,263,891)

#### Fund

#### Utilized
Emerging

Markets

$

22,601,055

International

Value

13,252,520

#### Fund

#### Amount
Worldwide

$(1,312,519)

International

Funds

-

December

31,

2025

-

Report

of

Independent

Registered

Public

Accounting

Firm

-

#### To

#### the

#### Board

#### of

#### Trustees

#### of

#### Nationwide

#### Variable

#### Insurance

#### Trust

#### and

#### Shareholders

#### of

#### NVIT

#### Fidelity

#### Institutional

#### AM

#### Emerging

#### Markets

#### Fund,

#### NVIT

#### Fidelity

#### Institutional

#### AM

#### Worldwide

#### Fund,

#### NVIT

#### International

#### Equity

#### Fund,

#### NVIT

#### Putnam

#### International

#### Value

#### Fund

#### and

#### NVIT

#### Strategic

#### Income

#### Fund

#### Opinions

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

statements

of

investments,

of

each

of

the

funds

listed

in

the

table

below

(five

of

the

funds

constituting

Nationwide

Variable

Insurance

Trust,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

December

31,

2025,

the

related

statements

of

operations

and

of

changes

in

net

assets

for

each

of

the

periods

indicated

in

the

table

below,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

listed

in

the

table

below

as

of

December

31,

2025,

the

results

of

each

of

their

operations

and

the

changes

in

each

of

their

net

assets

for

each

of

the

periods

indicated

in

the

table

below,

and

each

of

the

financial

highlights

for

each

of

the

periods

indicated

therein,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinions
These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025

by

correspondence

with

the

custodian,

agent

banks

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

#### /s/PricewaterhouseCoopers

#### LLP

#### Philadelphia,

#### Pennsylvania

#### February

#### 20,

#### 2026
We

have

served

as

the

auditor

of

one

or

more

investment

companies

of

Nationwide

Funds,

which

includes

the

investment

companies

of

Nationwide

Variable

Insurance

Trust,

since

1997. NVIT

Fidelity

Institutional

AM

Emerging

Markets

Fund

(1) NVIT

Putnam

International

Value

Fund

(1) NVIT

Fidelity

Institutional

AM

Worldwide

Fund

(2) NVIT

Strategic

Income

Fund

(1) NVIT

International

Equity

Fund

(1) (1) Statement

of

operations

for

the

year

ended

December

31,

2025

and

statement

of

changes

in

net

assets

for

the

years

ended

December

31,

2025

and

2024. (2) Statement

of

operations

and

statement

of

changes

in

net

assets

for

the

period

from

April

28,

2025

(commencement

of

operations)

through

December

31,

2025. 84

-

Supplemental

Information

-

December

31,

2025

(Unaudited)

-

International

Funds

#### Other

#### Federal

#### Tax

#### Information
For

the

year

ended

December

31,

2025, certain

dividends

paid

by

the

Funds

may

be

subject

to

a

maximum

tax

rate

of

20%

as

provided

for

by

the

Jobs

and

Growth

Tax

Relief

Reconciliation

Act

of

2003. The

Funds

intend

to

designate

the

maximum

amount

allowable

as

taxed

at

a

maximum

rate

of

15%.

Complete

information

will

be

reported

in

conjunction

with

your

2025

Form

1099-DIV.

For

the

taxable

year

ended

December

31,

2025,

the

following

percentages

of

income

dividends

paid

by

the

Funds

qualify

for

the

dividends

received

deduction

available

to

corporations:

The

Funds

designate

the

following

amounts,

or

the

maximum

amount

allowable

under

the

Internal

Revenue

Code,

as

long

term

capital

gain

distributions

qualifying

for

the

maximum

20%

income

tax

rate

for

individuals:

Certain

Funds

have

derived

net

income

from

sources

within

foreign

countries.

As

of

December

31,

2025,

the

foreign

source

income

for

each

Fund

was

as

follows:

Certain

Funds

intend

to

elect

to

pass

through

to

shareholders

the

income

tax

credit

for

taxes

paid

to

foreign

countries.

As

of

December

31,

2025,

the

foreign

tax

credit

for

each

Fund

was

as

follows:

#### Fund

#### Dividends

#### Received

#### Deduction
Emerging

Markets

–

%

Worldwide

18.61 International

Equity

0.01 International

Value

0.02 Strategic

Income

–

#### Fund

#### Amount
Emerging

Markets

$

–

Worldwide

International

Equity

6,342,701

International

Value

–

Strategic

Income

–

#### Fund

#### Amount

#### Per

#### Share
Emerging

Markets

$

3,526,672

$

0.0994 Worldwide

–

–

International

Equity

4,426,832

0.1545 International

Value

7,767,474

0.3884 Strategic

Income

–

–

#### Fund

#### Amount

#### Per

#### Share
Emerging

Markets

$

962,669

$

0.0271 Worldwide

–

–

International

Equity

326,863

0.0114 International

Value

369,397

0.0185 Strategic

Income

–

–

P.O.

Box

701

Milwaukee,

WI

53201-0701

#### nationwide.com/mutualfunds
NAR-INT

(2-26)

#### Annual

#### Financial

#### Statements
December

31,

2025

Nationwide

Variable

Insurance

Trust

American

Funds

NVIT

American

Funds

Asset

Allocation

Fund

NVIT

American

Funds

Bond

Fund

NVIT

American

Funds

Global

Growth

Fund

NVIT

American

Funds

Growth

Fund

NVIT

American

Funds

Growth-Income

Fund

#### IMPORTANT

#### INFORMATION
If

you

wish

to

receive

reports

and

other

Fund

documents

via

eDelivery

you

may

choose

this

option

by:

-

Calling

1-800-848-6331

-

Logging

into

your

account

at

https://www.nationwide.com/personal/investing/mutual-funds/

and

choosing

'Log

in',

or

by

contacting

your

financial

intermediary

(such

as

a

broker-dealer

or

bank).

You

can

access

the

full

report

and

other

details

online

at

https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html

Nationwide

Funds®

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.

Copies

of

the

first

and

third-quarter

holdings

are

available

with

the

Fund's

regulatory

documents

at

https://www.nationwide.com/mutual-funds-prospectuses.jsp.

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

N-MFP

are

available

on

the

SEC's

website

at

http://www.sec.gov

.

Forms

N-PORT

and

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

1-800-SEC-0330.

The

Trust

also

makes

this

information

available

to

investors

on

https://nationwidefunds.onlineprospectus.net/nationwidefunds/nvitfunds/index.html

or

upon

request

without

charge.

Statement

Regarding

Availability

of

Proxy

Voting

Record

Federal

law

requires

the

Trust

and

each

of

its

investment

advisers

and

subadvisers

to

adopt

procedures

for

voting

proxies

(the

"Proxy

Voting

Guidelines")

and

to

provide

a

summary

of

those

Proxy

Voting

Guidelines

used

to

vote

the

securities

held

by

a

Fund.

The

Funds'

proxy

voting

policies

and

procedures,

as

well

as

information

regarding

how

the

Funds

voted

for

proxies

relating

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

is

available:

-

By

calling

1-800-848-0920

-

On

the

Fund's

website

at

https://www.nationwide.com/personal/investing/mutual-funds/proxy-voting/

-

On

the

SEC's

website

at

http://www.sec.gov

Funds

are

required

to

disclose

proxy

votes

using

the

issuer's

proxy

card

language

and

order,

categorize

votes

by

topic,

and

report

shares

voted

versus

shares

loaned

but

not

recalled.

#### Before

#### purchasing

#### a

#### variable

#### annuity,

#### 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

#### 1-800-848-6331.

#### Read

#### the

#### prospectus

#### carefully

#### before

#### making

#### a

#### purchase.
Variable

annuities

are

issued

by

Nationwide

Life

Insurance

Company,

Columbus,

Ohio.

The

Nationwide

Variable

Insurance

Trust

(NVIT)

Funds

are

distributed

by

Nationwide

Fund

Distributors

LLC

(NFD),

member

FINRA,

Columbus,

Ohio.

NFD

is

not

affiliated

with

any

subadviser

contracted

by

Nationwide

Fund

Advisors,

except

for

Nationwide

Asset

Management,

LLC,

and

is

not

affiliated

with

Morningstar,

Inc.

Nationwide,

the

Nationwide

N

and

Eagle,

and

Nationwide

is

on

your

side

are

service

marks

of

Nationwide

Mutual

Insurance

Company.©2026

Nationwide

Table

of

Contents

#### Statements

#### of

#### Investments

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Statements

#### of

#### Operations

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets

#### Financial

#### Highlights

#### Notes

#### to

#### Financial

#### Statements

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

#### Supplemental

#### Information

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

American

Funds

Asset

Allocation

Fund

#### Investment

#### Company

#### 100

#### .1

#### %

#### Shares

#### Value

#### ($)

#### Balanced

#### Fund

#### 100.1%
American

Funds

Asset

Allocation

Fund,

Class

1(a)

232,337,088

6,391,593,302

#### Total

#### Investment

#### Company

#### (cost

#### $4,217,237,323)

#### 6,391,593,302

#### Total

#### Investments

#### (cost

#### $4,217,237,323)

#### —

#### 100.1%

#### 6,391,593,302

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (0.1)%

#### (#### 3,572,874

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 6,388,020,428
(a) Investment

in

master

fund.

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.
NVIT

American

Funds

Bond

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Investment

#### Company

#### 100

#### .1

#### %

#### Shares

#### Value

#### ($)

#### Fixed

#### Income

#### Fund

#### 100

#### .1

#### %
American

Funds

The

Bond

Fund

of

America,

Class

1(a)

343,027,854

3,265,625,169

#### Total

#### Investment

#### Company

#### (cost

#### $3,467,018,896)

#### 3,265,625,169

#### Total

#### Investments

#### (cost

#### $3,467,018,896)

#### —

#### 100.1%

#### 3,265,625,169

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (0.1)%

#### (#### 1,820,258

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 3,263,804,911
(a) Investment

in

master

fund.

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

American

Funds

Global

Growth

Fund

#### Investment

#### Company

#### 100

#### .1

#### %

#### Shares

#### Value

#### ($)

#### Equity

#### Fund

#### 100.1%
American

Funds

Global

Growth

Fund,

Class

1(a)

17,757,805

688,825,255

#### Total

#### Investment

#### Company

#### (cost

#### $499,925,340)

#### 688,825,255

#### Total

#### Investments

#### (cost

#### $499,925,340)

#### —

#### 100.1%

#### 688,825,255

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (0.1)%

#### (#### 405,130

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 688,420,125
(a) Investment

in

master

fund.

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.
NVIT

American

Funds

Growth

Fund

-

December

31,

2025

-

Statement

of

Investments

-

#### Investment

#### Company

#### 100

#### .1

#### %

#### Shares

#### Value

#### ($)

#### Equity

#### Fund

#### 100.1%
American

Funds

Growth

Fund,

Class

1(a)

17,837,087

2,516,099,434

#### Total

#### Investment

#### Company

#### (cost

#### $1,488,397,284)

#### 2,516,099,434

#### Total

#### Investments

#### (cost

#### $1,488,397,284)

#### —

#### 100.1%

#### 2,516,099,434

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (0.1)%

#### (#### 1,384,955

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 2,514,714,479
(a) Investment

in

master

fund.

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statement

of

Investments

-

December

31,

2025

-

NVIT

American

Funds

Growth-Income

Fund

#### Investment

#### Company

#### 100

#### .1

#### %

#### Shares

#### Value

#### ($)

#### Equity

#### Fund

#### 100.1%
American

Funds

Growth-

Income

Fund,

Class

1(a)

61,718,486

4,180,193,077

#### Total

#### Investment

#### Company

#### (cost

#### $2,726,037,386)

#### 4,180,193,077

#### Total

#### Investments

#### (cost

#### $2,726,037,386)

#### —

#### 100.1%

#### 4,180,193,077

#### Liabilities

#### in

#### excess

#### of

#### other

#### assets

#### —

#### (0.1)%

#### (#### 2,330,626

####)

#### NET

#### ASSETS

#### —

#### 100.0%

#### $

#### 4,177,862,451
(a) Investment

in

master

fund.

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Assets

and

Liabilities

-

December

31,

2025

-

American

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### American

#### Funds

#### Asset

#### Allocation

#### Fund

#### Assets:
Investment

in

Master

Fund

(Note

1)

$

6,391,593,302

Receivable

for

investments

sold

1,265,510

Receivable

for

capital

shares

issued

462,680

Prepaid

expenses

4,790

Total

Assets

6,393,326,282

#### Liabilities:
Payable

for

capital

shares

redeemed

1,728,190

Accrued

expenses

and

other

payables:

Fund

administration

fees

130,511

Master

feeder

service

provider

fee

625,989

Distribution

fees

1,358,989

Administrative

servicing

fees

1,301,511

Accounting

and

transfer

agent

fees

10,114

Trustee

fees

Custodian

fees

20,741

Compliance

program

costs

(Note

3)

6,884

Professional

fees

40,625

Printing

fees

57,178

Other

25,038

Total

Liabilities

5,305,854

#### Net

#### Assets
$

6,388,020,428

Cost

of

investment

in

Master

Fund

4,217,237,323

#### Represented

#### by:
Capital

$

3,611,598,942

Total

distributable

earnings

(loss)

2,776,421,486

#### Net

#### Assets
$

6,388,020,428

American

Funds

-

December

31,

2025

-

Statements

of

Assets

and

Liabilities

-

#### NVIT

#### American

#### Funds

#### Bond

#### Fund

#### NVIT

#### American

#### Funds

#### Global

#### Growth

#### Fund

#### NVIT

#### American

#### Funds

#### Growth

#### Fund

#### NVIT

#### American

#### Funds

#### Growth-

#### Income

#### Fund
$

3,265,625,169

$

688,825,255

$

2,516,099,434

$

4,180,193,077

147,609

99,931

16,858,452

377,283

11,216

—

444,248

2,532

660

3,035

3,955

3,265,786,526

688,925,846

2,532,960,994

4,181,018,563

158,825

99,931

16,858,525

821,531

72,195

23,664

58,044

89,363

321,271

64,838

229,303

402,937

696,702

145,262

537,015

891,383

637,316

139,748

518,028

845,132

5,011

923

3,103

6,433

10,346

2,076

7,344

13,718

3,615

731

2,657

4,548

24,476

9,826

15,781

28,173

37,767

17,561

13,604

40,548

14,062

1,159

3,063

12,314

1,981,615

505,721

18,246,515

3,156,112

$

3,263,804,911

$

688,420,125

$

2,514,714,479

$

4,177,862,451

3,467,018,896

499,925,340

1,488,397,284

2,726,037,386

$

3,645,083,238

$

427,066,281

$

1,397,183,802

$

1,943,194,190

(381,278,327)

261,353,844

1,117,530,677

2,234,668,261

$

3,263,804,911

$

688,420,125

$

2,514,714,479

$

4,177,862,451

-

Statements

of

Assets

and

Liabilities

-

December

31,

2025

-

American

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### American

#### Funds

#### Asset

#### Allocation

#### Fund

#### Net

#### Assets:
Class

II

Shares

$

6,388,020,428

Total

$

6,388,020,428

#### Shares

#### Outstanding
(unlimited

number

of

shares

authorized):

Class

II

Shares

206,168,281

Total

206,168,281

#### Net

#### asset

#### value

#### and

#### offering

#### price

#### per

#### share
(Net

assets

by

class

divided

by

shares

outstanding

by

class,

respectively):

Class

II

Shares

$

.98

American

Funds

-

December

31,

2025

-

Statements

of

Assets

and

Liabilities

-

#### NVIT

#### American

#### Funds

#### Bond

#### Fund

#### NVIT

#### American

#### Funds

#### Global

#### Growth

#### Fund

#### NVIT

#### American

#### Funds

#### Growth

#### Fund

#### NVIT

#### American

#### Funds

#### Growth-

#### Income

#### Fund
$

3,263,804,911

$

688,420,125

$

2,514,714,479

$

4,177,862,451

$

3,263,804,911

$

688,420,125

$

2,514,714,479

$

4,177,862,451

277,934,040

15,590,199

15,612,475

51,855,034

277,934,040

15,590,199

15,612,475

51,855,034

$

.74

$

.16

$

.07

$

.57

-

Statements

of

Operations

-

For

the

Year

Ended

December

31,

2025

-

American

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### American

#### Funds

#### Asset

#### Allocation

#### Fund

#### INVESTMENT

#### INCOME:
Dividend

income

from

Master

Fund

$

138,406,699

Total

Income

138,406,699

#### EXPENSES:
Fund

administration

fees

1,408,145

Master

feeder

service

provider

fees

15,812,868

Distribution

fees

Class

II

Shares

15,812,868

Administrative

servicing

fees

Class

II

Shares

15,812,868

Professional

fees

188,948

Printing

fees

115,643

Trustee

fees

244,065

Custodian

fees

59,415

Accounting

and

transfer

agent

fees

34,884

Compliance

program

costs

(Note

3)

27,954

Other

60,178

Total

expenses

before

fees

waived

49,577,836

Master

feeder

service

provider

fees

waived

(Note

3)

(9,695,020)

Net

Expenses

39,882,816

#### NET

#### INVESTMENT

#### INCOME/(LOSS)
98,523,883

#### REALIZED/UNREALIZED

#### GAINS
(LOSSES)

#### FROM

#### INVESTMENTS:
Net

realized

gains

distributions

from

Master

Fund

441,907,724

Net

realized

gains

(losses)

from:

Transactions

in

Master

Fund

75,142,109

Net

realized

gains

(losses)

517,049,833

Net

change

in

unrealized

appreciation/depreciation

in

the

value

of:

Master

Fund

294,523,533

Net

change

in

unrealized

appreciation/depreciation

294,523,533

Net

realized/unrealized

gains

(losses)

811,573,366

#### CHANGE

#### IN

#### NET

#### ASSETS

#### RESULTING

#### FROM

#### OPERATIONS
$

910,097,249

American

Funds

-

For

the

Year

Ended

December

31,

2025

-

Statements

of

Operations

-

#### NVIT

#### American

#### Funds

#### Bond

#### Fund

#### NVIT

#### American

#### Funds

#### Global

#### Growth

#### Fund

#### NVIT

#### American

#### Funds

#### Growth

#### Fund

#### NVIT

#### American

#### Funds

#### Growth-

#### Income

#### Fund
$

143,269,078

$

10,332,572

$

5,484,254

$

46,031,070

143,269,078

10,332,572

5,484,254

46,031,070

752,597

180,256

529,273

930,631

8,214,612

1,580,133

5,626,244

10,277,951

8,214,612

1,580,133

5,626,244

10,277,951

8,214,612

1,580,133

5,626,244

10,277,951

105,561

31,486

73,126

126,293

62,585

5,927

34,648

79,060

126,387

24,478

88,341

159,886

30,763

6,689

35,157

51,521

17,903

3,657

12,529

22,837

14,552

2,795

9,866

18,194

32,585

5,656

21,967

39,426

25,786,769

5,001,343

17,683,639

32,261,701

(5,036,518)

(968,687)

(3,449,243)

(6,301,479)

20,750,251

4,032,656

14,234,396

25,960,222

122,518,827

6,299,916

(8,750,142)

20,070,848

—

77,503,209

175,158,927

698,723,587

(105,566,944)

(812,613)

(146,698)

79,192,440

(105,566,944)

76,690,596

175,012,229

777,916,027

197,541,805

40,065,080

247,156,204

(107,382,627)

197,541,805

40,065,080

247,156,204

(107,382,627)

91,974,861

116,755,676

422,168,433

670,533,400

$

214,493,688

$

123,055,592

$

413,418,291

$

690,604,248

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

American

Funds

#### NVIT

#### American

#### Funds

#### Asset

#### Allocation

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### OPERATIONS:
Net

investment

income

$

98,523,883

$

108,459,272

Net

realized

gains

(losses)

517,049,833

363,837,967

Net

change

in

unrealized

appreciation/depreciation

294,523,533

486,029,695

Change

in

net

assets

resulting

from

operations

910,097,249

958,326,934

#### Distributions

#### to

#### Shareholders

#### From:
Distributable

earnings:

Class

II

(356,746,141)

(229,609,943)

Change

in

net

assets

from

shareholder

distributions

(356,746,141)

(229,609,943)

Change

in

net

assets

from

capital

transactions

(524,761,331)

(722,056,685)

Change

in

net

assets

28,589,777

6,660,306

#### Net

#### Assets:
Beginning

of

year

6,359,430,651

6,352,770,345

End

of

year

$

6,388,020,428

$

6,359,430,651

#### CAPITAL

#### TRANSACTIONS:

#### Class

#### II

#### Shares
Proceeds

from

shares

issued

$

60,172,742

$

39,671,466

Dividends

reinvested

356,746,141

229,609,943

Cost

of

shares

redeemed

(941,680,214)

(991,338,094)

Total

Class

II

Shares

(524,761,331)

(722,056,685)

Change

in

net

assets

from

capital

transactions

$

(524,761,331)

$

(722,056,685)

#### SHARE

#### TRANSACTIONS:

#### Class

#### II

#### Shares
Issued

2,068,995

1,474,182

Reinvested

11,943,292

8,463,323

Redeemed

(31,627,941)

(36,111,584)

Total

Class

II

Shares

(17,615,654)

(26,174,079)

Total

change

in

shares

(17,615,654)

(26,174,079)

American

Funds

-

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### American

#### Funds

#### Bond

#### Fund

#### NVIT

#### American

#### Funds

#### Global

#### Growth

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
$

122,518,827

$

124,224,557

$

6,299,916

$

6,600,657

(105,566,944)

(79,162,998)

76,690,596

18,330,410

197,541,805

(8,594,882)

40,065,080

43,403,877

214,493,688

36,466,677

123,055,592

68,334,944

—

—

(18,201,755)

(32,351,792)

—

—

(18,201,755)

(32,351,792)

(267,056,163)

(91,132,149)

(389,708)

21,008,915

(52,562,475)

(54,665,472)

104,464,129

56,992,067

3,316,367,386

3,371,032,858

583,955,996

526,963,929

$

3,263,804,911

$

3,316,367,386

$

688,420,125

$

583,955,996

$

388,263,495

$

358,828,628

$

32,885,816

$

35,673,262

—

—

18,201,755

32,351,792

(655,319,658)

(449,960,777)

(51,477,279)

(47,016,139)

(267,056,163)

(91,132,149)

(389,708)

21,008,915

$

(267,056,163)

$

(91,132,149)

$

(389,708)

$

21,008,915

34,256,950

33,430,898

821,003

928,760

—

—

435,136

888,054

(57,737,000)

(41,017,794)

(1,251,749)

(1,231,073)

(23,480,050)

(7,586,896)

4,390

585,741

(23,480,050)

(7,586,896)

4,390

585,741

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2025

-

American

Funds

#### NVIT

#### American

#### Funds

#### Growth

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### OPERATIONS:
Net

investment

income/(loss)

$

(8,750,142)

$

(836,753)

Net

realized

gains

175,012,229

33,965,083

Net

change

in

unrealized

appreciation/depreciation

247,156,204

454,464,622

Change

in

net

assets

resulting

from

operations

413,418,291

487,592,952

#### Distributions

#### to

#### Shareholders

#### From:
Distributable

earnings:

Class

II

(36,310,640)

(67,696,561)

Change

in

net

assets

from

shareholder

distributions

(36,310,640)

(67,696,561)

Change

in

net

assets

from

capital

transactions

46,773,921

76,929,524

Change

in

net

assets

423,881,572

496,825,915

#### Net

#### Assets:
Beginning

of

year

2,090,832,907

1,594,006,992

End

of

year

$

2,514,714,479

$

2,090,832,907

#### CAPITAL

#### TRANSACTIONS:

#### Class

#### II

#### Shares
Proceeds

from

shares

issued

$

245,514,953

$

144,082,982

Dividends

reinvested

36,310,640

67,696,561

Cost

of

shares

redeemed

(235,051,672)

(134,850,019)

Total

Class

II

Shares

46,773,921

76,929,524

Change

in

net

assets

from

capital

transactions

$

46,773,921

$

76,929,524

#### SHARE

#### TRANSACTIONS:

#### Class

#### II

#### Shares
Issued

1,667,427

1,135,993

Reinvested

232,136

569,453

Redeemed

(1,600,612)

(1,120,625)

Total

Class

II

Shares

298,951

584,821

Total

change

in

shares

298,951

584,821

American

Funds

-

December

31,

2025

-

Statements

of

Changes

in

Net

Assets

-

#### NVIT

#### American

#### Funds

#### Growth-Income

#### Fund

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### December

#### 31,

#### 2024
$

20,070,848

$

26,825,878

777,916,027

312,137,538

(107,382,627)

521,989,725

690,604,248

860,953,141

(302,664,513)

(205,612,336)

(302,664,513)

(205,612,336)

(317,253,387)

(490,241,567)

70,686,348

165,099,238

4,107,176,103

3,942,076,865

$

4,177,862,451

$

4,107,176,103

$

132,808,039

$

22,231,877

302,664,513

205,612,336

(752,725,939)

(718,085,780)

(317,253,387)

(490,241,567)

$

(317,253,387)

$

(490,241,567)

1,941,387

304,182

3,917,987

2,976,438

(9,648,323)

(10,332,064)

(3,788,949)

(7,051,444)

(3,788,949)

(7,051,444)

-

Financial

Highlights

-

December

31,

2025

-

American

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### American

#### Funds

#### Asset

#### Allocation

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)(f)

#### Portfolio

#### Turnover(b)

#### Class

#### II

#### Shares
12/31/2025

$

28.42 $

0.46 $

3.85 $

4.31 $

—

$

(1.75)

$

(1.75)

$

30.98 15.41%

$

6,388,020

0.63%

1.56%

0.78%

9.54%

12/31/2024

25.42 0.46 3.56 4.02 —

(1.02)

(1.02)

28.42 16.00%

6,359,431

0.63%

1.68%

0.78%

6.81%

12/31/2023

24.92 0.45 2.80 3.25 —

(2.75)

(2.75)

25.42 13.84%

6,352,770

0.63%

1.77%

0.78%

6.52%

12/31/2022

30.10 0.39 (4.54)

(4.15)

—

(1.03)

(1.03)

24.92 (13.74)%

6,255,557

0.64%

1.47%

0.79%

9.34%

12/31/2021

26.69 0.33 3.59 3.92 (0.33)

(0.18)

(0.51)

30.10 14.71%

7,871,634

0.63%

1.13%

0.79%

6.99%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Expenses

do

not

include

expenses

from

the

Master

Fund.

For

additional

information

on

the

Master

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(e) Annualized

for

periods

less

than

one

year.

(f) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

American

Funds

-

December

31,

2025

-

Financial

Highlights

-

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### American

#### Funds

#### Bond

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)(f)

#### Portfolio

#### Turnover(b)

#### Class

#### II

#### Shares
12/31/2025

$

11.00 $

0.42 $

0.32 $

0.74 $

—

$

—

$

—

$

11.74 6.73%

$

3,263,805

0.63%

3.73%

0.78%

16.01%

12/31/2024

10.91 0.40 (0.31)

0.09 —

—

—

11.00 0.82%

3,316,367

0.63%

3.63%

0.78%

13.68%

12/31/2023

10.44 0.32 0.15 0.47 —

—

—

10.91 4.50%

3,371,033

0.63%

3.04%

0.79%

9.58%

12/31/2022

12.23 0.27 (1.83)

(1.56)

—

(0.23)

(0.23)

10.44 (12.80)%

3,190,402

0.64%

2.42%

0.79%

7.85%

12/31/2021

12.63 0.13 (0.22)

(0.09)

(0.24)

(0.07)

(0.31)

12.23 (0.72)%

3,984,320

0.63%

1.02%

0.79%

5.44%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Expenses

do

not

include

expenses

from

the

Master

Fund.

For

additional

information

on

the

Master

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(e) Annualized

for

periods

less

than

one

year.

(f) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

-

Financial

Highlights

-

December

31,

2025

-

American

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### American

#### Funds

#### Global

#### Growth

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income

#### (Loss)(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Net

#### Investment

#### Income
(Loss)

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)(f)

#### Portfolio

#### Turnover(b)

#### Class

#### II

#### Shares
12/31/2025

$

37.47 $

0.40 $

7.48 $

7.88 $

—

$

(1.19)

$

(1.19)

$

44.16 21.21%

$

688,420

0.64%

1.00%

0.79%

7.74%

12/31/2024

35.13 0.44 4.14 4.58 —

(2.24)

(2.24)

37.47 13.23%

583,956

0.64%

1.16%

0.79%

7.72%

12/31/2023

31.94 0.17 6.61 6.78 —

(3.59)

(3.59)

35.13 22.14%

526,964

0.64%

0.50%

0.79%

10.06%

12/31/2022

45.52 0.10 (11.56)

(11.46)

—

(2.12)

(2.12)

31.94 (25.05)%

461,929

0.65%

0.28%

0.80%

8.48%

12/31/2021

40.25 (0.02)

6.49 6.47 —

(1.20)

(1.20)

45.52 16.00%

628,455

0.64%

(0.05)%

0.79%

5.47%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Expenses

do

not

include

expenses

from

the

Master

Fund.

For

additional

information

on

the

Master

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(e) Annualized

for

periods

less

than

one

year.

(f) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

American

Funds

-

December

31,

2025

-

Financial

Highlights

-

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### American

#### Funds

#### Growth

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Loss(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Net

#### Investment

#### Loss

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)(f)

#### Portfolio

#### Turnover(b)

#### Class

#### II

#### Shares
12/31/2025

$

136.54 $

(0.57)

$

27.50 $

26.93 $

—

$

(2.40)

$

(2.40)

$

161.07 19.78%

$

2,514,714

0.63%

(0.39)%

0.79%

9.70%

12/31/2024

108.22 (0.06)

33.07 33.01 —

(4.69)

(4.69)

136.54 31.15%

2,090,833

0.63%

(0.05)%

0.79%

6.71%

12/31/2023

88.05 (0.03)

32.27 32.24 —

(12.07)

(12.07)

108.22 37.95%

1,594,007

0.64%

(0.03)%

0.79%

9.21%

12/31/2022

144.51 (0.04)

(42.74)

(42.78)

—

(13.68)

(13.68)

88.05 (30.22)%

1,169,864

0.64%

(0.04)%

0.79%

7.47%

12/31/2021

120.82 (0.18)

26.12 25.94 —

(2.25)

(2.25)

144.51 21.53%

1,623,551

0.63%

(0.13)%

0.79%

4.95%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Expenses

do

not

include

expenses

from

the

Master

Fund.

For

additional

information

on

the

Master

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(e) Annualized

for

periods

less

than

one

year.

(f) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

-

Financial

Highlights

-

December

31,

2025

-

American

Funds

#### The

#### accompanying

#### notes

#### are

#### an

#### integral

#### part

#### of

#### these

#### financial

#### statements.

#### NVIT

#### American

#### Funds

#### Growth-Income

#### Fund

#### Operations

#### Distributions

#### Ratios/Supplemental

#### Data

#### Period

#### Ended

#### Net

#### Asset

#### Value,

#### Beginning

#### of

#### Period

#### Net

#### Investment

#### Income(a)

#### Net

#### Realized

#### and

#### Unrealized

#### Gains
(Losses)

#### from

#### Investments

#### Total

#### from

#### Operations

#### Net

#### Investment

#### Income

#### Net

#### Realized

#### Gains

#### Total

#### Distributions

#### Net

#### Asset

#### Value,

#### End

#### of

#### Period

#### Total

#### Return(b)(c)

#### Net

#### Assets,

#### End

#### of

#### Period

#### (In

#### Thousands)

#### Ratio

#### of

#### Expenses

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Net

#### Investment

#### Income

#### to

#### Average

#### Net

#### Assets(d)
(e) #### Ratio

#### of

#### Expenses

#### (Prior

#### to

#### Reimburse-

#### ments)

#### to

#### Average

#### Net

#### Assets(d)(e)(f)

#### Portfolio

#### Turnover(b)

#### Class

#### II

#### Shares
12/31/2025

$

73.81 $

0.38 $

12.38 $

12.76 $

—

$

(6.00)

$

(6.00)

$

80.57 17.64%

$

4,177,862

0.63%

0.49%

0.78%

18.60%

12/31/2024

62.88 0.47 14.21 14.68 —

(3.75)

(3.75)

73.81 23.76%

4,107,176

0.63%

0.66%

0.78%

6.00%

12/31/2023

54.99 0.55 13.04 13.59 —

(5.70)

(5.70)

62.88 25.68%

3,942,077

0.63%

0.93%

0.78%

6.96%

12/31/2022

67.84 0.52 (11.95)

(11.43)

—

(1.42)

(1.42)

54.99 (16.82)%

3,656,955

0.64%

0.90%

0.79%

7.84%

12/31/2021

56.43 0.45 12.82 13.27 (0.68)

(1.18)

(1.86)

67.84 23.65%

4,518,602

0.63%

0.72%

0.79%

4.16%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a) Per

share

calculations

were

performed

using

average

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d) Expenses

do

not

include

expenses

from

the

Master

Fund.

For

additional

information

on

the

Master

funds,

please

refer

to

the

Prospectus

and

Statement

of

Additional

Information.

(e) Annualized

for

periods

less

than

one

year.

(f) During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.&nbsp;&nbsp;&nbsp;&nbsp;

American

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

1. #### Organization
Nationwide

Variable

Insurance

Trust

("NVIT"

or

the

"Trust")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

management

investment

company,

organized

as

a

statutory

trust

under

the

laws

of

the

State

of

Delaware.

The

Trust

has

authorized

an

unlimited

number

of

shares

of

beneficial

interest

("shares"),

without

par

value.

The

Trust

currently

offers

shares

to

life

insurance

company

separate

accounts

to

fund

the

benefits

payable

under

variable

life

insurance

policies

and

variable

annuity

contracts.

As

of

December

31,

2025,

the

Trust

operates

sixty-nine

(69) separate

series,

or

mutual

funds,

each

with

its

own

objective(s)

and

investment

strategies.

This

report

contains

the

financial

statements

and

financial

highlights

for

the

five

(5) series

listed

below

(each,

a

"Fund";

collectively,

the

"Funds").

Nationwide

Fund

Advisors

("NFA")

serves

as

investment

adviser

to

the

Funds.

NFA

is

a

wholly

owned

subsidiary

of

Nationwide

Financial

Services,

Inc.

("NFS"),

a

holding

company

which

is

a

direct

wholly

owned

subsidiary

of

Nationwide

Corporation.

Nationwide

Corporation,

in

turn,

is

owned

by

Nationwide

Mutual

Insurance

Company

and

Nationwide

Mutual

Fire

Insurance

Company.

NVIT

American

Funds

Asset

Allocation

Fund

("American

Funds

Asset

Allocation")

NVIT

American

Funds

Bond

Fund ("American

Funds

Bond")

NVIT

American

Funds

Global

Growth

Fund

("American

Funds

Global

Growth")

NVIT

American

Funds

Growth

Fund

("American

Funds

Growth")

NVIT

American

Funds

Growth-Income

Fund ("American

Funds

Growth-Income")

Only

separate

accounts

established

by

Nationwide

Life

Insurance

Company

("NLIC"),

a

wholly

owned

subsidiary

of

NFS,

and

Nationwide

Life

and

Annuity

Insurance

Company,

a

wholly

owned

subsidiary

of

NLIC,

hold

shares

of

the

Funds.

Each Fund

operates

as

a

"feeder

fund,"

which

means

that

each

Fund

does

not

buy

individual

securities

directly,

and

may

have

additional

investment

and

concentration

risk.

Instead,

each Fund

invests

all

of

its

assets

in

Class

shares

of

another

mutual

fund,

a

series

of

the

American

Funds

Insurance

Series®

,

(each,

a

"Master

Fund";

collectively,

the

"Master

Funds")

which

invests

directly

in

individual

securities,

as

listed

below.

Each

Fund

therefore

has

the

same

objective(s)

and

limitations

as

the

Master

Fund

in

which

the

Fund

invests,

and

the

investment

return

of

the

Fund

corresponds

to

that

of

the

Master

Fund.

The

financial

statements

of

the

Master

Funds,

including

the

Statement

of

Investments,

should

be

read

in

conjunction

with

each

Fund's

financial

statements.

For

accounting

and

financial

reporting

purposes,

the

Funds

are

treated

as

a

fund-of-funds.

The

percentage

of

each

Master

Fund's

portfolio

owned

by

each Fund

as

of

December

31,

2025 was

as

follows:

The

Funds

currently

offer

Class

II

shares.

Each Master

Fund

is

a

diversified

fund,

as

defined

in

the

1940

Act.

2. #### Summary

#### of

#### Significant

#### Accounting

#### Policies
The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Funds

in

the

accounting

and

the

preparation

of

their

financial

statements.

The

Funds

are

investment

companies

and

follow

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Codification

Topic

946

("ASC

946").

The

policies

are

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

("U.S.

GAAP"),

including,

but

not

limited

to,

ASC

946. The

preparation

of

financial

statements

requires

fund

management

to

make

estimates

and

assumptions

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

expenses

for

the

period.

The

Funds

utilize

various

methods

to

measure

the

value

of

their

investments

on

a

recurring

basis.

Amounts

received

upon

the

sale

of

such

investments

could

differ

from

those

estimated

values

and

those

differences

could

be

material.

(a) #### Security

#### Valuation
U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

Pursuant

to

procedures

approved

by

the

Board

of

Trustees

#### Fund

#### Master

#### Fund

#### %

#### of

#### Master

#### Fund
American

Funds

Asset

Allocation

American

Funds

Asset

Allocation

Fund

23.08%

American

Funds

Bond

American

Funds

The

Bond

Fund

of

America

28.74%

American

Funds

Global

Growth

American

Funds

Global

Growth

Fund

7.54%

American

Funds

Growth

American

Funds

Growth

Fund

4.60%

American

Funds

Growth-Income

American

Funds

Growth-Income

Fund

9.58%

-

Notes

to

Financial

Statements

-

December

31,

2025

-

American

Funds

of

the

Trust

(the

"Board

of

Trustees"),

NFA

assigns

a

fair

value,

as

defined

by

U.S.

GAAP,

to

a

Fund's

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

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

—

Quoted

prices

in

active

markets

for

identical

assets

Level

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

—

Significant

unobservable

inputs

(including

a

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.

Shares

of

each

Master

Fund

in

which

each Fund

invests

are

valued

at

net

asset

value

("NAV")

as

reported

by

the

Master

Fund. Each

Master

Fund's

NAV

is

determined

at

the

close

of

regular

trading

on

the

New

York

Stock

Exchange

(usually

4:00

p.m.

Eastern

time)

on

each

day

the

exchange

is

open

for

trading.

Please

refer

to

Note

of

the

Master

Funds' Annual

Report,

which

is

included

along

with

this

report,

for

the

Master

Funds'

security

valuation

policies.

As

of December

31,

2025,

100%

of

the

market

value

of

each Fund

was

determined

based

on

Level

inputs.

(b) #### Cash

#### Overdraft
Certain

Funds

may

have

overdrawn

U.S.

dollar

and/or

foreign

currency

balances

with

the

Funds'

custodian

bank,

JPMorgan

Chase

Bank,

N.A.

("JPMorgan").

To

offset

the

overdraft,

JPMorgan

advanced

an

amount

equal

to

the

overdraft.

Consistent

with

the

Funds'

borrowing

policy,

the

advance

is

deemed

a

temporary

loan

to

the

Funds.

Such

loans

are

payable

upon

demand

and

bear

interest

from

the

date

of

such

advance

to

the

date

of

payment

at

the

rate

agreed

upon

with

JPMorgan

under

the

custody

agreement.

These

advances

are

separate

from,

and

were

not

made

pursuant

to,

the

credit

agreement

discussed

in

Note

4. A

Fund

with

an

overdraft

is

subject

to

a

lien

by

JPMorgan

on

the

Fund's

account

and

JPMorgan

may

charge

the

Fund's

account

for

any

amounts

owed

to

JPMorgan.

JPMorgan

also

has

the

right

to

set

off

as

appropriate

and

apply

all

deposits

and

credits

held

by

or

owing

to

JPMorgan

against

such

amount,

subject

to

the

terms

of

the

custody

agreement.

As

of December

31,

2025,

the

Funds

did

not

have

overdrawn

balances.

(c) #### Security

#### Transactions

#### and

#### Investment

#### Income
Security

transactions

are

accounted

for

on

the

date

the

security

is

purchased

or

sold.

Security

gains

and

losses

are

calculated

on

the

identified

cost

basis.

Dividend

income

received

from

the

Master

Fund

is

recognized

on

the

ex-dividend

date

and

is

recorded

as

such

on

the

Statements

of

Operations.

Capital

gain

distributions

received

from

the

Master

Fund

are

recognized

on

the

ex-dividend

date

and

are

recorded

as

such

on

the

Statements

of

Operations.

Income

from

non-cash

dividends,

if

any,

is

recorded

at

the

fair

value

of

the

securities

and

is

recorded

as

such

on

a

Fund's

Statement

of

Operations.

(d) #### Distributions

#### to

#### Shareholders
Distributions

from

net

investment

income,

if

any,

are

declared

and

paid

quarterly.

Distributions

from

net

realized

capital

gains,

if

any,

are

declared

and

distributed

at

least

annually.

All

distributions

are

recorded

on

the

ex-dividend

date.

Dividends

and

distributions

to

shareholders

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

"book/tax"

differences

are

considered

either

permanent

or

temporary.

Permanent

differences

are

reclassified

within

the

capital

accounts

based

on

their

nature

for

federal

income

tax

purposes;

temporary

differences

do

not

require

reclassification.

The

permanent

differences

as

of

December

31,

2025

are

primarily

attributable

to

consent

dividends

and

capital

distributions

from

the

Master

Funds.

Temporary

differences

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

and

tax

purposes;

these

differences

will

reverse

at

some

time

in

the

future.

The

temporary

differences

as

of

December

31,

2025

may

primarily

be

attributable

to

outstanding

wash

sale

loss

deferrals.

These

reclassifications

American

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

have

no

effect

upon

the

NAV

of a

Fund.

Any

distribution

in

excess

of

current

and

accumulated

earnings

and

profits

for

federal

income

tax

purposes

is

reported

as

a

return

of

capital

distribution.

Reclassifications

for

the

year

ended

December

31,

2025

were

as

follows:

(e) #### Federal

#### Income

#### Taxes
Each Fund

elected

to

be

treated

as,

and

intends

to

qualify

each

year

as,

a

"regulated

investment

company"

("RIC")

by

complying

with

the

requirements

of

Subchapter

M

of

the

U.S.

Internal

Revenue

Code

of

1986

(the

"Code"),

as

amended,

and

to

make

distributions

of

net

investment

income

and

net

realized

capital

gains

sufficient

to

relieve

a

Fund

from

all,

or

substantially

all,

federal

income

taxes.

The

aforementioned

distributions

may

be

made

in

cash

or

via

consent

dividends.

Consent

dividends,

agreed

to

by

each

shareholder,

are

taxable

to

the

shareholders

as

if

they

were

paid

in

cash

during

their

current

tax

year.

As

of

December

31,

2025,

the

estimated

maximum

amounts

each

Fund

may

claim

as

consent

dividends

for

2025

are

as

follows:

A

Fund

recognizes

a

tax

benefit

from

an

uncertain

position

only

if

it

is

more

likely

than

not

that

the

position

is

sustainable,

based

solely

on

its

technical

merits

and

consideration

of

the

relevant

taxing

authorities'

widely

understood

administrative

practices

and

precedents.

Each

year,

a

Fund

undertakes

an

affirmative

evaluation

of

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

tax

returns

to

determine

whether

it

is

more

likely

than

not

(i.e.,

greater

than

percent)

that

each

tax

position

will

be

sustained

upon

examination

by

a

taxing

authority.

The

Funds

file

U.S.

federal

income

tax

returns

and,

if

applicable,

returns

in

various

foreign

jurisdictions

in

which

they

invest.

Generally,

a

Fund

is

subject

to

examinations

by

such

taxing

authorities

for

up

to

three

years

after

the

filing

of

the

return

for

the

tax

period.

The

Funds

adopted

FASB

Accounting

Standards

Update

2023-09,

Income

Taxes

(Topic

740)—Improvements

to

Income

Tax

Disclosures

("ASU

2023-09").

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disclosure

of

income

taxes

paid

by

jurisdiction.

During

the

year

ended

December

31,

2025,

the

Funds

did

not

pay

a

significant

amount

of

foreign

or

U.S.

federal,

state

or

local

income

taxes

and

therefore

did

not

include

any

additional

disclosures

in

these

financial

statements.

(f) #### Allocation

#### of

#### Expenses
Expenses

directly

attributable

to

a

Fund

are

charged

to

that

Fund.

Expenses

not

directly

attributable

to

a

Fund

are

allocated

proportionally

among

various

or

all

series

of

the

Trust.

(g) #### Reportable

#### Segment

#### Disclosure
The

Principal

Executive

Officer

acts

as

the

Funds'

Chief

Operating

Decision

Maker

("CODM')

and

is

responsible

for

assessing

performance

and

allocating

resources

with

respect

to

the

Funds.

The

CODM

has

concluded

that

each

Fund

operates

as

a

single

operating

segment

since

the

Funds

each

have

a

single

investment

strategy

as

disclosed

in

its

prospectus,

against

which

the

CODM

assesses

performance.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

presented

within

the

Funds'

financial

statements.

#### Fund

#### Capital

#### Total

#### Distributable

#### Earnings
(Loss)

American

Funds

Asset

Allocation

$

108,459,272

$

(108,459,272)

American

Funds

Bond

124,224,557

(124,224,557)

American

Funds

Global

Growth

6,857,823

(6,857,823)

American

Funds

Growth

–

–

American

Funds

Growth-Income

31,208,805

(31,208,805)

#### Fund

#### Ordinary

#### Distribution

#### Available

#### for

#### Consent

#### Dividend
American

Funds

Asset

Allocation

$

135,542,089

American

Funds

Bond

122,518,827

American

Funds

Global

Growth

7,033,115

American

Funds

Growth

13,776,447

American

Funds

Growth-Income

59,396,695

-

Notes

to

Financial

Statements

-

December

31,

2025

-

American

Funds

3. #### Transactions

#### with

#### Affiliates
Under

the

terms

of

each

Master

Fund's

Investment

Advisory

Agreement,

Capital

Research

and

Management

Company

manages

the

investment

of

the

assets

and

supervises

the

daily

business

affairs

of

the

Master

Fund.

Nationwide

Fund

Management

LLC

("NFM"),

a

wholly

owned

subsidiary

of

NFS

Distributors,

Inc.

("NFSDI")

(a

wholly

owned

subsidiary

of

NFS),

provides

non-

investment

advisory

master-feeder

operational

support

services

to

the

Funds.

Under

the

terms

of

the

Trust's

Master-Feeder

Services

Agreement

with

NFM

on

behalf

of

the

Funds,

each

Fund

pays

NFM

a

fee

of

0.25%

based

on

the

Fund's

average

daily

net

assets. NFM

has

entered

into

a

contractual

agreement

with

the

Trust

under

which

NFM

waives

a

portion

of

the

fees

NFM

receives

for

providing

the

Funds

with

non-investment

advisory

master-feeder

operational

support

services

according

to

the

following

schedule.

NFM

also

provides

various

administrative

and

accounting

services

for

the

Fund,

and

serves

as

Transfer

and

Dividend

Disbursing

Agent

for

the

Fund.

NFM

has

entered

into

agreements

with

third-party

service

providers

to

provide

certain

sub-administration

and

sub-transfer

agency

services

to

the

Fund.

NFM

pays

the

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.

For

the

year

ended

December

31,

2025,

NFM

earned

an

aggregate

of

$3,800,902

in

fees

from

the

Funds

under

the

Joint

Fund

Administration

and

Transfer

Agency

Agreement.

Under

the

terms

of

the

Joint

Fund

Administration

and

Transfer

Agency

Agreement

and

a

letter

agreement

between

NFM

and

the

Trust,

the

Trust

has

agreed

to

reimburse

NFM

for

certain

costs

related

to

each

Fund's

portion

of

ongoing

administration,

monitoring

and

annual

(compliance

audit)

testing

of

the

Trust's

Rule

38a-1

Compliance

Program

subject

to

the

pre-approval

of

the

Trust's

Audit

Committee.

These

costs

are

allocated

among

the

series

of

the

Trust

based

upon

their

relative

net

assets.

For

the

year

ended

December

31,

2025,

the

Funds' aggregate

portion

of

such

costs

amounted

to

$73,361.

In

addition,

the

Trust

pays

out-of-pocket

expenses

reasonably

incurred

by

NFM

in

providing

services

to

the

Funds

and

the

Trust,

including,

but

not

limited

to,

the

cost

of

pricing

services

that

NFM

utilizes.

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

Class

II

shares

of

the

Funds

at

an

annual

rate

of

0.25%.

Under

the

terms

of

an

Administrative

Services

Plan,

the

Funds

pay

fees

to

servicing

organizations,

such

as

broker-dealers,

including

NFS,

and

financial

institutions,

that

agree

to

provide

administrative

support

services

to

the

shareholders

of

certain

classes.

These

services

may

include,

but

are

not

limited

to,

the

following:

(i) establishing

and

maintaining

shareholder

accounts;

(ii) processing

purchase

and

redemption

transactions;

(iii) arranging

bank

wires;

(iv) performing

shareholder

sub-accounting;

(v) answering

inquiries

regarding

the

Funds;

and

(vi) other

such

services.

These

fees

are

calculated

at

an

annual

rate

of

up

to

0.25%

of

the

average

daily

net

assets

of

Class

II

shares

of

each

Fund.

#### Fund

#### Fee

#### Schedule

#### Advisory

#### Fee

#### Waiver

#### (annual

#### rate)
All

Funds

Up

to

$2.5

billion

0.1425%

$2.5

billion

and

up

to

$5

billion

0.1450%

$5

billion

and

up

to

$10

billion

0.1525%

$10

billion

and

up

to

$15

billion

0.1575%

$15

billion

and

up

to

$25

billion

0.1725%

$25

billion

and

more

0.1900%

#### Combined

#### Fee

#### Schedule
Up

to

$25

billion

0.025%

$25

billion

and

more

0.020 American

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

For the

year

ended

December

31,

2025,

the

effective

rates

for

administrative

services

fees

were

as

follows:

For

the

year

ended

December

31,

2025,

each

Fund's

total

administrative

services

fees

were

as

follows:

As

described

in

Note

1,

each

Fund

invests

all

its

assets

in

Class

shares

of

a

Master

Fund.

Therefore,

the

shares

and

market

value

of

each

Fund's

investment

in

the

respective

Master

Fund,

as

well

as

any

dividend

/income,

capital

gain

distributions

received,

net

realized

gains/losses,

and

purchases/sales

of

investment

in

each

Master

Fund,

are

considered

affiliated

investments.

4. #### Line

#### of

#### Credit

#### and

#### Interfund

#### Lending
The

Trust

and

NMF

(together,

the

"Trusts") renewed

the credit

agreement

with

JPMorgan,

The

Bank

of

New

York

Mellon,

and

Wells

Fargo

Bank

National

Association

(the

"Lenders"),

permitting

the

Trusts,

in

aggregate,

to

borrow

up

to

$100,000,000.

Advances

taken

by

a

Fund

under

this

arrangement

would

be

primarily

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

the

Fund's

borrowing

restrictions.

The

line

of

credit

requires

a

commitment

fee

of

0.15%

per

year

on

$100,000,000.

Such

commitment

fee

shall

be

payable

quarterly

in

arrears

on

the

last

business

day

of

each

March,

June,

September

and

December

and

on

the

termination

date.

Borrowings

under

this

arrangement

accrued

interest

at

the

Federal

Funds

Rate

plus

the

applicable

margin.

Interest

costs,

if

any,

would

be

shown

on

the

Statement

of

Operations.

No

compensating

balances

are

required

under

the

terms

of

the

line

of

credit.

In

addition,

a

Fund

may

not

draw

any

portion

of

the

line

of

credit

that

is

provided

by

a

bank

that

is

an

affiliate

of

the

Fund's

subadviser,

if

applicable.

In

addition

to

any

rights

and

remedies

of

the

Lenders

provided

by

law,

each

Lender

has

the

right,

upon

any

amount

becoming

due

and

payable

by

the

Fund,

to

set-off

as

appropriate

and

apply

all

deposits

and

credits

held

by

or

owing

to

such

Lender

against

such

amount,

subject

to

the

terms

of

the

credit

agreement.

The

line

of

credit

is

renewed

annually,

and

next

expires

on

July

1,

2026. During

the

year

ended December

31,

2025,

the

Funds

had

no

borrowings

under

the

line

of

credit.

Pursuant

to

an

exemptive

order

issued

by

the

Securities

and

Exchange

Commission

("SEC")

(the

"Order"),

the

Funds

may

participate

in

an

interfund

lending

program

among

Fund

managed

by

NFA.

The

program

allows

the

participating

Funds

to

borrow

money

from

and

loan

money

to

each

other

for

temporary

purposes,

subject

to

the

conditions

in

the

Order.

A

loan

can

only

be

made

through

the

program

if

the

interfund

loan

rate

on

that

day

is

more

favorable

to

both

the

borrowing

and

lending

Funds

as

compared

to

rates

available

through

short-term

bank

loans

or

investments

in

overnight

repurchase

agreements

and

money

market

funds,

respectively,

as

detailed

in

the

Order.

Further,

a

Fund

may

participate

in

the

program

only

if

and

to

the

extent

that

such

participation

is

consistent

with

its

investment

objectives

and

limitations.

Interfund

loans

have

a

maximum

duration

of

seven

days

and

may

be

called

on

one

business

day's

notice. During

the

year

ended December

31,

2025,

none

of

the

Funds

engaged

in

interfund

lending.

5. #### Investment

#### Transactions
For

the

year

ended

December

31,

2025,

purchases

and

sales

of

securities

(excluding

short-term

securities)

were

as

follows:

#### Fund

#### Class

#### II
American

Funds

Asset

Allocation

0.25 %

American

Funds

Bond

0.25 American

Funds

Global

Growth

0.25 American

Funds

Growth

0.25 American

Funds

Growth-Income

0.25 #### Fund

#### Amount
American

Funds

Asset

Allocation

$

15,812,868

American

Funds

Bond

8,214,612

American

Funds

Global

Growth

1,580,133

American

Funds

Growth

5,626,244

American

Funds

Growth-Income

10,277,951

#### Fund

#### Purchases

#### \*

#### Sales
American

Funds

Asset

Allocation

$

606,123,891

$

947,300,569

American

Funds

Bond

527,071,066

671,687,695

American

Funds

Global

Growth

114,285,629

49,049,767

American

Funds

Growth

396,943,408

219,884,470

American

Funds

Growth-Income

868,479,734

769,617,633

\*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

-

Notes

to

Financial

Statements

-

December

31,

2025

-

American

Funds

6. #### Risks

#### Associated

#### with

#### Investment

#### in

#### Master

#### Fund
Each Fund

concentrates

its

investment

primarily

in

a

single

underlying

fund.

Therefore,

each Fund

has

the

same

principal

risks

as

the

Master

Fund

in

which

it

invests.

Please

refer

to

Note

of

the

Master

Fund

Annual Report,

which

is

included

along

with

this

report,

for each Master

Fund's

principal

risks

of

investments.

The

relative

concentration

in a

Master

Fund

also

may

affect

the

direct

performance

of

a

Fund,

positively

or

negatively,

and

may

have

a

greater

risk

of

loss.

7. #### Indemnifications
Under

the

Trust's

organizational

documents,

the

Trust's

Officers

and

Trustees

are

indemnified

by

the

Trust

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

the

Trust

has

entered

into

indemnification

agreements

with

its

Trustees

and

certain

of

its

Officers.

Trust

Officers

receive

no

compensation

from

the

Trust

for

serving

as

its

Officers.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Trust's

maximum

liability

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

made

against

the

Trust.

Based

on

experience,

however,

the

Trust

expects

the

risk

of

loss

to

be

remote.

8. #### New

#### Accounting

#### Pronouncements
On

September

20,

2023,

the

SEC

adopted

amendments

to

the

current

rule

regarding

registered

fund

names,

as

well

as

certain

forms

and

disclosure

requirements.

The

amendments

are

intended

to

modernize

and

enhance

the

investor

protections

provided

by

Rule

35d-1

under

the

1940

Act

given

the

important

information

that

fund

names

can

convey

to

investors.

Management

is

currently

evaluating

the

implications

of

the

new

rule

and

the

impact

on

the

Funds'

financial

statement

disclosures

and

reporting

requirements.

9. #### Other

#### Matters
A Master

Fund

does

not

charge

a

Fund

any

sales

charge

for

buying

or

selling

shares.

However,

a

Fund

indirectly

pays

a

portion

of

the

operating

expenses

of

the

Master

Fund

in

which

it

invests,

including

management,

administration

and

custodian

fees.

These

expenses

are

deducted

from

the

Master

Fund's

net

assets

before

its

share

price

is

calculated

and

are

in

addition

to

the

fees

and

expenses

of

a

Fund.

10. #### Federal

#### Tax

#### Information
The

tax

character

of

distributions

paid

during

the

year

ended December

31,

2025

was

as

follows:

The

tax

character

of

distributions

paid

during

the

year

ended December

31,

2024

was

as

follows:

#### Distributions

#### paid

#### from

#### Fund

#### Ordinary

#### Income\*

#### Net

#### Long-Term

#### Capital

#### Gains

#### Total

#### Taxable

#### Distributions

#### Return

#### of

#### Capital

#### Total

#### Distributions

#### Paid
American

Funds

Asset

Allocation

$

33,079,546

$

323,666,595

$

356,746,141

$

–

$

356,746,141

American

Funds

Bond

–

–

–

–

–

American

Funds

Global

Growth

322,473

17,879,282

18,201,755

–

18,201,755

American

Funds

Growth

64,423

36,246,217

36,310,640

–

36,310,640

American

Funds

Growth-Income

10,638,666

292,025,847

302,664,513

–

302,664,513

\*

Ordinary

Income

amounts

include

taxable

market

discount

and

net

short-term

capital

gains,

if

any.

#### Distributions

#### paid

#### from

#### Fund

#### Ordinary

#### Income\*

#### Net

#### Long-Term

#### Capital

#### Gains

#### Total

#### Taxable

#### Distributions

#### Return

#### of

#### Capital

#### Total

#### Distributions

#### Paid
American

Funds

Asset

Allocation

$

–

$

229,609,943

$

229,609,943

$

–

$

229,609,943

American

Funds

Bond

–

–

–

–

–

American

Funds

Global

Growth

89,870

32,261,922

32,351,792

–

32,351,792

American

Funds

Growth

–

67,696,561

67,696,561

–

67,696,561

American

Funds

Growth-Income

150,206

205,462,130

205,612,336

–

205,612,336

\*

Ordinary

Income

amounts

include

taxable

market

discount

and

net

short-term

capital

gains,

if

any.

American

Funds

-

December

31,

2025

-

Notes

to

Financial

Statements

-

As

of

December

31,

2025,

the

components

of

accumulated

earnings/(deficit)

on

a

tax

basis

were

as

follows:

As

of

December

31,

2025,

the

tax

cost

of

investments

and

the

breakdown

of

unrealized

appreciation/(depreciation)

for

each

Fund

was

as

follows:

As

of

December

31,

2025,

for

federal

income

tax

purposes,

the

Funds

have

capital

loss

carryforwards

available

to

offset

future

capital

gains,

if

any,

to

the

extent

provided

by

the

U.S.

Treasury

regulations

and

in

any

given

year

may

be

limited

due

to

large

shareholder

redemptions

or

contributions.

Capital

loss

carryforwards

do

not

expire.

The

following

table

represents

capital

loss

carryforwards

available

as

of

December

31,

2025. 11. #### Subsequent

#### Events
Management

has

evaluated

the

impact

of

subsequent

events

on

the

Funds

and

has

determined

that

there

are

no subsequent

events

requiring

recognition

or

disclosure

in

the

financial

statements.

#### Fund

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Capital

#### Gains

#### Accumulated

#### Earnings

#### Distributions

#### Payable

#### Accumulated

#### Capital

#### and

#### Other

#### Losses

#### Unrealized

#### Appreciation/

#### (Depreciation)\*

#### Total

#### Accumulated

#### Earnings
(Deficit)

American

Funds

Asset

Allocation

$

161,850,056

$

450,559,632

$

612,409,688

$

–

$

–

$

2,164,011,798

$

2,776,421,486

American

Funds

Bond

122,518,827

–

122,518,827

–

(143,174,494)

(360,622,660)

(381,278,327)

American

Funds

Global

Growth

7,360,233

76,709,609

84,069,842

–

–

177,284,002

261,353,844

American

Funds

Growth

17,006,137

152,415,405

169,421,542

–

–

948,109,135

1,117,530,677

American

Funds

Growth-Income

99,970,830

698,417,164

798,387,994

–

–

1,436,280,267

2,234,668,261

\*

The

difference

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

is

primarily

attributable

to

timing

differences

in

recognizing

certain

gains

and

losses

on

investment

transactions.

#### Fund

#### Tax

#### Cost

#### of

#### Investments

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### Net

#### Unrealized

#### Appreciation/
(Depreciation)

American

Funds

Asset

Allocation

$

4,227,581,504

$

2,164,085,965

$

(74,167)

$

2,164,011,798

American

Funds

Bond

3,626,247,829

5,381,842

(366,004,502)

(360,622,660)

American

Funds

Global

Growth

511,541,253

177,284,002

–

177,284,002

American

Funds

Growth

1,567,990,299

948,109,135

–

948,109,135

American

Funds

Growth-Income

2,743,912,810

1,436,355,799

(75,532)

1,436,280,267

#### Fund

#### Amount
American

Funds

Bond

$

(143,174,494)

-

Report

of

Independent

Registered

Public

Accounting

Firm

-

December

31,

2025

-

American

Funds

#### To

#### the

#### Board

#### of

#### Trustees

#### of

#### Nationwide

#### Variable

#### Insurance

#### Trust

#### and

#### Shareholders

#### of

#### NVIT

#### American

#### Funds

#### Asset

#### Allocation

#### Fund,

#### NVIT

#### American

#### Funds

#### Bond

#### Fund,

#### NVIT

#### American

#### Funds

#### Global

#### Growth

#### Fund,

#### NVIT

#### American

#### Funds

#### Growth

#### Fund

#### and

#### NVIT

#### American

#### Funds

#### Growth-Income

#### Fund

#### Opinions

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

statements

of

investments,

of

NVIT

American

Funds

Asset

Allocation

Fund,

NVIT

American

Funds

Bond

Fund,

NVIT

American

Funds

Global

Growth

Fund,

NVIT

American

Funds

Growth

Fund

and

NVIT

American

Funds

Growth-Income

Fund

(five

of

the

funds

constituting

Nationwide

Variable

Insurance

Trust,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

December

31,

2025,

the

related

statements

of

operations

for

the

year

ended

December

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

December

31,

2025,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinions
These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025

by

correspondence

with

the

transfer

agent.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

#### /s/PricewaterhouseCoopers

#### LLP

#### Philadelphia,

#### Pennsylvania

#### February

#### 20,

#### 2026
We

have

served

as

the

auditor

of

one

or

more

investment

companies

of

Nationwide

Funds,

which

includes

the

investment

companies

of

Nationwide

Variable

Insurance

Trust,

since

1997. American

Funds

-

December

31,

2025

(Unaudited)

-

Supplemental

Information

-

#### Other

#### Federal

#### Tax

#### Information
For

the

year

ended

December

31,

2025, certain

dividends

paid

by

the

Funds

may

be

subject

to

a

maximum

tax

rate

of

20%

as

provided

for

by

the

Jobs

and

Growth

Tax

Relief

Reconciliation

Act

of

2003. The

Funds

intend

to

designate

the

maximum

amount

allowable

as

taxed

at

a

maximum

rate

of

15%.

Complete

information

will

be

reported

in

conjunction

with

your

2025

Form

1099-DIV.

For

the

taxable

year

ended

December

31,

2025,

the

following

percentages

of

income

dividends

paid

by

the

Funds

qualify

for

the

dividends

received

deduction

available

to

corporations:

The

Funds

designate

the

following

amounts,

or

the

maximum

amount

allowable

under

the

Internal

Revenue

Code,

as

long

term

capital

gain

distributions

qualifying

for

the

maximum

20%

income

tax

rate

for

individuals:

#### Fund

#### Dividends

#### Received

#### Deduction
American

Funds

Asset

Allocation

.20

%

American

Funds

Bond

–

American

Funds

Global

Growth

.50

American

Funds

Growth

.70

American

Funds

Growth-Income

.21

#### Fund

#### Amount
American

Funds

Asset

Allocation

$

323,666,595

American

Funds

Bond

–

American

Funds

Global

Growth

17,879,282

American

Funds

Growth

36,246,217

American

Funds

Growth-Income

292,025,847

P.O.

Box

701

Milwaukee,

WI

53201-0701

#### nationwide.com/mutualfunds
NAR-AMF

(2-26)

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT**<br>American Funds Insurance Series<sup>®</sup> –<br> Global Growth Fund | ![](fp0097774-1_01.jpg) |

---

**Class 1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Global Growth Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **<u>capitalgroup.com/AFIS-literature-1</u>**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;$47 | &nbsp;&nbsp;0.42% |

---

**Management's discussion of fund performance**

The fund's Class 1 shares gained 21.98% for the year ended December 31, 2025. That result compares with a 22.34% gain for the MSCI ACWI (All Country World Index). For information on returns for additional periods, including the fund lifetime, please refer to **<u>capitalgroup.com/AFIS-returns-1</u>**.

**What factors influenced results**

Global equity markets delivered strong gains in 2025, overcoming trade tensions and geopolitical volatility. U.S. equities advanced on strong large-cap technology growth, though lost momentum later in the year. Stocks in the U.K. and Japan benefited from accommodative monetary policies and fiscal stimulus measures. Emerging markets drove the rally, with strong returns from South Korea, Taiwan and China, while India remained relatively flat despite solid macroeconomic fundamentals.

Most sectors posted gains for the fund, with information technology, industrials, financials and consumer staples contributing most significantly. Returns from the communication services and consumer discretionary sectors were also positive, though below the portfolio's overall returns. Companies based in the U.S., France and Taiwan made meaningful contributions to investment results.

Conversely, the health care and real estate sectors were the largest detractors from overall results. Country-wise, holdings in Denmark and Australia were among the most notable detractors for the fund.

**How a hypothetical $10,000 investment has grown**

Figures assume reinvestment of dividends and capital gains.

![](fp0097774-1_02.jpg)

**Average annual total returns**

---

| | | | |
|:---|:---|:---|:---|
| | **1 year** | **5 years** | **10 years** |
| Global Growth Fund — Class 1<sup>\*</sup> | 21.98% | 8.51% | 12.46% |
| MSCI ACWI (All Country World Index)<sup>†</sup> | 22.34% | 11.19% | 11.72% |

---

<sup>\*</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): MSCI.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Key fund statistics**

---

| | |
|:---|:---|
| Fund net assets (in millions) | $9131 |
| Total number of portfolio holdings | 169 |
| Total advisory fees paid (in millions) | $31 |
| Portfolio turnover rate | 45% |

---

**Portfolio holdings by sector** (percent of net assets)

![](fp0097774-1_03.jpg)

**Changes in and disagreements with accountants**

On December 10, 2025, PricewaterhouseCoopers LLP ("PwC") was dismissed and Deloitte & Touche LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 13, 2026, were there any disagreements between management and PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

**Availability of additional information** 

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **<u>capitalgroup.com/AFIS-literature-1</u>**.

**Important information**

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1ARX-077-0226© 2026 Capital Group. All rights reserved.

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT**<br>American Funds Insurance Series<sup>®</sup> –<br> Growth Fund | ![](fp0097774-1_01.jpg) |

---

**Class 1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Growth Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **<u>capitalgroup.com/AFIS-literature-1</u>**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;$37 | &nbsp;&nbsp;0.34% |

---

**Management's discussion of fund performance**

The fund's Class 1 shares gained 20.54% for the year ended December 31, 2025. That result compares with a 17.88% gain for the S&P 500 Index. For information on returns for additional periods, including the fund lifetime, please refer to **<u>capitalgroup.com/AFIS-returns-1</u>**.

**What factors influenced results**

U.S. equities delivered solid returns in 2025, as strong gains from growth sectors supported performance. Resilient consumer spending and moderating inflation drove the S&P 500 Index to record highs. Strong consumer spending boosted the U.S. economy, especially in the third quarter. However, persistent softness in the labor market prompted the U.S. Federal Reserve to deliver three 25-basis-point rate cuts during the year.

Most sectors posted gains for the fund, with information technology and communication services contributing significantly. The industrials and materials sectors also delivered positive returns. U.S.-based holdings, representing the majority of the portfolio, contributed most of the fund's performance.

Conversely, the financials and energy sectors were detractors from overall results.

**How a hypothetical $10,000 investment has grown**

Figures assume reinvestment of dividends and capital gains.

![](fp0097774-1_04.jpg)

**Average annual total returns**

---

| | | | |
|:---|:---|:---|:---|
| | **1 year** | **5 years** | **10 years** |
| Growth Fund — Class 1<sup>\*</sup> | 20.54% | 13.66% | 18.26% |
| S&P 500 Index<sup>†</sup> | 17.88% | 14.42% | 14.82% |

---

<sup>\*</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): S&P Dow Jones Indices LLC.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Key fund statistics**

---

| | |
|:---|:---|
| Fund net assets (in millions) | $54679 |
| Total number of portfolio holdings | 241 |
| Total advisory fees paid (in millions) | $152 |
| Portfolio turnover rate | 27% |

---

**Portfolio holdings by sector** (percent of net assets)

![](fp0097774-1_05.jpg)

**Changes in and disagreements with accountants**

On December 10, 2025, PricewaterhouseCoopers LLP ("PwC") was dismissed and Deloitte & Touche LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 13, 2026, were there any disagreements between management and PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

**Availability of additional information** 

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **<u>capitalgroup.com/AFIS-literature-1</u>**.

**Important information**

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1ARX-027-0226© 2026 Capital Group. All rights reserved.

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT**<br>American Funds Insurance Series<sup>®</sup> –<br> Growth-Income Fund | ![](fp0097774-1_01.jpg) |

---

**Class 1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Growth-Income Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **<u>capitalgroup.com/AFIS-literature-1</u>**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;$31 | &nbsp;&nbsp;0.28% |

---

**Management's discussion of fund performance**

The fund's Class 1 shares gained 18.37% for the year ended December 31, 2025. That result compares with a 17.88% gain for the S&P 500 Index. For information on returns for additional periods, including the fund lifetime, please refer to **<u>capitalgroup.com/AFIS-returns-1</u>**.

**What factors influenced results**

U.S. equities delivered solid returns in 2025, supported by strong gains from growth sectors. The S&P 500 reached record highs as solid corporate earnings from large-cap technology companies outweighed concerns about the economic impact of tariffs. Consumer spending remained resilient, fueling economic growth. However, persistent labor market softness led the U.S. Federal Reserve to implement three 25-basis-point rate cuts during the year.

Most sectors contributed positively to fund results, with information technology, industrials and communication services being particularly impactful. Financials posted positive returns, although they lagged the overall portfolio. Consumer staples also added to absolute returns but represented a relatively small portion of fund holdings.

Conversely, the materials and utilities sectors had negative returns and detracted from overall results.

**How a hypothetical $10,000 investment has grown**

Figures assume reinvestment of dividends and capital gains.

![](fp0097774-1_06.jpg)

**Average annual total returns**

---

| | | | |
|:---|:---|:---|:---|
| | **1 year** | **5 years** | **10 years** |
| Growth-Income Fund — Class 1<sup>\*</sup> | 18.37% | 14.19% | 14.20% |
| S&P 500 Index<sup>†</sup> | 17.88% | 14.42% | 14.82% |

---

<sup>\*</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): S&P Dow Jones Indices LLC.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Key fund statistics**

---

| | |
|:---|:---|
| Fund net assets (in millions) | $43627 |
| Total number of portfolio holdings | 150 |
| Total advisory fees paid (in millions) | $104 |
| Portfolio turnover rate | 27% |

---

**Portfolio holdings by sector** (percent of net assets)

![](fp0097774-1_07.jpg)

**Changes in and disagreements with accountants**

On December 10, 2025, PricewaterhouseCoopers LLP ("PwC") was dismissed and Deloitte & Touche LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 13, 2026, were there any disagreements between management and PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

**Availability of additional information**

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **<u>capitalgroup.com/AFIS-literature-1</u>**.

**Important information**

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1ARX-026-0226© 2026 Capital Group. All rights reserved.

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT**<br>American Funds Insurance Series<sup>®</sup> –<br> Asset Allocation Fund | ![](fp0097774-1_01.jpg) |

---

**Class 1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - Asset Allocation Fund (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **<u>capitalgroup.com/AFIS-literature-1</u>**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;$32 | &nbsp;&nbsp;0.30% |

---

**Management's discussion of fund performance**

The fund's Class 1 shares gained 16.16% for the year ended December 31, 2025. That result compares with a 13.70% gain for the 60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to **<u>capitalgroup.com/AFIS-returns-1</u>**.

**What factors influenced results**

U.S. equities saw strong gains, with the S&P 500 Index hitting record highs as corporate earnings beat expectations. At the same time, the U.S. fixed income market delivered solid returns as corporate bond yields hovered near the upper end of their 15-year range. Although inflation rose slightly on the lingering effect of tariffs, signs of labor market weakness and economic uncertainty prompted the Federal Reserve to cut interest rates three times in 2025.

Within the fund, most equity sectors produced positive returns, with information technology being particularly additive to results. The materials, industrials and consumer staples sectors also saw returns surpassing those of the overall portfolio. Conversely, the fund's holdings in the financials, energy and utilities sectors detracted from the broader portfolio's returns.

Fixed income returns lagged equities but continued to help fulfill their roles of serving as a ballast and generating income. Corporate bonds and securitized debt were among the top contributors, though securitized debt lagged the total portfolio return. A modest allocation to high-yield bonds also supported returns.

**How a hypothetical $10,000 investment has grown**

Figures assume reinvestment of dividends and capital gains.

![](fp0097774-1_08.jpg)

**Average annual total returns**

---

| | | | |
|:---|:---|:---|:---|
| | **1 year** | **5 years** | **10 years** |
| Asset Allocation Fund — Class 1<sup>\*</sup> | 16.16% | 9.24% | 10.05% |
| S&P 500 Index<sup>†</sup> | 17.88% | 14.42% | 14.82% |
| 60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index<sup>†</sup> | 13.70% | 8.47% | 9.78% |
| Bloomberg U.S. Aggregate Index<sup>†</sup> | 7.30% | (0.36)% | 2.01% |

---

<sup>\*</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): S&P Dow Jones Indices LLC and Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Key fund statistics**

---

| | |
|:---|:---|
| Fund net assets (in millions) | $27675 |
| Total number of portfolio holdings | 2128 |
| Total advisory fees paid (in millions) | $72 |
| Portfolio turnover rate including mortgage dollar roll transactions | 115% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 72% |

---

**Portfolio holdings by asset type** (percent of net assets)

![](fp0097774-1_09.jpg)

**Changes in and disagreements with accountants**

On December 10, 2025, PricewaterhouseCoopers LLP ("PwC") was dismissed and Deloitte & Touche LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 13, 2026, were there any disagreements between management and PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

**Availability of additional information**

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **<u>capitalgroup.com/AFIS-literature-1</u>**.

**Important information** 

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1ARX-070-0226© 2026 Capital Group. All rights reserved.

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT**<br>American Funds Insurance Series<sup>®</sup> –<br> The Bond Fund of America | ![](fp0097774-1_01.jpg) |

---

**Class 1** for the year ended December 31, 2025

This annual shareholder report contains important information about American Funds Insurance Series - The Bond Fund of America (the "fund") for the period from January 1, 2025 to December 31, 2025. You can find additional information about the fund at **<u>capitalgroup.com/AFIS-literature-1</u>**. You can also request this information by contacting us at (800) 421-4225.

**What were the fund costs for the last year?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Share class** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment** |
| &nbsp;&nbsp;Class 1 | &nbsp;&nbsp;$25 | &nbsp;&nbsp;0.24% |

---

**Management's discussion of fund performance**

The fund's Class 1 shares gained 7.40% for the year ended December 31, 2025. That result compares with a 7.30% gain for the Bloomberg U.S. Aggregate Index. For information on returns for additional periods, including the fund lifetime, please refer to **<u>capitalgroup.com/AFIS-returns-1</u>**.

**What factors influenced results**

During the fund's fiscal year, the U.S. bond market posted strong returns. The U.S. Federal Reserve cut its policy rate three times in response to labor market weakness and broader economic uncertainty, helping to push short term yields lower. Meanwhile, long-term yields remained relatively high and supported a steepening of the yield curve. Yields on corporate bonds declined but remained elevated relative to their levels over the past 15 years.

Within the fund, an underweight to Treasuries in favor of other sectors including agency mortgage-backed securities and emerging markets debt contributed positively to relative results. The fund's overweight to duration for much of the year was also additive.

In terms of detractors, the fund was positioned for a steepening of the yield curve by having an overweight position to the front-end of the curve and an underweight to the long-end. The steepening of the yield curve added to results, however, this was more than offset by the cost of maintaining the position. Security selection within asset-backed securities also detracted from returns.

**How a hypothetical $10,000 investment has grown**

Figures assume reinvestment of dividends and capital gains.

![](fp0097774-1_10.jpg)

**Average annual total returns**

---

| | | | |
|:---|:---|:---|:---|
| | **1 year** | **5 years** | **10 years** |
| The Bond Fund of America — Class 1<sup>\*</sup> | 7.40% | 0.10% | 2.61% |
| Bloomberg U.S. Aggregate Index<sup>†</sup> | 7.30% | (0.36)% | 2.01% |

---

<sup>\*</sup> Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

<sup>†</sup> Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

**The fund's past performance is not a predictor of its future performance.** The line chart and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**Key fund statistics**

---

| | |
|:---|:---|
| Fund net assets (in millions) | $11356 |
| Total number of portfolio holdings | 2101 |
| Total advisory fees paid (in millions) | $23 |
| Portfolio turnover rate including mortgage dollar roll transactions | 247% |
| Portfolio turnover rate excluding mortgage dollar roll transactions | 159% |

---

**Portfolio holdings by asset type** (percent of net assets)

![](fp0097774-1_11.jpg)

**Changes in and disagreements with accountants**

On December 10, 2025, PricewaterhouseCoopers LLP ("PwC") was dismissed and Deloitte & Touche LLP was appointed as the fund's independent registered public accounting firm for the fiscal year ending December 31, 2026 audit. The change in the fund's independent registered public accounting firm was approved by the fund's board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. At no point during the fund's fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 13, 2026, were there any disagreements between management and PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure.

**Availability of additional information**

Additional information about the fund, including its prospectus, financial information, holdings, and proxy voting information is available at **<u>capitalgroup.com/AFIS-literature-1</u>**.

**Important information**

To reduce fund expenses, only one copy of most shareholder documents will be mailed to shareholders with multiple accounts at the same address (householding). If you would prefer that your documents not be householded, please contact Capital Group at (800) 421-4225, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Capital Group or your financial intermediary.

Lit. No. INA1ARX-078-0226© 2026 Capital Group. All rights reserved.

![](fp0097774-1_12.jpg)

Global Growth Fund

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Common stocks 96.94% | Shares | Value <br>(000) |
| **Information technology 29.37%** |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 10705200 | $522985 |
| Broadcom, Inc. | 1107449 | 383288 |
| Microsoft Corp. | 740348 | 358047 |
| NVIDIA Corp. | 1437636 | 268119 |
| ASML Holding NV (ADR) | 120673 | 129103 |
| ASML Holding NV | 105955 | 113257 |
| Micron Technology, Inc. | 433659 | 123771 |
| NEC Corp. | 2693871 | 90835 |
| Samsung Electronics Co., Ltd. | 1068680 | 89068 |
| SK hynix, Inc. | 157999 | 71546 |
| Cloudflare, Inc., Class A <sup>(a)</sup> | 336935 | 66427 |
| AppLovin Corp., Class A <sup>(a)</sup> | 85473 | 57593 |
| Tokyo Electron, Ltd. | 237700 | 52203 |
| Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup> | 278761 | 44872 |
| International Business Machines Corp. | 131299 | 38892 |
| EPAM Systems, Inc. <sup>(a)</sup> | 179438 | 36763 |
| Salesforce, Inc. | 126566 | 33529 |
| Intel Corp. <sup>(a)</sup> | 902119 | 33288 |
| Capgemini SE | 176911 | 29299 |
| Apple, Inc. | 107144 | 29128 |
| Ubiquiti, Inc. | 51660 | 28586 |
| Oracle Corp. | 102383 | 19956 |
| Dassault Systemes SE | 701879 | 19604 |
| Nemetschek SE | 140877 | 15361 |
| Check Point Software Technologies, Ltd. <sup>(a)</sup> | 79736 | 14796 |
| Synopsys,Inc. <sup>(a)</sup> | 23849 | 11202 |
|  |  | 2681518 |
| **Industrials 17.72%** |  |  |
| Airbus SE, non-registered shares | 640525 | 148572 |
| Comfort Systems USA, Inc. | 140027 | 130686 |
| Safran SA | 324785 | 113019 |
| General Electric Co. | 315857 | 97293 |
| Siemens AG | 330684 | 92868 |
| Ryanair Holdings PLC (ADR) | 1180370 | 85211 |
| Boeing Co. (The) <sup>(a)</sup> | 372821 | 80947 |
| Saab AB, Class B | 1217750 | 70832 |
| BAE Systems PLC | 2424921 | 55747 |
| GT Capital Holdings, Inc. | 5411899 | 54732 |
| ATI, Inc. <sup>(a)</sup> | 476446 | 54677 |
| TransDigm Group, Inc. | 38430 | 51106 |
| RS Group PLC | 5414909 | 45232 |
| Howmet Aerospace,Inc. | 212197 | 43505 |
| Core & Main, Inc., Class A <sup>(a)</sup> | 797398 | 41441 |
| ASSA ABLOY AB, Class B | 1034590 | 40110 |
| Rocket Lab Corp. <sup>(a)</sup> | 565667 | 39461 |
| DSV A/S | 153094 | 38526 |
| Hitachi, Ltd. | 1228900 | 38125 |
| Copart, Inc. <sup>(a)</sup> | 878862 | 34407 |
| Crane Co. | 178460 | 32913 |
| PACCAR, Inc. | 286995 | 31429 |
| The Toro Co. | 373724 | 29420 |
| Compagnie de Saint-Gobain SA, non-registered shares | 270675 | 27477 |
| Hanwha Aerospace Co., Ltd. | 40475 | 26333 |
| Alliance Global Group, Inc. | 156400700 | 21772 |
| FTAI Aviation, Ltd. | 102740 | 20224 |
| Mitsui & Co., Ltd. | 676500 | 19994 |
| Deere & Co. | 39278 | 18287 |

---

---

| | |
|:---|:---|
| **1** | American Funds Insurance Series |

---

Global Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value <br>(000) |
| **Industrials (continued)** |  |  |
| GE Vernova,Inc. | 24758 | $16181 |
| Daikin Industries, Ltd. | 76900 | 9872 |
| Ingersoll-Rand, Inc. | 96000 | 7605 |
|  |  | 1618004 |
| **Consumer discretionary 13.88%** |  |  |
| Prosus NV, Class N | 1846586 | 114052 |
| MercadoLibre, Inc. <sup>(a)</sup> | 42043 | 84686 |
| Renault SA | 1688781 | 69914 |
| Inchcape PLC | 6234573 | 64629 |
| Booking Holdings, Inc. | 11574 | 61983 |
| Starbucks Corp. | 729678 | 61446 |
| Compagnie Financiere Richemont SA, Class A | 279343 | 60287 |
| Amazon.com, Inc. <sup>(a)</sup> | 239344 | 55245 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 1462554 | 54114 |
| Hyundai Motor Co. | 254391 | 52086 |
| LKQ Corp. | 1640562 | 49545 |
| LVMH Moet Hennessy-Louis Vuitton SE | 64729 | 48799 |
| Trip.com Group, Ltd. (ADR) | 672433 | 48355 |
| MGM China Holdings, Ltd. | 28793200 | 48329 |
| General Motors Co. | 519771 | 42268 |
| InterContinental Hotels Group PLC | 299249 | 41918 |
| Restaurant Brands International, Inc. (CAD denominated) | 607375 | 41446 |
| Alibaba Group Holding, Ltd. (ADR) | 268854 | 39409 |
| Entain PLC | 3341847 | 34412 |
| Industria de Diseno Textil SA | 501952 | 33064 |
| Hermes International | 12384 | 30597 |
| Sanrio Co., Ltd. | 912300 | 28622 |
| Carvana Co., Class A <sup>(a)</sup> | 61924 | 26133 |
| D.R. Horton, Inc. | 173953 | 25054 |
| Toll Brothers, Inc. | 167692 | 22675 |
| Wynn Macau, Ltd. | 21430000 | 16295 |
| O'Reilly Automotive, Inc. <sup>(a)</sup> | 134120 | 12233 |
|  |  | 1267596 |
| **Financials 13.85%** |  |  |
| Citigroup,Inc. | 1215819 | 141874 |
| Banco Bilbao Vizcaya Argentaria SA | 5187583 | 121338 |
| 3i Group PLC | 2294508 | 99828 |
| Brookfield Corp., Class A | 2138896 | 98154 |
| Aon PLC, Class A | 244466 | 86267 |
| Visa, Inc., Class A | 237305 | 83225 |
| Prudential PLC | 5215411 | 80470 |
| Fiserv, Inc. <sup>(a)</sup> | 1031889 | 69312 |
| Societe Generale | 809341 | 65207 |
| Ameriprise Financial, Inc. | 104697 | 51337 |
| Allianz SE | 106923 | 49042 |
| Aviva PLC | 4545916 | 41620 |
| Halyk Savings Bank of Kazakhstan OJSC (GDR) | 1293921 | 38688 |
| Japan Post Insurance Co., Ltd. | 1156950 | 34716 |
| UniCredit SpA | 359971 | 29883 |
| CME Group, Inc., Class A | 103473 | 28256 |
| Coinbase Global, Inc., Class A <sup>(a)</sup> | 97796 | 22116 |
| MS&AD Insurance Group Holdings, Inc. | 831800 | 19587 |
| Arthur J. Gallagher & Co. | 74138 | 19186 |
| CaixaBank SA, non-registered shares | 1557890 | 19025 |
| HSBC Holdings PLC (GBP denominated) | 1163368 | 18239 |
| HDFC Bank, Ltd. | 1328758 | 14683 |

---

American Funds Insurance Series<sub>2</sub>

Global Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value <br>(000) |
| **Financials (continued)** |  |  |
| Eurobank SA | 3558529 | $14263 |
| Swissquote Group Holding, Ltd. | 15017 | 9116 |
| CVC Capital Partners PLC | 542527 | 9085 |
|  |  | 1264517 |
| **Health care 7.75%** |  |  |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 213311 | 96707 |
| Argenx SE (ADR) <sup>(a)</sup> | 80747 | 67904 |
| Regeneron Pharmaceuticals, Inc. | 83600 | 64528 |
| Thermo Fisher Scientific, Inc. | 103186 | 59791 |
| UnitedHealth Group,Inc. | 179184 | 59150 |
| Eli Lilly and Co. | 43922 | 47202 |
| EssilorLuxottica SA | 144508 | 45690 |
| Sanofi | 378504 | 36721 |
| Cigna Group (The) | 132736 | 36533 |
| AstraZeneca PLC | 194247 | 35779 |
| Pfizer, Inc. | 1418993 | 35333 |
| Haleon PLC | 6192098 | 31333 |
| Centene Corp. <sup>(a)</sup> | 580852 | 23902 |
| Bayer AG | 537074 | 23168 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> | 50179 | 19954 |
| Novo Nordisk AS, Class B | 237847 | 12124 |
| Teva Pharmaceutical Industries, Ltd. (ADR) <sup>(a)</sup> | 367000 | 11454 |
|  |  | 707273 |
| **Communication services 5.39%** |  |  |
| Meta Platforms, Inc., Class A | 213121 | 140679 |
| Alphabet,Inc., Class A | 269199 | 84259 |
| Spotify Technology SA <sup>(a)</sup> | 118391 | 68751 |
| Publicis Groupe SA | 549935 | 57051 |
| Bharti Airtel, Ltd. | 2029589 | 47612 |
| Netflix, Inc. <sup>(a)</sup> | 419340 | 39317 |
| Nintendo Co., Ltd. | 566253 | 38250 |
| Tencent Holdings, Ltd. | 213900 | 16391 |
|  |  | 492310 |
| **Consumer staples 3.33%** |  |  |
| Nestle SA | 695583 | 69136 |
| Dollar General Corp. | 408173 | 54193 |
| Costco Wholesale Corp. | 44829 | 38658 |
| Carrefour SA, non-registered shares | 2201230 | 36717 |
| Pernod Ricard SA | 384768 | 32940 |
| Coca-Cola HBC AG (CDI) <sup>(a)</sup> | 445087 | 23050 |
| Philip Morris International, Inc. | 121081 | 19421 |
| Monster Beverage Corp. <sup>(a)</sup> | 239297 | 18347 |
| Loblaw Cos., Ltd. | 267760 | 12105 |
|  |  | 304567 |
| **Materials 2.48%** |  |  |
| Lynas Rare Earths, Ltd. <sup>(a)</sup> | 5358289 | 44201 |
| Agnico Eagle Mines, Ltd. | 240735 | 40824 |
| Amcor PLC (CDI) | 3567000 | 29808 |
| Linde PLC | 63907 | 27249 |
| Sherwin-Williams Co. | 81338 | 26356 |
| First Quantum Minerals, Ltd. <sup>(a)</sup> | 802920 | 21527 |

---

---

| | |
|:---|:---|
| **3** | American Funds Insurance Series |

---

Global Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value <br>(000) |
| **Materials (continued)** |  |  |
| Syensqo SA | 168919 | $13566 |
| Ecolab,Inc. | 46140 | 12113 |
| LyondellBasell Industries NV | 250227 | 10835 |
|  |  | 226479 |
| **Energy 1.34%** |  |  |
| NAC Kazatomprom JSC (GDR) | 673935 | 37443 |
| Canadian Natural Resources, Ltd. (CAD denominated) | 1066948 | 36139 |
| Tourmaline Oil Corp. | 612792 | 27489 |
| Reliance Industries, Ltd. | 789344 | 13778 |
| TotalEnergies SE (EUR denominated) | 112486 | 7331 |
|  |  | 122180 |
| **Real estate 1.24%** |  |  |
| Mirvac Group REIT | 25439540 | 34719 |
| Simon Property Group, Inc. REIT | 168674 | 31223 |
| Sun Hung Kai Properties, Ltd. | 2378500 | 28855 |
| Dexus REIT | 3935855 | 18150 |
|  |  | 112947 |
| **Utilities 0.59%** |  |  |
| Oklo, Inc., Class A <sup>(a)(b)</sup> | 258331 | 18538 |
| Veolia Environnement SA | 429985 | 14981 |
| FirstEnergy Corp. | 286296 | 12818 |
| NRG Energy, Inc. | 50420 | 8029 |
|  |  | 54366 |
| **Total common stocks (cost: $5,566,337,000)** |  | 8851757 |
| Short-term securities 3.17% |  |  |
| **Money market investments 3.16%** |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(c)(d)</sup> | 2888549 | 288884 |
| **Money market investments purchased with collateral from securities on loan 0.01%** |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(c)(e)</sup> | 1098443 | 1098 |
| **Total short-term securities (cost: $289,944,000)** |  | 289982 |
| **Total investment securities 100.11% (cost: $5,856,281,000)** |  | 9141739 |
| Other assets less liabilities (0.11)% |  | (10393) |
| **Net assets 100.00%** |  | $9131346 |

---

American Funds Insurance Series<sub>4</sub>

Global Growth Fund (continued)

**Investments in affiliates <sup>(d)</sup>**

****

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value at<br> 1/1/2025<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000) | Value at<br> 12/31/2025<br> (000) | Dividend<br> or interest<br> income<br> (000) |
| **Short-term securities 3.16%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 3.16%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(c)</sup> | $283574 | $1841815 | $1836409 | $(82) | $(14) | $288884 | $12461 |

---

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending.

<sup>(c)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(d)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(e)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

**Key to abbreviation(s)**

ADR = American Depositary Receipts

CAD = Canadian dollars

CDI = CREST Depository Interest

EUR = Euros

GBP = British pounds

GDR = Global Depositary Receipts

REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **5** | American Funds Insurance Series |

---

Global Small Capitalization Fund

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Common stocks 96.08% | Shares | Value <br>(000) |
| **Industrials 21.20%** |  |  |
| International Container Terminal Services, Inc. | 3664220 | $35133 |
| ATI,Inc. <sup>(a)</sup> | 265862 | 30510 |
| Cleanaway Waste Management, Ltd. | 17157789 | 29580 |
| Trelleborg AB, Class B | 565261 | 23920 |
| Takasago Thermal Engineering Co., Ltd. | 806148 | 22853 |
| Diploma PLC | 300405 | 21440 |
| Casella Waste Systems, Inc., Class A <sup>(a)</sup> | 212525 | 20815 |
| Adecco Group AG | 694197 | 20168 |
| Nexans SA | 134522 | 19782 |
| Modine Manufacturing Co. <sup>(a)</sup> | 146345 | 19539 |
| UL Solutions, Inc., Class A | 236384 | 18641 |
| Qantas Airways, Ltd. | 2530925 | 17461 |
| Alaska Air Group, Inc. <sup>(a)</sup> | 343688 | 17287 |
| CBIZ, Inc. <sup>(a)</sup> | 340016 | 17154 |
| Carel Industries SpA | 555967 | 16010 |
| Comfort Systems USA, Inc. | 16788 | 15668 |
| VSE Corp. | 90068 | 15561 |
| Oshkosh Corp. | 106689 | 13403 |
| Bombardier, Inc., Class B <sup>(a)</sup> | 75000 | 12759 |
| Rumo SA | 4373675 | 11683 |
| ICF International, Inc. | 133699 | 11405 |
| Inox Wind, Ltd. <sup>(a)</sup> | 7777781 | 10690 |
| Kandenko Co., Ltd. | 327900 | 10538 |
| AFRY AB, Class B | 642228 | 10430 |
| Badger Infrastructure Solutions, Ltd. | 183079 | 9755 |
| Applied Industrial Technologies, Inc. | 35926 | 9225 |
| Addtech AB, Class B | 245222 | 8714 |
| Howden Joinery Group PLC | 747163 | 8320 |
| Neway Valve (Suzhou) Co., Ltd., Class A | 1107550 | 8219 |
| dormakaba Holding AG | 97220 | 7861 |
| ESAB Corp. | 68792 | 7685 |
| First Advantage Corp. <sup>(a)</sup> | 528767 | 7683 |
| Sterling Infrastructure, Inc. <sup>(a)</sup> | 24972 | 7647 |
| Beijer Ref AB, Class B | 445805 | 7172 |
| Visional, Inc. <sup>(a)</sup> | 105238 | 6730 |
| IMCD NV | 71611 | 6515 |
| Sinfonia Technology Co., Ltd. | 110986 | 6443 |
| Huber + Suhner AG | 35267 | 6381 |
| Tetra Tech, Inc. | 186785 | 6265 |
| Engcon AB, Class B | 624455 | 5619 |
| Localiza Rent a Car SA, ordinary nominative shares | 663945 | 5236 |
| Localiza Rent a Car SA <sup>(a)</sup> | 25536 | 194 |
| SATS, Ltd. | 1817900 | 5378 |
| SPIE SA | 90533 | 5211 |
| Rosebank Industries PLC <sup>(a)</sup> | 1094795 | 5163 |
| WESCO International, Inc. | 20529 | 5022 |
| XPO, Inc. <sup>(a)</sup> | 35214 | 4786 |
| Saia, Inc. <sup>(a)</sup> | 13577 | 4433 |
| RENK Group AG | 60784 | 3806 |
| Hensoldt AG <sup>(b)</sup> | 41633 | 3598 |
| Matson, Inc. | 28475 | 3518 |
| Reliance Worldwide Corp., Ltd. | 1357484 | 3485 |
| Takuma Co., Ltd. | 204600 | 3237 |
| KEI Industries, Ltd. | 64373 | 3195 |
| IndiaMart InterMesh, Ltd. | 113259 | 2802 |
| Huaming Power Equipment Co., Ltd., Class A | 647600 | 2314 |
| Byrna Technologies, Inc. <sup>(a)(b)</sup> | 98413 | 1652 |
| McGrath RentCorp | 3980 | 418 |
|  |  | 626112 |

---

American Funds Insurance Series<sub>6</sub>

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value <br>(000) |
| **Financials 16.44%** |  |  |
| IIFL Finance, Ltd. <sup>(a)</sup> | 4298688 | $29178 |
| Stifel Financial Corp. | 224039 | 28054 |
| HDFC Asset Management Co., Ltd. | 907132 | 26969 |
| SLM Corp. | 972198 | 26308 |
| Porto Seguro SA | 2915882 | 25720 |
| Glacier Bancorp, Inc. | 577688 | 25447 |
| Cholamandalam Investment and Finance Co., Ltd. | 1274960 | 24092 |
| First American Financial Corp. | 379577 | 23321 |
| Vontobel Holding AG | 257533 | 20820 |
| Max Financial Services, Ltd. <sup>(a)</sup> | 975628 | 18142 |
| SiriusPoint, Ltd. <sup>(a)</sup> | 767775 | 16807 |
| Kyoto Financial Group, Inc. | 750000 | 16355 |
| Pluxee NV | 1010488 | 15831 |
| Janus Henderson Group PLC | 299721 | 14258 |
| Lazard, Inc., Class A | 274252 | 13318 |
| Home BancShares, Inc. | 449364 | 12483 |
| Gunma Bank, Ltd. (The) | 1068100 | 11747 |
| Sprott, Inc. | 109623 | 10737 |
| GQG Partners, Inc. (CDI) | 9139164 | 10643 |
| Banco del Bajio SA | 3890796 | 9827 |
| Asia Commercial Joint Stock Bank | 10676850 | 9743 |
| SouthState Bank Corp. | 94096 | 8855 |
| Eurobank SA | 2174630 | 8716 |
| EFG International AG | 334117 | 7988 |
| FirstCash Holdings, Inc. | 48401 | 7714 |
| Hokuhoku Financial Group, Inc. | 253900 | 7410 |
| IG Group Holdings PLC | 382385 | 6778 |
| Patria Investments, Ltd., Class A | 397904 | 6323 |
| Discovery, Ltd. | 381042 | 5240 |
| JB Financial Group Co., Ltd. | 282792 | 5023 |
| PJT Partners, Inc., Class A | 28318 | 4735 |
| 360 ONE WAM, Ltd. | 356178 | 4703 |
| Baldwin Insurance Group, Inc. (The), Class A <sup>(a)</sup> | 180849 | 4346 |
| CVB Financial Corp. | 226040 | 4204 |
| Root, Inc., Class A <sup>(a)</sup> | 53525 | 3866 |
| Pinnacle Investment Management Group, Ltd. | 322427 | 3655 |
| Haci A–mer Sabanci Holding AS | 1367842 | 2691 |
| Capitec Bank Holdings, Ltd. | 8764 | 2201 |
| EZCORP,Inc., Class A, nonvoting shares <sup>(a)</sup> | 74602 | 1449 |
|  |  | 485697 |
| **Information technology 14.52%** |  |  |
| King Slide Works Co., Ltd. | 253784 | 30159 |
| Lumentum Holdings, Inc. <sup>(a)</sup> | 80942 | 29834 |
| Semtech Corp. <sup>(a)</sup> | 376056 | 27712 |
| MACOM Technology Solutions Holdings, Inc. <sup>(a)</sup> | 156241 | 26761 |
| Lattice Semiconductor Corp. <sup>(a)</sup> | 358889 | 26407 |
| Kokusai Electric Corp. | 663891 | 23173 |
| Q2 Holdings, Inc. <sup>(a)</sup> | 305539 | 22048 |
| CompoSecure, Inc., Class A <sup>(a)(c)</sup> | 948877 | 17014 |
| CompoSecure, Inc., Class A <sup>(a)</sup> | 145811 | 2811 |
| PAR Technology Corp. <sup>(a)(b)</sup> | 466983 | 16942 |
| Silicon Laboratories, Inc. <sup>(a)</sup> | 116697 | 15252 |
| Allegro MicroSystems,Inc. <sup>(a)</sup> | 555183 | 14646 |
| Rogers Corp. <sup>(a)</sup> | 147666 | 13522 |
| Credo Technology Group Holding, Ltd. <sup>(a)</sup> | 92021 | 13241 |
| Unity Software, Inc. <sup>(a)</sup> | 277946 | 12277 |
| Agilysys, Inc. <sup>(a)</sup> | 96907 | 11516 |
| Maruwa Co., Ltd. | 41254 | 11156 |
| Riken Keiki Co., Ltd. | 530000 | 10840 |

---

---

| | |
|:---|:---|
| **7** | American Funds Insurance Series |

---

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value <br>(000) |
| **Information technology (continued)** |  |  |
| Pegasystems, Inc. | 159265 | $9511 |
| Klaviyo,Inc., Class A <sup>(a)</sup> | 284599 | 9241 |
| Tokyo Seimitsu Co., Ltd. | 124023 | 8770 |
| eMemory Technology, Inc. | 157430 | 8595 |
| Fabrinet, non-registered shares <sup>(a)</sup> | 14995 | 6827 |
| Soitec <sup>(a)</sup> | 177920 | 4810 |
| Cellebrite DI, Ltd. <sup>(a)</sup> | 253216 | 4565 |
| Netskope, Inc., Class A <sup>(a)(b)</sup> | 251977 | 4420 |
| Via Transportation, Inc., Class A <sup>(a)(b)</sup> | 141377 | 4101 |
| OBIC Business Consultants Co., Ltd. | 73900 | 3990 |
| Insight Enterprises, Inc. <sup>(a)</sup> | 47429 | 3864 |
| Softcat PLC | 195529 | 3717 |
| Topicus.com, Inc., subordinate voting shares <sup>(a)</sup> | 38110 | 3530 |
| MongoDB, Inc., Class A <sup>(a)</sup> | 8355 | 3507 |
| Shibaura Mechatronics Corp. | 26300 | 3190 |
| Commvault Systems, Inc. <sup>(a)</sup> | 24418 | 3061 |
| HPSP Co., Ltd. | 132490 | 3056 |
| Cipher Mining, Inc. <sup>(a)(b)</sup> | 206487 | 3048 |
| MARA Holdings, Inc. <sup>(a)(b)</sup> | 327085 | 2937 |
| ASMPT, Ltd. | 293500 | 2921 |
| Domo, Inc., Class B <sup>(a)</sup> | 300977 | 2537 |
| Wolfspeed, Inc. <sup>(a)(b)</sup> | 89368 | 1556 |
| Hexaware Technologies, Ltd. | 126699 | 1079 |
| Bitdeer Technologies Group, Class A <sup>(a)(b)</sup> | 49512 | 555 |
| Yotpo, Ltd. <sup>(a)(c)(d)</sup> | 678736 | 265 |
|  |  | 428964 |
| **Consumer discretionary 11.70%** |  |  |
| CAVA Group, Inc. <sup>(a)(b)</sup> | 547511 | 32133 |
| Light & Wonder, Inc. CHESS Depositary Interest <sup>(a)</sup> | 266937 | 27998 |
| Entain PLC | 2694154 | 27743 |
| TopBuild Corp. <sup>(a)</sup> | 49920 | 20826 |
| DraftKings, Inc., Class A <sup>(a)</sup> | 535848 | 18465 |
| Thor Industries, Inc. | 170817 | 17538 |
| Champion Homes, Inc. <sup>(a)</sup> | 182251 | 15400 |
| Sega Sammy Holdings, Inc. | 878000 | 13727 |
| Wyndham Hotels & Resorts, Inc. | 175062 | 13228 |
| Acushnet Holdings Corp. | 165000 | 13170 |
| LKQ Corp. | 420833 | 12709 |
| Patrick Industries, Inc. | 96348 | 10447 |
| Guzman y Gomez, Ltd. | 668245 | 9643 |
| Food & Life Cos., Ltd. | 184900 | 9373 |
| Steven Madden, Ltd. <sup>(b)</sup> | 208312 | 8674 |
| Ollies Bargain Outlet Holdings, Inc. <sup>(a)</sup> | 74296 | 8144 |
| Aditya Vision, Ltd. | 1363712 | 7408 |
| Cartrade Tech, Ltd. <sup>(a)</sup> | 227495 | 7154 |
| tonies SE, Class A <sup>(a)</sup> | 568903 | 6987 |
| Grand Canyon Education, Inc. <sup>(a)</sup> | 41039 | 6825 |
| Dominos Pizza Enterprises, Ltd. | 486762 | 6810 |
| Lottomatica Group SpA | 254958 | 6691 |
| MRF, Ltd. | 3861 | 6567 |
| Yonex Co., Ltd. | 300000 | 6362 |
| Boot Barn Holdings, Inc. <sup>(a)</sup> | 33840 | 5972 |
| Inchcape PLC | 420301 | 4357 |
| Camping World Holdings, Inc., Class A | 426336 | 4148 |
| Cairn Homes PLC (EUR denominated) | 1597882 | 3891 |
| Savers Value Village, Inc. <sup>(a)</sup> | 367506 | 3433 |
| Zalando SE, non-registered shares <sup>(a)</sup> | 115415 | 3427 |
| Smartfit Escola de Ginastica e Danca SA | 677584 | 2865 |

---

American Funds Insurance Series<sub>8</sub>

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value <br>(000) |
| **Consumer discretionary (continued)** |  |  |
| Coats Group PLC | 2231726 | $2529 |
| Groupe Dynamite, Inc. | 8500 | 512 |
| Metaplanet, Inc. <sup>(a)</sup> | 137850 | 350 |
|  |  | 345506 |
| **Health care 10.57%** |  |  |
| Insulet Corp. <sup>(a)</sup> | 85352 | 24260 |
| Ensign Group, Inc. (The) | 127853 | 22272 |
| Carl Zeiss Meditec AG, non-registered shares <sup>(b)</sup> | 417299 | 19593 |
| IDEAYA Biosciences, Inc. <sup>(a)(b)</sup> | 486851 | 16830 |
| Bio-Rad Laboratories, Inc., Class A <sup>(a)</sup> | 54843 | 16617 |
| Max Healthcare Institute, Ltd. | 1220256 | 14191 |
| Addus HomeCare Corp. <sup>(a)</sup> | 125640 | 13492 |
| Kymera Therapeutics, Inc. <sup>(a)</sup> | 171932 | 13378 |
| Rhythm Pharmaceuticals, Inc. <sup>(a)</sup> | 112926 | 12088 |
| Ambu AS, Class B, non-registered shares <sup>(b)</sup> | 873841 | 12047 |
| ADMA Biologics, Inc. <sup>(a)</sup> | 596196 | 10875 |
| Vitrolife AB | 730264 | 10864 |
| Bio-Techne Corp. | 178365 | 10490 |
| Zealand Pharma AS <sup>(a)</sup> | 132343 | 9631 |
| Masimo Corp. <sup>(a)(b)</sup> | 72354 | 9410 |
| Vimian Group AB (publ) <sup>(a)(b)</sup> | 2729438 | 8952 |
| Asker Healthcare Group AB <sup>(a)</sup> | 964065 | 8829 |
| iRhythm Technologies, Inc. <sup>(a)</sup> | 45776 | 8122 |
| Encompass Health Corp. | 62771 | 6662 |
| BridgeBio Pharma, Inc. <sup>(a)</sup> | 86007 | 6579 |
| Shanghai Conant Optical Co., Ltd., Class H | 902000 | 6258 |
| Establishment Labs Holdings, Inc. <sup>(a)(b)</sup> | 85657 | 6243 |
| Indegene, Ltd. | 933888 | 5409 |
| Denali Therapeutics, Inc. <sup>(a)</sup> | 315416 | 5208 |
| CONMED Corp. | 124153 | 5041 |
| Dr. Lal PathLabs, Ltd. | 301052 | 4966 |
| AddLife AB, Class B | 285033 | 4923 |
| Aster DM Healthcare, Ltd. | 688425 | 4725 |
| Prestige Consumer Healthcare, Inc. <sup>(a)</sup> | 53648 | 3310 |
| Inhibrx Biosciences, Inc. <sup>(a)(b)</sup> | 41358 | 3267 |
| Enliven Therapeutics, Inc. <sup>(a)(b)</sup> | 138269 | 2129 |
| Waystar Holding Corp. <sup>(a)</sup> | 59700 | 1955 |
| Biohaven, Ltd. <sup>(a)</sup> | 164617 | 1859 |
| GeneDx Holdings Corp., Class A <sup>(a)</sup> | 12764 | 1660 |
|  |  | 312135 |
| **Materials 7.75%** |  |  |
| Resonac Holdings Co., Ltd. | 1078714 | 45051 |
| Materion Corp. | 237927 | 29579 |
| Sumitomo Bakelite Co., Ltd. | 830059 | 27399 |
| Celanese Corp. | 567064 | 23975 |
| Lundin Mining Corp. | 1000000 | 21493 |
| Lundin Gold, Inc. | 202100 | 16789 |
| Knife River Corp. <sup>(a)</sup> | 174361 | 12266 |
| Dyno Nobel, Ltd. | 5112453 | 10919 |
| Louisiana-Pacific Corp. | 110000 | 8884 |
| Vicat SACA | 85775 | 7625 |
| Acerinox SA | 437480 | 6481 |
| Mitsui Kinzoku Co., Ltd. | 41700 | 4711 |
| Umicore SA | 168404 | 3515 |
| Cabot Corp. | 48229 | 3197 |
| Huhtamaki OYJ | 82277 | 2867 |

---

---

| | |
|:---|:---|
| **9** | American Funds Insurance Series |

---

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value <br>(000) |
| **Materials (continued)** |  |  |
| Arkema SA | 34302 | $2098 |
| Mayr-Melnhof Karton AG, non-registered shares | 17249 | 1882 |
| Titan SA | 1455 | 90 |
|  |  | 228821 |
| **Communication services 3.97%** |  |  |
| Nippon Television Holdings, Inc. | 986700 | 23925 |
| Magnite, Inc. <sup>(a)</sup> | 1429601 | 23202 |
| Springer Nature AG & Co. KGaA, non-registered shares | 593839 | 13346 |
| Stubhub Holdings, Inc., Class A <sup>(a)(b)</sup> | 900000 | 12177 |
| New York Times Co., Class A | 175000 | 12149 |
| Indosat Tbk PT | 85573409 | 11905 |
| Kadokawa Corp. | 529800 | 10749 |
| Rightmove PLC | 1080615 | 7555 |
| Bharti Hexacom, Ltd. | 63232 | 1282 |
| Starz Entertainment Corp. <sup>(a)</sup> | 82800 | 969 |
|  |  | 117259 |
| **Consumer staples 3.25%** |  |  |
| Raia Drogasil SA, ordinary nominative shares | 7751754 | 33248 |
| BBB Foods, Inc., Class A <sup>(a)</sup> | 767003 | 25610 |
| Universal Robina Corp. | 13048305 | 14887 |
| Lamb Weston Holdings, Inc. | 320000 | 13405 |
| Apotea Sverige AB <sup>(a)</sup> | 593629 | 5929 |
| e.l.f. Beauty, Inc. <sup>(a)</sup> | 40599 | 3087 |
|  |  | 96166 |
| **Energy 2.66%** |  |  |
| Weatherford International | 409326 | 32034 |
| CNX Resources Corp. <sup>(a)</sup> | 525389 | 19319 |
| Vista Energy, SAB de CV, Class A (ADR) <sup>(a)</sup> | 207708 | 10107 |
| Aegis Logistics Ltd. | 790464 | 6306 |
| Secure Waste Infrastructure Corp. | 369037 | 4643 |
| Cactus, Inc., Class A | 77043 | 3519 |
| Aegis Vopak Terminals, Ltd. <sup>(a)</sup> | 953011 | 2643 |
|  |  | 78571 |
| **Real estate 2.41%** |  |  |
| Charter Hall Group REIT | 1491963 | 24257 |
| Embassy Office Parks REIT | 4429528 | 21465 |
| Mindspace Business Parks REIT | 1250000 | 6607 |
| NTT DC REIT <sup>(a)</sup> | 5706900 | 5815 |
| Lodha Developers, Ltd. | 442564 | 5226 |
| St. Joe Co. | 70902 | 4209 |
| Altus Group, Ltd. | 88775 | 3668 |
|  |  | 71247 |
| **Utilities 1.61%** |  |  |
| Black Hills Corp. | 280286 | 19457 |
| Talen Energy Corp. <sup>(a)</sup> | 23357 | 8755 |

---

American Funds Insurance Series<sub>10</sub>

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value <br>(000) |
| **Utilities (continued)** |  |  |
| Nippon Gas Co., Ltd. | 364000 | $6893 |
| SembCorp Industries, Ltd. | 1425500 | 6655 |
| IDACORP,Inc. | 45900 | 5809 |
|  |  | 47569 |
| **Total common stocks (cost: $2,108,611,000)** |  | 2838047 |
| Preferred securities 0.66% |  |  |
| **Information technology 0.41%** |  |  |
| SmartHR, Inc., Series D, preferred shares <sup>(a)(c)(d)</sup> | 3006 | 10054 |
| Yotpo, Ltd., Series F, preferred shares <sup>(a)(c)(d)</sup> | 2158609 | 842 |
| Yotpo, Ltd., Series B, preferred shares <sup>(a)(c)(d)</sup> | 287894 | 112 |
| Yotpo, Ltd., Series C, preferred shares <sup>(a)(c)(d)</sup> | 274070 | 107 |
| Yotpo, Ltd., Series A-1, preferred shares <sup>(a)(c)(d)</sup> | 183819 | 72 |
| Yotpo, Ltd., Series A, preferred shares <sup>(a)(c)(d)</sup> | 89605 | 35 |
| Yotpo, Ltd., Series C-1, preferred shares <sup>(a)(c)(d)</sup> | 75980 | 30 |
| Yotpo, Ltd., Series D, preferred shares <sup>(a)(c)(d)</sup> | 42368 | 16 |
| Yotpo, Ltd., Series B-1, preferred shares <sup>(a)(c)(d)</sup> | 33838 | 13 |
| Outreach Corp., Series G, preferred shares <sup>(a)(c)(d)</sup> | 154354 | 807 |
|  |  | 12088 |
| **Financials 0.25%** |  |  |
| Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares <sup>(a)(b)</sup> | 500000 | 7200 |
| **Total preferred securities (cost: $27,808,000)** |  | 19288 |
| Rights & warrants 0.00% |  |  |
| **Consumer discretionary 0.00%** |  |  |
| Smartfit Escola de Ginastica e Danca SA, rights, expire 1/6/2026 <sup>(a)</sup> | 21419 | 12 |

---

---

| | | | |
|:---|:---|:---|:---|
| Convertible bonds & notes 0.05% | Principal amount<br> (000) | Principal amount<br> (000) |  |
| **Information technology 0.05%** |  |  |  |
| Wolfspeed,Inc., convertible notes, 2.50% 6/15/2031 | USD | 773 | 1149 |
| Wolfspeed,Inc., convertible notes, 2.50% 6/15/2031 <sup>(e)</sup> |  | 291 | 432 |
| **Total convertible bonds & notes (cost: $923,000)** |  |  | 1581 |
| Bonds, notes & other debt instruments 0.03% |  |  |  |
| **Corporate bonds and notes 0.03%** |  |  |  |
| **Information technology 0.03%** |  |  |  |
| Wolfspeed, Inc. 7.00% Cash 6/15/2031 (7.00% on 12/15/2030) <sup>(f)(g)</sup> |  | 1173 | 945 |
| **Total bonds, notes & other debt instruments (cost: $1,334,000)** |  |  | 945 |

---

---

| | | |
|:---|:---|:---|
| Short-term securities 6.72% | Shares |  |
| **Money market investments 2.90%** |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(h)(i)</sup> | 856817 | 85690 |

---

---

| | |
|:---|:---|
| **11** | American Funds Insurance Series |

---

Global Small Capitalization Fund (continued)

---

| | | |
|:---|:---|:---|
| Short-term securities (continued) | Shares | Value <br>(000) |
| **Money market investments purchased with collateral from securities on loan 2.33%** |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(h)(j)</sup> | 55116990 | $55117 |
| Capital Group Central Cash Fund 3.79% <sup>(h)(i)(j)</sup> | 138082 | 13810 |
|  |  | 68927 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Weighted<br> average yield<br> at acquisition | Principal amount<br> (000) | Principal amount<br> (000) | |
| **Commercial paper 1.49%** |  |  |  |  |
| Oversea-Chinese Banking Corp., Ltd. 1/16/2026 <sup>(e)</sup> | 3.214% | USD | 21500 | 21464 |
| TOTAL Holdings USA, Inc. 1/9/2026 <sup>(e)</sup> | 2.868 |  | 22500 | 22479 |
|  |  |  |  | 43943 |
| **Total short-term securities (cost: $198,558,000)** |  |  |  | 198560 |
| **Total investment securities 103.54% (cost: $2,337,234,000)** |  |  |  | 3058433 |
| Other assets less liabilities (3.54)% |  |  |  | (104630) |
| **Net assets 100.00%** |  |  |  | $2953803 |

---

**Investments in affiliates <sup>(i)</sup>**

****

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value at<br> 1/1/2025<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000) | Value at<br> 12/31/2025<br> (000) | Dividend<br> or interest<br> income<br> (000) |
| **Common stocks 0.00%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Consumer discretionary 0.00%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lands' End, Inc. <sup>(a)(k)</sup> | $27594 | $— | $16981 | $2176 | $(12789) | $— | $— |
| **Short-term securities 3.37%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 2.90%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(h)</sup> | 16001 | 781768 | 712093 | 10 | 4 | 85690 | 4646 |
| &nbsp;&nbsp;&nbsp;**Money market investments purchased with collateral from securities on loan 0.47%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(h)(j)</sup> | 19927 |  | 6117 <sup>(l)</sup> |  |  | 13810 | — <sup>(m)</sup> |
| &nbsp;&nbsp;&nbsp;**Total short-term securities** |  |  |  |  |  | 99500 |  |
| &nbsp;&nbsp;&nbsp;**Total 3.37%** |  |  |  | $2186 | $(12785) | $99500 | $4646 |

---

**Restricted securities <sup>(c)</sup>**

****

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Acquisition <br>date(s) | Cost <br>(000) | Value <br>(000) | Percent<br> of net<br> assets |
| CompoSecure, Inc., Class A <sup>(a)</sup> | 12/24/2025 | $17554 | $17014 | 0.57% |
| SmartHR, Inc., Series D, preferred shares <sup>(a)(d)</sup> | 5/28/2021 | 14344 | 10054 | 0.34 |
| Yotpo, Ltd., Series F, preferred shares <sup>(a)(d)</sup> | 2/25/2021 | 4748 | 842 | 0.03 |
| Yotpo, Ltd. <sup>(a)(d)</sup> | 3/16/2021 | 1418 | 265 | 0.01 |
| Yotpo, Ltd., Series B, preferred shares <sup>(a)(d)</sup> | 3/16/2021 | 602 | 112 | 0.01 |
| Yotpo, Ltd., Series C, preferred shares <sup>(a)(d)</sup> | 3/16/2021 | 573 | 107 | 0.00 <sup>(n)</sup> |
| Yotpo, Ltd., Series A-1, preferred shares <sup>(a)(d)</sup> | 3/16/2021 | 384 | 72 | 0.00 <sup>(n)</sup> |
| Yotpo, Ltd., Series A, preferred shares <sup>(a)(d)</sup> | 3/16/2021 | 187 | 35 | 0.00 <sup>(n)</sup> |
| Yotpo, Ltd., Series C-1, preferred shares <sup>(a)(d)</sup> | 3/16/2021 | 159 | 30 | 0.00 <sup>(n)</sup> |
| Yotpo, Ltd., Series D, preferred shares <sup>(a)(d)</sup> | 3/16/2021 | 88 | 16 | 0.00 <sup>(n)</sup> |

---

American Funds Insurance Series<sub>12</sub>

Global Small Capitalization Fund (continued)

**Restricted securities <sup>(c)</sup>** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Acquisition<br> date(s) | Cost<br> (000) | Value<br> (000) | Percent<br> of net<br> assets |
| Yotpo, Ltd., Series B-1, preferred shares <sup>(a)(d)</sup> | 3/16/2021 | $71 | $13 | 0.00 %<sup>(n)</sup> |
| Outreach Corp., Series G, preferred shares <sup>(a)(d)</sup> | 5/27/2021 | 4517 | 807 | 0.03 |
| **Total** |  | $44645 | $29367 | 0.99% |

---

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending.

<sup>(c)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(d)</sup> Value determined using significant unobservable inputs.

<sup>(e)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $44,375,000, which represented 1.50% of the net assets of the fund.

<sup>(f)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

<sup>(g)</sup> Step bond; coupon rate may change at a later date.

<sup>(h)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(i)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities
 lending.

<sup>(k)</sup> Affiliated issuer during the reporting period but no longer held at 12/31/2025.

<sup>(l)</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>(m)</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

<sup>(n)</sup> Amount less than 0.01%.

**Key to abbreviation(s)**

ADR = American Depositary Receipts

CDI = CREST Depository Interest

EUR = Euros

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **13** | American Funds Insurance Series |

---

Growth Fund

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Common stocks 97.05% | Shares | Value <br>(000) |
| **Information technology 30.03%** |  |  |
| NVIDIA Corp. | 14633168 | $2729086 |
| Broadcom,Inc. | 7127917 | 2466972 |
| Microsoft Corp. | 4705891 | 2275863 |
| Micron Technology, Inc. | 4145247 | 1183095 |
| Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup> | 6681199 | 1075473 |
| Apple, Inc. | 3469920 | 943333 |
| Cloudflare, Inc., Class A <sup>(a)</sup> | 3933670 | 775523 |
| Salesforce, Inc. | 2329847 | 617200 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 9590699 | 468538 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 178139 | 54135 |
| SK hynix, Inc. | 1021431 | 462530 |
| Strategy, Inc., Class A <sup>(a)</sup> | 2430046 | 369246 |
| Constellation Software, Inc. | 144522 | 347619 |
| Fair Isaac Corp. <sup>(a)</sup> | 159463 | 269591 |
| Synopsys, Inc. <sup>(a)</sup> | 548921 | 257839 |
| AppLovin Corp., Class A <sup>(a)</sup> | 321334 | 216521 |
| KLA Corp. | 161842 | 196651 |
| Unity Software, Inc. <sup>(a)</sup> | 4187714 | 184971 |
| Adobe, Inc. <sup>(a)</sup> | 464126 | 162440 |
| Intel Corp. <sup>(a)</sup> | 4381849 | 161690 |
| Amphenol Corp., Class A | 1061587 | 143463 |
| ASML Holding NV (ADR) | 121131 | 129593 |
| ASML Holding NV | 11142 | 11910 |
| Klaviyo, Inc., Class A <sup>(a)</sup> | 3758673 | 122044 |
| Gartner,Inc. <sup>(a)</sup> | 440392 | 111102 |
| DocuSign, Inc. <sup>(a)</sup> | 1362952 | 93226 |
| Intuit, Inc. | 109602 | 72603 |
| Fortinet, Inc. <sup>(a)</sup> | 840566 | 66749 |
| <u><u>Monday.com</u>, Ltd. <sup>(a)</sup></u> | 437980 | 64628 |
| HubSpot,Inc. <sup>(a)</sup> | 133103 | 53414 |
| Accenture PLC, Class A | 194545 | 52196 |
| Datadog, Inc., Class A <sup>(a)</sup> | 322570 | 43866 |
| RingCentral, Inc., Class A <sup>(a)</sup> | 1465500 | 42324 |
| Tower Semiconductor, Ltd. <sup>(a)</sup> | 328759 | 38603 |
| Atlassian Corp., Class A <sup>(a)</sup> | 175462 | 28449 |
| Applied Materials,Inc. | 102877 | 26438 |
| Hewlett Packard Enterprise Co. | 1097823 | 26370 |
| OpenAI Group PBC, Class A <sup>(a)(b)</sup> | 35568 | 17228 |
| MKS,Inc. | 101047 | 16147 |
| ServiceNow, Inc. <sup>(a)</sup> | 100415 | 15383 |
| TE Connectivity PLC | 58501 | 13310 |
| Stripe, Inc., Class B <sup>(a)(b)(c)</sup> | 168598 | 6983 |
| Figma,Inc. <sup>(a)</sup> | 181900 | 6798 |
|  |  | 16421143 |
| **Communication services 17.08%** |  |  |
| Meta Platforms, Inc., Class A | 6338307 | 4183853 |
| Alphabet, Inc., Class A | 5117670 | 1601831 |
| Alphabet, Inc., Class C | 4890122 | 1534520 |
| Netflix, Inc. <sup>(a)</sup> | 11967549 | 1122077 |
| Live Nation Entertainment,Inc. <sup>(a)</sup> | 1673146 | 238423 |
| Snap, Inc., Class A, nonvoting shares <sup>(a)</sup> | 27200000 | 219504 |
| ROBLOX Corp., Class A <sup>(a)</sup> | 2022582 | 163890 |
| Reddit,Inc., Class A <sup>(a)</sup> | 385000 | 88500 |
| Charter Communications, Inc., Class A <sup>(a)</sup> | 257459 | 53745 |
| Take-Two Interactive Software, Inc. <sup>(a)</sup> | 205671 | 52658 |
| T-Mobile US, Inc. | 142902 | 29015 |

---

American Funds Insurance Series<sub>14</sub>

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value <br>(000) |
| **Communication services (continued)** |  |  |
| Nintendo Co., Ltd. | 411400 | $27790 |
| Spotify Technology SA <sup>(a)</sup> | 36511 | 21202 |
| Stubhub Holdings, Inc., Class A <sup>(a)(d)</sup> | 289405 | 3916 |
|  |  | 9340924 |
| **Consumer discretionary 15.69%** |  |  |
| Tesla, Inc. <sup>(a)</sup> | 7508443 | 3376697 |
| Amazon.com, Inc. <sup>(a)</sup> | 4731936 | 1092225 |
| Royal Caribbean Cruises, Ltd. | 1873957 | 522684 |
| D.R. Horton, Inc. | 3192890 | 459872 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 9143057 | 338293 |
| DoorDash, Inc., Class A <sup>(a)</sup> | 1463440 | 331440 |
| NIKE, Inc., Class B | 4175649 | 266031 |
| Flutter Entertainment PLC <sup>(a)</sup> | 1088583 | 234089 |
| Burlington Stores, Inc. <sup>(a)</sup> | 606948 | 175317 |
| Tractor Supply Co. | 3325000 | 166283 |
| Hermes International | 61000 | 150713 |
| Wayfair, Inc., Class A <sup>(a)</sup> | 1406061 | 141183 |
| Norwegian Cruise Line Holdings, Ltd. <sup>(a)</sup> | 6094950 | 136039 |
| Rivian Automotive, Inc., Class A <sup>(a)</sup> | 6072024 | 119680 |
| Aramark | 3218114 | 118620 |
| Home Depot, Inc. | 315781 | 108660 |
| Texas Roadhouse, Inc. | 569220 | 94491 |
| LVMH Moet Hennessy-Louis Vuitton SE | 103754 | 78220 |
| CAVA Group, Inc. <sup>(a)</sup> | 1153603 | 67705 |
| Service Corp. International | 848647 | 66169 |
| Amadeus IT Group SA, Class A, non-registered shares | 900457 | 66047 |
| Five Below, Inc. <sup>(a)</sup> | 252000 | 47467 |
| Duolingo, Inc., Class A <sup>(a)</sup> | 267716 | 46984 |
| TopBuild Corp. <sup>(a)</sup> | 109349 | 45619 |
| Churchill Downs, Inc. | 393735 | 44799 |
| Booking Holdings, Inc. | 8123 | 43501 |
| DraftKings, Inc., Class A <sup>(a)</sup> | 1260429 | 43434 |
| Floor & Decor Holdings, Inc., Class A <sup>(a)</sup> | 690678 | 42055 |
| YUM! Brands, Inc. | 246744 | 37327 |
| O'Reilly Automotive, Inc. <sup>(a)</sup> | 310795 | 28348 |
| Polaris, Inc. | 371000 | 23466 |
| Starbucks Corp. | 250453 | 21091 |
| AutoZone, Inc. <sup>(a)</sup> | 5049 | 17124 |
| Marriott International, Inc., Class A | 46380 | 14389 |
| Caesars Entertainment, Inc. <sup>(a)</sup> | 356300 | 8334 |
| Helen of Troy, Ltd. <sup>(a)</sup> | 269597 | 5729 |
|  |  | 8580125 |
| **Health care 10.98%** |  |  |
| Intuitive Surgical, Inc. <sup>(a)</sup> | 1991933 | 1128151 |
| Eli Lilly and Co. | 939135 | 1009270 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 1501764 | 680840 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> | 1708686 | 679459 |
| HCA Healthcare, Inc. | 627846 | 293116 |
| UnitedHealth Group, Inc. | 835333 | 275752 |
| Thermo Fisher Scientific, Inc. | 472926 | 274037 |
| Boston Scientific Corp. <sup>(a)</sup> | 2452163 | 233814 |
| Amgen, Inc. | 520625 | 170406 |
| Ionis Pharmaceuticals, Inc. <sup>(a)</sup> | 1674900 | 132501 |
| Illumina, Inc. <sup>(a)</sup> | 993454 | 130302 |
| Guardant Health, Inc. <sup>(a)</sup> | 1005728 | 102725 |
| Ascendis Pharma AS (ADR) <sup>(a)</sup> | 444896 | 94870 |
| Moderna, Inc. <sup>(a)</sup> | 3047100 | 89859 |

---

---

| | |
|:---|:---|
| **15** | American Funds Insurance Series |

---

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value <br>(000) |
| **Health care (continued)** |  |  |
| Mettler-Toledo International, Inc. <sup>(a)</sup> | 62042 | $86498 |
| Danaher Corp. | 375705 | 86006 |
| Align Technology, Inc. <sup>(a)</sup> | 540602 | 84415 |
| Hims & Hers Health, Inc., Class A <sup>(a)(d)</sup> | 2320554 | 75348 |
| Insmed, Inc. <sup>(a)</sup> | 418330 | 72806 |
| EssilorLuxottica SA | 229003 | 72405 |
| BioNTech SE (ADR) <sup>(a)</sup> | 562734 | 53572 |
| Royalty Pharma PLC, Class A | 955185 | 36908 |
| Abbott Laboratories | 241437 | 30250 |
| IQVIA Holdings, Inc. <sup>(a)</sup> | 105500 | 23781 |
| CRISPR Therapeutics AG <sup>(a)(d)</sup> | 334619 | 17547 |
| Regeneron Pharmaceuticals, Inc. | 21203 | 16366 |
| Humana, Inc. | 52111 | 13347 |
| QIAGEN NV | 294396 | 13239 |
| Veeva Systems, Inc., Class A <sup>(a)</sup> | 41200 | 9197 |
| Verily Life Sciences, LLC <sup>(a)(b)(c)</sup> | 300178 | 8789 |
| Doximity, Inc., Class A <sup>(a)</sup> | 172495 | 7638 |
|  |  | 6003214 |
| **Industrials 9.20%** |  |  |
| TransDigm Group, Inc. | 716472 | 952800 |
| General Electric Co. | 1458179 | 449163 |
| Uber Technologies, Inc. <sup>(a)</sup> | 3678126 | 300540 |
| Quanta Services, Inc. | 656371 | 277028 |
| FTAI Aviation, Ltd. | 1289761 | 253889 |
| Ingersoll-Rand, Inc. | 3178452 | 251797 |
| ATI,Inc. <sup>(a)</sup> | 2086140 | 239405 |
| Republic Services, Inc. | 1037338 | 219843 |
| United Airlines Holdings, Inc. <sup>(a)</sup> | 1596411 | 178511 |
| Rocket Lab Corp. <sup>(a)</sup> | 2320675 | 161890 |
| Northrop Grumman Corp. | 202123 | 115253 |
| United Rentals, Inc. | 132903 | 107561 |
| GE Vernova,Inc. | 164046 | 107216 |
| Ryanair Holdings PLC (ADR) | 1404492 | 101390 |
| Ryanair Holdings PLC | 96554 | 3353 |
| Airbus SE, non-registered shares | 426445 | 98915 |
| Copart,Inc. <sup>(a)</sup> | 2348144 | 91930 |
| Saia, Inc. <sup>(a)</sup> | 280378 | 91549 |
| Axon Enterprise, Inc. <sup>(a)</sup> | 157223 | 89292 |
| Bombardier, Inc., Class B <sup>(a)</sup> | 518058 | 88133 |
| Old Dominion Freight Line, Inc. | 490000 | 76832 |
| Tetra Tech, Inc. | 2192104 | 73523 |
| Casella Waste Systems, Inc., Class A <sup>(a)</sup> | 701174 | 68673 |
| Equifax, Inc. | 308063 | 66843 |
| Boeing Co. (The) <sup>(a)</sup> | 307821 | 66834 |
| Willscot Holdings Corp., Class A | 3295427 | 62053 |
| ITT,Inc. | 343000 | 59514 |
| Rolls-Royce Holdings PLC | 3673109 | 57092 |
| Loar Holdings, Inc. <sup>(a)</sup> | 817165 | 55567 |
| HEICO Corp. | 137622 | 44533 |
| Carrier Global Corp. | 709345 | 37482 |
| XPO, Inc. <sup>(a)</sup> | 263564 | 35821 |
| Enerpac Tool Group Corp., Class A | 924087 | 35337 |
| Applied Industrial Technologies, Inc. | 93197 | 23930 |
| Lennox International, Inc. | 43370 | 21060 |
| Caterpillar, Inc. | 30500 | 17472 |
| Builders FirstSource, Inc. <sup>(a)</sup> | 160656 | 16530 |
| SPX Technologies, Inc. <sup>(a)</sup> | 65962 | 13196 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **16** |

---

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value <br>(000) |
| **Industrials (continued)** |  |  |
| Safran SA | 31998 | $11135 |
| Einride AB <sup>(a)(b)(c)</sup> | 128088 | 2621 |
| Einride AB (EUR denominated) <sup>(a)(b)(c)</sup> | 78648 | 1609 |
|  |  | 5027115 |
| **Financials 7.45%** |  |  |
| Visa, Inc., Class A | 2133721 | 748317 |
| Bank of America Corp. | 9094572 | 500202 |
| Toast, Inc., Class A <sup>(a)</sup> | 8375874 | 297427 |
| Affirm Holdings, Inc., Class A <sup>(a)</sup> | 3595701 | 267628 |
| Mastercard, Inc., Class A | 467855 | 267089 |
| Capital One Financial Corp. | 955209 | 231504 |
| KKR & Co., Inc. | 1738534 | 221628 |
| Apollo Asset Management, Inc. | 1370731 | 198427 |
| LPL Financial Holdings, Inc. | 477139 | 170420 |
| Block, Inc., Class A <sup>(a)</sup> | 2393874 | 155817 |
| Brookfield Corp., Class A | 3275187 | 150298 |
| American Express Co. | 292646 | 108264 |
| UBS Group AG | 2174000 | 100498 |
| Blue Owl Capital, Inc., Class A <sup>(d)</sup> | 6686183 | 99892 |
| Coinbase Global, Inc., Class A <sup>(a)</sup> | 330462 | 74731 |
| Progressive Corp. | 307337 | 69987 |
| Truist Financial Corp. | 1350366 | 66452 |
| Blackstone, Inc. | 372497 | 57417 |
| Ares Management Corp., Class A | 346466 | 55999 |
| Marsh & McLennan Cos., Inc. | 267515 | 49629 |
| Brown & Brown, Inc. | 598260 | 47681 |
| Ryan Specialty Holdings, Inc., Class A | 870000 | 44918 |
| Kinsale Capital Group, Inc. | 73584 | 28780 |
| Intercontinental Exchange, Inc. | 176208 | 28539 |
| Aon PLC, Class A | 57337 | 20233 |
| Tradeweb Markets, Inc., Class A | 118829 | 12779 |
|  |  | 4074556 |
| **Consumer staples 1.87%** |  |  |
| Performance Food Group Co. <sup>(a)</sup> | 3559500 | 320070 |
| Costco Wholesale Corp. | 303405 | 261638 |
| Philip Morris International, Inc. | 1376564 | 220801 |
| Bunge Global SA | 679809 | 60557 |
| Church & Dwight Co., Inc. | 600863 | 50382 |
| Walmart, Inc. | 421746 | 46987 |
| Dollar Tree Stores,Inc. <sup>(a)</sup> | 326400 | 40151 |
| Estee Lauder Cos., Inc. (The), Class A | 163107 | 17081 |
| JUUL Labs, Inc., Class A <sup>(a)(b)(c)(e)</sup> | 2496349 | 4743 |
|  |  | 1022410 |
| **Materials 1.79%** |  |  |
| Wheaton Precious Metals Corp. | 2483836 | 291900 |
| Grupo Mexico, SAB de CV, Series B | 19156155 | 180876 |
| Albemarle Corp. | 1072000 | 151624 |
| Royal Gold,Inc. | 551247 | 122537 |
| Barrick Mining Corp. | 1945890 | 84743 |
| Franco-Nevada Corp. (CAD denominated) | 323280 | 67011 |
| Glencore PLC | 5275000 | 28695 |
| Linde PLC | 61350 | 26159 |
| Ecolab, Inc. | 93883 | 24646 |
|  |  | 978191 |

---

---

| | |
|:---|:---|
| **17** | American Funds Insurance Series |

---

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value <br>(000) |
| **Energy 1.55%** |  |  |
| EOG Resources, Inc. | 2238224 | $235036 |
| Baker Hughes Co., Class A | 3500000 | 159390 |
| TechnipFMC PLC | 2000000 | 89120 |
| ConocoPhillips | 815850 | 76372 |
| Viper Energy, Inc., Class A | 1904761 | 73581 |
| Diamondback Energy, Inc. | 325000 | 48857 |
| EQT Corp. | 775751 | 41580 |
| Cenovus Energy, Inc. (CAD denominated) | 2415901 | 40871 |
| Canadian Natural Resources, Ltd. (CAD denominated) | 1087226 | 36826 |
| Tourmaline Oil Corp. | 596759 | 26769 |
| SLB, Ltd. | 470914 | 18074 |
|  |  | 846476 |
| **Real estate 0.74%** |  |  |
| Welltower, Inc. REIT | 908669 | 168658 |
| Zillow Group, Inc., Class C, nonvoting shares <sup>(a)</sup> | 2105080 | 143609 |
| CoStar Group, Inc. <sup>(a)</sup> | 1393047 | 93668 |
|  |  | 405935 |
| **Utilities 0.67%** |  |  |
| Constellation Energy Corp. | 509942 | 180147 |
| NRG Energy, Inc. | 505712 | 80530 |
| Vistra Corp. | 455512 | 73488 |
| Southern Co. (The) | 357034 | 31133 |
|  |  | 365298 |
| **Total common stocks (cost: $21,705,770,000)** |  | 53065387 |
| Preferred securities 0.58% |  |  |
| **Information technology 0.57%** |  |  |
| Anthropic, PBC, Class F, preferred shares <sup>(a)(b)(c)</sup> | 613792 | 154007 |
| Stripe, Inc., Series I, 6.00% noncumulative preferred shares <sup>(a)(b)(c)</sup> | 2763342 | 114458 |
| Stripe, Inc., Series H, 6.00% noncumulative preferred shares <sup>(a)(b)(c)</sup> | 52656 | 2181 |
| PsiQuantum Corp., Series D, preferred shares <sup>(a)(b)(c)</sup> | 906761 | 37291 |
| PsiQuantum Corp., Series E, preferred shares <sup>(a)(b)(c)</sup> | 56040 | 2305 |
| Tipalti Solutions, Ltd., Series F, preferred shares <sup>(a)(b)(c)</sup> | 406310 | 1706 |
|  |  | 311948 |
| **Industrials 0.01%** |  |  |
| Einride AB, Series C, preferred shares <sup>(a)(b)(c)</sup> | 154765 | 3167 |
| **Total preferred securities (cost: $182,580,000)** |  | 315115 |
| Rights & warrants 0.00% |  |  |
| **Information technology 0.00%** |  |  |
| Constellation Software, Inc., warrants, expire 3/31/2040 <sup>(a)(b)</sup> | 53352 | — <sup>(f)</sup> |
| **Total rights & warrants (cost: $0)** |  | — <sup>(f)</sup> |
| Convertible stocks 0.08% |  |  |
| **Information technology 0.07%** |  |  |
| OpenAI Group PBC, Class A-2, convertible preferred shares <sup>(b)</sup> | 73144 | 35429 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **18** |

---

Growth Fund (continued)

---

| | | |
|:---|:---|:---|
| Convertible stocks (continued) | Shares | Value <br>(000) |
| **Materials 0.01%** |  |  |
| Albemarle Corp., Class A, cumulative convertible preferred depositary shares, 7.25% 3/1/2027 | 128700 | $7644 |
| **Industrials 0.00%** |  |  |
| Long Wall Co., Class A-10, noncumulative convertible preferred shares <sup>(b)(c)</sup> | 809003 | 534 |
| Long Wall Co., Class A-9, noncumulative convertible preferred shares <sup>(b)(c)</sup> | 171920 | 113 |
|  |  | 647 |
| **Total convertible stocks (cost: $32,010,000)** |  | 43720 |
| Short-term securities 2.43% |  |  |
| **Money market investments 2.38%** |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(g)(h)</sup> | 13034717 | 1303602 |
| **Money market investments purchased with collateral from securities on loan 0.05%** |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(g)(i)</sup> | 26762407 | 26762 |
| **Total short-term securities (cost: $1,330,110,000)** |  | 1330364 |
| **Total investment securities 100.14% (cost: $23,250,470,000)** |  | 54754586 |
| Other assets less liabilities (0.14)% |  | (75804) |
| **Net assets 100.00%** |  | $54678782 |

---

**Investments in affiliates <sup>(h)</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value at<br> 1/1/2025 <br> (000) | Additions <br> (000) | Reductions <br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation) <br> (000) | Value at<br> 12/31/2025<br> (000) | Dividend<br> or interest <br> income<br> (000) |
| **Short-term securities 2.38%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 2.38%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(g)</sup> | $1045665 | $5918652 | $5660837 | $66 | $56 | $1303602 | $51607 |
| &nbsp;&nbsp;&nbsp;**Money market investments purchased with collateral from securities on loan 0.00%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(g)</sup> | 4032 |  | 4032 (j) |  |  |  | — <sup>(k)</sup> |
| &nbsp;&nbsp;&nbsp;**Total 2.38%** |  |  |  | $66 | $56 | $1303602 | $51607 |

---

**Restricted securities <sup>(c)</sup>**

****

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Acquisition<br> date(s) | Cost <br> (000) | Value <br> (000) | Percent<br> of net<br> assets |
| Anthropic, PBC, Class F, preferred shares <sup>(a)(b)</sup> | 8/29/2025 | $86525 | $154007 | 0.28% |
| Stripe, Inc., Series I, 6.00% noncumulative preferred shares <sup>(a)(b)</sup> | 3/15/2023 | 55638 | 114458 | 0.21 |
| Stripe, Inc., Class B <sup>(a)(b)</sup> | 5/6/'2021 | 6766 | 6983 | 0.01 |
| Stripe, Inc., Series H, 6.00% noncumulative preferred shares <sup>(a)(b)</sup> | 3/15/2021 | 2113 | 2181 | 0.01 |
| PsiQuantum Corp., Series D, preferred shares <sup>(a)(b)</sup> | 5/28/2021 | 23781 | 37291 | 0.07 |
| PsiQuantum Corp., Series E, preferred shares <sup>(a)(b)</sup> | 5/23/2025-6/3/2025 | 2305 | 2305 | 0.00 <sup>(l)</sup> |
| Verily Life Sciences, LLC <sup>(a)(b)</sup> | 12/21/2018 | 37000 | 8789 | 0.02 |

---

---

| | |
|:---|:---|
| **19** | American Funds Insurance Series |

---

Growth Fund (continued)

**Restricted securities <sup>(c)</sup>** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Acquisition<br> date(s) | Cost<br> (000) | Value <br>(000) | Percent<br> of net<br> assets |
| Einride AB, Series C, preferred shares <sup>(a)(b)</sup> | 11/23/2022-8/1/2024 | $5262 | $3167 | 0.01% |
| Einride AB <sup>(a)(b)</sup> | 7/14/2025 | 4355 | 2621 | 0.00 <sup>(l)</sup> |
| Einride AB (EUR denominated) <sup>(a)(b)</sup> | 2/1/2023 | 2674 | 1609 | 0.00 <sup>(l)</sup> |
| JUUL Labs, Inc., Class A <sup>(a)(b)(e)</sup> | 7/29/2024 | 19001 | 4743 | 0.01 |
| Tipalti Solutions, Ltd., Series F, preferred shares <sup>(a)(b)</sup> | 12/1/2021 | 6956 | 1706 | 0.00 <sup>(l)</sup> |
| Long Wall Co., Class A-10, noncumulative convertible preferred shares <sup>(b)</sup> | 12/14/2023 | 1382 | 534 | 0.00 <sup>(l)</sup> |
| Long Wall Co., Class A-9, noncumulative convertible preferred shares <sup>(b)</sup> | 10/22/2021 | 10452 | 113 | 0.00 <sup>(l)</sup> |
| **Total** |  | $264210 | $340507 | 0.62% |

---

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> Value determined using significant unobservable inputs.

<sup>(c)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(d)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending.

<sup>(e)</sup> Security is subject to a contractual sale restriction (lockup). The total value of all such securities was $4,743,000, which represented 0.01% of the net assets of the fund. The remaining lockup period is generally less than one year; and early lockup release provisions may be applicable based on certain set milestones or condition in accordance with legal documents.

<sup>(f)</sup> Amount less than one thousand.

<sup>(g)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(h)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(i)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(j)</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>(k)</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

<sup>(l)</sup> Amount less than 0.01%.

**Key to abbreviation(s)**

ADR = American Depositary Receipts

CAD = Canadian dollars

EUR = Euros

REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **20** |

---

International Fund

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Common stocks 98.16% | Shares | Value <br>(000) |
| **Financials 16.89%** |  |  |
| Standard Chartered PLC | 11011203 | $268904 |
| 3i Group PLC | 2897302 | 126054 |
| Banco Bilbao Vizcaya Argentaria SA | 5332751 | 124734 |
| Nu Holdings, Ltd., Class A <sup>(a)</sup> | 6922206 | 115878 |
| KB Financial Group, Inc. | 1185335 | 102470 |
| Mizuho Financial Group, Inc. | 2515100 | 91328 |
| Banco Santander SA | 6836212 | 80222 |
| Banco BPM SpA | 3615692 | 54921 |
| AIA Group, Ltd. | 5207391 | 53488 |
| ING Groep NV | 1613867 | 45368 |
| Munchener Ruckversicherungs-Gesellschaft AG | 56655 | 37414 |
| Tokio Marine Holdings, Inc. | 905800 | 33629 |
| Bank Central Asia Tbk PT | 56767400 | 27401 |
| BPER Banca SpA <sup>(b)</sup> | 1418221 | 19178 |
| NatWest Group PLC | 1567793 | 13674 |
| Allianz SE | 27705 | 12707 |
| Hana Financial Group, Inc. | 186011 | 12133 |
| Brookfield Corp., Class A (CAD denominated) | 233122 | 10704 |
| Japan Post Bank Co., Ltd. | 619400 | 8711 |
| China Merchants Bank Co., Ltd., Class A | 1205700 | 7264 |
| ICICI Bank, Ltd. | 442491 | 6606 |
| Futu Holdings, Ltd. (ADR) <sup>(a)</sup> | 35499 | 5829 |
|  |  | 1258617 |
| **Industrials 16.27%** |  |  |
| Airbus SE, non-registered shares | 1101390 | 255471 |
| Rolls-Royce Holdings PLC | 8463724 | 131553 |
| Siemens AG | 303400 | 85206 |
| MTU Aero Engines AG | 179935 | 75054 |
| Recruit Holdings Co., Ltd. | 1308162 | 74627 |
| Melrose Industries PLC | 9427170 | 74169 |
| Techtronic Industries Co., Ltd. | 5617550 | 64539 |
| Volvo AB, Class B | 1368822 | 43876 |
| Diploma PLC | 598717 | 42730 |
| Localiza Rent a Car SA, ordinary nominative shares | 5068783 | 39975 |
| Localiza Rent a Car SA <sup>(a)</sup> | 194953 | 1476 |
| WEG SA | 3980205 | 35650 |
| ITOCHU Corp. | 2657500 | 33545 |
| Marubeni Corp. | 1159900 | 32276 |
| IHI Corp. | 1824200 | 32164 |
| Hitachi, Ltd. | 990979 | 30744 |
| Schneider Electric SE | 95190 | 26092 |
| Rumo SA | 9764390 | 26083 |
| Safran SA | 56700 | 19730 |
| RELX PLC | 379889 | 15366 |
| DSV A/S | 50961 | 12824 |
| Bureau Veritas SA | 386859 | 12320 |
| AtkinsRealis Group, Inc. | 172152 | 11113 |
| Singapore Technologies Engineering, Ltd. | 1674050 | 10922 |
| Experian PLC | 236977 | 10718 |
| Larsen & Toubro, Ltd. | 126454 | 5745 |
| Compagnie de Saint-Gobain SA, non-registered shares | 46865 | 4757 |
| Ashtead Group PLC | 54171 | 3696 |
|  |  | 1212421 |
| **Information technology 15.10%** |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 9377867 | 458141 |
| SK hynix, Inc. | 314984 | 142633 |
| Tokyo Electron, Ltd. | 647298 | 142158 |

---

---

| | |
|:---|:---|
| **21** | American Funds Insurance Series |

---

International Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value <br>(000) |
| **Information technology (continued)** |  |  |
| ASML Holding NV | 120453 | $128754 |
| Samsung Electronics Co., Ltd. | 1529763 | 127497 |
| Nebius Group NV, Class A <sup>(a)(b)</sup> | 330786 | 27689 |
| ARM Holdings PLC (ADR) <sup>(a)</sup> | 196800 | 21512 |
| SAP SE | 74969 | 18343 |
| Xiaomi Corp., Class B <sup>(a)</sup> | 1932600 | 9754 |
| NEC Corp. | 244075 | 8230 |
| Infineon Technologies AG | 183939 | 8150 |
| Canva Australia Holdings Pty, Ltd. <sup>(a)(c)(d)</sup> | 4819 | 7933 |
| Elite Material Co., Ltd. | 151233 | 7844 |
| Delta Electronics, Inc. | 244000 | 7424 |
| Tata Consultancy Services, Ltd. | 137136 | 4902 |
| Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup> | 28772 | 4632 |
|  |  | 1125596 |
| **Materials 12.39%** |  |  |
| First Quantum Minerals, Ltd. <sup>(a)</sup> | 14456903 | 387610 |
| Ivanhoe Mines, Ltd., Class A <sup>(a)</sup> | 8609925 | 97921 |
| Ivanhoe Mines, Ltd., Class A <sup>(a)(d)</sup> | 3675281 | 41799 |
| Grupo Mexico, SAB de CV, Series B | 8937237 | 84387 |
| Nitto Denko Corp. | 3520415 | 83649 |
| Anglo American PLC | 1721774 | 70953 |
| Nippon Steel Corp. | 9999000 | 40892 |
| Shin-Etsu Chemical Co., Ltd. | 1077664 | 33513 |
| Air Liquide SA | 118039 | 22213 |
| Antofagasta PLC | 379688 | 16665 |
| Wheaton Precious Metals Corp. | 88388 | 10387 |
| Smurfit Westrock PLC | 247511 | 9571 |
| Nippon Sanso Holdings Corp. | 304021 | 9078 |
| Akzo Nobel NV | 88591 | 6153 |
| Buzzi SpA | 87826 | 5339 |
| DSM-Firmenich AG | 36039 | 2912 |
|  |  | 923042 |
| **Communication services 9.56%** |  |  |
| SoftBank Group Corp. | 10784964 | 304053 |
| Tencent Holdings, Ltd. | 1764115 | 135179 |
| Bharti Airtel, Ltd. | 4398206 | 103178 |
| Singapore Telecommunications, Ltd. | 11548300 | 40916 |
| Nintendo Co., Ltd. | 536900 | 36267 |
| Deutsche Telekom AG | 974869 | 31622 |
| NetEase,Inc. | 734816 | 20222 |
| Universal Music Group NV | 657391 | 17175 |
| Spotify Technology SA <sup>(a)</sup> | 25659 | 14900 |
| Advanced Info Service PCL, foreign registered shares | 867289 | 8614 |
|  |  | 712126 |
| **Consumer discretionary 9.04%** |  |  |
| Moncler SpA | 1032407 | 66354 |
| MercadoLibre, Inc. <sup>(a)</sup> | 32883 | 66235 |
| Kering SA | 179269 | 63257 |
| Compagnie Financiere Richemont SA, Class A | 273347 | 58993 |
| Maruti Suzuki India, Ltd. | 288268 | 53589 |
| <u>Trip.com Group, Ltd.</u> | 580746 | 41659 |
| Sea, Ltd., Class A (ADR) <sup>(a)</sup> | 313738 | 40023 |
| Prosus NV, Class N | 643657 | 39754 |
| Industria de Diseno Textil SA | 566003 | 37283 |
| Hyundai Motor Co. | 162486 | 33269 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **22** |

---

International Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value <br>(000) |
| **Consumer discretionary (continued)** |  |  |
| Ferrari NV (EUR denominated) | 87650 | $32635 |
| NEXT PLC | 129015 | 23737 |
| Flutter Entertainment PLC <sup>(a)</sup> | 98385 | 21157 |
| Midea Group Co., Ltd., Class A | 1128302 | 12614 |
| Fast Retailing Co., Ltd. | 33500 | 12149 |
| Aristocrat Leisure, Ltd. | 297447 | 11535 |
| Shimano, Inc. <sup>(b)</sup> | 101600 | 10727 |
| Zensho Holdings Co., Ltd. | 166100 | 9520 |
| Galaxy Entertainment Group, Ltd. | 1925384 | 9443 |
| Compass Group PLC | 292214 | 9297 |
| ANTA Sports Products, Ltd. | 596775 | 6164 |
| Ryohin Keikaku Co., Ltd. | 321757 | 5717 |
| LVMH Moet Hennessy-Louis Vuitton SE | 5799 | 4372 |
| Hermes International | 1637 | 4044 |
|  |  | 673527 |
| **Health care 6.01%** |  |  |
| Novo Nordisk AS, Class B | 3391577 | 172878 |
| Daiichi Sankyo Co., Ltd. | 5868579 | 124987 |
| Zealand Pharma AS <sup>(a)</sup> | 463564 | 33735 |
| Eurofins Scientific SE, non-registered shares | 451508 | 33021 |
| AstraZeneca PLC | 177294 | 32656 |
| EssilorLuxottica SA | 70441 | 22272 |
| Sanofi | 130708 | 12681 |
| Sandoz Group AG | 159215 | 11604 |
| Ambu AS, Class B, non-registered shares <sup>(b)</sup> | 274738 | 3788 |
|  |  | 447622 |
| **Energy 5.59%** |  |  |
| Reliance Industries, Ltd. | 12131748 | 211754 |
| Canadian Natural Resources, Ltd. (CAD denominated) | 4062860 | 137614 |
| Cenovus Energy, Inc. (CAD denominated) | 2880905 | 48738 |
| Shell PLC (GBP denominated) | 316792 | 11637 |
| Neste OYJ | 300618 | 6803 |
|  |  | 416546 |
| **Consumer staples 4.50%** |  |  |
| British American Tobacco PLC | 2634440 | 149314 |
| Danone SA | 659961 | 59548 |
| L'Oreal SA, non-registered shares | 86941 | 37344 |
| JBS NV (BDR) <sup>(a)</sup> | 2188693 | 31566 |
| Marks and Spencer Group PLC | 4024381 | 17902 |
| Ajinomoto Co., Inc. | 669004 | 14150 |
| Avenue Supermarts, Ltd. <sup>(a)</sup> | 262709 | 11052 |
| Kweichow Moutai Co., Ltd., Class A | 46534 | 9164 |
| Imperial Brands PLC | 136845 | 5753 |
|  |  | 335793 |
| **Utilities 2.81%** |  |  |
| Engie SA | 2395754 | 62993 |
| Gulf Development PCL | 27764456 | 36817 |
| E.ON SE | 1586206 | 30069 |
| SSE PLC | 987562 | 28958 |
| Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP, ordinary nominative shares | 783149 | 18770 |

---

---

| | |
|:---|:---|
| **23** | American Funds Insurance Series |

---

International Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value <br>(000) |
| **Utilities (continued)** |  |  |
| SembCorp Industries, Ltd. | 2815100 | $13142 |
| National Grid PLC | 702416 | 10825 |
| RWE AG | 148645 | 7909 |
|  |  | 209483 |
| **Total common stocks (cost: $4,876,359,000)** |  | 7314773 |
| Preferred securities 0.46% |  |  |
| **Financials 0.45%** |  |  |
| Itau Unibanco Holding SA, preferred nominative shares | 4652963 | 33353 |
| **Information technology 0.01%** |  |  |
| Canva Australia Holdings Pty, Ltd., Series A, noncumulative preferred shares <sup>(a)(c)(d)</sup> | 422 | 695 |
| Canva Australia Holdings Pty, Ltd., Series A-3, noncumulative preferred shares <sup>(a)(c)(d)</sup> | 18 | 29 |
| Canva Australia Holdings Pty, Ltd., Series A-4, noncumulative preferred shares <sup>(a)(c)(d)</sup> | 1 | 2 |
|  |  | 726 |
| **Total preferred securities (cost: $27,145,000)** |  | 34079 |
| Rights & warrants 0.00% |  |  |
| **Information technology 0.00%** |  |  |
| Constellation Software, Inc., warrants, expire 3/31/2040 <sup>(a)(c)</sup> | 7730 | — (e) |
| **Total rights & warrants (cost: $0)** |  | — (e) |
| Short-term securities 2.00% |  |  |
| **Money market investments 1.65%** |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(f)(g)</sup> | 1227629 | 122775 |
| **Money market investments purchased with collateral from securities on loan 0.35%** |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(f)(h)</sup> | 26275215 | 26276 |
| **Total short-term securities (cost: $149,031,000)** |  | 149051 |
| **Total investment securities 100.62% (cost: $5,052,535,000)** |  | 7497903 |
| Other assets less liabilities (0.62)% |  | (45923) |
| **Net assets 100.00%** |  | $7451980 |

---

**Investments in affiliates <sup>(g)</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value at<br> 1/1/2025<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000) | Value at<br> 12/31/2025<br> (000) | Dividend<br> or interest<br> income<br> (000) |
| **Short-term securities 1.65%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 1.65%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(f)</sup> | $396476 | $1657364 | $1930982 | $(57) | $(26) | $122775 | $11400 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **24** |

---

International Fund (continued)

**Investments in affiliates <sup>(g)</sup>** (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value at<br> 1/1/2025<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000) | Value at<br> 12/31/2025<br> (000) | Dividend<br> or interest<br> income<br> (000) |
| &nbsp;&nbsp;&nbsp;**Money market investments purchased with collateral from securities on loan 0.00%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(f)</sup> | $1000 | $— | $1000 (i) | $— | $— | $— | $— <sup>(j)</sup> |
| &nbsp;&nbsp;&nbsp;**Total 1.65%** |  |  |  | $(57) | $(26) | $122775 | $11400 |

---

**Restricted securities <sup>(d)</sup>**

****

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Acquisition <br>date(s) | Cost <br>(000) | Value <br>(000) | Percent<br> of net<br> assets |
| Ivanhoe Mines, Ltd., Class A <sup>(a)</sup> | 12/18/2023 | $32962 | $41799 | 0.56% |
| Canva Australia Holdings Pty, Ltd. <sup>(a)(c)</sup> | 8/26/2021-11/04/2021 | 8215 | 7933 | 0.11 |
| Canva Australia Holdings Pty, Ltd., Series A, noncumulative preferred shares <sup>(a)(c)</sup> | 11/4/2021 | 719 | 695 | 0.01 |
| Canva Australia Holdings Pty, Ltd., Series A-3, noncumulative preferred shares <sup>(a)(c)</sup> | 11/4/2021 | 31 | 29 | 0.00 <sup>(k)</sup> |
| Canva Australia Holdings Pty, Ltd., Series A-4, noncumulative preferred shares <sup>(a)(c)</sup> | 11/4/2021 | 2 | 2 | 0.00 <sup>(k)</sup> |
| **Total** |  | $41929 | $50458 | 0.68% |

---

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending.

<sup>(c)</sup> Value determined using significant unobservable inputs.

<sup>(d)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(e)</sup> Amount less than one thousand.

<sup>(f)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(g)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(h)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(i)</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>(j)</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

<sup>(k)</sup> Amount less than 0.01%.

**Key to abbreviation(s)**

ADR = American Depositary Receipts

BDR = Brazilian Depositary Receipts

CAD = Canadian dollars

EUR = Euros

GBP = British pounds

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **25** | American Funds Insurance Series |

---

New World Fund<sup>®</sup>

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Common stocks 95.33% | Shares | Value <br>(000) |
| **Information technology 22.63%** |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 6571269 | $321028 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 11523 | 3502 |
| SK hynix,Inc. | 251877 | 114056 |
| Microsoft Corp. | 157353 | 76099 |
| Broadcom,Inc. | 210679 | 72916 |
| NVIDIA Corp. | 320938 | 59855 |
| ASML Holding NV | 25289 | 27032 |
| ASML Holding NV (ADR) | 8318 | 8899 |
| Tokyo Electron, Ltd. | 162200 | 35622 |
| KLA Corp. | 14976 | 18197 |
| Samsung Electronics Co., Ltd. | 191723 | 15979 |
| MediaTek, Inc. | 326000 | 14772 |
| Xiaomi Corp., Class B <sup>(a)</sup> | 2534000 | 12789 |
| Cloudflare, Inc., Class A <sup>(a)</sup> | 59018 | 11635 |
| Elite Material Co., Ltd. | 220800 | 11453 |
| Capgemini SE | 66733 | 11052 |
| Accton Technology Corp. | 248000 | 9289 |
| Apple, Inc. | 28459 | 7737 |
| Intel Corp. <sup>(a)</sup> | 194842 | 7190 |
| Jentech Precision Industrial Co., Ltd. | 77000 | 6634 |
| SAP SE | 21612 | 5288 |
| SAP SE (ADR) | 4295 | 1043 |
| Corning, Inc. | 63115 | 5526 |
| E Ink Holdings, Inc. | 780000 | 4901 |
| Oracle Corp. | 24649 | 4804 |
| Micron Technology, Inc. | 16655 | 4753 |
| Baidu, Inc., Class A <sup>(a)</sup> | 275000 | 4508 |
| Kokusai Electric Corp. | 114900 | 4011 |
| TDK Corp. | 234000 | 3311 |
| Synopsys, Inc. <sup>(a)</sup> | 7030 | 3302 |
| eMemory Technology, Inc. | 59000 | 3221 |
| Infineon Technologies AG | 67805 | 3004 |
| Zhongji Innolight Co., Ltd., Class A | 33800 | 2928 |
| Keyence Corp. | 7900 | 2862 |
| Globant SA <sup>(a)</sup> | 36120 | 2361 |
| Delta Electronics, Inc. | 74000 | 2252 |
| Unity Software,Inc. <sup>(a)</sup> | 47136 | 2082 |
| EPAM Systems, Inc. <sup>(a)</sup> | 9701 | 1988 |
| ASE Technology Holding Co., Ltd. | 242000 | 1918 |
| Tata Consultancy Services, Ltd. | 40821 | 1459 |
| LITE-ON Technology Corp. | 207000 | 1066 |
| HCL Technologies, Ltd. | 51253 | 926 |
| Coforge, Ltd. | 49378 | 914 |
| Credo Technology Group Holding, Ltd. <sup>(a)</sup> | 5689 | 819 |
| Canva Australia Holdings Pty, Ltd. <sup>(a)(b)(c)</sup> | 385 | 634 |
| Disco Corp. | 1400 | 432 |
|  |  | 916049 |
| **Financials 17.42%** |  |  |
| Banco Bilbao Vizcaya Argentaria SA | 2139537 | 50044 |
| Nu Holdings, Ltd., Class A <sup>(a)</sup> | 2908006 | 48680 |
| Mastercard, Inc., Class A | 56665 | 32349 |
| Standard Chartered PLC | 1298185 | 31703 |
| Abu Dhabi Islamic Bank PJSC | 4188342 | 23675 |
| AIA Group, Ltd. | 2150600 | 22090 |
| Capitec Bank Holdings, Ltd. | 84912 | 21323 |
| KB Financial Group, Inc. | 241411 | 20869 |
| HDFC Bank, Ltd. | 1864902 | 20607 |
| Kotak Mahindra Bank, Ltd. | 836821 | 20495 |
| UniCredit SpA | 246716 | 20481 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **26** |

---

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value <br>(000) |
| **Financials (continued)** |  |  |
| Eurobank SA | 4059024 | $16268 |
| Hana Financial Group, Inc. | 227598 | 14846 |
| Cholamandalam Investment and Finance Co., Ltd. | 773211 | 14611 |
| PICC Property and Casualty Co., Ltd., Class H | 6828947 | 14318 |
| Al Rajhi Banking and Investment Corp., non-registered shares | 549635 | 14288 |
| ICICI Bank, Ltd. | 612943 | 9151 |
| ICICI Bank, Ltd. (ADR) | 161921 | 4825 |
| Visa, Inc., Class A | 39040 | 13692 |
| Banco Santander SA | 1156519 | 13572 |
| XP, Inc., Class A | 827903 | 13553 |
| Axis Bank, Ltd. | 911541 | 12903 |
| PB Fintech, Ltd. <sup>(a)</sup> | 622762 | 12650 |
| National Bank of Greece SA | 658867 | 10036 |
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 1164044 | 9792 |
| Shriram Finance, Ltd. | 879069 | 9744 |
| AU Small Finance Bank, Ltd. | 854088 | 9451 |
| Emirates NBD Bank PJSC | 1224960 | 9289 |
| Credicorp, Ltd. | 29914 | 8585 |
| Saudi National Bank(The) | 810380 | 8182 |
| People's Insurance Co. (Group) of China, Ltd. (The), Class H | 8799000 | 7605 |
| Futu Holdings, Ltd. (ADR) <sup>(a)</sup> | 44570 | 7319 |
| FirstRand, Ltd. | 1266252 | 6927 |
| Brookfield Corp., Class A | 149687 | 6869 |
| Grupo Financiero Banorte, SAB de CV, Series O | 721373 | 6687 |
| Banco BTG Pactual SA, units | 690847 | 6593 |
| China Merchants Bank Co., Ltd., Class H | 827000 | 5593 |
| China Merchants Bank Co., Ltd., Class A | 145100 | 874 |
| Bank of the Philippine Islands | 3172748 | 6261 |
| BSE, Ltd. | 210546 | 6167 |
| Commercial International Bank - Egypt (CIB) SAE (GDR) | 2846265 | 6083 |
| Samsung Life Insurance Co., Ltd. | 53225 | 5796 |
| Hong Kong Exchanges and Clearing, Ltd. | 103600 | 5413 |
| Prudential PLC | 347501 | 5362 |
| Bajaj Finance, Ltd. | 486776 | 5345 |
| Saudi Awwal Bank SJSC, non-registered shares | 603009 | 5200 |
| Abu Dhabi Commercial Bank PJSC | 1288462 | 5017 |
| Aon PLC, Class A | 12683 | 4476 |
| Vietnam Technological and Commercial JSCB (The) | 3227600 | 4279 |
| Kasikornbank PCL, foreign registered shares | 680500 | 4204 |
| Bank Central Asia Tbk PT | 8589523 | 4146 |
| Central Depository Services (India), Ltd. | 257071 | 4129 |
| Banco Santander (Brasil) SA, units <sup>(a)</sup> | 672725 | 4114 |
| Public Bank Bhd. | 3623000 | 4054 |
| B3 SA - Brasil, Bolsa, Balcao | 1469781 | 3826 |
| Samsung Fire & Marine Insurance Co., Ltd. | 10900 | 3757 |
| 3i Group PLC | 85342 | 3713 |
| Qatar National Bank QPSC | 621752 | 3186 |
| HSBC Holdings PLC (GBP denominated) | 189882 | 2977 |
| Akbank TAS | 1817792 | 2963 |
| OTP Bank PLC | 25466 | 2729 |
| Discovery, Ltd. | 193692 | 2664 |
| CVC Capital Partners PLC | 158241 | 2650 |
| 360 ONE WAM, Ltd. | 177690 | 2346 |
| Kaspi.kz JSC (ADR) <sup>(a)</sup> | 28783 | 2249 |
| Bajaj Finserv, Ltd. | 74043 | 1679 |
| Bank of Ningbo Co., Ltd., Class A | 407300 | 1637 |
| Woori Financial Group, Inc. | 80845 | 1573 |
| BDO Unibank, Inc. | 685630 | 1563 |
| S&P Global, Inc. | 2769 | 1447 |
| Wise PLC, Class A <sup>(a)</sup> | 101638 | 1221 |
| Shinhan Financial Group Co., Ltd. | 13940 | 744 |

---

---

| | |
|:---|:---|
| **27** | American Funds Insurance Series |

---

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value <br>(000) |
| **Financials (continued)** |  |  |
| Asia Commercial Joint Stock Bank | 584970 | $534 |
| Edenred SA | 18236 | 405 |
| Haci A–mer Sabanci Holding AS | 140669 | 277 |
| Erste Group Bank AG | 1804 | 217 |
| Sberbank of Russia PJSC <sup>(b)</sup> | 2662164 | — <sup>(d)</sup> |
|  |  | 704942 |
| **Consumer discretionary 12.67%** |  |  |
| MercadoLibre, Inc. <sup>(a)</sup> | 33795 | 68072 |
| Trip.com Group, Ltd. (ADR) | 474251 | 34103 |
| Trip.com Group, Ltd. | 385395 | 27646 |
| Alibaba Group Holding, Ltd. | 1441572 | 26383 |
| Alibaba Group Holding, Ltd. (ADR) | 119790 | 17559 |
| Midea Group Co., Ltd., Class A | 2890833 | 32318 |
| LVMH Moet Hennessy-Louis Vuitton SE | 40672 | 30663 |
| Eicher Motors, Ltd. | 219346 | 17835 |
| Compagnie Financiere Richemont SA, Class A | 81116 | 17506 |
| MakeMyTrip, Ltd. <sup>(a)</sup> | 168896 | 13870 |
| Prosus NV, Class N | 213414 | 13181 |
| Maruti Suzuki India, Ltd. | 69319 | 12886 |
| H World Group, Ltd. (ADR) | 253777 | 11940 |
| H World Group, Ltd. | 190600 | 901 |
| BYD Co., Ltd., Class A | 722123 | 10082 |
| BYD Co., Ltd., Class H | 211400 | 2574 |
| Galaxy Entertainment Group, Ltd. | 2192000 | 10751 |
| Ryohin Keikaku Co., Ltd. | 574800 | 10212 |
| Eternal, Ltd. <sup>(a)</sup> | 3260114 | 10115 |
| Jumbo SA | 289567 | 9514 |
| TVS Motor Co., Ltd. | 204915 | 8475 |
| Vibra Energia SA | 1778591 | 8364 |
| Sea, Ltd., Class A (ADR) <sup>(a)</sup> | 65079 | 8302 |
| Hyundai Motor Co. | 38193 | 7820 |
| Meituan, Class B <sup>(a)</sup> | 464500 | 6129 |
| Naspers, Ltd., Class N | 88840 | 5901 |
| PDD Holdings, Inc. (ADR) <sup>(a)</sup> | 50247 | 5698 |
| Wynn Resorts, Ltd. | 44454 | 5349 |
| Tesla, Inc. <sup>(a)</sup> | 11561 | 5199 |
| Li Ning Co., Ltd. | 2006155 | 4804 |
| Inchcape PLC | 461897 | 4788 |
| Hermes International | 1746 | 4314 |
| Moncler SpA | 66313 | 4262 |
| Aptiv Holdings, Ltd. <sup>(a)</sup> | 41403 | 3150 |
| Royal Caribbean Cruises, Ltd. | 10578 | 2950 |
| Coupang, Inc., Class A <sup>(a)</sup> | 124997 | 2949 |
| Lenskart Solutions, Ltd. <sup>(a)</sup> | 578142 | 2899 |
| YUM! Brands, Inc. | 18610 | 2815 |
| Pepkor Holdings, Ltd. | 1716852 | 2745 |
| Amadeus IT Group SA, Class A, non-registered shares | 37373 | 2741 |
| ANTA Sports Products, Ltd. | 239200 | 2471 |
| Swiggy, Ltd. <sup>(a)</sup> | 550157 | 2364 |
| Marriott International, Inc., Class A | 7554 | 2344 |
| Starbucks Corp. | 27127 | 2284 |
| Shenzhou International Group Holdings, Ltd. | 284200 | 2221 |
| Booking Holdings, Inc. | 402 | 2153 |
| InterContinental Hotels Group PLC | 15169 | 2125 |
| Mahindra & Mahindra, Ltd. | 50625 | 2090 |
| adidas AG | 10534 | 2074 |
| Ferrari NV (EUR denominated) | 4981 | 1855 |
| Industria de Diseno Textil SA | 27544 | 1814 |
| Fast Retailing Co., Ltd. | 3900 | 1414 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **28** |

---

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value <br>(000) |
| **Consumer discretionary (continued)** |  |  |
| Sands China, Ltd. | 496000 | $1250 |
| Laopu Gold Co., Ltd., Class H | 15700 | 1245 |
| NIKE, Inc., Class B | 18962 | 1208 |
| Shangri-La Asia, Ltd. | 1774000 | 1083 |
| Tube Investments of India, Ltd. | 36685 | 1067 |
| Renault SA | 25328 | 1049 |
| Cyrela Brazil Realty SA, ordinary nominative shares | 179166 | 984 |
| Kering SA | 2102 | 742 |
| Hilton Worldwide Holdings, Inc. | 2449 | 704 |
| Evolution AB | 6810 | 463 |
| Compagnie Generale des Etablissements Michelin | 1122 | 37 |
|  |  | 512806 |
| **Industrials 12.11%** |  |  |
| Airbus SE, non-registered shares | 221232 | 51315 |
| International Container Terminal Services, Inc. | 4053790 | 38869 |
| Rolls-Royce Holdings PLC | 2174320 | 33796 |
| Hitachi, Ltd. | 960800 | 29807 |
| General Electric Co. | 84289 | 25964 |
| Kanzhun, Ltd., Class A (ADR) | 932453 | 19003 |
| Kanzhun, Ltd., Class A | 98200 | 994 |
| Copa Holdings SA, Class A | 149024 | 17974 |
| Rumo SA | 5874027 | 15691 |
| Safran SA | 42173 | 14675 |
| Localiza Rent a Car SA, ordinary nominative shares | 1712066 | 13502 |
| Localiza Rent a Car SA <sup>(a)</sup> | 65848 | 499 |
| IHI Corp. | 716379 | 12631 |
| Contemporary Amperex Technology Co., Ltd., Class A | 230376 | 12061 |
| Shenzhen Inovance Technology Co., Ltd., Class A | 1115202 | 11996 |
| DSV A/S | 45402 | 11425 |
| Daikin Industries, Ltd. | 78900 | 10129 |
| BAE Systems PLC | 436368 | 10032 |
| WEG SA | 1109286 | 9936 |
| Grupo Aeroportuario del Pacifico, SAB de CV, Class B | 352685 | 9265 |
| Grupo Aeroportuario del Pacifico, SAB de CV, Class B (ADR) | 1043 | 275 |
| AGCO Corp. | 88171 | 9198 |
| Uber Technologies, Inc. <sup>(a)</sup> | 112415 | 9185 |
| Leonardo SpA | 157234 | 9007 |
| Aselan Elektronik Sanayi ve Ticaret AS | 1557059 | 8420 |
| TransDigm Group, Inc. | 6188 | 8229 |
| Siemens AG | 28236 | 7930 |
| Mitsui & Co., Ltd. | 242100 | 7155 |
| Techtronic Industries Co., Ltd. | 620500 | 7129 |
| Weichai Power Co., Ltd., Class A | 1977896 | 4847 |
| Weichai Power Co., Ltd., Class H | 947000 | 2279 |
| Motiva Infraestrutura de Mobilidade SA | 2511108 | 6872 |
| Jiangsu Hengli Hydraulic Co., Ltd., Class A | 399864 | 6272 |
| Hanwha Aerospace Co., Ltd. | 9460 | 6155 |
| Larsen & Toubro, Ltd. | 126929 | 5767 |
| Full Truck Alliance Co., Ltd., Class A (ADR) | 433721 | 4654 |
| Mitsubishi Heavy Industries, Ltd. | 162100 | 3970 |
| Schneider Electric SE | 14248 | 3905 |
| SM Investments Corp. | 321280 | 3820 |
| Ayala Corp. | 383020 | 3047 |
| GT Capital Holdings, Inc. | 288570 | 2918 |
| Carrier Global Corp. | 54462 | 2878 |
| InPost SA <sup>(a)(e)</sup> | 218978 | 2682 |
| International Consolidated Airlines Group SA (CDI) | 463348 | 2566 |
| Embraer SA | 143113 | 2312 |
| Ingersoll-Rand, Inc. | 25137 | 1991 |

---

---

| | |
|:---|:---|
| **29** | American Funds Insurance Series |

---

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value <br>(000) |
| **Industrials (continued)** |  |  |
| Bureau Veritas SA | 61362 | $1954 |
| Boeing Co. (The) <sup>(a)</sup> | 7510 | 1631 |
| Turk Hava Yollari Anonim Ortakligi, non-registered shares | 218301 | 1368 |
| Grab Holdings, Ltd., Class A <sup>(a)</sup> | 200986 | 1003 |
| Wizz Air Holdings PLC <sup>(a)</sup> | 57166 | 983 |
| Haitian International Holdings, Ltd. | 103146 | 293 |
|  |  | 490259 |
| **Communication services 9.72%** |  |  |
| Tencent Holdings, Ltd. | 1429401 | 109531 |
| Alphabet, Inc., Class C | 86392 | 27110 |
| Alphabet,Inc., Class A | 82543 | 25836 |
| Bharti Airtel, Ltd. | 2045799 | 47992 |
| Bharti Airtel, Ltd., interim shares | 50511 | 952 |
| Meta Platforms, Inc., Class A | 60664 | 40044 |
| NetEase,Inc. | 1132600 | 31168 |
| MTN Group, Ltd. | 2718770 | 27783 |
| KT Corp. (ADR) | 648437 | 12301 |
| Netflix,Inc. <sup>(a)</sup> | 118609 | 11121 |
| Telkom Indonesia (Persero) Tbk PT, Class B | 43499200 | 9047 |
| America Movil, SAB de CV, Class B (ADR) | 384073 | 7939 |
| True Corp. PCL, foreign registered shares | 22087986 | 7629 |
| True Corp. PCL, nonvoting depository receipts | 753600 | 260 |
| Baidu,Inc., Class A (ADR) <sup>(a)</sup> | 56652 | 7402 |
| Spotify Technology SA <sup>(a)</sup> | 10315 | 5990 |
| Tencent Music Entertainment Group, Class A (ADR) | 338146 | 5928 |
| Orange | 311481 | 5197 |
| ROBLOX Corp., Class A <sup>(a)</sup> | 38832 | 3146 |
| Advanced Info Service PCL, foreign registered shares | 267800 | 2660 |
| NAVER Corp. | 9774 | 1638 |
| TIM SA | 412735 | 1615 |
| Singapore Telecommunications, Ltd. | 349300 | 1237 |
|  |  | 393526 |
| **Materials 6.40%** |  |  |
| First Quantum Minerals, Ltd. <sup>(a)</sup> | 1702702 | 45652 |
| Grupo Mexico, SAB de CV, Series B | 2472433 | 23345 |
| Barrick Mining Corp. | 438294 | 19088 |
| Vale SA, ordinary nominative shares | 1025947 | 13414 |
| Vale SA (ADR), ordinary nominative shares | 205656 | 2680 |
| Glencore PLC | 2503454 | 13618 |
| APL Apollo Tubes, Ltd. | 546975 | 11649 |
| Valterra Platinum, Ltd. (ZAR denominated) | 128112 | 10846 |
| Valterra Platinum, Ltd. (ADR) | 41308 | 578 |
| Amcor PLC (CDI) | 1254386 | 10482 |
| Nitto Denko Corp. | 428636 | 10185 |
| Zijin Gold International Co., Ltd. <sup>(a)</sup> | 436300 | 8156 |
| BASF SE | 145775 | 7616 |
| Anhui Conch Cement Co., Ltd., Class H | 2253000 | 6373 |
| Linde PLC | 14574 | 6214 |
| Impala Platinum Holdings, Ltd. | 375422 | 5913 |
| Saudi Basic Industries Corp. non-registered shares | 353199 | 4829 |
| Nutrien, Ltd. (CAD denominated) <sup>(e)</sup> | 71918 | 4439 |
| Siam Cement PCL, foreign registered shares | 730100 | 4239 |
| Suzano SA | 438657 | 4109 |
| Pan American Silver Corp. | 77019 | 3990 |
| Ivanhoe Mines, Ltd., Class A <sup>(a)</sup> | 344873 | 3922 |
| Southern Copper Corp. | 25418 | 3647 |
| Wheaton Precious Metals Corp. (CAD denominated) | 29705 | 3492 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **30** |

---

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value <br>(000) |
| **Materials (continued)** |  |  |
| Anglo American PLC | 79828 | $3290 |
| Sika AG | 15591 | 3195 |
| Nippon Steel Corp. | 776600 | 3176 |
| Freeport-McMoRan, Inc. | 59811 | 3038 |
| Loma Negra Compania Industrial Argentina SA (ADR) <sup>(a)</sup> | 212068 | 2746 |
| Antofagasta PLC | 52060 | 2285 |
| Corteva,Inc. | 31708 | 2125 |
| Asian Paints, Ltd. | 66679 | 2054 |
| Ecolab, Inc. | 7627 | 2002 |
| Heidelberg Materials AG, non-registered shares | 6287 | 1646 |
| Syensqo SA | 19822 | 1592 |
| SRF, Ltd. | 41937 | 1435 |
| Arkema SA | 17359 | 1062 |
| China Hongqiao Group Ltd. <sup>(a)</sup> | 177000 | 736 |
| Alrosa PJSC <sup>(a)(b)</sup> | 1123215 | — <sup>(d)</sup> |
|  |  | 258858 |
| **Health care 5.19%** |  |  |
| Novo Nordisk AS, Class B | 683766 | 34853 |
| Max Healthcare Institute, Ltd. | 2447517 | 28464 |
| AstraZeneca PLC | 113238 | 20858 |
| Laurus Labs, Ltd. | 1535536 | 18916 |
| Eli Lilly and Co. | 17384 | 18682 |
| Thermo Fisher Scientific, Inc. | 25506 | 14779 |
| BeOne Medicines, Ltd. (ADR) <sup>(a)</sup> | 30544 | 9280 |
| BeOne Medicines, Ltd. <sup>(a)</sup> | 36200 | 841 |
| Jiangsu Hengrui Pharmaceutical Co., Ltd., Class A | 879888 | 7483 |
| Jiangsu Hengrui Pharmaceutical Co., Ltd., Class H <sup>(a)</sup> | 184800 | 1688 |
| Teva Pharmaceutical Industries, Ltd. (ADR) <sup>(a)</sup> | 236793 | 7390 |
| Innovent Biologics, Inc. <sup>(a)</sup> | 741373 | 7225 |
| EssilorLuxottica SA | 18490 | 5846 |
| Abbott Laboratories | 39403 | 4937 |
| Danaher Corp. | 18692 | 4279 |
| Dr. Sulaiman Al Habib Medical Services Group Co. | 52908 | 3625 |
| Rede D'Or Sao Luiz SA | 427339 | 3164 |
| OdontoPrev SA | 1320175 | 2690 |
| Align Technology, Inc. <sup>(a)</sup> | 16246 | 2537 |
| bioMerieux SA | 17603 | 2279 |
| Mettler-Toledo International, Inc. <sup>(a)</sup> | 1181 | 1647 |
| Mankind Pharma, Ltd. | 62374 | 1527 |
| Lupin, Ltd. | 59641 | 1398 |
| WuXi AppTec Co., Ltd., Class H | 107700 | 1357 |
| Asahi Intecc Co., Ltd. | 71500 | 1339 |
| Alcon, Inc. | 13781 | 1095 |
| Wuxi Biologics (Cayman), Inc. <sup>(a)</sup> | 240500 | 969 |
| Medtronic PLC | 6899 | 663 |
| CanSino Biologics, Inc., Class H <sup>(a)</sup> | 35921 | 161 |
|  |  | 209972 |
| **Consumer staples 4.47%** |  |  |
| Nestle SA | 291813 | 29004 |
| Kweichow Moutai Co., Ltd., Class A | 121770 | 23981 |
| Arca Continental, SAB de CV | 1036505 | 11217 |
| JBS NV (BDR) <sup>(a)</sup> | 641172 | 9247 |
| Carlsberg A/S, Class B | 60316 | 7907 |
| Raia Drogasil SA, ordinary nominative shares | 1634665 | 7011 |
| Avenue Supermarts, Ltd. <sup>(a)</sup> | 161965 | 6814 |
| Shoprite Holdings, Ltd. | 411541 | 6721 |
| ITC, Ltd. | 1420089 | 6374 |

---

---

| | |
|:---|:---|
| **31** | American Funds Insurance Series |

---

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value <br>(000) |
| **Consumer staples (continued)** |  |  |
| Anheuser-Busch InBev SA/NV | 91753 | $5887 |
| KT&G Corp. | 54838 | 5399 |
| Tsingtao Brewery Co., Ltd., Class H | 782634 | 4891 |
| Philip Morris International, Inc. | 29930 | 4801 |
| Dino Polska SA, non-registered shares <sup>(a)</sup> | 398251 | 4585 |
| BBB Foods, Inc., Class A <sup>(a)</sup> | 125631 | 4195 |
| Pernod Ricard SA | 47700 | 4084 |
| Monster Beverage Corp. <sup>(a)</sup> | 51591 | 3956 |
| Varun Beverages, Ltd. | 712894 | 3882 |
| Wal-Mart de Mexico, SAB de CV, Series V | 1180937 | 3681 |
| United Spirits, Ltd. | 219491 | 3526 |
| British American Tobacco PLC | 57337 | 3250 |
| PepsiCo, Inc. | 18460 | 2649 |
| Danone SA | 28109 | 2536 |
| Kimberly-Clark de Mexico, SAB de CV, Class A, ordinary participation certificates | 1141636 | 2434 |
| L'Oreal SA, non-registered shares | 5436 | 2335 |
| Zabka Group <sup>(a)</sup> | 321671 | 2049 |
| Coca-Cola Co. | 27396 | 1915 |
| Walmart, Inc. | 14179 | 1580 |
| Mondelez International, Inc., Class A | 29118 | 1567 |
| WH Group, Ltd. | 1189000 | 1324 |
| Godrej Consumer Products, Ltd. | 85234 | 1159 |
| JD Health International, Inc. <sup>(a)</sup> | 107650 | 765 |
|  |  | 180726 |
| **Energy 2.20%** |  |  |
| Reliance Industries, Ltd. | 1530507 | 26714 |
| TotalEnergies SE (EUR denominated) | 197891 | 12898 |
| ADNOC Drilling Co. PJSC | 7034034 | 10228 |
| Adnoc Gas PLC | 9312887 | 9002 |
| SLB, Ltd. | 220133 | 8449 |
| Vista Energy, SAB de CV, Class A (ADR) <sup>(a)</sup> | 172702 | 8404 |
| Petroleo Brasileiro SA PETROBRAS (ADR), ordinary nominative shares | 633133 | 7502 |
| Shell PLC (GBP denominated) | 75967 | 2790 |
| Chevron Corp. | 16599 | 2530 |
| Borr Drilling, Ltd. <sup>(a)</sup> | 149981 | 604 |
| Rosneft Oil Co. PJSC <sup>(b)</sup> | 588661 | — <sup>(d)</sup> |
|  |  | 89121 |
| **Real estate 1.37%** |  |  |
| Lodha Developers, Ltd. | 2449911 | 28933 |
| China Resources Mixc Lifestyle Services, Ltd. | 1563200 | 8595 |
| China Resources Land, Ltd. | 1570000 | 5468 |
| Emaar Properties PJSC | 1141749 | 4368 |
| CK Asset Holdings, Ltd. | 762500 | 3841 |
| SM Prime Holdings, Inc. | 8122500 | 3133 |
| Fibra Uno Administracion REIT, SA de CV | 300200 | 450 |
| Longfor Group Holdings, Ltd. <sup>(e)</sup> | 336846 | 369 |
| ALLOS SA, ordinary nominative shares | 60365 | 312 |
|  |  | 55469 |
| **Utilities 1.15%** |  |  |
| Power Grid Corp. of India, Ltd. | 3911064 | 11505 |
| Gulf Development PCL | 7715193 | 10231 |
| Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP, ordinary nominative shares | 401325 | 9618 |
| SembCorp Industries, Ltd. | 1195100 | 5579 |
| Equatorial Energia SA | 782855 | 5486 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **32** |

---

New World Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value <br>(000) |
| **Utilities (continued)** |  |  |
| CPFL Energia SA | 251145 | $2438 |
| AES Corp. | 74667 | 1071 |
| Engie SA | 23878 | 628 |
|  |  | 46556 |
| **Total common stocks (cost: $2,320,519,000)** |  | 3858284 |
| Preferred securities 0.73% |  |  |
| **Financials 0.32%** |  |  |
| Itau Unibanco Holding SA (ADR), preferred nominative shares | 1332401 | 9540 |
| Itau Unibanco Holding SA, preferred nominative shares | 459389 | 3293 |
|  |  | 12833 |
| **Real estate 0.20%** |  |  |
| QuintoAndar, Ltd., Series E, preference shares <sup>(a)(b)(c)</sup> | 32657 | 6550 |
| QuintoAndar, Ltd., Series E-1, preference shares <sup>(a)(b)(c)</sup> | 8400 | 1685 |
|  |  | 8235 |
| **Information technology 0.16%** |  |  |
| Samsung Electronics Co., Ltd., nonvoting preferred shares | 104453 | 6410 |
| Canva Australia Holdings Pty, Ltd., Series A, noncumulative preferred shares <sup>(a)(b)(c)</sup> | 34 | 56 |
| Canva Australia Holdings Pty, Ltd., Series A-3, noncumulative preferred shares <sup>(a)(b)(c)</sup> | 1 | 2 |
|  |  | 6468 |
| **Consumer discretionary 0.05%** |  |  |
| Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares <sup>(e)</sup> | 35497 | 1902 |
| TVS Motor Co., Ltd., 6.00% preferred shares <sup>(a)</sup> | 915260 | 102 |
| Getir BV, Series D, preferred shares <sup>(a)(b)(c)</sup> | 7768 | — <sup>(d)</sup> |
|  |  | 2004 |
| **Total preferred securities (cost: $27,027,000)** |  | 29540 |

---

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments 2.81% | Principal amount<br> (000) | Principal amount<br> (000) |  |
| **Bonds & notes of governments & government agencies outside the U.S. 2.48%** |  |  |  |
| Abu Dhabi (Emirate of) 1.70% 3/2/2031 <sup>(f)</sup> | USD | 200 | 178 |
| Angola (Republic of) 8.25% 5/9/2028 |  | 600 | 604 |
| Angola (Republic of) 8.00% 11/26/2029 <sup>(f)</sup> |  | 445 | 435 |
| Angola (Republic of) 8.75% 4/14/2032 <sup>(f)</sup> |  | 280 | 273 |
| Asian Development Bank 5.25% 4/29/2035 | PHP | 25800 | 432 |
| Brazil (Federative Republic of) 10.00% 1/1/2027 | BRL | 13989 | 2473 |
| Brazil (Federative Republic of) 6.00% 5/15/2027 <sup>(g)</sup> |  | 15081 | 2674 |
| Brazil (Federative Republic of) 10.00% 1/1/2029 |  | 21 | 3 |
| Brazil (Federative Republic of) 10.00% 1/1/2031 |  | 6065 | 973 |
| Brazil (Federative Republic of) 6.00% 8/15/2032 <sup>(g)</sup> |  | 3325 | 557 |
| Brazil (Federative Republic of) 10.00% 1/1/2033 |  | 14543 | 2237 |
| Brazil (Federative Republic of) 10.00% 1/1/2035 |  | 17300 | 2589 |
| Brazil (Federative Republic of) 6.00% 8/15/2050 <sup>(g)</sup> |  | 5298 | 842 |
| Chile (Republic of) 4.70% 9/1/2030 | CLP | 810000 | 884 |
| Chile (Republic of) 5.30% 11/1/2037 |  | 425000 | 471 |
| Chile (Republic of) 4.34% 3/7/2042 | USD | 350 | 312 |
| China (People's Republic of), Series INBK, 2.27% 5/25/2034 | CNY | 5610 | 830 |
| China (People's Republic of), Series INBK, 3.72% 4/12/2051 |  | 23270 | 4192 |
| China (People's Republic of), Series INBK, 3.12% 10/25/2052 |  | 1250 | 206 |

---

---

| | |
|:---|:---|
| **33** | American Funds Insurance Series |

---

New World Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |  |
| China (People's Republic of), Series INBK, 2.57% 5/20/2054 | CNY | 4480 | $668 |
| Colombia (Republic of) 3.25% 4/22/2032 | USD | 700 | 592 |
| Colombia (Republic of) 5.20% 5/15/2049 |  | 391 | 288 |
| Colombia (Republic of), Series B, 7.00% 3/26/2031 | COP | 4320700 | 895 |
| Colombia (Republic of), Series B, 13.25% 2/9/2033 |  | 1734800 | 463 |
| Colombia (Republic of), Series B, 7.25% 10/18/2034 |  | 2054300 | 387 |
| Colombia (Republic of), Series B, 11.75% 1/24/2035 |  | 877300 | 217 |
| Colombia (Republic of), Series UVR, 3.75% 2/25/2037 <sup>(g)</sup> |  | 6870 | 562 |
| Colombia (Republic of), Series B, 9.25% 5/28/2042 |  | 4146300 | 820 |
| Colombia (Republic of), Series B, 7.25% 10/26/2050 |  | 3235300 | 493 |
| Cote d'Ivoire (Republic of) 4.875% 1/30/2032 | EUR | 150 | 171 |
| Czech Republic 3.50% 5/30/2035 | CZK | 15840 | 713 |
| Czech Republic 1.95% 7/30/2037 |  | 17900 | 661 |
| Dominican Republic (Government of) 8.625% 4/20/2027 <sup>(f)</sup> | USD | 383 | 396 |
| Dominican Republic (Government of) 5.875% 1/30/2060 |  | 335 | 300 |
| Eagle Funding LuxCo SARL 5.50% 8/17/2030 <sup>(f)</sup> |  | 960 | 979 |
| Egypt (Arab Republic of) 25.318% 8/13/2027 | EGP | 33072 | 715 |
| Egypt (Arab Republic of) 6.375% 4/11/2031 | EUR | 100 | 121 |
| Egypt (Arab Republic of) 7.625% 5/29/2032 | USD | 1165 | 1246 |
| Egypt (Arab Republic of) 8.50% 1/31/2047 |  | 400 | 393 |
| Egypt (Arab Republic of) 8.875% 5/29/2050 |  | 386 | 392 |
| Gabonese (Republic of) 6.625% 2/6/2031 |  | 720 | 560 |
| Gabonese (Republic of) 7.00% 11/24/2031 |  | 500 | 383 |
| Honduras (Republic of) 6.25% 1/19/2027 |  | 875 | 885 |
| Honduras (Republic of) 5.625% 6/24/2030 <sup>(f)</sup> |  | 281 | 279 |
| Hungary (Republic of) 2.00% 5/23/2029 | HUF | 255550 | 684 |
| Hungary (Republic of) 6.75% 7/23/2031 |  | 433980 | 1347 |
| Hungary (Republic of) 6.25% 9/22/2032 <sup>(f)</sup> | USD | 330 | 353 |
| Hungary (Republic of) 4.75% 11/24/2032 | HUF | 180830 | 498 |
| India (Republic of) 7.32% 11/13/2030 | INR | 3480 | 40 |
| India (Republic of) 6.54% 1/17/2032 |  | 15620 | 174 |
| India (Republic of) 7.18% 7/24/2037 |  | 176070 | 2008 |
| India (Republic of) 7.09% 8/5/2054 |  | 280280 | 3044 |
| Indonesia (Republic of) 6.375% 4/15/2032 | IDR | 317000 | 20 |
| Indonesia (Republic of) 7.50% 6/15/2035 |  | 7953000 | 522 |
| Indonesia (Republic of) 6.625% 2/17/2037 | USD | 300 | 343 |
| Indonesia (Republic of) 7.125% 6/15/2038 | IDR | 7242000 | 464 |
| Indonesia (Republic of) 7.50% 4/15/2040 |  | 8852000 | 581 |
| Indonesia (Republic of) 7.125% 8/15/2040 |  | 13148000 | 847 |
| Indonesia (Republic of) 7.125% 6/15/2042 |  | 8210000 | 522 |
| Indonesia (Republic of), Series FR82, 7.00% 9/15/2030 |  | 2341000 | 148 |
| Indonesia (Republic of), Series FR96, 7.00% 2/15/2033 |  | 16818000 | 1062 |
| Indonesia (Republic of), Series FR100, 6.625% 2/15/2034 |  | 29553000 | 1834 |
| Kazakhstan (Republic of) 5.50% 7/1/2037 <sup>(f)</sup> | USD | 945 | 976 |
| Kenya (Republic of) 6.30% 1/23/2034 |  | 645 | 591 |
| Kenya (Republic of) 9.50% 3/5/2036 <sup>(f)</sup> |  | 555 | 593 |
| Kenya (Republic of) 9.50% 3/5/2036 |  | 330 | 353 |
| Malaysia (Federation of), Series 0419, 3.828% 7/5/2034 | MYR | 8766 | 2215 |
| Malaysia (Federation of), Series 0418, 4.893% 6/8/2038 |  | 616 | 169 |
| Malaysia (Federation of), Series 0124, 4.054% 4/18/2039 |  | 3245 | 824 |
| Malaysia (Federation of), Series 0519, 3.757% 5/22/2040 |  | 2200 | 540 |
| Malaysia (Federation of), Series 0519, 4.638% 11/15/2049 |  | 1030 | 283 |
| Malaysia (Federation of), Series 0120, 4.065% 6/15/2050 |  | 2202 | 553 |
| Malaysia (Federation of), Series 022, 5.357% 5/15/2052 |  | 989 | 301 |
| Malaysia (Federation of), Series 0124, 4.28% 3/23/2054 |  | 1255 | 324 |
| MFB Magyar Fejlesztesi Bank Zartkoruen Mukodo Reszvenytarsasag 6.50% 6/29/2028 | USD | 490 | 511 |
| MFB Magyar Fejlesztesi Bank Zartkoruen Mukodo Reszvenytarsasag 4.375% 6/27/2030 | EUR | 340 | 409 |
| Morocco (Kingdom of) 5.95% 3/8/2028 <sup>(f)</sup> | USD | 255 | 263 |
| Morocco (Kingdom of) 3.875% 4/2/2029 | EUR | 625 | 743 |
| Morocco (Kingdom of) 4.75% 4/2/2035 |  | 200 | 240 |
| Mozambique (Republic of) 9.00% 9/15/2031 | USD | 540 | 463 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **34** |

---

New World Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |  |
| Nigeria (Republic of) 18.50% 2/21/2031 | NGN | 730360 | $534 |
| Nigeria (Republic of) 7.875% 2/16/2032 | USD | 280 | 293 |
| Nigeria (Republic of) 8.631% 1/13/2036 <sup>(f)</sup> |  | 390 | 419 |
| Oman (Sultanate of) 6.00% 8/1/2029 |  | 715 | 751 |
| Oman (Sultanate of) 6.75% 1/17/2048 |  | 485 | 535 |
| Panama (Republic of) 3.75% 4/17/2026 |  | 100 | 100 |
| Panama (Republic of) 7.875% 3/1/2057 |  | 600 | 701 |
| Paraguay (Republic of) 4.95% 4/28/2031 |  | 320 | 325 |
| Peru (Republic of) 3.00% 1/15/2034 |  | 225 | 196 |
| Peru (Republic of) 6.55% 3/14/2037 |  | 360 | 399 |
| Peru (Republic of) 3.55% 3/10/2051 |  | 490 | 344 |
| Peru (Republic of) 2.78% 12/1/2060 |  | 100 | 55 |
| PETRONAS Capital, Ltd. 4.55% 4/21/2050 <sup>(f)</sup> |  | 400 | 353 |
| Philippines (Republic of) 6.375% 7/27/2030 | PHP | 12110 | 211 |
| Philippines (Republic of) 6.00% 8/20/2030 |  | 14790 | 253 |
| Philippines (Republic of) 6.75% 9/15/2032 |  | 41240 | 734 |
| Philippines (Republic of) 6.375% 10/23/2034 | USD | 145 | 163 |
| Philippines (Republic of) 3.95% 1/20/2040 |  | 500 | 443 |
| Poland (Republic of), Series 0429, 5.75% 4/25/2029 | PLN | 2410 | 705 |
| Poland (Republic of), Series 10Y, 4.875% 10/4/2033 | USD | 370 | 377 |
| Poland (Republic of), Series 1033, 6.00% 10/25/2033 | PLN | 8434 | 2514 |
| Poland (Republic of), Series 1034, 5.00% 10/25/2034 |  | 6920 | 1921 |
| Romania (Republic of) 5.25% 5/30/2032 | EUR | 450 | 542 |
| Romania (Republic of) 5.25% 5/30/2032 |  | 230 | 277 |
| Romania (Republic of) 2.00% 4/14/2033 |  | 300 | 288 |
| Romania (Republic of) 5.625% 5/30/2037 |  | 390 | 448 |
| Saudi Arabia (Kingdom of) 4.875% 7/18/2033 | USD | 480 | 488 |
| Saudi Arabia (Kingdom of) 5.75% 1/16/2054 |  | 2300 | 2277 |
| Sharjah (Emirate of) 4.625% 2/13/2032 | EUR | 506 | 602 |
| South Africa (Republic of) 7.10% 11/19/2036 <sup>(f)</sup> | USD | 200 | 215 |
| South Africa (Republic of) 11.625% 3/31/2053 | ZAR | 13912 | 1061 |
| South Africa (Republic of), Series R-213, 7.00% 2/28/2031 |  | 482 | 28 |
| South Africa (Republic of), Series R-2032, 8.25% 3/31/2032 |  | 11495 | 711 |
| South Africa (Republic of), Series R-2035, 8.875% 2/28/2035 |  | 8388 | 528 |
| South Africa (Republic of), Series R-2040, 9.00% 1/31/2040 |  | 28192 | 1707 |
| South Africa (Republic of), Series R-2044, 8.75% 1/31/2044 |  | 15670 | 906 |
| Thailand (Kingdom of) 3.45% 6/17/2043 | THB | 40963 | 1521 |
| Turkey (Republic of) 37.84% 7/14/2027 | TRY | 30000 | 728 |
| Turkey (Republic of), Series 5Y, 9.875% 1/15/2028 | USD | 200 | 221 |
| Turkey (Republic of), Series 5Y, 17.30% 7/19/2028 | TRY | 23445 | 419 |
| Turkey (Republic of), Series 30Y, 11.875% 1/15/2030 | USD | 500 | 629 |
| Turkey (Republic of), Series 30Y, 4.875% 4/16/2043 |  | 1710 | 1323 |
| United Mexican States 6.875% 5/13/2037 |  | 610 | 652 |
| United Mexican States 5.125% 3/19/2038 | EUR | 420 | 492 |
| United Mexican States 4.75% 3/8/2044 | USD | 800 | 661 |
| United Mexican States 3.75% 4/19/2071 |  | 200 | 119 |
| United Mexican States, Series M20, 8.50% 5/31/2029 | MXN | 29350 | 1645 |
| United Mexican States, Series M, 7.75% 5/29/2031 |  | 56500 | 3025 |
| United Mexican States, Series M, 7.50% 5/26/2033 |  | 36500 | 1887 |
| United Mexican States, Series M, 7.75% 11/23/2034 |  | 38324 | 1976 |
| United Mexican States, Series M30, 8.50% 11/18/2038 |  | 21600 | 1126 |
| United Mexican States, Series M, 7.75% 11/13/2042 |  | 20000 | 951 |
| United Mexican States, Series M, 8.00% 7/31/2053 |  | 19887 | 943 |
| Venezuela (Bolivarian Republic of) 6.00% 12/9/2020 <sup>(h)</sup> | USD | 244 | 65 |
| Venezuela (Bolivarian Republic of) 9.00% 5/7/2023 <sup>(h)</sup> |  | 145 | 41 |
|  |  |  | 100414 |
| **Corporate bonds and notes 0.33%** |  |  |  |
| **Energy 0.07%** |  |  |  |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(f)</sup> |  | 410 | 429 |

---

---

| | |
|:---|:---|
| **35** | American Funds Insurance Series |

---

New World Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Energy (continued)** |  |  |  |
| Oleoducto Central SA 4.00% 7/14/2027 <sup>(f)</sup> | USD | 255 | $252 |
| Petroleos Mexicanos 5.95% 1/28/2031 |  | 610 | 591 |
| PTTEP Treasury Center Co., Ltd. 2.993% 1/15/2030 |  | 200 | 191 |
| Sinopec Group Overseas Development (2018), Ltd. 3.10% 1/8/2051 <sup>(f)</sup> |  | 430 | 318 |
| Transportadora de Gas del Sur SA 8.50% 7/24/2031 <sup>(f)</sup> |  | 250 | 260 |
| Transportadora de Gas del Sur SA 7.75% 11/20/2035 <sup>(f)</sup> |  | 220 | 218 |
| Vista Energy Argentina S.A.U. 7.625% 12/10/2035 <sup>(f)</sup> |  | 390 | 390 |
| YPF SA 8.25% 1/17/2034 <sup>(f)</sup> |  | 335 | 343 |
|  |  |  | 2992 |
| **Communication services 0.06%** |  |  |  |
| America Movil, SAB de CV, 10.125% 1/22/2029 | MXN | 13710 | 786 |
| America Movil, SAB de CV, 9.50% 1/27/2031 |  | 17130 | 969 |
| America Movil, SAB de CV, 10.30% 1/30/2034 |  | 2820 | 166 |
| PLDT, Inc. 2.50% 1/23/2031 | USD | 210 | 192 |
| Tencent Holdings, Ltd. 3.24% 6/3/2050 <sup>(f)</sup> |  | 380 | 273 |
|  |  |  | 2386 |
| **Consumer discretionary 0.05%** |  |  |  |
| Alibaba Group Holding, Ltd. 3.15% 2/9/2051 |  | 410 | 279 |
| Meituan 3.05% 10/28/2030 <sup>(f)</sup> |  | 400 | 373 |
| Meituan 3.05% 10/28/2030 |  | 200 | 187 |
| Melco Resorts Finance, Ltd. 7.625% 4/17/2032 <sup>(f)</sup> |  | 345 | 363 |
| MercadoLibre, Inc. 3.125% 1/14/2031 |  | 200 | 185 |
| Sands China, Ltd. 4.375% 6/18/2030 |  | 220 | 217 |
| Wynn Macau, Ltd. 5.625% 8/26/2028 |  | 260 | 260 |
|  |  |  | 1864 |
| **Financials 0.04%** |  |  |  |
| <br> Bangkok Bank Public Co., Ltd. 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029) <sup>(i)</sup> |  | 400 | 380 |
| BBVA Bancomer SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on 6/29/2033) <sup>(f)(i)</sup> |  | 340 | 376 |
| CMB International Leasing Management, Ltd. 2.75% 8/12/2030 |  | 300 | 282 |
| HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043) <sup>(i)</sup> |  | 400 | 438 |
|  |  |  | 1476 |
| **Materials 0.03%** |  |  |  |
| Braskem Netherlands Finance BV 8.50% 1/12/2031 <sup>(f)</sup> |  | 355 | 139 |
| CSN Resources SA 8.875% 12/5/2030 <sup>(f)</sup> |  | 400 | 372 |
| PT Krakatau Posco 6.375% 6/11/2027 |  | 345 | 352 |
| Sasol Financing USA, LLC 8.75% 5/3/2029 <sup>(c)</sup> |  | 520 | 530 |
|  |  |  | 1393 |
| **Utilities 0.03%** |  |  |  |
| Aegea Finance SARL 9.00% 1/20/2031 <sup>(f)</sup> |  | 275 | 291 |
| AES Panama Generation Holdings, SRL 4.375% 5/31/2030 <sup>(f)</sup> |  | 261 | 246 |
| Greenko Dutch BV 3.85% 3/29/2026 <sup>(f)</sup> |  | 173 | 172 |
| Greenko Dutch BV 3.85% 3/29/2026 |  | 173 | 172 |
| San Miguel Global Power Holdings Corp. 8.125% perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 6.404% on 3/2/2030) <sup>(i)</sup> |  | 350 | 354 |
|  |  |  | 1235 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **36** |

---

New World Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Industrials 0.02%** |  |  |  |
| IRB Infrastructure Developers, Ltd. 7.11% 3/11/2032 <sup>(f)</sup> | USD | 335 | $346 |
| LATAM Airlines Group SA 7.875% 4/15/2030 <sup>(f)</sup> |  | 355 | 374 |
| Mexico City Airport Trust 4.25% 10/31/2026 |  | 200 | 199 |
|  |  |  | 919 |
| **Consumer staples 0.02%** |  |  |  |
| Health and Happiness (H&H) International Holdings, Ltd. 9.125% 7/24/2028 |  | 200 | 213 |
| NBM US Holdings, Inc. 7.00% 5/14/2026 <sup>(c)</sup> |  | 200 | 200 |
| NBM US Holdings, Inc. 6.625% 8/6/2029 <sup>(c)</sup> |  | 420 | 426 |
|  |  |  | 839 |
| **Health care 0.01%** |  |  |  |
| Rede D'Or Finance SARL 4.50% 1/22/2030 |  | 280 | 273 |
| **Total corporate bonds and notes** |  |  | 13377 |
| **Total bonds, notes & other debt instruments** (cost: $110,411,000) |  |  | 113791 |

---

---

| | | |
|:---|:---|:---|
| Short-term securities 1.66% | Shares |  |
| **Money market investments 1.50%** |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(j)(k)</sup> | 608937 | 60900 |
| **Money market investments purchased with collateral from securities on loan 0.15%** |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(j)(l)</sup> | 5942714 | 5943 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Weighted<br> average yield<br> at acquisition | Principal amount<br> (000) | Principal amount<br> (000) | |
| **Bills & notes of governments & government agencies outside the U.S. 0.01%** |  |  |  |  |
| Egypt (Arab Republic of) 1/6/2026 | 19.531% | EGP | 12600 | 264 |
| **Total short-term securities** (cost: $67,083,000) |  |  |  | 67107 |
| **Total investment securities** 100.53% (cost: $2,525,040,000) |  |  |  | 4068722 |
| Other assets less liabilities (0.53)% |  |  |  | (21354) |
| **Net assets 100.00%** |  |  |  | $4047368 |

---

**Futures contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of <br> contracts | Expiration <br> date | Notional <br> amount <br> (000) | Value and<br> unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| 2 Year U.S. Treasury Note Futures | Short | 2 | 4/6/2026 | USD(417) | $— <sup>(d)</sup> |
| 5 Year Euro-Bobl Futures | Short | 13 | 3/10/2026 | (1775) | 7 |
| 5 Year U.S. Treasury Note Futures | Long | 6 | 4/6/2026 | 656 | 1 |
| 10 Year Euro-Bund Futures | Short | 12 | 3/10/2026 | (1799) | 13 |

---

---

| | |
|:---|:---|
| **37** | American Funds Insurance Series |

---

New World Fund<sup>®</sup> (continued)

**Futures contracts** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of <br> contracts | Expiration <br> date | Notional <br> amount <br> (000) | Notional <br> amount <br> (000) | Value and<br> unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| 10 Year Ultra U.S. Treasury Note Futures | Long | 18 | 3/31/2026 | USD | 2070 | $(17) |
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 1 | 3/31/2026 |  | (118) | 3 |
|  |  |  |  |  |  | $7 |

---

**Forward currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount |  |  | Unrealized <br> appreciation<br> (depreciation) |
| Currency purchased<br> (000) | Currency purchased<br> (000) | Currency sold<br> (000) | Currency sold<br> (000) | Counterparty | Settlement<br> Date | at 12/31/2025 <br> (000) |
| MXN | 1600 | USD | 89 | UBS AG | 1/5/2026 | $— <sup>(d)</sup> |
| USD | 88 | MXN | 1600 | Goldman Sachs | 1/5/2026 | (1) |
| MYR | 397 | USD | 97 | BNP Paribas | 1/8/2026 | 1 |
| MYR | 350 | USD | 86 | JPMorgan Chase | 1/8/2026 | — <sup>(d)</sup> |
| USD | 835 | MYR | 3443 | JPMorgan Chase | 1/8/2026 | (15) |
| CZK | 52445 | USD | 2529 | Bank of New York Mellon | 1/9/2026 | 22 |
| USD | 196 | IDR | 3257000 | Goldman Sachs | 1/9/2026 | 1 |
| IDR | 1360795 | USD | 82 | Citibank | 1/9/2026 | — <sup>(d)</sup> |
| INR | 5512 | USD | 61 | HSBC Bank | 1/9/2026 | — <sup>(d)</sup> |
| INR | 7000 | USD | 77 | Goldman Sachs | 1/9/2026 | — <sup>(d)</sup> |
| IDR | 1452260 | USD | 87 | Goldman Sachs | 1/9/2026 | — <sup>(d)</sup> |
| USD | 145 | MXN | 2603 | Citibank | 1/9/2026 | — <sup>(d)</sup> |
| USD | 1570 | CZK | 32520 | JPMorgan Chase | 1/9/2026 | (12) |
| USD | 784 | COP | 3027600 | Citibank | 1/9/2026 | (14) |
| ZAR | 21461 | USD | 1256 | Citibank | 1/12/2026 | 39 |
| CNH | 13485 | USD | 1920 | UBS AG | 1/12/2026 | 14 |
| THB | 30030 | USD | 953 | HSBC Bank | 1/12/2026 | 1 |
| ZAR | 1300 | USD | 78 | UBS AG | 1/12/2026 | 1 |
| BRL | 470 | USD | 86 | Barclays Bank PLC | 1/12/2026 | — <sup>(d)</sup> |
| PLN | 517 | USD | 144 | Citibank | 1/12/2026 | — <sup>(d)</sup> |
| PLN | 250 | USD | 70 | JPMorgan Chase | 1/12/2026 | — <sup>(d)</sup> |
| USD | 819 | BRL | 4516 | Citibank | 1/12/2026 | (3) |
| USD | 2267 | ZAR | 37931 | Bank of America | 1/12/2026 | (21) |
| BRL | 4255 | USD | 782 | Citibank | 1/23/2026 | (10) |
| USD | 1859 | EUR | 1580 | Morgan Stanley | 1/30/2026 | — <sup>(d)</sup> |
| USD | 917 | PHP | 54395 | Bank of America | 3/16/2026 | (1) |
|  |  |  |  |  |  | $2 |

---

**Investments in affiliates <sup>(k)</sup>**

****

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value at<br> 1/1/2025<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000) | Value at<br> 12/31/2025<br> (000) | Dividend or<br> interest<br> income<br> (000) |
| **Short-term securities 1.50%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 1.50%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(j)</sup> | $94686 | $618645 | $652434 | $11 | $(8) | $60900 | $5504 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **38** |

---

New World Fund<sup>®</sup> (continued)

**Restricted securities <sup>(c)</sup>**

****

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Acquisition <br>date(s) | Cost <br>(000) | Value <br>(000) | Percent<br> of net<br> assets |
| QuintoAndar, Ltd., Series E, preference shares <sup>(a)(b)</sup> | 5/26/2021 | $5258 | $6550 | 0.16% |
| QuintoAndar, Ltd., Series E-1, preference shares <sup>(a)(b)</sup> | 12/20/2021 | 1716 | 1685 | 0.04 |
| Canva Australia Holdings Pty, Ltd. <sup>(a)(b)</sup> | 8/26/2021-11/4/2021 | 656 | 634 | 0.02 |
| Canva Australia Holdings Pty, Ltd., Series A, noncumulative preferred shares <sup>(a)(b)</sup> | 11/4/2021 | 58 | 56 | 0.00 <sup>(m)</sup> |
| Canva Australia Holdings Pty, Ltd., Series A-3, noncumulative preferred shares <sup>(a)(b)</sup> | 11/4/2021 | 2 | 2 | 0.00 <sup>(m)</sup> |
| Getir BV, Series D, preferred shares <sup>(a)(b)</sup> | 5/27/2021 | 3500 | — <sup>(d)</sup> | 0.00 <sup>(m)</sup> |
| **Total** |  | $11190 | $8927 | 0.22% |

---

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> Value determined using significant unobservable inputs.

<sup>(c)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(d)</sup> Amount less than one thousand.

<sup>(e)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending.

<sup>(f)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $11,247,000, which represented 0.28% of the net assets of the fund.

<sup>(g)</sup> Index-linked bond whose principal amount moves with a government price index.

<sup>(h)</sup> Scheduled interest and/or principal payment was not received.

<sup>(i)</sup> Step bond; coupon rate may change at a later date.

<sup>(j)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(k)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(l)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(m)</sup> Amount less than 0.01%.

**Key to abbreviation(s)**

ADR = American Depositary Receipts

BDR = Brazilian Depositary Receipts

BRL = Brazilian reais

CAD = Canadian dollars

CDI = CREST Depository Interest

CLP = Chilean pesos

CNH = Chinese yuan renminbi

CNY = Chinese yuan renminbi

COP = Colombian pesos

CZK = Czech korunas

EGP = Egyptian pounds

EUR = Euros

GBP = British pounds

GDR = Global Depositary Receipts

HUF = Hungarian forints

IDR = Indonesian rupiah

INR = Indian rupees

MXN = Mexican pesos

MYR = Malaysian ringgits

NGN = Nigerian naira

PHP = Philippine pesos

PLN = Polish zloty

REIT = Real Estate Investment Trust

SOFR = Secured Overnight Financing Rate

THB = Thai baht

TRY= Turkish lira

USD = U.S. dollars

UST= U.S. Treasury

ZAR = South African rand

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **39** | American Funds Insurance Series |

---

Washington Mutual Investors Fund

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Common stocks 96.71% | Shares | Value <br>(000) |
| **Information technology 22.47%** |  |  |
| Broadcom, Inc. | 2374965 | $821975 |
| Microsoft Corp. | 1413570 | 683631 |
| Apple, Inc. | 1139590 | 309809 |
| NVIDIA Corp. | 1094267 | 204081 |
| KLA Corp. | 103353 | 125582 |
| ASML Holding NV (ADR) | 110497 | 118216 |
| International Business Machines Corp. | 319206 | 94552 |
| Salesforce, Inc. | 288774 | 76499 |
| Accenture PLC, Class A | 257970 | 69213 |
| Intel Corp. <sup>(a)</sup> | 943406 | 34812 |
| SAP SE (ADR) <sup>(b)</sup> | 108684 | 26401 |
| Texas Instruments, Inc. | 108648 | 18849 |
| Amphenol Corp., Class A | 134593 | 18189 |
| Synopsys, Inc. <sup>(a)</sup> | 31950 | 15008 |
| Applied Materials, Inc. | 56534 | 14529 |
| TE Connectivity PLC | 61452 | 13981 |
| Fair Isaac Corp. <sup>(a)</sup> | 8068 | 13640 |
| Adobe, Inc. <sup>(a)</sup> | 34743 | 12160 |
| Hewlett Packard Enterprise Co. | 406300 | 9759 |
| Motorola Solutions, Inc. | 9895 | 3793 |
| Oracle Corp. | 19421 | 3785 |
| ASM International NV (ADR) <sup>(b)</sup> | 4561 | 2752 |
|  |  | 2691216 |
| **Financials 17.03%** |  |  |
| Marsh & McLennan Cos., Inc. | 1130032 | 209644 |
| JPMorgan Chase & Co. | 593105 | 191110 |
| Bank of America Corp. | 3357568 | 184666 |
| Visa, Inc., Class A | 493213 | 172975 |
| Capital One Financial Corp. | 511844 | 124050 |
| BlackRock, Inc. | 103920 | 111230 |
| Mastercard, Inc., Class A | 191588 | 109374 |
| Truist Financial Corp. | 1734572 | 85358 |
| Citizens Financial Group, Inc. | 1377669 | 80470 |
| Arthur J. Gallagher & Co. | 300484 | 77762 |
| KKR & Co., Inc. | 535221 | 68230 |
| Wells Fargo & Co. | 712560 | 66411 |
| Chubb, Ltd. | 187408 | 58494 |
| Progressive Corp. | 249074 | 56719 |
| Apollo Asset Management, Inc. | 387751 | 56131 |
| Morgan Stanley | 290174 | 51515 |
| American Express Co. | 138945 | 51403 |
| Blackstone, Inc. | 247025 | 38076 |
| CME Group, Inc., Class A | 134353 | 36689 |
| Aon PLC, Class A | 95985 | 33871 |
| S&P Global, Inc. | 50609 | 26448 |
| Citigroup,Inc. | 207496 | 24213 |
| KeyCorp | 1068093 | 22045 |
| PNC Financial Services Group, Inc. | 89774 | 18738 |
| Brookfield Asset Management, Ltd., Class A | 345786 | 18116 |
| Goldman Sachs Group, Inc. | 19811 | 17414 |
| Carlyle Group, Inc. (The) | 270192 | 15971 |
| Equitable Holdings, Inc. | 217170 | 10348 |
| Fifth Third Bancorp | 178306 | 8346 |
| Intercontinental Exchange, Inc. | 48480 | 7852 |
| Charles Schwab Corp. (The) | 57745 | 5769 |
|  |  | 2039438 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **40** |

---

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value <br>(000) |
| **Industrials 12.74%** |  |  |
| RTX Corp. | 1032583 | $189376 |
| General Electric Co. | 510619 | 157286 |
| Northrop Grumman Corp. | 268954 | 153360 |
| Union Pacific Corp. | 381988 | 88361 |
| Paychex, Inc. | 783023 | 87839 |
| Caterpillar, Inc. | 147575 | 84541 |
| Boeing Co. (The) <sup>(a)</sup> | 371244 | 80604 |
| Deere & Co. | 161235 | 75066 |
| L3Harris Technologies, Inc. | 231680 | 68014 |
| 3M Co. | 390205 | 62472 |
| Delta Air Lines, Inc. | 807328 | 56029 |
| Parker-Hannifin Corp. | 58375 | 51309 |
| Lennox International, Inc. | 89406 | 43414 |
| Deutsche Post AG (ADR) | 688904 | 37676 |
| Ingersoll-Rand, Inc. | 459350 | 36390 |
| Verisk Analytics, Inc. | 160459 | 35893 |
| Watsco, Inc. | 93957 | 31659 |
| Siemens AG (ADR) | 196210 | 27460 |
| Waste Connections, Inc. | 130488 | 22882 |
| Johnson Controls International PLC | 162195 | 19423 |
| FedEx Corp. | 61924 | 17887 |
| HEICO Corp. | 44486 | 14395 |
| Republic Services, Inc. | 67539 | 14314 |
| Equifax,Inc. | 60828 | 13198 |
| BAE Systems PLC (ADR) | 136409 | 12670 |
| CSX Corp. | 290528 | 10532 |
| RELX PLC (ADR) | 231829 | 9371 |
| Waste Management, Inc. | 40322 | 8859 |
| Applied Industrial Technologies, Inc. | 22716 | 5833 |
| Trane Technologies PLC | 14265 | 5552 |
| ITT, Inc. | 20862 | 3620 |
|  |  | 1525285 |
| **Health care 12.16%** |  |  |
| Eli Lilly and Co. | 244400 | 262652 |
| UnitedHealth Group, Inc. | 621229 | 205074 |
| Amgen, Inc. | 599792 | 196318 |
| Abbott Laboratories | 1132764 | 141924 |
| CVS Health Corp. | 1753200 | 139134 |
| AbbVie, Inc. | 388820 | 88841 |
| Gilead Sciences, Inc. | 687176 | 84344 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 137037 | 62127 |
| Johnson & Johnson | 246753 | 51065 |
| Danaher Corp. | 217204 | 49722 |
| Thermo Fisher Scientific, Inc. | 84887 | 49188 |
| AstraZeneca PLC (ADR) | 391907 | 36028 |
| Zimmer Biomet Holdings, Inc. | 220098 | 19791 |
| Illumina, Inc. <sup>(a)</sup> | 110721 | 14522 |
| Elevance Health, Inc. | 39244 | 13757 |
| Humana, Inc. | 47537 | 12176 |
| Novo Nordisk AS, Class B (ADR) | 187415 | 9536 |
| Cooper Cos., Inc. <sup>(a)</sup> | 79881 | 6547 |
| Bristol-Myers Squibb Co. | 96148 | 5186 |
| McKesson Corp. | 4752 | 3898 |
| Align Technology, Inc. <sup>(a)</sup> | 15745 | 2459 |
| Cardinal Health, Inc. | 6793 | 1396 |
|  |  | 1455685 |

---

---

| | |
|:---|:---|
| **41** | American Funds Insurance Series |

---

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value <br>(000) |
| **Consumer staples 8.25%** |  |  |
| Philip Morris International, Inc. | 2510056 | $402613 |
| British American Tobacco PLC (ADR) | 2455192 | 139013 |
| Keurig Dr Pepper, Inc. | 2702930 | 75709 |
| Mondelez International, Inc., Class A | 1268407 | 68278 |
| Coca-Cola Co. | 758395 | 53020 |
| Constellation Brands, Inc., Class A | 284585 | 39261 |
| Costco Wholesale Corp. | 41990 | 36210 |
| Altria Group, Inc. | 590291 | 34036 |
| Hershey Co. | 124140 | 22591 |
| Nestle SA (ADR) | 200456 | 19801 |
| Procter & Gamble Co. | 136221 | 19522 |
| Church & Dwight Co., Inc. | 227492 | 19075 |
| Walmart, Inc. | 150441 | 16761 |
| Estee Lauder Cos., Inc. (The), Class A | 152224 | 15941 |
| Kraft Heinz Co. (The) | 413643 | 10031 |
| Target Corp. | 98519 | 9630 |
| Bunge Global SA | 74092 | 6600 |
|  |  | 988092 |
| **Consumer discretionary 6.88%** |  |  |
| Royal Caribbean Cruises, Ltd. | 596363 | 166337 |
| Home Depot, Inc. | 256784 | 88359 |
| Starbucks Corp. | 1021649 | 86033 |
| Amazon.com,Inc. <sup>(a)</sup> | 331292 | 76469 |
| YUM! Brands, Inc. | 502512 | 76020 |
| D.R. Horton, Inc. | 411529 | 59272 |
| TJX Cos., Inc. (The) | 383447 | 58901 |
| Darden Restaurants, Inc. | 317938 | 58507 |
| NIKE, Inc., Class B | 537367 | 34236 |
| Marriott International, Inc., Class A | 88679 | 27512 |
| General Motors Co. | 276739 | 22504 |
| Vail Resorts, Inc. | 149560 | 19862 |
| Tractor Supply Co. | 373740 | 18691 |
| Toll Brothers, Inc. | 81236 | 10985 |
| Texas Roadhouse, Inc. | 43999 | 7304 |
| Sony Group Corp. (ADR) | 268839 | 6882 |
| Chipotle Mexican Grill,Inc. <sup>(a)</sup> | 165637 | 6129 |
|  |  | 824003 |
| **Communication services 5.40%** |  |  |
| Alphabet, Inc., Class A | 591527 | 185148 |
| Alphabet, Inc., Class C | 565134 | 177339 |
| Meta Platforms, Inc., Class A | 234761 | 154963 |
| Comcast Corp., Class A | 3570517 | 106723 |
| Verizon Communications, Inc. | 261888 | 10667 |
| Walt Disney Co. (The) | 56380 | 6414 |
| AT&T,Inc. | 210004 | 5217 |
|  |  | 646471 |
| **Utilities 4.03%** |  |  |
| Constellation Energy Corp. | 322322 | 113867 |
| Sempra | 1251080 | 110458 |
| Southern Co. (The) | 946592 | 82543 |
| FirstEnergy Corp. | 1218911 | 54571 |
| DTE Energy Co. | 221096 | 28517 |
| Exelon Corp. | 631441 | 27525 |
| Entergy Corp. | 182766 | 16893 |
| CenterPoint Energy,Inc. | 437803 | 16785 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **42** |

---

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
| **Utilities (continued)** |  |  |
| Public Service Enterprise Group, Inc. | 184231 | $14794 |
| NextEra Energy, Inc. | 125328 | 10061 |
| Atmos Energy Corp. | 38564 | 6464 |
|  |  | 482478 |
| **Energy 2.92%** |  |  |
| Exxon Mobil Corp. | 678218 | 81617 |
| ConocoPhillips | 836045 | 78262 |
| Canadian Natural Resources, Ltd. | 1659500 | 56174 |
| EOG Resources, Inc. | 404283 | 42454 |
| Baker Hughes Co., Class A | 572294 | 26062 |
| TC Energy Corp. | 425469 | 23405 |
| Chevron Corp. | 114799 | 17496 |
| Halliburton Co. | 398694 | 11267 |
| SLB, Ltd. | 216823 | 8322 |
| TotalEnergies SE <sup>(b)</sup> | 65622 | 4293 |
|  |  | 349352 |
| **Real estate 2.59%** |  |  |
| Welltower, Inc. REIT | 972251 | 180459 |
| Simon Property Group, Inc. REIT | 158605 | 29359 |
| Public Storage REIT | 107805 | 27975 |
| Prologis, Inc. REIT | 200496 | 25595 |
| Ventas, Inc. REIT | 219292 | 16969 |
| American Tower Corp. REIT | 95755 | 16812 |
| Rexford Industrial Realty, Inc. REIT | 156135 | 6046 |
| Extra Space Storage, Inc. REIT | 42274 | 5505 |
| CoStar Group, Inc. <sup>(a)</sup> | 23002 | 1547 |
|  |  | 310267 |
| **Materials 2.24%** |  |  |
| Air Products and Chemicals, Inc. | 314661 | 77728 |
| Wheaton Precious Metals Corp. | 558352 | 65618 |
| International Paper Co. | 1327824 | 52303 |
| Linde PLC | 63825 | 27214 |
| Royal Gold,Inc. | 81893 | 18204 |
| Corteva, Inc. | 260264 | 17445 |
| H.B. Fuller Co. | 114890 | 6831 |
| Nucor Corp. | 16976 | 2769 |
|  |  | 268112 |
| **Total common stocks (cost: $7,030,725,000)** |  | 11580399 |
| Convertible stocks 0.86% |  |  |
| **Industrials 0.36%** |  |  |
| Boeing Co., Series A, convertible preferred depositary shares, 6.00% 10/15/2027 | 627490 | 43334 |
| **Financials 0.33%** |  |  |
| KKR & Co., Inc., Class D, convertible preferred shares, 6.25% 3/1/2028 | 590703 | 30622 |
| Apollo Global Management, Inc., Class A, cumulative convertible preferred shares, 6.75% 7/31/2026 | 116666 | 8811 |
|  |  | 39433 |

---

---

| | |
|:---|:---|
| **43** | American Funds Insurance Series |

---

Washington Mutual Investors Fund (continued)

---

| | | |
|:---|:---|:---|
| Convertible stocks (continued) | Shares | Value<br> (000 |
| **Utilities 0.17%** |  |  |
| Southern Co. (The), Class A, convertible preferred shares, 7.125% 12/15/2028 | 406324 | $20463 |
| **Total convertible stocks (cost: $91,575,000)** |  | 103230 |
| Short-term securities 2.29% |  |  |
| **Money market investments 2.28%** |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(c)(d)</sup> | 2725029 | 272530 |
| **Money market investments purchased with collateral from securities on loan 0.01%** |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(c)(e)</sup> | 776786 | 777 |
| **Total short-term securities (cost: $273,250,000)** |  | 273307 |
| **Total investment securities 99.86% (cost: $7,395,550,000)** |  | 11956936 |
| Other assets less liabilities 0.14% |  | 17120 |
| **Net assets 100.00%** |  | $11974056 |

---

**Investments in affiliates <sup>(d)</sup>**

****

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value at <br>1/1/2025 <br>(000) | Additions <br>(000) | Reductions <br>(000) | Net <br>realized <br>gain (loss) <br>(000) | Net <br>unrealized <br>appreciation <br>(depreciation) <br>(000) | Value at <br>12/31/2025 <br>(000) | Dividend <br>or interest <br>income <br>(000) |
| Short-term securities 2.28% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 2.28%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(c)</sup> | $245250 | $1790503 | $1763183 | $(10) | $(30) | $272530 | $13883 |
| &nbsp;&nbsp;&nbsp;**Money market investments purchased with collateral from securities on loan 0.00%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(c)</sup> | 9850 |  | 9850 <sup>(f)</sup> |  |  |  | — <sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;**Total 2.28%** |  |  |  | $(10) | $(30) | $272530 | $13883 |

---

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending.

<sup>(c)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(d)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(e)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(f)</sup> Represents net activity. Refer to Note 5 for more information on securities lending.

<sup>(g)</sup> Dividend income is included with securities lending income in the fund's statement of operations and is not shown in this table.

**Key to abbreviation(s)**

ADR = American Depositary Receipts

REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **44** |

---

U.S. Small and Mid Cap Equity Fund

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Common stocks 97.32% | Shares | Value <br>(000) |
| **Financials 23.78%** |  |  |
| Capital One Financial Corp. | 12848 | $3114 |
| Brown & Brown, Inc. | 29424 | 2345 |
| Fifth Third Bancorp | 42787 | 2003 |
| RenaissanceRe Holdings, Ltd. | 6629 | 1864 |
| Victory Capital Holdings, Inc., Class A | 27021 | 1705 |
| LPL Financial Holdings, Inc. | 3231 | 1154 |
| StepStone Group, Inc., Class A | 17773 | 1140 |
| KeyCorp | 47885 | 988 |
| Hamilton Lane, Inc., Class A | 7175 | 964 |
| TPG, Inc., Class A | 13727 | 876 |
| Affirm Holdings, Inc., Class A <sup>(a)</sup> | 11444 | 852 |
| WEX, Inc. <sup>(a)</sup> | 5173 | 771 |
| Radian Group,Inc. | 18868 | 679 |
| Kinsale Capital Group, Inc. | 1670 | 653 |
| Fiserv, Inc. <sup>(a)</sup> | 9281 | 623 |
| Ally Financial, Inc. | 10613 | 481 |
| Ameriprise Financial, Inc. | 957 | 469 |
| Accelerant Holdings, Class A <sup>(a)</sup> | 27142 | 444 |
| Artisan Partners Asset Management, Inc., Class A | 10148 | 413 |
| Tradeweb Markets, Inc., Class A | 3687 | 396 |
| Arthur J. Gallagher & Co. | 1462 | 378 |
| Citizens Financial Group, Inc. | 6328 | 370 |
| Essent Group, Ltd. | 4628 | 301 |
| Figure Technology Solutions, Inc. <sup>(a)</sup> | 6252 | 255 |
| GQG Partners, Inc. (CDI) | 195382 | 228 |
| Blue Owl Capital, Inc., Class A | 15107 | 226 |
|  |  | 23692 |
| **Industrials 19.73%** |  |  |
| XPO, Inc. <sup>(a)</sup> | 11702 | 1590 |
| Comfort Systems USA, Inc. | 1510 | 1409 |
| Crane Co. | 7592 | 1400 |
| Ingersoll-Rand, Inc. | 16463 | 1304 |
| United Rentals, Inc. | 1565 | 1267 |
| Karman Holdings, Inc. <sup>(a)</sup> | 16913 | 1238 |
| AGCO Corp. | 8507 | 887 |
| ATI, Inc. <sup>(a)</sup> | 7165 | 822 |
| Bloom Energy Corp., Class A <sup>(a)</sup> | 9349 | 812 |
| APi Group Corp. <sup>(a)</sup> | 18288 | 700 |
| Generac Holdings, Inc. <sup>(a)</sup> | 5120 | 698 |
| AMETEK,Inc. | 3100 | 637 |
| SiteOne Landscape Supply, Inc. <sup>(a)</sup> | 5013 | 624 |
| Core & Main, Inc., Class A <sup>(a)</sup> | 11721 | 609 |
| PACCAR, Inc. | 4584 | 502 |
| Applied Industrial Technologies, Inc. | 1852 | 476 |
| The Toro Co. | 5383 | 424 |
| CSW Industrials, Inc. | 1425 | 418 |
| FTAI Aviation, Ltd. | 2030 | 400 |
| Copart, Inc. <sup>(a)</sup> | 9486 | 371 |
| HEICO Corp. | 1059 | 343 |
| Builders FirstSource, Inc. <sup>(a)</sup> | 3265 | 336 |
| L3Harris Technologies, Inc. | 1140 | 335 |
| Kadant,Inc. | 1153 | 329 |
| ESCO Technologies, Inc. | 1528 | 299 |
| VSE Corp. | 1708 | 295 |
| Graco,Inc. | 3172 | 260 |
| Oshkosh Corp. | 1699 | 213 |
| Robert Half, Inc. | 6882 | 187 |

---

---

| | |
|:---|:---|
| **45** | American Funds Insurance Series |

---

U.S. Small and Mid Cap Equity Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value <br>(000) |
| **Industrials (continued)** |  |  |
| Fluor Corp. <sup>(a)</sup> | 4663 | $185 |
| United Parcel Service, Inc., Class B | 1684 | 167 |
| CBIZ, Inc. <sup>(a)</sup> | 2383 | 120 |
|  |  | 19657 |
| **Consumer discretionary 15.60%** |  |  |
| Hilton Worldwide Holdings, Inc. | 5955 | 1711 |
| YUM! Brands, Inc. | 9944 | 1504 |
| Vail Resorts, Inc. | 10303 | 1368 |
| LKQ Corp. | 42592 | 1286 |
| Aptiv Holdings, Ltd. <sup>(a)</sup> | 13584 | 1034 |
| General Motors Co. | 11011 | 895 |
| Five Below, Inc. <sup>(a)</sup> | 4322 | 814 |
| Adtalem Global Education, Inc. <sup>(a)</sup> | 7439 | 770 |
| Bright Horizons Family Solutions, Inc. <sup>(a)</sup> | 5826 | 591 |
| TopBuild Corp. <sup>(a)</sup> | 1258 | 525 |
| Flutter Entertainment PLC <sup>(a)</sup> | 2429 | 522 |
| Wingstop, Inc. | 2071 | 494 |
| Darden Restaurants, Inc. | 2559 | 471 |
| D.R. Horton, Inc. | 3011 | 434 |
| Murphy USA, Inc. | 927 | 374 |
| Toll Brothers, Inc. | 2406 | 325 |
| Cavco Industries, Inc. <sup>(a)</sup> | 546 | 322 |
| Royal Caribbean Cruises, Ltd. | 1101 | 307 |
| Chewy, Inc., Class A <sup>(a)</sup> | 8811 | 291 |
| Texas Roadhouse,Inc. | 1657 | 275 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 7178 | 266 |
| Brinker International, Inc. <sup>(a)</sup> | 1778 | 255 |
| SharkNinja, Inc. <sup>(a)</sup> | 1946 | 218 |
| AutoZone, Inc. <sup>(a)</sup> | 53 | 180 |
| Polaris, Inc. | 2608 | 165 |
| CAVA Group,Inc. <sup>(a)</sup> | 2391 | 140 |
|  |  | 15537 |
| **Information technology 11.44%** |  |  |
| Ingram Micro Holding Corp. <sup>(b)</sup> | 64723 | 1381 |
| Lumentum Holdings, Inc. <sup>(a)</sup> | 3571 | 1316 |
| Fabrinet, non-registered shares <sup>(a)</sup> | 2398 | 1092 |
| Keysight Technologies, Inc. <sup>(a)</sup> | 4973 | 1010 |
| Ciena Corp. <sup>(a)</sup> | 3954 | 925 |
| Flex, Ltd. <sup>(a)</sup> | 13238 | 800 |
| MongoDB, Inc., Class A <sup>(a)</sup> | 1765 | 741 |
| Procore Technologies, Inc. <sup>(a)</sup> | 8507 | 619 |
| Vontier Corp. | 16007 | 595 |
| Fair Isaac Corp. <sup>(a)</sup> | 313 | 529 |
| Cloudflare, Inc., Class A <sup>(a)</sup> | 2395 | 472 |
| CompoSecure, Inc., Class A <sup>(a)(c)</sup> | 20637 | 370 |
| Hewlett Packard Enterprise Co. | 12286 | 295 |
| EPAM Systems, Inc. <sup>(a)</sup> | 1350 | 277 |
| Snowflake, Inc. <sup>(a)</sup> | 1173 | 257 |
| RingCentral, Inc., Class A <sup>(a)</sup> | 7980 | 230 |
| Clearwater Analytics Holdings, Inc., Class A <sup>(a)</sup> | 8318 | 201 |
| CoreWeave, Inc., Class A <sup>(a)</sup> | 1559 | 112 |
| Figma, Inc. <sup>(a)</sup> | 2983 | 111 |
| Via Transportation, Inc., Class A <sup>(a)</sup> | 2340 | 68 |
|  |  | 11401 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **46** |

---

U.S. Small and Mid Cap Equity Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value <br>(000) |
| **Health care 8.63%** |  |  |
| Ionis Pharmaceuticals, Inc. <sup>(a)</sup> | 14469 | $1145 |
| Illumina, Inc. <sup>(a)</sup> | 5359 | 703 |
| Align Technology, Inc. <sup>(a)</sup> | 4477 | 699 |
| Medline, Inc., Class A <sup>(a)</sup> | 14700 | 617 |
| Cooper Cos., Inc. <sup>(a)</sup> | 6773 | 555 |
| Exact Sciences Corp. <sup>(a)</sup> | 4899 | 498 |
| Halozyme Therapeutics, Inc. <sup>(a)</sup> | 6858 | 462 |
| Doximity, Inc., Class A <sup>(a)</sup> | 8847 | 392 |
| Veeva Systems, Inc., Class A <sup>(a)</sup> | 1752 | 391 |
| Penumbra, Inc. <sup>(a)</sup> | 1219 | 379 |
| Natera, Inc. <sup>(a)</sup> | 1649 | 378 |
| Alignment Healthcare, Inc. <sup>(a)</sup> | 18667 | 369 |
| Hims & Hers Health, Inc., Class A <sup>(a)</sup> | 10863 | 353 |
| NewAmsterdam Pharma Co. NV <sup>(a)</sup> | 9798 | 344 |
| IQVIA Holdings, Inc. <sup>(a)</sup> | 1442 | 325 |
| Regeneron Pharmaceuticals, Inc. | 376 | 290 |
| Centessa Pharmaceuticals PLC (ADR) <sup>(a)</sup> | 9157 | 229 |
| Krystal Biotech, Inc. <sup>(a)</sup> | 886 | 218 |
| Zimmer Biomet Holdings, Inc. | 1962 | 176 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> | 200 | 79 |
|  |  | 8602 |
| **Consumer staples 7.13%** |  |  |
| US Foods Holding Corp. <sup>(a)</sup> | 29695 | 2237 |
| Monster Beverage Corp. <sup>(a)</sup> | 16752 | 1284 |
| e.l.f. Beauty, Inc. <sup>(a)</sup> | 11527 | 877 |
| Dollar General Corp. | 4932 | 655 |
| Caseys General Stores, Inc. | 1137 | 628 |
| Estee Lauder Cos., Inc. (The), Class A | 4095 | 429 |
| Keurig Dr Pepper, Inc. | 11715 | 328 |
| Maplebear, Inc. <sup>(a)</sup> | 6897 | 310 |
| Constellation Brands, Inc., Class A | 1758 | 243 |
| The Campbell's Co. | 4131 | 115 |
|  |  | 7106 |
| **Energy 2.50%** |  |  |
| Diamondback Energy, Inc. | 5754 | 865 |
| Baker Hughes Co., Class A | 13613 | 620 |
| Viper Energy, Inc., Class A | 8310 | 321 |
| Permian Resources Corp., Class A | 18919 | 266 |
| SLB, Ltd. | 6256 | 240 |
| EOG Resources, Inc. | 1661 | 174 |
|  |  | 2486 |
| **Real estate 2.43%** |  |  |
| Simon Property Group, Inc. REIT | 6717 | 1244 |
| Essex Property Trust, Inc. REIT | 2217 | 580 |
| Crown Castle, Inc. REIT | 5004 | 445 |
| Alexandria Real Estate Equities, Inc. REIT | 3072 | 150 |
|  |  | 2419 |
| **Materials 2.29%** |  |  |
| International Paper Co. | 19368 | 763 |
| Westlake Corp. | 6765 | 500 |

---

---

| | |
|:---|:---|
| **47** | American Funds Insurance Series |

---

U.S. Small and Mid Cap Equity Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value <br>(000) |
| **Materials (continued)** |  |  |
| Element Solutions, Inc. | 17078 | $427 |
| Perpetua Resources Corp. <sup>(a)</sup> | 16342 | 396 |
| Corteva, Inc. | 2901 | 194 |
|  |  | 2280 |
| **Communication services 1.90%** |  |  |
| ROBLOX Corp., Class A <sup>(a)</sup> | 14370 | 1164 |
| Live Nation Entertainment, Inc. <sup>(a)</sup> | 3723 | 530 |
| Charter Communications, Inc., Class A <sup>(a)</sup> | 761 | 159 |
| Stubhub Holdings, Inc., Class A <sup>(a)(b)</sup> | 2858 | 39 |
|  |  | 1892 |
| **Utilities 1.89%** |  |  |
| Exelon Corp. | 29519 | 1287 |
| NRG Energy, Inc. | 3150 | 501 |
| FirstEnergy Corp. | 2147 | 96 |
|  |  | 1884 |
| **Total common stocks (cost: $93,297,000)** |  | 96956 |
| Short-term securities 3.82% |  |  |
| **Money market investments 2.97%** |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(d)(e)</sup> | 29620 | 2963 |
| **Money market investments purchased with collateral from securities on loan 0.85%** |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(d)(f)</sup> | 846291 | 846 |
| **Total short-term securities (cost: $3,808,000)** |  | 3809 |
| **Total investment securities 101.14% (cost: $97,105,000)** |  | 100765 |
| Other assets less liabilities (1.14)% |  | (1139) |
| **Net assets 100.00%** |  | $99626 |

---

**Investments in affiliates <sup>(e)</sup>**

****

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value at <br>1/1/2025 <br>(000) | Additions<br> (000) | Reductions<br> (000) | Net <br>realized<br> gain (loss) <br>(000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000) | Value at <br>12/31/2025 <br>(000) | Dividend<br> or interest<br> income <br>(000) |
| **Short-term securities 2.97%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 2.97%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(d)</sup> | $288 | $29708 | $27033 | $— <sup>(g)</sup> | $— <sup>(g)</sup> | $2963 | $60 |

---

**Restricted securities <sup>(c)</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Acquisition<br> date(s) | Cost<br> (000) | Value<br> (000) | Percent<br> of net<br> assets |
| CompoSecure, Inc., Class A <sup>(a)</sup> | 12/24/2025 | $382 | $370 | 0.37% |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **48** |

---

U.S. Small and Mid Cap Equity Fund (continued)

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending.

<sup>(c)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(d)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(e)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(f)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(g)</sup> Amount less than one thousand.

**Key to abbreviation(s)**

ADR = American Depositary Receipts

CDI = CREST Depository Interest

REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **49** | American Funds Insurance Series |

---

Capital World Growth and Income Fund

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Common stocks 98.15% | Shares | Value<br> (000) |
| **Information technology 23.97%** |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 2005772 | $97989 |
| Broadcom, Inc. | 268307 | 92861 |
| Microsoft Corp. | 146416 | 70810 |
| NVIDIA Corp. | 281180 | 52440 |
| Apple, Inc. | 140959 | 38321 |
| Micron Technology, Inc. | 111566 | 31842 |
| ASML Holding NV | 16667 | 17815 |
| ASML Holding NV (ADR) | 1512 | 1618 |
| International Business Machines Corp. | 48120 | 14254 |
| Tokyo Electron, Ltd. | 51975 | 11415 |
| Intel Corp. <sup>(a)</sup> | 273031 | 10075 |
| MediaTek, Inc. | 157094 | 7118 |
| Amphenol Corp., Class A | 32412 | 4380 |
| Lenovo Group, Ltd. | 3686000 | 4371 |
| Seagate Technology Holdings PLC | 15867 | 4370 |
| Synopsys, Inc. <sup>(a)</sup> | 8886 | 4174 |
| Applied Materials, Inc. | 15190 | 3904 |
| Oracle Corp. | 18982 | 3700 |
| Shopify, Inc., Class A, subordinate voting shares <sup>(a)</sup> | 18872 | 3038 |
| Accenture PLC, Class A | 10643 | 2855 |
| Samsung Electronics Co., Ltd. | 33844 | 2821 |
| Cloudflare, Inc., Class A <sup>(a)</sup> | 12488 | 2462 |
| Capgemini SE | 14098 | 2335 |
| Allegro MicroSystems, Inc. <sup>(a)</sup> | 88141 | 2325 |
| EPAM Systems, Inc. <sup>(a)</sup> | 9877 | 2024 |
| Constellation Software, Inc. | 721 | 1734 |
| AppLovin Corp., Class A <sup>(a)</sup> | 2510 | 1691 |
| KLA Corp. | 1314 | 1597 |
| Marvell Technology, Inc. | 18061 | 1535 |
| Salesforce, Inc. | 4029 | 1067 |
| SAP SE | 3885 | 950 |
| Fair Isaac Corp. <sup>(a)</sup> | 458 | 774 |
| Strategy, Inc., Class A <sup>(a)</sup> | 4258 | 647 |
| Corning, Inc. | 7323 | 641 |
| Advantech Co., Ltd. | 30098 | 274 |
|  |  | 500227 |
| **Industrials 16.25%** |  |  |
| General Electric Co. | 80356 | 24752 |
| Airbus SE, non-registered shares | 90056 | 20889 |
| BAE Systems PLC | 890700 | 20476 |
| Siemens AG | 64151 | 18016 |
| RTX Corp. | 95086 | 17439 |
| TransDigm Group, Inc. | 11792 | 15682 |
| Leonardo SpA | 255861 | 14657 |
| Deere & Co. | 29808 | 13878 |
| Volvo AB, Class B | 391329 | 12544 |
| Melrose Industries PLC | 1317195 | 10363 |
| Ryanair Holdings PLC (ADR) | 143498 | 10359 |
| Hitachi, Ltd. | 269600 | 8364 |
| Compagnie de Saint-Gobain SA, non-registered shares | 78427 | 7961 |
| Union Pacific Corp. | 34166 | 7903 |
| Carrier Global Corp. | 147179 | 7777 |
| Safran SA | 22132 | 7701 |
| United Rentals, Inc. | 9239 | 7477 |
| Mitsui & Co., Ltd. | 252500 | 7463 |
| Rolls-Royce Holdings PLC | 438695 | 6819 |
| Siemens Energy AG | 41713 | 5895 |
| Ingersoll-Rand, Inc. | 73089 | 5790 |
| L3Harris Technologies, Inc. | 19651 | 5769 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **50** |

---

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
| **Industrials (continued)** |  |  |
| Parker-Hannifin Corp. | 5942 | $5223 |
| Deutsche Post AG | 94991 | 5203 |
| Lockheed Martin Corp. | 10189 | 4928 |
| ITOCHU Corp. | 377000 | 4759 |
| Prysmian SpA | 47580 | 4744 |
| RELX PLC | 102326 | 4139 |
| Techtronic Industries Co., Ltd. | 352500 | 4050 |
| IHI Corp. | 204168 | 3600 |
| XPO, Inc. <sup>(a)</sup> | 24624 | 3347 |
| Saab AB, Class B | 50858 | 2958 |
| International Consolidated Airlines Group SA (CDI) | 528593 | 2927 |
| GE Vernova, Inc. | 4428 | 2894 |
| Core & Main, Inc., Class A <sup>(a)</sup> | 54167 | 2815 |
| Bureau Veritas SA | 84710 | 2698 |
| Weir Group PLC (The) | 53913 | 2058 |
| MTU Aero Engines AG | 4854 | 2025 |
| FTAI Aviation, Ltd. | 9560 | 1882 |
| Crane Co. | 9711 | 1791 |
| Marubeni Corp. | 63000 | 1753 |
| Bombardier, Inc., Class B <sup>(a)</sup> | 9858 | 1677 |
| Bouygues SA | 30905 | 1602 |
| Comfort Systems USA, Inc. | 1627 | 1518 |
| Recruit Holdings Co., Ltd. | 25350 | 1446 |
| Bunzl PLC | 42369 | 1182 |
| Randstad NV, non-registered shares | 28055 | 1067 |
| Woodward, Inc. | 3354 | 1014 |
| Vestas Wind Systems AS | 35740 | 965 |
| SECOM Co., Ltd. | 27100 | 963 |
| Howmet Aerospace, Inc. | 4522 | 927 |
| Rocket Lab Corp. <sup>(a)</sup> | 12810 | 894 |
| Boeing Co. (The) <sup>(a)</sup> | 3785 | 822 |
| Diploma PLC | 11469 | 818 |
| PACCAR, Inc. | 7084 | 776 |
| Ferguson Enterprises, Inc. | 2880 | 641 |
| Valmet OYJ | 17763 | 588 |
| FedEx Corp. | 1469 | 424 |
|  |  | 339092 |
| **Financials 14.57%** |  |  |
| Chubb, Ltd. | 41141 | 12841 |
| Citigroup, Inc. | 109791 | 12811 |
| NatWest Group PLC | 1411295 | 12309 |
| Zurich Insurance Group AG | 15887 | 12058 |
| JPMorgan Chase & Co. | 36957 | 11908 |
| Capital One Financial Corp. | 44690 | 10831 |
| Aviva PLC | 1178167 | 10787 |
| Mastercard, Inc., Class A | 18307 | 10451 |
| Apollo Asset Management, Inc. | 66212 | 9585 |
| BPER Banca SpA | 688480 | 9310 |
| Visa, Inc., Class A | 23806 | 8349 |
| Bank of America Corp. | 151204 | 8316 |
| American Express Co. | 21561 | 7976 |
| Wells Fargo & Co. | 73531 | 6853 |
| UniCredit SpA | 82515 | 6850 |
| ING Groep NV | 242789 | 6825 |
| BlackRock, Inc. | 5785 | 6192 |
| Arthur J. Gallagher & Co. | 22281 | 5766 |
| Banco Bilbao Vizcaya Argentaria SA | 240821 | 5633 |
| Blackstone, Inc. | 34103 | 5257 |
| Galaxy Digital, Inc., Class A <sup>(a)(b)</sup> | 153894 | 3441 |

---

---

| | |
|:---|:---|
| **51** | American Funds Insurance Series |

---

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
| **Financials (continued)** |  |  |
| Galaxy Digital, Inc., Class A <sup>(a)</sup> | 73055 | $1634 |
| AIA Group, Ltd. | 489469 | 5028 |
| HDFC Life Insurance Co., Ltd. | 586869 | 4905 |
| Munchener Ruckversicherungs-Gesellschaft AG | 7210 | 4761 |
| Mizuho Financial Group, Inc. | 128300 | 4659 |
| 3i Group PLC | 103448 | 4501 |
| Aon PLC, Class A | 12706 | 4484 |
| Israel Discount Bank, Ltd., Class A | 416534 | 4423 |
| Erste Group Bank AG | 33771 | 4063 |
| Partners Group Holding AG | 3097 | 3804 |
| Postal Savings Bank of China Co., Ltd., Class H | 5553383 | 3790 |
| FinecoBank SpA | 138712 | 3602 |
| BNP Paribas SA | 36364 | 3441 |
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 404280 | 3401 |
| KB Financial Group, Inc. | 39325 | 3400 |
| Blue Owl Capital, Inc., Class A | 224513 | 3354 |
| Svenska Handelsbanken AB, Class A | 226988 | 3310 |
| Progressive Corp. | 13531 | 3081 |
| DBS Group Holdings, Ltd. | 66200 | 2897 |
| Marsh & McLennan Cos., Inc. | 14198 | 2634 |
| Danske Bank AS | 52190 | 2603 |
| Ares Management Corp., Class A | 14926 | 2412 |
| Morgan Stanley | 13148 | 2334 |
| TPG, Inc., Class A | 36181 | 2310 |
| Nu Holdings, Ltd., Class A <sup>(a)</sup> | 132234 | 2214 |
| HDFC Bank, Ltd. | 127497 | 1409 |
| HDFC Bank, Ltd. (ADR) | 17258 | 630 |
| HSBC Holdings PLC (HKD denominated) | 130000 | 2036 |
| B3 SA - Brasil, Bolsa, Balcao | 732050 | 1905 |
| AXA SA | 39014 | 1876 |
| American International Group, Inc. | 20908 | 1789 |
| Brown & Brown, Inc. | 22407 | 1786 |
| Banco Comercial Portugues, SA | 1692704 | 1774 |
| IG Group Holdings PLC | 93625 | 1660 |
| CaixaBank SA, non-registered shares | 125217 | 1529 |
| CVC Capital Partners PLC | 88920 | 1489 |
| National Bank of Canada | 11544 | 1452 |
| Skandinaviska Enskilda Banken AB, Class A | 62547 | 1320 |
| Federal Home Loan Mortgage Corp. <sup>(a)</sup> | 122752 | 1245 |
| Fannie Mae <sup>(a)</sup> | 99902 | 1072 |
| Allianz SE | 2300 | 1055 |
| Bank Hapoalim BM | 46635 | 1055 |
| Credicorp, Ltd. | 3392 | 973 |
| Abu Dhabi Islamic Bank PJSC | 164126 | 928 |
| China Merchants Bank Co., Ltd., Class H | 122403 | 828 |
| Goldman Sachs Group, Inc. | 871 | 766 |
| Brookfield Asset Management, Ltd., Class A (CAD denominated) | 14178 | 743 |
| LPL Financial Holdings, Inc. | 2038 | 728 |
| Fidelity National Information Services, Inc. | 10845 | 721 |
| Macquarie Group, Ltd. | 4650 | 626 |
| XP, Inc., Class A | 36512 | 598 |
| Standard Chartered PLC | 19485 | 476 |
| Tokio Marine Holdings, Inc. | 6000 | 223 |
| Sberbank of Russia PJSC <sup>(c)</sup> | 3196952 | — <sup>(d)</sup> |
|  |  | 304086 |
| **Communication services 9.18%** |  |  |
| Alphabet, Inc., Class A | 119827 | 37506 |
| Alphabet, Inc., Class C | 112570 | 35324 |
| Meta Platforms, Inc., Class A | 40871 | 26979 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **52** |

---

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
| **Communication services (continued)** |  |  |
| SoftBank Group Corp. | 669268 | $18868 |
| Netflix, Inc. <sup>(a)</sup> | 123855 | 11613 |
| Publicis Groupe SA | 105250 | 10919 |
| Singapore Telecommunications, Ltd. | 2193563 | 7772 |
| NetEase, Inc. | 212900 | 5859 |
| NetEase, Inc. (ADR) | 4006 | 551 |
| Orange | 323745 | 5402 |
| Bharti Airtel, Ltd. | 210509 | 4938 |
| Bharti Airtel, Ltd., interim shares | 12466 | 235 |
| Tencent Holdings, Ltd. | 58900 | 4513 |
| Comcast Corp., Class A | 149929 | 4481 |
| Universal Music Group NV | 157145 | 4106 |
| AT&T, Inc. | 129224 | 3210 |
| Nintendo Co., Ltd. | 38800 | 2621 |
| Spotify Technology SA <sup>(a)</sup> | 4149 | 2409 |
| Omnicom Group, Inc. | 25602 | 2067 |
| Walt Disney Co. (The) | 10917 | 1242 |
| SoftBank Corp. | 677450 | 930 |
|  |  | 191545 |
| **Consumer discretionary 8.32%** |  |  |
| Amazon.com, Inc. <sup>(a)</sup> | 144814 | 33426 |
| Industria de Diseno Textil SA | 183973 | 12118 |
| Trip.com Group, Ltd. (ADR) | 79347 | 5706 |
| Trip.com Group, Ltd. | 77636 | 5569 |
| Compagnie Financiere Richemont SA, Class A | 50205 | 10835 |
| Tesla, Inc. <sup>(a)</sup> | 23878 | 10738 |
| Flutter Entertainment PLC <sup>(a)</sup> | 41831 | 8995 |
| Starbucks Corp. | 104616 | 8810 |
| Royal Caribbean Cruises, Ltd. | 31446 | 8771 |
| MercadoLibre, Inc. <sup>(a)</sup> | 4232 | 8524 |
| NEXT PLC | 38851 | 7148 |
| Las Vegas Sands Corp. | 94294 | 6138 |
| LVMH Moet Hennessy-Louis Vuitton SE | 7475 | 5635 |
| Booking Holdings, Inc. | 927 | 4964 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 124254 | 4597 |
| D.R. Horton, Inc. | 28110 | 4049 |
| Alibaba Group Holding, Ltd. (ADR) | 20723 | 3038 |
| Hermes International | 1159 | 2864 |
| Compagnie Generale des Etablissements Michelin | 73679 | 2444 |
| Restaurant Brands International, Inc. (CAD denominated) | 27334 | 1865 |
| Hyundai Motor Co. | 8986 | 1840 |
| InterContinental Hotels Group PLC | 12632 | 1769 |
| Moncler SpA | 27170 | 1746 |
| Compass Group PLC | 54547 | 1735 |
| Carvana Co., Class A <sup>(a)</sup> | 3915 | 1652 |
| Suzuki Motor Corp. | 98200 | 1459 |
| Aristocrat Leisure, Ltd. | 34618 | 1343 |
| Midea Group Co., Ltd., Class A | 113000 | 1263 |
| NIKE, Inc., Class B | 16141 | 1028 |
| Accor SA | 15785 | 894 |
| Zensho Holdings Co., Ltd. | 14300 | 820 |
| Sea, Ltd., Class A (ADR) <sup>(a)</sup> | 5758 | 735 |
| Dollarama, Inc. | 4772 | 713 |
| Kering SA | 1243 | 439 |
|  |  | 173670 |
| **Health care 8.25%** |  |  |
| Eli Lilly and Co. | 36376 | 39093 |

---

---

| | |
|:---|:---|
| **53** | American Funds Insurance Series |

---

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
| **Health care (continued)** |  |  |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 35954 | $16300 |
| Abbott Laboratories | 108041 | 13536 |
| Medtronic PLC | 125128 | 12020 |
| UnitedHealth Group, Inc. | 24947 | 8235 |
| Novo Nordisk AS, Class B | 160061 | 8159 |
| Johnson & Johnson | 36478 | 7549 |
| Gilead Sciences, Inc. | 57932 | 7111 |
| Stryker Corp. | 17674 | 6212 |
| AstraZeneca PLC | 32200 | 5931 |
| Takeda Pharmaceutical Co., Ltd. | 189000 | 5872 |
| Sanofi | 57677 | 5596 |
| Thermo Fisher Scientific, Inc. | 9013 | 5223 |
| Daiichi Sankyo Co., Ltd. | 225900 | 4811 |
| Amgen, Inc. | 14470 | 4736 |
| EssilorLuxottica SA | 14229 | 4499 |
| Insulet Corp. <sup>(a)</sup> | 10684 | 3037 |
| AbbVie, Inc. | 10898 | 2490 |
| GE HealthCare Technologies, Inc. | 18849 | 1546 |
| BioMarin Pharmaceutical, Inc. <sup>(a)</sup> | 24993 | 1485 |
| CVS Health Corp. | 17836 | 1415 |
| Molina Healthcare, Inc. <sup>(a)</sup> | 7751 | 1345 |
| Haleon PLC | 244709 | 1238 |
| Lonza Group AG | 1598 | 1081 |
| Boston Scientific Corp. <sup>(a)</sup> | 10853 | 1035 |
| Rede D'Or Sao Luiz SA | 122458 | 907 |
| Chugai Pharmaceutical Co., Ltd. | 17100 | 899 |
| Fresenius SE & Co. KGaA | 11068 | 637 |
| agilon health, Inc. <sup>(a)</sup> | 125582 | 86 |
|  |  | 172084 |
| **Materials 6.04%** |  |  |
| Vale SA, ordinary nominative shares | 1042597 | 13632 |
| Vale SA (ADR), ordinary nominative shares | 147928 | 1927 |
| Freeport-McMoRan, Inc. | 290202 | 14739 |
| First Quantum Minerals, Ltd. <sup>(a)</sup> | 356560 | 9560 |
| Heidelberg Materials AG, non-registered shares | 31146 | 8156 |
| Ivanhoe Mines, Ltd., Class A <sup>(a)</sup> | 626382 | 7124 |
| Anglo American PLC | 157771 | 6502 |
| Glencore PLC | 958289 | 5213 |
| Linde PLC | 11690 | 4984 |
| Anglogold Ashanti PLC | 58022 | 4948 |
| Air Products and Chemicals, Inc. | 18354 | 4534 |
| Corteva, Inc. | 64430 | 4319 |
| Antofagasta PLC | 91571 | 4019 |
| Agnico Eagle Mines, Ltd. | 23441 | 3975 |
| Nippon Steel Corp. | 865000 | 3538 |
| Smurfit Westrock PLC | 88600 | 3426 |
| CRH PLC | 26681 | 3330 |
| Southern Copper Corp. | 22583 | 3240 |
| Rio Tinto PLC | 40408 | 3224 |
| Air Liquide SA | 12636 | 2378 |
| Grupo Mexico, SAB de CV, Series B | 249486 | 2356 |
| LyondellBasell Industries NV | 51002 | 2208 |
| Lundin Mining Corp. | 100869 | 2168 |
| Dow, Inc. | 84972 | 1987 |
| Franco-Nevada Corp. | 8714 | 1806 |
| Akzo Nobel NV | 11772 | 818 |
| Shin-Etsu Chemical Co., Ltd. | 26000 | 809 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **54** |

---

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
| **Materials (continued)** |  |  |
| Lynas Rare Earths, Ltd. <sup>(a)</sup> | 76018 | $627 |
| BASF SE | 6478 | 338 |
| Zijin Gold International Co., Ltd. <sup>(a)</sup> | 8900 | 166 |
|  |  | 126051 |
| **Consumer staples 4.82%** |  |  |
| Philip Morris International, Inc. | 264831 | 42479 |
| British American Tobacco PLC | 257586 | 14599 |
| Nestle SA | 124694 | 12394 |
| Imperial Brands PLC | 254415 | 10696 |
| JBS NV (BDR) <sup>(a)</sup> | 221456 | 3194 |
| Ocado Group PLC <sup>(a)</sup> | 792264 | 2515 |
| Danone SA | 23736 | 2142 |
| Bunge Global SA | 22247 | 1982 |
| Sysco Corp. | 23248 | 1713 |
| Walmart, Inc. | 12868 | 1434 |
| US Foods Holding Corp. <sup>(a)</sup> | 14397 | 1084 |
| Ajinomoto Co., Inc. | 49400 | 1045 |
| Procter & Gamble Co. | 7275 | 1042 |
| Loblaw Cos., Ltd. | 21096 | 954 |
| Arca Continental, SAB de CV | 87378 | 946 |
| Keurig Dr Pepper, Inc. | 29253 | 819 |
| Kweichow Moutai Co., Ltd., Class A | 4100 | 807 |
| Coca-Cola Co. | 10706 | 748 |
|  |  | 100593 |
| **Energy 3.72%** |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated) | 482117 | 16330 |
| Cameco Corp. (CAD denominated) | 118635 | 10863 |
| Cameco Corp. | 46105 | 4218 |
| Shell PLC (GBP denominated) | 341079 | 12530 |
| Shell PLC (EUR denominated) | 14064 | 519 |
| EOG Resources, Inc. | 110268 | 11579 |
| Baker Hughes Co., Class A | 95061 | 4329 |
| TC Energy Corp. (CAD denominated) | 74780 | 4118 |
| Neste OYJ | 166062 | 3758 |
| BP PLC | 633071 | 3675 |
| Suncor Energy, Inc. | 68819 | 3055 |
| Expand Energy Corp. | 12380 | 1366 |
| Tourmaline Oil Corp. | 14829 | 665 |
| ADNOC Drilling Co. PJSC | 381223 | 554 |
|  |  | 77559 |
| **Utilities 2.19%** |  |  |
| Engie SA | 596827 | 15693 |
| Southern Co. (The) | 61750 | 5385 |
| Iberdrola SA, non-registered shares | 225821 | 4888 |
| Pinnacle West Capital Corp. | 36700 | 3255 |
| NextEra Energy, Inc. | 38632 | 3101 |
| E.ON SE | 150047 | 2845 |
| National Grid PLC | 154423 | 2380 |
| Dominion Energy, Inc. | 39815 | 2333 |
| Duke Energy Corp. | 18764 | 2199 |
| Constellation Energy Corp. | 5656 | 1998 |
| DTE Energy Co. | 10779 | 1390 |
| SSE PLC | 5948 | 174 |
|  |  | 45641 |

---

---

| | |
|:---|:---|
| **55** | American Funds Insurance Series |

---

Capital World Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
| **Real estate 0.84%** |  |  |
| Prologis, Inc. REIT | 48096 | $6140 |
| China Resources Mixc Lifestyle Services, Ltd. | 924400 | 5083 |
| Mitsubishi Estate Co., Ltd. | 73600 | 1793 |
| Simon Property Group, Inc. REIT | 7706 | 1426 |
| UDR, Inc. REIT | 32096 | 1177 |
| VICI Properties, Inc. REIT | 39802 | 1119 |
| Goodman Logistics (HK), Ltd. REIT | 40304 | 829 |
|  |  | 17567 |
| **Total common stocks (cost: $1,169,007,000)** |  | 2048115 |

---

---

| | | |
|:---|:---|:---|
| Preferred securities 0.30% |  |  |
| **Financials 0.30%** |  |  |
| Itau Unibanco Holding SA, preferred nominative shares | 330165 | 2367 |
| Itau Unibanco Holding SA (ADR), preferred nominative shares | 226056 | 1618 |
| Fannie Mae, Series S, 8.25% noncumulative preferred shares <sup>(a)</sup> | 80909 | 1232 |
| Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares <sup>(a)(e)</sup> | 69041 | 994 |
|  |  | 6211 |
| **Total preferred securities (cost: $5,265,000)** |  | 6211 |

---

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments 0.05% | Principal amount <br> (000) | Principal amount <br> (000) |  |
| **Bonds & notes of governments & government agencies outside the U.S. 0.03%** |  |  |  |
| Brazil (Federative Republic of) 10.00% 1/1/2027 | BRL | 3300 | 584 |
| **Corporate bonds and notes 0.02%** |  |  |  |
| **Health care 0.02%** |  |  |  |
| Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026 | USD | 432 | 428 |
| **Total bonds, notes & other debt instruments (cost: $967,000)** |  |  | 1012 |

---

---

| | | |
|:---|:---|:---|
| Short-term securities 1.30% | Shares |  |
| **Money market investments 1.26%** |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(f)(g)</sup> | 262010 | 26204 |
| **Money market investments purchased with collateral from securities on loan 0.04%** |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(f)(h)</sup> | 906417 | 906 |
| **Total short-term securities (cost: $27,106,000)** |  | 27110 |
| **Total investment securities 99.80% (cost: $1,202,345,000)** |  | 2082448 |
| Other assets less liabilities 0.20% |  | 4261 |
| **Net assets 100.00%** |  | $2086709 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **56** |

---

Capital World Growth and Income Fund (continued)

**Investments in affiliates <sup>(g)</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value at<br> 1/1/2025<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000) | Value at<br> 12/31/2025<br> (000) | Dividend<br> or interest<br> income<br> (000) |
| Short-term securities 1.26% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 1.26%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(f)</sup> | $46673 | $322340 | $342810 | $5 | $(4) | $26204 | $2805 |

---

**Restricted securities <sup>(b)</sup>**

****

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Acquisition<br> date(s) | Cost<br> (000) | Value<br> (000) | Percent<br> of net<br> assets |
| Galaxy Digital, Inc., Class A <sup>(a)</sup> | 10/10/2025 | $5540 | $3441 | 0.16% |

---

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(c)</sup> Value determined using significant unobservable inputs.

<sup>(d)</sup> Amount less than one thousand.

<sup>(e)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending.

<sup>(f)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(g)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(h)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

**Key to abbreviation(s)**

ADR = American Depositary Receipts

BDR = Brazilian Depositary Receipts

BRL = Brazilian reais

CAD = Canadian dollars

CDI = CREST Depository Interest

EUR = Euros

GBP = British pounds

HKD = Hong Kong dollars

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **57** | American Funds Insurance Series |

---

Growth-Income Fund

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Common stocks 97.39% | Shares | Value<br> (000) |
| **Information technology 31.31%** |  |  |
| NVIDIA Corp. | 16585113 | $3093124 |
| Microsoft Corp. | 6355199 | 3073501 |
| Broadcom, Inc. | 6636411 | 2296862 |
| Apple, Inc. | 6072252 | 1650802 |
| Applied Materials, Inc. | 3375839 | 867557 |
| Amphenol Corp., Class A | 3401335 | 459656 |
| Oracle Corp. | 1505598 | 293456 |
| Seagate Technology Holdings PLC | 1046348 | 288154 |
| Cognizant Technology Solutions Corp., Class A | 3381043 | 280627 |
| Accenture PLC, Class A | 888876 | 238485 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 4102000 | 200397 |
| Arista Networks, Inc. <sup>(a)</sup> | 1418856 | 185913 |
| Entegris, Inc. | 1768942 | 149033 |
| Salesforce, Inc. | 535038 | 141737 |
| AppLovin Corp., Class A <sup>(a)</sup> | 102313 | 68940 |
| Texas Instruments, Inc. | 374945 | 65049 |
| Marvell Technology, Inc. | 761477 | 64710 |
| Adobe, Inc. <sup>(a)</sup> | 163526 | 57232 |
| Corning, Inc. | 600000 | 52536 |
| Palo Alto Networks, Inc. <sup>(a)</sup> | 220554 | 40626 |
| ASML Holding NV | 28845 | 30833 |
| QUALCOMM, Inc. | 141313 | 24172 |
| Micron Technology, Inc. | 78021 | 22268 |
| Fair Isaac Corp. <sup>(a)</sup> | 8541 | 14440 |
|  |  | 13660110 |
| **Industrials 13.55%** |  |  |
| RTX Corp. | 7418732 | 1360595 |
| Automatic Data Processing, Inc. | 1993331 | 512745 |
| Airbus SE, non-registered shares | 1921964 | 445806 |
| General Dynamics Corp. | 1230528 | 414270 |
| GFL Environmental, Inc., subordinate voting shares | 8706752 | 373955 |
| Carrier Global Corp. | 6005807 | 317347 |
| General Electric Co. | 1019662 | 314087 |
| Uber Technologies, Inc. <sup>(a)</sup> | 2826696 | 230969 |
| XPO, Inc. <sup>(a)</sup> | 1695007 | 230368 |
| Union Pacific Corp. | 862971 | 199622 |
| Ingersoll-Rand, Inc. | 2494401 | 197606 |
| Caterpillar, Inc. | 326877 | 187258 |
| Paychex, Inc. | 1519430 | 170450 |
| Honeywell International, Inc. | 828971 | 161724 |
| United Rentals, Inc. | 188542 | 152591 |
| TransDigm Group, Inc. | 113503 | 150942 |
| L3Harris Technologies, Inc. | 459926 | 135020 |
| CSX Corp. | 3114334 | 112895 |
| APi Group Corp. <sup>(a)</sup> | 1733157 | 66311 |
| Waste Management, Inc. | 284081 | 62415 |
| Woodward, Inc. | 204293 | 61762 |
| Boeing Co. (The) <sup>(a)</sup> | 238104 | 51697 |
|  |  | 5910435 |
| **Financials 11.99%** |  |  |
| JPMorgan Chase & Co. | 2413448 | 777661 |
| Mastercard, Inc., Class A | 1060909 | 605652 |
| BlackRock, Inc. | 504695 | 540195 |
| Wells Fargo & Co. | 5041337 | 469853 |
| Fidelity National Information Services, Inc. | 6205397 | 412411 |
| Progressive Corp. | 766051 | 174445 |
| Morgan Stanley | 957257 | 169942 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **58** |

---

Growth-Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
| **Financials (continued)** |  |  |
| Capital One Financial Corp. | 697472 | $169039 |
| Visa, Inc., Class A | 445602 | 156277 |
| Chubb, Ltd. | 495560 | 154674 |
| Goldman Sachs Group, Inc. | 174257 | 153172 |
| Marsh & McLennan Cos., Inc. | 798956 | 148222 |
| Berkshire Hathaway, Inc., Class B <sup>(a)</sup> | 269334 | 135381 |
| B3 SA - Brasil, Bolsa, Balcao | 44971737 | 117059 |
| American Express Co. | 303325 | 112215 |
| PNC Financial Services Group, Inc. | 520903 | 108728 |
| Pinnacle Financial Partners, Inc. | 1131294 | 107937 |
| U.S. Bancorp | 1948827 | 103989 |
| Arthur J. Gallagher & Co. | 374193 | 96837 |
| Apollo Asset Management, Inc. | 665703 | 96367 |
| State Street Corp. | 681940 | 87977 |
| S&P Global, Inc. | 165000 | 86227 |
| CME Group, Inc., Class A | 292470 | 79868 |
| Blackstone, Inc. | 400140 | 61678 |
| PayPal Holdings, Inc. | 1053348 | 61495 |
| American International Group, Inc. | 507353 | 43404 |
|  |  | 5230705 |
| **Health care 10.04%** |  |  |
| Eli Lilly and Co. | 1648956 | 1772100 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 1484547 | 673034 |
| AbbVie, Inc. | 1684603 | 384915 |
| UnitedHealth Group, Inc. | 1032933 | 340981 |
| Abbott Laboratories | 2330871 | 292035 |
| Thermo Fisher Scientific, Inc. | 277075 | 160551 |
| Cencora, Inc. | 401982 | 135769 |
| Cigna Group (The) | 321281 | 88426 |
| Johnson & Johnson | 426488 | 88262 |
| Intuitive Surgical, Inc. <sup>(a)</sup> | 122132 | 69171 |
| Danaher Corp. | 250263 | 57290 |
| Gilead Sciences, Inc. | 430961 | 52896 |
| Amgen, Inc. | 151000 | 49424 |
| GE HealthCare Technologies, Inc. | 582499 | 47777 |
| Insulet Corp. <sup>(a)</sup> | 162641 | 46229 |
| CVS Health Corp. | 535085 | 42464 |
| Stryker Corp. | 111700 | 39259 |
| Medtronic PLC | 210000 | 20173 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> | 49075 | 19515 |
|  |  | 4380271 |
| **Consumer discretionary 10.04%** |  |  |
| Amazon.com, Inc. <sup>(a)</sup> | 8601419 | 1985379 |
| Starbucks Corp. | 5641121 | 475039 |
| Wyndham Hotels & Resorts, Inc. <sup>(b)</sup> | 4910876 | 371066 |
| Royal Caribbean Cruises, Ltd. | 1137038 | 317143 |
| Tesla, Inc. <sup>(a)</sup> | 703606 | 316426 |
| Home Depot, Inc. | 737552 | 253792 |
| Las Vegas Sands Corp. | 2000000 | 130180 |
| Viking Holdings, Ltd. <sup>(a)</sup> | 1559413 | 111358 |
| Carvana Co., Class A <sup>(a)</sup> | 214692 | 90604 |
| Sony Group Corp. | 3009200 | 76915 |
| TJX Cos., Inc. (The) | 495864 | 76170 |
| Booking Holdings, Inc. | 12304 | 65892 |

---

---

| | |
|:---|:---|
| **59** | American Funds Insurance Series |

---

Growth-Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
| **Consumer discretionary (continued)** |  |  |
| YUM! Brands, Inc. | 272921 | $41287 |
| DoorDash, Inc., Class A <sup>(a)</sup> | 155002 | 35105 |
| Hilton Worldwide Holdings, Inc. | 107229 | 30801 |
|  |  | 4377157 |
| **Communication services 8.04%** |  |  |
| Alphabet, Inc., Class A | 3942665 | 1234054 |
| Alphabet, Inc., Class C | 1489089 | 467276 |
| Meta Platforms, Inc., Class A | 2114599 | 1395826 |
| Netflix, Inc. <sup>(a)</sup> | 2229300 | 209019 |
| SoftBank Group Corp. | 3459180 | 97522 |
| Universal Music Group NV | 3239458 | 84633 |
| Comcast Corp., Class A | 624053 | 18653 |
|  |  | 3506983 |
| **Energy 3.96%** |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated) | 14093913 | 477379 |
| Baker Hughes Co., Class A | 8127441 | 370124 |
| Exxon Mobil Corp. | 2651600 | 319094 |
| Halliburton Co. | 6689719 | 189051 |
| Expand Energy Corp. | 1031973 | 113888 |
| TC Energy Corp. | 1629755 | 89653 |
| Chevron Corp. | 444985 | 67820 |
| EOG Resources, Inc. | 575078 | 60389 |
| ConocoPhillips | 434738 | 40696 |
|  |  | 1728094 |
| **Consumer staples 2.85%** |  |  |
| British American Tobacco PLC | 9929507 | 562781 |
| Procter & Gamble Co. | 1304474 | 186944 |
| Philip Morris International, Inc. | 1042193 | 167168 |
| Coca-Cola Co. | 1948634 | 136229 |
| Imperial Brands PLC | 2747647 | 115516 |
| Mondelez International, Inc., Class A | 791236 | 42592 |
| Keurig Dr Pepper, Inc. | 1164623 | 32621 |
|  |  | 1243851 |
| **Materials 2.32%** |  |  |
| Air Products and Chemicals, Inc. | 1408433 | 347911 |
| Linde PLC | 650775 | 277484 |
| International Paper Co. | 5806574 | 228721 |
| Eastman Chemical Co. | 1101906 | 70335 |
| Freeport-McMoRan, Inc. | 983347 | 49944 |
| LyondellBasell Industries NV | 769974 | 33340 |
| Solstice Advanced Materials, Inc. <sup>(a)</sup> | 82401 | 4003 |
|  |  | 1011738 |
| **Utilities 2.06%** |  |  |
| Dominion Energy, Inc. | 5379096 | 315161 |
| PG&E Corp. | 12562973 | 201887 |
| CenterPoint Energy, Inc. | 3037684 | 116465 |
| Entergy Corp. | 1203020 | 111195 |
| NextEra Energy, Inc. | 1051314 | 84400 |
| Sempra | 800000 | 70632 |
|  |  | 899740 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **60** |

---

Growth-Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
| **Real estate 1.23%** |  |  |
| Equinix, Inc. REIT | 235188 | $180192 |
| VICI Properties, Inc. REIT | 4092873 | 115092 |
| Prologis, Inc. REIT | 866060 | 110561 |
| American Tower Corp. REIT | 428106 | 75162 |
| Welltower, Inc. REIT | 306310 | 56854 |
|  |  | 537861 |
| **Total common stocks (cost: $21,697,459,000)** |  | 42486945 |

---

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments 0.00% | Principal amount<br> (000) | Principal amount<br> (000) |  |
| **Corporate bonds and notes 0.00%** |  |  |  |
| **Consumer discretionary 0.00%** |  |  |  |
| General Motors Financial Co., Inc. 5.25% 3/1/2026 | USD | 827 | 828 |
| **Total bonds, notes & other debt instruments** (cost: $823,000) |  |  | 828 |

---

---

| | | |
|:---|:---|:---|
| Short-term securities 2.57% | Shares |  |
| **Money market investments 2.57%** |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(b)(c)</sup> | 11226233 | 1122736 |
| **Total short-term securities** (cost: $1,122,564,000) |  | 1122736 |
| **Total investment securities 99.96%** (cost: $22,820,846,000) |  | 43610509 |
| Other assets less liabilities 0.04% |  | 16802 |
| **Net assets 100.00%** |  | $43627311 |

---

**Investments in affiliates <sup>(b)</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value at <br> 1/1/2025<br> (000) | Additions <br> (000) | Reductions <br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000) | Value at <br> 12/31/2025<br> (000) | Dividend<br> or interest<br> income<br> (000) |
| Common stocks 0.85% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Consumer discretionary 0.85%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | $509003 | $16347 | $32068 | $6460 | $(128676) | $371066 | $7713 |
| Short-term securities 2.57% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 2.57%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(c)</sup> | 1471964 | 7003318 | 7352457 | (76) | (13) | 1122736 | 58916 |
| &nbsp;&nbsp;&nbsp;**Total 3.42%** |  |  |  | $6384 | $(128689) | $1493802 | $66629 |

---

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(c)</sup> Rate represents the seven-day yield at 12/31/2025.

**Key to abbreviation(s)**

CAD = Canadian dollars

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **61** | American Funds Insurance Series |

---

International Growth and Income Fund

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Common stocks 98.22% | Shares | Value<br> (000) |
| **Financials 23.17%** |  |  |
| Societe Generale | 71822 | $5787 |
| UniCredit SpA | 64734 | 5374 |
| Banco Bilbao Vizcaya Argentaria SA | 180709 | 4227 |
| CaixaBank SA, non-registered shares | 322031 | 3933 |
| Skandinaviska Enskilda Banken AB, Class A | 181807 | 3838 |
| AIA Group, Ltd. | 315000 | 3235 |
| AXA SA | 55165 | 2653 |
| Prudential PLC | 167374 | 2582 |
| Zurich Insurance Group AG | 3392 | 2575 |
| HSBC Holdings PLC (GBP denominated) | 106640 | 1672 |
| HSBC Holdings PLC (HKD denominated) | 54400 | 852 |
| KB Financial Group, Inc. | 27563 | 2383 |
| NatWest Group PLC | 257839 | 2249 |
| Bank Hapoalim BM | 94366 | 2135 |
| DBS Group Holdings, Ltd. | 48424 | 2119 |
| London Stock Exchange Group PLC | 17476 | 2104 |
| Banco Santander SA | 179202 | 2103 |
| Aviva PLC | 203542 | 1864 |
| Euronext NV | 12370 | 1857 |
| HDFC Bank, Ltd. | 165124 | 1825 |
| Bank Leumi le-Israel BM | 80689 | 1779 |
| PICC Property and Casualty Co., Ltd., Class H | 814000 | 1707 |
| Resona Holdings, Inc. | 177400 | 1682 |
| Allianz SE | 3484 | 1598 |
| Ping An Insurance (Group) Co. of China, Ltd., Class H | 188500 | 1586 |
| Munchener Ruckversicherungs-Gesellschaft AG | 2235 | 1476 |
| Japan Post Bank Co., Ltd. | 101247 | 1424 |
| Kotak Mahindra Bank, Ltd. | 51877 | 1270 |
| Axis Bank, Ltd. | 82195 | 1163 |
| Tokio Marine Holdings, Inc. | 29600 | 1099 |
| Deutsche Bank AG | 26134 | 1016 |
| Aon PLC, Class A | 2825 | 997 |
| 3i Group PLC | 20568 | 895 |
| Hiscox, Ltd. | 46402 | 885 |
| Pluxee NV | 55838 | 875 |
| Mizuho Financial Group, Inc. | 23000 | 835 |
| Standard Chartered PLC | 33124 | 809 |
| Canadian Imperial Bank of Commerce | 8888 | 806 |
| Tryg A/S | 30239 | 791 |
| CVC Capital Partners PLC | 45723 | 766 |
| ING Groep NV | 27110 | 762 |
| Credicorp, Ltd. | 2641 | 758 |
| Abu Dhabi Islamic Bank PJSC | 132924 | 751 |
| People's Insurance Co. (Group) of China, Ltd. (The), Class H | 862000 | 745 |
| Plus500, Ltd. | 15229 | 743 |
| T&D Holdings, Inc. | 30700 | 707 |
| Adyen NV <sup>(a)</sup> | 440 | 706 |
| XP, Inc., Class A | 37915 | 621 |
| Etoro Group, Ltd., Class A <sup>(a)</sup> | 17585 | 618 |
| Rakuten Bank, Ltd. <sup>(a)</sup> | 14100 | 617 |
| Macquarie Group, Ltd. | 4442 | 598 |
| Partners Group Holding AG | 481 | 591 |
| Hana Financial Group, Inc. | 8229 | 537 |
| Brookfield Corp., Class A (CAD denominated) | 11523 | 529 |
| Grupo Financiero Banorte, SAB de CV, Series O | 53789 | 499 |
| Abu Dhabi Commercial Bank PJSC | 117171 | 456 |
| Samsung Life Insurance Co., Ltd. | 4190 | 456 |
| Saudi National Bank (The) | 43606 | 440 |
| Intesa Sanpaolo SpA | 62539 | 433 |
| Sampo Oyj, Class A | 35512 | 430 |
| Royal Bank of Canada | 2381 | 406 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **62** |

---

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value <br> 000) |
| **Financials (continued)** |  |  |
| Banca Generali SpA | 5981 | $401 |
| MS&AD Insurance Group Holdings, Inc. | 15900 | 374 |
| Hong Kong Exchanges and Clearing, Ltd. | 6400 | 334 |
| Grupo Financiero Inbursa, SAB de CV | 133251 | 322 |
| FirstRand, Ltd. | 55703 | 305 |
| BAWAG Group AG <sup>(a)</sup> | 2019 | 303 |
| Bank Central Asia Tbk PT | 602500 | 291 |
| Medibank Private, Ltd. | 34548 | 110 |
| Edenred SA | 3313 | 74 |
| Sberbank of Russia PJSC <sup>(b)</sup> | 476388 | — <sup>(c)</sup> |
|  |  | 93743 |
| **Industrials 14.36%** |  |  |
| Airbus SE, non-registered shares | 28600 | 6634 |
| BAE Systems PLC | 270689 | 6223 |
| Ryanair Holdings PLC (ADR) | 73850 | 5331 |
| Siemens AG | 11417 | 3206 |
| Deutsche Post AG | 42158 | 2309 |
| Hitachi, Ltd. | 69400 | 2153 |
| RELX PLC | 45021 | 1821 |
| DSV A/S | 6897 | 1736 |
| Safran SA | 4958 | 1725 |
| ABB, Ltd. | 21982 | 1625 |
| ITOCHU Corp. | 103000 | 1300 |
| Compagnie de Saint-Gobain SA, non-registered shares | 12706 | 1290 |
| Canadian National Railway Co. (CAD denominated) | 12406 | 1227 |
| Diploma PLC | 17130 | 1223 |
| Deutsche Lufthansa AG | 118669 | 1173 |
| Copa Holdings SA, Class A | 9695 | 1169 |
| ASSA ABLOY AB, Class B | 29656 | 1150 |
| Alliance Global Group, Inc. | 7546600 | 1051 |
| Singapore Technologies Engineering, Ltd. | 158800 | 1036 |
| Motiva Infraestrutura de Mobilidade SA | 334768 | 916 |
| Epiroc AB, Class B | 32965 | 665 |
| Epiroc AB, Class A | 9201 | 208 |
| Rolls-Royce Holdings PLC | 55860 | 868 |
| SPIE SA | 15016 | 864 |
| Mitsui & Co., Ltd. | 29200 | 863 |
| Bombardier, Inc., Class B <sup>(a)</sup> | 4769 | 811 |
| IHI Corp. | 45641 | 805 |
| Wolters Kluwer NV | 7371 | 765 |
| Kanzhun, Ltd., Class A (ADR) | 27807 | 567 |
| Kanzhun, Ltd., Class A | 16700 | 169 |
| Full Truck Alliance Co., Ltd., Class A (ADR) | 68004 | 730 |
| SGH, Ltd. | 21792 | 672 |
| Caterpillar, Inc. | 1129 | 647 |
| Komatsu, Ltd. | 19300 | 617 |
| Volvo AB, Class B | 17440 | 559 |
| Kingspan Group PLC | 5764 | 498 |
| Daikin Industries, Ltd. | 3800 | 488 |
| Grupo Aeroportuario del Pacifico, SAB de CV, Class B | 18040 | 474 |
| Recruit Holdings Co., Ltd. | 8000 | 456 |
| SMC Corp. | 1200 | 418 |
| Jiangsu Hengli Hydraulic Co., Ltd., Class A | 22500 | 353 |
| International Consolidated Airlines Group SA (CDI) | 62974 | 349 |
| Brambles, Ltd. | 20392 | 313 |

---

---

| | |
|:---|:---|
| **63** | American Funds Insurance Series |

---

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
| **Industrials (continued)** |  |  |
| Ashtead Group PLC | 4377 | $299 |
| International Container Terminal Services, Inc. | 30700 | 294 |
| Wizz Air Holdings PLC <sup>(a)</sup> | 3748 | 64 |
|  |  | 58114 |
| **Information technology 13.46%** |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 383000 | 18711 |
| ASML Holding NV | 7692 | 8222 |
| Samsung Electronics Co., Ltd. | 65385 | 5449 |
| MediaTek, Inc. | 91000 | 4123 |
| SK hynix, Inc. | 6576 | 2978 |
| Broadcom, Inc. | 7657 | 2650 |
| SAP SE | 8332 | 2039 |
| NEC Corp. | 53700 | 1811 |
| ASMPT, Ltd. | 128900 | 1283 |
| Tokyo Electron, Ltd. | 5400 | 1186 |
| Sage Group PLC (The) | 61338 | 893 |
| Capgemini SE | 4775 | 791 |
| Accton Technology Corp. | 21000 | 786 |
| Halma PLC | 13514 | 640 |
| Bechtle AG, non-registered shares | 11841 | 608 |
| Lenovo Group, Ltd. | 422000 | 500 |
| Fujitsu, Ltd. | 14800 | 406 |
| ASM International NV | 605 | 365 |
| Jentech Precision Industrial Co., Ltd. | 4000 | 345 |
| Lumine Group, Inc., subordinate voting shares <sup>(a)</sup> | 10019 | 198 |
| Keyence Corp. | 500 | 181 |
| eMemory Technology, Inc. | 3000 | 164 |
| Newgen Software Technologies, Ltd. | 13433 | 126 |
|  |  | 54455 |
| **Consumer discretionary 9.16%** |  |  |
| Industria de Diseno Textil SA | 84429 | 5561 |
| Trip.com Group, Ltd. (ADR) | 34793 | 2502 |
| Trip.com Group, Ltd. | 9800 | 703 |
| Prosus NV, Class N | 46295 | 2859 |
| Renault SA | 63846 | 2643 |
| LVMH Moet Hennessy-Louis Vuitton SE | 2789 | 2103 |
| MGM China Holdings, Ltd. | 1130400 | 1897 |
| H World Group, Ltd. (ADR) | 27339 | 1286 |
| Nitori Holdings Co., Ltd. | 68900 | 1206 |
| Amadeus IT Group SA, Class A, non-registered shares | 16285 | 1195 |
| Moncler SpA | 17462 | 1122 |
| Midea Group Co., Ltd., Class A | 88300 | 987 |
| Hyundai Motor Co. | 4578 | 937 |
| Entain PLC | 90259 | 930 |
| ANTA Sports Products, Ltd. | 88200 | 911 |
| Compagnie Financiere Richemont SA, Class A | 3955 | 854 |
| Evolution AB | 12432 | 846 |
| InterContinental Hotels Group PLC | 5768 | 808 |
| Suzuki Motor Corp. | 48300 | 717 |
| Games Workshop Group PLC | 2550 | 647 |
| B&M European Value Retail SA | 255033 | 580 |
| Accor SA | 9477 | 537 |
| Berkeley Group Holdings PLC | 9423 | 495 |
| Restaurant Brands International, Inc. (CAD denominated) | 7186 | 490 |
| Meituan, Class B <sup>(a)</sup> | 36700 | 484 |
| Compagnie Generale des Etablissements Michelin | 13559 | 450 |
| Galaxy Entertainment Group, Ltd. | 87361 | 429 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **64** |

---

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
| **Consumer discretionary (continued)** |  |  |
| Paltac Corp. | 13700 | $422 |
| Dixon Technologies (India), Ltd. | 3136 | 422 |
| D'Ieteren Group | 2336 | 421 |
| Aristocrat Leisure, Ltd. | 9860 | 383 |
| Maruti Suzuki India, Ltd. | 1900 | 353 |
| Alibaba Group Holding, Ltd. (ADR) | 2241 | 329 |
| Amber Enterprises India, Ltd. <sup>(a)</sup> | 4286 | 305 |
| BYD Co., Ltd., Class A | 17800 | 249 |
|  |  | 37063 |
| **Consumer staples 8.06%** |  |  |
| British American Tobacco PLC | 121643 | 6894 |
| Nestle SA | 48668 | 4837 |
| Philip Morris International, Inc. | 23763 | 3812 |
| Pernod Ricard SA | 31124 | 2665 |
| Imperial Brands PLC | 47541 | 1999 |
| Carlsberg A/S, Class B | 13206 | 1731 |
| Carrefour SA, non-registered shares | 87378 | 1458 |
| KT&G Corp. | 13480 | 1327 |
| Arca Continental, SAB de CV | 122057 | 1321 |
| L'Oreal SA, non-registered shares | 2952 | 1268 |
| Danone SA | 12837 | 1158 |
| Anheuser-Busch InBev SA/NV | 14891 | 955 |
| Yamazaki Baking Co., Ltd. | 38000 | 800 |
| Kweichow Moutai Co., Ltd., Class A | 2990 | 589 |
| Ocado Group PLC <sup>(a)</sup> | 168153 | 534 |
| Unilever PLC | 7516 | 491 |
| Tsingtao Brewery Co., Ltd., Class H | 65738 | 411 |
| United Spirits, Ltd. | 23192 | 373 |
|  |  | 32623 |
| **Materials 7.38%** |  |  |
| Barrick Mining Corp. | 84106 | 3663 |
| Glencore PLC | 562062 | 3057 |
| BASF SE | 43621 | 2279 |
| Valterra Platinum, Ltd. (ZAR denominated) | 21023 | 1780 |
| Valterra Platinum, Ltd. (GBP denominated) | 1235 | 102 |
| Agnico Eagle Mines, Ltd. | 10958 | 1858 |
| Heidelberg Materials AG, non-registered shares | 7035 | 1842 |
| Amcor PLC | 111303 | 928 |
| Amcor PLC (CDI) | 83938 | 702 |
| Vale SA (ADR), ordinary nominative shares | 71119 | 927 |
| Vale SA, ordinary nominative shares | 31452 | 411 |
| Linde PLC | 2521 | 1075 |
| Norsk Hydro ASA | 136521 | 1055 |
| Anhui Conch Cement Co., Ltd., Class H | 364000 | 1030 |
| Southern Copper Corp. | 7079 | 1016 |
| Impala Platinum Holdings, Ltd. | 60988 | 960 |
| Grupo Mexico, SAB de CV, Series B | 96492 | 911 |
| Mitsubishi Chemical Group Corp. | 148200 | 866 |
| Nutrien, Ltd. (CAD denominated) <sup>(d)</sup> | 12924 | 798 |
| Air Liquide SA | 3291 | 619 |
| Pan American Silver Corp. | 10970 | 568 |
| Franco-Nevada Corp. (CAD denominated) | 2507 | 520 |
| Shin-Etsu Chemical Co., Ltd. | 15900 | 494 |
| Holcim, Ltd. | 4384 | 430 |
| Saudi Basic Industries Corp. non-registered shares | 30558 | 418 |
| Rio Tinto PLC | 4810 | 384 |
| Fortescue, Ltd. | 23214 | 339 |

---

---

| | |
|:---|:---|
| **65** | American Funds Insurance Series |

---

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
| **Materials (continued)** |  |  |
| Smurfit Westrock PLC | 6985 | $270 |
| Givaudan SA | 43 | 171 |
| Freeport-McMoRan, Inc. | 2750 | 140 |
| Antofagasta PLC | 3109 | 136 |
| Zijin Gold International Co., Ltd. <sup>(a)</sup> | 5700 | 107 |
| Alrosa PJSC <sup>(a)(b)</sup> | 53607 | — <sup>(c)</sup> |
|  |  | 29856 |
| **Health care 7.34%** |  |  |
| AstraZeneca PLC | 38403 | 7074 |
| Sanofi | 69990 | 6790 |
| Novo Nordisk AS, Class B | 53114 | 2707 |
| Roche Holding AG, nonvoting non-registered shares | 6476 | 2676 |
| EssilorLuxottica SA | 7815 | 2471 |
| Bayer AG | 41796 | 1803 |
| Chugai Pharmaceutical Co., Ltd. | 23600 | 1241 |
| Grifols SA, Class B (ADR) | 111869 | 1046 |
| bioMerieux SA | 7827 | 1013 |
| Haleon PLC | 171515 | 868 |
| Genus PLC | 14818 | 516 |
| Jiangsu Hengrui Pharmaceutical Co., Ltd., Class H <sup>(a)</sup> | 39000 | 356 |
| Max Healthcare Institute, Ltd. | 29463 | 343 |
| Fresenius SE & Co. KGaA | 5932 | 341 |
| Daiichi Sankyo Co., Ltd. | 13300 | 283 |
| HOYA Corp. | 1100 | 167 |
| Euroapi SA <sup>(a)</sup> | 1412 | 4 |
|  |  | 29699 |
| **Communication services 6.89%** |  |  |
| Koninklijke KPN NV | 788424 | 3688 |
| Tencent Holdings, Ltd. | 41600 | 3188 |
| Singapore Telecommunications, Ltd. | 888400 | 3148 |
| Orange | 157504 | 2628 |
| Publicis Groupe SA | 23008 | 2387 |
| Bharti Airtel, Ltd. | 87940 | 2063 |
| BT Group PLC | 457419 | 1131 |
| Nintendo Co., Ltd. | 15800 | 1067 |
| MTN Group, Ltd. | 99852 | 1020 |
| Nippon Television Holdings, Inc. | 40600 | 984 |
| Swisscom AG <sup>(a)</sup> | 1279 | 929 |
| NetEase, Inc. | 32700 | 900 |
| HYBE Co., Ltd. | 3482 | 794 |
| Advanced Info Service PCL, foreign registered shares | 79600 | 791 |
| America Movil, SAB de CV, Class B (ADR) | 28591 | 591 |
| Universal Music Group NV | 19644 | 513 |
| Indus Towers, Ltd. <sup>(a)</sup> | 95111 | 443 |
| Spotify Technology SA <sup>(a)</sup> | 718 | 417 |
| Bezeq - The Israel Telecommunication Corp., Ltd. | 179312 | 400 |
| KT Corp. (ADR) | 21009 | 399 |
| Deutsche Telekom AG | 11484 | 373 |
|  |  | 27854 |
| **Energy 4.09%** |  |  |
| TotalEnergies SE (EUR denominated) | 61065 | 3980 |
| Cameco Corp. (CAD denominated) | 30495 | 2792 |
| Canadian Natural Resources, Ltd. (CAD denominated) | 55772 | 1889 |
| Shell PLC (GBP denominated) | 47821 | 1757 |
| Cenovus Energy, Inc. (CAD denominated) | 82434 | 1395 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **66** |

---

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
| **Energy (continued)** |  |  |
| Cenovus Energy, Inc. | 12261 | $207 |
| SLB, Ltd. | 31870 | 1223 |
| Gaztransport & Technigaz SA | 3851 | 706 |
| TC Energy Corp. (CAD denominated) | 12547 | 691 |
| Petroleo Brasileiro SA PETROBRAS (ADR), ordinary nominative shares | 44300 | 525 |
| BP PLC | 80418 | 467 |
| ADNOC Drilling Co. PJSC | 255406 | 371 |
| Tourmaline Oil Corp. | 5853 | 263 |
| Adnoc Gas PLC | 236746 | 229 |
| South Bow Corp. | 2470 | 68 |
| Sovcomflot PAO <sup>(a)(b)</sup> | 356717 | — <sup>(c)</sup> |
|  |  | 16563 |
| **Utilities 2.82%** |  |  |
| Engie SA | 109339 | 2875 |
| RWE AG | 42284 | 2250 |
| SSE PLC | 76631 | 2247 |
| Iberdrola SA, non-registered shares | 103600 | 2242 |
| Brookfield Infrastructure Partners, LP | 17993 | 625 |
| Snam SpA | 79832 | 530 |
| CPFL Energia SA | 44362 | 431 |
| Veolia Environnement SA | 6331 | 221 |
|  |  | 11421 |
| **Real estate 1.49%** |  |  |
| Mitsubishi Estate Co., Ltd. | 76900 | 1873 |
| Prologis Property Mexico, SA de CV, REIT | 183868 | 770 |
| CK Asset Holdings, Ltd. | 120500 | 607 |
| Henderson Land Development Co., Ltd. | 162000 | 585 |
| China Resources Land, Ltd. | 152500 | 531 |
| Link REIT | 91068 | 406 |
| Sun Hung Kai Properties, Ltd. | 33000 | 400 |
| CapitaLand Integrated Commercial Trust REIT | 207700 | 385 |
| Longfor Group Holdings, Ltd. <sup>(d)</sup> | 236242 | 259 |
| Goodman Logistics (HK), Ltd. REIT | 10467 | 215 |
|  |  | 6031 |
| **Total common stocks (cost: $267,862,000)** |  | 397422 |
| Preferred securities 0.05% |  |  |
| **Materials 0.05%** |  |  |
| Gerdau SA, preferred nominative shares | 54142 | 201 |
| **Total preferred securities (cost: $203,000)** |  | 201 |

---

---

| | | |
|:---|:---|:---|
| Short-term securities 1.54% |  |  |
| **Money market investments 1.35%** |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(e)(f)</sup> | 54405 | 5441 |

---

---

| | |
|:---|:---|
| **67** | American Funds Insurance Series |

---

International Growth and Income Fund (continued)

---

| | | |
|:---|:---|:---|
| Short-term securities (continued) | Shares | Value (000) |
| **Money market investments purchased with collateral from securities on loan 0.19%** |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(e)(g)</sup> | 762897 | $763 |
| **Total short-term securities (cost: $6,203,000)** |  | 6204 |
| **Total investment securities 99.81% (cost: $274,268,000)** |  | 403827 |
| Other assets less liabilities 0.19% |  | 788 |
| **Net assets 100.00%** |  | $404615 |

---

**Investments in affiliates <sup>(f)</sup>**

**** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value at <br> 1/1/2025 <br> (000) | Additions<br> (000) | Reductions<br> (000) | Net <br> realized <br> gain (loss) <br> (000) | Net <br> unrealized <br> appreciation <br> (depreciation) <br> (000) | Value at <br> 12/31/2025 <br> (000) | Dividend<br> or interest <br> income <br> (000) |
| Short-term securities 1.35% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 1.35%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(e)</sup> | $11674 | $93352 | $99583 | $1 | $(3) | $5441 | $489 |

---

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> Value determined using significant unobservable inputs.

<sup>(c)</sup> Amount less than one thousand.

<sup>(d)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending.

<sup>(e)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(f)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(g)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

**Key to abbreviation(s)**

ADR = American Depositary Receipts

CAD = Canadian dollars

CDI = CREST Depository Interest

EUR = Euros

GBP = British pounds

HKD = Hong Kong dollars

REIT = Real Estate Investment Trust

ZAR = South African rand

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **68** |

---

Capital Income Builder

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Common stocks 77.84% | Shares | Value<br> (000) |
| **Financials 16.08%** |  |  |
| JPMorgan Chase & Co. | 79207 | $25522 |
| NatWest Group PLC | 1731569 | 15103 |
| Morgan Stanley | 85027 | 15095 |
| Zurich Insurance Group AG | 15915 | 12080 |
| Wells Fargo & Co. | 121236 | 11299 |
| Munchener Ruckversicherungs-Gesellschaft AG | 15382 | 10158 |
| BlackRock, Inc. | 9038 | 9674 |
| ING Groep NV | 336786 | 9467 |
| DBS Group Holdings, Ltd. | 201816 | 8832 |
| PNC Financial Services Group, Inc. | 42111 | 8790 |
| Progressive Corp. | 31499 | 7173 |
| Truist Financial Corp. | 133958 | 6592 |
| Banco Santander SA | 543341 | 6376 |
| Tokio Marine Holdings, Inc. | 169500 | 6293 |
| Banco Bilbao Vizcaya Argentaria SA | 255877 | 5985 |
| KB Financial Group, Inc. | 67948 | 5874 |
| American International Group, Inc. | 61289 | 5243 |
| AIA Group, Ltd. | 475600 | 4885 |
| TPG, Inc., Class A | 74597 | 4762 |
| Sampo Oyj, Class A | 382120 | 4632 |
| National Bank of Canada | 34385 | 4324 |
| Power Corp. of Canada, subordinate voting shares | 73430 | 3903 |
| Toronto-Dominion Bank (The) (CAD denominated) | 39762 | 3747 |
| East West Bancorp, Inc. | 32600 | 3664 |
| UniCredit SpA | 43377 | 3601 |
| Intact Financial Corp. | 16137 | 3359 |
| Euronext NV | 21230 | 3186 |
| Hana Financial Group, Inc. | 48224 | 3146 |
| 360 ONE WAM, Ltd. | 229493 | 3031 |
| EFG International AG | 108196 | 2587 |
| BNP Paribas SA | 25427 | 2406 |
| PICC Property and Casualty Co., Ltd., Class H | 1138000 | 2386 |
| Mizuho Financial Group, Inc. | 64500 | 2342 |
| Skandinaviska Enskilda Banken AB, Class A | 108326 | 2287 |
| 3i Group PLC | 51598 | 2245 |
| Webster Financial Corp. | 35040 | 2205 |
| Apollo Asset Management, Inc. | 13850 | 2005 |
| Marsh & McLennan Cos., Inc. | 10553 | 1958 |
| Banco BPM SpA | 128347 | 1950 |
| London Stock Exchange Group PLC | 15893 | 1914 |
| Deutsche Bank AG | 49165 | 1912 |
| BPER Banca SpA | 141331 | 1911 |
| Swiss Re AG | 10507 | 1752 |
| State Street Corp. | 12200 | 1574 |
| CME Group, Inc., Class A | 5612 | 1533 |
| Bank Central Asia Tbk PT | 2982500 | 1440 |
| Standard Chartered PLC | 56936 | 1390 |
| Japan Post Bank Co., Ltd. | 98700 | 1388 |
| Western Union Co. <sup>(a)</sup> | 142256 | 1324 |
| Allianz SE | 2883 | 1322 |
| Hong Kong Exchanges and Clearing, Ltd. | 22700 | 1186 |
| Bank of America Corp. | 21552 | 1185 |
| Canadian Imperial Bank of Commerce | 12297 | 1115 |
| Patria Investments, Ltd., Class A | 70098 | 1114 |
| Blackstone, Inc. | 7179 | 1107 |
| Citizens Financial Group, Inc. | 18221 | 1064 |
| SouthState Bank Corp. | 10883 | 1024 |
| Vontobel Holding AG | 10189 | 824 |
| Equitable Holdings, Inc. | 16750 | 798 |
| Resona Holdings, Inc. | 62400 | 592 |
| Houlihan Lokey, Inc., Class A | 2796 | 487 |

---

---

| | |
|:---|:---|
| **69** | American Funds Insurance Series |

---

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
| **Financials (continued)** |  |  |
| T&D Holdings, Inc. | 21000 | $484 |
| Medibank Private, Ltd. | 134820 | 430 |
| Sberbank of Russia PJSC <sup>(b)</sup> | 204176 | — <sup>(c)</sup> |
|  |  | 267037 |
| **Information technology 10.58%** |  |  |
| Broadcom, Inc. | 198986 | 68869 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 857800 | 41907 |
| Microsoft Corp. | 48647 | 23527 |
| Accenture PLC, Class A | 42563 | 11420 |
| Seagate Technology Holdings PLC | 21770 | 5995 |
| KLA Corp. | 3790 | 4605 |
| Texas Instruments, Inc. | 19132 | 3319 |
| Tokyo Electron, Ltd. | 14700 | 3228 |
| TE Connectivity PLC | 11194 | 2547 |
| MediaTek, Inc. | 52000 | 2356 |
| TDK Corp. | 145400 | 2057 |
| SAP SE | 8376 | 2049 |
| Analog Devices, Inc. | 5814 | 1577 |
| Skyworks Solutions, Inc. | 17043 | 1081 |
| Samsung Electronics Co., Ltd. | 7752 | 646 |
| Capgemini SE | 2465 | 408 |
|  |  | 175591 |
| **Health care 8.92%** |  |  |
| AbbVie, Inc. | 110866 | 25332 |
| AstraZeneca PLC | 95762 | 17638 |
| Abbott Laboratories | 132522 | 16604 |
| Amgen, Inc. | 48793 | 15970 |
| Gilead Sciences, Inc. | 110674 | 13584 |
| Sanofi | 116243 | 11278 |
| Johnson & Johnson | 38511 | 7970 |
| UnitedHealth Group, Inc. | 22859 | 7546 |
| Medtronic PLC | 77419 | 7437 |
| Novo Nordisk AS, Class B | 120968 | 6166 |
| CVS Health Corp. | 46518 | 3692 |
| Takeda Pharmaceutical Co., Ltd. | 108825 | 3381 |
| Bristol-Myers Squibb Co. | 51448 | 2775 |
| Merck & Co., Inc. | 20750 | 2184 |
| Sandoz Group AG | 19286 | 1406 |
| EBOS Group, Ltd. | 82604 | 1302 |
| Roche Holding AG, nonvoting non-registered shares | 2615 | 1081 |
| GSK PLC | 43796 | 1076 |
| Royalty Pharma PLC, Class A | 24004 | 927 |
| EssilorLuxottica SA | 2582 | 816 |
|  |  | 148165 |
| **Industrials 8.89%** |  |  |
| RTX Corp. | 170579 | 31284 |
| Volvo AB, Class B | 337790 | 10827 |
| Siemens AG | 32234 | 9052 |
| Marubeni Corp. | 248100 | 6904 |
| BAE Systems PLC | 262306 | 6030 |
| Deutsche Post AG | 105963 | 5804 |
| RELX PLC | 135157 | 5467 |
| Mitsubishi Corp. | 214081 | 4906 |
| Union Pacific Corp. | 20631 | 4772 |
| Singapore Technologies Engineering, Ltd. | 657600 | 4290 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **70** |

---

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
| **Industrials (continued)** |  |  |
| ITOCHU Corp. | 307500 | $3881 |
| Bouygues SA | 71499 | 3706 |
| Northrop Grumman Corp. | 6044 | 3446 |
| Honeywell International, Inc. | 17528 | 3420 |
| Paychex, Inc. | 29637 | 3325 |
| Automatic Data Processing, Inc. | 12517 | 3220 |
| Airbus SE, non-registered shares | 12478 | 2894 |
| FedEx Corp. | 9893 | 2858 |
| Watsco, Inc. | 8477 | 2856 |
| Schneider Electric SE | 9854 | 2701 |
| Broadridge Financial Solutions, Inc. | 11281 | 2518 |
| Localiza Rent a Car SA, ordinary nominative shares | 281769 | 2222 |
| Localiza Rent a Car SA <sup>(d)</sup> | 10837 | 82 |
| Hikari Tsushin, Inc. | 7100 | 1984 |
| Bureau Veritas SA | 60554 | 1928 |
| Trinity Industries, Inc. | 71017 | 1878 |
| Canadian National Railway Co. (CAD denominated) | 17596 | 1740 |
| Wolters Kluwer NV | 14975 | 1555 |
| Epiroc AB, Class A | 60943 | 1379 |
| Epiroc AB, Class B | 4933 | 100 |
| SPIE SA | 24869 | 1432 |
| PACCAR, Inc. | 12078 | 1323 |
| Ryanair Holdings PLC (ADR) | 18149 | 1310 |
| UL Solutions, Inc., Class A | 16361 | 1290 |
| Carrier Global Corp. | 23347 | 1234 |
| Transurban Group | 121112 | 1145 |
| Sulzer AG | 3498 | 649 |
| Brambles, Ltd. | 40982 | 628 |
| Caterpillar, Inc. | 1059 | 607 |
| Computershare Ltd. | 22570 | 513 |
| Robert Half, Inc. | 16144 | 438 |
|  |  | 147598 |
| **Consumer staples 8.01%** |  |  |
| Philip Morris International, Inc. | 243788 | 39104 |
| British American Tobacco PLC | 522457 | 29612 |
| British American Tobacco PLC (ADR) | 42214 | 2390 |
| Mondelez International, Inc., Class A | 238135 | 12819 |
| Imperial Brands PLC | 193418 | 8132 |
| Nestle SA | 56409 | 5607 |
| Sysco Corp. | 57332 | 4225 |
| Danone SA | 46784 | 4221 |
| Coca-Cola Co. | 50926 | 3560 |
| Altria Group, Inc. | 60789 | 3505 |
| Procter & Gamble Co. | 18551 | 2658 |
| Carlsberg A/S, Class B | 18209 | 2387 |
| Kimberly-Clark Corp. | 20235 | 2041 |
| WH Group, Ltd. | 1742500 | 1940 |
| General Mills, Inc. | 39690 | 1846 |
| Unilever PLC | 23728 | 1551 |
| Marks and Spencer Group PLC | 341848 | 1521 |
| PepsiCo, Inc. | 8237 | 1182 |
| Dollar General Corp. | 8654 | 1149 |
| Anheuser-Busch InBev SA/NV | 12119 | 777 |
| ITC, Ltd. | 169385 | 760 |
| Pernod Ricard SA | 8821 | 755 |
| Molson Coors Beverage Co., Class B, restricted voting shares | 15116 | 706 |
| Constellation Brands, Inc., Class A | 4173 | 576 |
|  |  | 133024 |

---

---

| | |
|:---|:---|
| **71** | American Funds Insurance Series |

---

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
| **Utilities 5.67%** |  |  |
| Dominion Energy, Inc. | 193401 | $11331 |
| National Grid PLC | 593470 | 9146 |
| SSE PLC | 303935 | 8912 |
| Engie SA | 334941 | 8807 |
| Iberdrola SA, non-registered shares | 368808 | 7983 |
| E.ON SE | 279307 | 5295 |
| Pinnacle West Capital Corp. | 58731 | 5209 |
| DTE Energy Co. | 38794 | 5004 |
| CenterPoint Energy, Inc. | 126239 | 4840 |
| Sempra | 49773 | 4395 |
| Duke Energy Corp. | 33977 | 3982 |
| RWE AG | 59273 | 3154 |
| Atmos Energy Corp. | 16350 | 2741 |
| Exelon Corp. | 62697 | 2733 |
| AES Corp. | 138163 | 1981 |
| Power Grid Corp. of India, Ltd. | 637504 | 1875 |
| Entergy Corp. | 17392 | 1608 |
| NextEra Energy, Inc. | 19324 | 1551 |
| Southern Co. (The) | 17393 | 1517 |
| SembCorp Industries, Ltd. | 268900 | 1255 |
| Power Assets Holdings, Ltd. | 127000 | 900 |
|  |  | 94219 |
| **Consumer discretionary 5.15%** |  |  |
| Industria de Diseno Textil SA | 200194 | 13187 |
| McDonald's Corp. | 28168 | 8609 |
| Starbucks Corp. | 98994 | 8336 |
| LVMH Moet Hennessy-Louis Vuitton SE | 9855 | 7430 |
| Home Depot, Inc. | 19641 | 6758 |
| YUM! Brands, Inc. | 38261 | 5788 |
| Midea Group Co., Ltd., Class A | 497866 | 5566 |
| Compagnie Generale des Etablissements Michelin | 154783 | 5133 |
| Royal Caribbean Cruises, Ltd. | 18121 | 5054 |
| Evolution AB | 62107 | 4227 |
| Amadeus IT Group SA, Class A, non-registered shares | 44461 | 3261 |
| Compagnie Financiere Richemont SA, Class A | 11721 | 2530 |
| Tractor Supply Co. | 38329 | 1917 |
| Restaurant Brands International, Inc. | 27181 | 1855 |
| NEXT PLC | 9190 | 1691 |
| Galaxy Entertainment Group, Ltd. | 288000 | 1413 |
| Vail Resorts, Inc. | 8836 | 1173 |
| Darden Restaurants, Inc. | 3355 | 617 |
| Jumbo SA | 15226 | 500 |
| Aristocrat Leisure, Ltd. | 11598 | 450 |
|  |  | 85495 |
| **Energy 4.71%** |  |  |
| Exxon Mobil Corp. | 138000 | 16607 |
| Canadian Natural Resources, Ltd. (CAD denominated) | 426351 | 14441 |
| Canadian Natural Resources, Ltd. | 19944 | 675 |
| Shell PLC (GBP denominated) | 231846 | 8517 |
| Shell PLC (ADR) | 9821 | 721 |
| TC Energy Corp. (CAD denominated) <sup>(a)</sup> | 133821 | 7369 |
| TotalEnergies SE (EUR denominated) | 92774 | 6047 |
| ConocoPhillips | 50076 | 4688 |
| South Bow Corp. <sup>(a)</sup> | 155157 | 4267 |
| EQT Corp. | 64885 | 3478 |
| EOG Resources, Inc. | 28657 | 3009 |
| Chevron Corp. | 18330 | 2794 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **72** |

---

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
| **Energy (continued)** |  |  |
| ONEOK, Inc. | 35701 | $2624 |
| DT Midstream, Inc. | 10692 | 1280 |
| Cenovus Energy, Inc. | 62889 | 1064 |
| Adnoc Gas PLC | 656312 | 634 |
|  |  | 78215 |
| **Materials 3.55%** |  |  |
| Air Products and Chemicals, Inc. | 30617 | 7563 |
| Smurfit Westrock PLC | 158869 | 6143 |
| Nitto Denko Corp. | 245538 | 5834 |
| Rio Tinto PLC | 66849 | 5334 |
| International Paper Co. | 134100 | 5282 |
| Barrick Mining Corp. | 106459 | 4636 |
| Anglo American PLC | 103247 | 4255 |
| Vale SA, ordinary nominative shares | 217725 | 2847 |
| Vale SA (ADR), ordinary nominative shares | 96273 | 1254 |
| Shin-Etsu Chemical Co., Ltd. | 121262 | 3771 |
| Linde PLC | 8159 | 3479 |
| Amcor PLC | 301316 | 2513 |
| BASF SE | 44227 | 2311 |
| Antofagasta PLC | 51846 | 2276 |
| Eastman Chemical Co. | 8693 | 555 |
| Air Liquide SA | 2512 | 473 |
| Givaudan SA | 110 | 437 |
|  |  | 58963 |
| **Communication services 3.52%** |  |  |
| Singapore Telecommunications, Ltd. | 3937700 | 13951 |
| T-Mobile US, Inc. | 38544 | 7826 |
| Publicis Groupe SA | 68287 | 7084 |
| AT&T, Inc. | 248999 | 6185 |
| Koninklijke KPN NV | 1163701 | 5444 |
| Comcast Corp., Class A | 134482 | 4020 |
| Verizon Communications, Inc. | 67668 | 2756 |
| NetEase, Inc. | 97400 | 2680 |
| Omnicom Group, Inc. | 26622 | 2150 |
| Nintendo Co., Ltd. | 23700 | 1601 |
| HKT Trust and HKT, Ltd., units | 1023240 | 1512 |
| Deutsche Telekom AG | 44105 | 1431 |
| America Movil, SAB de CV, Class B (ADR) | 38200 | 790 |
| Telkom Indonesia (Persero) Tbk PT, Class B | 2512000 | 523 |
| Swisscom AG <sup>(d)</sup> | 566 | 411 |
|  |  | 58364 |
| **Real estate 2.76%** |  |  |
| Welltower, Inc. REIT | 58648 | 10886 |
| Prologis, Inc. REIT | 38994 | 4978 |
| American Tower Corp. REIT | 26189 | 4598 |
| VICI Properties, Inc. REIT | 160317 | 4508 |
| Rexford Industrial Realty, Inc. REIT | 98470 | 3813 |
| Extra Space Storage, Inc. REIT | 19058 | 2482 |
| Public Storage REIT | 8874 | 2303 |
| Mindspace Business Parks REIT | 413863 | 2187 |
| UDR, Inc. REIT | 48752 | 1788 |
| CK Asset Holdings, Ltd. | 328500 | 1655 |
| Equinix, Inc. REIT | 1780 | 1364 |
| Link REIT | 302148 | 1346 |
| CTP NV | 56484 | 1183 |

---

---

| | |
|:---|:---|
| **73** | American Funds Insurance Series |

---

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
| **Real estate (continued)** |  |  |
| Sun Communities, Inc. REIT | 5902 | $731 |
| Embassy Office Parks REIT | 140661 | 681 |
| SBA Communications Corp. REIT, Class A | 2744 | 531 |
| Longfor Group Holdings, Ltd. | 357634 | 392 |
| Lineage, Inc. REIT | 7600 | 266 |
| Kimco Realty Corp. REIT | 5095 | 103 |
|  |  | 45795 |
| **Total common stocks (cost: $866,080,000)** |  | 1292466 |

---

---

| | | |
|:---|:---|:---|
| Convertible stocks 0.29% |  |  |
| **Information technology 0.16%** |  |  |
| Microchip Technology, Inc., Series A, cumulative convertible preferred depositary shares, 7.50% 3/15/2028 | 44749 | 2608 |
| **Utilities 0.09%** |  |  |
| NextEra Energy, Inc., convertible preferred shares, 7.234% 11/1/2027 | 31400 | 1531 |
| **Financials 0.04%** |  |  |
| KKR & Co., Inc., Class D, convertible preferred shares, 6.25% 3/1/2028 | 13000 | 674 |
| **Total convertible stocks (cost: $4,335,000)** |  | 4813 |

---

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments 14.62% | Principal amount<br> (000) | Principal amount<br> (000) |  |
| **U.S. Treasury bonds & notes 5.92%** |  |  |  |
| **U.S. Treasury 5.92%** |  |  |  |
| U.S. Treasury 4.00% 2/15/2026 | USD | 2369 | 2370 |
| U.S. Treasury 0.75% 3/31/2026 |  | 1 | 1 |
| U.S. Treasury 0.75% 5/31/2026 |  | 3850 | 3806 |
| U.S. Treasury 1.875% 6/30/2026 |  | 3855 | 3825 |
| U.S. Treasury 1.125% 10/31/2026 |  | 995 | 975 |
| U.S. Treasury 2.00% 11/15/2026 |  | 2800 | 2763 |
| U.S. Treasury 4.625% 11/15/2026 |  | 1200 | 1211 |
| U.S. Treasury 4.00% 1/15/2027 |  | 6541 | 6573 |
| U.S. Treasury 0.50% 4/30/2027 |  | 2375 | 2284 |
| U.S. Treasury 2.625% 5/31/2027 |  | 80 | 79 |
| U.S. Treasury 3.50% 9/30/2027 |  | 1811 | 1812 |
| U.S. Treasury 3.375% 11/30/2027 |  | 9 | 9 |
| U.S. Treasury 3.375% 12/31/2027 |  | 17721 | 17687 |
| U.S. Treasury 4.00% 2/29/2028 |  | 745 | 753 |
| U.S. Treasury 1.25% 3/31/2028 |  | 1350 | 1285 |
| U.S. Treasury 3.625% 3/31/2028 |  | 3 | 4 |
| U.S. Treasury 3.50% 12/15/2028 <sup>(e)</sup> |  | 10891 | 10878 |
| U.S. Treasury 4.00% 7/31/2029 |  | 25 | 25 |
| U.S. Treasury 6.25% 5/15/2030 |  | 345 | 381 |
| U.S. Treasury 3.625% 9/30/2030 |  | 809 | 806 |
| U.S. Treasury 3.625% 12/31/2030 |  | 12352 | 12295 |
| U.S. Treasury 3.75% 8/31/2031 |  | 297 | 296 |
| U.S. Treasury 4.125% 11/15/2032 |  | 9 | 9 |
| U.S. Treasury 3.875% 12/31/2032 |  | 6955 | 6927 |
| U.S. Treasury 4.375% 5/15/2034 |  | 18 | 18 |
| U.S. Treasury 4.00% 11/15/2035 |  | 6687 | 6596 |
| U.S. Treasury 4.50% 8/15/2039 |  | 1045 | 1048 |
| U.S. Treasury 4.75% 2/15/2041 |  | 1730 | 1764 |
| U.S. Treasury 2.00% 11/15/2041 |  | 300 | 210 |
| U.S. Treasury 4.625% 11/15/2045 |  | 679 | 664 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **74** |

---

Capital Income Builder (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value<br> (000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |  |
| **U.S. Treasury (continued)** |  |  |  |
| U.S. Treasury 2.375% 5/15/2051 | USD | 196 | $124 |
| U.S. Treasury 4.00% 11/15/2052 |  | 152 | 132 |
| U.S. Treasury 4.75% 8/15/2055 |  | 8884 | 8753 |
| U.S. Treasury 4.625% 11/15/2055 |  | 2038 | 1968 |
| **Total U.S. Treasury bonds & notes** |  |  | 98331 |
| **Mortgage-backed obligations 5.04%** |  |  |  |
| **Federal agency mortgage-backed obligations 4.20%** |  |  |  |
| Fannie Mae Pool #695412 5.00% 6/1/2033 <sup>(f)</sup> |  | — <sup>(c)</sup> | — <sup>(c)</sup> |
| Fannie Mae Pool #FM2499 2.50% 2/1/2035 <sup>(f)</sup> |  | 729 | 697 |
| Fannie Mae Pool #AD3566 5.00% 10/1/2035 <sup>(f)</sup> |  | 1 | 1 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(f)</sup> |  | 254 | 240 |
| Fannie Mae Pool #931768 5.00% 8/1/2039 <sup>(f)</sup> |  | 1 | 1 |
| Fannie Mae Pool #AC0794 5.00% 10/1/2039 <sup>(f)</sup> |  | 4 | 4 |
| Fannie Mae Pool #932606 5.00% 2/1/2040 <sup>(f)</sup> |  | 1 | 2 |
| Fannie Mae Pool #AE0311 3.50% 8/1/2040 <sup>(f)</sup> |  | 6 | 6 |
| Fannie Mae Pool #AE1248 5.00% 6/1/2041 <sup>(f)</sup> |  | 7 | 7 |
| Fannie Mae Pool #AJ1873 4.00% 10/1/2041 <sup>(f)</sup> |  | 5 | 5 |
| Fannie Mae Pool #AE1274 5.00% 10/1/2041 <sup>(f)</sup> |  | 4 | 4 |
| Fannie Mae Pool #AE1277 5.00% 11/1/2041 <sup>(f)</sup> |  | 3 | 3 |
| Fannie Mae Pool #AE1283 5.00% 12/1/2041 <sup>(f)</sup> |  | 1 | 1 |
| Fannie Mae Pool #AE1290 5.00% 2/1/2042 <sup>(f)</sup> |  | 4 | 4 |
| Fannie Mae Pool #AT0300 3.50% 3/1/2043 <sup>(f)</sup> |  | 1 | 1 |
| Fannie Mae Pool #AT3954 3.50% 4/1/2043 <sup>(f)</sup> |  | 1 | 1 |
| Fannie Mae Pool #AY1829 3.50% 12/1/2044 <sup>(f)</sup> |  | 2 | 2 |
| Fannie Mae Pool #BH3122 4.00% 6/1/2047 <sup>(f)</sup> |  | 1 | 1 |
| Fannie Mae Pool #BJ5015 4.00% 12/1/2047 <sup>(f)</sup> |  | 25 | 24 |
| Fannie Mae Pool #BK5232 4.00% 5/1/2048 <sup>(f)</sup> |  | 14 | 14 |
| Fannie Mae Pool #BK6840 4.00% 6/1/2048 <sup>(f)</sup> |  | 20 | 19 |
| Fannie Mae Pool #BK9743 4.00% 8/1/2048 <sup>(f)</sup> |  | 6 | 6 |
| Fannie Mae Pool #BK9761 4.50% 8/1/2048 <sup>(f)</sup> |  | 3 | 3 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(f)</sup> |  | 28 | 27 |
| Fannie Mae Pool #FS5372 3.50% 7/1/2049 <sup>(f)</sup> |  | 154 | 145 |
| Fannie Mae Pool #FS5313 3.50% 1/1/2050 <sup>(f)</sup> |  | 1759 | 1653 |
| Fannie Mae Pool #CA5540 3.00% 4/1/2050 <sup>(f)</sup> |  | 2453 | 2212 |
| Fannie Mae Pool #CA6309 3.00% 7/1/2050 <sup>(f)</sup> |  | 281 | 256 |
| Fannie Mae Pool #CA6349 3.00% 7/1/2050 <sup>(f)</sup> |  | 111 | 98 |
| Fannie Mae Pool #CA6740 3.00% 8/1/2050 <sup>(f)</sup> |  | 74 | 66 |
| Fannie Mae Pool #CA7048 3.00% 9/1/2050 <sup>(f)</sup> |  | 40 | 36 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(f)</sup> |  | 11 | 10 |
| Fannie Mae Pool #CA7381 3.00% 10/1/2050 <sup>(f)</sup> |  | 117 | 104 |
| Fannie Mae Pool #FM5166 3.00% 12/1/2050 <sup>(f)</sup> |  | 78 | 70 |
| Fannie Mae Pool #BR4104 2.00% 1/1/2051 <sup>(f)</sup> |  | 40 | 33 |
| Fannie Mae Pool #FM5509 3.00% 1/1/2051 <sup>(f)</sup> |  | 119 | 107 |
| Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(f)</sup> |  | 179 | 145 |
| Fannie Mae Pool #MA4255 2.00% 2/1/2051 <sup>(f)</sup> |  | 50 | 41 |
| Fannie Mae Pool #FS1086 2.00% 4/1/2051 <sup>(f)</sup> |  | 21 | 17 |
| Fannie Mae Pool #CB0191 3.00% 4/1/2051 <sup>(f)</sup> |  | 151 | 135 |
| Fannie Mae Pool #CB0193 3.00% 4/1/2051 <sup>(f)</sup> |  | 18 | 16 |
| Fannie Mae Pool #BT1267 3.00% 6/1/2051 <sup>(f)</sup> |  | 151 | 134 |
| Fannie Mae Pool #FM7909 3.00% 6/1/2051 <sup>(f)</sup> |  | 14 | 12 |
| Fannie Mae Pool #FM8477 3.00% 8/1/2051 <sup>(f)</sup> |  | 104 | 94 |
| Fannie Mae Pool #CB2527 2.00% 12/1/2051 <sup>(f)</sup> |  | 167 | 136 |
| Fannie Mae Pool #CB2787 3.50% 12/1/2051 <sup>(f)</sup> |  | 18 | 17 |
| Fannie Mae Pool #BU1450 2.00% 1/1/2052 <sup>(f)</sup> |  | 4 | 3 |
| Fannie Mae Pool #BV0790 3.50% 1/1/2052 <sup>(f)</sup> |  | 70 | 65 |
| Fannie Mae Pool #FS1885 2.50% 2/1/2052 <sup>(f)</sup> |  | 148 | 126 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(f)</sup> |  | 768 | 695 |
| Fannie Mae Pool #BU8803 3.00% 2/1/2052 <sup>(f)</sup> |  | 99 | 88 |

---

---

| | |
|:---|:---|
| **75** | American Funds Insurance Series |

---

Capital Income Builder (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #FS0752 3.00% 3/1/2052 <sup>(f)</sup> | USD | 443 | $393 |
| Fannie Mae Pool #CB3179 3.50% 3/1/2052 <sup>(f)</sup> |  | 254 | 237 |
| Fannie Mae Pool #CB3353 2.50% 4/1/2052 <sup>(f)</sup> |  | 214 | 182 |
| Fannie Mae Pool #FS8677 2.50% 4/1/2052 <sup>(f)</sup> |  | 129 | 110 |
| Fannie Mae Pool #CB3379 4.00% 4/1/2052 <sup>(f)</sup> |  | 4 | 4 |
| Fannie Mae Pool #MA4626 4.00% 6/1/2052 <sup>(f)</sup> |  | 100 | 96 |
| Fannie Mae Pool #CB4021 4.00% 6/1/2052 <sup>(f)</sup> |  | 8 | 8 |
| Fannie Mae Pool #FA2839 2.50% 7/1/2052 <sup>(f)</sup> |  | 172 | 146 |
| Fannie Mae Pool #FS7879 2.50% 7/1/2052 <sup>(f)</sup> |  | 143 | 121 |
| Fannie Mae Pool #CB4360 3.00% 8/1/2052 <sup>(f)</sup> |  | 615 | 545 |
| Fannie Mae Pool #BV8976 5.00% 8/1/2052 <sup>(f)</sup> |  | 49 | 50 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(f)</sup> |  | 145 | 118 |
| Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(f)</sup> |  | 103 | 105 |
| Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(f)</sup> |  | 94 | 96 |
| Fannie Mae Pool #MA4842 5.50% 12/1/2052 <sup>(f)</sup> |  | 138 | 141 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(f)</sup> |  | 86 | 87 |
| Fannie Mae Pool #MA5036 3.00% 4/1/2053 <sup>(f)</sup> |  | 174 | 154 |
| Fannie Mae Pool #CB6012 4.00% 4/1/2053 <sup>(f)</sup> |  | 762 | 726 |
| Fannie Mae Pool #BX9827 5.00% 5/1/2053 <sup>(f)</sup> |  | 223 | 224 |
| Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(f)</sup> |  | 57 | 57 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(f)</sup> |  | 233 | 237 |
| Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(f)</sup> |  | 1222 | 1261 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(f)</sup> |  | 287 | 293 |
| Fannie Mae Pool #CB6485 6.00% 6/1/2053 <sup>(f)</sup> |  | 335 | 345 |
| Fannie Mae Pool #CB6486 6.00% 6/1/2053 <sup>(f)</sup> |  | 211 | 218 |
| Fannie Mae Pool #CB6465 6.00% 6/1/2053 <sup>(f)</sup> |  | 155 | 160 |
| Fannie Mae Pool #MA5089 4.00% 7/1/2053 <sup>(f)</sup> |  | 258 | 245 |
| Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(f)</sup> |  | 95 | 93 |
| Fannie Mae Pool #MA5071 5.00% 7/1/2053 <sup>(f)</sup> |  | 117 | 117 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(f)</sup> |  | 755 | 768 |
| Fannie Mae Pool #MA5139 6.00% 9/1/2053 <sup>(f)</sup> |  | 355 | 366 |
| Fannie Mae Pool #MA5177 4.00% 10/1/2053 <sup>(f)</sup> |  | 876 | 833 |
| Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(f)</sup> |  | 39 | 40 |
| Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(f)</sup> |  | 586 | 604 |
| Fannie Mae Pool #CB7426 6.50% 11/1/2053 <sup>(f)</sup> |  | 57 | 60 |
| Fannie Mae Pool #CB7626 6.50% 12/1/2053 <sup>(f)</sup> |  | 22 | 23 |
| Fannie Mae Pool #CB8089 7.00% 12/1/2053 <sup>(f)</sup> |  | 396 | 417 |
| Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(f)</sup> |  | 23 | 25 |
| Fannie Mae Pool #CB8151 5.50% 3/1/2054 <sup>(f)</sup> |  | 790 | 804 |
| Fannie Mae Pool #CB8168 6.00% 3/1/2054 <sup>(f)</sup> |  | 106 | 109 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(f)</sup> |  | 54 | 56 |
| Fannie Mae Pool #CB8328 5.50% 4/1/2054 <sup>(f)</sup> |  | 884 | 904 |
| Fannie Mae Pool #MA5354 6.00% 5/1/2054 <sup>(f)</sup> |  | 99 | 101 |
| Fannie Mae Pool #MA5388 5.50% 6/1/2054 <sup>(f)</sup> |  | 65 | 66 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(f)</sup> |  | 362 | 376 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(f)</sup> |  | 105 | 108 |
| Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(f)</sup> |  | 25 | 26 |
| Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(f)</sup> |  | 17 | 18 |
| Fannie Mae Pool #FP0128 6.50% 6/1/2054 <sup>(f)</sup> |  | 40 | 41 |
| Fannie Mae Pool #BU4699 5.50% 7/1/2054 <sup>(f)</sup> |  | 143 | 146 |
| Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(f)</sup> |  | 701 | 720 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(f)</sup> |  | 164 | 169 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(f)</sup> |  | 153 | 158 |
| Fannie Mae Pool #DB6905 6.00% 7/1/2054 <sup>(f)</sup> |  | 94 | 96 |
| Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(f)</sup> |  | 89 | 93 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(f)</sup> |  | 67 | 68 |
| Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(f)</sup> |  | 18 | 19 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(f)</sup> |  | 2561 | 2660 |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(f)</sup> |  | 299 | 308 |
| Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(f)</sup> |  | 9 | 9 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **76** |

---

Capital Income Builder (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value <br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(f)</sup> | USD | 9 | $9 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(f)</sup> |  | 9 | 9 |
| Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(f)</sup> |  | 8 | 8 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(f)</sup> |  | 6 | 6 |
| Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(f)</sup> |  | 32 | 33 |
| Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(f)</sup> |  | 16 | 17 |
| Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(f)</sup> |  | 217 | 220 |
| Fannie Mae Pool #FS9001 5.50% 9/1/2054 <sup>(f)</sup> |  | 32 | 33 |
| Fannie Mae Pool #DC3262 6.00% 9/1/2054 <sup>(f)</sup> |  | 3 | 3 |
| Fannie Mae Pool #DC3459 6.00% 9/1/2054 <sup>(f)</sup> |  | 2 | 2 |
| Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(f)</sup> |  | 94 | 97 |
| Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(f)</sup> |  | 226 | 230 |
| Fannie Mae Pool #DC9197 4.50% 12/1/2054 <sup>(f)</sup> |  | 553 | 543 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(f)</sup> |  | 192 | 191 |
| Fannie Mae Pool #MB0294 4.00% 1/1/2055 <sup>(f)</sup> |  | 302 | 286 |
| Fannie Mae Pool #MA5583 4.00% 1/1/2055 <sup>(f)</sup> |  | 65 | 62 |
| Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(f)</sup> |  | 38 | 39 |
| Fannie Mae Pool #MA5612 4.50% 2/1/2055 <sup>(f)</sup> |  | 422 | 412 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(f)</sup> |  | 524 | 538 |
| Fannie Mae Pool #MA5644 4.50% 3/1/2055 <sup>(f)</sup> |  | 309 | 302 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(f)</sup> |  | 31 | 32 |
| Fannie Mae Pool #190445 6.50% 3/1/2055 <sup>(f)</sup> |  | 421 | 437 |
| Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(f)</sup> |  | 236 | 246 |
| Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(f)</sup> |  | 2011 | 2115 |
| Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(f)</sup> |  | 247 | 234 |
| Fannie Mae Pool #MA5671 4.50% 4/1/2055 <sup>(f)</sup> |  | 327 | 319 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(f)</sup> |  | 67 | 68 |
| Fannie Mae Pool #FA1162 6.00% 4/1/2055 <sup>(f)</sup> |  | 2 | 2 |
| Fannie Mae Pool #DD4459 6.00% 4/1/2055 <sup>(f)</sup> |  | 2 | 2 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(f)</sup> |  | 19 | 19 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(f)</sup> |  | 178 | 183 |
| Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(f)</sup> |  | 13 | 13 |
| Fannie Mae Pool #DD9889 6.00% 7/1/2055 <sup>(f)</sup> |  | 911 | 936 |
| Fannie Mae Pool #MA5761 6.00% 7/1/2055 <sup>(f)</sup> |  | 2 | 2 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(f)</sup> |  | 855 | 888 |
| Fannie Mae Pool #FA2842 6.50% 7/1/2055 <sup>(f)</sup> |  | 169 | 175 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(f)</sup> |  | 150 | 152 |
| Fannie Mae Pool #CC0879 6.00% 8/1/2055 <sup>(f)</sup> |  | 2 | 2 |
| Fannie Mae Pool #DE6152 6.50% 8/1/2055 <sup>(f)</sup> |  | 104 | 108 |
| Fannie Mae Pool #FA2203 7.00% 8/1/2055 <sup>(f)</sup> |  | 768 | 808 |
| Fannie Mae Pool #MA5822 5.50% 9/1/2055 <sup>(f)</sup> |  | 246 | 250 |
| Fannie Mae Pool #BF0142 5.50% 8/1/2056 <sup>(f)</sup> |  | 311 | 322 |
| Fannie Mae Pool #BF0342 5.50% 1/1/2059 <sup>(f)</sup> |  | 213 | 218 |
| Fannie Mae Pool #BM6737 4.50% 11/1/2059 <sup>(f)</sup> |  | 505 | 496 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(f)</sup> |  | 356 | 310 |
| Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(f)</sup> |  | 379 | 359 |
| Freddie Mac Pool #SB1388 2.50% 1/1/2038 <sup>(f)</sup> |  | 105 | 100 |
| Freddie Mac Pool #SC0149 2.00% 3/1/2041 <sup>(f)</sup> |  | 59 | 51 |
| Freddie Mac Pool #RB0544 2.00% 6/1/2041 <sup>(f)</sup> |  | 102 | 89 |
| Freddie Mac Pool #Q15874 4.00% 2/1/2043 <sup>(f)</sup> |  | 1 | 1 |
| Freddie Mac Pool #G67711 4.00% 3/1/2048 <sup>(f)</sup> |  | 171 | 166 |
| Freddie Mac Pool #Q55971 4.00% 5/1/2048 <sup>(f)</sup> |  | 12 | 12 |
| Freddie Mac Pool #Q56175 4.00% 5/1/2048 <sup>(f)</sup> |  | 10 | 10 |
| Freddie Mac Pool #Q55970 4.00% 5/1/2048 <sup>(f)</sup> |  | 6 | 6 |
| Freddie Mac Pool #Q56599 4.00% 6/1/2048 <sup>(f)</sup> |  | 21 | 20 |
| Freddie Mac Pool #Q57242 4.50% 7/1/2048 <sup>(f)</sup> |  | 10 | 10 |
| Freddie Mac Pool #Q58411 4.50% 9/1/2048 <sup>(f)</sup> |  | 39 | 39 |
| Freddie Mac Pool #Q58436 4.50% 9/1/2048 <sup>(f)</sup> |  | 18 | 18 |
| Freddie Mac Pool #Q58378 4.50% 9/1/2048 <sup>(f)</sup> |  | 12 | 12 |
| Freddie Mac Pool #ZT1704 4.50% 1/1/2049 <sup>(f)</sup> |  | 894 | 890 |

---

---

| | |
|:---|:---|
| **77** | American Funds Insurance Series |

---

Capital Income Builder (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value <br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(f)</sup> | USD | 11 | $10 |
| Freddie Mac Pool #RA3506 3.00% 9/1/2050 <sup>(f)</sup> |  | 129 | 115 |
| Freddie Mac Pool #QB6480 2.00% 12/1/2050 <sup>(f)</sup> |  | 67 | 55 |
| Freddie Mac Pool #RA5901 3.00% 9/1/2051 <sup>(f)</sup> |  | 60 | 54 |
| Freddie Mac Pool #RA6347 3.00% 11/1/2051 <sup>(f)</sup> |  | 120 | 107 |
| Freddie Mac Pool #SD2629 2.50% 1/1/2052 <sup>(f)</sup> |  | 46 | 39 |
| Freddie Mac Pool #SD0854 2.50% 1/1/2052 <sup>(f)</sup> |  | 11 | 10 |
| Freddie Mac Pool #QD3812 3.00% 1/1/2052 <sup>(f)</sup> |  | 101 | 90 |
| Freddie Mac Pool #RA6973 2.00% 3/1/2052 <sup>(f)</sup> |  | 235 | 191 |
| Freddie Mac Pool #SD1156 3.00% 4/1/2052 <sup>(f)</sup> |  | 107 | 95 |
| Freddie Mac Pool #QE1079 3.50% 4/1/2052 <sup>(f)</sup> |  | 7 | 6 |
| Freddie Mac Pool #QE2352 2.50% 5/1/2052 <sup>(f)</sup> |  | 440 | 374 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(f)</sup> |  | 733 | 651 |
| Freddie Mac Pool #SD8214 3.50% 5/1/2052 <sup>(f)</sup> |  | 217 | 201 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(f)</sup> |  | 439 | 389 |
| Freddie Mac Pool #QE4383 4.00% 6/1/2052 <sup>(f)</sup> |  | 284 | 271 |
| Freddie Mac Pool #RA7556 4.50% 6/1/2052 <sup>(f)</sup> |  | 710 | 696 |
| Freddie Mac Pool #SL2621 2.50% 7/1/2052 <sup>(f)</sup> |  | 765 | 648 |
| Freddie Mac Pool #SD5368 2.50% 7/1/2052 <sup>(f)</sup> |  | 354 | 300 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(f)</sup> |  | 141 | 125 |
| Freddie Mac Pool #SD1406 2.00% 8/1/2052 <sup>(f)</sup> |  | 42 | 34 |
| Freddie Mac Pool #SD8242 3.00% 9/1/2052 <sup>(f)</sup> |  | 107 | 95 |
| Freddie Mac Pool #SD1584 4.50% 9/1/2052 <sup>(f)</sup> |  | 159 | 157 |
| Freddie Mac Pool #QE9222 5.00% 9/1/2052 <sup>(f)</sup> |  | 536 | 537 |
| Freddie Mac Pool #QF0924 5.50% 9/1/2052 <sup>(f)</sup> |  | 266 | 271 |
| Freddie Mac Pool #QF2223 4.00% 10/1/2052 <sup>(f)</sup> |  | 26 | 24 |
| Freddie Mac Pool #SD5845 3.50% 11/1/2052 <sup>(f)</sup> |  | 2337 | 2167 |
| Freddie Mac Pool #SD2948 5.50% 11/1/2052 <sup>(f)</sup> |  | 98 | 100 |
| Freddie Mac Pool #SD2602 3.00% 12/1/2052 <sup>(f)</sup> |  | 22 | 19 |
| Freddie Mac Pool #SD4116 4.50% 12/1/2052 <sup>(f)</sup> |  | 415 | 406 |
| Freddie Mac Pool #SD8286 4.00% 1/1/2053 <sup>(f)</sup> |  | 727 | 694 |
| Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(f)</sup> |  | 88 | 88 |
| Freddie Mac Pool #SD8316 5.50% 4/1/2053 <sup>(f)</sup> |  | 480 | 488 |
| Freddie Mac Pool #SD8324 5.50% 5/1/2053 <sup>(f)</sup> |  | 362 | 369 |
| Freddie Mac Pool #SD8329 5.00% 6/1/2053 <sup>(f)</sup> |  | 30 | 30 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(f)</sup> |  | 906 | 921 |
| Freddie Mac Pool #SD3175 6.00% 6/1/2053 <sup>(f)</sup> |  | 71 | 74 |
| Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(f)</sup> |  | 14 | 14 |
| Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(f)</sup> |  | 11 | 12 |
| Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(f)</sup> |  | 11 | 12 |
| Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(f)</sup> |  | 11 | 12 |
| Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(f)</sup> |  | 8 | 8 |
| Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(f)</sup> |  | 6 | 6 |
| Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(f)</sup> |  | 4 | 4 |
| Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(f)</sup> |  | 3 | 3 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(f)</sup> |  | 30 | 30 |
| Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(f)</sup> |  | 17 | 18 |
| Freddie Mac Pool #SD8362 5.50% 9/1/2053 <sup>(f)</sup> |  | 16 | 16 |
| Freddie Mac Pool #SD8367 5.50% 10/1/2053 <sup>(f)</sup> |  | 198 | 201 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(f)</sup> |  | 587 | 588 |
| Freddie Mac Pool #SD8372 5.50% 11/1/2053 <sup>(f)</sup> |  | 42 | 43 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(f)</sup> |  | 9 | 9 |
| Freddie Mac Pool #SD8392 4.00% 12/1/2053 <sup>(f)</sup> |  | 51 | 49 |
| Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(f)</sup> |  | 6 | 7 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(f)</sup> |  | 15 | 15 |
| Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(f)</sup> |  | 1009 | 1038 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(f)</sup> |  | 802 | 814 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(f)</sup> |  | 17 | 17 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(f)</sup> |  | 8 | 8 |
| Freddie Mac Pool #SD5303 6.00% 4/1/2054 <sup>(f)</sup> |  | 419 | 434 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **78** |

---

Capital Income Builder (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(f)</sup> | USD | 8 | $8 |
| Freddie Mac Pool #RJ1512 5.50% 5/1/2054 <sup>(f)</sup> |  | 261 | 267 |
| Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(f)</sup> |  | 45 | 46 |
| Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(f)</sup> |  | 16 | 17 |
| Freddie Mac Pool #QI7522 5.50% 6/1/2054 <sup>(f)</sup> |  | 89 | 90 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(f)</sup> |  | 22 | 23 |
| Freddie Mac Pool #SD8439 6.00% 6/1/2054 <sup>(f)</sup> |  | 1 | 1 |
| Freddie Mac Pool #QI8872 5.50% 7/1/2054 <sup>(f)</sup> |  | 72 | 73 |
| Freddie Mac Pool #SD8446 5.50% 7/1/2054 <sup>(f)</sup> |  | 58 | 59 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(f)</sup> |  | 272 | 284 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(f)</sup> |  | 235 | 243 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(f)</sup> |  | 79 | 81 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(f)</sup> |  | 68 | 70 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(f)</sup> |  | 16 | 16 |
| Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(f)</sup> |  | 14 | 14 |
| Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(f)</sup> |  | 134 | 139 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(f)</sup> |  | 146 | 150 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(f)</sup> |  | 16 | 16 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(f)</sup> |  | 9 | 9 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(f)</sup> |  | 5 | 5 |
| Freddie Mac Pool #QJ3296 6.00% 8/1/2054 <sup>(f)</sup> |  | 2 | 2 |
| Freddie Mac Pool #SD8455 6.50% 8/1/2054 <sup>(f)</sup> |  | 111 | 116 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(f)</sup> |  | 35 | 37 |
| Freddie Mac Pool #QJ3725 6.00% 9/1/2054 <sup>(f)</sup> |  | 23 | 24 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(f)</sup> |  | 18 | 19 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(f)</sup> |  | 17 | 17 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(f)</sup> |  | 17 | 17 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(f)</sup> |  | 8 | 8 |
| Freddie Mac Pool #SD8464 6.50% 9/1/2054 <sup>(f)</sup> |  | 44 | 45 |
| Freddie Mac Pool #SD8470 6.00% 10/1/2054 <sup>(f)</sup> |  | 104 | 106 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(f)</sup> |  | 80 | 78 |
| Freddie Mac Pool #RJ2860 5.00% 11/1/2054 <sup>(f)</sup> |  | 51 | 51 |
| Freddie Mac Pool #RJ2917 5.50% 11/1/2054 <sup>(f)</sup> |  | 60 | 61 |
| Freddie Mac Pool #RJ2922 6.00% 11/1/2054 <sup>(f)</sup> |  | 15 | 16 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(f)</sup> |  | 320 | 325 |
| Freddie Mac Pool #SD8495 6.00% 12/1/2054 <sup>(f)</sup> |  | 46 | 48 |
| Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(f)</sup> |  | 21 | 22 |
| Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(f)</sup> |  | 452 | 476 |
| Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(f)</sup> |  | 36 | 35 |
| Freddie Mac Pool #SL0797 6.00% 2/1/2055 <sup>(f)</sup> |  | 160 | 165 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(f)</sup> |  | 85 | 87 |
| Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(f)</sup> |  | 7 | 7 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(f)</sup> |  | 97 | 100 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(f)</sup> |  | 132 | 137 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(f)</sup> |  | 12 | 12 |
| Freddie Mac Pool #SL1416 6.00% 4/1/2055 <sup>(f)</sup> |  | 387 | 398 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(f)</sup> |  | 293 | 301 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(f)</sup> |  | 19 | 19 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(f)</sup> |  | 36 | 37 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(f)</sup> |  | 15 | 15 |
| Freddie Mac Pool #RQ0015 6.50% 6/1/2055 <sup>(f)</sup> |  | 552 | 574 |
| Freddie Mac Pool #QY4677 6.50% 6/1/2055 <sup>(f)</sup> |  | 261 | 271 |
| Freddie Mac Pool #RQ0026 5.00% 7/1/2055 <sup>(f)</sup> |  | 492 | 491 |
| Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(f)</sup> |  | 228 | 231 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(f)</sup> |  | 324 | 333 |
| Freddie Mac Pool #SL2625 6.50% 7/1/2055 <sup>(f)</sup> |  | 132 | 138 |
| Freddie Mac Pool #RQ0041 6.00% 8/1/2055 <sup>(f)</sup> |  | 4 | 4 |
| Freddie Mac Pool #RJ5151 6.50% 8/1/2055 <sup>(f)</sup> |  | 450 | 467 |
| Freddie Mac Pool #RQ0049 5.50% 9/1/2055 <sup>(f)</sup> |  | 1 | 1 |
| Freddie Mac Pool #RQ0050 6.00% 9/1/2055 <sup>(f)</sup> |  | 37 | 38 |

---

---

| | |
|:---|:---|
| **79** | American Funds Insurance Series |

---

Capital Income Builder (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac, Series K156, Class A2, Multi Family, 4.43% 2/25/2033 <sup>(f)(g)</sup> | USD | 160 | $161 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(f)</sup> |  | 85 | 81 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(f)</sup> |  | 177 | 169 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(f)(g)</sup> |  | 170 | 162 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057 <sup>(f)(g)</sup> |  | 78 | 72 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/2057 <sup>(f)</sup> |  | 65 | 60 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(f)(g)</sup> |  | 13 | 12 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 7/25/2058 <sup>(f)</sup> |  | 808 | 726 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/2058 <sup>(f)</sup> |  | 268 | 262 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/26/2058 <sup>(f)</sup> |  | 426 | 415 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MA, 3.50% 10/25/2058 <sup>(f)</sup> |  | 11 | 11 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058 <sup>(f)</sup> |  | 8 | 7 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(f)</sup> |  | 644 | 634 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-2, Class A1C, 2.75% 9/25/2029 <sup>(f)</sup> |  | 927 | 893 |
| Government National Mortgage Assn. 4.50% 1/1/2056 <sup>(f)(h)</sup> |  | 48 | 47 |
| Government National Mortgage Assn. Pool #MA5764 4.50% 2/20/2049 <sup>(f)</sup> |  | 151 | 150 |
| Government National Mortgage Assn. Pool #MA8267 4.00% 9/20/2052 <sup>(f)</sup> |  | 2647 | 2523 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(f)</sup> |  | 56 | 53 |
| Government National Mortgage Assn. Pool #MA8723 4.00% 3/20/2053 <sup>(f)</sup> |  | 199 | 190 |
| Government National Mortgage Assn. Pool #MA8947 5.00% 6/20/2053 <sup>(f)</sup> |  | 358 | 359 |
| Government National Mortgage Assn. Pool #MA9016 5.00% 7/20/2053 <sup>(f)</sup> |  | 963 | 965 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(f)</sup> |  | 24 | 23 |
| Government National Mortgage Assn. Pool #MB0205 5.50% 2/20/2055 <sup>(f)</sup> |  | 432 | 437 |
| Government National Mortgage Assn. Pool #MB0259 5.50% 3/20/2055 <sup>(f)</sup> |  | 95 | 96 |
| Government National Mortgage Assn. Pool #694836 5.683% 9/20/2059 <sup>(f)</sup> |  | — <sup>(c)</sup> | — <sup>(c)</sup> |
| Government National Mortgage Assn. Pool #725893 5.20% 9/20/2064 <sup>(f)</sup> |  | — <sup>(c)</sup> | — <sup>(c)</sup> |
| Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(f)(h)</sup> |  | 212 | 171 |
| Uniform Mortgage-Backed Security 3.00% 1/1/2056 <sup>(f)(h)</sup> |  | 261 | 231 |
| Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(f)(h)</sup> |  | 1 | 1 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(f)(h)</sup> |  | 248 | 242 |
| Uniform Mortgage-Backed Security 5.00% 1/1/2056 <sup>(f)(h)</sup> |  | 78 | 78 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(f)(h)</sup> |  | 403 | 419 |
| Uniform Mortgage-Backed Security 7.00% 1/1/2056 <sup>(f)(h)</sup> |  | 1166 | 1227 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(f)(h)</sup> |  | 173 | 160 |
|  |  |  | 69743 |
| Commercial mortgage-backed securities 0.45% |  |  |  |
| Atrium Hotel Portfolio Trust, Series 2024-ATRM, Class A, 5.59% 11/10/2029 <sup>(f)(g)(i)</sup> |  | 296 | 302 |
| Benchmark Mortgage Trust, Series 2024-V5, Class AM, 6.417% 1/10/2057 <sup>(f)(g)</sup> |  | 41 | 43 |
| BMO Mortgage Trust, Series 2024-5C5, Class AS, 6.364% 2/15/2057 <sup>(f)(g)</sup> |  | 122 | 128 |
| BX Commercial Mortgage Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 5.865% 6/15/2027 <sup>(f)(g)(i)</sup> |  | 332 | 333 |
| BX Trust, Series 2024-KING, Class A, (1-month USD CME Term SOFR + 1.541%) 5.291% 5/15/2034 <sup>(f)(g)(i)</sup> |  | 106 | 106 |
| BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.241% 4/15/2037 <sup>(f)(g)(i)</sup> |  | 79 | 79 |
| BX Trust, Series 2021-ACNT, Class C, (1-month USD CME Term SOFR + 1.614%) 5.365% 11/15/2038 <sup>(f)(g)(i)</sup> |  | 78 | 78 |
| BX Trust, Series 2024-BIO2, Class A, 5.413% 8/13/2041 <sup>(f)(g)(i)</sup> |  | 590 | 599 |
| BX Trust, Series 2024-AIRC, Class A, (1-month USD CME Term SOFR + 1.691%) 5.442% 8/15/2041 <sup>(f)(g)(i)</sup> |  | 169 | 170 |
| BX Trust, Series 2025-VOLT, Class A, (1-month USD CME Term SOFR + 1.70%) 5.70% 12/15/2044 <sup>(f)(g)(i)</sup> |  | 732 | 734 |
| CALI Mortgage Trust, Series 24-SUN, Class A, (1-month USD CME Term SOFR + 1.89%) 5.641% 7/15/2041 <sup>(f)(g)(i)</sup> |  | 100 | 100 |
| CART, Series 2024-DFW1, Class A, (1-month USD CME Term SOFR + 1.642%) 5.392% 8/15/2041 <sup>(f)(g)(i)</sup> |  | 120 | 120 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(f)(g)(i)</sup> |  | 237 | 244 |
| DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class A, 5.728% 8/12/2043 <sup>(f)(g)(i)</sup> |  | 574 | 589 |
| ELM Trust 2024, Series 2024-ELM, Class B10, 6.195% 6/10/2039 <sup>(f)(g)(i)</sup> |  | 213 | 214 |
| ELM Trust 2024, Series 2024-ELM, Class B15, 6.195% 6/10/2039 <sup>(f)(g)(i)</sup> |  | 191 | 192 |
| ELM Trust 2024, Series 2024-ELM, Class C15, 6.396% 6/10/2039 <sup>(f)(g)(i)</sup> |  | 133 | 134 |
| ELM Trust 2024, Series 2024-ELM, Class C10, 6.396% 6/10/2039 <sup>(f)(g)(i)</sup> |  | 120 | 121 |
| ELM Trust 2024, Series 2024-ELM, Class D10, 6.847% 6/10/2039 <sup>(f)(g)(i)</sup> |  | 100 | 100 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **80** |

---

Capital Income Builder (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Commercial mortgage-backed securities (continued)** |  |  |  |
| ELM Trust 2024, Series 2024-ELM, Class D15, 6.897% 6/10/2039 <sup>(f)(g)(i)</sup> | USD | 100 | $100 |
| FIVE Mortgage Trust, Series 2023-V1, Class A3, 5.668% 2/10/2056 <sup>(f)(g)</sup> |  | 73 | 75 |
| GS Mortgage Securities Trust, Series 2024-70P, Class A, 5.487% 3/10/2041 <sup>(f)(g)(i)</sup> |  | 592 | 599 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.462% 2/5/2045 <sup>(f)(g)(i)</sup> |  | 329 | 342 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.876% 5/10/2039 <sup>(f)(g)(i)</sup> |  | 100 | 101 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class B, 6.555% 5/10/2039 <sup>(f)(g)(i)</sup> |  | 243 | 247 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.467% 1/13/2040 <sup>(f)(g)(i)</sup> |  | 541 | 561 |
| Multifamily Connecticut Avenue Securities, Series 2024-01, Class M7, (30-day Average USD-SOFR + 2.75%) 6.624% 7/25/2054 <sup>(f)(g)(i)</sup> |  | 108 | 110 |
| NYC Commercial Mortgage Trust, Series 2025-28L, Class A, 4.668% 11/5/2038 <sup>(f)(g)(i)</sup> |  | 312 | 313 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class D, (1-month USD CME Term SOFR + 2.591%) 6.391% 2/15/2042 <sup>(f)(g)(i)</sup> |  | 597 | 593 |
|  |  |  | 7427 |
| **Collateralized mortgage-backed obligations (privately originated) 0.39%** |  |  |  |
| Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048 <sup>(f)(g)(i)</sup> |  | 72 | 66 |
| Atlas SP, Series 2024-RPL1, Class A1, 3.85% 4/25/2064 (4.85% on 8/1/2028) <sup>(f)(i)(j)</sup> |  | 489 | 479 |
| BINOM Securitization Trust, Series 2022-RPL1, Class A1, 3.00% 2/25/2061 <sup>(f)(g)(i)</sup> |  | 56 | 53 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(f)(g)(i)</sup> |  | 142 | 141 |
| Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00% 10/25/2054 <sup>(f)(g)(i)</sup> |  | 358 | 352 |
| CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061 <sup>(f)(g)(i)</sup> |  | 131 | 125 |
| Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/2060 <sup>(f)(g)(i)</sup> |  | 6 | 5 |
| Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, (30-day Average USD-SOFR + 2.40%) 6.274% 12/25/2042 <sup>(f)(g)(i)</sup> |  | 25 | 25 |
| Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) 5.774% 6/25/2043 <sup>(f)(g)(i)</sup> |  | 187 | 188 |
| Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) 5.574% 7/25/2043 <sup>(f)(g)(i)</sup> |  | 58 | 58 |
| Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1, (30-day Average USD-SOFR + 1.10%) 4.974% 5/25/2044 <sup>(f)(g)(i)</sup> |  | 38 | 38 |
| Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M2, (30-day Average USD-SOFR + 1.60%) 5.474% 9/25/2044 <sup>(f)(g)(i)</sup> |  | 87 | 87 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average USD-SOFR + 2.15%) 6.024% 9/25/2042 <sup>(f)(g)(i)</sup> |  | 7 | 7 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average USD-SOFR + 3.70%) 7.574% 9/25/2042 <sup>(f)(g)(i)</sup> |  | 64 | 67 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA2, Class M1, (30-day Average USD-SOFR + 1.20%) 5.074% 5/25/2044 <sup>(f)(g)(i)</sup> |  | 160 | 160 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA3, Class M2, (30-day Average USD-SOFR + 1.45%) 5.324% 10/25/2044 <sup>(f)(g)(i)</sup> |  | 90 | 90 |
| GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(f)(i)(j)</sup> |  | 81 | 81 |
| Home Partners of America Trust, Series 2022-1, Class A, 3.93% 4/17/2039 <sup>(f)(i)</sup> |  | 48 | 48 |
| HOMES Trust, Series 2024-NQM1, Class A1, 5.915% 7/25/2069 (6.915% on 7/1/2028) <sup>(f)(i)(j)</sup> |  | 670 | 677 |
| Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 5.75% 4/25/2061 <sup>(f)(i)</sup> |  | 54 | 54 |
| Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 6.25% 7/25/2067 <sup>(f)(i)</sup> |  | 90 | 90 |
| MFRA Trust, Series 2024-NQM2, Class A1, 5.272% 8/25/2069 (6.272% on 8/1/2028) <sup>(f)(i)(j)</sup> |  | 392 | 393 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2024-NQM2, Class A1, 6.386% 5/25/2069 (7.386% on 5/1/2028) <sup>(f)(i)(j)</sup> |  | 101 | 102 |
| Onslow Bay Financial Mortgage Loan Trust, Series 2024-HYB1, Class A1, 3.637% 3/25/2053 <sup>(f)(g)(i)</sup> |  | 138 | 138 |
| Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(f)(i)(j)</sup> |  | 141 | 143 |
| Onslow Bay Financial, LLC, Series 2024-NQM8, Class A1, 6.233% 5/25/2064 (7.233% on 5/1/2028) <sup>(f)(i)(j)</sup> |  | 317 | 321 |
| Onslow Bay Financial, LLC, Series 2024-NQM11, Class A1, 5.875% 6/25/2064 (6.825% on 7/1/2028) <sup>(f)(i)(j)</sup> |  | 814 | 823 |
| Progress Residential Trust, Series 2024-SFR5, Class B, 3.25% 8/9/2029 <sup>(f)(i)</sup> |  | 554 | 527 |
| Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/2039 <sup>(f)(i)</sup> |  | 95 | 94 |
| Starwood Mortgage Residential Trust, Series 2024-SFR4, Class A, (1-month USD CME Term SOFR + 1.75%) 5.50% 10/17/2041 <sup>(f)(g)(i)</sup> |  | 140 | 140 |
| Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75% 10/25/2057 <sup>(f)(g)(i)</sup> |  | 13 | 13 |
| Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25% 3/25/2058 <sup>(f)(g)(i)</sup> |  | 11 | 11 |

---

---

| | |
|:---|:---|
| **81** | American Funds Insurance Series |

---

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |
| Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25% 7/25/2058 <sup>(f)(g)(i)</sup> | USD6 | $6 |
| Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/2060 <sup>(f)(i)</sup> | 304 | 279 |
| Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(b)(i)</sup> | 100 | 100 |
| Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/2038 <sup>(f)(i)</sup> | 195 | 193 |
| Tricon Residential Trust, Series 2024-SFR2, Class A, 4.75% 6/17/2040 <sup>(f)(i)</sup> | 167 | 167 |
| Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(f)(i)(j)</sup> | 64 | 65 |
| Verus Securitization Trust, Series 2024-8, Class A1, 5.364% 10/25/2069 <sup>(f)(g)(i)</sup> | 87 | 88 |
|  |  | 6494 |
| **Total mortgage-backed obligations** |  | 83664 |
| **Corporate bonds and notes 2.84%** |  |  |
| **Financials 0.49%** |  |  |
| American Express Co. 4.90% 2/13/2026 | 28 | 28 |
| American Express Co. 5.085% 1/30/2031 (USD-SOFR + 1.02% on 1/30/2030) <sup>(j)</sup> | 50 | 52 |
| American Express Co. 5.442% 1/30/2036 (USD-SOFR + 1.32% on 1/30/2035) <sup>(j)</sup> | 28 | 29 |
| American International Group, Inc. 4.85% 5/7/2030 | 685 | 703 |
| American International Group, Inc. 5.125% 3/27/2033 | 17 | 18 |
| Aon Corp. 5.35% 2/28/2033 | 21 | 22 |
| Arthur J. Gallagher & Co. 4.85% 12/15/2029 | 125 | 128 |
| Arthur J. Gallagher & Co. 5.00% 2/15/2032 | 50 | 51 |
| Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030) <sup>(j)</sup> | 22 | 20 |
| Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031) <sup>(j)</sup> | 238 | 213 |
| Bank of America Corp. 5.288% 4/25/2034 (USD-SOFR + 1.91% on 4/25/2033) <sup>(j)</sup> | 118 | 122 |
| Bank of America Corp. 5.464% 5/9/2036 (USD-SOFR + 1.64% on 5/9/2035) <sup>(j)</sup> | 75 | 78 |
| CaixaBank SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029) <sup>(i)(j)</sup> | 400 | 416 |
| CaixaBank SA 6.037% 6/15/2035 (USD-SOFR + 2.26% on 9/15/2034) <sup>(i)(j)</sup> | 200 | 213 |
| Capital One Financial Corp. 6.377% 6/8/2034 (USD-SOFR + 2.86% on 6/8/2033) <sup>(j)</sup> | 45 | 49 |
| Capital One Financial Corp. 6.051% 2/1/2035 (USD-SOFR + 2.26% on 2/1/2034) <sup>(j)</sup> | 95 | 101 |
| Chubb INA Holdings, LLC 5.00% 3/15/2034 | 35 | 36 |
| Citigroup, Inc. 5.174% 2/13/2030 (USD-SOFR + 1.364% on 2/13/2029) <sup>(j)</sup> | 86 | 88 |
| Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032) <sup>(j)</sup> | 35 | 32 |
| Citigroup, Inc. 6.02% 1/24/2036 (USD-SOFR + 1.83% on 1/24/2035) <sup>(j)</sup> | 44 | 46 |
| Citigroup, Inc. 5.333% 3/27/2036 (USD-SOFR + 1.465% on 3/27/2035) <sup>(j)</sup> | 55 | 56 |
| Corebridge Financial, Inc. 3.85% 4/5/2029 | 180 | 177 |
| Corebridge Financial, Inc. 3.90% 4/5/2032 | 32 | 30 |
| Corebridge Financial, Inc. 4.35% 4/5/2042 | 7 | 6 |
| Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027) <sup>(i)(j)</sup> | 200 | 200 |
| Deutsche Bank AG 6.819% 11/20/2029 (USD-SOFR + 2.51% on 11/20/2028) <sup>(j)</sup> | 300 | 320 |
| Deutsche Bank AG 4.999% 9/11/2030 (USD-SOFR + 1.70% on 9/11/2029) <sup>(j)</sup> | 150 | 152 |
| Fifth Third Bancorp 6.339% 7/27/2029 (USD-SOFR + 2.34% on 7/27/2028) <sup>(j)</sup> | 5 | 5 |
| Goldman Sachs Group, Inc. 4.937% 4/23/2028 (USD-SOFR + 1.319% on 4/23/2027) <sup>(j)</sup> | 45 | 46 |
| Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(j)</sup> | 60 | 63 |
| Goldman Sachs Group, Inc. 4.369% 10/21/2031 (USD-SOFR + 1.06% on 10/21/2030) <sup>(j)</sup> | 40 | 40 |
| JPMorgan Chase & Co. 4.979% 7/22/2028 (USD-SOFR + 0.93% on 7/22/2027) <sup>(j)</sup> | 65 | 66 |
| JPMorgan Chase & Co. 5.581% 4/22/2030 (USD-SOFR + 1.16% on 4/22/2029) <sup>(j)</sup> | 50 | 52 |
| JPMorgan Chase & Co. 4.995% 7/22/2030 (USD-SOFR + 1.125% on 7/22/2029) <sup>(j)</sup> | 198 | 203 |
| JPMorgan Chase & Co. 4.255% 10/22/2031 (USD-SOFR + 0.93% on 10/22/2030) <sup>(j)</sup> | 52 | 52 |
| JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(j)</sup> | 20 | 18 |
| JPMorgan Chase & Co. 5.294% 7/22/2035 (USD-SOFR + 1.46% on 7/22/2034) <sup>(j)</sup> | 328 | 339 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(j)</sup> | 412 | 432 |
| Marsh & McLennan Cos., Inc. 5.00% 3/15/2035 | 25 | 25 |
| Marsh & McLennan Cos., Inc. 5.40% 3/15/2055 | 25 | 24 |
| Mastercard, Inc. 4.875% 3/9/2028 | 31 | 32 |
| Morgan Stanley 5.652% 4/13/2028 (USD-SOFR + 1.01% on 4/13/2027) <sup>(j)</sup> | 25 | 26 |
| Morgan Stanley 4.994% 4/12/2029 (USD-SOFR + 1.38% on 4/12/2028) <sup>(j)</sup> | 10 | 10 |
| Morgan Stanley 5.656% 4/18/2030 (USD-SOFR + 1.26% on 4/18/2029) <sup>(j)</sup> | 140 | 146 |
| Morgan Stanley 4.654% 10/18/2030 (USD-SOFR + 1.10% on 10/18/2029) <sup>(j)</sup> | 488 | 494 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **82** |

---

Capital Income Builder (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Financials (continued)** |  |  |  |
| Morgan Stanley 5.424% 7/21/2034 (USD-SOFR + 1.88% on 7/21/2033) <sup>(j)</sup> | USD | 35 | $36 |
| Morgan Stanley 5.32% 7/19/2035 (USD-SOFR + 1.555% on 7/19/2034) <sup>(j)</sup> |  | 57 | 59 |
| Morgan Stanley 4.892% 10/22/2036 (USD-SOFR + 1.314% on 10/22/2035) <sup>(j)</sup> |  | 129 | 128 |
| Navient Corp. 5.00% 3/15/2027 |  | 150 | 150 |
| Navient Corp. 5.625% 8/1/2033 |  | 125 | 114 |
| New York Life Global Funding 3.00% 1/10/2028 <sup>(i)</sup> |  | 150 | 147 |
| OneMain Finance Corp. 6.625% 5/15/2029 |  | 540 | 560 |
| Osaic Holdings, Inc. 6.75% 8/1/2032 <sup>(i)</sup> |  | 25 | 26 |
| PNC Financial Services Group, Inc. 5.582% 6/12/2029 (USD-SOFR + 1.841% on 6/12/2028) <sup>(j)</sup> |  | 50 | 52 |
| Ryan Specialty, LLC 5.875% 8/1/2032 <sup>(i)</sup> |  | 100 | 102 |
| Truist Financial Corp. 5.435% 1/24/2030 (USD-SOFR + 1.62% on 1/24/2029) <sup>(j)</sup> |  | 11 | 11 |
| Truist Financial Corp. 5.153% 8/5/2032 (USD-SOFR + 1.571% on 8/5/2031) <sup>(j)</sup> |  | 50 | 52 |
| Truist Financial Corp. 5.867% 6/8/2034 (USD-SOFR + 2.361% on 6/8/2033) <sup>(j)</sup> |  | 10 | 11 |
| Truist Financial Corp. 5.711% 1/24/2035 (USD-SOFR + 1.922% on 1/24/2034) <sup>(j)</sup> |  | 40 | 42 |
| Truist Financial Corp. 4.964% 10/23/2036 (USD-SOFR + 1.395% on 10/23/2035) <sup>(j)</sup> |  | 97 | 96 |
| U.S. Bancorp 5.775% 6/12/2029 (USD-SOFR + 2.02% on 6/12/2028) <sup>(j)</sup> |  | 70 | 73 |
| U.S. Bancorp 5.384% 1/23/2030 (USD-SOFR + 1.56% on 1/23/2029) <sup>(j)</sup> |  | 85 | 88 |
| UBS Group AG 5.617% 9/13/2030 (1-year USD-ICE SOFR Swap + 1.34% on 9/13/2029) <sup>(i)(j)</sup> |  | 200 | 209 |
| UBS Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030) <sup>(i)(j)</sup> |  | 374 | 371 |
| Wells Fargo & Co. 5.707% 4/22/2028 (USD-SOFR + 1.07% on 4/22/2027) <sup>(j)</sup> |  | 98 | 100 |
| Wells Fargo & Co. 5.15% 4/23/2031 (USD-SOFR + 1.50% on 4/23/2030) <sup>(j)</sup> |  | 55 | 57 |
| Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033) <sup>(j)</sup> |  | 104 | 115 |
| Wells Fargo & Co. 5.605% 4/23/2036 (USD-SOFR + 1.74% on 4/23/2035) <sup>(j)</sup> |  | 80 | 84 |
|  |  |  | 8142 |
| **Health care 0.36%** |  |  |  |
| AbbVie, Inc. 5.05% 3/15/2034 |  | 175 | 180 |
| AbbVie, Inc. 5.35% 3/15/2044 |  | 25 | 25 |
| AbbVie, Inc. 5.40% 3/15/2054 |  | 240 | 234 |
| AbbVie, Inc. 5.50% 3/15/2064 |  | 25 | 24 |
| Amgen, Inc. 5.15% 3/2/2028 |  | 55 | 56 |
| Amgen, Inc. 4.05% 8/18/2029 |  | 100 | 100 |
| Amgen, Inc. 5.25% 3/2/2030 |  | 124 | 129 |
| Amgen, Inc. 4.20% 3/1/2033 |  | 133 | 130 |
| Amgen, Inc. 5.25% 3/2/2033 |  | 71 | 74 |
| Amgen, Inc. 5.60% 3/2/2043 |  | 105 | 106 |
| Amgen, Inc. 4.20% 2/22/2052 |  | 19 | 15 |
| Amgen, Inc. 4.875% 3/1/2053 |  | 25 | 22 |
| Amgen, Inc. 5.65% 3/2/2053 |  | 37 | 36 |
| Amgen, Inc. 5.75% 3/2/2063 |  | 85 | 83 |
| AstraZeneca Finance, LLC 5.00% 2/26/2034 |  | 50 | 52 |
| Baxter International, Inc. 4.45% 2/15/2029 |  | 271 | 272 |
| Baxter International, Inc. 4.90% 12/15/2030 |  | 338 | 341 |
| Baxter International, Inc. 3.132% 12/1/2051 |  | 25 | 16 |
| Bristol-Myers Squibb Co. 5.10% 2/22/2031 |  | 260 | 271 |
| Bristol-Myers Squibb Co. 5.20% 2/22/2034 |  | 295 | 307 |
| Bristol-Myers Squibb Co. 5.50% 2/22/2044 |  | 25 | 25 |
| Bristol-Myers Squibb Co. 5.55% 2/22/2054 |  | 325 | 319 |
| Centene Corp. 4.625% 12/15/2029 |  | 530 | 515 |
| Centene Corp. 2.625% 8/1/2031 |  | 40 | 35 |
| CVS Health Corp. 5.125% 2/21/2030 |  | 50 | 51 |
| CVS Health Corp. 5.25% 2/21/2033 |  | 23 | 24 |
| CVS Health Corp. 5.70% 6/1/2034 |  | 97 | 102 |
| CVS Health Corp. 6.00% 6/1/2044 |  | 50 | 50 |
| CVS Health Corp. 6.05% 6/1/2054 |  | 50 | 50 |
| CVS Health Corp. 6.20% 9/15/2055 |  | 50 | 51 |
| Elevance Health, Inc. 4.95% 11/1/2031 |  | 30 | 31 |
| Elevance Health, Inc. 5.20% 2/15/2035 |  | 13 | 13 |

---

---

| | |
|:---|:---|
| **83** | American Funds Insurance Series |

---

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br> (000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** |  |  |
| **Health care (continued)** |  |  |
| Gilead Sciences, Inc. 1.65% 10/1/2030 | USD8 | $7 |
| HCA, Inc. 2.375% 7/15/2031 | 18 | 16 |
| Humana, Inc. 3.70% 3/23/2029 | 12 | 12 |
| Humana, Inc. 5.375% 4/15/2031 | 35 | 36 |
| Medline Borrower, LP 6.25% 4/1/2029 <sup>(i)</sup> | 380 | 393 |
| Merck & Co., Inc. 1.70% 6/10/2027 | 118 | 115 |
| Merck & Co., Inc. 3.40% 3/7/2029 | 110 | 108 |
| Merck & Co., Inc. 4.50% 5/17/2033 | 35 | 35 |
| Merck & Co., Inc. 4.90% 5/17/2044 | 35 | 33 |
| Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(i)</sup> | 290 | 285 |
| Molina Healthcare, Inc. 3.875% 5/15/2032 <sup>(i)</sup> | 40 | 36 |
| Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(i)</sup> | 105 | 67 |
| Pfizer Investment Enterprises Pte., Ltd. 4.65% 5/19/2030 | 10 | 10 |
| Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033 | 23 | 23 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053 | 17 | 16 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029 | 362 | 366 |
| Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029 | 600 | 661 |
| Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046 | 89 | 67 |
|  |  | 6025 |
| **Communication services 0.34%** |  |  |
| Alphabet, Inc. 4.375% 11/15/2032 | 22 | 22 |
| Alphabet, Inc. 4.70% 11/15/2035 | 28 | 28 |
| America Movil, SAB de CV, 8.46% 12/18/2036 | MXN1,300 | 65 |
| AT&T, Inc. 3.50% 6/1/2041 | USD75 | 59 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(i)</sup> | 25 | 23 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(i)</sup> | 655 | 558 |
| Charter Communications Operating, LLC 6.10% 6/1/2029 | 41 | 43 |
| Charter Communications Operating, LLC 5.85% 12/1/2035 | 17 | 17 |
| Charter Communications Operating, LLC 6.70% 12/1/2055 | 10 | 10 |
| Discovery Communications, LLC 3.625% 5/15/2030 | 42 | 37 |
| EchoStar Corp. 10.75% 11/30/2029 | 64 | 71 |
| EchoStar Corp. 6.75% Cash 11/30/2030 <sup>(k)</sup> | 313 | 321 |
| Lindblad Expeditions, LLC 7.00% 9/15/2030 <sup>(i)</sup> | 195 | 203 |
| Meta Platforms, Inc. 4.30% 8/15/2029 | 40 | 40 |
| Meta Platforms, Inc. 4.75% 8/15/2034 | 53 | 53 |
| Meta Platforms, Inc. 4.875% 11/15/2035 | 325 | 325 |
| Meta Platforms, Inc. 5.50% 11/15/2045 | 134 | 130 |
| Meta Platforms, Inc. 5.40% 8/15/2054 | 29 | 27 |
| Meta Platforms, Inc. 5.625% 11/15/2055 | 287 | 276 |
| Meta Platforms, Inc. 5.55% 8/15/2064 | 40 | 37 |
| Meta Platforms, Inc. 5.75% 11/15/2065 | 138 | 132 |
| SBA Tower Trust 1.631% 11/15/2026 <sup>(i)</sup> | 253 | 248 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(i)</sup> | 780 | 763 |
| TEGNA, Inc. 5.00% 9/15/2029 | 360 | 357 |
| T-Mobile USA, Inc. 3.875% 4/15/2030 | 625 | 615 |
| T-Mobile USA, Inc. 2.55% 2/15/2031 | 203 | 185 |
| T-Mobile USA, Inc. 6.00% 6/15/2054 | 69 | 70 |
| Univision Communications, Inc. 7.375% 6/30/2030 <sup>(i)</sup> | 340 | 347 |
| Verizon Communications, Inc. 1.75% 1/20/2031 | 142 | 125 |
| WarnerMedia Holdings, Inc. 4.054% 3/15/2029 | 250 | 232 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042 | 374 | 264 |
|  |  | 5683 |
| **Industrials 0.26%** |  |  |
| BAE Systems PLC 5.30% 3/26/2034 <sup>(i)</sup> | 200 | 207 |
| Boeing Co. (The) 2.75% 2/1/2026 | 91 | 91 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **84** |

---

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br> (000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** |  |  |
| **Industrials (continued)** |  |  |
| Boeing Co. (The) 6.259% 5/1/2027 | USD376 | $386 |
| Boeing Co. (The) 6.298% 5/1/2029 | 12 | 13 |
| Boeing Co. (The) 3.625% 2/1/2031 | 178 | 171 |
| Boeing Co. (The) 6.388% 5/1/2031 | 92 | 100 |
| Boeing Co. (The) 6.528% 5/1/2034 | 1291 | 1429 |
| Boeing Co. (The) 5.805% 5/1/2050 | 136 | 134 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041 | 25 | 19 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051 | 80 | 53 |
| CSX Corp. 4.75% 11/15/2048 | 50 | 45 |
| CSX Corp. 4.50% 11/15/2052 | 35 | 30 |
| EquipmentShare.com, Inc. 8.625% 5/15/2032 <sup>(i)</sup> | 430 | 455 |
| Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(i)</sup> | 90 | 95 |
| Icahn Enterprises, LP 5.25% 5/15/2027 | 440 | 434 |
| L3Harris Technologies, Inc. 5.60% 7/31/2053 | 13 | 13 |
| L3Harris Technologies, Inc. 5.40% 7/31/2033 | 15 | 16 |
| Moog, Inc. 4.25% 12/9/2027 <sup>(i)</sup> | 55 | 54 |
| Norfolk Southern Corp. 5.35% 8/1/2054 | 51 | 49 |
| Northrop Grumman Corp. 4.95% 3/15/2053 | 21 | 19 |
| QXO Building Products, Inc. 6.75% 4/30/2032 <sup>(i)</sup> | 190 | 199 |
| Republic Services, Inc. 5.00% 4/1/2034 | 13 | 13 |
| RTX Corp. 6.00% 3/15/2031 | 35 | 38 |
| RTX Corp. 6.10% 3/15/2034 | 27 | 29 |
| RTX Corp. 6.40% 3/15/2054 | 22 | 24 |
| Union Pacific Corp. 2.80% 2/14/2032 | 17 | 16 |
| Union Pacific Corp. 3.50% 2/14/2053 | 20 | 14 |
| Waste Management, Inc. 4.625% 2/15/2030 | 60 | 61 |
| Waste Management, Inc. 4.95% 3/15/2035 | 16 | 16 |
| Waste Management, Inc. 5.35% 10/15/2054 | 25 | **24** |
|  |  | **4247** |
| **Consumer discretionary 0.25%** |  |  |
| Advance Auto Parts, Inc. 3.90% 4/15/2030 | 8 | 7 |
| Advance Auto Parts, Inc. 3.50% 3/15/2032 | 7 | 6 |
| Amazon.com, Inc. 4.65% 11/20/2035 | 34 | 34 |
| Amazon.com, Inc. 5.45% 11/20/2055 | 155 | 151 |
| Amazon.com, Inc. 5.55% 11/20/2065 | 70 | 68 |
| BMW US Capital, LLC 4.15% 4/9/2030 <sup>(i)</sup> | 290 | 288 |
| BMW US Capital, LLC 3.70% 4/1/2032 <sup>(i)</sup> | 25 | 24 |
| Carnival Corp. 5.75% 3/15/2030 <sup>(i)</sup> | 310 | 319 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(i)</sup> | 175 | 181 |
| Ford Motor Credit Co., LLC 2.70% 8/10/2026 | 306 | 303 |
| Ford Motor Credit Co., LLC 4.95% 5/28/2027 | 604 | 607 |
| Ford Motor Credit Co., LLC 5.918% 3/20/2028 | 622 | 637 |
| Ford Motor Credit Co., LLC 6.798% 11/7/2028 | 200 | 210 |
| Ford Motor Credit Co., LLC 4.00% 11/13/2030 | 970 | 916 |
| General Motors Financial Co., Inc. 5.45% 9/6/2034 | 11 | 11 |
| General Motors Financial Co., Inc. 6.15% 7/15/2035 | 16 | 17 |
| Hyundai Capital America 5.275% 6/24/2027 <sup>(i)</sup> | 55 | 56 |
| McDonald's Corp. 5.15% 9/9/2052 | 10 | 9 |
| Newell Brands, Inc. 6.375% 5/15/2030 | 160 | 157 |
| Nissan Motor Acceptance Co., LLC 6.125% 9/30/2030 <sup>(i)</sup> | 150 | **150** |
|  |  | **4151** |
| **Information technology 0.23%** |  |  |
| Broadcom, Inc. 5.05% 7/12/2027 | 40 | 41 |
| Broadcom, Inc. 4.00% 4/15/2029 <sup>(i)</sup> | 3 | 3 |
| Broadcom, Inc. 5.05% 7/12/2029 | 45 | 46 |

---

---

| | |
|:---|:---|
| **85** | American Funds Insurance Series |

---

Capital Income Builder (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Information technology (continued)** |  |  |  |
| Broadcom, Inc. 5.15% 11/15/2031 | USD | 104 | $108 |
| Broadcom, Inc. 4.15% 4/15/2032 <sup>(i)</sup> |  | 11 | 11 |
| Broadcom, Inc. 4.80% 10/15/2034 |  | 12 | 12 |
| Broadcom, Inc. 3.137% 11/15/2035 <sup>(i)</sup> |  | 2 | 2 |
| Cisco Systems, Inc. 4.95% 2/26/2031 |  | 11 | 11 |
| Cisco Systems, Inc. 5.05% 2/26/2034 |  | 4 | 4 |
| Cisco Systems, Inc. 5.10% 2/24/2035 |  | 14 | 14 |
| Cisco Systems, Inc. 5.30% 2/26/2054 |  | 8 | 8 |
| Cisco Systems, Inc. 5.35% 2/26/2064 |  | 11 | 10 |
| Cloud Software Group, Inc. 8.25% 6/30/2032 <sup>(i)</sup> |  | 200 | 209 |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(i)</sup> |  | 250 | 267 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(i)</sup> |  | 100 | 103 |
| Hughes Satellite Systems Corp. 5.25% 8/1/2026 |  | 832 | 796 |
| Hughes Satellite Systems Corp. 6.625% 8/1/2026 |  | 58 | 53 |
| Intel Corp. 3.05% 8/12/2051 |  | 10 | 6 |
| Intel Corp. 5.60% 2/21/2054 |  | 42 | 39 |
| Intel Corp. 3.10% 2/15/2060 |  | 110 | 62 |
| Oracle Corp. 4.80% 9/26/2032 |  | 55 | 53 |
| Oracle Corp. 5.50% 8/3/2035 |  | 18 | 18 |
| Oracle Corp. 5.20% 9/26/2035 |  | 405 | 388 |
| Oracle Corp. 5.875% 9/26/2045 |  | 40 | 36 |
| Oracle Corp. 6.00% 8/3/2055 |  | 110 | 97 |
| Oracle Corp. 5.95% 9/26/2055 |  | 95 | 84 |
| Oracle Corp. 6.10% 9/26/2065 |  | 40 | 35 |
| Synopsys, Inc. 4.65% 4/1/2028 |  | 40 | 41 |
| Synopsys, Inc. 4.85% 4/1/2030 |  | 40 | 41 |
| Synopsys, Inc. 5.00% 4/1/2032 |  | 40 | 41 |
| Synopsys, Inc. 5.15% 4/1/2035 |  | 780 | 793 |
| Synopsys, Inc. 5.70% 4/1/2055 |  | 380 | 377 |
| WULF Compute, LLC 7.75% 10/15/2030 <sup>(i)</sup> |  | 75 | 77 |
|  |  |  | 3886 |
| **Energy 0.23%** |  |  |  |
| APA Corp. 4.25% 1/15/2030 |  | 385 | 379 |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(i)</sup> |  | 300 | 302 |
| Cenovus Energy, Inc. 5.40% 6/15/2047 |  | 44 | 40 |
| Columbia Pipelines Operating Co., LLC 5.927% 8/15/2030 <sup>(i)</sup> |  | 9 | 10 |
| ConocoPhillips Co. 5.50% 1/15/2055 |  | 50 | 48 |
| Crescent Energy Finance, LLC 7.375% 1/15/2033 <sup>(i)</sup> |  | 270 | 256 |
| Energy Transfer, LP 6.10% 12/1/2028 |  | 41 | 43 |
| Energy Transfer, LP 5.25% 7/1/2029 |  | 23 | 24 |
| Energy Transfer, LP 6.40% 12/1/2030 |  | 34 | 37 |
| Enterprise Products Operating, LLC 4.95% 2/15/2035 |  | 6 | 6 |
| EOG Resources, Inc. 5.95% 7/15/2055 |  | 110 | 112 |
| Equinor ASA 2.375% 5/22/2030 |  | 365 | 340 |
| Exxon Mobil Corp. 3.452% 4/15/2051 |  | 210 | 151 |
| Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(i)</sup> |  | 35 | 36 |
| Hilcorp Energy I, LP 6.875% 5/15/2034 <sup>(i)</sup> |  | 400 | 375 |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(i)(l)</sup> |  | 148 | 43 |
| Occidental Petroleum Corp. 5.55% 10/1/2034 |  | 124 | 127 |
| Petroleos Mexicanos 6.50% 1/23/2029 |  | 20 | 20 |
| Petroleos Mexicanos 8.75% 6/2/2029 |  | 177 | 189 |
| Petroleos Mexicanos 6.84% 1/23/2030 |  | 300 | 305 |
| Sunoco, LP 5.625% 3/15/2031 <sup>(i)</sup> |  | 20 | 20 |
| Sunoco, LP 5.875% 3/15/2034 <sup>(i)</sup> |  | 20 | 20 |
| TotalEnergies Capital SA 4.724% 9/10/2034 |  | 17 | 17 |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(i)</sup> |  | 595 | 542 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **86** |

---

Capital Income Builder (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments (continued)** | **Principal amount <br> (000)** | **Principal amount <br> (000)** | **Value<br> (000)** |
| **Corporate bonds and notes (continued)** | | | |
| **Energy (continued)** |  |  |  |
| Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(i)</sup> | USD | 195 | $200 |
| Venture Global Plaquemines LNG, LLC 6.50% 6/15/2034 <sup>(i)</sup> |  | 100 | 102 |
| Venture Global Plaquemines LNG, LLC 7.75% 5/1/2035 <sup>(i)</sup> |  | 75 | 82 |
|  |  |  | 3826 |
| **Utilities 0.21%** |  |  |  |
| AEP Transmission Co., LLC 2.75% 8/15/2051 |  | 50 | 31 |
| DTE Energy Co. 3.00% 3/1/2032 |  | 42 | 39 |
| Duke Energy Florida, LLC 5.95% 11/15/2052 |  | 25 | 26 |
| Edison International 4.125% 3/15/2028 |  | 132 | 131 |
| Edison International 5.45% 6/15/2029 |  | 100 | 102 |
| Edison International 5.25% 3/15/2032 |  | 389 | 389 |
| Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 5.411% on 6/15/2033) <sup>(i)(j)</sup> |  | 200 | 233 |
| FirstEnergy Corp. 2.65% 3/1/2030 |  | 393 | 367 |
| FirstEnergy Corp. 2.25% 9/1/2030 |  | 107 | 97 |
| Florida Power & Light Co. 5.10% 4/1/2033 |  | 35 | 36 |
| NiSource, Inc. 5.40% 6/30/2033 |  | 25 | 26 |
| Pacific Gas and Electric Co. 2.95% 3/1/2026 |  | 97 | 97 |
| Pacific Gas and Electric Co. 3.75% 7/1/2028 |  | 105 | 104 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028 |  | 284 | 286 |
| Pacific Gas and Electric Co. 2.50% 2/1/2031 |  | 375 | 338 |
| Pacific Gas and Electric Co. 6.40% 6/15/2033 |  | 50 | 54 |
| Pacific Gas and Electric Co. 5.70% 3/1/2035 |  | 377 | 388 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050 |  | 162 | 137 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050 |  | 256 | 173 |
| Pacific Gas and Electric Co. 5.90% 10/1/2054 |  | 25 | 24 |
| PacifiCorp 5.50% 5/15/2054 |  | 95 | 85 |
| PacifiCorp 5.80% 1/15/2055 |  | 25 | 23 |
| Southern California Edison Co. 5.20% 6/1/2034 |  | 40 | 40 |
| Southern California Edison Co. 3.60% 2/1/2045 |  | 206 | 149 |
| Southern California Edison Co. 5.90% 3/1/2055 |  | 30 | 29 |
| Union Electric Co. 3.90% 4/1/2052 |  | 25 | 19 |
| WEC Energy Group, Inc. 5.15% 10/1/2027 |  | 25 | 26 |
|  |  |  | 3449 |
| **Real estate 0.18%** |  |  |  |
| American Tower Corp. 4.05% 3/15/2032 |  | 11 | 11 |
| Boston Properties, LP 2.45% 10/1/2033 |  | 7 | 6 |
| Boston Properties, LP 6.50% 1/15/2034 |  | 38 | 41 |
| Boston Properties, LP 5.75% 1/15/2035 |  | 95 | 98 |
| Crown Castle, Inc. 5.00% 1/11/2028 |  | 54 | 55 |
| Iron Mountain, Inc. 4.50% 2/15/2031 <sup>(i)</sup> |  | 530 | 505 |
| Kennedy-Wilson, Inc. 5.00% 3/1/2031 |  | 550 | 518 |
| Ladder Capital Finance Holdings LLLP 7.00% 7/15/2031 <sup>(i)</sup> |  | 20 | 21 |
| MPT Operating Partnership, LP 5.00% 10/15/2027 |  | 475 | 460 |
| Piedmont Operating Partnership, LP 5.625% 1/15/2033 |  | 99 | 100 |
| Prologis, LP 5.00% 3/15/2034 |  | 40 | 41 |
| Service Properties Trust 0% 9/30/2027 <sup>(i)</sup> |  | 45 | 41 |
| Service Properties Trust 3.95% 1/15/2028 |  | 480 | 453 |
| Service Properties Trust 8.375% 6/15/2029 |  | 680 | 684 |
|  |  |  | 3034 |
| **Consumer staples 0.17%** |  |  |  |
| Altria Group, Inc. 4.875% 2/4/2028 |  | 13 | 13 |
| Altria Group, Inc. 5.25% 8/6/2035 |  | 48 | 49 |

---

---

| | |
|:---|:---|
| **87** | American Funds Insurance Series |

---

Capital Income Builder (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Consumer staples (continued)** |  |  |  |
| B&G Foods, Inc. 8.00% 9/15/2028 <sup>(i)</sup> | USD | 260 | $256 |
| BAT Capital Corp. 6.343% 8/2/2030 |  | 9 | 10 |
| BAT Capital Corp. 5.35% 8/15/2032 |  | 413 | 430 |
| BAT Capital Corp. 6.421% 8/2/2033 |  | 38 | 42 |
| BAT Capital Corp. 7.079% 8/2/2043 |  | 31 | 35 |
| BAT Capital Corp. 4.54% 8/15/2047 |  | 55 | 46 |
| BAT Capital Corp. 4.758% 9/6/2049 |  | 121 | 102 |
| BAT Capital Corp. 7.081% 8/2/2053 |  | 69 | 78 |
| BAT International Finance PLC 4.448% 3/16/2028 |  | 150 | 151 |
| Coty, Inc. 5.60% 1/15/2031 <sup>(i)</sup> |  | 119 | 120 |
| H.J. Heinz Co. 4.875% 10/1/2049 |  | 235 | 202 |
| Mars, Inc. 4.80% 3/1/2030 <sup>(i)</sup> |  | 25 | 26 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(i)</sup> |  | 165 | 170 |
| Mars, Inc. 5.65% 5/1/2045 <sup>(i)</sup> |  | 71 | 72 |
| Mars, Inc. 5.70% 5/1/2055 <sup>(i)</sup> |  | 145 | 144 |
| Mars, Inc. 5.80% 5/1/2065 <sup>(i)</sup> |  | 24 | 24 |
| Mondelez International, Inc. 4.75% 8/28/2034 |  | 127 | 127 |
| Philip Morris International, Inc. 5.125% 11/17/2027 |  | 43 | 44 |
| Philip Morris International, Inc. 5.625% 11/17/2029 |  | 23 | 24 |
| Philip Morris International, Inc. 5.125% 2/15/2030 |  | 56 | 58 |
| Philip Morris International, Inc. 5.50% 9/7/2030 |  | 70 | 74 |
| Philip Morris International, Inc. 5.75% 11/17/2032 |  | 16 | 17 |
| Philip Morris International, Inc. 5.375% 2/15/2033 |  | 55 | 57 |
| Philip Morris International, Inc. 5.625% 9/7/2033 |  | 30 | 32 |
| Philip Morris International, Inc. 4.90% 11/1/2034 |  | 90 | 91 |
| Post Holdings, Inc. 6.375% 3/1/2033 <sup>(i)</sup> |  | 330 | 334 |
|  |  |  | 2828 |
| **Materials 0.12%** |  |  |  |
| BHP Billiton Finance (USA), Ltd. 4.875% 2/27/2026 |  | 35 | 35 |
| BHP Billiton Finance (USA), Ltd. 4.75% 2/28/2028 |  | 35 | 36 |
| BHP Billiton Finance (USA), Ltd. 4.90% 2/28/2033 |  | 16 | 16 |
| BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2033 |  | 7 | 7 |
| BHP Billiton Finance (USA), Ltd. 5.75% 9/5/2055 |  | 60 | 61 |
| Celanese US Holdings, LLC 6.85% 11/15/2028 |  | 36 | 38 |
| Celanese US Holdings, LLC 7.05% 11/15/2030 |  | 27 | 29 |
| Celanese US Holdings, LLC 6.879% 7/15/2032 |  | 10 | 10 |
| Celanese US Holdings, LLC 7.20% 11/15/2033 |  | 23 | 24 |
| Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(i)</sup> |  | 545 | 575 |
| Cleveland-Cliffs, Inc. 7.625% 1/15/2034 <sup>(i)</sup> |  | 40 | 42 |
| Consolidated Energy Finance SA 5.625% 10/15/2028 <sup>(i)</sup> |  | 750 | 488 |
| Dow Chemical Co. (The) 5.35% 3/15/2035 |  | 7 | 7 |
| Dow Chemical Co. (The) 5.65% 3/15/2036 |  | 4 | 4 |
| Dow Chemical Co. (The) 5.55% 11/30/2048 |  | 15 | 13 |
| Dow Chemical Co. (The) 3.60% 11/15/2050 |  | 75 | 49 |
| Dow Chemical Co. (The) 6.90% 5/15/2053 |  | 6 | 6 |
| Dow Chemical Co. (The) 5.60% 2/15/2054 |  | 63 | 55 |
| LYB International Finance III, LLC 5.125% 1/15/2031 |  | 2 | 2 |
| LYB International Finance III, LLC 5.50% 3/1/2034 |  | 5 | 5 |
| LYB International Finance III, LLC 5.875% 1/15/2036 |  | 32 | 32 |
| LYB International Finance III, LLC 3.625% 4/1/2051 |  | 102 | 66 |
| NOVA Chemicals Corp. 8.50% 11/15/2028 <sup>(i)</sup> |  | 10 | 11 |
| NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(i)</sup> |  | 325 | 318 |
|  |  |  | 1929 |
| **Total corporate bonds and notes** |  |  | 47200 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **88** |

---

Capital Income Builder (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Asset-backed obligations 0.73%** |  |  |  |
| **Other asset-backed securities 0.39%** |  |  |  |
| ACHD Trust, Series 2025-DS1, Class A, 5.978% 1/9/2034 <sup>(f)(i)</sup> | USD | 100 | $100 |
| Affirm, Inc., Series 2024-A, Class A, 5.61% 2/15/2029 <sup>(f)(i)</sup> |  | 215 | 215 |
| Auxilior Term Funding, LLC, Series 2024-1, Class A2, 5.84% 3/15/2027 <sup>(f)(i)</sup> |  | 61 | 61 |
| AXIS Equipment Finance Receivables, LLC, Series 2024-2, Class A2, 5.19% 7/21/2031 <sup>(f)(i)</sup> |  | 277 | 281 |
| Blue Owl Asset Leasing Trust, Series 2024-1A, Class A2, 5.05% 3/15/2029 <sup>(f)(i)</sup> |  | 42 | 43 |
| Capteris Equipment Finance, Series 2024-1, Class A2, 5.58% 7/20/2032 <sup>(f)(i)</sup> |  | 554 | 565 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(f)(i)</sup> |  | 347 | 294 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060 <sup>(f)(i)</sup> |  | 86 | 73 |
| CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/2060 <sup>(f)(i)</sup> |  | 90 | 57 |
| CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/2060 <sup>(f)(i)</sup> |  | 90 | 58 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061 <sup>(f)(i)</sup> |  | 312 | 254 |
| CF Hippolyta, LLC, Series 2022-1A, Class A1, 5.97% 8/15/2062 <sup>(f)(i)</sup> |  | 483 | 477 |
| Clarus Capital Funding, LLC, Series 2024-1A, Class A2, 4.71% 8/20/2032 <sup>(f)(i)</sup> |  | 181 | 182 |
| EquipmentShare, Series 2024-2M, Class B, 6.43% 12/20/2032 <sup>(f)(i)</sup> |  | 134 | 135 |
| GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045 <sup>(f)(i)</sup> |  | 322 | 309 |
| GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/2046 <sup>(f)(i)</sup> |  | 60 | 56 |
| Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 8/17/2039 <sup>(f)(i)</sup> |  | 73 | 72 |
| Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/2040 <sup>(f)(i)</sup> |  | 278 | 267 |
| Horizon Aircraft Finance, Series 2024-1, Class A, 5.375% 9/15/2049 <sup>(f)(i)</sup> |  | 354 | 359 |
| Merchants Fleet Funding, LLC, Series 2024-1, Class A, 5.82% 4/20/2037 <sup>(f)(i)</sup> |  | 138 | 139 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(f)(i)</sup> |  | 935 | 783 |
| NMEF Funding, LLC, Series 2024-A, Class A2, 5.15% 12/15/2031 <sup>(f)(i)</sup> |  | 315 | 317 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class A, 6.27% 6/17/2031 <sup>(f)(i)</sup> |  | 100 | 101 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-2A, Class A, 4.98% 10/17/2031 <sup>(f)(i)</sup> |  | 127 | 128 |
| Oportun Funding, LLC, Series 2021-B, Class A, 1.47% 5/8/2031 <sup>(f)(i)</sup> |  | 20 | 19 |
| PEAC Solutions Receivables, LLC, Series 2024-2A, Class A2, 4.74% 4/20/2027 <sup>(f)(i)</sup> |  | 85 | 85 |
| PEAC Solutions Receivables, LLC, Series 2024-1A, Class A2, 5.79% 6/21/2027 <sup>(f)(i)</sup> |  | 139 | 141 |
| PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/2028 <sup>(f)(i)</sup> |  | 175 | 176 |
| PK ALIFT Loan Funding 4, LP, Series 2024-2, Class A, 5.052% 10/15/2039 <sup>(f)(i)</sup> |  | 175 | 176 |
| Post Road Equipment Finance, Series 2024-1, Class A2, 5.59% 11/15/2029 <sup>(f)(i)</sup> |  | 45 | 46 |
| Reach Financial, LLC, Series 2024-2, Class A, 5.88% 7/15/2031 <sup>(f)(i)</sup> |  | 94 | 94 |
| SCF Equipment Leasing, LLC, Series 2024-1A, Class A2, 5.88% 11/20/2029 <sup>(f)(i)</sup> |  | 28 | 28 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033 <sup>(f)(i)</sup> |  | 72 | 70 |
| U.S. Bank National Association, Series 2025-SUP1, Class B, 5.582% 2/25/2032 <sup>(f)(i)</sup> |  | 189 | 190 |
| Verdant Receivables, LLC, Series 2024-1, Class A2, 5.68% 12/12/2031 <sup>(f)(i)</sup> |  | 69 | 70 |
|  |  |  | 6421 |
| **Auto loan 0.27%** |  |  |  |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027 <sup>(f)(i)</sup> |  | 66 | 66 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027 <sup>(f)(i)</sup> |  | 33 | 33 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(f)(i)</sup> |  | 339 | 353 |
| CPS Auto Receivables Trust, Series 2024-C, Class B, 5.68% 12/15/2028 <sup>(f)(i)</sup> |  | 497 | 499 |
| Drive Auto Receivables Trust, Series 2024-2, Class A2, 4.94% 12/15/2027 <sup>(f)</sup> |  | 11 | 11 |
| Enterprise Fleet Financing, LLC, Series 2024-3, Class A2, 5.31% 4/20/2027 <sup>(f)(i)</sup> |  | 185 | 185 |
| Enterprise Fleet Financing, LLC, Series 2024-4, Class A2, 4.69% 7/20/2027 <sup>(f)(i)</sup> |  | 150 | 151 |
| Enterprise Fleet Financing, LLC, Series 2024-1, Class A2, 5.23% 3/20/2030 <sup>(f)(i)</sup> |  | 273 | 275 |
| Ford Credit Auto Owner Trust, Series 2023-1, Class A, 4.85% 8/15/2035 <sup>(f)(i)</sup> |  | 176 | 180 |
| Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/2036 <sup>(f)(i)</sup> |  | 181 | 187 |
| Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class A1, 4.92% 5/15/2028 <sup>(f)(i)</sup> |  | 188 | 189 |
| GLS Auto Select Receivables Trust, Series 2024-4A, Class A2, 4.43% 12/17/2029 <sup>(f)(i)</sup> |  | 65 | 65 |
| GM Financial Revolving Receivables Trust, Series 2023-1, Class A, 5.12% 4/11/2035 <sup>(f)(i)</sup> |  | 285 | 293 |
| GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/2035 <sup>(f)(i)</sup> |  | 184 | 191 |
| GM Financial Securitized Term Auto Receivables Trust, Series 2023-2, Class A3, 4.47% 2/16/2028 <sup>(f)</sup> |  | 10 | 10 |
| GM Financial Securitized Term Auto Receivables Trust, Series 2023-2, Class A4, 4.43% 10/16/2028 <sup>(f)</sup> |  | 48 | 48 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027 <sup>(f)(i)</sup> |  | 268 | 263 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027 <sup>(f)(i)</sup> |  | 100 | 98 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027 <sup>(f)(i)</sup> |  | 100 | 98 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(f)(i)</sup> |  | 187 | 191 |

---

---

| | |
|:---|:---|
| **89** | American Funds Insurance Series |

---

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br> (000) | Value<br> (000) |
| **Asset-backed obligations (continued)** |  |  |
| **Auto loan (continued)** |  |  |
| Hyundai Auto Receivables Trust, Series 2023-A, Class A3, 4.58% 4/15/2027 <sup>(f)</sup> | USD5 | $5 |
| Hyundai Auto Receivables Trust, Series 2023-A, Class A4, 4.48% 7/17/2028 <sup>(f)</sup> | 28 | 28 |
| Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/2034 <sup>(f)(i)</sup> | 335 | 334 |
| Wheels Fleet Lease Funding, LLC, Series 2024-2A, Class A1, 4.87% 6/21/2039 <sup>(f)(i)</sup> | 632 | 639 |
| Wheels Fleet Lease Funding, LLC, Series 2024-3A, Class A1, 4.80% 9/19/2039 <sup>(f)(i)</sup> | 188 | 190 |
|  |  | 4582 |
| **Credit card 0.04%** |  |  |
| Avant Credit Card Master Trust, Series 2024-2A, Class A, 5.38% 5/15/2029 <sup>(f)(i)</sup> | 400 | 401 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.06% 9/15/2031 <sup>(f)(i)</sup> | 246 | 248 |
|  |  | 649 |
| **Student loan 0.03%** |  |  |
| Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/2069 <sup>(f)(i)</sup> | 23 | 21 |
| Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(f)(i)</sup> | 42 | 39 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(f)(i)</sup> | 94 | 89 |
| Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062 <sup>(f)(i)</sup> | 188 | 178 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFL, (1-month USD CME Term SOFR + 0.854%) 4.588% 4/20/2062 <sup>(f)(g)(i)</sup> | 98 | 98 |
| SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07% 1/15/2053 <sup>(f)(i)</sup> | 39 | 35 |
|  |  | 460 |
| **Total asset-backed obligations** |  | 12112 |
| **Bonds & notes of governments & government agencies outside the U.S. 0.05%** |  |  |
| **Mexico 0.03%** |  |  |
| United Mexican States 3.25% 4/16/2030 | 200 | 189 |
| United Mexican States 7.375% 5/13/2055 | 245 | 265 |
|  |  | 454 |
| **Saudi Arabia 0.01%** |  |  |
| Saudi Arabia (Kingdom of) 3.625% 3/4/2028 | 200 | 198 |
| **Peru 0.01%** |  |  |
| Peru (Republic of) 2.783% 1/23/2031 | 190 | 176 |
| **Total bonds & notes of governments & government agencies outside the U.S.** |  | 828 |
| **Municipals 0.02%** |  |  |
| **Illinois 0.01%** |  |  |
| GO Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033 | 196 | 201 |
| **Massachusetts 0.01%** |  |  |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2024-A, 6.352% 7/1/2049 | 135 | 140 |
| **Total municipals** |  | 341 |
| **Loans 0.02%** |  |  |
| **Financials 0.02%** |  |  |
| Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) 7.61% 11/17/2029 <sup>(b)(g)(i)(m)</sup> | 221 | 220 |
| **Total bonds, notes & other debt instruments (cost: $243,321,000)** |  | 242696 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **90** |

---

Capital Income Builder (continued)

---

| | | |
|:---|:---|:---|
| Investment funds 2.29% | Shares | Value<br> (000) |
| Capital Group Central Corporate Bond Fund <sup>(n)</sup> | 4482146 | $38098 |
| **Total investment funds** (cost: $40,853,000) |  | 38098 |
| Short-term securities 5.53% |  |  |
| **Money market investments 4.90%** |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(n)(o)</sup> | 814073 | 81415 |
| **Money market investments purchased with collateral from securities on loan 0.63%** |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(o)(p)</sup> | 10408626 | 10409 |
| **Total short-term securities (cost: $91,803,000)** |  | 91824 |
| **Total investment securities 100.57% (cost: $1,246,392,000)** |  | 1669897 |
| Other assets less liabilities (0.57)% |  | (9521) |
| **Net assets 100.00%** |  | $1660376 |

---

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of<br> contracts | Expiration <br> date | Notional<br> amount<br> (000) | Notional<br> amount<br> (000) | Value and <br> unrealized <br> appreciation <br> (depreciation) <br> at 12/31/2025 <br> (000) |
| 2 Year U.S. Treasury Note Futures | Long | 389 | 4/6/2026 | USD | 81219 | $(17) |
| 5 Year U.S. Treasury Note Futures | Long | 251 | 4/6/2026 |  | 27436 | (61) |
| 10 Year U.S. Treasury Note Futures | Short | 21 | 3/31/2026 |  | (2361) | 21 |
| 10 Year Ultra U.S. Treasury Note Futures | Short | 40 | 3/31/2026 |  | (4601) | 15 |
| 20 Year U.S. Treasury Bond Futures | Long | 32 | 3/31/2026 |  | 3699 | (41) |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 99 | 3/31/2026 |  | 11682 | (196) |
|  |  |  |  |  |  | $(279) |

---

**Swap contracts**

**Interest rate swaps**

**Centrally cleared interest rate swaps**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay |  | Notional | Notional | Value at | Upfront <br> premium <br> paid | Unrealized <br> appreciation <br> (depreciation) |
| Rate | Payment<br> frequency | Rate | Payment<br> frequency | Expiration <br> date | amount<br> (000) | amount<br> (000) | 12/31/2025<br> (000) | (received) <br> (000) | at 12/31/2025 <br> (000) |
| 3.16% | At maturity | U.S. Urban CPI | At maturity | 6/23/2026 | USD | 350 | $1 | $— | $1 |
| U.S. Urban CPI | At maturity | 3.17% | At maturity | 6/23/2026 | USD | 338 | (1) |  | (1) |
| SOFR | Annual | 3.055% | Annual | 4/6/2031 | USD | 6700 | 139 |  | 139 |
| SOFR | Annual | 4.1275% | Annual | 7/27/2050 | USD | 310 | 3 |  | 3 |
| SOFR | Annual | 2.91% | Annual | 9/18/2050 | USD | 592 | 118 |  | 118 |
|  |  |  |  |  |  |  | $260 | $— | $260 |

---

---

| | |
|:---|:---|
| **91** | American Funds Insurance Series |

---

Capital Income Builder (continued)

**Swap contracts** (continued)

**Credit default swaps**

**Centrally cleared credit default swaps on credit indices — sell protection**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference<br> index | Financing<br> rate received | Payment<br> frequency | Expiration<br> date | Notional<br> amount <sup>(q)</sup> (000) | Notional<br> amount <sup>(q)</sup> (000) | Value at<br> 12/31/2025 <sup>(r)</sup> (000) | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| CDX.NA.IG.45 | 1.00% | Quarterly | 12/20/2030 | USD | 5044 | $114 | $116 | $(2) |

---

**Investments in affiliates <sup>(n)</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value at<br> 1/1/2025<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000) | Value at<br> 12/31/2025<br> (000) | Dividend<br> or interest<br> income<br> (000) |
| **Investment funds 2.29%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Corporate Bond Fund | $30920 | $6389 | $— | $— | $789 | $38098 | $1550 |
| **Short-term securities 4.90%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 4.90%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(o)</sup> | 60575 | 370953 | 350129 | 16 |  | 81415 | 4186 |
| &nbsp;&nbsp;&nbsp;**Total 7.19%** |  |  |  | $16 | $789 | $119513 | $5736 |

---

<sup>(a)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending.

<sup>(b)</sup> Value determined using significant unobservable inputs.

<sup>(c)</sup> Amount less than one thousand.

<sup>(d)</sup> Non-income producing.

<sup>(e)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $1,717,000, which represented 0.10% of the net assets of the fund.

<sup>(f)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(g)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>(h)</sup> Represents securities transacted on a TBA basis.

<sup>(i)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $38,579,000, which represented 2.32% of the net assets of the fund.

<sup>(j)</sup> Step bond; coupon rate may change at a later date.

<sup>(k)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

<sup>(l)</sup> Scheduled interest and/or principal payment was not received.

<sup>(m)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $219,000, which represented 0.01% of the net assets of the fund.

<sup>(n)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(o)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(p)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(q)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

<sup>(r)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively.

**Key to abbreviation(s)**

ADR = American Depositary Receipts

Assn. = Association

Auth. = Authority

CAD = Canadian dollars

CME = CME Group

CPI = Consumer Price Index

EUR = Euros

Fncg. = Financing

GBP = British pounds

GO = General Obligation

ICE = Intercontinental Exchange, Inc.

MXN = Mexican pesos

REIT = Real Estate Investment Trust

Rev. = Revenue

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

UST = U.S. Treasury

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **92** |

---

Asset Allocation Fund

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Common stocks 65.21% | Shares | Value<br> (000) |
| **Information technology 17.87%** |  |  |
| Broadcom, Inc. | 3822547 | $1322984 |
| Microsoft Corp. | 2068123 | 1000186 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 2399280 | 729117 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 2384000 | 116467 |
| NVIDIA Corp. | 2011419 | 375130 |
| Apple, Inc. | 1295354 | 352155 |
| Micron Technology, Inc. | 764060 | 218070 |
| Intel Corp. <sup>(a)</sup> | 5553952 | 204941 |
| Salesforce, Inc. | 503780 | 133456 |
| International Business Machines Corp. | 427285 | 126566 |
| ASML Holding NV (ADR) | 93894 | 100453 |
| KLA Corp. | 77592 | 94280 |
| Hewlett Packard Enterprise Co. | 2023462 | 48604 |
| Strategy, Inc., Class A <sup>(a)</sup> | 295563 | 44911 |
| Diebold Nixdorf, Inc. <sup>(a)</sup> | 532940 | 36181 |
| Adobe, Inc. <sup>(a)</sup> | 62600 | 21909 |
| Applied Materials, Inc. | 79781 | 20503 |
|  |  | 4945913 |
| **Financials 10.49%** |  |  |
| Apollo Asset Management, Inc. | 1920083 | 277951 |
| Arthur J. Gallagher & Co. | 854008 | 221009 |
| Mastercard, Inc., Class A | 361601 | 206431 |
| Synchrony Financial | 2440754 | 203632 |
| Aon PLC, Class A | 569972 | 201132 |
| Visa, Inc., Class A | 553014 | 193948 |
| Bank of America Corp. | 3142147 | 172818 |
| Capital One Financial Corp. | 702338 | 170219 |
| Blue Owl Capital, Inc., Class A <sup>(b)</sup> | 9813216 | 146609 |
| Ares Management Corp., Class A | 845012 | 136579 |
| American Express Co. | 337999 | 125043 |
| Wells Fargo & Co. | 1334032 | 124332 |
| JPMorgan Chase & Co. | 295492 | 95213 |
| Fiserv, Inc. <sup>(a)</sup> | 1269859 | 85296 |
| Brookfield Corp., Class A | 1805226 | 82842 |
| Citigroup, Inc. | 700000 | 81683 |
| Brown & Brown, Inc. | 964468 | 76868 |
| Chubb, Ltd. | 235906 | 73631 |
| Progressive Corp. | 280641 | 63908 |
| Intercontinental Exchange, Inc. | 374162 | 60599 |
| Blackstone, Inc. | 320000 | 49325 |
| Kinsale Capital Group, Inc. | 65779 | 25728 |
| Goldman Sachs Group, Inc. | 24707 | 21717 |
| Figure Technology Solutions, Inc. <sup>(a)(b)</sup> | 152555 | 6230 |
| Sberbank of Russia PJSC <sup>(c)</sup> | 8880000 | — <sup>(d)</sup> |
|  |  | 2902743 |
| **Industrials 9.72%** |  |  |
| ATI, Inc. <sup>(a)</sup> | 3475291 | 398824 |
| Boeing Co. (The) <sup>(a)</sup> | 1355000 | 294198 |
| TransDigm Group, Inc. | 160869 | 213932 |
| L3Harris Technologies, Inc. | 644021 | 189065 |
| General Electric Co. | 602503 | 185589 |
| Deere & Co. | 377997 | 175984 |
| Parker-Hannifin Corp. | 183536 | 161321 |
| Union Pacific Corp. | 677572 | 156736 |
| Caterpillar, Inc. | 190000 | 108845 |
| Safran SA | 312100 | 108605 |
| United Rentals, Inc. | 125193 | 101321 |

---

---

| | |
|:---|:---|
| **93** | American Funds Insurance Series |

---

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
| **Industrials (continued)** |  |  |
| Northrop Grumman Corp. | 173106 | $98707 |
| GE Vernova, Inc. | 150939 | 98649 |
| Ingersoll-Rand, Inc. | 1177013 | 93243 |
| Quanta Services, Inc. | 152260 | 64263 |
| Airbus SE, non-registered shares | 230632 | 53496 |
| Trane Technologies PLC | 137366 | 53463 |
| FTAI Aviation, Ltd. | 249989 | 49210 |
| CSX Corp. | 1000000 | 36250 |
| Copart, Inc. <sup>(a)</sup> | 835833 | 32723 |
| Carrier Global Corp. | 283011 | 14954 |
|  |  | 2689378 |
| **Health care 6.97%** |  |  |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 720148 | 326486 |
| Gilead Sciences, Inc. | 1904140 | 233714 |
| Eli Lilly and Co. | 186995 | 200960 |
| UnitedHealth Group, Inc. | 596573 | 196935 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> | 405917 | 161413 |
| Amgen, Inc. | 441538 | 144520 |
| Thermo Fisher Scientific, Inc. | 217042 | 125765 |
| CVS Health Corp. | 1451353 | 115179 |
| Illumina, Inc. <sup>(a)</sup> | 699527 | 91750 |
| Abbott Laboratories | 637270 | 79844 |
| Cooper Cos., Inc. <sup>(a)</sup> | 889428 | 72897 |
| Johnson & Johnson | 311733 | 64513 |
| AbbVie, Inc. | 129914 | 29684 |
| Boston Scientific Corp. <sup>(a)</sup> | 300752 | 28677 |
| Centene Corp. <sup>(a)</sup> | 675000 | 27776 |
| Rotech Healthcare, Inc. <sup>(a)(c)(e)</sup> | 184138 | 12613 |
| Medline, Inc., Class A <sup>(a)(b)</sup> | 272900 | 11462 |
| Mallinckrodt PLC <sup>(a)</sup> | 36079 | 3227 |
| Par Health, Inc. <sup>(a)(f)</sup> | 36079 | 338 |
| Carbon Health Technologies, Inc., Class A <sup>(a)(c)</sup> | 4955500 | 50 |
|  |  | 1927803 |
| **Consumer discretionary 5.73%** |  |  |
| Booking Holdings, Inc. | 52599 | 281685 |
| Royal Caribbean Cruises, Ltd. | 648815 | 180967 |
| Amazon.com, Inc. <sup>(a)</sup> | 780642 | 180188 |
| Starbucks Corp. | 1513090 | 127417 |
| D.R. Horton, Inc. | 700917 | 100953 |
| NIKE, Inc., Class B | 1525710 | 97203 |
| Carnival Corp. | 2758206 | 84236 |
| Darden Restaurants, Inc. | 424583 | 78132 |
| Compagnie Financiere Richemont SA, Class A | 346887 | 74864 |
| Home Depot, Inc. | 191765 | 65986 |
| Texas Roadhouse, Inc. | 385658 | 64019 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 1692984 | 62640 |
| Tesla, Inc. <sup>(a)</sup> | 94134 | 42334 |
| Hilton Worldwide Holdings, Inc. | 122663 | 35235 |
| Toll Brothers, Inc. | 246730 | 33363 |
| Restaurant Brands International, Inc. | 461542 | 31491 |
| AutoZone, Inc. <sup>(a)</sup> | 7013 | 23785 |
| YUM! Brands, Inc. | 91381 | 13824 |
| DraftKings, Inc., Class A <sup>(a)</sup> | 237954 | 8200 |
| Aimbridge Topco, LLC <sup>(a)(c)</sup> | 10722 | 793 |
|  |  | 1587315 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **94** |

---

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
| **Communication services 4.71%** |  |  |
| Alphabet, Inc., Class C | 1147684 | $360143 |
| Alphabet, Inc., Class A | 1068646 | 334486 |
| Meta Platforms, Inc., Class A | 553906 | 365628 |
| Comcast Corp., Class A | 6199119 | 185292 |
| Netflix, Inc. <sup>(a)</sup> | 346997 | 32534 |
| Tencent Holdings, Ltd. | 321500 | 24636 |
|  |  | 1302719 |
| **Materials 4.10%** |  |  |
| Royal Gold, Inc. | 1301065 | 289214 |
| Wheaton Precious Metals Corp. | 2388702 | 280720 |
| Franco-Nevada Corp. (CAD denominated) | 1179377 | 244468 |
| Lundin Mining Corp. | 7678233 | 165027 |
| First Quantum Minerals, Ltd. <sup>(a)</sup> | 3889750 | 104290 |
| Corteva, Inc. | 466775 | 31288 |
| Air Products and Chemicals, Inc. | 45664 | 11280 |
| Agnico Eagle Mines, Ltd. | 56110 | 9515 |
| Venator Materials PLC <sup>(a)(c)</sup> | 4096 | — <sup>(d)</sup> |
|  |  | 1135802 |
| **Consumer staples 3.48%** |  |  |
| Philip Morris International, Inc. | 3615272 | 579890 |
| Constellation Brands, Inc., Class A | 629955 | 86909 |
| Keurig Dr Pepper, Inc. | 3042963 | 85233 |
| Nestle SA | 617055 | 61331 |
| Costco Wholesale Corp. | 69889 | 60268 |
| US Foods Holding Corp. <sup>(a)</sup> | 514932 | 38785 |
| Estee Lauder Cos., Inc. (The), Class A | 275858 | 28888 |
| Coca-Cola Co. | 160431 | 11216 |
| Procter & Gamble Co. | 75358 | 10799 |
|  |  | 963319 |
| **Utilities 1.01%** |  |  |
| Southern Co. (The) | 1503479 | 131104 |
| DTE Energy Co. | 848144 | 109394 |
| Vistra Corp. | 144910 | 23378 |
| FirstEnergy Corp. | 323684 | 14491 |
|  |  | 278367 |
| **Energy 0.92%** |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated) | 3480603 | 117892 |
| ConocoPhillips | 824000 | 77135 |
| EOG Resources, Inc. | 222924 | 23409 |
| Halliburton Co. | 593792 | 16781 |
| SLB, Ltd. | 286500 | 10996 |
| Exxon Mobil Corp. | 58185 | 7002 |
| Constellation Oil Services Holding SA (NDR) <sup>(a)</sup> | 76004 | 897 |
| Altera Infrastructure, LP <sup>(c)</sup> | 16129 | 655 |
| New Fortress Energy, Inc., Class A <sup>(a)</sup> | 150315 | 171 |
| Expand Energy Corp. | 636 | 70 |
|  |  | 255008 |

---

---

| | |
|:---|:---|
| **95** | American Funds Insurance Series |

---

Asset Allocation Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
| **Real estate 0.21%** |  |  |
| American Tower Corp. REIT | 136942 | $24043 |
| Simon Property Group, Inc. REIT | 114326 | 21163 |
| Crown Castle, Inc. REIT | 134329 | 11938 |
|  |  | 57144 |
| **Total common stocks (cost: $10,036,058,000)** |  | 18045511 |

---

---

| | | |
|:---|:---|:---|
| Preferred securities 0.00% |  |  |
| **Industrials 0.00%** |  |  |
| ACR III LSC Holdings, LLC, Series B, preferred shares <sup>(a)(c)(f)</sup> | 450 | 755 |
| **Total preferred securities (cost: $465,000)** |  | 755 |
| Rights & warrants 0.00% |  |  |
| **Energy 0.00%** |  |  |
| Expand Energy Corp., Class C, warrants, expire 2/9/2026 <sup>(a)</sup> | 1201 | 119 |
| Constellation Oil Services Holding SA, Class D, warrants, expire 6/10/2071 <sup>(a)(c)</sup> | 4 | — <sup>(d)</sup> |
| **Total rights & warrants (cost: $875,000)** |  | 119 |
| Convertible stocks 0.12% |  |  |
| **Industrials 0.07%** |  |  |
| Boeing Co., Series A, convertible preferred depositary shares, 6.00% 10/15/2027 | 262145 | 18104 |
| **Information technology 0.05%** |  |  |
| Strategy, Inc. 8.00% perpetual convertible preferred shares | 189521 | 14926 |
| **Total convertible stocks (cost: $30,331,000)** |  | 33030 |

---

---

| | | | |
|:---|:---|:---|:---|
| Convertible bonds & notes 0.10% | Principal amount <br> (000) | Principal amount <br> (000) |  |
| **Information technology 0.03%** |  |  |  |
| Macom Technology Solutions Holdings, convertible notes, 0.25% 3/15/2026 | USD | 1529 | 3180 |
| Seagate HDD Cayman, convertible notes, 3.50% 6/1/2028 |  | 536 | 1803 |
| Terawulf, Inc., convertible notes, 1.00% 9/1/2031 <sup>(f)</sup> |  | 1739 | 2060 |
| Western Digital Corp., convertible notes, 3.00% 11/15/2028 |  | 416 | 1908 |
|  |  |  | 8951 |
| **Communication services 0.02%** |  |  |  |
| EchoStar Corp., convertible notes, 3.875% Cash 11/30/2030 <sup>(g)</sup> |  | 1290 | 4312 |
| Spotify USA, Inc., convertible notes, 0% 3/15/2026 |  | 1800 | 2048 |
|  |  |  | 6360 |
| **Real estate 0.02%** |  |  |  |
| Ventas Realty, LP, convertible notes, 3.75% 6/1/2026 |  | 1873 | 2649 |
| Welltower OP, LLC, convertible notes, 2.75% 5/15/2028 <sup>(f)</sup> |  | 1422 | 2789 |
|  |  |  | 5438 |
| **Utilities 0.01%** |  |  |  |
| CenterPoint Energy, Inc., convertible notes, 3.00% 8/1/2028 <sup>(f)</sup> |  | 2785 | 2822 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **96** |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Convertible bonds & notes (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Health care 0.01%** |  |  |  |
| Halozyme Therapeutics, Inc. convertible notes, 1.00% 8/15/2028 | USD | 1818 | $2417 |
| **Industrials 0.01%** |  |  |  |
| Axon Enterprise, Inc., convertible notes, 0.50% 12/15/2027 |  | 692 | 1743 |
| **Total convertible bonds & notes (cost: $25,052,000)** |  |  | 27731 |
| Bonds, notes & other debt instruments 28.07% |  |  |  |
| **Mortgage-backed obligations 10.22%** |  |  |  |
| **Federal agency mortgage-backed obligations 9.21%** |  |  |  |
| Fannie Mae Pool #AH6431 4.00% 2/1/2026 <sup>(h)</sup> |  | 2 | 2 |
| Fannie Mae Pool #AH5618 4.00% 2/1/2026 <sup>(h)</sup> |  | — <sup>(d)</sup> | — <sup>(d)</sup> |
| Fannie Mae Pool #890329 4.00% 4/1/2026 <sup>(h)</sup> |  | — <sup>(d)</sup> | — <sup>(d)</sup> |
| Fannie Mae Pool #MA1109 4.00% 5/1/2027 <sup>(h)</sup> |  | — <sup>(d)</sup> | — <sup>(d)</sup> |
| Fannie Mae Pool #MA3653 3.00% 3/1/2029 <sup>(h)</sup> |  | 5 | 5 |
| Fannie Mae Pool #AL8347 4.00% 3/1/2029 <sup>(h)</sup> |  | 2 | 2 |
| Fannie Mae Pool #254767 5.50% 6/1/2033 <sup>(h)</sup> |  | 120 | 124 |
| Fannie Mae Pool #555956 5.50% 12/1/2033 <sup>(h)</sup> |  | 76 | 78 |
| Fannie Mae Pool #BN1085 4.00% 1/1/2034 <sup>(h)</sup> |  | 209 | 210 |
| Fannie Mae Pool #FM2499 2.50% 2/1/2035 <sup>(h)</sup> |  | 221 | 211 |
| Fannie Mae Pool #929185 5.50% 1/1/2036 <sup>(h)</sup> |  | 240 | 250 |
| Fannie Mae Pool #893641 6.00% 9/1/2036 <sup>(h)</sup> |  | 475 | 503 |
| Fannie Mae Pool #893688 6.00% 10/1/2036 <sup>(h)</sup> |  | 121 | 128 |
| Fannie Mae Pool #AS8554 3.00% 12/1/2036 <sup>(h)</sup> |  | 3745 | 3567 |
| Fannie Mae Pool #907239 6.00% 12/1/2036 <sup>(h)</sup> |  | 11 | 11 |
| Fannie Mae Pool #928031 6.00% 1/1/2037 <sup>(h)</sup> |  | 39 | 42 |
| Fannie Mae Pool #888292 6.00% 3/1/2037 <sup>(h)</sup> |  | 343 | 363 |
| Fannie Mae Pool #AD0249 5.50% 4/1/2037 <sup>(h)</sup> |  | 62 | 64 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(h)</sup> |  | 116 | 110 |
| Fannie Mae Pool #190379 5.50% 5/1/2037 <sup>(h)</sup> |  | 37 | 38 |
| Fannie Mae Pool #924952 6.00% 8/1/2037 <sup>(h)</sup> |  | 565 | 598 |
| Fannie Mae Pool #888637 6.00% 9/1/2037 <sup>(h)</sup> |  | 7 | 7 |
| Fannie Mae Pool #995674 6.00% 5/1/2038 <sup>(h)</sup> |  | 213 | 225 |
| Fannie Mae Pool #AD0119 6.00% 7/1/2038 <sup>(h)</sup> |  | 663 | 703 |
| Fannie Mae Pool #995224 6.00% 9/1/2038 <sup>(h)</sup> |  | 6 | 6 |
| Fannie Mae Pool #AE0021 6.00% 10/1/2038 <sup>(h)</sup> |  | 208 | 221 |
| Fannie Mae Pool #AL7164 6.00% 10/1/2038 <sup>(h)</sup> |  | 135 | 142 |
| Fannie Mae Pool #889983 6.00% 10/1/2038 <sup>(h)</sup> |  | 12 | 13 |
| Fannie Mae Pool #AD0095 6.00% 11/1/2038 <sup>(h)</sup> |  | 467 | 495 |
| Fannie Mae Pool #AB0538 6.00% 11/1/2038 <sup>(h)</sup> |  | 65 | 68 |
| Fannie Mae Pool #995391 6.00% 11/1/2038 <sup>(h)</sup> |  | 10 | 11 |
| Fannie Mae Pool #AD0833 6.00% 1/1/2039 <sup>(h)</sup> |  | — <sup>(d)</sup> | — <sup>(d)</sup> |
| Fannie Mae Pool #AL0309 6.00% 1/1/2040 <sup>(h)</sup> |  | 43 | 46 |
| Fannie Mae Pool #AL0013 6.00% 4/1/2040 <sup>(h)</sup> |  | 128 | 136 |
| Fannie Mae Pool #AL7228 6.00% 4/1/2041 <sup>(h)</sup> |  | 155 | 162 |
| Fannie Mae Pool #AB4536 6.00% 6/1/2041 <sup>(h)</sup> |  | 324 | 342 |
| Fannie Mae Pool #MA4387 2.00% 7/1/2041 <sup>(h)</sup> |  | 5259 | 4598 |
| Fannie Mae Pool #FS0305 1.50% 1/1/2042 <sup>(h)</sup> |  | 16006 | 13515 |
| Fannie Mae Pool #AP2131 3.50% 8/1/2042 <sup>(h)</sup> |  | 2339 | 2240 |
| Fannie Mae Pool #AU8813 4.00% 11/1/2043 <sup>(h)</sup> |  | 1283 | 1254 |
| Fannie Mae Pool #AU9350 4.00% 11/1/2043 <sup>(h)</sup> |  | 725 | 709 |
| Fannie Mae Pool #AU9348 4.00% 11/1/2043 <sup>(h)</sup> |  | 690 | 675 |
| Fannie Mae Pool #AL8773 3.50% 2/1/2045 <sup>(h)</sup> |  | 4040 | 3856 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045 <sup>(h)</sup> |  | 6624 | 6291 |
| Fannie Mae Pool #AL8354 3.50% 10/1/2045 <sup>(h)</sup> |  | 931 | 885 |
| Fannie Mae Pool #AL8522 3.50% 5/1/2046 <sup>(h)</sup> |  | 2088 | 1982 |
| Fannie Mae Pool #BC7611 4.00% 5/1/2046 <sup>(h)</sup> |  | 79 | 76 |
| Fannie Mae Pool #AS8310 3.00% 11/1/2046 <sup>(h)</sup> |  | 273 | 251 |

---

---

| | |
|:---|:---|
| **97** | American Funds Insurance Series |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #BD9307 4.00% 11/1/2046 <sup>(h)</sup> | USD | 1089 | $1053 |
| Fannie Mae Pool #BD9699 3.50% 12/1/2046 <sup>(h)</sup> |  | 1207 | 1137 |
| Fannie Mae Pool #BE1290 3.50% 2/1/2047 <sup>(h)</sup> |  | 1785 | 1685 |
| Fannie Mae Pool #BM1179 3.00% 4/1/2047 <sup>(h)</sup> |  | 358 | 328 |
| Fannie Mae Pool #256975 7.00% 10/1/2047 <sup>(h)</sup> |  | 2 | 2 |
| Fannie Mae Pool #CA0770 3.50% 11/1/2047 <sup>(h)</sup> |  | 1182 | 1110 |
| Fannie Mae Pool #MA3211 4.00% 12/1/2047 <sup>(h)</sup> |  | 1788 | 1734 |
| Fannie Mae Pool #MA3277 4.00% 2/1/2048 <sup>(h)</sup> |  | 7 | 7 |
| Fannie Mae Pool #BK5255 4.00% 5/1/2048 <sup>(h)</sup> |  | 8 | 7 |
| Fannie Mae Pool #FM3278 3.50% 11/1/2048 <sup>(h)</sup> |  | 12659 | 11913 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(h)</sup> |  | 1711 | 1626 |
| Fannie Mae Pool #CA4756 3.00% 12/1/2049 <sup>(h)</sup> |  | 1341 | 1215 |
| Fannie Mae Pool #BN7443 2.50% 3/1/2050 <sup>(h)</sup> |  | 30 | 26 |
| Fannie Mae Pool #CA5968 2.50% 6/1/2050 <sup>(h)</sup> |  | 4327 | 3740 |
| Fannie Mae Pool #BP5576 2.50% 6/1/2050 <sup>(h)</sup> |  | 414 | 351 |
| Fannie Mae Pool #CA6168 2.50% 6/1/2050 <sup>(h)</sup> |  | 298 | 253 |
| Fannie Mae Pool #CA6593 2.50% 8/1/2050 <sup>(h)</sup> |  | 9745 | 8426 |
| Fannie Mae Pool #CA6987 2.00% 9/1/2050 <sup>(h)</sup> |  | 515 | 418 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(h)</sup> |  | 286 | 256 |
| Fannie Mae Pool #CA7529 2.50% 10/1/2050 <sup>(h)</sup> |  | 1134 | 960 |
| Fannie Mae Pool #BQ7589 2.00% 11/1/2050 <sup>(h)</sup> |  | 2292 | 1856 |
| Fannie Mae Pool #CA7737 2.50% 11/1/2050 <sup>(h)</sup> |  | 7872 | 6762 |
| Fannie Mae Pool #CA7599 2.50% 11/1/2050 <sup>(h)</sup> |  | 1248 | 1082 |
| Fannie Mae Pool #CA7743 2.50% 11/1/2050 <sup>(h)</sup> |  | 685 | 581 |
| Fannie Mae Pool #FM5309 2.50% 11/1/2050 <sup>(h)</sup> |  | 38 | 33 |
| Fannie Mae Pool #FM4897 3.00% 11/1/2050 <sup>(h)</sup> |  | 10867 | 9832 |
| Fannie Mae Pool #FM5218 2.00% 12/1/2050 <sup>(h)</sup> |  | 3688 | 2993 |
| Fannie Mae Pool #BQ7646 2.00% 12/1/2050 <sup>(h)</sup> |  | 1924 | 1559 |
| Fannie Mae Pool #BQ8497 2.00% 12/1/2050 <sup>(h)</sup> |  | 1584 | 1285 |
| Fannie Mae Pool #FS9792 4.50% 12/1/2050 <sup>(h)</sup> |  | 920 | 914 |
| Fannie Mae Pool #MA4237 2.00% 1/1/2051 <sup>(h)</sup> |  | 4967 | 4057 |
| Fannie Mae Pool #BR1283 2.00% 1/1/2051 <sup>(h)</sup> |  | 196 | 159 |
| Fannie Mae Pool #CA8513 2.50% 1/1/2051 <sup>(h)</sup> |  | 1079 | 916 |
| Fannie Mae Pool #FS5929 2.50% 1/1/2051 <sup>(h)</sup> |  | 759 | 643 |
| Fannie Mae Pool #FM5944 2.50% 1/1/2051 <sup>(h)</sup> |  | 74 | 63 |
| Fannie Mae Pool #FS3550 2.50% 1/1/2051 <sup>(h)</sup> |  | 28 | 23 |
| Fannie Mae Pool #BR3255 2.00% 2/1/2051 <sup>(h)</sup> |  | 5851 | 4750 |
| Fannie Mae Pool #BR2689 2.00% 2/1/2051 <sup>(h)</sup> |  | 1860 | 1506 |
| Fannie Mae Pool #FM5963 2.00% 2/1/2051 <sup>(h)</sup> |  | 1806 | 1467 |
| Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(h)</sup> |  | 328 | 265 |
| Fannie Mae Pool #CA8828 2.50% 2/1/2051 <sup>(h)</sup> |  | 3067 | 2642 |
| Fannie Mae Pool #CA9289 2.50% 2/1/2051 <sup>(h)</sup> |  | 370 | 314 |
| Fannie Mae Pool #CA8962 2.50% 2/1/2051 <sup>(h)</sup> |  | 59 | 50 |
| Fannie Mae Pool #CB0290 2.00% 4/1/2051 <sup>(h)</sup> |  | 3989 | 3253 |
| Fannie Mae Pool #FS1086 2.00% 4/1/2051 <sup>(h)</sup> |  | 1708 | 1383 |
| Fannie Mae Pool #CA9494 2.50% 4/1/2051 <sup>(h)</sup> |  | 93 | 79 |
| Fannie Mae Pool #FM7407 2.50% 4/1/2051 <sup>(h)</sup> |  | 40 | 34 |
| Fannie Mae Pool #FM6810 3.00% 4/1/2051 <sup>(h)</sup> |  | 5630 | 4987 |
| Fannie Mae Pool #CB0191 3.00% 4/1/2051 <sup>(h)</sup> |  | 4366 | 3899 |
| Fannie Mae Pool #CB0193 3.00% 4/1/2051 <sup>(h)</sup> |  | 529 | 473 |
| Fannie Mae Pool #FM7751 2.00% 5/1/2051 <sup>(h)</sup> |  | 1943 | 1573 |
| Fannie Mae Pool #FM7411 2.00% 5/1/2051 <sup>(h)</sup> |  | 1933 | 1565 |
| Fannie Mae Pool #FM7222 2.50% 5/1/2051 <sup>(h)</sup> |  | 4751 | 4022 |
| Fannie Mae Pool #BR0999 2.50% 5/1/2051 <sup>(h)</sup> |  | 1336 | 1131 |
| Fannie Mae Pool #FM7304 2.50% 5/1/2051 <sup>(h)</sup> |  | 365 | 309 |
| Fannie Mae Pool #BR9324 2.50% 5/1/2051 <sup>(h)</sup> |  | 227 | 192 |
| Fannie Mae Pool #FM7408 2.50% 5/1/2051 <sup>(h)</sup> |  | 137 | 116 |
| Fannie Mae Pool #FM8114 2.00% 6/1/2051 <sup>(h)</sup> |  | 2078 | 1682 |
| Fannie Mae Pool #CB0910 2.50% 6/1/2051 <sup>(h)</sup> |  | 33828 | 28636 |
| Fannie Mae Pool #FM7740 2.50% 6/1/2051 <sup>(h)</sup> |  | 9006 | 7624 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **98** |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #FM7909 3.00% 6/1/2051 <sup>(h)</sup> | USD | 397 | $354 |
| Fannie Mae Pool #MA4378 2.00% 7/1/2051 <sup>(h)</sup> |  | 149 | 121 |
| Fannie Mae Pool #FM9530 2.50% 7/1/2051 <sup>(h)</sup> |  | 1988 | 1683 |
| Fannie Mae Pool #CB1134 2.50% 7/1/2051 <sup>(h)</sup> |  | 1226 | 1038 |
| Fannie Mae Pool #FM8203 2.50% 7/1/2051 <sup>(h)</sup> |  | 942 | 798 |
| Fannie Mae Pool #FM8453 3.00% 8/1/2051 <sup>(h)</sup> |  | 3723 | 3377 |
| Fannie Mae Pool #CB1304 3.00% 8/1/2051 <sup>(h)</sup> |  | 67 | 59 |
| Fannie Mae Pool #BT7309 2.00% 9/1/2051 <sup>(h)</sup> |  | 1898 | 1536 |
| Fannie Mae Pool #FM8745 2.50% 9/1/2051 <sup>(h)</sup> |  | 3960 | 3365 |
| Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(h)</sup> |  | 1498 | 1268 |
| Fannie Mae Pool #BT7263 2.50% 9/1/2051 <sup>(h)</sup> |  | 655 | 556 |
| Fannie Mae Pool #BT4725 2.50% 9/1/2051 <sup>(h)</sup> |  | 301 | 255 |
| Fannie Mae Pool #BU0341 2.50% 9/1/2051 <sup>(h)</sup> |  | 197 | 167 |
| Fannie Mae Pool #BT9289 2.50% 9/1/2051 <sup>(h)</sup> |  | 34 | 28 |
| Fannie Mae Pool #FS5125 2.50% 10/1/2051 <sup>(h)</sup> |  | 1462 | 1237 |
| Fannie Mae Pool #CB1868 2.50% 10/1/2051 <sup>(h)</sup> |  | 766 | 648 |
| Fannie Mae Pool #FS3298 2.50% 10/1/2051 <sup>(h)</sup> |  | 516 | 438 |
| Fannie Mae Pool #BU2530 2.50% 10/1/2051 <sup>(h)</sup> |  | 131 | 111 |
| Fannie Mae Pool #FM9335 2.50% 10/1/2051 <sup>(h)</sup> |  | 86 | 73 |
| Fannie Mae Pool #BU0968 2.00% 11/1/2051 <sup>(h)</sup> |  | 11198 | 9064 |
| Fannie Mae Pool #MA4465 2.00% 11/1/2051 <sup>(h)</sup> |  | 7447 | 6051 |
| Fannie Mae Pool #BU1027 2.00% 11/1/2051 <sup>(h)</sup> |  | 4515 | 3655 |
| Fannie Mae Pool #CB2092 2.50% 11/1/2051 <sup>(h)</sup> |  | 2938 | 2487 |
| Fannie Mae Pool #BU2803 2.50% 11/1/2051 <sup>(h)</sup> |  | 998 | 845 |
| Fannie Mae Pool #CB2078 3.00% 11/1/2051 <sup>(h)</sup> |  | 7616 | 6799 |
| Fannie Mae Pool #MA4492 2.00% 12/1/2051 <sup>(h)</sup> |  | 2352 | 1910 |
| Fannie Mae Pool #CB2361 2.00% 12/1/2051 <sup>(h)</sup> |  | 174 | 141 |
| Fannie Mae Pool #FS2824 2.50% 12/1/2051 <sup>(h)</sup> |  | 41191 | 34868 |
| Fannie Mae Pool #CB2286 2.50% 12/1/2051 <sup>(h)</sup> |  | 13649 | 11740 |
| Fannie Mae Pool #CB2375 2.50% 12/1/2051 <sup>(h)</sup> |  | 6406 | 5514 |
| Fannie Mae Pool #CB2319 2.50% 12/1/2051 <sup>(h)</sup> |  | 155 | 133 |
| Fannie Mae Pool #BT9510 2.50% 12/1/2051 <sup>(h)</sup> |  | 74 | 64 |
| Fannie Mae Pool #BT9483 2.50% 12/1/2051 <sup>(h)</sup> |  | 74 | 64 |
| Fannie Mae Pool #CB2372 2.50% 12/1/2051 <sup>(h)</sup> |  | 74 | 63 |
| Fannie Mae Pool #BQ7006 2.00% 1/1/2052 <sup>(h)</sup> |  | 2869 | 2331 |
| Fannie Mae Pool #BU1450 2.00% 1/1/2052 <sup>(h)</sup> |  | 1189 | 965 |
| Fannie Mae Pool #FS0235 2.50% 1/1/2052 <sup>(h)</sup> |  | 7061 | 5977 |
| Fannie Mae Pool #CB2555 2.50% 1/1/2052 <sup>(h)</sup> |  | 982 | 831 |
| Fannie Mae Pool #FP0038 2.50% 1/1/2052 <sup>(h)</sup> |  | 713 | 605 |
| Fannie Mae Pool #FS0392 2.50% 1/1/2052 <sup>(h)</sup> |  | 695 | 589 |
| Fannie Mae Pool #FS0174 2.50% 1/1/2052 <sup>(h)</sup> |  | 405 | 343 |
| Fannie Mae Pool #MA4512 2.50% 1/1/2052 <sup>(h)</sup> |  | 119 | 101 |
| Fannie Mae Pool #FS3549 2.50% 1/1/2052 <sup>(h)</sup> |  | 63 | 53 |
| Fannie Mae Pool #FS2534 2.50% 1/1/2052 <sup>(h)</sup> |  | 23 | 20 |
| Fannie Mae Pool #FS5613 2.50% 1/1/2052 <sup>(h)</sup> |  | 22 | 18 |
| Fannie Mae Pool #FS0182 3.00% 1/1/2052 <sup>(h)</sup> |  | 9435 | 8425 |
| Fannie Mae Pool #BV3076 2.00% 2/1/2052 <sup>(h)</sup> |  | 6414 | 5193 |
| Fannie Mae Pool #MA4547 2.00% 2/1/2052 <sup>(h)</sup> |  | 4953 | 4020 |
| Fannie Mae Pool #BT1968 2.00% 2/1/2052 <sup>(h)</sup> |  | 1800 | 1458 |
| Fannie Mae Pool #BV3083 2.00% 2/1/2052 <sup>(h)</sup> |  | 963 | 780 |
| Fannie Mae Pool #FS2660 2.50% 2/1/2052 <sup>(h)</sup> |  | 8024 | 6805 |
| Fannie Mae Pool #FS1080 2.50% 2/1/2052 <sup>(h)</sup> |  | 1897 | 1606 |
| Fannie Mae Pool #CB3888 2.50% 2/1/2052 <sup>(h)</sup> |  | 949 | 805 |
| Fannie Mae Pool #BV3674 2.50% 2/1/2052 <sup>(h)</sup> |  | 675 | 574 |
| Fannie Mae Pool #FS1885 2.50% 2/1/2052 <sup>(h)</sup> |  | 657 | 557 |
| Fannie Mae Pool #FS6380 2.50% 2/1/2052 <sup>(h)</sup> |  | 548 | 465 |
| Fannie Mae Pool #BV2784 2.50% 2/1/2052 <sup>(h)</sup> |  | 141 | 120 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(h)</sup> |  | 51302 | 46443 |
| Fannie Mae Pool #CB2913 3.50% 2/1/2052 <sup>(h)</sup> |  | 2077 | 1926 |
| Fannie Mae Pool #CB2912 3.50% 2/1/2052 <sup>(h)</sup> |  | 38 | 35 |

---

---

| | |
|:---|:---|
| **99** | American Funds Insurance Series |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #BV3101 2.00% 3/1/2052 <sup>(h)</sup> | USD | 2845 | $2303 |
| Fannie Mae Pool #CB3040 2.00% 3/1/2052 <sup>(h)</sup> |  | 2578 | 2092 |
| Fannie Mae Pool #FS1742 2.00% 3/1/2052 <sup>(h)</sup> |  | 2382 | 1932 |
| Fannie Mae Pool #MA4562 2.00% 3/1/2052 <sup>(h)</sup> |  | 1765 | 1432 |
| Fannie Mae Pool #BV4172 2.00% 3/1/2052 <sup>(h)</sup> |  | 1261 | 1021 |
| Fannie Mae Pool #BV4169 2.00% 3/1/2052 <sup>(h)</sup> |  | 1255 | 1016 |
| Fannie Mae Pool #FS1978 2.50% 3/1/2052 <sup>(h)</sup> |  | 4296 | 3636 |
| Fannie Mae Pool #BV4173 2.50% 3/1/2052 <sup>(h)</sup> |  | 786 | 669 |
| Fannie Mae Pool #CB3063 2.50% 3/1/2052 <sup>(h)</sup> |  | 769 | 653 |
| Fannie Mae Pool #CB3031 2.50% 3/1/2052 <sup>(h)</sup> |  | 611 | 520 |
| Fannie Mae Pool #BV4119 2.50% 3/1/2052 <sup>(h)</sup> |  | 158 | 135 |
| Fannie Mae Pool #CB3744 2.50% 3/1/2052 <sup>(h)</sup> |  | 24 | 20 |
| Fannie Mae Pool #FS0931 3.00% 3/1/2052 <sup>(h)</sup> |  | 336 | 298 |
| Fannie Mae Pool #BV3799 3.50% 3/1/2052 <sup>(h)</sup> |  | 40 | 37 |
| Fannie Mae Pool #MA4577 2.00% 4/1/2052 <sup>(h)</sup> |  | 5722 | 4643 |
| Fannie Mae Pool #FS1598 2.00% 4/1/2052 <sup>(h)</sup> |  | 2913 | 2363 |
| Fannie Mae Pool #CB3346 2.00% 4/1/2052 <sup>(h)</sup> |  | 2069 | 1675 |
| Fannie Mae Pool #BV4182 2.50% 4/1/2052 <sup>(h)</sup> |  | 871 | 741 |
| Fannie Mae Pool #BV5332 2.50% 4/1/2052 <sup>(h)</sup> |  | 857 | 729 |
| Fannie Mae Pool #FS1749 2.50% 4/1/2052 <sup>(h)</sup> |  | 856 | 728 |
| Fannie Mae Pool #BU9507 2.50% 4/1/2052 <sup>(h)</sup> |  | 157 | 134 |
| Fannie Mae Pool #BV5370 2.50% 4/1/2052 <sup>(h)</sup> |  | 134 | 114 |
| Fannie Mae Pool #BV6683 3.50% 4/1/2052 <sup>(h)</sup> |  | 23 | 21 |
| Fannie Mae Pool #CB3379 4.00% 4/1/2052 <sup>(h)</sup> |  | 615 | 587 |
| Fannie Mae Pool #FS9189 2.00% 5/1/2052 <sup>(h)</sup> |  | 9376 | 7619 |
| Fannie Mae Pool #BT2353 2.00% 5/1/2052 <sup>(h)</sup> |  | 998 | 808 |
| Fannie Mae Pool #BV9644 2.50% 5/1/2052 <sup>(h)</sup> |  | 898 | 764 |
| Fannie Mae Pool #MA4598 2.50% 5/1/2052 <sup>(h)</sup> |  | 836 | 711 |
| Fannie Mae Pool #BW2204 2.50% 5/1/2052 <sup>(h)</sup> |  | 151 | 128 |
| Fannie Mae Pool #BW0462 2.50% 5/1/2052 <sup>(h)</sup> |  | 151 | 128 |
| Fannie Mae Pool #BV8592 2.50% 5/1/2052 <sup>(h)</sup> |  | 110 | 93 |
| Fannie Mae Pool #FS5033 2.50% 5/1/2052 <sup>(h)</sup> |  | 40 | 34 |
| Fannie Mae Pool #BU8818 3.50% 5/1/2052 <sup>(h)</sup> |  | 2584 | 2396 |
| Fannie Mae Pool #CB3597 3.50% 5/1/2052 <sup>(h)</sup> |  | 44 | 41 |
| Fannie Mae Pool #FS7329 2.00% 6/1/2052 <sup>(h)</sup> |  | 2335 | 1892 |
| Fannie Mae Pool #FS9860 2.00% 6/1/2052 <sup>(h)</sup> |  | 1940 | 1571 |
| Fannie Mae Pool #FS6605 2.00% 6/1/2052 <sup>(h)</sup> |  | 690 | 559 |
| Fannie Mae Pool #MA4623 2.50% 6/1/2052 <sup>(h)</sup> |  | 1413 | 1202 |
| Fannie Mae Pool #FS6634 3.00% 6/1/2052 <sup>(h)</sup> |  | 324 | 287 |
| Fannie Mae Pool #FS3546 3.50% 6/1/2052 <sup>(h)</sup> |  | 38 | 35 |
| Fannie Mae Pool #MA4626 4.00% 6/1/2052 <sup>(h)</sup> |  | 5004 | 4778 |
| Fannie Mae Pool #CB4021 4.00% 6/1/2052 <sup>(h)</sup> |  | 1272 | 1214 |
| Fannie Mae Pool #BW2918 4.50% 6/1/2052 <sup>(h)</sup> |  | 4482 | 4398 |
| Fannie Mae Pool #FS6986 2.00% 7/1/2052 <sup>(h)</sup> |  | 4816 | 3904 |
| Fannie Mae Pool #FA2839 2.50% 7/1/2052 <sup>(h)</sup> |  | 59903 | 50708 |
| Fannie Mae Pool #FS7879 2.50% 7/1/2052 <sup>(h)</sup> |  | 14208 | 12049 |
| Fannie Mae Pool #FS6631 2.50% 7/1/2052 <sup>(h)</sup> |  | 162 | 138 |
| Fannie Mae Pool #CB4315 3.00% 7/1/2052 <sup>(h)</sup> |  | 99 | 88 |
| Fannie Mae Pool #CB4123 4.00% 7/1/2052 <sup>(h)</sup> |  | 22 | 21 |
| Fannie Mae Pool #BV7912 2.50% 8/1/2052 <sup>(h)</sup> |  | 154 | 131 |
| Fannie Mae Pool #BV8015 2.50% 8/1/2052 <sup>(h)</sup> |  | 92 | 79 |
| Fannie Mae Pool #FA2841 3.00% 8/1/2052 <sup>(h)</sup> |  | 2291 | 2029 |
| Fannie Mae Pool #BW1192 4.50% 9/1/2052 <sup>(h)</sup> |  | 545 | 537 |
| Fannie Mae Pool #CB4620 5.00% 9/1/2052 <sup>(h)</sup> |  | 862 | 868 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(h)</sup> |  | 15984 | 12983 |
| Fannie Mae Pool #BX2841 4.00% 10/1/2052 <sup>(h)</sup> |  | 15 | 14 |
| Fannie Mae Pool #CB4852 4.50% 10/1/2052 <sup>(h)</sup> |  | 9021 | 8845 |
| Fannie Mae Pool #BX0097 4.50% 10/1/2052 <sup>(h)</sup> |  | 832 | 817 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(h)</sup> |  | 388 | 390 |
| Fannie Mae Pool #BX0463 4.00% 11/1/2052 <sup>(h)</sup> |  | 866 | 826 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **100** |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #BW1299 4.00% 11/1/2052 <sup>(h)</sup> | USD | 862 | $823 |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(h)</sup> |  | 9335 | 9152 |
| Fannie Mae Pool #FS5554 4.50% 11/1/2052 <sup>(h)</sup> |  | 2582 | 2534 |
| Fannie Mae Pool #CB5764 2.50% 12/1/2052 <sup>(h)</sup> |  | 873 | 740 |
| Fannie Mae Pool #MA4842 5.50% 12/1/2052 <sup>(h)</sup> |  | 2212 | 2255 |
| Fannie Mae Pool #BW5062 4.00% 1/1/2053 <sup>(h)</sup> |  | 21 | 20 |
| Fannie Mae Pool #FS5520 4.50% 1/1/2053 <sup>(h)</sup> |  | 2562 | 2512 |
| Fannie Mae Pool #BX3263 4.00% 2/1/2053 <sup>(h)</sup> |  | 560 | 535 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(h)</sup> |  | 907 | 921 |
| Fannie Mae Pool #FS8509 3.50% 3/1/2053 <sup>(h)</sup> |  | 282 | 261 |
| Fannie Mae Pool #BW5000 4.00% 3/1/2053 <sup>(h)</sup> |  | 887 | 847 |
| Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(h)</sup> |  | 2321 | 2372 |
| Fannie Mae Pool #BX9358 4.00% 4/1/2053 <sup>(h)</sup> |  | 301 | 287 |
| Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(h)</sup> |  | 2028 | 2032 |
| Fannie Mae Pool #MA5027 4.00% 5/1/2053 <sup>(h)</sup> |  | 6645 | 6336 |
| Fannie Mae Pool #MA5009 5.00% 5/1/2053 <sup>(h)</sup> |  | 10165 | 10195 |
| Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(h)</sup> |  | 662 | 665 |
| Fannie Mae Pool #FS4840 5.50% 5/1/2053 <sup>(h)</sup> |  | 896 | 910 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(h)</sup> |  | 157 | 160 |
| Fannie Mae Pool #FS4736 6.50% 5/1/2053 <sup>(h)</sup> |  | 211 | 220 |
| Fannie Mae Pool #MA5063 2.50% 6/1/2053 <sup>(h)</sup> |  | 290 | 245 |
| Fannie Mae Pool #BW9618 3.00% 6/1/2053 <sup>(h)</sup> |  | 279 | 247 |
| Fannie Mae Pool #MA5038 5.00% 6/1/2053 <sup>(h)</sup> |  | 22288 | 22347 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(h)</sup> |  | 564 | 574 |
| Fannie Mae Pool #CB6491 6.50% 6/1/2053 <sup>(h)</sup> |  | 1105 | 1158 |
| Fannie Mae Pool #CB6490 6.50% 6/1/2053 <sup>(h)</sup> |  | 402 | 419 |
| Fannie Mae Pool #CB6468 6.50% 6/1/2053 <sup>(h)</sup> |  | 312 | 327 |
| Fannie Mae Pool #FS7823 2.00% 7/1/2053 <sup>(h)</sup> |  | 11111 | 9008 |
| Fannie Mae Pool #FS9167 2.50% 7/1/2053 <sup>(h)</sup> |  | 811 | 688 |
| Fannie Mae Pool #FS6632 2.50% 7/1/2053 <sup>(h)</sup> |  | 758 | 643 |
| Fannie Mae Pool #MA5089 4.00% 7/1/2053 <sup>(h)</sup> |  | 8193 | 7791 |
| Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(h)</sup> |  | 13301 | 13030 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(h)</sup> |  | 2137 | 2174 |
| Fannie Mae Pool #MA5107 5.50% 8/1/2053 <sup>(h)</sup> |  | 93 | 95 |
| Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(h)</sup> |  | 5144 | 5247 |
| Fannie Mae Pool #MA5139 6.00% 9/1/2053 <sup>(h)</sup> |  | 17413 | 17924 |
| Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(h)</sup> |  | 1621 | 1649 |
| Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(h)</sup> |  | 3950 | 4066 |
| Fannie Mae Pool #BY1418 4.00% 11/1/2053 <sup>(h)</sup> |  | 13131 | 12499 |
| Fannie Mae Pool #MA5207 4.00% 11/1/2053 <sup>(h)</sup> |  | 12922 | 12314 |
| Fannie Mae Pool #FS6838 5.50% 11/1/2053 <sup>(h)</sup> |  | 3788 | 3852 |
| Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(h)</sup> |  | 6118 | 6297 |
| Fannie Mae Pool #MA5192 6.50% 11/1/2053 <sup>(h)</sup> |  | 27 | 28 |
| Fannie Mae Pool #MA5262 3.50% 12/1/2053 <sup>(h)</sup> |  | 33 | 31 |
| Fannie Mae Pool #BY1448 4.00% 12/1/2053 <sup>(h)</sup> |  | 10954 | 10413 |
| Fannie Mae Pool #FS6668 5.50% 12/1/2053 <sup>(h)</sup> |  | 260 | 264 |
| Fannie Mae Pool #MA5247 6.00% 1/1/2054 <sup>(h)</sup> |  | 144 | 148 |
| Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(h)</sup> |  | 6339 | 6599 |
| Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(h)</sup> |  | 1895 | 1987 |
| Fannie Mae Pool #BY1343 4.00% 2/1/2054 <sup>(h)</sup> |  | 12268 | 11652 |
| Fannie Mae Pool #FS7990 4.00% 2/1/2054 <sup>(h)</sup> |  | 1869 | 1783 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(h)</sup> |  | 575 | 584 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(h)</sup> |  | 504 | 512 |
| Fannie Mae Pool #CB7932 6.00% 2/1/2054 <sup>(h)</sup> |  | 3043 | 3135 |
| Fannie Mae Pool #CB7933 6.50% 2/1/2054 <sup>(h)</sup> |  | 1800 | 1871 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(h)</sup> |  | 10411 | 10571 |
| Fannie Mae Pool #CB8151 5.50% 3/1/2054 <sup>(h)</sup> |  | 4423 | 4499 |
| Fannie Mae Pool #CB8163 6.00% 3/1/2054 <sup>(h)</sup> |  | 805 | 831 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(h)</sup> |  | 783 | 805 |
| Fannie Mae Pool #CB8168 6.00% 3/1/2054 <sup>(h)</sup> |  | 8 | 8 |

---

---

| | |
|:---|:---|
| **101** | American Funds Insurance Series |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #CB8337 5.50% 4/1/2054 <sup>(h)</sup> | USD | 6917 | $7037 |
| Fannie Mae Pool #MA5388 5.50% 6/1/2054 <sup>(h)</sup> |  | 1025 | 1040 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(h)</sup> |  | 1833 | 1885 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(h)</sup> |  | 936 | 972 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(h)</sup> |  | 931 | 960 |
| Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(h)</sup> |  | 831 | 857 |
| Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(h)</sup> |  | 754 | 781 |
| Fannie Mae Pool #FP0128 6.50% 6/1/2054 <sup>(h)</sup> |  | 1843 | 1916 |
| Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(h)</sup> |  | 909 | 948 |
| Fannie Mae Pool #DB5480 6.50% 6/1/2054 <sup>(h)</sup> |  | 51 | 54 |
| Fannie Mae Pool #DB5213 5.50% 7/1/2054 <sup>(h)</sup> |  | 5332 | 5414 |
| Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(h)</sup> |  | 2307 | 2353 |
| Fannie Mae Pool #BU4699 5.50% 7/1/2054 <sup>(h)</sup> |  | 1398 | 1426 |
| Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(h)</sup> |  | 10396 | 10680 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(h)</sup> |  | 1133 | 1164 |
| Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(h)</sup> |  | 646 | 667 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(h)</sup> |  | 415 | 428 |
| Fannie Mae Pool #BU4791 6.00% 7/1/2054 <sup>(h)</sup> |  | 112 | 115 |
| Fannie Mae Pool #FS8619 6.50% 7/1/2054 <sup>(h)</sup> |  | 4088 | 4294 |
| Fannie Mae Pool #FS8607 6.50% 7/1/2054 <sup>(h)</sup> |  | 3177 | 3327 |
| Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(h)</sup> |  | 1383 | 1448 |
| Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(h)</sup> |  | 379 | 396 |
| Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(h)</sup> |  | 229 | 240 |
| Fannie Mae Pool #CB8977 5.00% 8/1/2054 <sup>(h)</sup> |  | 401 | 402 |
| Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(h)</sup> |  | 1368 | 1391 |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(h)</sup> |  | 7916 | 8133 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(h)</sup> |  | 2684 | 2787 |
| Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(h)</sup> |  | 1347 | 1388 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(h)</sup> |  | 1197 | 1234 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(h)</sup> |  | 1088 | 1125 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(h)</sup> |  | 1053 | 1082 |
| Fannie Mae Pool #BU4968 6.00% 8/1/2054 <sup>(h)</sup> |  | 854 | 877 |
| Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(h)</sup> |  | 308 | 319 |
| Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(h)</sup> |  | 260 | 270 |
| Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(h)</sup> |  | 248 | 259 |
| Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(h)</sup> |  | 3859 | 4011 |
| Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(h)</sup> |  | 1451 | 1518 |
| Fannie Mae Pool #FS8783 6.50% 8/1/2054 <sup>(h)</sup> |  | 1212 | 1270 |
| Fannie Mae Pool #MA5467 4.00% 9/1/2054 <sup>(h)</sup> |  | 1162 | 1103 |
| Fannie Mae Pool #CB9210 5.50% 9/1/2054 <sup>(h)</sup> |  | 3687 | 3744 |
| Fannie Mae Pool #FS9025 5.50% 9/1/2054 <sup>(h)</sup> |  | 2297 | 2345 |
| Fannie Mae Pool #CB9146 5.50% 9/1/2054 <sup>(h)</sup> |  | 2080 | 2120 |
| Fannie Mae Pool #BU4946 5.50% 9/1/2054 <sup>(h)</sup> |  | 1072 | 1088 |
| Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(h)</sup> |  | 2704 | 2796 |
| Fannie Mae Pool #DC3262 6.00% 9/1/2054 <sup>(h)</sup> |  | 372 | 382 |
| Fannie Mae Pool #DC3459 6.00% 9/1/2054 <sup>(h)</sup> |  | 183 | 188 |
| Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(h)</sup> |  | 11790 | 12256 |
| Fannie Mae Pool #MA5494 4.00% 10/1/2054 <sup>(h)</sup> |  | 2115 | 2008 |
| Fannie Mae Pool #DC4862 4.00% 10/1/2054 <sup>(h)</sup> |  | 494 | 470 |
| Fannie Mae Pool #DC3877 6.00% 10/1/2054 <sup>(h)</sup> |  | 492 | 506 |
| Fannie Mae Pool #MA5498 6.00% 10/1/2054 <sup>(h)</sup> |  | 114 | 117 |
| Fannie Mae Pool #FS9439 3.50% 11/1/2054 <sup>(h)</sup> |  | 905 | 839 |
| Fannie Mae Pool #DC5642 4.00% 11/1/2054 <sup>(h)</sup> |  | 1665 | 1585 |
| Fannie Mae Pool #DB7429 4.00% 11/1/2054 <sup>(h)</sup> |  | 1059 | 1006 |
| Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(h)</sup> |  | 1812 | 1846 |
| Fannie Mae Pool #DC6894 5.50% 11/1/2054 <sup>(h)</sup> |  | 498 | 505 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(h)</sup> |  | 285 | 289 |
| Fannie Mae Pool #BU5361 5.00% 12/1/2054 <sup>(h)</sup> |  | 980 | 983 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(h)</sup> |  | 83 | 83 |
| Fannie Mae Pool #CB9616 5.50% 12/1/2054 <sup>(h)</sup> |  | 1406 | 1432 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **102** |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #FA0287 6.00% 12/1/2054 <sup>(h)</sup> | USD | 23968 | $24641 |
| Fannie Mae Pool #DC7035 6.00% 12/1/2054 <sup>(h)</sup> |  | 2749 | 2824 |
| Fannie Mae Pool #DC7823 6.00% 12/1/2054 <sup>(h)</sup> |  | 273 | 281 |
| Fannie Mae Pool #MA5583 4.00% 1/1/2055 <sup>(h)</sup> |  | 822 | 780 |
| Fannie Mae Pool #CB9736 4.50% 1/1/2055 <sup>(h)</sup> |  | 13465 | 13156 |
| Fannie Mae Pool #CB9737 5.00% 1/1/2055 <sup>(h)</sup> |  | 1773 | 1779 |
| Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(h)</sup> |  | 4294 | 4412 |
| Fannie Mae Pool #DD0835 6.00% 1/1/2055 <sup>(h)</sup> |  | 2640 | 2712 |
| Fannie Mae Pool #MA5635 3.50% 2/1/2055 <sup>(h)</sup> |  | — <sup>(d)</sup> | — <sup>(d)</sup> |
| Fannie Mae Pool #MA5612 4.50% 2/1/2055 <sup>(h)</sup> |  | 214 | 209 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(h)</sup> |  | 1673 | 1698 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(h)</sup> |  | 18858 | 19373 |
| Fannie Mae Pool #MA5643 4.00% 3/1/2055 <sup>(h)</sup> |  | 1500 | 1424 |
| Fannie Mae Pool #MB0304 4.00% 3/1/2055 <sup>(h)</sup> |  | 910 | 864 |
| Fannie Mae Pool #MA5644 4.50% 3/1/2055 <sup>(h)</sup> |  | 11592 | 11326 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(h)</sup> |  | 6556 | 6736 |
| Fannie Mae Pool #190445 6.50% 3/1/2055 <sup>(h)</sup> |  | 40481 | 42078 |
| Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(h)</sup> |  | 29589 | 30774 |
| Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(h)</sup> |  | 4987 | 4735 |
| Fannie Mae Pool #MA5671 4.50% 4/1/2055 <sup>(h)</sup> |  | 12283 | 12001 |
| Fannie Mae Pool #DD6453 5.50% 4/1/2055 <sup>(h)</sup> |  | 190 | 193 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(h)</sup> |  | 8403 | 8634 |
| Fannie Mae Pool #FA1162 6.00% 4/1/2055 <sup>(h)</sup> |  | 282 | 290 |
| Fannie Mae Pool #DD4459 6.00% 4/1/2055 <sup>(h)</sup> |  | 277 | 285 |
| Fannie Mae Pool #DD6102 4.00% 5/1/2055 <sup>(h)</sup> |  | 414 | 393 |
| Fannie Mae Pool #MA5697 4.00% 5/1/2055 <sup>(h)</sup> |  | 162 | 154 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(h)</sup> |  | 16971 | 17438 |
| Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(h)</sup> |  | 5642 | 5726 |
| Fannie Mae Pool #MA5761 6.00% 7/1/2055 <sup>(h)</sup> |  | 2388 | 2454 |
| Fannie Mae Pool #DE2192 6.00% 7/1/2055 <sup>(h)</sup> |  | 1206 | 1239 |
| Fannie Mae Pool #DD9889 6.00% 7/1/2055 <sup>(h)</sup> |  | 957 | 984 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(h)</sup> |  | 14216 | 14775 |
| Fannie Mae Pool #FA2842 6.50% 7/1/2055 <sup>(h)</sup> |  | 9839 | 10233 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(h)</sup> |  | 1763 | 1788 |
| Fannie Mae Pool #MA5793 6.00% 8/1/2055 <sup>(h)</sup> |  | 2066 | 2123 |
| Fannie Mae Pool #CC0879 6.00% 8/1/2055 <sup>(h)</sup> |  | 1184 | 1232 |
| Fannie Mae Pool #BV6044 3.50% 9/1/2055 <sup>(h)</sup> |  | 2000 | 1854 |
| Fannie Mae Pool #MA5822 5.50% 9/1/2055 <sup>(h)</sup> |  | 4496 | 4562 |
| Fannie Mae Pool #BV6254 4.00% 10/1/2055 <sup>(h)</sup> |  | 592 | 562 |
| Fannie Mae Pool #MA5876 4.00% 11/1/2055 <sup>(h)</sup> |  | 1294 | 1228 |
| Fannie Mae Pool #DF3744 4.00% 11/1/2055 <sup>(h)</sup> |  | 550 | 522 |
| Fannie Mae Pool #MA5907 4.00% 12/1/2055 <sup>(h)</sup> |  | 447 | 424 |
| Fannie Mae Pool #MA5942 4.00% 1/1/2056 <sup>(h)</sup> |  | 442 | 419 |
| Fannie Mae Pool #BF0133 4.00% 8/1/2056 <sup>(h)</sup> |  | 5242 | 4991 |
| Fannie Mae Pool #BM6736 4.50% 11/1/2059 <sup>(h)</sup> |  | 9003 | 8883 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(h)</sup> |  | 3211 | 2799 |
| Fannie Mae Pool #BF0546 2.50% 7/1/2061 <sup>(h)</sup> |  | 8932 | 7368 |
| Fannie Mae Pool #BF0762 3.00% 9/1/2063 <sup>(h)</sup> |  | 731 | 632 |
| Fannie Mae Pool #BF0784 3.50% 12/1/2063 <sup>(h)</sup> |  | 3094 | 2816 |
| Fannie Mae Pool #BF0786 4.00% 12/1/2063 <sup>(h)</sup> |  | 3366 | 3175 |
| Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/2041 <sup>(h)</sup> |  | 18 | 19 |
| Fannie Mae, Series 2001-T10, Class A1, 7.00% 12/25/2041 <sup>(h)</sup> |  | 50 | 52 |
| Fannie Mae, Series 2006-43, Class JO, principal only, 0% 6/25/2036 <sup>(h)</sup> |  | 23 | 21 |
| Freddie Mac Pool #C91912 3.00% 2/1/2037 <sup>(h)</sup> |  | 6741 | 6425 |
| Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(h)</sup> |  | 173 | 163 |
| Freddie Mac Pool #SB1388 2.50% 1/1/2038 <sup>(h)</sup> |  | 48 | 45 |
| Freddie Mac Pool #G03978 5.00% 3/1/2038 <sup>(h)</sup> |  | 282 | 290 |
| Freddie Mac Pool #G04553 6.50% 9/1/2038 <sup>(h)</sup> |  | 35 | 38 |
| Freddie Mac Pool #G08347 4.50% 6/1/2039 <sup>(h)</sup> |  | 41 | 42 |
| Freddie Mac Pool #RB5071 2.00% 9/1/2040 <sup>(h)</sup> |  | 17345 | 15228 |

---

---

| | |
|:---|:---|
| **103** | American Funds Insurance Series |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Pool #C03518 5.00% 9/1/2040 <sup>(h)</sup> | USD | 398 | $410 |
| Freddie Mac Pool #Q05807 4.00% 1/1/2042 <sup>(h)</sup> |  | 1161 | 1138 |
| Freddie Mac Pool #Q23185 4.00% 11/1/2043 <sup>(h)</sup> |  | 776 | 760 |
| Freddie Mac Pool #Q23190 4.00% 11/1/2043 <sup>(h)</sup> |  | 510 | 499 |
| Freddie Mac Pool #760014 4.632% 8/1/2045 <sup>(h)(i)</sup> |  | 135 | 135 |
| Freddie Mac Pool #Q37988 4.00% 12/1/2045 <sup>(h)</sup> |  | 3402 | 3305 |
| Freddie Mac Pool #G60344 4.00% 12/1/2045 <sup>(h)</sup> |  | 3205 | 3122 |
| Freddie Mac Pool #Z40130 3.00% 1/1/2046 <sup>(h)</sup> |  | 3124 | 2905 |
| Freddie Mac Pool #Q41090 4.50% 6/1/2046 <sup>(h)</sup> |  | 169 | 168 |
| Freddie Mac Pool #Q41909 4.50% 7/1/2046 <sup>(h)</sup> |  | 149 | 149 |
| Freddie Mac Pool #760015 4.021% 1/1/2047 <sup>(h)(i)</sup> |  | 320 | 315 |
| Freddie Mac Pool #Q46021 3.50% 2/1/2047 <sup>(h)</sup> |  | 1036 | 979 |
| Freddie Mac Pool #SI2002 4.00% 3/1/2048 <sup>(h)</sup> |  | 1757 | 1699 |
| Freddie Mac Pool #Z40273 4.50% 10/1/2048 <sup>(h)</sup> |  | 1496 | 1489 |
| Freddie Mac Pool #RA3055 2.50% 7/1/2050 <sup>(h)</sup> |  | 724 | 614 |
| Freddie Mac Pool #SI2046 2.50% 8/1/2050 <sup>(h)</sup> |  | 2467 | 2095 |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(h)</sup> |  | 279 | 249 |
| Freddie Mac Pool #SD8106 2.00% 11/1/2050 <sup>(h)</sup> |  | 24391 | 19925 |
| Freddie Mac Pool #SD7528 2.00% 11/1/2050 <sup>(h)</sup> |  | 14020 | 11609 |
| Freddie Mac Pool #RA3952 2.00% 11/1/2050 <sup>(h)</sup> |  | 1958 | 1589 |
| Freddie Mac Pool #QB7306 2.00% 1/1/2051 <sup>(h)</sup> |  | 1755 | 1420 |
| Freddie Mac Pool #QB8422 2.00% 2/1/2051 <sup>(h)</sup> |  | 2154 | 1743 |
| Freddie Mac Pool #QB8934 2.50% 2/1/2051 <sup>(h)</sup> |  | 56 | 47 |
| Freddie Mac Pool #RA4542 2.50% 2/1/2051 <sup>(h)</sup> |  | 23 | 20 |
| Freddie Mac Pool #SI2108 2.50% 4/1/2051 <sup>(h)</sup> |  | 57 | 48 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(h)</sup> |  | 25274 | 20734 |
| Freddie Mac Pool #SD3984 2.00% 5/1/2051 <sup>(h)</sup> |  | 1958 | 1585 |
| Freddie Mac Pool #RA5155 2.00% 5/1/2051 <sup>(h)</sup> |  | 51 | 41 |
| Freddie Mac Pool #SD1852 2.50% 6/1/2051 <sup>(h)</sup> |  | 396 | 336 |
| Freddie Mac Pool #SD0862 2.50% 6/1/2051 <sup>(h)</sup> |  | 51 | 43 |
| Freddie Mac Pool #SD3095 2.50% 7/1/2051 <sup>(h)</sup> |  | 640 | 542 |
| Freddie Mac Pool #SD7544 3.00% 7/1/2051 <sup>(h)</sup> |  | 318 | 287 |
| Freddie Mac Pool #SD8160 2.00% 8/1/2051 <sup>(h)</sup> |  | 764 | 622 |
| Freddie Mac Pool #QC5527 2.50% 8/1/2051 <sup>(h)</sup> |  | 857 | 725 |
| Freddie Mac Pool #QC5857 3.00% 8/1/2051 <sup>(h)</sup> |  | 322 | 286 |
| Freddie Mac Pool #RA5782 2.50% 9/1/2051 <sup>(h)</sup> |  | 7934 | 6858 |
| Freddie Mac Pool #SD7545 2.50% 9/1/2051 <sup>(h)</sup> |  | 5449 | 4723 |
| Freddie Mac Pool #RA5759 2.50% 9/1/2051 <sup>(h)</sup> |  | 1377 | 1166 |
| Freddie Mac Pool #SD2963 2.50% 9/1/2051 <sup>(h)</sup> |  | 1093 | 925 |
| Freddie Mac Pool #SD5485 2.50% 9/1/2051 <sup>(h)</sup> |  | 46 | 39 |
| Freddie Mac Pool #RA5971 3.00% 9/1/2051 <sup>(h)</sup> |  | 5282 | 4768 |
| Freddie Mac Pool #QC6456 3.00% 9/1/2051 <sup>(h)</sup> |  | 600 | 532 |
| Freddie Mac Pool #RA5841 3.00% 9/1/2051 <sup>(h)</sup> |  | 93 | 83 |
| Freddie Mac Pool #RA6136 2.50% 10/1/2051 <sup>(h)</sup> |  | 6616 | 5600 |
| Freddie Mac Pool #QC8196 2.50% 10/1/2051 <sup>(h)</sup> |  | 298 | 252 |
| Freddie Mac Pool #SD0734 3.00% 10/1/2051 <sup>(h)</sup> |  | 144 | 130 |
| Freddie Mac Pool #QD1841 2.00% 11/1/2051 <sup>(h)</sup> |  | 3564 | 2888 |
| Freddie Mac Pool #QD2256 3.00% 11/1/2051 <sup>(h)</sup> |  | 781 | 693 |
| Freddie Mac Pool #SD8182 2.00% 12/1/2051 <sup>(h)</sup> |  | 1565 | 1270 |
| Freddie Mac Pool #SD1605 2.50% 12/1/2051 <sup>(h)</sup> |  | 16714 | 14149 |
| Freddie Mac Pool #RA6483 2.50% 12/1/2051 <sup>(h)</sup> |  | 5300 | 4562 |
| Freddie Mac Pool #QD3619 2.50% 12/1/2051 <sup>(h)</sup> |  | 2929 | 2485 |
| Freddie Mac Pool #QD2923 2.50% 12/1/2051 <sup>(h)</sup> |  | 153 | 130 |
| Freddie Mac Pool #QD6009 2.00% 1/1/2052 <sup>(h)</sup> |  | 206 | 166 |
| Freddie Mac Pool #SD0838 2.00% 1/1/2052 <sup>(h)</sup> |  | 74 | 60 |
| Freddie Mac Pool #SD2629 2.50% 1/1/2052 <sup>(h)</sup> |  | 2530 | 2148 |
| Freddie Mac Pool #SD7552 2.50% 1/1/2052 <sup>(h)</sup> |  | 1888 | 1631 |
| Freddie Mac Pool #RA6614 2.50% 1/1/2052 <sup>(h)</sup> |  | 882 | 751 |
| Freddie Mac Pool #SD0853 2.50% 1/1/2052 <sup>(h)</sup> |  | 24 | 20 |
| Freddie Mac Pool #QD5662 3.00% 1/1/2052 <sup>(h)</sup> |  | 1983 | 1759 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **104** |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Pool #SD0813 3.00% 1/1/2052 <sup>(h)</sup> | USD | 269 | $242 |
| Freddie Mac Pool #RA6771 2.00% 2/1/2052 <sup>(h)</sup> |  | 4236 | 3429 |
| Freddie Mac Pool #QD7414 2.00% 2/1/2052 <sup>(h)</sup> |  | 1623 | 1315 |
| Freddie Mac Pool #RA6114 2.00% 2/1/2052 <sup>(h)</sup> |  | 1548 | 1253 |
| Freddie Mac Pool #QD5748 2.00% 2/1/2052 <sup>(h)</sup> |  | 829 | 671 |
| Freddie Mac Pool #SD8193 2.00% 2/1/2052 <sup>(h)</sup> |  | 800 | 650 |
| Freddie Mac Pool #QD7312 2.50% 2/1/2052 <sup>(h)</sup> |  | 512 | 436 |
| Freddie Mac Pool #QD6848 2.50% 2/1/2052 <sup>(h)</sup> |  | 66 | 56 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(h)</sup> |  | 813 | 757 |
| Freddie Mac Pool #SD4526 2.00% 3/1/2052 <sup>(h)</sup> |  | 7311 | 5925 |
| Freddie Mac Pool #SD5343 2.00% 3/1/2052 <sup>(h)</sup> |  | 3659 | 2966 |
| Freddie Mac Pool #SD8199 2.00% 3/1/2052 <sup>(h)</sup> |  | 2808 | 2279 |
| Freddie Mac Pool #QD7772 2.00% 3/1/2052 <sup>(h)</sup> |  | 1702 | 1378 |
| Freddie Mac Pool #QD8408 2.00% 3/1/2052 <sup>(h)</sup> |  | 1054 | 855 |
| Freddie Mac Pool #QD8103 2.00% 3/1/2052 <sup>(h)</sup> |  | 823 | 667 |
| Freddie Mac Pool #QD8820 2.00% 3/1/2052 <sup>(h)</sup> |  | 249 | 201 |
| Freddie Mac Pool #SD5745 2.00% 3/1/2052 <sup>(h)</sup> |  | 54 | 44 |
| Freddie Mac Pool #QD9460 2.50% 3/1/2052 <sup>(h)</sup> |  | 775 | 659 |
| Freddie Mac Pool #RA7091 2.50% 3/1/2052 <sup>(h)</sup> |  | 28 | 24 |
| Freddie Mac Pool #QD7983 3.50% 3/1/2052 <sup>(h)</sup> |  | 456 | 423 |
| Freddie Mac Pool #SD8204 2.00% 4/1/2052 <sup>(h)</sup> |  | 2852 | 2314 |
| Freddie Mac Pool #QD9950 2.00% 4/1/2052 <sup>(h)</sup> |  | 1682 | 1362 |
| Freddie Mac Pool #QD9791 2.00% 4/1/2052 <sup>(h)</sup> |  | 1527 | 1237 |
| Freddie Mac Pool #QE0312 2.00% 4/1/2052 <sup>(h)</sup> |  | 1023 | 828 |
| Freddie Mac Pool #QD9907 2.50% 4/1/2052 <sup>(h)</sup> |  | 762 | 649 |
| Freddie Mac Pool #QE0812 2.50% 4/1/2052 <sup>(h)</sup> |  | 577 | 490 |
| Freddie Mac Pool #QE1005 2.50% 4/1/2052 <sup>(h)</sup> |  | 335 | 284 |
| Freddie Mac Pool #RA7177 2.50% 4/1/2052 <sup>(h)</sup> |  | 133 | 112 |
| Freddie Mac Pool #SD3478 2.50% 4/1/2052 <sup>(h)</sup> |  | 107 | 91 |
| Freddie Mac Pool #SD7554 2.50% 4/1/2052 <sup>(h)</sup> |  | 73 | 63 |
| Freddie Mac Pool #QD9765 2.50% 4/1/2052 <sup>(h)</sup> |  | 27 | 23 |
| Freddie Mac Pool #QE0744 3.50% 4/1/2052 <sup>(h)</sup> |  | 349 | 323 |
| Freddie Mac Pool #QE1578 2.50% 5/1/2052 <sup>(h)</sup> |  | 802 | 682 |
| Freddie Mac Pool #QE2020 2.50% 5/1/2052 <sup>(h)</sup> |  | 153 | 130 |
| Freddie Mac Pool #QE2111 2.50% 5/1/2052 <sup>(h)</sup> |  | 113 | 96 |
| Freddie Mac Pool #QE3448 2.50% 5/1/2052 <sup>(h)</sup> |  | 24 | 20 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(h)</sup> |  | 28843 | 25619 |
| Freddie Mac Pool #SD4807 2.00% 6/1/2052 <sup>(h)</sup> |  | 3427 | 2786 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(h)</sup> |  | 14498 | 12856 |
| Freddie Mac Pool #SD6203 3.00% 6/1/2052 <sup>(h)</sup> |  | 282 | 250 |
| Freddie Mac Pool #QE4383 4.00% 6/1/2052 <sup>(h)</sup> |  | 1748 | 1669 |
| Freddie Mac Pool #SL2621 2.50% 7/1/2052 <sup>(h)</sup> |  | 10697 | 9055 |
| Freddie Mac Pool #SD5368 2.50% 7/1/2052 <sup>(h)</sup> |  | 2478 | 2102 |
| Freddie Mac Pool #SD4815 2.50% 7/1/2052 <sup>(h)</sup> |  | 336 | 285 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(h)</sup> |  | 28640 | 25396 |
| Freddie Mac Pool #QE8277 3.50% 7/1/2052 <sup>(h)</sup> |  | 36 | 34 |
| Freddie Mac Pool #SD7556 3.00% 8/1/2052 <sup>(h)</sup> |  | 1110 | 994 |
| Freddie Mac Pool #QE7976 4.50% 8/1/2052 <sup>(h)</sup> |  | 34523 | 34040 |
| Freddie Mac Pool #QE8579 4.50% 8/1/2052 <sup>(h)</sup> |  | 157 | 154 |
| Freddie Mac Pool #SD8262 2.50% 9/1/2052 <sup>(h)</sup> |  | 839 | 713 |
| Freddie Mac Pool #RA8252 2.50% 9/1/2052 <sup>(h)</sup> |  | 712 | 607 |
| Freddie Mac Pool #SD1581 2.50% 9/1/2052 <sup>(h)</sup> |  | 96 | 82 |
| Freddie Mac Pool #QF0925 3.00% 9/1/2052 <sup>(h)</sup> |  | 1857 | 1646 |
| Freddie Mac Pool #QF0212 4.50% 9/1/2052 <sup>(h)</sup> |  | 687 | 674 |
| Freddie Mac Pool #QE9497 4.50% 9/1/2052 <sup>(h)</sup> |  | 161 | 158 |
| Freddie Mac Pool #SD1608 4.50% 9/1/2052 <sup>(h)</sup> |  | 101 | 99 |
| Freddie Mac Pool #RA7938 5.00% 9/1/2052 <sup>(h)</sup> |  | 875 | 879 |
| Freddie Mac Pool #QF2023 4.00% 10/1/2052 <sup>(h)</sup> |  | 28 | 27 |
| Freddie Mac Pool #QF1236 4.50% 10/1/2052 <sup>(h)</sup> |  | 997 | 978 |
| Freddie Mac Pool #SD2465 4.50% 10/1/2052 <sup>(h)</sup> |  | 67 | 66 |

---

---

| | |
|:---|:---|
| **105** | American Funds Insurance Series |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(h)</sup> | USD | 2573 | $2523 |
| Freddie Mac Pool #SD8276 5.00% 12/1/2052 <sup>(h)</sup> |  | 4928 | 4937 |
| Freddie Mac Pool #QF5938 2.50% 1/1/2053 <sup>(h)</sup> |  | 221 | 187 |
| Freddie Mac Pool #SD8303 2.50% 1/1/2053 <sup>(h)</sup> |  | 68 | 58 |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(h)</sup> |  | 11528 | 11302 |
| Freddie Mac Pool #RA8625 2.50% 2/1/2053 <sup>(h)</sup> |  | 916 | 777 |
| Freddie Mac Pool #SD8297 4.00% 2/1/2053 <sup>(h)</sup> |  | 1774 | 1685 |
| Freddie Mac Pool #RA8676 2.50% 3/1/2053 <sup>(h)</sup> |  | 655 | 556 |
| Freddie Mac Pool #SD8305 4.00% 3/1/2053 <sup>(h)</sup> |  | 2159 | 2061 |
| Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(h)</sup> |  | 1008 | 1013 |
| Freddie Mac Pool #SD8321 4.00% 5/1/2053 <sup>(h)</sup> |  | 9888 | 9394 |
| Freddie Mac Pool #RA8647 4.50% 5/1/2053 <sup>(h)</sup> |  | 69 | 68 |
| Freddie Mac Pool #SD8323 5.00% 5/1/2053 <sup>(h)</sup> |  | 9024 | 9040 |
| Freddie Mac Pool #SD8338 4.00% 6/1/2053 <sup>(h)</sup> |  | 2887 | 2743 |
| Freddie Mac Pool #SD8329 5.00% 6/1/2053 <sup>(h)</sup> |  | 3457 | 3462 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(h)</sup> |  | 2536 | 2580 |
| Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(h)</sup> |  | 531 | 556 |
| Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(h)</sup> |  | 461 | 483 |
| Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(h)</sup> |  | 437 | 462 |
| Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(h)</sup> |  | 430 | 453 |
| Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(h)</sup> |  | 301 | 318 |
| Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(h)</sup> |  | 241 | 254 |
| Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(h)</sup> |  | 147 | 153 |
| Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(h)</sup> |  | 136 | 146 |
| Freddie Mac Pool #SD3417 2.50% 7/1/2053 <sup>(h)</sup> |  | 844 | 717 |
| Freddie Mac Pool #SD8356 3.00% 7/1/2053 <sup>(h)</sup> |  | 1684 | 1492 |
| Freddie Mac Pool #SD8353 4.00% 7/1/2053 <sup>(h)</sup> |  | 7856 | 7462 |
| Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(h)</sup> |  | 27 | 27 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(h)</sup> |  | 7840 | 7977 |
| Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(h)</sup> |  | 654 | 682 |
| Freddie Mac Pool #SD8359 3.50% 8/1/2053 <sup>(h)</sup> |  | 252 | 234 |
| Freddie Mac Pool #QH1153 4.00% 9/1/2053 <sup>(h)</sup> |  | 339 | 326 |
| Freddie Mac Pool #SD8362 5.50% 9/1/2053 <sup>(h)</sup> |  | 24494 | 24916 |
| Freddie Mac Pool #SD4550 2.50% 10/1/2053 <sup>(h)</sup> |  | 812 | 689 |
| Freddie Mac Pool #SD4077 2.50% 10/1/2053 <sup>(h)</sup> |  | 99 | 84 |
| Freddie Mac Pool #SD4053 6.00% 10/1/2053 <sup>(h)</sup> |  | 4194 | 4321 |
| Freddie Mac Pool #SD8390 4.00% 11/1/2053 <sup>(h)</sup> |  | 24 | 23 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(h)</sup> |  | 83473 | 83578 |
| Freddie Mac Pool #SD8372 5.50% 11/1/2053 <sup>(h)</sup> |  | 21615 | 21935 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(h)</sup> |  | 670 | 698 |
| Freddie Mac Pool #SD8374 6.50% 11/1/2053 <sup>(h)</sup> |  | 35 | 36 |
| Freddie Mac Pool #SD8396 6.00% 1/1/2054 <sup>(h)</sup> |  | 42 | 44 |
| Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(h)</sup> |  | 494 | 516 |
| Freddie Mac Pool #RJ0854 6.50% 1/1/2054 <sup>(h)</sup> |  | 264 | 275 |
| Freddie Mac Pool #QI0231 5.00% 2/1/2054 <sup>(h)</sup> |  | 38 | 38 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(h)</sup> |  | 399 | 406 |
| Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(h)</sup> |  | 10952 | 11261 |
| Freddie Mac Pool #RJ1871 4.00% 3/1/2054 <sup>(h)</sup> |  | 299 | 284 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(h)</sup> |  | 10736 | 10901 |
| Freddie Mac Pool #RJ1015 6.50% 3/1/2054 <sup>(h)</sup> |  | 101 | 105 |
| Freddie Mac Pool #QI3548 4.00% 4/1/2054 <sup>(h)</sup> |  | 664 | 630 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(h)</sup> |  | 1452 | 1484 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(h)</sup> |  | 1070 | 1088 |
| Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(h)</sup> |  | 343 | 357 |
| Freddie Mac Pool #RJ1417 5.50% 5/1/2054 <sup>(h)</sup> |  | 14898 | 15226 |
| Freddie Mac Pool #RJ1419 5.50% 5/1/2054 <sup>(h)</sup> |  | 7316 | 7436 |
| Freddie Mac Pool #RJ1448 5.50% 5/1/2054 <sup>(h)</sup> |  | 2917 | 2965 |
| Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(h)</sup> |  | 484 | 504 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(h)</sup> |  | 413 | 422 |
| Freddie Mac Pool #RJ1785 6.00% 6/1/2054 <sup>(h)</sup> |  | 1550 | 1604 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **106** |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Pool #RJ1779 6.00% 6/1/2054 <sup>(h)</sup> | USD | 1097 | $1141 |
| Freddie Mac Pool #RJ1797 6.50% 6/1/2054 <sup>(h)</sup> |  | 1489 | 1550 |
| Freddie Mac Pool #RJ1725 6.50% 6/1/2054 <sup>(h)</sup> |  | 454 | 479 |
| Freddie Mac Pool #QI8825 5.00% 7/1/2054 <sup>(h)</sup> |  | 1882 | 1880 |
| Freddie Mac Pool #SD8446 5.50% 7/1/2054 <sup>(h)</sup> |  | 932 | 946 |
| Freddie Mac Pool #QI8872 5.50% 7/1/2054 <sup>(h)</sup> |  | 705 | 719 |
| Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(h)</sup> |  | 611 | 623 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(h)</sup> |  | 5767 | 5925 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(h)</sup> |  | 2703 | 2789 |
| Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(h)</sup> |  | 614 | 633 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(h)</sup> |  | 179 | 184 |
| Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(h)</sup> |  | 9848 | 10237 |
| Freddie Mac Pool #RJ1986 6.50% 7/1/2054 <sup>(h)</sup> |  | 4305 | 4481 |
| Freddie Mac Pool #SD5905 6.50% 7/1/2054 <sup>(h)</sup> |  | 1824 | 1910 |
| Freddie Mac Pool #RJ2193 5.00% 8/1/2054 <sup>(h)</sup> |  | 335 | 336 |
| Freddie Mac Pool #RJ2241 5.00% 8/1/2054 <sup>(h)</sup> |  | 238 | 238 |
| Freddie Mac Pool #RJ2195 5.00% 8/1/2054 <sup>(h)</sup> |  | 213 | 213 |
| Freddie Mac Pool #RJ2200 5.50% 8/1/2054 <sup>(h)</sup> |  | 5901 | 6000 |
| Freddie Mac Pool #RJ2206 5.50% 8/1/2054 <sup>(h)</sup> |  | 3678 | 3742 |
| Freddie Mac Pool #RJ2243 5.50% 8/1/2054 <sup>(h)</sup> |  | 3436 | 3499 |
| Freddie Mac Pool #SD6286 5.50% 8/1/2054 <sup>(h)</sup> |  | 1078 | 1102 |
| Freddie Mac Pool #RJ2203 5.50% 8/1/2054 <sup>(h)</sup> |  | 618 | 630 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(h)</sup> |  | 5363 | 5510 |
| Freddie Mac Pool #RJ2212 6.00% 8/1/2054 <sup>(h)</sup> |  | 2685 | 2796 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(h)</sup> |  | 2546 | 2624 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(h)</sup> |  | 1659 | 1715 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(h)</sup> |  | 860 | 885 |
| Freddie Mac Pool #QJ3296 6.00% 8/1/2054 <sup>(h)</sup> |  | 208 | 214 |
| Freddie Mac Pool #SD8455 6.50% 8/1/2054 <sup>(h)</sup> |  | 2356 | 2449 |
| Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(h)</sup> |  | 1562 | 1635 |
| Freddie Mac Pool #RJ2247 6.50% 8/1/2054 <sup>(h)</sup> |  | 1234 | 1290 |
| Freddie Mac Pool #RJ2228 6.50% 8/1/2054 <sup>(h)</sup> |  | 678 | 708 |
| Freddie Mac Pool #RJ2422 5.50% 9/1/2054 <sup>(h)</sup> |  | 3467 | 3526 |
| Freddie Mac Pool #SD6328 5.50% 9/1/2054 <sup>(h)</sup> |  | 2735 | 2799 |
| Freddie Mac Pool #QJ3044 5.50% 9/1/2054 <sup>(h)</sup> |  | 2212 | 2246 |
| Freddie Mac Pool #RJ2298 5.50% 9/1/2054 <sup>(h)</sup> |  | 2189 | 2226 |
| Freddie Mac Pool #RJ2415 5.50% 9/1/2054 <sup>(h)</sup> |  | 1461 | 1496 |
| Freddie Mac Pool #RJ2408 5.50% 9/1/2054 <sup>(h)</sup> |  | 1324 | 1348 |
| Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(h)</sup> |  | 1071 | 1087 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(h)</sup> |  | 5690 | 5867 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(h)</sup> |  | 3067 | 3171 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(h)</sup> |  | 2911 | 3030 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(h)</sup> |  | 2831 | 2946 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(h)</sup> |  | 1661 | 1712 |
| Freddie Mac Pool #SD8463 6.00% 9/1/2054 <sup>(h)</sup> |  | 1611 | 1655 |
| Freddie Mac Pool #SD6271 6.50% 9/1/2054 <sup>(h)</sup> |  | 1050 | 1097 |
| Freddie Mac Pool #QJ4693 6.50% 9/1/2054 <sup>(h)</sup> |  | 532 | 558 |
| Freddie Mac Pool #RJ2474 6.50% 9/1/2054 <sup>(h)</sup> |  | 340 | 354 |
| Freddie Mac Pool #RJ2411 6.50% 9/1/2054 <sup>(h)</sup> |  | 200 | 209 |
| Freddie Mac Pool #RJ2470 6.50% 9/1/2054 <sup>(h)</sup> |  | 99 | 103 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(h)</sup> |  | 1457 | 1479 |
| Freddie Mac Pool #RJ2850 4.50% 11/1/2054 <sup>(h)</sup> |  | 2016 | 1981 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(h)</sup> |  | 116 | 114 |
| Freddie Mac Pool #RJ2860 5.00% 11/1/2054 <sup>(h)</sup> |  | 5046 | 5041 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(h)</sup> |  | 6112 | 6202 |
| Freddie Mac Pool #RJ2913 5.50% 11/1/2054 <sup>(h)</sup> |  | 5252 | 5339 |
| Freddie Mac Pool #RJ3017 5.00% 12/1/2054 <sup>(h)</sup> |  | 5602 | 5591 |
| Freddie Mac Pool #RJ3163 5.00% 12/1/2054 <sup>(h)</sup> |  | 3365 | 3378 |
| Freddie Mac Pool #QX1743 5.00% 12/1/2054 <sup>(h)</sup> |  | 849 | 852 |
| Freddie Mac Pool #QX2834 5.00% 12/1/2054 <sup>(h)</sup> |  | 277 | 278 |

---

---

| | |
|:---|:---|
| **107** | American Funds Insurance Series |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(h)</sup> | USD | 3023 | $3068 |
| Freddie Mac Pool #QX0376 5.50% 12/1/2054 <sup>(h)</sup> |  | 1208 | 1231 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(h)</sup> |  | 277 | 281 |
| Freddie Mac Pool #SD8494 5.50% 1/1/2055 <sup>(h)</sup> |  | 4043 | 4103 |
| Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(h)</sup> |  | 9673 | 9938 |
| Freddie Mac Pool #QX4065 6.00% 1/1/2055 <sup>(h)</sup> |  | 1671 | 1717 |
| Freddie Mac Pool #SD8503 4.00% 2/1/2055 <sup>(h)</sup> |  | 3031 | 2878 |
| Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(h)</sup> |  | 3536 | 3454 |
| Freddie Mac Pool #SD8506 5.50% 2/1/2055 <sup>(h)</sup> |  | 165 | 168 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(h)</sup> |  | 28738 | 29525 |
| Freddie Mac Pool #SL0588 3.50% 3/1/2055 <sup>(h)</sup> |  | 231 | 214 |
| Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(h)</sup> |  | 987 | 1002 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(h)</sup> |  | 2499 | 2567 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(h)</sup> |  | 13606 | 14143 |
| Freddie Mac Pool #QY1239 4.00% 4/1/2055 <sup>(h)</sup> |  | 1683 | 1597 |
| Freddie Mac Pool #QX9668 4.00% 4/1/2055 <sup>(h)</sup> |  | 470 | 446 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(h)</sup> |  | 1655 | 1654 |
| Freddie Mac Pool #SL0796 6.00% 4/1/2055 <sup>(h)</sup> |  | 4818 | 4951 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(h)</sup> |  | 3113 | 3199 |
| Freddie Mac Pool #SL1416 6.00% 4/1/2055 <sup>(h)</sup> |  | 84 | 86 |
| Freddie Mac Pool #QY2186 6.50% 4/1/2055 <sup>(h)</sup> |  | 4230 | 4398 |
| Freddie Mac Pool #SD8533 5.50% 5/1/2055 <sup>(h)</sup> |  | 3077 | 3122 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(h)(j)</sup> |  | 61437 | 63132 |
| Freddie Mac Pool #QY3774 6.00% 5/1/2055 <sup>(h)</sup> |  | 4291 | 4410 |
| Freddie Mac Pool #SL1138 6.00% 5/1/2055 <sup>(h)</sup> |  | 664 | 682 |
| Freddie Mac Pool #SL1137 6.00% 5/1/2055 <sup>(h)</sup> |  | 616 | 633 |
| Freddie Mac Pool #RJ4529 6.00% 5/1/2055 <sup>(h)</sup> |  | 190 | 195 |
| Freddie Mac Pool #QY5967 4.00% 6/1/2055 <sup>(h)</sup> |  | 1558 | 1479 |
| Freddie Mac Pool #RQ0010 4.00% 6/1/2055 <sup>(h)</sup> |  | 526 | 499 |
| Freddie Mac Pool #RQ0013 5.50% 6/1/2055 <sup>(h)</sup> |  | 75 | 76 |
| Freddie Mac Pool #RQ0015 6.50% 6/1/2055 <sup>(h)</sup> |  | 7332 | 7621 |
| Freddie Mac Pool #RQ0024 4.00% 7/1/2055 <sup>(h)</sup> |  | 331 | 314 |
| Freddie Mac Pool #RQ0026 5.00% 7/1/2055 <sup>(h)</sup> |  | 3943 | 3935 |
| Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(h)</sup> |  | 4154 | 4214 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(h)(j)</sup> |  | 90173 | 92616 |
| Freddie Mac Pool #QY7786 6.00% 7/1/2055 <sup>(h)</sup> |  | 415 | 427 |
| Freddie Mac Pool #SL1959 6.50% 7/1/2055 <sup>(h)</sup> |  | 1072 | 1115 |
| Freddie Mac Pool #RQ0041 6.00% 8/1/2055 <sup>(h)</sup> |  | 2884 | 2962 |
| Freddie Mac Pool #RQ0049 5.50% 9/1/2055 <sup>(h)</sup> |  | 297 | 301 |
| Freddie Mac Pool #RQ0050 6.00% 9/1/2055 <sup>(h)</sup> |  | 253 | 260 |
| Freddie Mac Pool #RQ0061 4.00% 11/1/2055 <sup>(h)</sup> |  | 1706 | 1619 |
| Freddie Mac, Series T041, Class 3A, 4.449% 7/25/2032 <sup>(h)(i)</sup> |  | 139 | 129 |
| Freddie Mac, Series K755, Class A2, Multi Family, 5.203% 2/25/2031 <sup>(h)</sup> |  | 10192 | 10682 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(h)</sup> |  | 1948 | 1862 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HA, 3.25% 7/25/2056 <sup>(h)(i)</sup> |  | 833 | 804 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(h)</sup> |  | 3860 | 3666 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(h)(i)</sup> |  | 3708 | 3540 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057 <sup>(h)(i)</sup> |  | 737 | 674 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/2057 <sup>(h)</sup> |  | 614 | 561 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(h)(i)</sup> |  | 1159 | 1139 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/2057 <sup>(h)</sup> |  | 1582 | 1425 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/26/2058 <sup>(h)</sup> |  | 6428 | 6267 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/2059 <sup>(h)</sup> |  | 3766 | 3548 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(h)</sup> |  | 1503 | 1481 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A1, 3.50% 5/25/2029 <sup>(h)</sup> |  | 2920 | 2874 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A2, 3.50% 5/25/2029 <sup>(h)</sup> |  | 2455 | 2396 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/2029 <sup>(h)</sup> |  | 1831 | 1742 |
| Government National Mortgage Assn. Pool #BD7245 4.00% 1/20/2048 <sup>(h)</sup> |  | 269 | 255 |
| Government National Mortgage Assn. Pool #MA5652 4.50% 12/20/2048 <sup>(h)</sup> |  | 241 | 239 |
| Government National Mortgage Assn. Pool #MA6602 4.50% 4/20/2050 <sup>(h)</sup> |  | 144 | 142 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **108** |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(h)</sup> | USD | 6356 | $5271 |
| Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(h)</sup> |  | 63574 | 52712 |
| Government National Mortgage Assn. Pool #MA7259 4.50% 3/20/2051 <sup>(h)</sup> |  | 1236 | 1226 |
| Government National Mortgage Assn. Pool #MA7316 4.50% 4/20/2051 <sup>(h)</sup> |  | 344 | 342 |
| Government National Mortgage Assn. Pool #MA7827 2.50% 1/20/2052 <sup>(h)</sup> |  | 132 | 114 |
| Government National Mortgage Assn. Pool #MA7881 2.50% 2/20/2052 <sup>(h)</sup> |  | 18684 | 16136 |
| Government National Mortgage Assn. Pool #MA7936 2.50% 3/20/2052 <sup>(h)</sup> |  | 4536 | 3918 |
| Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(h)</sup> |  | 17043 | 15345 |
| Government National Mortgage Assn. Pool #MA7987 2.50% 4/20/2052 <sup>(h)</sup> |  | 733 | 633 |
| Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(h)</sup> |  | 12969 | 11676 |
| Government National Mortgage Assn. Pool #MA8099 3.50% 6/20/2052 <sup>(h)</sup> |  | 122 | 112 |
| Government National Mortgage Assn. Pool #MA8197 2.50% 8/20/2052 <sup>(h)</sup> |  | 771 | 669 |
| Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(h)</sup> |  | 600 | 554 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(h)</sup> |  | 9110 | 8671 |
| Government National Mortgage Assn. Pool #MA8425 3.50% 11/20/2052 <sup>(h)</sup> |  | 28825 | 26445 |
| Government National Mortgage Assn. Pool #MA8485 2.50% 12/20/2052 <sup>(h)</sup> |  | 2027 | 1753 |
| Government National Mortgage Assn. Pool #MA8642 2.50% 2/20/2053 <sup>(h)</sup> |  | 1747 | 1512 |
| Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/2053 <sup>(h)</sup> |  | 2799 | 2742 |
| Government National Mortgage Assn. Pool #MA9104 4.50% 8/20/2053 <sup>(h)</sup> |  | 23698 | 23224 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(h)</sup> |  | 5029 | 4780 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(h)</sup> |  | 1995 | 1489 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(h)(k)</sup> |  | 1152 | 932 |
| Uniform Mortgage-Backed Security 3.00% 1/1/2056 <sup>(h)(k)</sup> |  | 4130 | 3654 |
| Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(h)(k)</sup> |  | 1189 | 1099 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2056 <sup>(h)(k)</sup> |  | 14723 | 13967 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(h)(k)</sup> |  | 4947 | 4830 |
| Uniform Mortgage-Backed Security 6.00% 1/1/2056 <sup>(h)(k)</sup> |  | 29825 | 30627 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(h)(k)</sup> |  | 9035 | 9391 |
| Uniform Mortgage-Backed Security 2.00% 2/1/2056 <sup>(h)(k)</sup> |  | 10503 | 8490 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(h)(k)</sup> |  | 113416 | 104506 |
|  |  |  | 2549588 |
| **Commercial mortgage-backed securities 0.76%** |  |  |  |
| Bank Commercial Mortgage Trust, Series 2022-BNK43, Class A5, 4.399% 8/15/2055 <sup>(h)</sup> |  | 1400 | 1376 |
| Bank Commercial Mortgage Trust, Series 2023-BNK45, Class A5, 5.203% 2/15/2056 <sup>(h)</sup> |  | 645 | 660 |
| Bank Commercial Mortgage Trust, Series 2023-5YR4, Class A3, 6.50% 12/15/2056 <sup>(h)</sup> |  | 5368 | 5651 |
| Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/2056 <sup>(h)(i)</sup> |  | 857 | 914 |
| Bank Commercial Mortgage Trust, Series 2024-5YR9, Class A3, 5.614% 8/15/2057 <sup>(h)</sup> |  | 4615 | 4806 |
| Bank Commercial Mortgage Trust, Series 2024-5YR8, Class A3, 5.884% 8/15/2057 <sup>(h)</sup> |  | 1380 | 1446 |
| Bank Commercial Mortgage Trust, Series 2024-5YR12, Class A3, 5.902% 12/15/2057 <sup>(h)(i)</sup> |  | 4062 | 4274 |
| Bank Commercial Mortgage Trust, Series 2024-5YR12, Class AS, 6.122% 12/15/2057 <sup>(h)(i)</sup> |  | 1914 | 2003 |
| Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/2063 <sup>(h)</sup> |  | 2909 | 2672 |
| Barclays Commercial Mortgage Securities, LLC, Series 2022-C16, Class A5, 4.60% 6/15/2055 <sup>(h)(i)</sup> |  | 490 | 487 |
| Barclays Commercial Mortgage Securities, LLC, Series 2023-C19, Class A5, 5.451% 4/15/2056 <sup>(h)</sup> |  | 3006 | 3120 |
| Barclays Commercial Mortgage Securities, LLC, Series 2023-C21, Class A5, 6.00% 9/15/2056 <sup>(h)(i)</sup> |  | 1792 | 1930 |
| Barclays Commercial Mortgage Securities, LLC, Series 2024-5C31, Class AS, 5.852% 12/15/2057 <sup>(h)(i)</sup> |  | 1828 | 1896 |
| Benchmark Mortgage Trust, Series 2018-B2, Class A4, 3.615% 2/15/2051 <sup>(h)</sup> |  | 1000 | 991 |
| Benchmark Mortgage Trust, Series 2020-B17, Class A5, 2.289% 3/15/2053 <sup>(h)</sup> |  | 2960 | 2679 |
| Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 5/15/2053 <sup>(h)(i)</sup> |  | 750 | 754 |
| Benchmark Mortgage Trust, Series 2024-V9, Class A3, 5.602% 8/15/2057 <sup>(h)</sup> |  | 2112 | 2196 |
| Benchmark Mortgage Trust, Series 2024-V9, Class AS, 6.064% 8/15/2057 <sup>(h)(i)</sup> |  | 590 | 615 |
| Benchmark Mortgage Trust, Series 2024-V10, Class A3, 5.277% 9/15/2057 <sup>(h)</sup> |  | 618 | 637 |
| BMO Mortgage Trust, Series 2022-C2, Class A5, 4.974% 7/15/2054 <sup>(h)(i)</sup> |  | 1750 | 1776 |
| BMO Mortgage Trust, Series 2023-C5, Class A5, 5.765% 6/15/2056 <sup>(h)</sup> |  | 1117 | 1171 |
| BMO Mortgage Trust, Series 2024-5C8, Class A3, 5.625% 12/15/2057 <sup>(h)(i)</sup> |  | 6990 | 7282 |
| BMO Mortgage Trust, Series 2024-5C8, Class AS, 5.94% 12/15/2057 <sup>(h)(i)</sup> |  | 1450 | 1508 |
| BMO Mortgage Trust, Series 2025-5C9, Class A3, 5.779% 4/15/2058 <sup>(h)(i)</sup> |  | 3334 | 3493 |

---

---

| | |
|:---|:---|
| **109** | American Funds Insurance Series |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Commercial mortgage-backed securities (continued)** |  |  |  |
| BOCA Commercial Mortgage Trust, Series 2025-BOCA, Class A, (1-month USD CME Term SOFR + 1.60%) 5.45% 12/15/2042 <sup>(f)(h)(i)</sup> | USD | 3083 | $3092 |
| BX Trust, Series 2021-SDMF, Class A, (1-month USD CME Term SOFR + 0.703%) 4.454% 9/15/2034 <sup>(f)(h)(i)</sup> |  | 5525 | 5513 |
| BX Trust, Series 2021-ACNT, Class A, (1-month USD CME Term SOFR + 0.964%) 4.715% 11/15/2038 <sup>(f)(h)(i)</sup> |  | 4099 | 4097 |
| BX Trust, Series 2022-AHP, Class A, (1-month USD CME Term SOFR + 0.99%) 4.74% 1/17/2039 <sup>(f)(h)(i)</sup> |  | 6334 | 6332 |
| BX Trust, Series 2024-CNYN, Class A, (1-month USD CME Term SOFR + 1.442%) 5.192% 4/15/2041 <sup>(f)(h)(i)</sup> |  | 4009 | 4017 |
| BX Trust, Series 2024-BIO2, Class A, 5.413% 8/13/2041 <sup>(f)(h)(i)</sup> |  | 11410 | 11577 |
| BX Trust, Series 2024-AIRC, Class A, (1-month USD CME Term SOFR + 1.691%) 5.442% 8/15/2041 <sup>(f)(h)(i)</sup> |  | 7395 | 7419 |
| CALI Mortgage Trust, Series 24-SUN, Class A, (1-month USD CME Term SOFR + 1.89%) 5.641% 7/15/2041 <sup>(f)(h)(i)</sup> |  | 1153 | 1156 |
| CALI Mortgage Trust, Series 24-SUN, Class B, (1-month USD CME Term SOFR + 2.34%) 6.091% 7/15/2041 <sup>(f)(h)(i)</sup> |  | 1414 | 1420 |
| CART, Series 2024-DFW1, Class A, (1-month USD CME Term SOFR + 1.642%) 5.392% 8/15/2041 <sup>(f)(h)(i)</sup> |  | 5162 | 5161 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(f)(h)(i)</sup> |  | 3606 | 3718 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class A, 6.314% 9/12/2040 <sup>(f)(h)</sup> |  | 3677 | 3789 |
| Durst Commercial Mortgage Trust, Series 2025-151, Class A, 5.317% 8/10/2042 <sup>(f)(h)(i)</sup> |  | 5942 | 6067 |
| Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) 5.20% 12/15/2039 <sup>(f)(h)(i)</sup> |  | 2748 | 2757 |
| Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 12/10/2040 <sup>(f)(h)</sup> |  | 3795 | 3409 |
| Great Wolf Trust, Series 2024-WLF2, Class A, (1-month USD CME Term SOFR + 1.691%) 5.441% 5/15/2041 <sup>(f)(h)(i)</sup> |  | 8302 | 8335 |
| GS Mortgage Securities Trust, Series 2023-SHIP, Class B, 4.936% 9/10/2038 <sup>(f)(h)(i)</sup> |  | 1214 | 1215 |
| GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/2053 <sup>(h)</sup> |  | 2489 | 2292 |
| Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.143% 3/15/2042 <sup>(f)(h)(i)</sup> |  | 2059 | 2064 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.462% 2/5/2045 <sup>(f)(h)(i)</sup> |  | 5246 | 5445 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.467% 1/13/2040 <sup>(f)(h)(i)</sup> |  | 10151 | 10533 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/2039 <sup>(f)(h)</sup> |  | 1522 | 1378 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.377% 1/5/2039 <sup>(f)(h)</sup> |  | 578 | 523 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.45% 1/5/2039 <sup>(f)(h)(i)</sup> |  | 100 | 84 |
| JW Commercial Mortgage Trust 2024-MRCO, Series 2024-BERY, Class A, (1-month USD CME Term SOFR + 1.593%) 5.343% 11/15/2039 <sup>(f)(h)(i)</sup> |  | 1960 | 1966 |
| Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13% 9/10/2039 <sup>(f)(h)</sup> |  | 13772 | 13256 |
| Morgan Stanley Capital I Trust, Series 2022-L8, Class A5, 3.791% 4/15/2055 <sup>(h)(i)</sup> |  | 370 | 349 |
| Multifamily Connecticut Avenue Securities, Series 2025-01, Class M1, (30-day Average USD-SOFR + 2.40%) 6.274% 5/25/2055 <sup>(f)(h)(i)</sup> |  | 577 | 580 |
| NYC Commercial Mortgage Trust, Series 2025-28L, Class A, 4.668% 11/5/2038 <sup>(f)(h)(i)</sup> |  | 627 | 629 |
| SCG Hotel Issuer, Inc., Series 2025-SNIP, Class A, 5.25% 9/15/2042 <sup>(f)(h)(i)</sup> |  | 1543 | 1548 |
| SDR Commercial Mortgage Trust, Series 2024-DSNY, Class A, (1-month USD CME Term SOFR + 1.392%) 5.142% 5/15/2039 <sup>(f)(h)(i)</sup> |  | 3964 | 3963 |
| SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/2041 <sup>(f)(h)</sup> |  | 2194 | 1964 |
| SREIT Trust, Series 2021-MFP, Class A, (1-month USD CME Term SOFR + 0.845%) 4.595% 11/15/2038 <sup>(f)(h)(i)</sup> |  | 4033 | 4032 |
| StorageMart Commercial Mortgage Trust, Series 2022-MINI, Class A, (1-month USD CME Term SOFR + 1.00%) 4.75% 1/15/2039 <sup>(f)(h)(i)</sup> |  | 10709 | 10712 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) 5.193% 2/15/2042 <sup>(f)(h)(i)</sup> |  | 9322 | 9250 |
| Wells Fargo Commercial Mortgage Trust, Series 2025-1918, Class A, 5.761% 9/15/2040 <sup>(f)(h)(i)</sup> |  | 345 | 349 |
| Wells Fargo Commercial Mortgage Trust, Series 2022-C62, Class A4, 4.00% 4/15/2055 <sup>(h)(i)</sup> |  | 1620 | 1553 |
| Wells Fargo Commercial Mortgage Trust, Series 2024-5C1, Class AS, 6.52% 7/15/2057 <sup>(h)</sup> |  | 430 | 451 |
| WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, (1-month USD CME Term SOFR + 2.789%) 6.539% 11/15/2027 <sup>(f)(h)(i)</sup> |  | 5000 | 5040 |
|  |  |  | 211372 |
| **Collateralized mortgage-backed obligations (privately originated) 0.25%** |  |  |  |
| Angel Oak Mortgage Trust, Series 2024-7, Class A1, 5.621% 5/25/2069 (6.621% on 7/1/2028) <sup>(f)(h)(l)</sup> |  | 5331 | 5374 |
| Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048 <sup>(f)(h)(i)</sup> |  | 563 | 510 |
| BRAVO Residential Funding Trust, Series 2025-NQM5, Class A1, 5.496% 2/25/2065 (6.496% on 5/1/2027) <sup>(f)(h)(l)</sup> |  | 461 | 465 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **110** |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |  |
| Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00% 10/25/2054 <sup>(f)(h)(i)</sup> | USD | 5105 | $5011 |
| CIM Trust, Series 2025-R1, Class A1, 5.00% 2/25/2099 (8.00% on 3/1/2028) <sup>(f)(h)(l)</sup> |  | 1487 | 1483 |
| COLT Funding, LLC, Series 2024-INV3, Class A1, 5.443% 9/25/2069 (6.443% on 8/1/2028) <sup>(f)(h)(l)</sup> |  | 2457 | 2474 |
| CS First Boston Mortgage Securities Corp., Series 2004-5, Class IVA1, 6.00% 9/25/2034 <sup>(h)</sup> |  | 104 | 106 |
| Finance of America Structured Securities Trust, Series 2025-PC1, Class A1, 4.50% 5/25/2075 <sup>(f)(h)</sup> |  | 6393 | 6198 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average USD-SOFR + 2.15%) 6.024% 9/25/2042 <sup>(f)(h)(i)</sup> |  | 180 | 181 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA2, Class A1, (30-day Average USD-SOFR + 1.25%) 5.124% 5/25/2044 <sup>(f)(h)(i)</sup> |  | 3385 | 3399 |
| Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/2026 <sup>(f)(h)</sup> |  | 3062 | 2999 |
| IRV Trust, Series 2025-200P, Class A, 5.295% 3/14/2047 <sup>(f)(h)(i)</sup> |  | 6890 | 7081 |
| MASTR Alternative Loan Trust, Series 2004-2, Class 2A1, 6.00% 2/25/2034 <sup>(h)</sup> |  | 180 | 180 |
| MFRA Trust, Series 2025-NQM3, Class A1, 5.261% 8/25/2070 (6.261% on 7/1/2029) <sup>(f)(h)(l)</sup> |  | 1943 | 1950 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2024-NQM2, Class A1, 6.386% 5/25/2069 (7.386% on 5/1/2028) <sup>(f)(h)(l)</sup> |  | 2073 | 2101 |
| Onslow Bay Financial Mortgage Loan Trust, Series 2025-NQM8, Class A1, 5.472% 3/25/2065 (6.472% on 5/1/2029) <sup>(f)(h)(l)</sup> |  | 567 | 572 |
| Onslow Bay Financial, LLC, Series 2022-NQM6, Class A1, 4.70% 7/25/2062 (5.70% on 6/1/2026) <sup>(f)(h)(l)</sup> |  | 4261 | 4237 |
| Onslow Bay Financial, LLC, Series 2025-NQM14, Class A1A, 5.162% 7/25/2065 (6.162% on 7/1/2029) <sup>(f)(h)(l)</sup> |  | 1833 | 1843 |
| Progress Residential Trust, Series 2021-SFR6, Class A, 1.524% 7/17/2038 <sup>(f)(h)</sup> |  | 2436 | 2405 |
| Progress Residential Trust, Series 2025-SFR3, Class A, 3.39% 7/17/2042 <sup>(f)(h)</sup> |  | 2635 | 2513 |
| Starwood Mortgage Residential Trust, Series 2024-SFR4, Class A, (1-month USD CME Term SOFR + 1.75%) 5.50% 10/17/2041 <sup>(f)(h)(i)</sup> |  | 4921 | 4941 |
| Starwood Mortgage Residential Trust, Series 2025-SFR5, Class A, (1-month USD CME Term SOFR + 1.45%) 5.201% 2/17/2042 <sup>(f)(h)(i)</sup> |  | 674 | 675 |
| Towd Point Mortgage Trust, Series 2023-1, Class A1, 3.75% 1/25/2063 <sup>(f)(h)</sup> |  | 2312 | 2250 |
| Verus Securitization Trust, Series 2025-R1, Class A1, 5.402% 5/25/2065 (6.402% on 7/1/2029) <sup>(f)(h)(l)</sup> |  | 1048 | 1056 |
| Verus Securitization Trust, Series 2023-5, Class A5, 6.476% 6/25/2068 (7.476% on 6/1/2027) <sup>(f)(h)(l)</sup> |  | 1616 | 1623 |
| Verus Securitization Trust, Series 2024-R1, Class A1, 5.218% 9/25/2069 <sup>(f)(h)(i)</sup> |  | 1754 | 1757 |
| Verus Securitization Trust, Series 2025-5, Class A1, 5.427% 6/25/2070 (6.427% on 6/1/2029) <sup>(f)(h)(l)</sup> |  | 1104 | 1114 |
| Verus Securitization Trust, Series 2025-7, Class A1, 5.129% 8/25/2070 (6.129% on 8/1/2029) <sup>(f)(h)(l)</sup> |  | 492 | 494 |
| Verus Securitization Trust, Series 2025-8, Class A1A, 4.869% 9/25/2070 (5.869% on 9/1/2029) <sup>(f)(h)(l)</sup> |  | 2504 | 2507 |
|  |  |  | 67499 |
| **Total mortgage-backed obligations** |  |  | 2828459 |
| **U.S. Treasury bonds & notes 8.24%** |  |  |  |
| **U.S. Treasury 8.20%** |  |  |  |
| U.S. Treasury 0.50% 2/28/2026 |  | 42515 | 42299 |
| U.S. Treasury 4.625% 2/28/2026 |  | 1878 | 1881 |
| U.S. Treasury 3.625% 5/15/2026 |  | 1071 | 1071 |
| U.S. Treasury 4.625% 6/30/2026 |  | 17210 | 17301 |
| U.S. Treasury 4.125% 2/15/2027 |  | 1258 | 1266 |
| U.S. Treasury 2.625% 5/31/2027 |  | 96250 | 95098 |
| U.S. Treasury 0.50% 6/30/2027 |  | 28098 | 26887 |
| U.S. Treasury 3.75% 6/30/2027 |  | 18100 | 18170 |
| U.S. Treasury 4.125% 9/30/2027 |  | 90000 | 90969 |
| U.S. Treasury 3.375% 11/30/2027 |  | 118 | 118 |
| U.S. Treasury 4.00% 12/15/2027 |  | 40000 | 40391 |
| U.S. Treasury 3.375% 12/31/2027 |  | 233676 | 233229 |
| U.S. Treasury 4.00% 2/29/2028 |  | 46200 | 46687 |
| U.S. Treasury 3.625% 3/31/2028 |  | 9 | 9 |
| U.S. Treasury 3.50% 4/30/2028 |  | 5600 | 5599 |
| U.S. Treasury 3.50% 12/15/2028 |  | 66245 | 66170 |
| U.S. Treasury 4.00% 1/31/2029 |  | 8844 | 8958 |
| U.S. Treasury 2.875% 4/30/2029 |  | 50000 | 48902 |
| U.S. Treasury 4.25% 6/30/2029 |  | 28885 | 29502 |
| U.S. Treasury 4.00% 3/31/2030 |  | 83865 | 84946 |
| U.S. Treasury 0.625% 5/15/2030 |  | 9358 | 8214 |

---

---

| | |
|:---|:---|
| **111** | American Funds Insurance Series |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |  |
| **U.S. Treasury (continued)** |  |  |  |
| U.S. Treasury 3.875% 6/30/2030 | USD | 21920 | $22087 |
| U.S. Treasury 4.00% 7/31/2030 |  | 8160 | 8265 |
| U.S. Treasury 4.875% 10/31/2030 |  | 35491 | 37293 |
| U.S. Treasury 3.50% 11/30/2030 |  | 7890 | 7813 |
| U.S. Treasury 3.625% 12/31/2030 |  | 426135 | 424188 |
| U.S. Treasury 4.25% 6/30/2031 |  | 17165 | 17561 |
| U.S. Treasury 2.875% 5/15/2032 |  | 50000 | 47164 |
| U.S. Treasury 4.00% 6/30/2032 |  | 17325 | 17435 |
| U.S. Treasury 4.125% 11/15/2032 |  | 648 | 656 |
| U.S. Treasury 3.875% 12/31/2032 |  | 97124 | 96737 |
| U.S. Treasury 3.50% 2/15/2033 |  | 27034 | 26284 |
| U.S. Treasury 3.875% 8/15/2033 <sup>(j)</sup> |  | 114911 | 114031 |
| U.S. Treasury 4.375% 5/15/2034 |  | 14285 | 14611 |
| U.S. Treasury 4.25% 11/15/2034 |  | 2075 | 2098 |
| U.S. Treasury 4.00% 11/15/2035 |  | 126327 | 124610 |
| U.S. Treasury 1.375% 11/15/2040 |  | 51338 | 33394 |
| U.S. Treasury 1.75% 8/15/2041 |  | 24960 | 16877 |
| U.S. Treasury 2.00% 11/15/2041 |  | 1058 | 740 |
| U.S. Treasury 4.625% 5/15/2044 |  | 14927 | 14680 |
| U.S. Treasury 5.00% 5/15/2045 |  | 3325 | 3418 |
| U.S. Treasury 4.625% 11/15/2045 |  | 100612 | 98443 |
| U.S. Treasury 2.50% 2/15/2046 |  | 3365 | 2347 |
| U.S. Treasury 3.00% 5/15/2047 |  | 8383 | 6305 |
| U.S. Treasury 3.00% 2/15/2048 |  | 301 | 225 |
| U.S. Treasury 2.25% 2/15/2052 |  | 72025 | 43815 |
| U.S. Treasury 4.00% 11/15/2052 |  | 5700 | 4953 |
| U.S. Treasury 3.625% 2/15/2053 <sup>(j)</sup> |  | 121025 | 98188 |
| U.S. Treasury 3.625% 5/15/2053 |  | 18989 | 15393 |
| U.S. Treasury 4.25% 2/15/2054 |  | 17191 | 15578 |
| U.S. Treasury 4.25% 8/15/2054 |  | 37315 | 33817 |
| U.S. Treasury 4.625% 2/15/2055 |  | 6175 | 5961 |
| U.S. Treasury 4.75% 8/15/2055 |  | 46670 | 45984 |
|  |  |  | 2268618 |
| **U.S. Treasury inflation-protected securities 0.04%** |  |  |  |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2030 <sup>(m)</sup> |  | 12655 | 12008 |
| **Total U.S. Treasury bonds & notes** |  |  | 2280626 |
| **Corporate bonds and notes 7.15%** |  |  |  |
| **Financials 1.38%** |  |  |  |
| AerCap Ireland Capital DAC 2.45% 10/29/2026 |  | 4890 | 4825 |
| AG Issuer, LLC 6.25% 3/1/2028 <sup>(f)</sup> |  | 4470 | 4505 |
| Alliant Holdings Intermediate, LLC 4.25% 10/15/2027 <sup>(f)</sup> |  | 1940 | 1936 |
| Alliant Holdings Intermediate, LLC 5.875% 11/1/2029 <sup>(f)</sup> |  | 2295 | 2305 |
| Ally Financial, Inc. 8.00% 11/1/2031 |  | 2688 | 3054 |
| American Express Co. 6.489% 10/30/2031 (USD-SOFR + 1.94% on 10/30/2030) <sup>(l)</sup> |  | 2407 | 2630 |
| American Express Co. 5.442% 1/30/2036 (USD-SOFR + 1.32% on 1/30/2035) <sup>(l)</sup> |  | 2885 | 2998 |
| American International Group, Inc. 5.125% 3/27/2033 |  | 2187 | 2252 |
| American International Group, Inc. 5.45% 5/7/2035 |  | 530 | 552 |
| AmWINS Group, Inc. 4.875% 6/30/2029 <sup>(f)</sup> |  | 1348 | 1327 |
| Aon North America, Inc. 5.45% 3/1/2034 |  | 600 | 624 |
| Ardonagh Group Finance, Ltd. 8.875% 2/15/2032 <sup>(f)</sup> |  | 2415 | 2520 |
| Aretec Group, Inc. 7.50% 4/1/2029 <sup>(f)</sup> |  | 1250 | 1261 |
| Arthur J. Gallagher & Co. 5.15% 2/15/2035 |  | 3194 | 3229 |
| Arthur J. Gallagher & Co. 5.55% 2/15/2055 |  | 567 | 545 |
| Asurion, LLC 8.00% 12/31/2032 <sup>(f)</sup> |  | 3600 | 3737 |
| Athene Holding, Ltd. 6.625% 5/19/2055 |  | 770 | 785 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **112** |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Financials (continued)** |  |  |  |
| Bangkok Bank Public Co., Ltd. 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029) <sup>(l)</sup> | USD | 2176 | $2066 |
| Bank of America Corp. 2.087% 6/14/2029 (USD-SOFR + 1.06% on 6/14/2028) <sup>(l)</sup> |  | 485 | 463 |
| Bank of America Corp. 5.819% 9/15/2029 (USD-SOFR + 1.57% on 9/15/2028) <sup>(l)</sup> |  | 5533 | 5776 |
| Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030) <sup>(l)</sup> |  | 1000 | 895 |
| Bank of America Corp. 5.288% 4/25/2034 (USD-SOFR + 1.91% on 4/25/2033) <sup>(l)</sup> |  | 4064 | 4185 |
| Bank of Montreal 4.10% 12/15/2027 (USD-SOFR + 0.525% on 12/15/2026) <sup>(l)</sup> |  | 2000 | 2005 |
| BBVA Bancomer SA 7.625% 2/11/2035 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.375% on 2/11/2030) <sup>(f)(l)</sup> |  | 2220 | 2337 |
| Berkshire Hathaway, Inc. 3.125% 3/15/2026 |  | 448 | 447 |
| Blackstone Private Credit Fund 5.95% 7/16/2029 |  | 8721 | 8902 |
| Blackstone Private Credit Fund 6.00% 11/22/2034 |  | 2020 | 2041 |
| Block, Inc. 5.625% 8/15/2030 <sup>(f)</sup> |  | 2110 | 2154 |
| Block, Inc. 3.50% 6/1/2031 |  | 2325 | 2187 |
| Blue Owl Credit Income Corp. 4.70% 2/8/2027 |  | 1230 | 1226 |
| Blue Owl Credit Income Corp. 6.65% 3/15/2031 |  | 800 | 825 |
| BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028) <sup>(f)(l)</sup> |  | 2535 | 2400 |
| Boost Newco Borrower, LLC 7.50% 1/15/2031 <sup>(f)</sup> |  | 1150 | 1223 |
| BPCE SA 5.876% 1/14/2031 (USD-SOFR + 1.68% on 1/14/2030) <sup>(f)(l)</sup> |  | 8155 | 8527 |
| Brown & Brown, Inc. 4.60% 12/23/2026 |  | 1250 | 1257 |
| Brown & Brown, Inc. 5.25% 6/23/2032 |  | 358 | 367 |
| Brown & Brown, Inc. 5.55% 6/23/2035 |  | 7665 | 7864 |
| Brown & Brown, Inc. 6.25% 6/23/2055 |  | 5952 | 6197 |
| CaixaBank SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028) <sup>(f)(l)</sup> |  | 938 | 975 |
| Chubb INA Holdings, LLC 3.35% 5/3/2026 |  | 880 | 878 |
| Chubb INA Holdings, LLC 5.00% 3/15/2034 |  | 4623 | 4731 |
| Chubb INA Holdings, LLC 4.90% 8/15/2035 |  | 600 | 603 |
| Chubb INA Holdings, LLC 4.35% 11/3/2045 |  | 400 | 350 |
| Cipher Compute, LLC 7.125% 11/15/2030 <sup>(f)</sup> |  | 1845 | 1881 |
| Citibank, NA 4.914% 5/29/2030 |  | 4825 | 4965 |
| Citigroup, Inc. 4.786% 3/4/2029 (USD-SOFR + 0.87% on 3/4/2028) <sup>(l)</sup> |  | 6497 | 6591 |
| Citigroup, Inc. 5.174% 2/13/2030 (USD-SOFR + 1.364% on 2/13/2029) <sup>(l)</sup> |  | 2242 | 2301 |
| Citigroup, Inc. 4.542% 9/19/2030 (USD-SOFR + 1.338% on 9/19/2029) <sup>(l)</sup> |  | 4257 | 4294 |
| Citigroup, Inc. 2.572% 6/3/2031 (USD-SOFR + 2.107% on 6/3/2030) <sup>(l)</sup> |  | 53 | 49 |
| Citigroup, Inc. 2.52% 11/3/2032 (USD-SOFR + 1.177% on 11/3/2031) <sup>(l)</sup> |  | 2506 | 2246 |
| Citigroup, Inc. 6.02% 1/24/2036 (USD-SOFR + 1.83% on 1/24/2035) <sup>(l)</sup> |  | 1299 | 1361 |
| Citigroup, Inc. 5.333% 3/27/2036 (USD-SOFR + 1.465% on 3/27/2035) <sup>(l)</sup> |  | 1551 | 1587 |
| CME Group, Inc. 3.75% 6/15/2028 |  | 3069 | 3074 |
| Coinbase Global, Inc. 3.375% 10/1/2028 <sup>(f)</sup> |  | 6514 | 6211 |
| Coinbase Global, Inc. 3.625% 10/1/2031 <sup>(f)</sup> |  | 5766 | 5145 |
| Corebridge Financial, Inc. 3.65% 4/5/2027 |  | 914 | 909 |
| Corebridge Financial, Inc. 3.85% 4/5/2029 |  | 556 | 547 |
| Corebridge Financial, Inc. 3.90% 4/5/2032 |  | 315 | 299 |
| Corebridge Financial, Inc. 4.35% 4/5/2042 |  | 182 | 156 |
| Corebridge Financial, Inc. 4.40% 4/5/2052 |  | 438 | 356 |
| Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027) <sup>(l)</sup> |  | 6650 | 6542 |
| Deutsche Bank AG 5.706% 2/8/2028 (USD-SOFR + 1.594% on 2/8/2027) <sup>(l)</sup> |  | 1109 | 1127 |
| Deutsche Bank AG 6.72% 1/18/2029 (USD-SOFR + 3.18% on 1/18/2028) <sup>(l)</sup> |  | 2016 | 2111 |
| Deutsche Bank AG 6.819% 11/20/2029 (USD-SOFR + 2.51% on 11/20/2028) <sup>(l)</sup> |  | 750 | 801 |
| Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030) <sup>(l)</sup> |  | 300 | 286 |
| Freedom Mortgage Holdings, LLC 6.875% 5/1/2031 <sup>(f)</sup> |  | 3600 | 3604 |
| Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026) <sup>(l)</sup> |  | 1970 | 1937 |
| Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027) <sup>(l)</sup> |  | 3584 | 3529 |
| Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(l)</sup> |  | 1375 | 1437 |
| Goldman Sachs Group, Inc. 4.692% 10/23/2030 (USD-SOFR + 1.135% on 10/23/2029) <sup>(l)</sup> |  | 2184 | 2214 |
| Goldman Sachs Group, Inc. 4.369% 10/21/2031 (USD-SOFR + 1.06% on 10/21/2030) <sup>(l)</sup> |  | 5033 | 5022 |
| Goldman Sachs Group, Inc. 4.939% 10/21/2036 (USD-SOFR + 1.33% on 10/21/2035) <sup>(l)</sup> |  | 1443 | 1433 |
| Goldman Sachs Group, Inc. 3.21% 4/22/2042 (USD-SOFR + 1.513% on 4/22/2041) <sup>(l)</sup> |  | 1792 | 1389 |
| HSBC Holdings PLC 2.804% 5/24/2032 (USD-SOFR + 1.187% on 5/24/2031) <sup>(l)</sup> |  | 937 | 858 |
| HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031) <sup>(l)</sup> |  | 873 | 794 |

---

---

| | |
|:---|:---|
| **113** | American Funds Insurance Series |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Financials (continued)** |  |  |  |
| HSBC Holdings PLC 5.45% 3/3/2036 (USD-SOFR + 1.56% on 3/3/2035) <sup>(l)</sup> | USD | 15084 | $15569 |
| HSBC Holdings PLC 5.79% 5/13/2036 (USD-SOFR + 1.88% on 5/13/2035) <sup>(l)</sup> |  | 809 | 855 |
| HSBC Holdings PLC 5.133% 11/6/2036 (USD-SOFR + 1.43% on 11/6/2035) <sup>(l)</sup> |  | 480 | 481 |
| HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043) <sup>(l)</sup> |  | 537 | 589 |
| HUB International, Ltd. 7.375% 1/31/2032 <sup>(f)</sup> |  | 690 | 725 |
| Intercontinental Exchange, Inc. 5.25% 6/15/2031 |  | 2020 | 2117 |
| Intesa Sanpaolo SpA 8.248% 11/21/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 4.40% on 11/21/2032) <sup>(f)(l)</sup> |  | 4122 | 4869 |
| ION Platform Finance US, Inc. 9.50% 5/30/2029 <sup>(f)</sup> |  | 560 | 568 |
| ION Platform Finance US, Inc. 7.875% 9/30/2032 <sup>(f)</sup> |  | 1485 | 1411 |
| Jane Street Group, LLC 6.75% 5/1/2033 <sup>(f)</sup> |  | 4700 | 4909 |
| Jefferson Capital Holdings, LLC 8.25% 5/15/2030 <sup>(f)</sup> |  | 330 | 347 |
| JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026) <sup>(l)</sup> |  | 2666 | 2659 |
| JPMorgan Chase & Co. 5.04% 1/23/2028 (USD-SOFR + 1.19% on 1/23/2027) <sup>(l)</sup> |  | 1066 | 1077 |
| JPMorgan Chase & Co. 4.323% 4/26/2028 (USD-SOFR + 1.56% on 4/26/2027) <sup>(l)</sup> |  | 1550 | 1557 |
| JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027) <sup>(l)</sup> |  | 3351 | 3395 |
| JPMorgan Chase & Co. 4.505% 10/22/2028 (USD-SOFR + 0.86% on 10/22/2027) <sup>(l)</sup> |  | 3630 | 3666 |
| JPMorgan Chase & Co. 6.087% 10/23/2029 (USD-SOFR + 1.57% on 10/23/2028) <sup>(l)</sup> |  | 4250 | 4478 |
| JPMorgan Chase & Co. 5.581% 4/22/2030 (USD-SOFR + 1.16% on 4/22/2029) <sup>(l)</sup> |  | 927 | 967 |
| JPMorgan Chase & Co. 4.603% 10/22/2030 (USD-SOFR + 1.04% on 10/22/2029) <sup>(l)</sup> |  | 4261 | 4322 |
| JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(l)</sup> |  | 2360 | 2105 |
| JPMorgan Chase & Co. 5.294% 7/22/2035 (USD-SOFR + 1.46% on 7/22/2034) <sup>(l)</sup> |  | 1081 | 1116 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(l)</sup> |  | 2931 | 3076 |
| Kasikornbank PCL (Hong Kong Branch) 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026) <sup>(l)</sup> |  | 1222 | 1207 |
| Marsh & McLennan Cos., Inc. 4.375% 3/15/2029 |  | 1705 | 1723 |
| Marsh & McLennan Cos., Inc. 4.85% 11/15/2031 |  | 7000 | 7184 |
| Marsh & McLennan Cos., Inc. 5.00% 3/15/2035 |  | 2250 | 2280 |
| Marsh & McLennan Cos., Inc. 4.90% 3/15/2049 |  | 719 | 652 |
| Marsh & McLennan Cos., Inc. 2.90% 12/15/2051 |  | 920 | 586 |
| Marsh & McLennan Cos., Inc. 5.40% 3/15/2055 |  | 2000 | 1927 |
| Mastercard, Inc. 4.35% 1/15/2032 |  | 551 | 554 |
| Mastercard, Inc. 4.85% 3/9/2033 |  | 258 | 265 |
| Metropolitan Life Global Funding I 5.15% 3/28/2033 <sup>(f)</sup> |  | 1600 | 1647 |
| Morgan Stanley 3.125% 7/27/2026 |  | 325 | 324 |
| Morgan Stanley 4.994% 4/12/2029 (USD-SOFR + 1.38% on 4/12/2028) <sup>(l)</sup> |  | 2013 | 2053 |
| Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028) <sup>(l)</sup> |  | 3995 | 4086 |
| Morgan Stanley 5.449% 7/20/2029 (USD-SOFR + 1.63% on 7/20/2028) <sup>(l)</sup> |  | 1547 | 1597 |
| Morgan Stanley 5.042% 7/19/2030 (USD-SOFR + 1.215% on 7/19/2029) <sup>(l)</sup> |  | 3121 | 3201 |
| Morgan Stanley 5.23% 1/15/2031 (USD-SOFR + 1.108% on 1/15/2030) <sup>(l)</sup> |  | 875 | 903 |
| Morgan Stanley 2.699% 1/22/2031 (USD-SOFR + 1.143% on 1/22/2030) <sup>(l)</sup> |  | 575 | 540 |
| Morgan Stanley 5.192% 4/17/2031 (USD-SOFR + 1.51% on 4/17/2030) <sup>(l)</sup> |  | 410 | 423 |
| Morgan Stanley 4.356% 10/22/2031 (USD-SOFR + 1.074% on 10/22/2030) <sup>(l)</sup> |  | 3906 | 3894 |
| Morgan Stanley 4.892% 10/22/2036 (USD-SOFR + 1.314% on 10/22/2035) <sup>(l)</sup> |  | 6468 | 6413 |
| Navient Corp. 6.75% 6/15/2026 |  | 150 | 152 |
| Navient Corp. 5.50% 3/15/2029 |  | 11105 | 11032 |
| Navient Corp. 11.50% 3/15/2031 |  | 4860 | 5447 |
| Navient Corp. 7.875% 6/15/2032 |  | 1095 | 1147 |
| New York Life Global Funding 2.35% 7/14/2026 <sup>(f)</sup> |  | 529 | 525 |
| New York Life Global Funding 4.55% 1/28/2033 <sup>(f)</sup> |  | 1132 | 1129 |
| Northwestern Mutual Global Funding 1.75% 1/11/2027 <sup>(f)</sup> |  | 2240 | 2194 |
| PayPal Holdings, Inc. 2.65% 10/1/2026 |  | 593 | 588 |
| PayPal Holdings, Inc. 2.30% 6/1/2030 |  | 552 | 511 |
| PennyMac Financial Services, Inc. 6.875% 2/15/2033 <sup>(f)</sup> |  | 1375 | 1436 |
| Planet Financial Group, LLC 10.50% 12/15/2029 <sup>(f)</sup> |  | 221 | 233 |
| PNC Bank, NA 4.543% 5/13/2027 (USD-SOFR + 0.63% on 5/13/2026) <sup>(l)</sup> |  | 1720 | 1723 |
| PNC Bank, NA 5.373% 7/21/2036 (USD-SOFR + 1.417% on 7/21/2035) <sup>(l)</sup> |  | 442 | 455 |
| PNC Financial Services Group, Inc. 5.575% 1/29/2036 (USD-SOFR + 1.394% on 1/29/2035) <sup>(l)</sup> |  | 596 | 622 |
| Power Finance Corp., Ltd. 5.25% 8/10/2028 |  | 383 | 392 |
| Power Finance Corp., Ltd. 6.15% 12/6/2028 |  | 350 | 368 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **114** |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Financials (continued)** |  |  |  |
| Power Finance Corp., Ltd. 4.50% 6/18/2029 | USD | 554 | $554 |
| Power Finance Corp., Ltd. 3.95% 4/23/2030 |  | 1213 | 1183 |
| Prudential Financial, Inc. 4.35% 2/25/2050 |  | 1976 | 1644 |
| Prudential Financial, Inc. 3.70% 3/13/2051 |  | 677 | 507 |
| Rocket Companies, Inc. 7.125% 2/1/2032 <sup>(f)</sup> |  | 1230 | 1295 |
| Rocket Mortgage, LLC 2.875% 10/15/2026 <sup>(f)</sup> |  | 2110 | 2081 |
| Rocket Mortgage, LLC 3.625% 3/1/2029 <sup>(f)</sup> |  | 1505 | 1455 |
| SLM Corp. 6.50% 1/31/2030 |  | 1460 | 1513 |
| Starwood Property Trust, Inc. 4.375% 1/15/2027 <sup>(f)</sup> |  | 3580 | 3560 |
| Starwood Property Trust, Inc. 5.25% 10/15/2028 <sup>(f)</sup> |  | 4650 | 4701 |
| Starwood Property Trust, Inc. 7.25% 4/1/2029 <sup>(f)</sup> |  | 970 | 1026 |
| Swiss Re Finance (Luxembourg) SA 5.00% 4/2/2049 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.582% on 4/2/2029) <sup>(f)(l)</sup> |  | 1000 | 1008 |
| Travelers Cos., Inc. 4.00% 5/30/2047 |  | 771 | 629 |
| Truist Bank 4.671% 5/20/2027 (USD-SOFR + 0.59% on 5/20/2026) <sup>(l)</sup> |  | 2000 | 2004 |
| Truist Financial Corp. 7.161% 10/30/2029 (USD-SOFR + 2.446% on 10/30/2028) <sup>(l)</sup> |  | 1677 | 1809 |
| Truist Financial Corp. 5.071% 5/20/2031 (USD-SOFR + 1.309% on 5/20/2030) <sup>(l)</sup> |  | 506 | 520 |
| U.S. Bancorp 2.375% 7/22/2026 |  | 3584 | 3558 |
| U.S. Bancorp 5.424% 2/12/2036 (USD-SOFR + 1.411% on 2/12/2035) <sup>(l)</sup> |  | 3808 | 3959 |
| UBS Group AG 3.869% 1/12/2029 (3-month USD CME Term SOFR + 1.672% on 1/12/2028) <sup>(f)(l)</sup> |  | 800 | 796 |
| UBS Group AG 5.428% 2/8/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.52% on 2/8/2029) <sup>(f)(l)</sup> |  | 3575 | 3699 |
| UniCredit SpA 4.625% 4/12/2027 <sup>(f)</sup> |  | 625 | 629 |
| Voyager Parent, LLC 9.25% 7/1/2032 <sup>(f)</sup> |  | 5950 | 6317 |
| Wells Fargo & Co. 5.707% 4/22/2028 (USD-SOFR + 1.07% on 4/22/2027) <sup>(l)</sup> |  | 6295 | 6426 |
| Wells Fargo & Co. 2.393% 6/2/2028 (USD-SOFR + 2.10% on 6/2/2027) <sup>(l)</sup> |  | 358 | 350 |
| Wells Fargo & Co. 6.303% 10/23/2029 (USD-SOFR + 1.79% on 10/23/2028) <sup>(l)</sup> |  | 6474 | 6842 |
| Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033) <sup>(l)</sup> |  | 3360 | 3721 |
| Westpac Banking Corp. 2.668% 11/15/2035 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 11/15/2030) <sup>(l)</sup> |  | 2980 | 2701 |
| Westpac Banking Corp. 2.963% 11/16/2040 |  | 1344 | 1025 |
| WEX, Inc. 6.50% 3/15/2033 <sup>(f)</sup> |  | 1025 | 1053 |
|  |  |  | 381858 |
| **Communication services 1.00%** |  |  |  |
| Alphabet, Inc. 4.375% 11/15/2032 |  | 177 | 178 |
| Alphabet, Inc. 4.70% 11/15/2035 |  | 4643 | 4646 |
| Alphabet, Inc. 5.25% 5/15/2055 |  | 4660 | 4467 |
| Alphabet, Inc. 5.45% 11/15/2055 |  | 7155 | 7024 |
| Alphabet, Inc. 5.30% 5/15/2065 |  | 1654 | 1557 |
| Altice France 6.50% 4/15/2032 <sup>(f)</sup> |  | 3440 | 3300 |
| AT&T, Inc. 3.50% 9/15/2053 |  | 5140 | 3442 |
| CCO Holdings, LLC 5.125% 5/1/2027 <sup>(f)</sup> |  | 3200 | 3197 |
| CCO Holdings, LLC 4.75% 3/1/2030 <sup>(f)</sup> |  | 1350 | 1290 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(f)</sup> |  | 3115 | 2849 |
| CCO Holdings, LLC 4.50% 5/1/2032 |  | 7189 | 6457 |
| CCO Holdings, LLC 4.50% 6/1/2033 <sup>(f)</sup> |  | 2085 | 1828 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(f)</sup> |  | 3260 | 2775 |
| Charter Communications Operating, LLC 4.40% 4/1/2033 |  | 1000 | 942 |
| Charter Communications Operating, LLC 4.80% 3/1/2050 |  | 4823 | 3627 |
| Charter Communications Operating, LLC 3.70% 4/1/2051 |  | 5493 | 3471 |
| Charter Communications Operating, LLC 3.90% 6/1/2052 |  | 11863 | 7667 |
| Charter Communications Operating, LLC 5.25% 4/1/2053 |  | 4965 | 3933 |
| Charter Communications Operating, LLC 6.70% 12/1/2055 |  | 1048 | 1006 |
| Comcast Corp. 2.35% 1/15/2027 |  | 57 | 56 |
| Connect Finco SARL 9.00% 9/15/2029 <sup>(f)</sup> |  | 8125 | 8629 |
| CSC Holdings, LLC 5.50% 4/15/2027 <sup>(f)</sup> |  | 1400 | 1201 |
| DIRECTV Financing, LLC 5.875% 8/15/2027 <sup>(f)</sup> |  | 2352 | 2367 |

---

---

| | |
|:---|:---|
| **115** | American Funds Insurance Series |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Communication services (continued)** |  |  |  |
| DIRECTV Financing, LLC 8.875% 2/1/2030 <sup>(f)</sup> | USD | 2825 | $2862 |
| Discovery Communications, LLC 4.125% 5/15/2029 |  | 1100 | 1064 |
| DISH Network Corp. 11.75% 11/15/2027 <sup>(f)</sup> |  | 10154 | 10574 |
| EchoStar Corp. 10.75% 11/30/2029 |  | 6925 | 7663 |
| EchoStar Corp. 6.75% Cash 11/30/2030 <sup>(g)</sup> |  | 3759 | 3855 |
| Embarq, LLC 7.995% 6/1/2036 |  | 8084 | 3355 |
| Frontier Communications Holdings, LLC 6.75% 5/1/2029 <sup>(f)</sup> |  | 6550 | 6604 |
| Frontier Communications Holdings, LLC 5.875% 11/1/2029 |  | 5591 | 5663 |
| Frontier Communications Holdings, LLC 6.00% 1/15/2030 <sup>(f)</sup> |  | 3196 | 3253 |
| Frontier Communications Holdings, LLC 8.75% 5/15/2030 <sup>(f)</sup> |  | 1100 | 1150 |
| Gray Media, Inc. 10.50% 7/15/2029 <sup>(f)</sup> |  | 6574 | 7081 |
| Gray Media, Inc. 4.75% 10/15/2030 <sup>(f)</sup> |  | 1656 | 1286 |
| Gray Media, Inc. 5.375% 11/15/2031 <sup>(f)</sup> |  | 4790 | 3596 |
| Gray Media, Inc. 9.625% 7/15/2032 <sup>(f)</sup> |  | 495 | 514 |
| Ligado Networks, LLC 17.50% PIK 11/1/2023 <sup>(f)(g)(n)</sup> |  | 7520 | 1918 |
| Lindblad Expeditions, LLC 7.00% 9/15/2030 <sup>(f)</sup> |  | 815 | 851 |
| Meta Platforms, Inc. 4.60% 11/15/2032 |  | 10688 | 10777 |
| Meta Platforms, Inc. 4.875% 11/15/2035 |  | 11777 | 11766 |
| Meta Platforms, Inc. 5.50% 11/15/2045 |  | 3092 | 3004 |
| Meta Platforms, Inc. 5.40% 8/15/2054 |  | 7084 | 6596 |
| Meta Platforms, Inc. 5.625% 11/15/2055 |  | 4890 | 4697 |
| Meta Platforms, Inc. 5.75% 11/15/2065 |  | 3180 | 3036 |
| Nexstar Media, Inc. 5.625% 7/15/2027 <sup>(f)</sup> |  | 1875 | 1886 |
| Nexstar Media, Inc. 4.75% 11/1/2028 <sup>(f)</sup> |  | 2950 | 2930 |
| SBA Tower Trust 1.631% 11/15/2026 <sup>(f)</sup> |  | 7802 | 7635 |
| Sinclair Television Group, Inc. 8.125% 2/15/2033 <sup>(f)</sup> |  | 1375 | 1437 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(f)</sup> |  | 6650 | 6509 |
| Sirius XM Radio, LLC 4.125% 7/1/2030 <sup>(f)</sup> |  | 7282 | 6931 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(f)</sup> |  | 7547 | 6955 |
| Take-Two Interactive Software, Inc. 4.00% 4/14/2032 |  | 2185 | 2120 |
| T-Mobile USA, Inc. 1.50% 2/15/2026 |  | 52 | 52 |
| T-Mobile USA, Inc. 2.05% 2/15/2028 |  | 34 | 33 |
| T-Mobile USA, Inc. 4.95% 3/15/2028 |  | 1918 | 1955 |
| T-Mobile USA, Inc. 4.80% 7/15/2028 |  | 416 | 424 |
| T-Mobile USA, Inc. 5.30% 5/15/2035 |  | 3347 | 3433 |
| T-Mobile USA, Inc. 4.95% 11/15/2035 |  | 833 | 828 |
| Univision Communications, Inc. 8.00% 8/15/2028 <sup>(f)</sup> |  | 300 | 311 |
| Univision Communications, Inc. 4.50% 5/1/2029 <sup>(f)</sup> |  | 6234 | 5993 |
| Univision Communications, Inc. 7.375% 6/30/2030 <sup>(f)</sup> |  | 1216 | 1240 |
| Univision Communications, Inc. 9.375% 8/1/2032 <sup>(f)</sup> |  | 1375 | 1479 |
| Verizon Communications, Inc. 2.55% 3/21/2031 |  | 410 | 375 |
| Verizon Communications, Inc. 2.355% 3/15/2032 |  | 4078 | 3595 |
| Verizon Communications, Inc. 4.75% 1/15/2033 |  | 3196 | 3194 |
| Verizon Communications, Inc. 5.05% 5/9/2033 |  | 1946 | 1997 |
| Verizon Communications, Inc. 5.25% 4/2/2035 |  | 5810 | 5907 |
| Verizon Communications, Inc. 5.00% 1/15/2036 |  | 6873 | 6817 |
| Verizon Communications, Inc. 5.401% 7/2/2037 <sup>(f)</sup> |  | 181 | 183 |
| Verizon Communications, Inc. 2.85% 9/3/2041 |  | 238 | 172 |
| Verizon Communications, Inc. 5.75% 11/30/2045 |  | 1493 | 1483 |
| Verizon Communications, Inc. 5.875% 11/30/2055 |  | 2781 | 2750 |
| Verizon Communications, Inc. 2.987% 10/30/2056 |  | 1537 | 916 |
| Verizon Communications, Inc. 6.00% 11/30/2065 |  | 1681 | 1661 |
| Versant Media Group, Inc. 7.25% 1/30/2031 <sup>(f)</sup> |  | 1445 | 1492 |
| WarnerMedia Holdings, Inc. 3.755% 3/15/2027 |  | 2163 | 2152 |
| WarnerMedia Holdings,Inc. 4.054% 3/15/2029 |  | 825 | 803 |
| WarnerMedia Holdings, Inc. 4.279% 3/15/2032 |  | 6050 | 5318 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042 |  | 9640 | 6808 |
| WarnerMedia Holdings, Inc. 5.141% 3/15/2052 |  | 1425 | 942 |
|  |  |  | 275790 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **116** |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Consumer discretionary 0.91%** |  |  |  |
| Alibaba Group Holding, Ltd. 2.125% 2/9/2031 | USD | 501 | $455 |
| Alibaba Group Holding, Ltd. 4.50% 11/28/2034 |  | 766 | 757 |
| Alibaba Group Holding, Ltd. 4.00% 12/6/2037 |  | 200 | 184 |
| Amazon.com, Inc. 4.10% 11/20/2030 |  | 1700 | 1702 |
| Amazon.com, Inc. 4.65% 11/20/2035 |  | 7700 | 7672 |
| Amazon.com, Inc. 5.45% 11/20/2055 |  | 6392 | 6243 |
| Asbury Automotive Group, Inc. 4.625% 11/15/2029 <sup>(f)</sup> |  | 2115 | 2081 |
| Beach Acquisition Bidco, LLC 10.75% PIK or 10.00% Cash 7/15/2033 <sup>(f)(g)</sup> |  | 7125 | 7871 |
| Carnival Corp. 4.00% 8/1/2028 <sup>(f)</sup> |  | 2375 | 2341 |
| Carnival Corp. 5.125% 5/1/2029 <sup>(f)</sup> |  | 1500 | 1517 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(f)</sup> |  | 1270 | 1312 |
| Daimler Trucks Finance North America, LLC 4.95% 1/13/2028 <sup>(f)</sup> |  | 6570 | 6672 |
| Daimler Trucks Finance North America, LLC 5.125% 1/19/2028 <sup>(f)</sup> |  | 604 | 616 |
| Daimler Trucks Finance North America, LLC 2.375% 12/14/2028 <sup>(f)</sup> |  | 1350 | 1285 |
| Daimler Trucks Finance North America, LLC 5.125% 9/25/2029 <sup>(f)</sup> |  | 3281 | 3370 |
| Daimler Trucks Finance North America, LLC 5.25% 1/13/2030 <sup>(f)</sup> |  | 8140 | 8387 |
| Flutter Treasury DAC 5.875% 6/4/2031 <sup>(f)</sup> |  | 5937 | 6023 |
| Flutter Treasury DAC 6.125% 6/4/2031 | GBP | 1700 | 2312 |
| Ford Motor Credit Co., LLC 6.798% 11/7/2028 | USD | 2111 | 2215 |
| Ford Motor Credit Co., LLC 5.80% 3/8/2029 |  | 3385 | 3460 |
| Ford Motor Credit Co., LLC 5.875% 11/7/2029 |  | 6830 | 7014 |
| Ford Motor Credit Co., LLC 5.73% 9/5/2030 |  | 6818 | 6926 |
| Ford Motor Credit Co., LLC 6.532% 3/19/2032 |  | 4600 | 4813 |
| Ford Motor Credit Co., LLC 7.122% 11/7/2033 |  | 1425 | 1531 |
| Ford Motor Credit Co., LLC 6.125% 3/8/2034 |  | 10930 | 11111 |
| Ford Motor Credit Co., LLC 6.50% 2/7/2035 |  | 4800 | 4975 |
| Ford Motor Credit Co., LLC 5.869% 10/31/2035 |  | 16021 | 15829 |
| General Motors Financial Co., Inc. 5.35% 1/7/2030 |  | 10705 | 11058 |
| General Motors Financial Co., Inc. 5.90% 1/7/2035 |  | 5417 | 5651 |
| Great Canadian Gaming Corp. 8.75% 11/15/2029 <sup>(f)</sup> |  | 3525 | 3563 |
| Group 1 Automotive, Inc. 6.375% 1/15/2030 <sup>(f)</sup> |  | 1385 | 1428 |
| Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031 <sup>(f)</sup> |  | 1885 | 1806 |
| Hilton Grand Vacations Borrower, LLC 5.00% 6/1/2029 <sup>(f)</sup> |  | 3580 | 3480 |
| Home Depot, Inc. 1.50% 9/15/2028 |  | 3000 | 2832 |
| Home Depot, Inc. 3.90% 12/6/2028 |  | 825 | 828 |
| Home Depot, Inc. 2.95% 6/15/2029 |  | 1174 | 1136 |
| Home Depot, Inc. 1.875% 9/15/2031 |  | 3000 | 2646 |
| Home Depot, Inc. 4.50% 12/6/2048 |  | 428 | 370 |
| Home Depot, Inc. 5.30% 6/25/2054 |  | 3000 | 2872 |
| Hyatt Hotels Corp. 5.05% 3/30/2028 |  | 3726 | 3796 |
| Hyatt Hotels Corp. 5.75% 3/30/2032 |  | 3520 | 3690 |
| Hyundai Capital America 1.50% 6/15/2026 <sup>(f)</sup> |  | 762 | 753 |
| Hyundai Capital America 5.45% 6/24/2026 <sup>(f)</sup> |  | 3905 | 3929 |
| Hyundai Capital America 4.875% 6/23/2027 <sup>(f)</sup> |  | 1334 | 1349 |
| Hyundai Capital America 5.275% 6/24/2027 <sup>(f)</sup> |  | 6273 | 6381 |
| Hyundai Capital America 2.375% 10/15/2027 <sup>(f)</sup> |  | 2311 | 2244 |
| Hyundai Capital America 4.90% 6/23/2028 <sup>(f)</sup> |  | 4992 | 5071 |
| Hyundai Capital America 2.10% 9/15/2028 <sup>(f)</sup> |  | 2756 | 2608 |
| Hyundai Capital America 5.30% 1/8/2030 <sup>(f)</sup> |  | 10081 | 10392 |
| Hyundai Capital America 5.10% 6/24/2030 <sup>(f)</sup> |  | 4980 | 5098 |
| Hyundai Capital America 5.40% 1/8/2031 <sup>(f)</sup> |  | 991 | 1024 |
| International Game Technology PLC 5.25% 1/15/2029 <sup>(f)</sup> |  | 2445 | 2448 |
| KB Home 7.25% 7/15/2030 |  | 1295 | 1339 |
| LCM Investments Holdings II, LLC 4.875% 5/1/2029 <sup>(f)</sup> |  | 440 | 434 |
| LCM Investments Holdings II, LLC 8.25% 8/1/2031 <sup>(f)</sup> |  | 1025 | 1085 |
| Lithia Motors, Inc. 3.875% 6/1/2029 <sup>(f)</sup> |  | 2900 | 2806 |
| Lithia Motors, Inc. 4.375% 1/15/2031 <sup>(f)</sup> |  | 1025 | 986 |
| Marriott International, Inc. 4.90% 4/15/2029 |  | 1207 | 1236 |
| Marriott International, Inc. 2.75% 10/15/2033 |  | 2500 | 2188 |
| Marriott Ownership Resorts, Inc. 4.50% 6/15/2029 <sup>(f)</sup> |  | 528 | 505 |

---

---

| | |
|:---|:---|
| **117** | American Funds Insurance Series |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Consumer discretionary (continued)** |  |  |  |
| McDonald's Corp. 4.60% 9/9/2032 | USD | 642 | $654 |
| Melco Resorts Finance, Ltd. 5.75% 7/21/2028 <sup>(f)</sup> |  | 1710 | 1711 |
| Newell Brands, Inc. 8.50% 6/1/2028 <sup>(f)</sup> |  | 715 | 751 |
| Newell Brands, Inc. 6.625% 9/15/2029 |  | 1850 | 1846 |
| Newell Brands, Inc. 6.375% 5/15/2030 |  | 535 | 523 |
| Newell Brands, Inc. 6.625% 5/15/2032 |  | 385 | 374 |
| Newell Brands, Inc. 7.375% 4/1/2036 |  | 1025 | 964 |
| Newell Brands, Inc. 7.50% 4/1/2046 |  | 475 | 397 |
| Nissan Motor Acceptance Corp. 1.85% 9/16/2026 <sup>(f)</sup> |  | 320 | 313 |
| Nissan Motor Co., Ltd. 7.50% 7/17/2030 <sup>(f)</sup> |  | 1940 | 2037 |
| Nissan Motor Co., Ltd. 7.75% 7/17/2032 <sup>(f)</sup> |  | 1600 | 1701 |
| Nissan Motor Co., Ltd. 8.125% 7/17/2035 <sup>(f)</sup> |  | 1220 | 1297 |
| Party City Holdings, Inc. 0% 8/27/2030 <sup>(c)</sup> |  | 1355 | 27 |
| Royal Caribbean Cruises, Ltd. 5.375% 7/15/2027 <sup>(f)</sup> |  | 910 | 917 |
| Royal Caribbean Cruises, Ltd. 6.00% 2/1/2033 <sup>(f)</sup> |  | 1030 | 1059 |
| Royal Caribbean Cruises, Ltd. 5.375% 1/15/2036 |  | 6767 | 6798 |
| Sally Holdings, LLC 6.75% 3/1/2032 |  | 920 | 962 |
| Sands China, Ltd. 2.30% 3/8/2027 |  | 1859 | 1817 |
| Scientific Games Holdings, LP 6.625% 3/1/2030 <sup>(f)</sup> |  | 530 | 471 |
| Starbucks Corp. 5.00% 2/15/2034 |  | 1457 | 1489 |
| Starbucks Corp. 5.40% 5/15/2035 |  | 2997 | 3118 |
| Toyota Motor Credit Corp. 0.80% 1/9/2026 |  | 384 | 384 |
| Toyota Motor Credit Corp. 1.90% 1/13/2027 |  | 2240 | 2199 |
| Travel + Leisure Co. 4.50% 12/1/2029 <sup>(f)</sup> |  | 2100 | 2057 |
| Universal Entertainment Corp. 9.875% 8/1/2029 <sup>(f)</sup> |  | 1475 | 1449 |
|  |  |  | 251021 |
| **Health care 0.80%** |  |  |  |
| 1261229 B.C., Ltd. 10.00% 4/15/2032 <sup>(f)</sup> |  | 5606 | 5834 |
| AbbVie, Inc. 5.20% 3/15/2035 |  | 3056 | 3166 |
| AbbVie, Inc. 5.40% 3/15/2054 |  | 4085 | 3975 |
| AbbVie, Inc. 5.60% 3/15/2055 |  | 2261 | 2268 |
| AdaptHealth, LLC 6.125% 8/1/2028 <sup>(f)</sup> |  | 545 | 551 |
| AdaptHealth, LLC 4.625% 8/1/2029 <sup>(f)</sup> |  | 1990 | 1937 |
| AdaptHealth, LLC 5.125% 3/1/2030 <sup>(f)</sup> |  | 945 | 926 |
| Amgen, Inc. 5.25% 3/2/2030 |  | 129 | 134 |
| Amgen, Inc. 5.25% 3/2/2033 |  | 4050 | 4194 |
| Amgen, Inc. 5.60% 3/2/2043 |  | 1500 | 1510 |
| Amgen, Inc. 5.65% 3/2/2053 |  | 2464 | 2414 |
| Amgen, Inc. 4.40% 2/22/2062 |  | 1521 | 1190 |
| Amgen, Inc. 5.75% 3/2/2063 |  | 231 | 226 |
| AstraZeneca Finance, LLC 1.75% 5/28/2028 |  | 1677 | 1603 |
| AstraZeneca Finance, LLC 4.90% 2/26/2031 |  | 1658 | 1717 |
| AstraZeneca Finance, LLC 2.25% 5/28/2031 |  | 665 | 606 |
| AstraZeneca Finance, LLC 5.00% 2/26/2034 |  | 3181 | 3293 |
| Bausch Health Americas, Inc. 8.50% 1/31/2027 <sup>(f)</sup> |  | 4000 | 3964 |
| Bausch Health Cos., Inc. 4.875% 6/1/2028 <sup>(f)</sup> |  | 1236 | 1107 |
| Bausch Health Cos.,Inc. 11.00% 9/30/2028 <sup>(f)</sup> |  | 620 | 643 |
| Bausch Health Cos., Inc. 5.25% 2/15/2031 <sup>(f)</sup> |  | 1000 | 656 |
| Baxter International, Inc. 1.915% 2/1/2027 |  | 2061 | 2012 |
| Baxter International, Inc. 2.272% 12/1/2028 |  | 3180 | 3003 |
| Baxter International, Inc. 4.45% 2/15/2029 |  | 259 | 260 |
| Baxter International, Inc. 4.90% 12/15/2030 |  | 941 | 949 |
| Baxter International, Inc. 5.65% 12/15/2035 |  | 682 | 690 |
| Bayer US Finance, LLC 6.125% 11/21/2026 <sup>(f)</sup> |  | 5419 | 5498 |
| Bayer US Finance, LLC 6.25% 1/21/2029 <sup>(f)</sup> |  | 3092 | 3254 |
| Bristol-Myers Squibb Co. 5.10% 2/22/2031 |  | 187 | 195 |
| Bristol-Myers Squibb Co. 5.20% 2/22/2034 |  | 825 | 858 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **118** |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Health care (continued)** |  |  |  |
| CHS / Community Health Systems, Inc. 6.00% 1/15/2029 <sup>(f)</sup> | USD | 1750 | $1756 |
| CHS / Community Health Systems, Inc. 10.875% 1/15/2032 <sup>(f)</sup> |  | 257 | 281 |
| Cigna Group (The) 5.25% 1/15/2036 |  | 7390 | 7528 |
| Cigna Group (The) 6.00% 1/15/2056 |  | 4957 | 5101 |
| CVS Health Corp. 5.00% 1/30/2029 |  | 3831 | 3913 |
| CVS Health Corp. 5.40% 6/1/2029 |  | 4144 | 4294 |
| CVS Health Corp. 5.55% 6/1/2031 |  | 3039 | 3182 |
| CVS Health Corp. 5.70% 6/1/2034 |  | 4053 | 4249 |
| CVS Health Corp. 6.20% 9/15/2055 |  | 4630 | 4704 |
| DaVita, Inc. 3.75% 2/15/2031 <sup>(f)</sup> |  | 2865 | 2653 |
| DaVita, Inc. 6.875% 9/1/2032 <sup>(f)</sup> |  | 810 | 844 |
| DaVita, Inc. 6.75% 7/15/2033 <sup>(f)</sup> |  | 1600 | 1660 |
| Elevance Health, Inc. 5.20% 2/15/2035 |  | 610 | 624 |
| Elevance Health, Inc. 5.125% 2/15/2053 |  | 308 | 279 |
| Elevance Health, Inc. 5.70% 9/15/2055 |  | 7000 | 6863 |
| Eli Lilly and Co. 5.10% 2/12/2035 |  | 8075 | 8351 |
| Endo Finance Holdings, Inc. 8.50% 4/15/2031 <sup>(f)</sup> |  | 2200 | 2328 |
| GE HealthCare Technologies, Inc. 4.80% 8/14/2029 |  | 1522 | 1556 |
| Gilead Sciences, Inc. 5.25% 10/15/2033 |  | 2642 | 2777 |
| Gilead Sciences, Inc. 5.10% 6/15/2035 |  | 500 | 513 |
| Humana, Inc. 5.375% 4/15/2031 |  | 2862 | 2960 |
| Humana, Inc. 5.55% 5/1/2035 |  | 6289 | 6424 |
| Humana, Inc. 5.75% 4/15/2054 |  | 1359 | 1284 |
| Insulet Corp. 6.50% 4/1/2033 <sup>(f)</sup> |  | 2885 | 3018 |
| Medline Borrower, LP 6.25% 4/1/2029 <sup>(f)</sup> |  | 2050 | 2122 |
| Medtronic Global Holdings S.C.A. 4.25% 3/30/2028 |  | 1983 | 1998 |
| Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(f)</sup> |  | 545 | 536 |
| Novant Health, Inc. 3.168% 11/1/2051 |  | 3360 | 2246 |
| Novartis Capital Corp. 2.00% 2/14/2027 |  | 570 | 560 |
| Owens & Minor, Inc. 4.50% 3/31/2029 <sup>(f)</sup> |  | 6269 | 4260 |
| Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(f)</sup> |  | 2300 | 1470 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053 |  | 1000 | 947 |
| Radiology Partners, Inc. 8.50% 7/15/2032 <sup>(f)</sup> |  | 4445 | 4649 |
| Roche Holdings, Inc. 4.203% 9/9/2029 <sup>(f)</sup> |  | 3450 | 3476 |
| Roche Holdings, Inc. 4.592% 9/9/2034 <sup>(f)</sup> |  | 2244 | 2240 |
| Summa Health 3.511% 11/15/2051 |  | 1483 | 1200 |
| Takeda U.S. Financing, Inc. 5.20% 7/7/2035 |  | 8987 | 9158 |
| Takeda U.S. Financing, Inc. 5.90% 7/7/2055 |  | 656 | 664 |
| Tenet Healthcare Corp. 4.625% 6/15/2028 |  | 645 | 649 |
| Tenet Healthcare Corp. 4.25% 6/1/2029 |  | 1975 | 1947 |
| Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026 |  | 5360 | 5310 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029 |  | 11995 | 12140 |
| Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031 |  | 2000 | 2305 |
| UnitedHealth Group, Inc. 4.95% 1/15/2032 |  | 5863 | 6012 |
| UnitedHealth Group, Inc. 5.15% 7/15/2034 |  | 3650 | 3740 |
| UnitedHealth Group, Inc. 5.30% 6/15/2035 |  | 5621 | 5822 |
| UnitedHealth Group, Inc. 5.625% 7/15/2054 |  | 5400 | 5303 |
| UnitedHealth Group, Inc. 5.95% 6/15/2055 |  | 4549 | 4674 |
| Viatris, Inc. 4.00% 6/22/2050 |  | 2937 | 1957 |
|  |  |  | 221160 |
| **Information technology 0.67%** |  |  |  |
| Accenture Capital, Inc. 4.25% 10/4/2031 |  | 4734 | 4740 |
| Accenture Capital, Inc. 4.50% 10/4/2034 |  | 4453 | 4393 |
| Amphenol Corp. 3.90% 11/15/2028 |  | 1500 | 1499 |
| Amphenol Corp. 4.40% 2/15/2033 |  | 743 | 735 |
| Amphenol Corp. 4.625% 2/15/2036 |  | 12046 | 11806 |
| Amphenol Corp. 5.30% 11/15/2055 |  | 5758 | 5505 |

---

---

| | |
|:---|:---|
| **119** | American Funds Insurance Series |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Information technology (continued)** |  |  |  |
| ams-OSRAM AG 12.25% 3/30/2029 <sup>(f)</sup> | USD | 1340 | $1430 |
| Analog Devices, Inc. 5.05% 4/1/2034 |  | 1148 | 1187 |
| Analog Devices, Inc. 5.30% 4/1/2054 |  | 1579 | 1521 |
| Broadcom, Inc. 5.20% 7/15/2035 |  | 190 | 195 |
| Broadcom,Inc. 3.137% 11/15/2035 <sup>(f)</sup> |  | 600 | 517 |
| Broadcom, Inc. 4.90% 2/15/2038 |  | 6167 | 6049 |
| Cisco Systems, Inc. 5.10% 2/24/2035 |  | 8669 | 8911 |
| Cloud Software Group, Inc. 6.50% 3/31/2029 <sup>(f)</sup> |  | 4125 | 4182 |
| Cloud Software Group, Inc. 9.00% 9/30/2029 <sup>(f)</sup> |  | 3750 | 3908 |
| Cloud Software Group, Inc. 8.25% 6/30/2032 <sup>(f)</sup> |  | 2975 | 3111 |
| CommScope Technologies, LLC 5.00% 3/15/2027 <sup>(f)</sup> |  | 5703 | 5694 |
| CommScope, LLC 8.25% 3/1/2027 <sup>(f)</sup> |  | 1527 | 1540 |
| CommScope, LLC 7.125% 7/1/2028 <sup>(f)</sup> |  | 1973 | 1985 |
| CommScope, LLC 9.50% 12/15/2031 <sup>(f)</sup> |  | 325 | 329 |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(f)</sup> |  | 7575 | 8080 |
| Fair Isaac Corp. 4.00% 6/15/2028 <sup>(f)</sup> |  | 1050 | 1039 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(f)</sup> |  | 3925 | 4044 |
| Gen Digital, Inc. 6.25% 4/1/2033 <sup>(f)</sup> |  | 1375 | 1424 |
| Hughes Satellite Systems Corp. 5.25% 8/1/2026 |  | 12971 | 12405 |
| Hughes Satellite Systems Corp. 6.625% 8/1/2026 |  | 9228 | 8437 |
| Intel Corp. 3.05% 8/12/2051 |  | 3212 | 1977 |
| Intel Corp. 5.60% 2/21/2054 |  | 6636 | 6131 |
| Microchip Technology, Inc. 5.05% 3/15/2029 |  | 2688 | 2744 |
| NCR Atleos Corp. 9.50% 4/1/2029 <sup>(f)</sup> |  | 4144 | 4500 |
| Oracle Corp. 5.25% 2/3/2032 |  | 493 | 493 |
| Oracle Corp. 5.50% 8/3/2035 |  | 647 | 634 |
| Oracle Corp. 5.20% 9/26/2035 |  | 7845 | 7519 |
| Oracle Corp. 5.875% 9/26/2045 |  | 280 | 253 |
| Oracle Corp. 6.00% 8/3/2055 |  | 4451 | 3929 |
| Oracle Corp. 5.95% 9/26/2055 |  | 4112 | 3646 |
| Oracle Corp. 6.10% 9/26/2065 |  | 3733 | 3295 |
| Pagaya US Holding Co., LLC 8.875% 8/1/2030 <sup>(f)</sup> |  | 3700 | 3231 |
| Roper Technologies, Inc. 5.10% 9/15/2035 |  | 357 | 360 |
| Shift4 Payments, LLC 6.75% 8/15/2032 <sup>(f)</sup> |  | 2400 | 2479 |
| Synopsys, Inc. 5.15% 4/1/2035 |  | 4181 | 4251 |
| Synopsys, Inc. 5.70% 4/1/2055 |  | 2521 | 2503 |
| Texas Instruments, Inc. 4.60% 2/8/2029 |  | 2222 | 2271 |
| Texas Instruments, Inc. 4.85% 2/8/2034 |  | 1203 | 1234 |
| Texas Instruments, Inc. 5.10% 5/23/2035 |  | 4500 | 4642 |
| Texas Instruments, Inc. 5.15% 2/8/2054 |  | 4750 | 4495 |
| UKG, Inc. 6.875% 2/1/2031 <sup>(f)</sup> |  | 950 | 977 |
| Unisys Corp. 10.625% 1/15/2031 <sup>(f)</sup> |  | 1228 | 1259 |
| Viasat, Inc. 5.625% 4/15/2027 <sup>(f)</sup> |  | 6733 | 6748 |
| Viasat, Inc. 6.50% 7/15/2028 <sup>(f)</sup> |  | 1900 | 1849 |
| Viasat, Inc. 7.50% 5/30/2031 <sup>(f)</sup> |  | 3626 | 3452 |
| Wolfspeed,Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(e)(g)</sup> |  | 945 | 1030 |
| WULF Compute, LLC 7.75% 10/15/2030 <sup>(f)</sup> |  | 2770 | 2856 |
| X.AI Corp. 12.50% 6/30/2030 |  | 2485 | 2651 |
|  |  |  | 186075 |
| **Energy 0.54%** |  |  |  |
| Antero Midstream Partners, LP 5.375% 6/15/2029 <sup>(f)</sup> |  | 2390 | 2392 |
| Antero Midstream Partners, LP 6.625% 2/1/2032 <sup>(f)</sup> |  | 175 | 181 |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(f)</sup> |  | 1270 | 1278 |
| Ascent Resources Utica Holdings, LLC 6.625% 10/15/2032 <sup>(f)</sup> |  | 510 | 529 |
| Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(f)</sup> |  | 430 | 445 |
| Borr IHC, Ltd. 10.00% 11/15/2028 <sup>(f)</sup> |  | 2960 | 2979 |
| Borr IHC, Ltd. 10.375% 11/15/2030 <sup>(f)</sup> |  | 203 | 203 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **120** |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Energy (continued)** |  |  |  |
| Canadian Natural Resources, Ltd. 4.95% 6/1/2047 | USD | 1397 | $1235 |
| Chord Energy Corp. 6.75% 3/15/2033 <sup>(f)</sup> |  | 1325 | 1371 |
| Civitas Resources, Inc. 5.00% 10/15/2026 <sup>(f)</sup> |  | 480 | 480 |
| Civitas Resources, Inc. 8.375% 7/1/2028 <sup>(f)</sup> |  | 2780 | 2868 |
| Civitas Resources, Inc. 8.625% 11/1/2030 <sup>(f)</sup> |  | 525 | 551 |
| Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(f)</sup> |  | 735 | 763 |
| CNX Midstream Partners, LP 4.75% 4/15/2030 <sup>(f)</sup> |  | 1055 | 1028 |
| CNX Resources Corp. 6.00% 1/15/2029 <sup>(f)</sup> |  | 2675 | 2696 |
| CNX Resources Corp. 7.375% 1/15/2031 <sup>(f)</sup> |  | 553 | 575 |
| CNX Resources Corp. 7.25% 3/1/2032 <sup>(f)</sup> |  | 1180 | 1233 |
| Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(f)</sup> |  | 2320 | 2415 |
| Crescent Energy Finance, LLC 7.625% 4/1/2032 <sup>(f)</sup> |  | 1510 | 1465 |
| Crescent Energy Finance, LLC 7.375% 1/15/2033 <sup>(f)</sup> |  | 1210 | 1149 |
| Devon Energy Corp. 5.20% 9/15/2034 |  | 1933 | 1925 |
| Devon Energy Corp. 5.75% 9/15/2054 |  | 7476 | 6874 |
| Diamondback Energy, Inc. 5.75% 4/18/2054 |  | 2481 | 2347 |
| Enbridge, Inc. 3.70% 7/15/2027 |  | 56 | 56 |
| Enterprise Products Operating, LLC 5.05% 1/10/2026 |  | 3153 | 3153 |
| Enterprise Products Operating, LLC 5.20% 1/15/2036 |  | 987 | 1005 |
| Enterprise Products Operating, LLC 4.90% 5/15/2046 |  | 448 | 406 |
| EOG Resources, Inc. 4.40% 7/15/2028 |  | 410 | 415 |
| EOG Resources, Inc. 5.65% 12/1/2054 |  | 3079 | 3014 |
| EQT Corp. 7.50% 6/1/2030 |  | 642 | 707 |
| EQT Corp. 4.75% 1/15/2031 |  | 1635 | 1646 |
| Equinor ASA 4.25% 11/23/2041 |  | 1792 | 1593 |
| Expand Energy Corp. 4.875% 4/15/2022 <sup>(n)</sup> |  | 7225 | 1 |
| Expand Energy Corp. 5.875% 2/1/2029 <sup>(f)</sup> |  | 790 | 790 |
| Expand Energy Corp. 5.375% 3/15/2030 |  | 1645 | 1668 |
| Expand Energy Corp. 4.75% 2/1/2032 |  | 810 | 799 |
| Exxon Mobil Corp. 2.44% 8/16/2029 |  | 213 | 204 |
| Exxon Mobil Corp. 3.452% 4/15/2051 |  | 555 | 399 |
| Genesis Energy, LP 7.75% 2/1/2028 |  | 350 | 352 |
| Genesis Energy, LP 8.25% 1/15/2029 |  | 670 | 702 |
| Genesis Energy, LP 8.875% 4/15/2030 |  | 884 | 934 |
| Genesis Energy, LP 7.875% 5/15/2032 |  | 1120 | 1168 |
| Harvest Midstream I, LP 7.50% 9/1/2028 <sup>(f)</sup> |  | 420 | 427 |
| Harvest Midstream I, LP 7.50% 5/15/2032 <sup>(f)</sup> |  | 190 | 198 |
| Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(f)</sup> |  | 750 | 767 |
| Hess Midstream Operations, LP 5.125% 6/15/2028 <sup>(f)</sup> |  | 1655 | 1663 |
| Hess Midstream Operations, LP 4.25% 2/15/2030 <sup>(f)</sup> |  | 960 | 942 |
| Hess Midstream Operations, LP 5.50% 10/15/2030 <sup>(f)</sup> |  | 400 | 407 |
| Hilcorp Energy I, LP 6.00% 4/15/2030 <sup>(f)</sup> |  | 465 | 454 |
| Hilcorp Energy I, LP 6.00% 2/1/2031 <sup>(f)</sup> |  | 540 | 515 |
| Hilcorp Energy I, LP 8.375% 11/1/2033 <sup>(f)</sup> |  | 475 | 487 |
| Matador Resources Co. 6.50% 4/15/2032 <sup>(f)</sup> |  | 1325 | 1345 |
| MPLX, LP 4.125% 3/1/2027 |  | 448 | 448 |
| MPLX, LP 5.40% 9/15/2035 |  | 1329 | 1339 |
| Nabors Industries, Inc. 9.125% 1/31/2030 <sup>(f)</sup> |  | 1745 | 1831 |
| New Fortress Energy, Inc. 6.50% 9/30/2026 <sup>(f)</sup> |  | 1375 | 106 |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(f)(n)</sup> |  | 20423 | 5923 |
| Northern Oil and Gas, Inc. 8.75% 6/15/2031 <sup>(f)</sup> |  | 300 | 303 |
| Northern Oil and Gas, Inc. 7.875% 10/15/2033 <sup>(f)</sup> |  | 725 | 706 |
| Occidental Petroleum Corp. 6.60% 3/15/2046 |  | 2268 | 2353 |
| Occidental Petroleum Corp. 6.05% 10/1/2054 |  | 6482 | 6203 |
| Permian Resources Operating, LLC 9.875% 7/15/2031 <sup>(f)</sup> |  | 586 | 632 |
| Permian Resources Operating, LLC 7.00% 1/15/2032 <sup>(f)</sup> |  | 1020 | 1067 |
| Permian Resources Operating, LLC 6.25% 2/1/2033 <sup>(f)</sup> |  | 800 | 821 |
| Petrobras Global Finance BV 5.125% 9/10/2030 |  | 5550 | 5446 |
| Petroleos Mexicanos 6.84% 1/23/2030 |  | 1925 | 1956 |
| Petroleos Mexicanos 5.95% 1/28/2031 |  | 1925 | 1864 |

---

---

| | |
|:---|:---|
| **121** | American Funds Insurance Series |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Energy (continued)** |  |  |  |
| Petroleos Mexicanos 6.50% 6/2/2041 | USD | 41 | $36 |
| Petroleos Mexicanos 6.375% 1/23/2045 |  | 16 | 13 |
| Petroleos Mexicanos 6.75% 9/21/2047 |  | 139 | 114 |
| Petroleos Mexicanos 6.35% 2/12/2048 |  | 23 | 18 |
| Petroleos Mexicanos 7.69% 1/23/2050 |  | 2548 | 2285 |
| Petroleos Mexicanos 6.95% 1/28/2060 |  | 163 | 133 |
| Plains All American Pipeline, LP 3.80% 9/15/2030 |  | 101 | 98 |
| Saudi Arabian Oil Co. 5.75% 7/17/2054 <sup>(f)</sup> |  | 3799 | 3711 |
| Seadrill Finance, Ltd. 8.375% 8/1/2030 <sup>(f)</sup> |  | 625 | 650 |
| South Bow USA Infrastructure Holdings, LLC 5.026% 10/1/2029 |  | 1668 | 1693 |
| Sunoco, LP 5.875% 7/15/2027 <sup>(f)</sup> |  | 1550 | 1559 |
| Sunoco, LP 7.00% 9/15/2028 <sup>(f)</sup> |  | 1475 | 1527 |
| Sunoco, LP 4.50% 5/15/2029 |  | 925 | 909 |
| Sunoco, LP 4.50% 4/30/2030 |  | 1105 | 1080 |
| Sunoco, LP 4.625% 5/1/2030 <sup>(f)</sup> |  | 510 | 496 |
| Sunoco, LP 5.625% 3/15/2031 <sup>(f)</sup> |  | 550 | 554 |
| Sunoco, LP 6.25% 7/1/2033 <sup>(f)</sup> |  | 530 | 543 |
| Sunoco, LP 5.875% 3/15/2034 <sup>(f)</sup> |  | 580 | 580 |
| Sunoco, LP 7.875% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 4.23% on 9/18/2030) <sup>(f)(l)</sup> |  | 1470 | 1511 |
| Talos Production, Inc. 9.00% 2/1/2029 <sup>(f)</sup> |  | 500 | 521 |
| Talos Production, Inc. 9.375% 2/1/2031 <sup>(f)</sup> |  | 85 | 89 |
| TGS ASA 8.50% 1/15/2030 <sup>(f)</sup> |  | 1235 | 1294 |
| Tidewater, Inc. 9.125% 7/15/2030 <sup>(f)</sup> |  | 445 | 478 |
| TotalEnergies Capital SA 5.275% 9/10/2054 |  | 3750 | 3527 |
| TransCanada Pipelines, Ltd. 4.25% 5/15/2028 |  | 977 | 979 |
| TransCanada Pipelines, Ltd. 4.10% 4/15/2030 |  | 536 | 530 |
| Transocean International, Ltd. 7.875% 10/15/2032 <sup>(f)</sup> |  | 1125 | 1180 |
| Transocean Titan Financing, Ltd. 8.375% 2/1/2028 <sup>(f)</sup> |  | 358 | 366 |
| Transocean, Inc. 8.50% 5/15/2031 <sup>(f)</sup> |  | 2000 | 1982 |
| Valero Energy Corp. 4.00% 4/1/2029 |  | 3584 | 3558 |
| Venture Global LNG, Inc. 8.125% 6/1/2028 <sup>(f)</sup> |  | 3625 | 3674 |
| Venture Global LNG, Inc. 8.375% 6/1/2031 <sup>(f)</sup> |  | 3680 | 3662 |
| Venture Global LNG, Inc. 9.00% junior subordinated perpetual preferred bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 5.44% on 9/30/2029) <sup>(f)(l)</sup> |  | 2000 | 1581 |
| Venture Global Plaquemines LNG, LLC 6.125% 12/15/2030 <sup>(f)</sup> |  | 925 | 942 |
| Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(f)</sup> |  | 5730 | 5872 |
| Venture Global Plaquemines LNG, LLC 6.75% 1/15/2036 <sup>(f)</sup> |  | 2035 | 2085 |
| Weatherford International, Ltd. 8.625% 4/30/2030 <sup>(f)</sup> |  | 3298 | 3383 |
| Weatherford International, Ltd. 6.75% 10/15/2033 <sup>(f)</sup> |  | 3030 | 3105 |
|  |  |  | 150515 |
| **Industrials 0.49%** |  |  |  |
| AAdvantage Loyalty IP, Ltd. 5.50% 4/20/2026 <sup>(f)</sup> |  | 167 | 168 |
| Albion Financing 1 SARL 7.00% 5/21/2030 <sup>(f)</sup> |  | 3525 | 3693 |
| Axon Enterprise, Inc. 6.125% 3/15/2030 <sup>(f)</sup> |  | 5175 | 5355 |
| Axon Enterprise, Inc. 6.25% 3/15/2033 <sup>(f)</sup> |  | 5835 | 6095 |
| BAE Systems PLC 5.125% 3/26/2029 <sup>(f)</sup> |  | 3403 | 3502 |
| BAE Systems PLC 5.25% 3/26/2031 <sup>(f)</sup> |  | 2663 | 2769 |
| BAE Systems PLC 5.30% 3/26/2034 <sup>(f)</sup> |  | 2772 | 2872 |
| BAE Systems PLC 5.50% 3/26/2054 <sup>(f)</sup> |  | 599 | 603 |
| Boeing Co. (The) 3.10% 5/1/2026 |  | 251 | 250 |
| Boeing Co. (The) 3.25% 2/1/2028 |  | 2000 | 1968 |
| Boeing Co. (The) 5.15% 5/1/2030 |  | 945 | 971 |
| Boeing Co. (The) 3.625% 2/1/2031 |  | 178 | 171 |
| Boeing Co. (The) 6.388% 5/1/2031 |  | 227 | 246 |
| Boeing Co. (The) 3.60% 5/1/2034 |  | 2500 | 2276 |
| Boeing Co. (The) 6.528% 5/1/2034 |  | 6029 | 6672 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **122** |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Industrials (continued)** |  |  |  |
| Boeing Co. (The) 5.805% 5/1/2050 | USD | 3605 | $3551 |
| Boeing Co. (The) 6.858% 5/1/2054 |  | 2113 | 2375 |
| Boeing Co. (The) 7.008% 5/1/2064 |  | 1301 | 1484 |
| Brink's Co. (The) 4.625% 10/15/2027 <sup>(f)</sup> |  | 2385 | 2386 |
| Brink's Co. (The) 6.50% 6/15/2029 <sup>(f)</sup> |  | 485 | 502 |
| Brink's Co. (The) 6.75% 6/15/2032 <sup>(f)</sup> |  | 850 | 890 |
| Canadian Pacific Railway Co. 1.75% 12/2/2026 |  | 1385 | 1358 |
| Canadian Pacific Railway Co. 5.20% 3/30/2035 |  | 2705 | 2786 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041 |  | 209 | 157 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051 |  | 653 | 434 |
| Carpenter Technology Corp. 5.625% 3/1/2034 <sup>(f)</sup> |  | 1795 | 1825 |
| Chart Industries, Inc. 7.50% 1/1/2030 <sup>(f)</sup> |  | 1347 | 1406 |
| CSX Corp. 4.25% 3/15/2029 |  | 1062 | 1072 |
| CSX Corp. 5.05% 6/15/2035 |  | 6111 | 6218 |
| FTAI Aviation Investors, LLC 5.50% 5/1/2028 <sup>(f)</sup> |  | 1540 | 1545 |
| General Electric Co. 4.90% 1/29/2036 |  | 1627 | 1653 |
| Herc Holdings, Inc. 7.00% 6/15/2030 <sup>(f)</sup> |  | 1510 | 1590 |
| Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(f)</sup> |  | 505 | 536 |
| Icahn Enterprises, LP 4.375% 2/1/2029 |  | 2500 | 2166 |
| L3Harris Technologies, Inc. 5.40% 7/31/2033 |  | 4059 | 4229 |
| Lockheed Martin Corp. 5.70% 11/15/2054 |  | 1657 | 1675 |
| Norfolk Southern Corp. 4.45% 3/1/2033 |  | 1515 | 1511 |
| Norfolk Southern Corp. 5.10% 5/1/2035 |  | 2842 | 2912 |
| Norfolk Southern Corp. 3.05% 5/15/2050 |  | 2746 | 1813 |
| Norfolk Southern Corp. 5.35% 8/1/2054 |  | 4136 | 3954 |
| Northrop Grumman Corp. 3.25% 1/15/2028 |  | 3132 | 3093 |
| OneSky Flight, LLC 8.875% 12/15/2029 <sup>(f)</sup> |  | 1125 | 1205 |
| Otis Worldwide Corp. 2.293% 4/5/2027 |  | 1913 | 1875 |
| Paychex, Inc. 5.60% 4/15/2035 |  | 427 | 447 |
| QXO Building Products, Inc. 6.75% 4/30/2032 <sup>(f)</sup> |  | 1455 | 1521 |
| Reworld Holding Corp. 4.875% 12/1/2029 <sup>(f)</sup> |  | 1035 | 996 |
| RTX Corp. 5.15% 2/27/2033 |  | 2669 | 2758 |
| RTX Corp. 5.375% 2/27/2053 |  | 3950 | 3816 |
| Science Applications International Corp. 5.875% 11/1/2033 <sup>(f)</sup> |  | 480 | 487 |
| Siemens Funding BV 5.80% 5/28/2055 <sup>(f)</sup> |  | 6288 | 6588 |
| Siemens Funding BV 5.90% 5/28/2065 <sup>(f)</sup> |  | 5581 | 5861 |
| Standard Building Solutions, Inc. 6.25% 8/1/2033 <sup>(f)</sup> |  | 2480 | 2535 |
| Texas Combined Tirz I, LLC 0% 12/7/2062 <sup>(c)(f)</sup> |  | 393 | 393 |
| TransDigm, Inc. 6.625% 3/1/2032 <sup>(f)</sup> |  | 1485 | 1547 |
| TransDigm, Inc. 6.25% 1/31/2034 <sup>(f)</sup> |  | 4100 | 4257 |
| TransDigm, Inc. 6.75% 1/31/2034 <sup>(f)</sup> |  | 2625 | 2736 |
| Union Pacific Corp. 2.40% 2/5/2030 |  | 2163 | 2026 |
| Union Pacific Corp. 5.10% 2/20/2035 |  | 2865 | 2958 |
| Union Pacific Corp. 3.50% 2/14/2053 |  | 42 | 30 |
| Union Pacific Corp. 5.60% 12/1/2054 |  | 2614 | 2609 |
| Union Pacific Corp. 3.839% 3/20/2060 |  | 546 | 395 |
| Union Pacific Corp. 3.799% 4/6/2071 |  | 545 | 375 |
|  |  |  | 136147 |
| **Consumer staples 0.37%** |  |  |  |
| 7-Eleven, Inc. 0.95% 2/10/2026 <sup>(f)</sup> |  | 739 | 736 |
| Albertsons Cos.,Inc. 4.875% 2/15/2030 <sup>(f)</sup> |  | 1000 | 993 |
| Albertsons Cos., Inc. 5.50% 3/31/2031 <sup>(f)</sup> |  | 2960 | 2995 |
| Albertsons Cos., Inc. 5.75% 3/31/2034 <sup>(f)</sup> |  | 2750 | 2765 |
| B&G Foods, Inc. 5.25% 9/15/2027 |  | 2090 | 2049 |
| B&G Foods, Inc. 8.00% 9/15/2028 <sup>(f)</sup> |  | 2010 | 1980 |
| BAT Capital Corp. 6.343% 8/2/2030 |  | 124 | 134 |
| BAT Capital Corp. 4.625% 3/22/2033 |  | 2026 | 2015 |

---

---

| | |
|:---|:---|
| **123** | American Funds Insurance Series |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Consumer staples (continued)** |  |  |  |
| BAT Capital Corp. 6.421% 8/2/2033 | USD | 134 | $148 |
| BAT Capital Corp. 5.625% 8/15/2035 |  | 631 | 658 |
| BAT Capital Corp. 4.54% 8/15/2047 |  | 627 | 521 |
| BAT Capital Corp. 6.25% 8/15/2055 |  | 6250 | 6482 |
| Campbell's Co. (The) 4.75% 3/23/2035 |  | 952 | 920 |
| Coca-Cola Co. 1.00% 3/15/2028 |  | 842 | 795 |
| Constellation Brands, Inc. 3.60% 2/15/2028 |  | 560 | 555 |
| Constellation Brands, Inc. 2.25% 8/1/2031 |  | 1333 | 1183 |
| Coty, Inc. 5.60% 1/15/2031 <sup>(f)</sup> |  | 507 | 512 |
| Fiesta Purchaser, Inc. 9.625% 9/15/2032 <sup>(f)</sup> |  | 400 | 420 |
| Imperial Brands Finance PLC 4.50% 6/30/2028 <sup>(f)</sup> |  | 1400 | 1412 |
| Imperial Brands Finance PLC 5.625% 7/1/2035 <sup>(f)</sup> |  | 2250 | 2314 |
| Imperial Brands Finance PLC 6.375% 7/1/2055 <sup>(f)</sup> |  | 2101 | 2148 |
| J. M. Smucker Co. (The) 5.90% 11/15/2028 |  | 2385 | 2500 |
| J. M. Smucker Co. (The) 6.20% 11/15/2033 |  | 1554 | 1685 |
| J. M. Smucker Co. (The) 6.50% 11/15/2043 |  | 229 | 246 |
| J. M. Smucker Co. (The) 6.50% 11/15/2053 |  | 806 | 873 |
| Mars, Inc. 4.80% 3/1/2030 <sup>(f)</sup> |  | 3408 | 3483 |
| Mars, Inc. 5.00% 3/1/2032 <sup>(f)</sup> |  | 1855 | 1913 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(f)</sup> |  | 385 | 396 |
| Mars, Inc. 5.70% 5/1/2055 <sup>(f)</sup> |  | 6678 | 6657 |
| Mondelez International, Inc. 5.125% 5/6/2035 |  | 2176 | 2227 |
| Philip Morris International, Inc. 5.125% 11/17/2027 |  | 319 | 326 |
| Philip Morris International, Inc. 4.875% 2/15/2028 |  | 623 | 635 |
| Philip Morris International, Inc. 4.625% 11/1/2029 |  | 703 | 716 |
| Philip Morris International, Inc. 5.625% 11/17/2029 |  | 154 | 162 |
| Philip Morris International, Inc. 5.125% 2/15/2030 |  | 433 | 448 |
| Philip Morris International, Inc. 5.125% 2/13/2031 |  | 2275 | 2359 |
| Philip Morris International, Inc. 4.75% 11/1/2031 |  | 6194 | 6328 |
| Philip Morris International, Inc. 4.25% 10/29/2032 |  | 770 | 758 |
| Philip Morris International, Inc. 4.90% 11/1/2034 |  | 6755 | 6812 |
| Philip Morris International, Inc. 4.875% 4/30/2035 |  | 6407 | 6431 |
| Philip Morris International, Inc. 4.625% 10/29/2035 |  | 5859 | 5735 |
| Post Holdings, Inc. 4.625% 4/15/2030 <sup>(f)</sup> |  | 2886 | 2813 |
| Post Holdings, Inc. 6.25% 2/15/2032 <sup>(f)</sup> |  | 13279 | 13660 |
| Prestige Brands, Inc. 3.75% 4/1/2031 <sup>(f)</sup> |  | 1115 | 1045 |
| Reynolds American, Inc. 5.85% 8/15/2045 |  | 2030 | 2004 |
|  |  |  | 101947 |
| **Real estate 0.35%** |  |  |  |
| Alexandria Real Estate Equities, Inc. 3.80% 4/15/2026 |  | 282 | 282 |
| Alexandria Real Estate Equities, Inc. 3.95% 1/15/2028 |  | 1093 | 1089 |
| Alexandria Real Estate Equities, Inc. 2.75% 12/15/2029 |  | 1738 | 1632 |
| Alexandria Real Estate Equities, Inc. 3.375% 8/15/2031 |  | 1183 | 1107 |
| Alexandria Real Estate Equities, Inc. 1.875% 2/1/2033 |  | 3670 | 3011 |
| Alexandria Real Estate Equities, Inc. 4.85% 4/15/2049 |  | 367 | 311 |
| American Tower Corp. 1.45% 9/15/2026 |  | 246 | 242 |
| American Tower Corp. 3.55% 7/15/2027 |  | 1277 | 1268 |
| American Tower Corp. 3.60% 1/15/2028 |  | 896 | 888 |
| American Tower Corp. 1.50% 1/31/2028 |  | 2240 | 2128 |
| American Tower Corp. 2.30% 9/15/2031 |  | 1344 | 1194 |
| American Tower Corp. 2.95% 1/15/2051 |  | 1792 | 1146 |
| Anywhere Real Estate Group, LLC 5.75% 1/15/2029 <sup>(f)</sup> |  | 3040 | 2955 |
| Anywhere Real Estate Group, LLC 7.00% 4/15/2030 <sup>(f)</sup> |  | 1975 | 1975 |
| Boston Properties, LP 6.50% 1/15/2034 |  | 2223 | 2395 |
| Boston Properties, LP 5.75% 1/15/2035 |  | 3143 | 3234 |
| Extra Space Storage, LP 2.35% 3/15/2032 |  | 1241 | 1087 |
| Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(f)</sup> |  | 1705 | 1713 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **124** |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Real estate (continued)** |  |  |  |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(f)</sup> | USD | 2855 | $2777 |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(f)</sup> |  | 3900 | 3716 |
| Invitation Homes Operating Partnership, LP 2.00% 8/15/2031 |  | 2152 | 1883 |
| Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(f)</sup> |  | 3785 | 3742 |
| Iron Mountain, Inc. 4.50% 2/15/2031 <sup>(f)</sup> |  | 2650 | 2528 |
| Ladder Capital Finance Holdings LLLP 5.50% 8/1/2030 |  | 1884 | 1929 |
| MPT Operating Partnership, LP 5.00% 10/15/2027 |  | 5137 | 4979 |
| MPT Operating Partnership, LP 4.625% 8/1/2029 |  | 630 | 528 |
| MPT Operating Partnership, LP 8.50% 2/15/2032 <sup>(f)</sup> |  | 3968 | 4240 |
| Park Intermediate Holdings, LLC 4.875% 5/15/2029 <sup>(f)</sup> |  | 2280 | 2228 |
| Park Intermediate Holdings, LLC 7.00% 2/1/2030 <sup>(f)</sup> |  | 1000 | 1030 |
| Piedmont Operating Partnership, LP 5.625% 1/15/2033 |  | 101 | 102 |
| Prologis, LP 4.875% 6/15/2028 |  | 1357 | 1390 |
| Prologis, LP 4.75% 6/15/2033 |  | 2359 | 2383 |
| Prologis, LP 5.00% 3/15/2034 |  | 1850 | 1887 |
| Prologis, LP 5.00% 1/31/2035 |  | 1033 | 1048 |
| Public Storage Operating Co. 1.85% 5/1/2028 |  | 2231 | 2131 |
| Public Storage Operating Co. 1.95% 11/9/2028 |  | 1816 | 1721 |
| Public Storage Operating Co. 2.30% 5/1/2031 |  | 644 | 583 |
| Scentre Group Trust 1 3.75% 3/23/2027 <sup>(f)</sup> |  | 2178 | 2169 |
| Service Properties Trust 0% 9/30/2027 <sup>(f)</sup> |  | 1000 | 905 |
| Service Properties Trust 5.50% 12/15/2027 |  | 655 | 647 |
| Service Properties Trust 3.95% 1/15/2028 |  | 1815 | 1715 |
| Service Properties Trust 8.375% 6/15/2029 |  | 4228 | 4254 |
| Service Properties Trust 4.95% 10/1/2029 |  | 2715 | 2368 |
| Service Properties Trust 4.375% 2/15/2030 |  | 705 | 598 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(f)</sup> |  | 6775 | 7130 |
| Service Properties Trust 8.875% 6/15/2032 |  | 4628 | 4569 |
| Sun Communities Operating, LP 2.30% 11/1/2028 |  | 1653 | 1574 |
| Sun Communities Operating, LP 2.70% 7/15/2031 |  | 785 | 714 |
| Trust 2401 7.70% 1/23/2032 <sup>(f)</sup> |  | 396 | 438 |
| Trust Fibra Uno 7.70% 1/23/2032 <sup>(f)</sup> |  | 789 | 865 |
| UDR, Inc. 2.95% 9/1/2026 |  | 681 | 677 |
|  |  |  | 97105 |
| **Materials 0.33%** |  |  |  |
| Avient Corp. 7.125% 8/1/2030 <sup>(f)</sup> |  | 855 | 884 |
| Avient Corp. 6.25% 11/1/2031 <sup>(f)</sup> |  | 170 | 175 |
| BHP Billiton Finance (USA), Ltd. 5.75% 9/5/2055 |  | 2648 | 2703 |
| Celanese US Holdings, LLC 6.665% 7/15/2027 |  | 1996 | 2059 |
| Celanese US Holdings, LLC 7.05% 11/15/2030 |  | 2501 | 2637 |
| Celanese US Holdings, LLC 7.00% 2/15/2031 |  | 705 | 722 |
| Celanese US Holdings, LLC 7.20% 11/15/2033 |  | 1618 | 1711 |
| Century Aluminum Co. 6.875% 8/1/2032 <sup>(f)</sup> |  | 1300 | 1341 |
| Cleveland-Cliffs, Inc. 4.625% 3/1/2029 <sup>(f)</sup> |  | 3625 | 3573 |
| Cleveland-Cliffs, Inc. 6.875% 11/1/2029 <sup>(f)</sup> |  | 1650 | 1710 |
| Cleveland-Cliffs, Inc. 6.75% 4/15/2030 <sup>(f)</sup> |  | 2275 | 2342 |
| Cleveland-Cliffs, Inc. 4.875% 3/1/2031 <sup>(f)</sup> |  | 775 | 747 |
| Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(f)</sup> |  | 2000 | 2111 |
| Cleveland-Cliffs, Inc. 7.00% 3/15/2032 <sup>(f)</sup> |  | 2695 | 2766 |
| Cleveland-Cliffs, Inc. 7.625% 1/15/2034 <sup>(f)</sup> |  | 900 | 941 |
| Consolidated Energy Finance SA 12.00% 2/15/2031 <sup>(f)</sup> |  | 1480 | 1048 |
| Dow Chemical Co. (The) 4.80% 1/15/2031 |  | 1290 | 1283 |
| Dow Chemical Co. (The) 5.35% 3/15/2035 |  | 1735 | 1720 |
| Dow Chemical Co. (The) 5.65% 3/15/2036 |  | 920 | 917 |
| Dow Chemical Co. (The) 4.80% 5/15/2049 |  | 435 | 343 |
| Dow Chemical Co. (The) 3.60% 11/15/2050 |  | 1057 | 683 |
| Dow Chemical Co. (The) 5.95% 3/15/2055 |  | 4720 | 4299 |

---

---

| | |
|:---|:---|
| **125** | American Funds Insurance Series |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Bonds, notes & other debt instruments (continued)** | **Principal amount <br>(000)** | **Principal amount <br>(000)** | **Value <br>(000)** |
| **Corporate bonds and notes (continued)** | | | |
| **Materials (continued)** |  |  |  |
| First Quantum Minerals, Ltd. 9.375% 3/1/2029 <sup>(f)</sup> | USD | 5370 | $5661 |
| FXI Holdings, Inc. 16.00% PIK 11/15/2029 (14.00% on 11/15/2028) <sup>(f)(g)(l)</sup> |  | 2659 | 1516 |
| FXI Holdings, Inc. 11.00% 11/15/2030 <sup>(f)</sup> |  | 4548 | 4093 |
| International Flavors & Fragrances, Inc. 1.832% 10/15/2027 <sup>(f)</sup> |  | 1406 | 1350 |
| JH North America Holdings, Inc. 5.875% 1/31/2031 <sup>(f)</sup> |  | 1700 | 1738 |
| JH North America Holdings, Inc. 6.125% 7/31/2032 <sup>(f)</sup> |  | 1335 | 1371 |
| Linde, Inc. 1.10% 8/10/2030 |  | 2633 | 2314 |
| LYB International Finance III, LLC 5.50% 3/1/2034 |  | 778 | 770 |
| LYB International Finance III, LLC 6.15% 5/15/2035 |  | 560 | 574 |
| LYB International Finance III, LLC 5.875% 1/15/2036 |  | 5842 | 5817 |
| Minera Mexico, SA de CV, 5.625% 2/12/2032 <sup>(f)</sup> |  | 6734 | 6976 |
| Mineral Resources, Ltd. 9.25% 10/1/2028 <sup>(f)</sup> |  | 945 | 993 |
| Mineral Resources, Ltd. 8.50% 5/1/2030 <sup>(f)</sup> |  | 1525 | 1587 |
| Mosaic Co. 4.05% 11/15/2027 |  | 941 | 941 |
| NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(f)</sup> |  | 1270 | 1243 |
| NOVA Chemicals Corp. 9.00% 2/15/2030 <sup>(f)</sup> |  | 3775 | 4036 |
| NOVA Chemicals Corp. 7.00% 12/1/2031 <sup>(f)</sup> |  | 1130 | 1207 |
| Quikrete Holdings, Inc. 6.75% 3/1/2033 <sup>(f)</sup> |  | 1050 | 1097 |
| Rio Tinto Finance (USA) PLC 5.25% 3/14/2035 |  | 1339 | 1380 |
| Rio Tinto Finance (USA) PLC 5.75% 3/14/2055 |  | 3244 | 3312 |
| Sherwin-Williams Co. 5.15% 8/15/2035 |  | 473 | 482 |
| Solstice Advanced Materials, Inc. 5.625% 9/30/2033 <sup>(f)</sup> |  | 1290 | 1302 |
| Synergy Infrastructure Holdings, LLC 7.875% 12/1/2030 <sup>(f)</sup> |  | 1110 | 1154 |
| Veritiv Operating Co. 10.50% 11/30/2030 <sup>(f)</sup> |  | 640 | 689 |
| Warrior Met Coal, Inc. 7.875% 12/1/2028 <sup>(f)</sup> |  | 2212 | 2265 |
| Westlake Corp. 4.375% 11/15/2047 |  | 448 | 348 |
|  |  |  | 90931 |
| **Utilities 0.31%** |  |  |  |
| Calpine Corp. 3.75% 3/1/2031 <sup>(f)</sup> |  | 1975 | 1910 |
| CMS Energy Corp., junior subordinated, 6.50% 6/1/2055 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.961% on 6/1/2035) <sup>(l)</sup> |  | 1375 | 1415 |
| Commonwealth Edison Co. 4.35% 11/15/2045 |  | 972 | 827 |
| Commonwealth Edison Co. 3.85% 3/15/2052 |  | 2330 | 1755 |
| Connecticut Light and Power Co. (The) 4.95% 8/15/2034 |  | 1837 | 1856 |
| Consumers Energy Co. 5.05% 5/15/2035 |  | 525 | 534 |
| Duke Energy Florida, LLC 4.85% 12/1/2035 |  | 2725 | 2714 |
| Duke Energy Indiana, LLC 3.25% 10/1/2049 |  | 850 | 582 |
| Duke Energy Progress, LLC 3.70% 10/15/2046 |  | 457 | 350 |
| Duke Energy Progress, LLC 2.50% 8/15/2050 |  | 202 | 118 |
| Duke Energy Progress, LLC 2.90% 8/15/2051 |  | 91 | 58 |
| Edison International 4.125% 3/15/2028 |  | 1225 | 1212 |
| Edison International 5.25% 11/15/2028 |  | 1537 | 1558 |
| Edison International 5.45% 6/15/2029 |  | 1419 | 1446 |
| Edison International 6.95% 11/15/2029 |  | 2280 | 2430 |
| Edison International 6.25% 3/15/2030 |  | 3493 | 3655 |
| Edison International 5.25% 3/15/2032 |  | 6672 | 6680 |
| Electricite de France SA 6.25% 5/23/2033 <sup>(f)</sup> |  | 1075 | 1165 |
| Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 5.411% on 6/15/2033) <sup>(f)(l)</sup> |  | 1475 | 1721 |
| Emera US Finance, LP 3.55% 6/15/2026 |  | 287 | 286 |
| Enel Finance International NV 5.00% 9/30/2035 <sup>(f)</sup> |  | 1280 | 1275 |
| Exelon Corp., junior subordinated, 6.50% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.975% on 3/15/2035) <sup>(l)</sup> |  | 1000 | 1041 |
| FirstEnergy Transmission, LLC 2.866% 9/15/2028 <sup>(f)</sup> |  | 605 | 585 |
| Florida Power & Light Co. 4.70% 2/15/2036 |  | 1525 | 1511 |
| Florida Power & Light Co. 5.60% 2/15/2066 |  | 100 | 99 |
| Ithaca Energy (North Sea) PLC 8.125% 10/15/2029 <sup>(f)</sup> |  | 1000 | 1036 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **126** |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Utilities (continued)** |  |  |  |
| MidAmerican Energy Co. 5.85% 9/15/2054 | USD | 875 | $904 |
| NextEra Energy Capital Holdings, Inc. 4.685% 9/1/2027 |  | 700 | 709 |
| Northern States Power Co. 5.40% 3/15/2054 |  | 175 | 171 |
| Pacific Gas and Electric Co. 2.10% 8/1/2027 |  | 125 | 121 |
| Pacific Gas and Electric Co. 3.00% 6/15/2028 |  | 450 | 437 |
| Pacific Gas and Electric Co. 6.40% 6/15/2033 |  | 192 | 207 |
| Pacific Gas and Electric Co. 6.95% 3/15/2034 |  | 4588 | 5106 |
| Pacific Gas and Electric Co. 5.70% 3/1/2035 |  | 5359 | 5513 |
| Pacific Gas and Electric Co. 6.00% 8/15/2035 |  | 4962 | 5219 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040 |  | 90 | 68 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050 |  | 2744 | 2322 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050 |  | 206 | 139 |
| PacifiCorp 5.30% 2/15/2031 |  | 1258 | 1296 |
| PacifiCorp 5.45% 2/15/2034 |  | 796 | 808 |
| PacifiCorp 5.35% 12/1/2053 |  | 3298 | 2900 |
| PacifiCorp 5.80% 1/15/2055 |  | 575 | 537 |
| Public Service Electric and Gas Co. 3.60% 12/1/2047 |  | 548 | 413 |
| Rockies Express Pipeline, LLC 4.95% 7/15/2029 <sup>(f)</sup> |  | 2689 | 2685 |
| Southern California Edison Co. 2.85% 8/1/2029 |  | 3988 | 3783 |
| Southern California Edison Co. 2.50% 6/1/2031 |  | 260 | 233 |
| Southern California Edison Co. 5.45% 6/1/2031 |  | 2240 | 2319 |
| Southern California Edison Co. 5.20% 6/1/2034 |  | 2260 | 2273 |
| Southern California Edison Co. 5.75% 4/1/2035 |  | 605 | 625 |
| Southern California Edison Co. 5.35% 7/15/2035 |  | 2688 | 2707 |
| Southern California Edison Co. 4.50% 9/1/2040 |  | 452 | 396 |
| Southern California Edison Co. 3.65% 2/1/2050 |  | 693 | 485 |
| Southern California Edison Co. 2.95% 2/1/2051 |  | 128 | 78 |
| Talen Energy Supply, LLC 8.625% 6/1/2030 <sup>(f)</sup> |  | 400 | 424 |
| Virginia Electric & Power 2.40% 3/30/2032 |  | 2307 | 2055 |
| Wisconsin Electric Power Co. 4.15% 10/15/2030 |  | 2000 | 2000 |
| Xcel Energy,Inc. 5.60% 4/15/2035 |  | 23 | 24 |
| XPLR Infrastructure Operating Partners, LP 8.375% 1/15/2031 <sup>(f)</sup> |  | 1150 | 1209 |
|  |  |  | 85985 |
| **Total corporate bonds and notes** |  |  | 1978534 |
| **Asset-backed obligations 1.91%** |  |  |  |
| **Auto loan 0.84%** |  |  |  |
| American Credit Acceptance Receivables Trust, Series 2024-4, Class A, 4.81% 3/13/2028 <sup>(f)(h)</sup> |  | 76 | 76 |
| American Credit Acceptance Receivables Trust, Series 2024-3, Class B, 5.66% 8/14/2028 <sup>(f)(h)</sup> |  | 1131 | 1133 |
| American Credit Acceptance Receivables Trust, Series 2025-2, Class B, 4.85% 5/14/2029 <sup>(f)(h)</sup> |  | 232 | 233 |
| American Credit Acceptance Receivables Trust, Series 2024-3, Class C, 5.73% 7/12/2030 <sup>(f)(h)</sup> |  | 3332 | 3365 |
| American Credit Acceptance Receivables Trust, Series 2024-4, Class C, 4.91% 8/12/2031 <sup>(f)(h)</sup> |  | 1005 | 1011 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027 <sup>(f)(h)</sup> |  | 6748 | 6735 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027 <sup>(f)(h)</sup> |  | 46 | 46 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/2027 <sup>(f)(h)</sup> |  | 10410 | 10290 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-5, Class A, 5.78% 4/20/2028 <sup>(f)(h)</sup> |  | 29013 | 29532 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(f)(h)</sup> |  | 4960 | 5164 |
| BofA Auto Trust, Series 2024-1, Class A3, 5.35% 11/15/2028 <sup>(f)(h)</sup> |  | 2074 | 2096 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class A2, 4.84% 9/15/2027 <sup>(h)</sup> |  | 52 | 52 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-3, Class A3, 5.34% 4/17/2028 <sup>(h)</sup> |  | 950 | 952 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class A3, 4.72% 9/15/2028 <sup>(h)</sup> |  | 856 | 858 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class B, 4.77% 8/15/2030 <sup>(h)</sup> |  | 1679 | 1687 |
| CarMax Auto Owner Trust, Series 2024-2, Class A2A, 5.65% 5/17/2027 <sup>(h)</sup> |  | 48 | 48 |
| CarMax Auto Owner Trust, Series 2024-3, Class A3, 4.89% 7/16/2029 <sup>(h)</sup> |  | 8604 | 8712 |
| CarMax Select Receivables Trust, Series 2024-A, Class A2A, 5.78% 9/15/2027 <sup>(h)</sup> |  | 193 | 193 |
| Chase Auto Owner Trust, Series 2024-4A, Class A2, 5.25% 9/27/2027 <sup>(f)(h)</sup> |  | 359 | 360 |
| Chase Auto Owner Trust, Series 2024-3, Class A2, 5.53% 9/27/2027 <sup>(f)(h)</sup> |  | 174 | 174 |
| Chase Auto Owner Trust, Series 2024-4A, Class A3, 4.94% 7/25/2029 <sup>(f)(h)</sup> |  | 5309 | 5362 |

---

---

| | |
|:---|:---|
| **127** | American Funds Insurance Series |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value<br> (000) |
| **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** | **Asset-backed obligations (continued)** |
| **Auto loan (continued)** |  |  |  |
| Chase Auto Owner Trust, Series 2024-3, Class A3, 5.22% 7/25/2029 <sup>(f)(h)</sup> | USD | 4257 | $4308 |
| CPS Auto Receivables Trust, Series 2024-C, Class A, 5.88% 2/15/2028 <sup>(f)(h)</sup> |  | 161 | 161 |
| Credit Acceptance Auto Loan Trust, Series 2023-3, Class A, 6.39% 8/15/2033 <sup>(f)(h)</sup> |  | 1025 | 1030 |
| Enterprise Fleet Financing, LLC, Series 2024-2, Class A2, 5.74% 12/20/2026 <sup>(f)(h)</sup> |  | 317 | 318 |
| Enterprise Fleet Financing, LLC, Series 2024-3, Class A2, 5.31% 4/20/2027 <sup>(f)(h)</sup> |  | 1744 | 1750 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/2029 <sup>(f)(h)</sup> |  | 136 | 136 |
| Enterprise Fleet Financing, LLC, Series 2022-4, Class A2, 5.76% 10/22/2029 <sup>(f)(h)</sup> |  | 458 | 460 |
| Exeter Automobile Receivables Trust, Series 2025-1A, Class A2, 4.70% 9/15/2027 <sup>(h)</sup> |  | 249 | 249 |
| Exeter Automobile Receivables Trust, Series 2025-1A, Class A3, 4.67% 8/15/2028 <sup>(h)</sup> |  | 930 | 932 |
| Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/2036 <sup>(f)(h)</sup> |  | 5998 | 6205 |
| Ford Credit Auto Owner Trust, Series 2024-1, Class A, 4.87% 8/15/2036 <sup>(f)(h)(i)</sup> |  | 13442 | 13799 |
| Ford Credit Floorplan Master Owner Trust, Series 2024-3, Class A1, 4.30% 9/15/2029 <sup>(f)(h)</sup> |  | 3235 | 3263 |
| Ford Credit Floorplan Master Owner Trust, Series 2025-2, Class A1, 4.06% 9/15/2030 <sup>(h)</sup> |  | 7319 | 7350 |
| GLS Auto Receivables Trust, Series 2025-2A, Class A2, 4.75% 3/15/2028 <sup>(f)(h)</sup> |  | 364 | 365 |
| GLS Auto Select Receivables Trust, Series 2024-4A, Class A2, 4.43% 12/17/2029 <sup>(f)(h)</sup> |  | 667 | 669 |
| GLS Auto Select Receivables Trust, Series 2025-1A, Class A2, 4.71% 4/15/2030 <sup>(f)(h)</sup> |  | 623 | 628 |
| GM Financial Revolving Receivables Trust, Series 2023-2, Class A, 5.77% 8/11/2036 <sup>(f)(h)</sup> |  | 8654 | 9090 |
| GM Financial Revolving Receivables Trust, Series 2024-2, Class A, 4.52% 3/11/2037 <sup>(f)(h)</sup> |  | 6768 | 6887 |
| GM Financial Securitized Term Auto Receivables Trust, Series 2024-1, Class A3, 4.85% 12/18/2028 <sup>(h)</sup> |  | 1762 | 1774 |
| Hertz Vehicle Financing III, LLC, Series 2022-2A, Class A, 2.33% 6/26/2028 <sup>(f)(h)</sup> |  | 4391 | 4291 |
| Hertz Vehicle Financing III, LLC, Series 2022-5A, Class A, 3.89% 9/25/2028 <sup>(f)(h)</sup> |  | 4445 | 4423 |
| Hertz Vehicle Financing III, LLC, Series 2023-4, Class A, 6.15% 3/25/2030 <sup>(f)(h)</sup> |  | 4585 | 4807 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027 <sup>(f)(h)</sup> |  | 9236 | 9064 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027 <sup>(f)(h)</sup> |  | 685 | 672 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027 <sup>(f)(h)</sup> |  | 429 | 421 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(f)(h)</sup> |  | 4771 | 4875 |
| Hertz Vehicle Financing, LLC, Series 2025-1A, Class A, 4.91% 9/25/2029 <sup>(f)(h)</sup> |  | 1448 | 1467 |
| Hertz Vehicle Financing, LLC, Series 2025-5A, Class A, 4.62% 5/25/2030 <sup>(f)(h)</sup> |  | 1610 | 1609 |
| Honda Auto Receivables Owner Trust, Series 2023-1, Class A3, 5.04% 4/21/2027 <sup>(h)</sup> |  | 238 | 239 |
| Hyundai Auto Receivables Trust, Series 2024-A, Class A3, 4.99% 2/15/2029 <sup>(h)</sup> |  | 3179 | 3207 |
| Hyundai Floorplan Master Owner Trust, Series 2025-1A, Class A, 4.01% 10/15/2030 <sup>(f)(h)</sup> |  | 3632 | 3636 |
| LAD Auto Receivables Trust, Series 2024-3A, Class A2, 4.64% 11/15/2027 <sup>(f)(h)</sup> |  | 448 | 449 |
| LAD Auto Receivables Trust, Series 2023-4, Class A3, 6.10% 12/15/2027 <sup>(f)(h)</sup> |  | 249 | 250 |
| LAD Auto Receivables Trust, Series 2024-3A, Class A3, 4.52% 3/15/2029 <sup>(f)(h)</sup> |  | 954 | 958 |
| LAD Auto Receivables Trust, Series 2024-3A, Class A4, 4.60% 12/17/2029 <sup>(f)(h)</sup> |  | 504 | 509 |
| Santander Drive Auto Receivables Trust, Series 2024-1, Class A3, 5.25% 4/17/2028 <sup>(h)</sup> |  | 117 | 117 |
| Santander Drive Auto Receivables Trust, Series 2024-2, Class A3, 5.63% 11/15/2028 <sup>(h)</sup> |  | 2889 | 2899 |
| Santander Drive Auto Receivables Trust, Series 2023-4, Class B, 5.77% 12/15/2028 <sup>(h)</sup> |  | 5062 | 5111 |
| Santander Drive Auto Receivables Trust, Series 2024-4, Class A3, 4.85% 1/16/2029 <sup>(h)</sup> |  | 4123 | 4134 |
| SBNA Auto Lease Trust, Series 2024-A, Class A3, 5.39% 11/20/2026 <sup>(f)(h)</sup> |  | 695 | 696 |
| SBNA Auto Lease Trust, Series 2024-B, Class A3, 5.56% 11/22/2027 <sup>(f)(h)</sup> |  | 1037 | 1042 |
| SFS Auto Receivables Securitization Trust, Series 2024-3A, Class A2, 4.71% 5/22/2028 <sup>(f)(h)</sup> |  | 498 | 499 |
| SFS Auto Receivables Securitization Trust, Series 2023-1, Class A3, 5.47% 10/20/2028 <sup>(f)(h)</sup> |  | 1713 | 1725 |
| SFS Auto Receivables Securitization Trust, Series 2025-2A, Class A2, 4.52% 11/20/2028 <sup>(f)(h)</sup> |  | 401 | 402 |
| SFS Auto Receivables Securitization Trust, Series 2024-3A, Class A3, 4.55% 6/20/2030 <sup>(f)(h)</sup> |  | 2966 | 2987 |
| Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/2034 <sup>(f)(h)</sup> |  | 6503 | 6475 |
| Toyota Auto Receivables Owner Trust, Series 2023-C, Class A3, 5.16% 4/17/2028 <sup>(h)</sup> |  | 2960 | 2977 |
| Toyota Auto Receivables Owner Trust, Series 2023-C, Class A4, 5.01% 2/15/2029 <sup>(h)</sup> |  | 1822 | 1851 |
| Truist Bank Auto Credit-Linked Notes, Series 2025-1, Class B, 4.728% 9/26/2033 <sup>(f)(h)</sup> |  | 864 | 866 |
| United Auto Credit Securitization Trust, Series 2025-1, Class A, 4.80% 6/10/2027 <sup>(f)(h)</sup> |  | 156 | 156 |
| Westlake Automobile Receivables Trust, Series 2025-1A, Class A2A, 4.66% 1/18/2028 <sup>(f)(h)</sup> |  | 3372 | 3379 |
| Westlake Automobile Receivables Trust, Series 2025-P1, Class A2, 4.65% 2/15/2028 <sup>(f)(h)</sup> |  | 376 | 377 |
| Westlake Automobile Receivables Trust, Series 2024-3A, Class A3, 4.71% 4/17/2028 <sup>(f)(h)</sup> |  | 2142 | 2149 |
| Westlake Automobile Receivables Trust, Series 2025-2A, Class A2A, 4.66% 9/15/2028 <sup>(f)(h)</sup> |  | 1052 | 1055 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class B, 5.92% 9/15/2028 <sup>(f)(h)</sup> |  | 2001 | 2005 |
| Westlake Automobile Receivables Trust, Series 2024-3A, Class B, 4.72% 11/15/2029 <sup>(f)(h)</sup> |  | 6520 | 6550 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **128** |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Asset-backed obligations (continued)** |  |  |  |
| **Auto loan (continued)** |  |  |  |
| Westlake Automobile Receivables Trust, Series 2025-1A, Class C, 5.14% 10/15/2030 <sup>(f)(h)</sup> | USD | 1973 | $1995 |
| World OMNI Select Auto Trust, Series 2024-A, Class A2A, 5.37% 2/15/2028 <sup>(h)</sup> |  | 285 | 285 |
| World OMNI Select Auto Trust, Series 2024-A, Class A3, 4.98% 2/15/2030 <sup>(h)</sup> |  | 4143 | 4165 |
|  |  |  | 232227 |
| **Other asset-backed securities 0.81%** |  |  |  |
| Affirm Asset Securitization Trust, Series 2024-B, Class A, 4.62% 9/15/2029 <sup>(f)(h)</sup> |  | 10457 | 10487 |
| Affirm Master Trust, Series 2025-3A, Class A, 4.45% 10/16/2034 <sup>(f)(h)</sup> |  | 1923 | 1931 |
| Affirm, Inc., Series 2024-A, Class A, 5.61% 2/15/2029 <sup>(f)(h)</sup> |  | 2962 | 2967 |
| Affirm, Inc., Series 2024-X2, Class A, 5.22% 12/17/2029 <sup>(f)(h)</sup> |  | 109 | 109 |
| Ansley Park Capital, LLC, Series 2025-A, Class A2, 4.43% 4/20/2035 <sup>(f)(h)</sup> |  | 2934 | 2944 |
| APL Finance, LLC, Series 2025-1A, Class A, 4.81% 3/20/2036 <sup>(f)(h)</sup> |  | 1870 | 1878 |
| Apollo Aviation Securitization Equity Trust, Series 2025-3A, Class A, 5.243% 2/16/2050 <sup>(f)(h)</sup> |  | 6878 | 6906 |
| Apollo Aviation Securitization Equity Trust, Series 2025-2A, Class A, 5.522% 2/16/2050 <sup>(f)(h)</sup> |  | 3772 | 3802 |
| Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 11/17/2033 <sup>(f)(h)</sup> |  | 58 | 58 |
| CAL Funding IV, Ltd., Series 2020-1A, Class A, 2.22% 9/25/2045 <sup>(f)(h)</sup> |  | 826 | 793 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/2037 <sup>(f)(h)</sup> |  | 3998 | 3794 |
| Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/2041 <sup>(f)(h)</sup> |  | 36 | 36 |
| Castlelake Aircraft Securitization Trust, Series 2025-1A, Class A, 5.783% 2/15/2050 <sup>(f)(h)</sup> |  | 4526 | 4605 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(f)(h)</sup> |  | 5080 | 4316 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060 <sup>(f)(h)</sup> |  | 1686 | 1426 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061 <sup>(f)(h)</sup> |  | 5962 | 4846 |
| CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/2045 <sup>(f)(h)</sup> |  | 872 | 824 |
| CLI Funding VI, LLC, Series 2020-1A, Class A, 2.08% 9/18/2045 <sup>(f)(h)</sup> |  | 3301 | 3119 |
| CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/2045 <sup>(f)(h)</sup> |  | 689 | 652 |
| CLI Funding VIII, LLC, Series 2021-1A, Class A, 1.64% 2/18/2046 <sup>(f)(h)</sup> |  | 940 | 876 |
| CNH Equipment Trust, Series 2024-B, Class A2A, 5.42% 10/15/2027 <sup>(h)</sup> |  | 680 | 681 |
| Daimler Trucks Retail Trust, Series 2024-1, Class A3, 5.49% 12/15/2027 <sup>(h)</sup> |  | 2518 | 2540 |
| Dext ABS, LLC, Series 2025-2, Class A2, 4.10% 4/17/2028 <sup>(f)(h)</sup> |  | 320 | 320 |
| EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/2045 <sup>(f)(h)</sup> |  | 192 | 180 |
| EquipmentShare, Series 2024-2M, Class A, 5.70% 12/20/2032 <sup>(f)(h)</sup> |  | 2350 | 2386 |
| EquipmentShare, Series 2025-1M, Class A, 5.48% 9/26/2033 <sup>(f)(h)</sup> |  | 862 | 868 |
| GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045 <sup>(f)(h)</sup> |  | 388 | 373 |
| GCI Funding I, LLC, Series 2020-1, Class B, 3.81% 10/18/2045 <sup>(f)(h)</sup> |  | 175 | 167 |
| GGAM Master Trust International, Ltd., Series 2025-1A, Class A, 5.923% 9/30/2060 <sup>(f)(h)</sup> |  | 4277 | 4314 |
| Global SC Finance SRL, Series 2025-1H, Class A, 6.169% 9/20/2045 <sup>(f)(h)</sup> |  | 6241 | 6258 |
| Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 8/17/2039 <sup>(f)(h)</sup> |  | 1344 | 1319 |
| Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/2040 <sup>(f)(h)</sup> |  | 5750 | 5527 |
| Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/2040 <sup>(f)(h)</sup> |  | 7403 | 7120 |
| Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/2041 <sup>(f)(h)</sup> |  | 2510 | 2351 |
| Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/2041 <sup>(f)(h)</sup> |  | 3708 | 3495 |
| Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/2041 <sup>(f)(h)</sup> |  | 293 | 274 |
| Horizon Aircraft Finance, Series 2024-1, Class A, 5.375% 9/15/2049 <sup>(f)(h)</sup> |  | 2453 | 2483 |
| John Deere Owner Trust, Series 2024-A, Class A3, 4.96% 11/15/2028 <sup>(h)</sup> |  | 2894 | 2920 |
| MMP Capital, Series 2025-A, Class A, 5.36% 12/15/2031 <sup>(f)(h)</sup> |  | 118 | 119 |
| Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/2046 <sup>(f)(h)</sup> |  | 4586 | 4385 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(f)(h)</sup> |  | 26263 | 22003 |
| NMEF Funding, LLC, Series 2025-B, Class A2, 4.64% 1/18/2033 <sup>(f)(h)</sup> |  | 677 | 680 |
| PEAC Solutions Receivables, LLC, Series 2025-1A, Class A2, 4.94% 10/20/2028 <sup>(f)(h)</sup> |  | 1069 | 1076 |
| PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/2028 <sup>(f)(h)</sup> |  | 5298 | 5323 |
| PG&E Wildfire Recovery Funding, LLC, Series 2022-A, Class A2, 4.263% 6/1/2038 <sup>(h)</sup> |  | 2442 | 2380 |
| PK ALIFT Loan Funding, Series 2025-2, Class A, 4.75% 3/15/2043 <sup>(f)(h)</sup> |  | 418 | 420 |
| PK ALIFT Loan Funding 3, LP, Series 2024-1, Class AF, (1-month USD CME Term SOFR + 1.70%) 5.45% 9/15/2039 <sup>(f)(h)(i)</sup> |  | 496 | 502 |
| PK ALIFT Loan Funding 3, LP, Series 2024-1, Class A1, 5.842% 9/15/2039 <sup>(f)(h)</sup> |  | 682 | 698 |
| SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/2046 <sup>(f)(h)</sup> |  | 2586 | 2470 |
| SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/2046 <sup>(f)(h)</sup> |  | 1636 | 1602 |
| Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/2041 <sup>(f)(h)</sup> |  | 1440 | 1420 |

---

---

| | |
|:---|:---|
| **129** | American Funds Insurance Series |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Asset-backed obligations (continued)** |  |  |  |
| **Other asset-backed securities (continued)** |  |  |  |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033 <sup>(f)(h)</sup> | USD | 843 | $823 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/2033 <sup>(f)(h)</sup> |  | 691 | 674 |
| Subway Funding, LLC, Series 2024-3, Class A2I, 5.246% 7/30/2054 <sup>(f)(h)</sup> |  | 5226 | 5217 |
| Subway Funding, LLC, Series 2024-3A, Class A2II, 5.566% 7/30/2054 <sup>(f)(h)</sup> |  | 6170 | 6132 |
| SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/2075 <sup>(f)(h)</sup> |  | 1132 | 1106 |
| Synchrony Card Issuance Trust, Series 2023-A, Class A, 5.54% 7/15/2029 <sup>(h)</sup> |  | 2840 | 2864 |
| Synchrony Card Issuance Trust, Series 2025-A1, Class A, 4.78% 2/15/2031 <sup>(h)</sup> |  | 4155 | 4229 |
| Synchrony Card Issuance Trust, Series 2025-A3, Class A, 4.06% 11/15/2031 <sup>(h)</sup> |  | 5377 | 5406 |
| TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/2045 <sup>(f)(h)</sup> |  | 1069 | 1025 |
| Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/2045 <sup>(f)(h)</sup> |  | 497 | 472 |
| Textainer Marine Containers, Ltd., Series 2021-1, Class A, 1.68% 2/20/2046 <sup>(f)(h)</sup> |  | 664 | 626 |
| Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/2046 <sup>(f)(h)</sup> |  | 1924 | 1825 |
| Textainer Marine Containers, Ltd., Series 2025-1H, Class A, 6.43% 7/23/2050 <sup>(f)(h)</sup> |  | 1947 | 1959 |
| T-Mobile US Trust, Series 2024-1, Class A, 5.05% 9/20/2029 <sup>(f)(h)</sup> |  | 5582 | 5617 |
| Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/2045 <sup>(f)(h)</sup> |  | 7083 | 6693 |
| Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/2046 <sup>(f)(h)</sup> |  | 1277 | 1189 |
| U.S. Bank National Association, Series 2025-SUP2, Class B1, 4.818% 9/25/2032 <sup>(f)(h)</sup> |  | 1660 | 1670 |
| Verdant Receivables, LLC, Series 2025-1A, Class A2, 4.85% 3/13/2028 <sup>(f)(h)</sup> |  | 623 | 626 |
| Verdant Receivables, LLC, Series 2024-1, Class A2, 5.68% 12/12/2031 <sup>(f)(h)</sup> |  | 941 | 960 |
| Verizon Master Trust, Series 2023-1, Class A, 4.49% 1/22/2029 (5.24% on 1/20/2026) <sup>(h)(l)</sup> |  | 6704 | 6706 |
| Verizon Master Trust, Series 2024-3, Class A1A, 5.34% 4/22/2030 <sup>(h)</sup> |  | 9409 | 9597 |
| Verizon Master Trust, Series 2025-9, Class A1A, 3.96% 10/21/2030 (4.67% on 10/20/2027) <sup>(h)(l)</sup> |  | 1462 | 1470 |
| Verizon Master Trust, Series 2023-3, Class A, 4.73% 4/21/2031 <sup>(f)(h)</sup> |  | 8048 | 8195 |
| Verizon Master Trust, Series 2025-7, Class A1A, 3.96% 8/20/2031 <sup>(h)</sup> |  | 4253 | 4268 |
| Verizon Master Trust, Series 24-5, Class A, 5.00% 6/21/2032 <sup>(f)(h)</sup> |  | 934 | 964 |
| Volvo Financial Equipment, LLC, Series 2025-1A, Class A2, 4.41% 11/15/2027 <sup>(f)(h)</sup> |  | 1879 | 1883 |
| Wingspire Equipment Finance, LLC, Series 2024-1A, Class A2, 4.99% 9/20/2032 <sup>(f)(h)</sup> |  | 389 | 391 |
| Wingspire Equipment Finance, LLC, Series 2025-1A, Class A2, 4.33% 9/20/2033 <sup>(f)(h)</sup> |  | 137 | 137 |
|  |  |  | 225747 |
| **Credit card 0.14%** |  |  |  |
| Avant Credit Card Master Trust, Series 2024-2A, Class A, 5.38% 5/15/2029 <sup>(f)(h)</sup> |  | 8500 | 8521 |
| Avant Credit Card Master Trust, Series 2024-2A, Class B, 5.73% 5/15/2029 <sup>(f)(h)</sup> |  | 4100 | 4115 |
| Avant Credit Card Master Trust, Series 2024-2A, Class C, 6.41% 5/15/2029 <sup>(f)(h)</sup> |  | 2715 | 2733 |
| Barclays Dryrock Issuance Trust, Series 2025-1, Class A, 3.97% 7/15/2031 <sup>(h)</sup> |  | 4171 | 4182 |
| First National Master Note Trust, Series 2025-1, Class A, 4.85% 2/15/2030 <sup>(h)</sup> |  | 4558 | 4652 |
| First National Master Note Trust, Series 2024-1, Class A, 5.34% 5/15/2030 <sup>(h)</sup> |  | 3970 | 4050 |
| Imprint Payments Credit Card Master Trust, Series 2025-A, Class A, 4.84% 9/15/2029 <sup>(f)(h)</sup> |  | 2043 | 2049 |
| Mission Lane Credit Card Master Trust, Series 2025-C, Class A, 4.78% 12/16/2030 <sup>(f)(h)</sup> |  | 404 | 406 |
| World Financial Network Credit Card Master Trust, Series 2023-A, Class A, 5.02% 3/15/2030 <sup>(h)</sup> |  | 7030 | 7058 |
|  |  |  | 37766 |
| **Student loan 0.08%** |  |  |  |
| Navient Education Loan Trust, Series 2025-A, Class A, 5.02% 7/15/2055 <sup>(f)(h)</sup> |  | 2480 | 2510 |
| Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(f)(h)</sup> |  | 2485 | 2281 |
| Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/2070 <sup>(f)(h)</sup> |  | 3240 | 2947 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFX, 1.32% 4/20/2062 <sup>(f)(h)</sup> |  | 4222 | 3968 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(f)(h)</sup> |  | 2626 | 2485 |
| Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062 <sup>(f)(h)</sup> |  | 4441 | 4213 |
| SMB Private Education Loan Trust, Series 2021-A, Class A2A2, (1-month USD CME Term SOFR + 0.844%) 4.595% 1/15/2053 <sup>(f)(h)(i)</sup> |  | 3493 | 3462 |
|  |  |  | 21866 |
| **Collateralized loan obligations 0.04%** |  |  |  |
| Flatiron CLO, Ltd., Series 2024-1A, Class A1R, (3-month USD CME Term SOFR + 1.08%) 4.985% |  |  |  |
| 7/15/2036 <sup>(f)(h)(i)</sup> |  | 3240 | 3246 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **130** |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Asset-backed obligations (continued)** |  |  |  |
| **Collateralized loan obligations (continued)** |  |  |  |
| Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD CME Term SOFR + 1.232%) 5.09% 7/25/2030 <sup>(f)(h)(i)</sup> | USD | 321 | $322 |
| Palmer Square Loan Funding, Ltd., CLO, Series 2024-2A, Class A1N, (3-month USD CME Term SOFR + 1.00%) 4.905% 1/15/2033 <sup>(f)(h)(i)</sup> |  | 3469 | 3470 |
| Thompson Park CLO, Ltd., Series 2021-1A, Class A1R, (3-month USD CME Term SOFR + 1.05%) 4.955% 4/15/2034 <sup>(f)(h)(i)</sup> |  | 3229 | 3231 |
| Trinitas CLO, Ltd., Series 2020-12A, Class A1R2, (3-month USD CME Term SOFR + 1.05%) 4.908% 4/25/2033 <sup>(f)(h)(i)</sup> |  | 1285 | 1286 |
|  |  |  | 11555 |
| **Total asset-backed obligations** |  |  | 529161 |
| **Bonds & notes of governments & government agencies outside the U.S. 0.32%** |  |  |  |
| **Mexico 0.16%** |  |  |  |
| Eagle Funding LuxCo SARL 5.50% 8/17/2030 |  | 18285 | 18648 |
| Eagle Funding LuxCo SARL 5.50% 8/17/2030 <sup>(f)</sup> |  | 10645 | 10856 |
| United Mexican States 4.75% 4/27/2032 |  | 2305 | 2249 |
| United Mexican States 5.375% 3/22/2033 |  | 1295 | 1288 |
| United Mexican States 3.50% 2/12/2034 |  | 1790 | 1552 |
| United Mexican States 6.875% 5/13/2037 |  | 2720 | 2909 |
| United Mexican States 6.625% 1/29/2038 |  | 200 | 209 |
| United Mexican States 7.375% 5/13/2055 |  | 4235 | 4573 |
| United Mexican States 3.771% 5/24/2061 |  | 1528 | 946 |
|  |  |  | 43230 |
| **Canada 0.07%** |  |  |  |
| CPPIB Capital, Inc. 2.75% 11/2/2027 <sup>(f)</sup> |  | 5914 | 5824 |
| OMERS Finance Trust 3.50% 4/19/2032 <sup>(f)</sup> |  | 3867 | 3719 |
| OMERS Finance Trust 4.00% 4/19/2052 <sup>(f)</sup> |  | 3867 | 2980 |
| Ontario (Province of) 3.90% 9/4/2030 |  | 8228 | 8238 |
|  |  |  | 20761 |
| **Kuwait 0.04%** |  |  |  |
| Kuwait (State of) 4.652% 10/9/2035 <sup>(f)</sup> |  | 11750 | 11764 |
| **Peru 0.02%** |  |  |  |
| Peru (Republic of) 1.862% 12/1/2032 |  | 2525 | 2091 |
| Peru (Republic of) 5.875% 8/8/2054 |  | 2310 | 2294 |
| Peru (Republic of) 2.78% 12/1/2060 |  | 3383 | 1845 |
|  |  |  | 6230 |
| **Panama 0.02%** |  |  |  |
| Panama (Republic of) 7.50% 3/1/2031 |  | 1765 | 1961 |
| Panama (Republic of) 2.252% 9/29/2032 |  | 4306 | 3568 |
|  |  |  | 5529 |
| **Qatar 0.01%** |  |  |  |
| Qatar (State of) 4.00% 3/14/2029 <sup>(f)</sup> |  | 745 | 748 |
| Qatar (State of) 4.817% 3/14/2049 <sup>(f)</sup> |  | 750 | 708 |
|  |  |  | 1456 |
| **Total bonds & notes of governments & government agencies outside the U.S.** |  |  | 88970 |

---

---

| | |
|:---|:---|
| **131** | American Funds Insurance Series |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Loans 0.15%** |  |  |  |
| **Communication services 0.05%** |  |  |  |
| Connect Finco SARL, Term Loan B, (1-month USD CME Term SOFR + 4.50%) 8.216% 9/27/2029 <sup>(i)(o)</sup> | USD | 2344 | $2344 |
| CSC Holdings, LLC, Term Loan B, (USD Prime Rate + 1.50%) 8.75% 4/15/2027 <sup>(i)(o)</sup> |  | 967 | 847 |
| Gray Television, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 9.123% 6/4/2029 <sup>(i)(o)</sup> |  | 22 | 22 |
| Ligado Networks, LLC, Term Loan, 17.50% PIK 5/5/2028 <sup>(c)(g)(o)</sup> |  | 2157 | 2157 |
| Peroton Corp., Term Loan B, (3-month USD CME Term SOFR + 7.85%) 11.672% 2/1/2029 <sup>(i)(o)</sup> |  | 2285 | 1812 |
| Versant Media Group, Inc., Term Loan B, (1-month USD CME Term SOFR + 3.50%) 7.537% 10/23/2030 <sup>(i)(o)</sup> |  | 1280 | 1283 |
| X Corp., Term Loan B3, 9.50% 10/26/2029 <sup>(o)</sup> |  | 2675 | 2671 |
| X Corp., Term Loan B, (USD-SOFR + 6.75%) 10.448% 10/26/2029 <sup>(i)(o)</sup> |  | 2762 | 2718 |
|  |  |  | 13854 |
| **Information technology 0.04%** |  |  |  |
| CommScope, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.466% 12/17/2029 <sup>(i)(o)</sup> |  | 485 | 487 |
| Ellucian Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.466% 11/22/2032 <sup>(i)(o)</sup> |  | 225 | 227 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 10.973% 9/13/2029 <sup>(e)(i)(o)</sup> |  | 724 | 729 |
| Finastra USA, Inc., Term Loan, (1-month USD CME Term SOFR + 4.00%) 7.688% 7/30/2032 <sup>(i)(o)</sup> |  | 2180 | 2138 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 3.00%) 6.716% 3/20/2032 <sup>(i)(o)</sup> |  | 1737 | 1740 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 8.716% 3/20/2033 <sup>(i)(o)</sup> |  | 900 | 882 |
| Viasat, Inc., Term Loan B, (1-month USD CME Term SOFR + 4.614%) 8.331% 3/2/2029 <sup>(i)(o)</sup> |  | 4031 | 4026 |
| Viasat, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.348% 5/30/2030 <sup>(i)(o)</sup> |  | 105 | 104 |
|  |  |  | 10333 |
| **Financials 0.03%** |  |  |  |
| Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) 7.61% 11/17/2029 <sup>(c)(f)(i)(o)</sup> |  | 4566 | 4532 |
| CRC Insurance Group, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.422% 5/6/2032 <sup>(i)(o)</sup> |  | 2190 | 2223 |
| Denali Intermediate Holdings, Inc., Term Loan, (1-month CME Term SOFR + 5.50%) 9.227% 8/26/2032 <sup>(i)(o)</sup> |  | 2036 | 2064 |
|  |  |  | 8819 |
| **Health care 0.01%** |  |  |  |
| Endo Finance Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 7.466% 4/23/2031 <sup>(i)(o)</sup> |  | 2543 | 2527 |
| **Consumer discretionary 0.01%** |  |  |  |
| Aimbridge Acquisition Co.,Inc., Term Loan, (1-month USD CME Term SOFR + 5.614%) 9.35% |  |  |  |
| 3/11/2030 <sup>(c)(i)(o)</sup> |  | 127 | 127 |
| Aimbridge Acquisition Co.,Inc., Term Loan, (1-month USD CME Term SOFR + 7.614%) 6.00% PIK and |  |  |  |
| 5.573% Cash 3/11/2030 <sup>(c)(g)(i)(o)</sup> |  | 120 | 120 |
| Voyager Parent, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.75%) 8.422% 7/1/2032 <sup>(i)(o)</sup> |  | 2109 | 2113 |
|  |  |  | 2360 |
| **Materials 0.01%** |  |  |  |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 2.00%) 7.00% PIK 7/16/2026 <sup>(c)(g)(i)(n)(o)</sup> |  | 797 | 252 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 8.00%) 7.00% PIK 7/16/2026 <sup>(c)(g)(i)(n)(o)</sup> |  | 802 | 254 |
| Venator Material, LLC, Term Loan, (USD-SOFR + 10.00%) 7.00% PIK 10/12/2028 <sup>(c)(g)(i)(n)(o)</sup> |  | 1319 | 418 |
|  |  |  | 924 |
| **Industrials 0.00%** |  |  |  |
| Peraton Corp., Term Loan B, (3-month USD CME Term SOFR + 3.85%) 7.69% 2/1/2028 <sup>(i)(o)</sup> |  | 982 | 914 |
| **Total loans** |  |  | 39731 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **132** |

---

Asset Allocation Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Municipals 0.08%** |  |  |  |
| **Florida 0.03%** |  |  |  |
| Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.705% 7/1/2027 | USD | 4781 | $4639 |
| Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 2.154% 7/1/2030 |  | 4808 | 4426 |
|  |  |  | 9065 |
| **Illinois 0.01%** |  |  |  |
| GO Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033 |  | 3224 | 3312 |
| **Ohio 0.02%** |  |  |  |
| Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project), Series 2021, 4.425% 5/1/2031 |  | 4930 | 4480 |
| **Puerto Rico 0.00%** |  |  |  |
| GO Taxable Bonds, CAB, Series 2022, 0% 11/1/2051 |  | 418 | 274 |
| **Wisconsin 0.02%** |  |  |  |
| Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034 |  | 5735 | 5696 |
| **Total municipals** |  |  | 22827 |
| **Total bonds, notes & other debt instruments (cost: $7,832,741,000)** |  |  | 7768308 |
| Investment funds 3.06% |  | Shares |  |
| Capital Group Central Corporate Bond Fund <sup>(p)</sup> |  | 99619082 | 846762 |
| **Total investment funds (cost: $864,770,000)** |  |  | 846762 |
| Short-term securities 3.70% |  |  |  |
| **Money market investments 3.63%** |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(p)(q)</sup> |  | 10047098 | 1004810 |
| **Money market investments purchased with collateral from securities on loan 0.07%** |  |  |  |
| Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 3.68% <sup>(q)(r)</sup> |  | 18905590 | 18905 |
| **Total short-term securities (cost: $1,023,511,000)** |  |  | 1023715 |
| **Total investment securities 100.26% (cost: $19,813,803,000)** |  |  | 27745931 |
| Other assets less liabilities (0.26)% |  |  | (70891) |
| **Net assets 100.00%** |  |  | $27675040 |

---

---

| | |
|:---|:---|
| **133** | American Funds Insurance Series |

---

Asset Allocation Fund (continued)

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of <br> contracts | Expiration<br> date | Notional<br> amount<br> (000) | Notional<br> amount<br> (000) | Value and <br> unrealized <br> appreciation <br> (depreciation)<br> at 12/31/2025 <br> (000) |
| 2 Year U.S. Treasury Note Futures | Long | 8836 | 4/6/2026 | USD | 1844860 | $(403) |
| 5 Year U.S. Treasury Note Futures | Long | 4708 | 4/6/2026 |  | 514606 | (1134) |
| 10 Year U.S. Treasury Note Futures | Long | 3234 | 3/31/2026 |  | 363623 | (2694) |
| 10 Year Ultra U.S. Treasury Note Futures | Short | 262 | 3/31/2026 |  | (30134) | 100 |
| 20 Year U.S. Treasury Bond Futures | Long | 1200 | 3/31/2026 |  | 138713 | (1838) |
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 794 | 3/31/2026 |  | (93692) | 1825 |
|  |  |  |  |  |  | $(4144) |

---

**Swap contracts**

**Interest rate swaps**

**Centrally cleared interest rate swaps**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay |  | Notional | Notional | Value at | Upfront<br> premium<br> paid | Unrealized<br> appreciation<br> (depreciation) |
| Rate | Payment <br>frequency | Rate | Payment<br> frequency | Expiration<br> date | amount<br> (000) | amount<br> (000) | 12/31/2025<br> (000) | (received)<br> (000) | at 12/31/2025<br> (000) |
| SOFR | Annual | 3.473% | Annual | 10/2/2032 | USD | 112900 | $814 | $— | $814 |
| SOFR | Annual | 3.4805% | Annual | 10/2/2032 | USD | 37800 | 255 |  | 255 |
| SOFR | Annual | 3.48% | Annual | 10/2/2032 | USD | 12601 | 86 |  | 86 |
| SOFR | Annual | 3.4815% | Annual | 10/2/2032 | USD | 12612 | 84 |  | 84 |
| SOFR | Annual | 3.482% | Annual | 10/2/2032 | USD | 12286 | 82 |  | 82 |
| SOFR | Annual | 3.50061% | Annual | 11/3/2032 | USD | 74795 | 442 |  | 442 |
| SOFR | Annual | 3.6385% | Annual | 10/2/2035 | USD | 55884 | 685 |  | 685 |
| SOFR | Annual | 3.6775% | Annual | 10/8/2035 | USD | 55754 | 511 |  | 511 |
| SOFR | Annual | 3.66593% | Annual | 11/3/2035 | USD | 55430 | 584 |  | 584 |
|  |  |  |  |  |  |  | $3543 | $— | $3543 |

---

**Credit default swaps**

**Centrally cleared credit default swaps on credit indices — buy protection**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference<br> index | Financing<br> rate paid | Payment<br> frequency | Expiration<br> date | Notional<br> amount<br> (000) | Notional<br> amount<br> (000) | Value at<br> 12/31/2025<br> (000) | Upfront <br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| CDX.NA.IG.45 | 1.00% | Quarterly | 12/20/2030 | USD | 3826 | $(87) | $(86) | $(1) |
| CDX.NA.HY.45 | 5.00% | Quarterly | 12/20/2030 |  | 38950 | (2976) | (2542) | (434) |
|  |  |  |  |  |  | $(3063) | $(2628) | $(435) |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **134** |

---

Asset Allocation Fund (continued)

**Investments in affiliates <sup>(p)</sup>**

****

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value at<br> 1/1/2025<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized <br>appreciation<br> (depreciation)<br> (000) | Value at<br> 12/31/2025<br> (000) | Dividend<br> or interest<br> income<br> (000) |
| **Investment funds 3.06%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Corporate Bond Fund | $1368034 | $95934 | $634718 | $(136730) | $154242 | $846762 | $47796 |
| **Short-term securities 3.63%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 3.63%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(q)</sup> | 855747 | 6829389 | 6680500 | 185 | (11) | 1004810 | 61071 |
| **Total 6.69%** |  |  |  | $(136545) | $154231 | $1851572 | $108867 |

---

**Restricted securities <sup>(e)</sup>**

****

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Acquisition<br> date(s) | Cost<br> (000) | Value<br> (000) | Percent<br> of net<br> assets |
| Rotech Healthcare, Inc. <sup>(a)(c)</sup> | 8/22/2014 | $6949 | $12613 | 0.05% |
| Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(g)</sup> | 9/29/2025 | 937 | 1030 | 0.00 <sup>(s)</sup> |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 10.973% 9/13/2029 <sup>(i)(o)</sup> | 9/13/2023 | 714 | 729 | 0.00 <sup>(s)</sup> |
| **Total** |  | $8600 | $14372 | 0.05% |

---

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> All or a portion of this security was on loan. Refer to Note 5 for more information on securities lending.

<sup>(c)</sup> Value determined using significant unobservable inputs.

<sup>(d)</sup> Amount less than one thousand.

<sup>(e)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(f)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,434,326,000, which represented 5.18% of the net assets of the fund.

<sup>(g)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

<sup>(h)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(i)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>(j)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $41,456,000, which represented 0.15% of the net assets of the fund.

<sup>(k)</sup> Represents securities transacted on a TBA basis.

<sup>(l)</sup> Step bond; coupon rate may change at a later date.

<sup>(m)</sup> Index-linked bond whose principal amount moves with a government price index.

<sup>(n)</sup> Scheduled interest and/or principal payment was not received.

<sup>(o)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $39,730,000, which represented 0.14% of the net assets of the fund.

<sup>(p)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(q)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(r)</sup> Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

<sup>(s)</sup> Amount less than 0.01%.

**Key to abbreviation(s)**

ADR = American Depositary Receipts

Assn. = Association

Auth. = Authority

CAB = Capital Appreciation Bonds

CAD = Canadian dollars

CLO = Collateralized Loan Obligations

CME = CME Group

DAC = Designated Activity Company

Fin. = Finance

Fncg. = Financing

GBP = British pounds

GO = General Obligation

NDR = Norwegian Depositary Receipts

PIK = Payment In Kind

REIT = Real Estate Investment Trust

Rev. = Revenue

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

UST= U.S. Treasury

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **135** | American Funds Insurance Series |

---

American Funds Global Balanced Fund

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Common stocks 63.00% | Shares | Value <br>(000) |
| **Information technology 11.69%** |  |  |
| Broadcom, Inc. | 34396 | $11904 |
| Microsoft Corp. | 21713 | 10501 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 214000 | 10455 |
| NVIDIA Corp. | 54735 | 10208 |
| Apple, Inc. | 13709 | 3727 |
| Corning, Inc. | 37498 | 3283 |
| ARM Holdings PLC (ADR) <sup>(a)</sup> | 9479 | 1036 |
| Applied Materials, Inc. | 3494 | 898 |
| Accenture PLC, Class A | 2486 | 667 |
|  |  | 52679 |
| **Financials 10.05%** |  |  |
| B3 SA - Brasil, Bolsa, Balcao | 1689969 | 4399 |
| Standard Chartered PLC | 149081 | 3641 |
| ING Groep NV | 129152 | 3631 |
| Banco Bilbao Vizcaya Argentaria SA | 138658 | 3243 |
| JPMorgan Chase & Co. | 9865 | 3179 |
| Chubb, Ltd. | 9664 | 3016 |
| Marsh & McLennan Cos., Inc. | 13476 | 2500 |
| HDFC Bank, Ltd. (ADR) | 49471 | 1808 |
| HDFC Bank, Ltd. | 46716 | 516 |
| Morgan Stanley | 10778 | 1913 |
| Mastercard, Inc., Class A | 3306 | 1887 |
| BlackRock, Inc. | 1721 | 1842 |
| Munchener Ruckversicherungs-Gesellschaft AG | 2492 | 1646 |
| Zurich Insurance Group AG | 1994 | 1513 |
| Banco BPM SpA | 95108 | 1445 |
| NatWest Group PLC | 154953 | 1351 |
| Mizuho Financial Group, Inc. | 34600 | 1256 |
| BNP Paribas SA | 10716 | 1014 |
| Swiss Re AG | 5412 | 902 |
| AIA Group, Ltd. | 74200 | 762 |
| Wells Fargo & Co. | 7990 | 745 |
| PICC Property and Casualty Co., Ltd., Class H | 320000 | 671 |
| 3i Group PLC | 15320 | 667 |
| U.S. Bancorp | 12427 | 663 |
| BPER Banca SpA | 39690 | 537 |
| Hannover Rueck SE | 1705 | 533 |
|  |  | 45280 |
| **Industrials 9.63%** |  |  |
| RTX Corp. | 46281 | 8488 |
| IHI Corp. | 186108 | 3282 |
| Hitachi, Ltd. | 82300 | 2553 |
| Volvo AB, Class B | 76848 | 2463 |
| General Dynamics Corp. | 7150 | 2407 |
| TransDigm Group, Inc. | 1573 | 2092 |
| BAE Systems PLC | 85249 | 1960 |
| Deutsche Post AG | 35349 | 1936 |
| Union Pacific Corp. | 8297 | 1919 |
| Airbus SE, non-registered shares | 7673 | 1780 |
| Waste Management, Inc. | 7570 | 1663 |
| Uber Technologies, Inc. <sup>(a)</sup> | 20061 | 1639 |
| ITOCHU Corp. | 128500 | 1622 |
| Rolls-Royce Holdings PLC | 90309 | 1404 |
| Automatic Data Processing, Inc. | 4193 | 1079 |
| Ryanair Holdings PLC | 21391 | 743 |
| Bouygues SA | 13919 | 722 |
| Bombardier, Inc., Class B <sup>(a)</sup> | 4123 | 701 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **136** |

---

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value <br>(000) |
| **Industrials (continued)** |  |  |
| Safran SA | 1987 | $691 |
| PACCAR, Inc. | 6185 | 677 |
| Qantas Airways, Ltd. | 97783 | 675 |
| United Rentals, Inc. | 817 | 661 |
| Paychex, Inc. | 5809 | 652 |
| Caterpillar, Inc. | 1022 | 585 |
| GFL Environmental, Inc., subordinate voting shares | 11594 | 498 |
| AtkinsRealis Group, Inc. | 7290 | 471 |
|  |  | 43363 |
| **Health care 7.73%** |  |  |
| Eli Lilly and Co. | 7436 | 7991 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 11410 | 5173 |
| Novo Nordisk AS, Class B | 67966 | 3464 |
| Abbott Laboratories | 27403 | 3433 |
| Sanofi | 25714 | 2495 |
| Gilead Sciences, Inc. | 18827 | 2311 |
| UnitedHealth Group, Inc. | 6188 | 2043 |
| Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> | 3997 | 1589 |
| Medtronic PLC | 13170 | 1265 |
| Stryker Corp. | 3371 | 1185 |
| AbbVie, Inc. | 5175 | 1183 |
| AstraZeneca PLC | 3470 | 639 |
| BioMarin Pharmaceutical, Inc. <sup>(a)</sup> | 10659 | 634 |
| Molina Healthcare, Inc. <sup>(a)</sup> | 3573 | 620 |
| GE HealthCare Technologies, Inc. | 5321 | 436 |
| Cencora, Inc. | 1074 | 363 |
|  |  | 34824 |
| **Consumer discretionary 4.68%** |  |  |
| Amazon.com, Inc. <sup>(a)</sup> | 28311 | 6535 |
| Ferrari NV | 3878 | 1433 |
| Ferrari NV (EUR denominated) | 1664 | 620 |
| Starbucks Corp. | 23917 | 2014 |
| Midea Group Co., Ltd., Class A | 166950 | 1866 |
| Maruti Suzuki India, Ltd. | 9473 | 1761 |
| Compagnie Financiere Richemont SA, Class A | 6565 | 1417 |
| LVMH Moet Hennessy-Louis Vuitton SE | 1773 | 1337 |
| Compagnie Generale des Etablissements Michelin | 33369 | 1107 |
| Royal Caribbean Cruises, Ltd. | 3526 | 983 |
| Viking Holdings, Ltd. <sup>(a)</sup> | 9998 | 714 |
| Compass Group PLC | 21303 | 678 |
| Accor SA | 10541 | 597 |
|  |  | 21062 |
| **Materials 4.32%** |  |  |
| Nitto Denko Corp. | 122500 | 2911 |
| Grupo Mexico, SAB de CV, Series B | 295899 | 2794 |
| Lundin Gold, Inc. | 31847 | 2645 |
| Vale SA, ordinary nominative shares | 120881 | 1581 |
| Vale SA (ADR), ordinary nominative shares | 53750 | 700 |
| Franco-Nevada Corp. | 5241 | 1086 |
| Franco-Nevada Corp. (CAD denominated) | 4075 | 845 |
| Anglo American PLC | 43941 | 1811 |
| Smurfit Westrock PLC | 40261 | 1557 |
| Air Products and Chemicals, Inc. | 4593 | 1134 |
| Freeport-McMoRan, Inc. | 19198 | 975 |

---

---

| | |
|:---|:---|
| **137** | American Funds Insurance Series |

---

American Funds Global Balanced Fund (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value <br>(000) |
| **Materials (continued)** |  |  |
| Newmont Corp. | 7198 | $719 |
| Air Liquide SA | 2774 | 522 |
| Celanese Corp. | 4784 | 202 |
|  |  | 19482 |
| **Communication services 4.18%** |  |  |
| Alphabet, Inc., Class A | 19544 | 6117 |
| Alphabet, Inc., Class C | 6924 | 2173 |
| AT&T, Inc. | 134741 | 3347 |
| Meta Platforms, Inc., Class A | 4442 | 2932 |
| Comcast Corp., Class A | 41626 | 1244 |
| Omnicom Group, Inc. | 12053 | 973 |
| Netflix, Inc. <sup>(a)</sup> | 9170 | 860 |
| SoftBank Group Corp. | 21252 | 599 |
| Nintendo Co., Ltd. | 8400 | 568 |
|  |  | 18813 |
| **Utilities 4.00%** |  |  |
| Dominion Energy, Inc. | 72580 | 4252 |
| DTE Energy Co. | 17918 | 2311 |
| National Grid PLC | 125726 | 1938 |
| Power Grid Corp. of India, Ltd. | 588187 | 1730 |
| Duke Energy Corp. | 14059 | 1648 |
| E.ON SE | 67347 | 1277 |
| PG&E Corp. | 78708 | 1265 |
| Constellation Energy Corp. | 3350 | 1183 |
| Pinnacle West Capital Corp. | 12517 | 1110 |
| NextEra Energy, Inc. | 12754 | 1024 |
| SembCorp Industries, Ltd. | 57400 | 268 |
|  |  | 18006 |
| **Consumer staples 3.38%** |  |  |
| Philip Morris International, Inc. | 28949 | 4643 |
| Imperial Brands PLC | 108137 | 4546 |
| British American Tobacco PLC | 75162 | 4260 |
| Nestle SA | 9977 | 992 |
| Sysco Corp. | 10540 | 777 |
|  |  | 15218 |
| **Energy 2.76%** |  |  |
| Canadian Natural Resources, Ltd. (CAD denominated) | 245684 | 8321 |
| Shell PLC (GBP denominated) | 45924 | 1687 |
| Chevron Corp. | 6750 | 1029 |
| Cameco Corp. (CAD denominated) | 7668 | 702 |
| Expand Energy Corp. | 6349 | 701 |
|  |  | 12440 |
| **Real estate 0.58%** |  |  |
| CTP NV | 50979 | 1068 |
| Embassy Office Parks REIT | 181378 | 879 |
| Goodman Logistics (HK), Ltd. REIT | 31735 | 652 |
|  |  | 2599 |
| **Total common stocks (cost: $198,233,000)** |  | 283766 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **138** |

---

American Funds Global Balanced Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Convertible stocks 0.65% | Shares | Shares | Value <br>(000) |
| **Financials 0.35%** |  |  |  |
| Apollo Global Management, Inc., Class A, cumulative convertible preferred shares, 6.75% 7/31/2026 |  | 20865 | $1576 |
| **Utilities 0.30%** |  |  |  |
| NextEra Energy, Inc., convertible preferred shares, 7.234% 11/1/2027 |  | 27600 | 1345 |
| **Total convertible stocks (cost: $2,894,000)** |  |  | 2921 |
| Bonds, notes & other debt instruments 29.38% | Principal amount<br> (000) | Principal amount<br> (000) |  |
| **Bonds & notes of governments & government agencies outside the U.S. 12.73%** |  |  |  |
| **Japan 2.26%** |  |  |  |
| Japan, Series 150, 0.005% 12/20/2026 | JPY | 84950 | 538 |
| Japan, Series 346, 0.10% 3/20/2027 |  | 134150 | 848 |
| Japan, Series 474, 0.70% 7/1/2027 |  | 106550 | 677 |
| Japan, Series 358, 0.10% 3/20/2030 |  | 37400 | 225 |
| Japan, Series 363, 0.10% 6/20/2031 |  | 174700 | 1028 |
| Japan, Series 373, 0.60% 12/20/2033 |  | 55750 | 323 |
| Japan, Series 152, 1.20% 3/20/2035 |  | 465250 | 2774 |
| Japan, Series 173, 0.40% 6/20/2040 |  | 50350 | 238 |
| Japan, Series 176, 0.50% 3/20/2041 |  | 109950 | 516 |
| Japan, Series 179, 0.50% 12/20/2041 |  | 50500 | 231 |
| Japan, Series 42, 1.70% 3/20/2044 |  | 86550 | 463 |
| Japan, Series 192, 2.40% 3/20/2045 |  | 165550 | 979 |
| Japan, Series 37, 0.60% 6/20/2050 |  | 26950 | 95 |
| Japan, Series 74, 1.00% 3/20/2052 |  | 84000 | 316 |
| Japan, Series 76, 1.40% 9/20/2052 |  | 41100 | 172 |
| Japan, Series 77, 1.60% 12/20/2052 |  | 76750 | 337 |
| Japan, Series 84, 2.10% 9/20/2054 |  | 82450 | 404 |
|  |  |  | 10164 |
| **China 1.23%** |  |  |  |
| Agricultural Development Bank of China 3.75% 1/25/2029 | CNY | 550 | 83 |
| China (People's Republic of), Series INBK, 2.64% 1/15/2028 |  | 4100 | 602 |
| China (People's Republic of), Series INBK, 2.37% 1/15/2029 |  | 3860 | 568 |
| China (People's Republic of), Series INBK, 2.62% 6/25/2030 |  | 6220 | 930 |
| China (People's Republic of), Series INBK, 2.88% 2/25/2033 |  | 2870 | 443 |
| China (People's Republic of), Series INBK, 2.27% 5/25/2034 |  | 2410 | 357 |
| China (People's Republic of), Series INBK, 1.65% 5/15/2035 |  | 3980 | 560 |
| China (People's Republic of), Series INBK, 3.00% 10/15/2053 |  | 360 | 58 |
| China (People's Republic of), Series INBK, 1.92% 1/15/2055 |  | 1520 | 201 |
| China Development Bank Corp., Series 2004, 3.43% 1/14/2027 |  | 1060 | 155 |
| China Development Bank Corp., Series 2009, 3.39% 7/10/2027 |  | 8580 | 1259 |
| China Development Bank Corp., Series 1805, 4.88% 2/9/2028 |  | 2040 | 311 |
|  |  |  | 5527 |
| **Supra National 1.07%** |  |  |  |
| Asian Development Bank 6.72% 2/8/2028 | INR | 18000 | 201 |
| European Bank for Reconstruction and Development 5.25% 1/12/2027 |  | 10100 | 111 |
| European Bank for Reconstruction and Development 6.30% 10/26/2027 |  | 4300 | 48 |
| European Bank for Reconstruction and Development 6.75% 1/13/2032 |  | 43800 | 487 |
| European Investment Bank 0.375% 9/15/2027 | EUR | 110 | 126 |
| European Investment Bank 6.95% 3/1/2029 | INR | 5700 | 64 |
| European Investment Bank 0.25% 1/20/2032 | EUR | 860 | 873 |
| European Investment Bank 7.40% 10/23/2033 | INR | 19300 | 222 |
| European Investment Bank 2.875% 1/15/2035 | EUR | 45 | 52 |
| European Union 2.50% 10/14/2030 |  | 80 | 93 |

---

---

| | |
|:---|:---|
| **139** | American Funds Insurance Series |

---

American Funds Global Balanced Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |  |
| **Supra National (continued)** |  |  |  |
| European Union 2.75% 12/13/2032 | EUR | 70 | $82 |
| European Union 3.375% 10/4/2039 |  | 40 | 46 |
| European Union 3.625% 12/12/2040 |  | 1475 | 1728 |
| European Union 4.00% 10/12/2055 |  | 215 | 249 |
| Inter-American Development Bank 7.00% 1/25/2029 | INR | 22000 | 247 |
| International Bank for Reconstruction and Development 6.75% 7/13/2029 |  | 16200 | 181 |
|  |  |  | 4810 |
| **Germany 1.05%** |  |  |  |
| Germany (Federal Republic of) 0% 8/15/2030 | EUR | 2459 | 2592 |
| Germany (Federal Republic of) 0% 2/15/2032 |  | 540 | 544 |
| Germany (Federal Republic of) 1.70% 8/15/2032 |  | 674 | 750 |
| Germany (Federal Republic of) 2.30% 2/15/2033 |  | 300 | 345 |
| Germany (Federal Republic of) 2.50% 2/15/2035 |  | 130 | 149 |
| Germany (Federal Republic of) 1.00% 5/15/2038 |  | 180 | 166 |
| Germany (Federal Republic of) 0% 8/15/2050 |  | 300 | 152 |
| Germany (Federal Republic of) 0% 8/15/2052 |  | 80 | 38 |
|  |  |  | 4736 |
| **United Kingdom 1.00%** |  |  |  |
| United Kingdom 1.25% 7/22/2027 | GBP | 410 | 533 |
| United Kingdom 0.375% 10/22/2030 |  | 210 | 240 |
| United Kingdom 1.00% 1/31/2032 |  | 750 | 845 |
| United Kingdom 4.25% 6/7/2032 |  | 785 | 1068 |
| United Kingdom 3.25% 1/31/2033 |  | 330 | 418 |
| United Kingdom 3.25% 1/22/2044 |  | 644 | 680 |
| United Kingdom 1.25% 7/31/2051 |  | 413 | 247 |
| United Kingdom 4.375% 7/31/2054 |  | 205 | 242 |
| United Kingdom 2.50% 7/22/2065 |  | 340 | 256 |
|  |  |  | 4529 |
| **Italy 0.84%** |  |  |  |
| Italy (Republic of) 1.35% 4/1/2030 | EUR | 250 | 279 |
| Italy (Republic of) 4.40% 5/1/2033 |  | 10 | 13 |
| Italy (Republic of) 4.35% 11/1/2033 |  | 740 | 937 |
| Italy (Republic of) 4.20% 3/1/2034 |  | 900 | 1127 |
| Italy (Republic of) 3.65% 8/1/2035 |  | 795 | 949 |
| Italy (Republic of) 4.50% 10/1/2053 |  | 210 | 253 |
| Italy (Republic of) 4.30% 10/1/2054 |  | 200 | 233 |
|  |  |  | 3791 |
| **Brazil 0.77%** |  |  |  |
| Brazil (Federative Republic of) 0% 1/1/2026 | BRL | 10887 | 1985 |
| Brazil (Federative Republic of) 10.00% 1/1/2029 |  | 2230 | 377 |
| Brazil (Federative Republic of) 10.00% 1/1/2031 |  | 1142 | 183 |
| Brazil (Federative Republic of) 10.00% 1/1/2035 |  | 4075 | 610 |
| Brazil (Federative Republic of) 6.00% 8/15/2040 <sup>(b)</sup> |  | 229 | 37 |
| Brazil (Federative Republic of) 6.00% 8/15/2050 <sup>(b)</sup> |  | 1653 | 263 |
| Brazil (Federative Republic of) 6.00% 8/15/2060 <sup>(b)</sup> |  | 229 | 36 |
|  |  |  | 3491 |
| **France 0.66%** |  |  |  |
| French Republic O.A.T. 0.75% 2/25/2028 | EUR | 410 | 466 |
| French Republic O.A.T. 0% 11/25/2030 |  | 1320 | 1355 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **140** |

---

American Funds Global Balanced Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |  |
| **France (continued)** |  |  |  |
| French Republic O.A.T. 2.00% 11/25/2032 | EUR | 610 | $667 |
| French Republic O.A.T. 3.25% 5/25/2045 |  | 160 | 166 |
| French Republic O.A.T. 3.75% 5/25/2056 |  | 295 | 305 |
|  |  |  | 2959 |
| **Hungary 0.56%** |  |  |  |
| Hungary (Republic of) 3.00% 8/21/2030 | HUF | 548270 | 1456 |
| Hungary (Republic of) 4.50% 5/27/2032 |  | 336000 | 920 |
| Magyar Export-Import Bank 6.00% 5/16/2029 | EUR | 100 | 126 |
|  |  |  | 2502 |
| **Spain 0.53%** |  |  |  |
| Spain (Kingdom of) 0% 1/31/2027 |  | 335 | 385 |
| Spain (Kingdom of) 0.80% 7/30/2027 |  | 490 | 564 |
| Spain (Kingdom of) 0.50% 10/31/2031 |  | 165 | 171 |
| Spain (Kingdom of) 3.15% 4/30/2033 |  | 317 | 376 |
| Spain (Kingdom of) 3.55% 10/31/2033 |  | 370 | 450 |
| Spain (Kingdom of) 3.25% 4/30/2034 |  | 120 | 142 |
| Spain (Kingdom of) 3.45% 10/31/2034 |  | 240 | 288 |
|  |  |  | 2376 |
| **South Korea 0.46%** |  |  |  |
| South Korea (Republic of), Series 2712, 2.375% 12/10/2027 | KRW | 348590 | 240 |
| South Korea (Republic of), Series 3212, 4.25% 12/10/2032 |  | 1830410 | 1339 |
| South Korea (Republic of), Series 3512, 3.25% 12/10/2035 |  | 688360 | 474 |
|  |  |  | 2053 |
| **Australia 0.45%** |  |  |  |
| Australia (Commonwealth of), Series 157, 1.50% 6/21/2031 | AUD | 115 | 66 |
| Australia (Commonwealth of), Series 166, 3.00% 11/21/2033 |  | 725 | 433 |
| Australia (Commonwealth of), Series 167, 3.75% 5/21/2034 |  | 905 | 567 |
| New South Wales Treasury Corp. 4.25% 2/20/2036 |  | 340 | 208 |
| Treasury Corp. of Victoria 5.50% 9/15/2039 |  | 813 | 530 |
| Treasury Corp. of Victoria 3.625% 9/29/2040 | EUR | 200 | 231 |
|  |  |  | 2035 |
| **Malaysia 0.36%** |  |  |  |
| Malaysia (Federation of), Series 0419, 3.828% 7/5/2034 | MYR | 3466 | 876 |
| Malaysia (Federation of), Series 0124, 4.054% 4/18/2039 |  | 601 | 152 |
| Malaysia (Federation of), Series 0221, 4.417% 9/30/2041 |  | 180 | 48 |
| Malaysia (Federation of), Series 0223, 4.291% 8/14/2043 |  | 653 | 170 |
| Malaysia (Federation of), Series 0224, 4.18% 5/16/2044 |  | 1307 | 336 |
| Malaysia (Federation of), Series 0417, 4.895% 5/8/2047 |  | 93 | 26 |
|  |  |  | 1608 |
| **Canada 0.31%** |  |  |  |
| Canada (Government) 0.25% 3/1/2026 | CAD | 246 | 179 |
| Canada (Government) 3.50% 3/1/2028 |  | 1119 | 830 |
| Canada (Government) 1.50% 12/1/2031 |  | 60 | 40 |
| Nova Scotia (Province of) 3.15% 12/1/2051 |  | 170 | 95 |
| Ontario (Province of) 3.25% 7/3/2035 | EUR | 200 | 233 |
|  |  |  | 1377 |

---

---

| | |
|:---|:---|
| **141** | American Funds Insurance Series |

---

American Funds Global Balanced Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |  |
| **Panama 0.18%** |  |  |  |
| Panama (Republic of) 7.50% 3/1/2031 | USD | 560 | $622 |
| Panama (Republic of) 6.40% 2/14/2035 |  | 200 | 212 |
|  |  |  | 834 |
| **Greece 0.17%** |  |  |  |
| Greece (Hellenic Republic of) 3.875% 6/15/2028 | EUR | 65 | 79 |
| Greece (Hellenic Republic of) 1.50% 6/18/2030 |  | 90 | 101 |
| Greece (Hellenic Republic of) 1.75% 6/18/2032 |  | 530 | 578 |
|  |  |  | 758 |
| **Mexico 0.15%** |  |  |  |
| United Mexican States, Series M, 5.75% 3/5/2026 | MXN | 10710 | 593 |
| United Mexican States, Series M, 8.00% 7/31/2053 |  | 881 | 42 |
| United Mexican States, Series S, 4.00% 10/29/2054 <sup>(b)</sup> |  | 543 | 28 |
|  |  |  | 663 |
| **Republic of Austria 0.14%** |  |  |  |
| Austria (Republic of) 0% 2/20/2031 | EUR | 500 | 514 |
| Austria (Republic of) 2.90% 2/20/2034 |  | 120 | 140 |
|  |  |  | 654 |
| **Indonesia 0.11%** |  |  |  |
| Indonesia (Republic of), Series FR87, 6.50% 2/15/2031 | IDR | 1253000 | 77 |
| Indonesia (Republic of), Series FR96, 7.00% 2/15/2033 |  | 2543000 | 161 |
| Indonesia (Republic of), Series FR100, 6.625% 2/15/2034 |  | 1026000 | 64 |
| Indonesia (Republic of), Series 103, 6.75% 7/15/2035 |  | 2889000 | 182 |
|  |  |  | 484 |
| **Colombia 0.08%** |  |  |  |
| Colombia (Republic of) 7.375% 4/25/2030 | USD | 335 | 355 |
| **Belgium 0.07%** |  |  |  |
| Belgium (Kingdom of), Series 97, 3.00% 6/22/2033 | EUR | 270 | 316 |
| **Turkey 0.05%** |  |  |  |
| Turkey (Republic of) 7.125% 7/17/2032 | USD | 200 | 212 |
| **Ireland 0.04%** |  |  |  |
| Ireland (Republic of) 2.60% 10/18/2034 | EUR | 100 | 114 |
| Ireland (Republic of) 3.00% 10/18/2043 |  | 80 | 88 |
|  |  |  | 202 |
| **Estonia 0.04%** |  |  |  |
| Estonia (Republic of) 3.25% 1/17/2034 |  | 160 | 187 |
| **Bulgaria 0.03%** |  |  |  |
| Bulgaria (Republic of) 4.50% 1/27/2033 |  | 120 | 152 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **142** |

---

American Funds Global Balanced Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |  |
| **Portugal 0.03%** |  |  |  |
| Portugal (Republic of) 0.475% 10/18/2030 | EUR | 50 | $53 |
| Portugal (Republic of) 3.375% 6/15/2040 |  | 5 | 6 |
| Portugal (Republic of) 3.625% 6/12/2054 |  | 70 | 77 |
|  |  |  | 136 |
| **Philippines 0.03%** |  |  |  |
| Philippines (Republic of) 0.875% 5/17/2027 |  | 110 | 126 |
| **Netherlands 0.03%** |  |  |  |
| Netherlands (Kingdom of the) 5.50% 1/15/2028 |  | 100 | 125 |
| **Poland 0.02%** |  |  |  |
| Poland (Republic of), Series 1029, 2.75% 10/25/2029 | PLN | 410 | 108 |
| **Chile 0.01%** |  |  |  |
| Chile (Republic of) 4.70% 9/1/2030 | CLP | 55000 | 60 |
| **Total bonds & notes of governments & government agencies outside the U.S.** |  |  | 57330 |
| **U.S. Treasury bonds & notes 5.53%** |  |  |  |
| **U.S. Treasury 5.05%** |  |  |  |
| U.S. Treasury 4.50% 4/15/2027 | USD | 1160 | 1174 |
| U.S. Treasury 3.75% 4/30/2027 |  | 1710 | 1715 |
| U.S. Treasury 3.75% 6/30/2027 |  | 1510 | 1516 |
| U.S. Treasury 4.00% 6/30/2028 <sup>(c)</sup> |  | 4484 | 4537 |
| U.S. Treasury 4.625% 9/30/2028 |  | 1875 | 1928 |
| U.S. Treasury 4.125% 3/31/2029 |  | 822 | 836 |
| U.S. Treasury 3.50% 9/30/2029 |  | 755 | 752 |
| U.S. Treasury 4.00% 2/28/2030 |  | 1094 | 1108 |
| U.S. Treasury 4.00% 5/31/2030 |  | 1090 | 1104 |
| U.S. Treasury 3.875% 6/30/2030 |  | 2117 | 2133 |
| U.S. Treasury 3.50% 11/30/2030 |  | 210 | 208 |
| U.S. Treasury 2.875% 5/15/2032 |  | 306 | 289 |
| U.S. Treasury 4.625% 2/15/2035 <sup>(c)</sup> |  | 1544 | 1604 |
| U.S. Treasury 4.25% 5/15/2035 |  | 326 | 329 |
| U.S. Treasury 4.00% 11/15/2035 |  | 390 | 385 |
| U.S. Treasury 1.875% 2/15/2041 |  | 285 | 199 |
| U.S. Treasury 2.25% 5/15/2041 |  | 873 | 643 |
| U.S. Treasury 2.875% 11/15/2046 |  | 200 | 148 |
| U.S. Treasury 1.25% 5/15/2050 |  | 1155 | 554 |
| U.S. Treasury 1.375% 8/15/2050 |  | 570 | 281 |
| U.S. Treasury 2.375% 5/15/2051 |  | 510 | 322 |
| U.S. Treasury 2.00% 8/15/2051 |  | 560 | 322 |
| U.S. Treasury 4.00% 11/15/2052 |  | 270 | 235 |
| U.S. Treasury 3.625% 2/15/2053 |  | 149 | 121 |
| U.S. Treasury 4.25% 8/15/2054 |  | 320 | 290 |
|  |  |  | 22733 |
| **U.S. Treasury inflation-protected securities 0.48%** |  |  |  |
| U.S. Treasury Inflation-Protected Security 0.375% 7/15/2027 <sup>(b)</sup> |  | 377 | 373 |

---

---

| | |
|:---|:---|
| **143** | American Funds Insurance Series |

---

American Funds Global Balanced Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |  |
| **U.S. Treasury inflation-protected securities (continued)** |  |  |  |
| U.S. Treasury Inflation-Protected Security 2.375% 10/15/2028 <sup>(b)</sup> | USD | 698 | $719 |
| U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049 <sup>(b)</sup> |  | 272 | 196 |
| U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(b)</sup> |  | 934 | 886 |
|  |  |  | 2174 |
| **Total U.S. Treasury bonds & notes** |  |  | 24907 |
| **Mortgage-backed obligations 5.43%** |  |  |  |
| **Federal agency mortgage-backed obligations 4.11%** |  |  |  |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(d)</sup> |  | 32 | 31 |
| Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(d)</sup> |  | 242 | 248 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(d)</sup> |  | 64 | 67 |
| Fannie Mae Pool #BW9648 3.50% 7/1/2053 <sup>(d)</sup> |  | 86 | 79 |
| Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(d)</sup> |  | 319 | 325 |
| Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(d)</sup> |  | 387 | 398 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(d)</sup> |  | 19 | 19 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(d)</sup> |  | 14 | 14 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(d)</sup> |  | 2458 | 2526 |
| Fannie Mae Pool #FS8131 5.50% 6/1/2054 <sup>(d)</sup> |  | 88 | 90 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(d)</sup> |  | 68 | 71 |
| Fannie Mae Pool #DB8491 5.50% 7/1/2054 <sup>(d)</sup> |  | 467 | 475 |
| Fannie Mae Pool #FS8467 5.50% 7/1/2054 <sup>(d)</sup> |  | 178 | 182 |
| Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(d)</sup> |  | 133 | 135 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(d)</sup> |  | 94 | 97 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(d)</sup> |  | 67 | 69 |
| Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(d)</sup> |  | 85 | 86 |
| Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(d)</sup> |  | 72 | 75 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(d)</sup> |  | 67 | 69 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(d)</sup> |  | 51 | 53 |
| Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(d)</sup> |  | 6 | 7 |
| Fannie Mae Pool #DC0495 5.50% 9/1/2054 <sup>(d)</sup> |  | 316 | 320 |
| Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(d)</sup> |  | 3 | 3 |
| Fannie Mae Pool #MA5471 6.00% 9/1/2054 <sup>(d)</sup> |  | 999 | 1026 |
| Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(d)</sup> |  | 84 | 87 |
| Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(d)</sup> |  | 14 | 15 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(d)</sup> |  | 10 | 10 |
| Fannie Mae Pool #DC7042 4.50% 12/1/2054 <sup>(d)</sup> |  | 281 | 275 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(d)</sup> |  | 13 | 13 |
| Fannie Mae Pool #MA5583 4.00% 1/1/2055 <sup>(d)</sup> |  | 177 | 168 |
| Fannie Mae Pool #MA5612 4.50% 2/1/2055 <sup>(d)</sup> |  | 395 | 386 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(d)</sup> |  | 99 | 101 |
| Fannie Mae Pool #DD2618 4.00% 3/1/2055 <sup>(d)</sup> |  | 931 | 883 |
| Fannie Mae Pool #DD0782 5.50% 3/1/2055 <sup>(d)</sup> |  | 39 | 40 |
| Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(d)</sup> |  | 37 | 38 |
| Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(d)</sup> |  | 1470 | 1547 |
| Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(d)</sup> |  | 38 | 36 |
| Fannie Mae Pool #MA5697 4.00% 5/1/2055 <sup>(d)</sup> |  | 57 | 54 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(d)</sup> |  | 98 | 98 |
| Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(d)</sup> |  | 50 | 50 |
| Fannie Mae Pool #MA5737 6.50% 6/1/2055 <sup>(d)</sup> |  | 41 | 43 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(d)</sup> |  | 235 | 238 |
| Fannie Mae Pool #MA5907 4.00% 12/1/2055 <sup>(d)</sup> |  | 155 | 147 |
| Fannie Mae Pool #DF7614 6.50% 12/1/2055 <sup>(d)</sup> |  | 81 | 86 |
| Freddie Mac Pool #RA5155 2.00% 5/1/2051 <sup>(d)</sup> |  | 323 | 262 |
| Freddie Mac Pool #QE1079 3.50% 4/1/2052 <sup>(d)</sup> |  | 66 | 61 |
| Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(d)</sup> |  | 95 | 93 |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(d)</sup> |  | 53 | 52 |
| Freddie Mac Pool #SL1880 6.50% 11/1/2053 <sup>(d)</sup> |  | 14 | 14 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(d)</sup> |  | 448 | 455 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **144** |

---

American Funds Global Balanced Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** | **Mortgage-backed obligations (continued)** |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(d)</sup> | USD | 195 | $198 |
| Freddie Mac Pool #RJ1855 5.00% 6/1/2054 <sup>(d)</sup> |  | 26 | 26 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(d)</sup> |  | 40 | 41 |
| Freddie Mac Pool #RJ1779 6.00% 6/1/2054 <sup>(d)</sup> |  | 78 | 81 |
| Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(d)</sup> |  | 35 | 35 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(d)</sup> |  | 102 | 106 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(d)</sup> |  | 64 | 66 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(d)</sup> |  | 52 | 54 |
| Freddie Mac Pool #SD8453 5.50% 8/1/2054 <sup>(d)</sup> |  | 21 | 21 |
| Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(d)</sup> |  | 5 | 5 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(d)</sup> |  | 151 | 156 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(d)</sup> |  | 76 | 79 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(d)</sup> |  | 75 | 78 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(d)</sup> |  | 72 | 75 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(d)</sup> |  | 32 | 33 |
| Freddie Mac Pool #SD8484 4.00% 11/1/2054 <sup>(d)</sup> |  | 175 | 166 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(d)</sup> |  | 72 | 70 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(d)</sup> |  | 64 | 65 |
| Freddie Mac Pool #SD8487 4.00% 12/1/2054 <sup>(d)</sup> |  | 94 | 89 |
| Freddie Mac Pool #SD8491 5.00% 12/1/2054 <sup>(d)</sup> |  | 205 | 205 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(d)</sup> |  | 60 | 61 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(d)</sup> |  | 1 | 1 |
| Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(d)</sup> |  | 330 | 347 |
| Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(d)</sup> |  | 961 | 975 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(d)</sup> |  | 43 | 43 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(d)</sup> |  | 89 | 89 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(d)</sup> |  | 237 | 237 |
| Freddie Mac Pool #RQ0026 5.00% 7/1/2055 <sup>(d)</sup> |  | 874 | 873 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(d)(e)</sup> |  | 1030 | 833 |
| Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(d)(e)</sup> |  | 7 | 7 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2056 <sup>(d)(e)</sup> |  | 485 | 460 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(d)(e)</sup> |  | 338 | 330 |
| Uniform Mortgage-Backed Security 5.50% 1/1/2056 <sup>(d)(e)</sup> |  | 483 | 490 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(d)(e)</sup> |  | 20 | 20 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(d)(e)</sup> |  | 392 | 361 |
|  |  |  | 18493 |
| **Commercial mortgage-backed securities 0.61%** |  |  |  |
| BMO Mortgage Trust, Series 2024-5C8, Class AS, 5.94% 12/15/2057 <sup>(d)(f)</sup> |  | 55 | 57 |
| BX Trust, Series 2025-BIO3, Class A, 6.138% 2/10/2042 <sup>(d)(g)</sup> |  | 140 | 144 |
| BX Trust, Series 2025-ARIA, Class A, 5.031% 12/13/2042 <sup>(d)(f)(g)</sup> |  | 335 | 339 |
| BX Trust, Series 2025-VOLT, Class A, (1-month USD CME Term SOFR + 1.70%) 5.70% 12/15/2044 <sup>(d)(f)(g)</sup> |  | 298 | 299 |
| Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class A, 6.36% 7/10/2028 <sup>(d)(f)(g)</sup> |  | 100 | 104 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(d)(f)(g)</sup> |  | 135 | 139 |
| Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) 5.20% 12/15/2039 <sup>(d)(f)(g)</sup> |  | 24 | 24 |
| Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.143% 3/15/2042 <sup>(d)(f)(g)</sup> |  | 100 | 100 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.462% 2/5/2045 <sup>(d)(f)(g)</sup> |  | 157 | 163 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.876% 5/10/2039 <sup>(d)(f)(g)</sup> |  | 100 | 101 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.467% 1/13/2040 <sup>(d)(f)(g)</sup> |  | 131 | 136 |
| INTOWN Mortgage Trust, Series 2025-STAY, Class A, (1-month USD CME Term SOFR + 1.35%) 5.10% 3/15/2042 <sup>(d)(f)(g)</sup> |  | 295 | 296 |
| KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, (1-month USD CME Term SOFR + 1.542%) 5.293% 12/15/2039 <sup>(d)(f)(g)</sup> |  | 139 | 139 |

---

---

| | |
|:---|:---|
| **145** | American Funds Insurance Series |

---

American Funds Global Balanced Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Commercial mortgage-backed securities (continued)** |  |  |  |
| <br> Multifamily Connecticut Avenue Securities, Series 2024-01, Class M7, (30-day Average USD-SOFR + 2.75%) 6.624% 7/25/2054 <sup>(d)(f)(g)</sup> | USD | 50 | $51 |
| NYC Commercial Mortgage Trust, Series 2025-28L, Class A, 4.668% 11/5/2038 <sup>(d)(f)(g)</sup> |  | 128 | 128 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) 5.193% 2/15/2042 <sup>(d)(f)(g)</sup> |  | 555 | 551 |
|  |  |  | 2771 |
| **Collateralized mortgage-backed obligations (privately originated) 0.49%** |  |  |  |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(d)(f)(g)</sup> |  | 66 | 66 |
| Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) 6.174% 5/25/2043 <sup>(d)(f)(g)</sup> |  | 122 | 124 |
| Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) 5.774% 6/25/2043 <sup>(d)(f)(g)</sup> |  | 55 | 55 |
| Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) 5.574% 7/25/2043 <sup>(d)(f)(g)</sup> |  | 35 | 35 |
| Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2, (30-day Average USD-SOFR + 1.80%) 5.674% 1/25/2044 <sup>(d)(f)(g)</sup> |  | 55 | 55 |
| Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1, (30-day Average USD-SOFR + 1.10%) 4.974% 5/25/2044 <sup>(d)(f)(g)</sup> |  | 36 | 36 |
| Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M2, (30-day Average USD-SOFR + 1.65%) 5.524% 5/25/2044 <sup>(d)(f)(g)</sup> |  | 121 | 122 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1, (30-day Average USD-SOFR + 1.00%) 4.874% 2/25/2045 <sup>(d)(f)(g)</sup> |  | 20 | 20 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1, (30-day Average USD-SOFR + 1.15%) 5.024% 2/25/2045 <sup>(d)(f)(g)</sup> |  | 35 | 36 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA1, Class A1, (30-day Average USD-SOFR + 0.95%) 4.824% 1/25/2045 <sup>(d)(f)(g)</sup> |  | 23 | 23 |
| GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(d)(g)(h)</sup> |  | 189 | 191 |
| MFRA Trust, Series 2024-NQM3, Class A1, 5.722% 12/25/2069 (6.722% on 12/1/2028) <sup>(d)(g)(h)</sup> |  | 98 | 99 |
| MFRA Trust, Series 2025-NQM3, Class A1, 5.261% 8/25/2070 (6.261% on 7/1/2029) <sup>(d)(g)(h)</sup> |  | 96 | 97 |
| New York Mortgage Trust, Series 2024-CP1, Class A1, 3.75% 2/25/2068 <sup>(d)(f)(g)</sup> |  | 82 | 77 |
| Onslow Bay Financial, LLC, Series 2024-NQM5, Class A1, 5.988% 1/25/2064 (6.988% on 3/1/2028) <sup>(d)(g)(h)</sup> |  | 70 | 70 |
| Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(d)(g)(h)</sup> |  | 136 | 138 |
| Onslow Bay Financial, LLC, Series 2025-NQM3, Class A1, 5.648% 12/1/2064 (6.648% on 2/1/2029) <sup>(d)(g)(h)</sup> |  | 180 | 182 |
| Onslow Bay Financial, LLC, Series 2025-NQM1, Class A1, 5.547% 12/25/2064 (6.547% on 12/1/2028) <sup>(d)(g)(h)</sup> |  | 197 | 198 |
| Starwood Mortgage Residential Trust, Series 2025-SFR5, Class A, (1-month USD CME Term SOFR + 1.45%) 5.201% 2/17/2042 <sup>(d)(f)(g)</sup> |  | 100 | 100 |
| Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(d)(g)(h)</sup> |  | 196 | 199 |
| Verus Securitization Trust, Series 2024-4, Class A2, 6.572% 6/25/2069 (7.572% on 5/1/2028) <sup>(d)(g)(h)</sup> |  | 98 | 100 |
| Verus Securitization Trust, Series 2024-9, Class A1, 5.438% 11/25/2069 <sup>(d)(f)(g)</sup> |  | 84 | 84 |
| Verus Securitization Trust, Series 2025-7, Class A1, 5.129% 8/25/2070 (6.129% on 8/1/2029) <sup>(d)(g)(h)</sup> |  | 120 | 120 |
|  |  |  | 2227 |
| **Other mortgage-backed securities 0.22%** |  |  |  |
| Nykredit Realkredit AS, Series 01E, 1.50% 10/1/2037 <sup>(d)</sup> | DKK | 397 | 58 |
| Nykredit Realkredit AS, Series 01E, 1.50% 10/1/2040 <sup>(d)</sup> |  | 1054 | 151 |
| Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2043 <sup>(d)</sup> |  | 4925 | 637 |
| Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2050 <sup>(d)</sup> |  | 438 | 50 |
| Nykredit Realkredit AS, Series CCE, 1.00% 10/1/2050 <sup>(d)</sup> |  | 530 | 65 |
| Realkredit Danmark AS 1.00% 10/1/2053 <sup>(d)</sup> |  | 176 | 22 |
|  |  |  | 983 |
| **Total mortgage-backed obligations** |  |  | 24474 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **146** |

---

American Funds Global Balanced Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds and notes 5.05%** |  |  |  |
| **Financials 1.32%** |  |  |  |
| 200 Park Funding Trust 5.74% 2/15/2055 <sup>(g)</sup> | USD | 100 | $100 |
| AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Mid-Swap + 1.10% on 9/9/2028) <sup>(h)</sup> | EUR | 230 | 257 |
| AIB Group PLC 5.75% 2/16/2029 (1-year EUR Mid-Swap + 2.85% on 2/16/2028) <sup>(h)</sup> |  | 100 | 125 |
| Banco de Sabadell SA 5.25% 2/7/2029 (1-year EUR Mid-Swap + 2.40% on 2/7/2028) <sup>(h)</sup> |  | 100 | 123 |
| Banco de Sabadell SA 5.125% 6/27/2034 (5-year EUR Mid-Swap + 2.40% on 6/7/2029) <sup>(h)</sup> |  | 100 | 124 |
| Barclays PLC 7.09% 11/6/2029 (1-year GBP-OIS SONIO/N + 2.553% on 11/6/2028) <sup>(h)</sup> | GBP | 100 | 143 |
| Barclays PLC 4.616% 3/26/2037 (5-year EUR Mid-Swap + 2.05% on 3/26/2032) <sup>(h)</sup> | EUR | 100 | 121 |
| BBVA Bancomer SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on 6/29/2033) <sup>(h)</sup> | USD | 200 | 221 |
| BPCE SA 4.50% 1/13/2033 | EUR | 100 | 123 |
| Brown & Brown, Inc. 5.55% 6/23/2035 | USD | 7 | 7 |
| CaixaBank SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028) <sup>(g)(h)</sup> |  | 200 | 208 |
| CaixaBank SA 4.375% 8/8/2036 (5-year EUR-ICE Swap EURIBOR + 1.95% on 8/8/2031) <sup>(h)</sup> | EUR | 200 | 242 |
| Chubb INA Holdings, LLC 3.35% 5/3/2026 | USD | 10 | 10 |
| Chubb INA Holdings, LLC 4.35% 11/3/2045 |  | 20 | 17 |
| Citigroup, Inc. 4.542% 9/19/2030 (USD-SOFR + 1.338% on 9/19/2029) <sup>(h)</sup> |  | 70 | 71 |
| Corebridge Financial, Inc. 3.90% 4/5/2032 |  | 59 | 56 |
| Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026) <sup>(h)</sup> |  | 160 | 157 |
| Deutsche Bank AG 1.75% 11/19/2030 (3-month EUR-EURIBOR + 2.05% on 11/19/2029) <sup>(h)</sup> | EUR | 200 | 222 |
| DNB Bank ASA 4.00% 8/17/2027 (1-year GBP-GILT + 2.15% on 8/17/2026) <sup>(h)</sup> | GBP | 100 | 135 |
| Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(h)</sup> | USD | 135 | 141 |
| HSBC Holdings PLC 7.39% 11/3/2028 (USD-SOFR + 7.39% on 11/3/2027) <sup>(h)</sup> |  | 360 | 381 |
| HSBC Holdings PLC 4.619% 11/6/2031 (USD-SOFR + 1.19% on 11/6/2030) <sup>(h)</sup> |  | 200 | 201 |
| HSBC Holdings PLC 7.399% 11/13/2034 (USD-SOFR + 3.02% on 11/13/2033) <sup>(h)</sup> |  | 290 | 331 |
| ING Groep NV 5.25% 11/14/2033 (3-month EUR-EURIBOR + 2.15% on 11/14/2032) <sup>(h)</sup> | EUR | 100 | 130 |
| JPMorgan Chase & Co. 4.603% 10/22/2030 (USD-SOFR + 1.04% on 10/22/2029) <sup>(h)</sup> | USD | 85 | 86 |
| JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(h)</sup> |  | 280 | 250 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(h)</sup> |  | 220 | 231 |
| Mastercard, Inc. 2.00% 11/18/2031 |  | 102 | 91 |
| Mizuho Financial Group, Inc. 5.778% 7/6/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.65% on 7/6/2028) <sup>(h)</sup> |  | 294 | 306 |
| Morgan Stanley 5.656% 4/18/2030 (USD-SOFR + 1.26% on 4/18/2029) <sup>(h)</sup> |  | 150 | 156 |
| NatWest Group PLC 0.78% 2/26/2030 (3-month EUR-EURIBOR + 0.949% on 2/26/2029) <sup>(h)</sup> | EUR | 175 | 192 |
| New York Life Insurance Co. 3.75% 5/15/2050 <sup>(g)</sup> | USD | 23 | 17 |
| PNC Financial Services Group, Inc. 6.875% 10/20/2034 (USD-SOFR + 2.284% on 10/20/2033) <sup>(h)</sup> |  | 65 | 74 |
| PNC Financial Services Group, Inc. 5.676% 1/22/2035 (USD-SOFR + 1.902% on 1/22/2034) <sup>(h)</sup> |  | 25 | 26 |
| PT Bank Negara Indonesia (Persero) Tbk 5.28% 4/5/2029 |  | 280 | 287 |
| Standard Chartered PLC 5.244% 5/13/2031 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 5/13/2030) <sup>(g)(h)</sup> |  | 330 | 340 |
| Toronto-Dominion Bank (The) 4.808% 6/3/2030 |  | 75 | 77 |
| Wells Fargo & Co. 3.90% 7/22/2032 (3-month EUR-EURIBOR + 1.22% on 7/22/2031) <sup>(h)(i)</sup> | EUR | 150 | 181 |
|  |  |  | 5960 |
| **Utilities 0.61%** |  |  |  |
| Alfa Transmisora De Energia SA 4.55% 9/27/2051 | USD | 197 | 159 |
| CMS Energy Corp. 3.00% 5/15/2026 |  | 180 | 179 |
| Duke Energy Corp. 3.75% 4/1/2031 | EUR | 100 | 119 |
| Electricite de France SA 4.25% 1/25/2032 |  | 100 | 123 |
| Electricite de France SA 4.00% 5/7/2037 |  | 100 | 117 |
| Electricite de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on 6/1/2028) <sup>(h)</sup> |  | 200 | 230 |
| Electricite de France SA 7.50% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 4.86% on 12/6/2028) <sup>(h)</sup> |  | 200 | 256 |
| Enel Finance International NV 2.125% 7/12/2028 <sup>(g)</sup> | USD | 200 | 190 |
| Enfragen Energia Sur SA 5.375% 12/30/2030 |  | 200 | 186 |
| Engie SA 7.00% 10/30/2028 | GBP | 50 | 72 |
| Exelon Corp. 3.40% 4/15/2026 | USD | 75 | 75 |
| Interstate Power and Light Co. 2.30% 6/1/2030 |  | 50 | 46 |

---

---

| | |
|:---|:---|
| **147** | American Funds Insurance Series |

---

American Funds Global Balanced Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Utilities (continued)** |  |  |  |
| Pacific Gas and Electric Co. 6.15% 1/15/2033 | USD | 78 | $83 |
| Pacific Gas and Electric Co. 6.00% 8/15/2035 |  | 120 | 126 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050 |  | 120 | 102 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050 |  | 137 | 93 |
| Public Service Co. of Colorado 2.70% 1/15/2051 |  | 125 | 76 |
| Southern California Edison Co. 5.45% 3/1/2035 |  | 150 | 152 |
| Southern California Edison Co. 6.20% 9/15/2055 |  | 60 | 61 |
| SP Transmission PLC 2.00% 11/13/2031 | GBP | 100 | 117 |
| Xcel Energy,Inc. 3.35% 12/1/2026 | USD | 200 | 199 |
|  |  |  | 2761 |
| **Energy 0.59%** |  |  |  |
| Ecopetrol SA 8.625% 1/19/2029 |  | 125 | 134 |
| Empresa Nacional del Petroleo 5.95% 7/30/2034 <sup>(g)</sup> |  | 200 | 210 |
| Enterprise Products Operating, LLC 4.95% 2/15/2035 |  | 25 | 25 |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(g)</sup> |  | 225 | 236 |
| Petroleos Mexicanos 6.84% 1/23/2030 |  | 1455 | 1479 |
| Petroleos Mexicanos 6.95% 1/28/2060 |  | 80 | 65 |
| Qatar Energy 3.125% 7/12/2041 <sup>(g)</sup> |  | 320 | 247 |
| Raizen Fuels Finance SA 6.45% 3/5/2034 <sup>(g)</sup> |  | 200 | 163 |
| TotalEnergies Capital SA 5.488% 4/5/2054 |  | 85 | 82 |
|  |  |  | 2641 |
| **Communication services 0.57%** |  |  |  |
| America Movil, SAB de CV, 10.125% 1/22/2029 | MXN | 9100 | 522 |
| America Movil, SAB de CV, 9.50% 1/27/2031 |  | 2000 | 113 |
| America Movil, SAB de CV, 10.30% 1/30/2034 |  | 2000 | 117 |
| AT&T,Inc. 2.75% 6/1/2031 | USD | 165 | 152 |
| AT&T,Inc. 5.20% 11/18/2033 | GBP | 100 | 136 |
| AT&T, Inc. 2.55% 12/1/2033 | USD | 64 | 55 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(g)</sup> |  | 75 | 64 |
| Comcast Corp. 3.55% 5/1/2028 |  | 70 | 69 |
| Comcast Corp. 0.25% 9/14/2029 | EUR | 250 | 267 |
| Deutsche Telekom International Finance BV 9.25% 6/1/2032 | USD | 45 | 56 |
| Orange 3.625% 11/16/2031 | EUR | 100 | 120 |
| Orange 5.625% 1/23/2034 | GBP | 90 | 127 |
| T-Mobile USA, Inc. 2.05% 2/15/2028 | USD | 200 | 192 |
| T-Mobile USA, Inc. 3.15% 2/11/2032 | EUR | 100 | 116 |
| T-Mobile USA, Inc. 5.15% 4/15/2034 | USD | 115 | 118 |
| Verizon Communications, Inc. 0.375% 3/22/2029 | EUR | 140 | 152 |
| Verizon Communications, Inc. 2.355% 3/15/2032 | USD | 100 | 88 |
| Verizon Communications, Inc. 0.75% 3/22/2032 | EUR | 100 | 101 |
|  |  |  | 2565 |
| **Industrials 0.43%** |  |  |  |
| Boeing Co. (The) 6.298% 5/1/2029 | USD | 95 | 101 |
| Boeing Co. (The) 6.528% 5/1/2034 |  | 604 | 668 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041 |  | 42 | 32 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051 |  | 129 | 86 |
| Carrier Global Corp. 2.493% 2/15/2027 |  | 7 | 7 |
| CSX Corp. 3.80% 4/15/2050 |  | 6 | 5 |
| CSX Corp. 2.50% 5/15/2051 |  | 75 | 45 |
| GE Capital International Funding Co. Unlimited Co. 4.418% 11/15/2035 |  | 200 | 195 |
| Honeywell International, Inc. 3.75% 3/1/2036 | EUR | 100 | 116 |
| Lima Metro Line 2 Finance, Ltd. 5.875% 7/5/2034 <sup>(g)</sup> | USD | 76 | 79 |
| MISC Capital Two (Labuan), Ltd. 3.75% 4/6/2027 <sup>(g)</sup> |  | 200 | 199 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **148** |

---

American Funds Global Balanced Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Industrials (continued)** |  |  |  |
| RTX Corp. 4.125% 11/16/2028 | USD | 100 | $100 |
| RTX Corp. 6.10% 3/15/2034 |  | 55 | 60 |
| RTX Corp. 4.50% 6/1/2042 |  | 70 | 63 |
| Veralto Corp. 4.15% 9/19/2031 | EUR | 100 | 122 |
| Veralto Corp. 5.45% 9/18/2033 | USD | 40 | 42 |
|  |  |  | 1920 |
| **Consumer discretionary 0.33%** |  |  |  |
| BMW International Investment BV 4.75% 9/4/2030 | GBP | 100 | 137 |
| Ford Motor Credit Co., LLC 3.622% 7/27/2028 | EUR | 200 | 237 |
| Ford Motor Credit Co., LLC 5.73% 9/5/2030 | USD | 200 | 203 |
| Ford Motor Credit Co., LLC 6.50% 2/7/2035 |  | 200 | 207 |
| General Motors Financial Co., Inc. 5.90% 1/7/2035 |  | 140 | 146 |
| Hyundai Capital America 1.50% 6/15/2026 <sup>(g)</sup> |  | 100 | 99 |
| Hyundai Capital America 5.10% 6/24/2030 <sup>(g)</sup> |  | 72 | 74 |
| Hyundai Capital America 4.50% 9/18/2030 <sup>(g)</sup> |  | 100 | 100 |
| McDonald's Corp. 1.60% 3/15/2031 <sup>(i)</sup> | EUR | 100 | 109 |
| Sands China, Ltd. 4.375% 6/18/2030 | USD | 200 | 197 |
|  |  |  | 1509 |
| **Health care 0.33%** |  |  |  |
| AbbVie, Inc. 5.05% 3/15/2034 |  | 25 | 26 |
| AbbVie, Inc. 5.35% 3/15/2044 |  | 25 | 25 |
| AbbVie, Inc. 5.40% 3/15/2054 |  | 25 | 24 |
| AbbVie, Inc. 5.50% 3/15/2064 |  | 25 | 24 |
| Amgen, Inc. 2.20% 2/21/2027 |  | 200 | 196 |
| Amgen, Inc. 4.20% 3/1/2033 |  | 200 | 196 |
| Amgen, Inc. 5.65% 3/2/2053 |  | 300 | 294 |
| Bristol-Myers Squibb Co. 5.55% 2/22/2054 |  | 60 | 59 |
| CVS Health Corp. 5.40% 6/1/2029 |  | 125 | 129 |
| GE HealthCare Technologies, Inc. 4.80% 8/14/2029 |  | 33 | 34 |
| Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033 |  | 107 | 108 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053 |  | 21 | 20 |
| Takeda Pharmaceutical Co., Ltd. 2.25% 11/21/2026 | EUR | 100 | 117 |
| UnitedHealth Group, Inc. 4.00% 5/15/2029 | USD | 150 | 150 |
| UnitedHealth Group, Inc. 5.625% 7/15/2054 |  | 65 | 64 |
|  |  |  | 1466 |
| **Consumer staples 0.32%** |  |  |  |
| Altria Group, Inc. 2.20% 6/15/2027 | EUR | 170 | 199 |
| BAT Capital Corp. 3.215% 9/6/2026 | USD | 62 | 62 |
| BAT Capital Corp. 3.557% 8/15/2027 |  | 105 | 104 |
| BAT Capital Corp. 3.462% 9/6/2029 |  | 75 | 73 |
| BAT Capital Corp. 5.625% 8/15/2035 |  | 243 | 253 |
| Campbell's Co. (The) 4.75% 3/23/2035 |  | 47 | 45 |
| Coca-Cola Co. 4.65% 8/14/2034 |  | 61 | 62 |
| Coca-Cola Co. 3.75% 8/15/2053 | EUR | 125 | 133 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(g)</sup> | USD | 105 | 108 |
| Minerva Luxembourg SA 8.875% 9/13/2033 |  | 200 | 219 |
| Philip Morris International, Inc. 4.00% 10/29/2030 |  | 60 | 60 |
| Philip Morris International, Inc. 5.75% 11/17/2032 |  | 110 | 118 |
|  |  |  | 1436 |
| **Materials 0.30%** |  |  |  |
| Braskem Netherlands Finance BV 4.50% 1/31/2030 |  | 220 | 86 |

---

---

| | |
|:---|:---|
| **149** | American Funds Insurance Series |

---

American Funds Global Balanced Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Materials (continued)** |  |  |  |
| Braskem Netherlands Finance BV 8.50% 1/12/2031 | USD | 400 | $157 |
| First Quantum Minerals, Ltd. 9.375% 3/1/2029 <sup>(g)</sup> |  | 250 | 263 |
| Nickel Industries, Ltd. 9.00% 9/30/2030 <sup>(g)</sup> |  | 200 | 208 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(h)(j)</sup> |  | 276 | 280 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(g)(h)(j)</sup> |  | 46 | 47 |
| Vale Overseas, Ltd. 3.75% 7/8/2030 |  | 94 | 91 |
| Verallia SAS 3.875% 11/4/2032 | EUR | 200 | 229 |
|  |  |  | 1361 |
| **Information technology 0.15%** |  |  |  |
| Amphenol Corp. 3.125% 6/16/2032 |  | 100 | 116 |
| Broadcom, Inc. 4.00% 4/15/2029 <sup>(g)</sup> | USD | 21 | 21 |
| Broadcom, Inc. 4.15% 11/15/2030 |  | 30 | 30 |
| Broadcom, Inc. 3.469% 4/15/2034 |  | 123 | 112 |
| Oracle Corp. 2.65% 7/15/2026 |  | 216 | 214 |
| SK hynix, Inc. 1.50% 1/19/2026 |  | 200 | 200 |
|  |  |  | 693 |
| **Real estate 0.10%** |  |  |  |
| American Tower Corp. 0.875% 5/21/2029 | EUR | 130 | 143 |
| Equinix Europe 2 Financing Corp., LLC 5.50% 6/15/2034 | USD | 100 | 103 |
| Equinix, Inc. 2.15% 7/15/2030 |  | 176 | 160 |
| Essex Portfolio, LP 3.375% 4/15/2026 |  | 40 | 40 |
|  |  |  | 446 |
| **Total corporate bonds and notes** |  |  | 22758 |
| **Asset-backed obligations 0.54%** |  |  |  |
| **Other asset-backed securities 0.29%** |  |  |  |
| Apollo Aviation Securitization Equity Trust, Series 2025-3A, Class A, 5.243% 2/16/2050 <sup>(d)(g)</sup> |  | 323 | 324 |
| Castlelake Aircraft Securitization Trust, Series 2025-1A, Class A, 5.783% 2/15/2050 <sup>(d)(g)</sup> |  | 93 | 95 |
| NMEF Funding, LLC, Series 2025-A, Class A2, 4.72% 7/15/2032 <sup>(d)(g)</sup> |  | 76 | 76 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class A, 6.27% 6/17/2031 <sup>(d)(g)</sup> |  | 208 | 211 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class B, 7.15% 6/17/2031 <sup>(d)(g)</sup> |  | 100 | 101 |
| PEAC Solutions Receivables, LLC, Series 2025-1A, Class A2, 4.94% 10/20/2028 <sup>(d)(g)</sup> |  | 86 | 87 |
| SCF Equipment Trust, LLC, Series 2025-1A, Class A3, 5.11% 11/21/2033 <sup>(d)(g)</sup> |  | 231 | 236 |
| U.S. Bank National Association, Series 2025-SUP1, Class B, 5.582% 2/25/2032 <sup>(d)(g)</sup> |  | 161 | 162 |
|  |  |  | 1292 |
| **Credit card 0.11%** |  |  |  |
| Imprint Payments Credit Card Master Trust, Series 2025-A, Class A, 4.84% 9/15/2029 <sup>(d)(g)</sup> |  | 100 | 100 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class A1, 6.20% 8/15/2029 <sup>(d)(g)</sup> |  | 113 | 114 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class B, 6.59% 8/15/2029 <sup>(d)(g)</sup> |  | 100 | 100 |
| Mission Lane Credit Card Master Trust, Series 2025-C, Class A, 4.78% 12/16/2030 <sup>(d)(g)</sup> |  | 100 | 101 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.06% 9/15/2031 <sup>(d)(g)</sup> |  | 100 | 101 |
|  |  |  | 516 |
| **Auto loan 0.09%** |  |  |  |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-2, Class A, 5.20% 10/20/2027 <sup>(d)(g)</sup> |  | 125 | 126 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(d)(g)</sup> |  | 148 | 154 |
| Hertz Vehicle Financing, LLC, Series 2025-1A, Class A, 4.91% 9/25/2029 <sup>(d)(g)</sup> |  | 100 | 101 |
| Securitized Term Auto Receivables Trust, Series 2025-A, Class B, 5.038% 7/25/2031 <sup>(d)(g)</sup> |  | 10 | 10 |
|  |  |  | 391 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **150** |

---

American Funds Global Balanced Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Asset-backed obligations (continued)** |  |  |  |
| **Collateralized loan obligations 0.04%** |  |  |  |
| Steele Creek CLO, Ltd., Series 2019-2A, Class ARR, (3-month USD CME Term SOFR + 1.00%) 4.905% 7/15/2032 <sup>(d)(f)(g)</sup> | USD | 181 | $180 |
| **Student loan 0.01%** |  |  |  |
| SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) 5.534% 11/15/2052 <sup>(d)(f)(g)</sup> |  | 62 | 63 |
| **Total asset-backed obligations** |  |  | 2442 |
| **Federal agency bonds & notes 0.07%** |  |  |  |
| Export-Import Bank of Thailand 5.354% 5/16/2029 |  | 200 | 208 |
| Korea Development Bank 6.75% 7/1/2030 | INR | 10000 | 110 |
|  |  |  | 318 |
| **Municipals 0.03%** |  |  |  |
| **Ohio 0.02%** |  |  |  |
| Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, 3.216% 2/15/2048 | USD | 100 | 74 |
| **Texas 0.01%** |  |  |  |
| Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 10/1/2052 |  | 80 | 55 |
| **Total municipals** |  |  | 129 |
| **Total bonds, notes & other debt instruments (cost: $134,692,000)** |  |  | 132358 |
| Investment funds 0.94% |  | Shares |  |
| Capital Group Central Corporate Bond Fund <sup>(k)</sup> |  | 499957 | 4250 |
| **Total investment funds (cost: $3,967,000)** |  |  | 4250 |
| Short-term securities 6.16% |  |  |  |
| **Money market investments 6.16%** |  |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(k)(l)</sup> |  | 277543 | 27757 |
| **Total short-term securities (cost: $27,752,000)** |  |  | 27757 |
| Options purchased (equity style) 0.00% |  |  |  |
| Options purchased (equity style)\* |  |  | 2 |
| **Total options purchased (equity style) (cost: $10,000)** |  |  | 2 |
| **Total investment securities 100.13% (cost: $367,548,000)** |  |  | 451054 |
| Other assets less liabilities (0.13)% |  |  | (587) |
| **Net assets 100.00%** |  |  | $450467 |

---

---

| | |
|:---|:---|
| **151** | American Funds Insurance Series |

---

American Funds Global Balanced Fund (continued)

**\*Options purchased (equity style)**

**Options on foreign currencies**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | Exercise<br> date | Expiration<br> price | Expiration<br> price | Notional<br> amount<br> (000) | Notional<br> amount<br> (000) | Value at <br> 12/31/2025<br> (000) |
| **Put** |  |  |  |  |  |  |  |
| USD/JPY Foreign Currency Options | BNP Paribas | 2/18/2026 | JPY | 147.00 | USD | 2000 | $2 |

---

**Options purchased (futures style)**

**Options on futures**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of<br> contracts | Expiration <br>date | Exercise<br> price | Exercise<br> price | Notional<br> amount<br> (000) | Notional<br> amount<br> (000) | Value and<br> unrealized <br> appreciation <br> (depreciation) at <br> 12/31/2025<br> (000) |
| **Put** |  |  |  |  |  |  |  |
| 10 Year Euro-Bund Futures Option | 18 | 1/23/2026 | EUR | 126.50 | EUR | 1800 | $— <sup>(m)</sup> |

---

**Options written (futures style)**

**Options on futures**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of<br> contracts | Expiration <br>date | Exercise<br> price | Exercise<br> price | Notional<br> amount<br> (000) | Notional<br> amount<br> (000) | Value and<br> unrealized<br> appreciation<br> (depreciation) at<br> 12/31/2025<br> (000) |
| **Call** |  |  |  |  |  |  |  |
| 10 Year Euro-Bund Futures Option | (18) | 1/23/2026 | EUR | 131.50 | EUR | (1800) | $4 |

---

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of<br> contracts | Expiration<br> date | Notional<br> amount<br> (000) | Notional<br> amount<br> (000) | Value and<br> unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| 3 Month CORRA Futures | Long | 96 | 6/17/2026 | USD | 17086 | $52 |
| 3 Month CORRA Futures | Short | 4 | 9/16/2026 |  | (712) | 1 |
| 2 Year Italy Government Bond Futures | Long | 44 | 3/10/2026 |  | 5550 | (10) |
| 2 Year Euro-Schatz Futures | Short | 22 | 3/10/2026 |  | (2761) | 3 |
| 2 Year Canadian Government Bond Futures | Long | 12 | 3/31/2026 |  | 923 | (3) |
| 2 Year U.S. Treasury Note Futures | Long | 111 | 4/6/2026 |  | 23176 | (5) |
| 5 Year Euro-Bobl Futures | Long | 22 | 3/10/2026 |  | 3003 | (15) |
| 5 Year Canadian Government Bond Futures | Long | 14 | 3/31/2026 |  | 1156 | (10) |
| 5 Year U.S. Treasury Note Futures | Long | 15 | 4/6/2026 |  | 1640 | (5) |
| 10 Year Euro-Bund Futures | Long | 5 | 3/10/2026 |  | 750 | (5) |
| 10 Year French Government Bond Futures | Short | 3 | 3/10/2026 |  | (425) | 3 |
| 10 Year Italy Government Bond Futures | Short | 8 | 3/10/2026 |  | (1130) | 5 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **152** |

---

American Funds Global Balanced Fund (continued)

**Futures contracts** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of<br> contracts | Expiration<br> date | Notional<br> amount<br> (000) | Notional<br> amount<br> (000) | Value and <br> unrealized <br> appreciation <br> (depreciation)<br> at 12/31/2025 <br> (000) |
| 10 Year Australian Treasury Bond Futures | Long | 8 | 3/16/2026 | USD | 584 | $3 |
| 10 Year Japanese Government Bond Futures | Short | 3 | 3/23/2026 |  | (2536) | 18 |
| 10 Year U.S. Treasury Note Futures | Long | 26 | 3/31/2026 |  | 2923 | (21) |
| 10 Year Ultra U.S. Treasury Note Futures | Long | 6 | 3/31/2026 |  | 690 | (7) |
| 10 Year UK Gilt Futures | Short | 2 | 3/31/2026 |  | (246) | 1 |
| 10 Year Canadian Government Bond Futures | Short | 7 | 3/31/2026 |  | (617) | 9 |
| 20 Year U.S. Treasury Bond Futures | Long | 15 | 3/31/2026 |  | 1734 | (24) |
| 30 Year Euro-Buxl Futures | Short | 8 | 3/10/2026 |  | (1035) | 23 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 13 | 3/31/2026 |  | 1534 | (27) |
|  |  |  |  |  |  | $(14) |

---

**Forward currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount |  |  | Unrealized<br> appreciation (depreciation) |
| Currency purchased<br> (000) | Currency purchased<br> (000) | Currency sold<br> (000) | Currency sold<br> (000) | Counterparty | Settlement <br>date | at 12/31/2025<br> (000) |
| TRY | 13630 | USD | 312 | Citibank | 1/7/2026 | $3 |
| USD | 899 | MYR | 3710 | JPMorgan Chase | 1/8/2026 | (16) |
| USD | 725 | JPY | 112210 | Bank of America | 1/9/2026 | 8 |
| USD | 355 | JPY | 54745 | Citibank | 1/9/2026 | 5 |
| USD | 277 | JPY | 42750 | Citibank | 1/9/2026 | 4 |
| CHF | 130 | USD | 163 | JPMorgan Chase | 1/9/2026 | 1 |
| CZK | 13595 | EUR | 562 | JPMorgan Chase | 1/9/2026 | 1 |
| USD | 21 | CLP | 19505 | Citibank | 1/9/2026 | — <sup>(m)</sup> |
| USD | 464 | IDR | 7740641 | Citibank | 1/9/2026 | — <sup>(m)</sup> |
| JPY | 33170 | USD | 212 | BNP Paribas | 1/9/2026 | — <sup>(m)</sup> |
| USD | 244 | MXN | 4405 | Morgan Stanley | 1/9/2026 | — <sup>(m)</sup> |
| USD | 78 | COP | 300000 | Citibank | 1/9/2026 | (1) |
| USD | 517 | CHF | 410 | Bank of America | 1/9/2026 | (1) |
| JPY | 10610 | USD | 69 | Morgan Stanley | 1/9/2026 | (1) |
| USD | 339 | CHF | 270 | Goldman Sachs | 1/9/2026 | (2) |
| USD | 1134 | INR | 102200 | HSBC Bank | 1/9/2026 | (2) |
| USD | 415 | CZK | 8586 | JPMorgan Chase | 1/9/2026 | (3) |
| USD | 334 | GBP | 250 | Bank of America | 1/9/2026 | (3) |
| USD | 291 | MXN | 5330 | UBS AG | 1/9/2026 | (4) |
| USD | 606 | EUR | 520 | Citibank | 1/9/2026 | (6) |
| USD | 443 | KRW | 655190 | Citibank | 1/9/2026 | (11) |
| USD | 1103 | CAD | 1535 | Barclays Bank PLC | 1/9/2026 | (16) |
| USD | 1614 | KRW | 2363730 | Citibank | 1/9/2026 | (24) |
| CNH | 17205 | USD | 2438 | Citibank | 1/12/2026 | 30 |
| ZAR | 3460 | USD | 202 | Citibank | 1/12/2026 | 6 |
| CNH | 4541 | USD | 646 | Goldman Sachs | 1/12/2026 | 5 |
| EUR | 186 | CAD | 300 | HSBC Bank | 1/12/2026 | 1 |
| NZD | 47 | USD | 27 | Bank of America | 1/12/2026 | — <sup>(m)</sup> |
| EUR | 411 | GBP | 360 | UBS AG | 1/12/2026 | (1) |
| USD | 64 | NOK | 651 | Morgan Stanley | 1/12/2026 | (1) |
| USD | 71 | RON | 310 | Citibank | 1/12/2026 | (1) |
| USD | 123 | SGD | 160 | Citibank | 1/12/2026 | (1) |
| USD | 264 | MXN | 4785 | HSBC Bank | 1/12/2026 | (2) |
| USD | 107 | PLN | 390 | Citibank | 1/12/2026 | (2) |
| USD | 93 | SEK | 870 | HSBC Bank | 1/12/2026 | (2) |
| USD | 2079 | AUD | 3141 | Morgan Stanley | 1/12/2026 | (17) |

---

---

| | |
|:---|:---|
| **153** | American Funds Insurance Series |

---

American Funds Global Balanced Fund (continued)

**Forward currency contracts** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount |  |  | Unrealized appreciation (depreciation) |
| Currency purchased<br> (000) | Currency purchased<br> (000) | Currency sold<br> (000) | Currency sold<br> (000) | Counterparty | Settlement<br> date | at 12/31/2025<br> (000) |
| USD | 2316 | HUF | 767740 | Citibank | 1/12/2026 | $(29) |
| USD | 668 | THB | 20965 | UBS AG | 1/14/2026 | 2 |
| USD | 8604 | JPY | 1330280 | Goldman Sachs | 1/15/2026 | 100 |
| EUR | 395 | DKK | 2950 | HSBC Bank | 1/15/2026 | — <sup>(m)</sup> |
| EUR | 160 | USD | 188 | JPMorgan Chase | 1/15/2026 | — <sup>(m)</sup> |
| USD | 93 | ILS | 300 | HSBC Bank | 1/15/2026 | (1) |
| USD | 2540 | EUR | 2180 | Morgan Stanley | 1/15/2026 | (24) |
| USD | 7733 | CNH | 54343 | Goldman Sachs | 1/15/2026 | (65) |
| EUR | 529 | GBP | 465 | HSBC Bank | 1/16/2026 | (5) |
| USD | 3966 | GBP | 2966 | Citibank | 1/16/2026 | (32) |
| GBP | 466 | EUR | 530 | HSBC Bank | 1/22/2026 | 4 |
| USD | 631 | GBP | 470 | Morgan Stanley | 1/22/2026 | (3) |
| USD | 2832 | BRL | 15446 | Citibank | 1/23/2026 | 31 |
| USD | 288 | BRL | 1600 | Citibank | 1/23/2026 | (2) |
| USD | 26139 | EUR | 22194 | HSBC Bank | 1/26/2026 | 24 |
| EUR | 1365 | USD | 1610 | Standard Chartered Bank | 1/29/2026 | (3) |
| EUR | 3015 | USD | 3548 | Morgan Stanley | 1/30/2026 | 1 |
| EUR | 1050 | USD | 1236 | Morgan Stanley | 3/16/2026 | 3 |
|  |  |  |  |  |  | $(52) |

---

**Swap contracts**

**Interest rate swaps**

**Centrally cleared interest rate swaps**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay |  | Notional | Notional | Value at | Upfront<br> premium<br> paid | Unrealized<br> appreciation<br> (depreciation) |
| Rate | Payment<br> frequency | Rate | Payment<br> frequency | Expiration <br>date | amount <br>(000) | amount <br>(000) | 12/31/2025<br> (000) | (received) <br>(000) | at 12/31/2025<br> (000) |
| 3.79165% | Annual | SOFR | Annual | 1/13/2026 | USD | 865 | $— <sup>(m)</sup> | $— | $— <sup>(m)</sup> |
| 4.254% | Annual | SONIA | Annual | 5/9/2027 | GBP | 70 | 1 |  | 1 |
| 3.5175% | Annual | SOFR | Annual | 8/15/2027 | USD | 210 | 1 |  | 1 |
| SOFR | Annual | 3.4925% | Annual | 8/19/2027 | USD | 8340 | (21) |  | (21) |
| SOFR | Annual | 3.3395% | Annual | 9/23/2027 | USD | 8510 | (2) |  | (2) |
| 4.98038% | Annual | SONIA | Annual | 6/21/2028 | GBP | 267 | 12 |  | 12 |
| SOFR | Annual | 3.29015% | Annual | 1/13/2030 | USD | 2870 | 12 |  | 12 |
| 6-month EURIBOR | Semi-annual | 2.2577% | Annual | 3/5/2030 | EUR | 310 | 4 |  | 4 |
| 6-month EURIBOR | Semi-annual | 2.2562% | Annual | 3/5/2030 | EUR | 310 | 4 |  | 4 |
| 6-month EURIBOR | Semi-annual | 2.2592% | Annual | 3/5/2030 | EUR | 310 | 3 |  | 3 |
| 3.925% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/5/2030 | NOK | 3700 | (2) |  | (2) |
| 6-month EURIBOR | Semi-annual | 2.1912% | Annual | 3/6/2030 | EUR | 280 | 4 |  | 4 |
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK | 1500 | 1 |  | 1 |
| 4.1703% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK | 960 | — <sup>(m)</sup> |  | — <sup>(m)</sup> |
| 4.162% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK | 970 | — <sup>(m)</sup> |  | — <sup>(m)</sup> |
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/25/2030 | NOK | 3540 | 1 |  | 1 |
| 6-month NOK-NIBOR | Semi-annual | 3.99% | Annual | 9/22/2030 | NOK | 2420 | 1 |  | 1 |
| 6-month NOK-NIBOR | Semi-annual | 4.08% | Annual | 9/23/2030 | NOK | 2390 | — <sup>(m)</sup> |  | — <sup>(m)</sup> |
| 6-month NOK-NIBOR | Semi-annual | 4.095% | Annual | 9/23/2030 | NOK | 2390 | — <sup>(m)</sup> |  | — <sup>(m)</sup> |
| 6-month NOK-NIBOR | Semi-annual | 4.09% | Annual | 9/23/2030 | NOK | 1220 | — <sup>(m)</sup> |  | — <sup>(m)</sup> |
| SONIA | Annual | 4.36738% | Annual | 6/21/2033 | GBP | 62 | (3) |  | (3) |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **154** |

---

American Funds Global Balanced Fund (continued)

**Swap contracts** (continued)

**Interest rate swaps (continued)**

**Centrally cleared interest rate swaps (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay |  | Notional | Notional | Value at | Upfront<br> premium <br>paid | Unrealized <br> appreciation <br> (depreciation) |
| Rate | Payment<br> frequency | Rate | Payment<br> frequency | Expiration <br> date | amount<br> (000) | amount<br> (000) | 12/31/2025<br> (000) | (received)<br> (000) | at 12/31/2025<br> (000) |
| 6-month EURIBOR | Semi-annual | 2.8972% | Annual | 9/11/2055 | EUR | 180 | $14 | $— | $14 |
| SOFR | Annual | 3.9305% | Annual | 9/23/2055 | USD | 940 | 38 |  | 38 |
|  |  |  |  |  |  |  | $68 | $— | $68 |

---

**Bilateral interest rate swaps**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay |  |  |  | Notional | Notional | Value at | Upfront<br> premium <br>paid | Unrealized<br> appreciation<br> (depreciation) |
| Rate | Payment<br> frequency | Rate | Payment<br> frequency | Counterparty | Expiration<br> date | amount <br> (000) | amount <br> (000) | 12/31/2025<br> (000) | (received)<br> (000) | at 12/31/2025<br> (000) |
| 11.91% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/4/2027 | BRL | 2940 | $(22) | $— | $(22) |
| 13.995% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/2/2029 | BRL | 6010 | 22 |  | 22 |
| 14.115% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | BRL | 1660 | 8 |  | 8 |
| 14.05% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/2/2029 | BRL | 1210 | 5 |  | 5 |
| 14.05% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | BRL | 740 | 3 |  | 3 |
| 11.495% | At maturity | BZDIOVER | At maturity | Bank of America | 1/2/2029 | BRL | 1530 | (22) |  | (22) |
|  |  |  |  |  |  |  |  | $(6) | $— | $(6) |

---

**Credit default swaps**

**Centrally cleared credit default swaps on credit indices — buy protection**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference<br> index | Financing<br> rate paid | Payment<br> frequency | Expiration<br> date | Notional<br> amount<br> (000) | Notional<br> amount<br> (000) | Value at<br> 12/31/2025<br> (000) | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| ITRAXX.EUR.44 | 1.00% | Quarterly | 12/20/2030 | EUR | 1520 | $(41) | $(38) | $(3) |

---

**Centrally cleared credit default swaps on credit indices — sell protection**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference<br> index | Financing<br> rate received | Payment<br> frequency | Expiration<br> date | Notional<br> amount <sup>(n)</sup> (000) | Notional<br> amount <sup>(n)</sup> (000) | Value at<br> 12/31/2025 <sup>(o)</sup> (000) | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| CDX.NA.IG.45 | 1.00% | Quarterly | 12/20/2030 | USD | 1928 | $44 | $44 | $– <sup>(m)</sup> |

---

**Investments in affiliates <sup>(k)</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value at <br> 1/1/2025<br> (000) | Additions <br>(000) | Reductions (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000) | Value at<br> 12/31/2025<br> (000) | Dividend<br> or interest<br> income<br> (000) |
| **Investment funds 0.94%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Corporate Bond Fund | $3953 | $195 | $— | $— | $102 | $4250 | $195 |

---

---

| | |
|:---|:---|
| **155** | American Funds Insurance Series |

---

American Funds Global Balanced Fund (continued)

**Investments in affiliates <sup>(k)</sup>** (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value at <br>1/1/2025 <br>(000) | Additions <br>(000) | Reductions <br>(000) | Net <br>realized gain (loss) <br>(000) | Net unrealized appreciation (depreciation) (000) | Value at <br>12/31/2025 <br>(000) | Dividend or interest income (000) |
| **Short-term securities 6.16%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 6.16%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(l)</sup> | $22187 | $115565 | $109995 | $(2) | $2 | $27757 | $1158 |
| &nbsp;&nbsp;&nbsp;**Total 7.10%** |  |  |  | $(2) | $104 | $32007 | $1353 |

---

**Restricted securities <sup>(i)</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Acquisition <br>date(s) | Cost <br>(000) | Value <br>(000) | Percent of net assets |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. 3.90% 7/22/2032 (3-month EUR-EURIBOR + 1.22% on 7/22/2031) <sup>(h)</sup> | 12/4/2024 | $163 | $181 | 0.04% |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. 1.60% 3/15/2031 | 9/30/2024 | 104 | 109 | 0.02 |
| &nbsp;&nbsp;&nbsp;**Total** |  | $267 | $290 | 0.06% |

---

<sup>(a)</sup> Non-income producing.

<sup>(b)</sup> Index-linked bond whose principal amount moves with a government price index.

<sup>(c)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $899,000, which represented 0.20% of the net assets of the fund.

<sup>(d)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(e)</sup> Represents securities transacted on a TBA basis.

<sup>(f)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>(g)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $10,356,000, which represented 2.30% of the net assets of the fund.

<sup>(h)</sup> Step bond; coupon rate may change at a later date.

<sup>(i)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(j)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

<sup>(k)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(l)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(m)</sup> Amount less than one thousand.

<sup>(n)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

<sup>(o)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively.

---

| | |
|:---|:---|
| American Funds Insurance Series | **156** |

---

American Funds Global Balanced Fund (continued)

**Key to abbreviation(s)**

ADR = American Depositary Receipts

AUD = Australian dollars

BRL = Brazilian reais

BZDIOVER = Overnight Brazilian Interbank Deposit Rate

CAD = Canadian dollars

CHF = Swiss francs

CLO = Collateralized Loan Obligations

CLP = Chilean pesos

CME = CME Group

CNH = Chinese yuan renminbi

CNY = Chinese yuan renminbi

COP = Colombian pesos

CORRA = Canadian Overnight Repo Rate Average

CZK = Czech korunas

DKK = Danish kroner

EUR = Euros

EURIBOR = Euro Interbank Offered Rate

GBP = British pounds

HUF = Hungarian forints

ICE = Intercontinental Exchange, Inc.

IDR = Indonesian rupiah

ILS = Israeli shekels

INR = Indian rupees

JPY = Japanese yen

KRW = South Korean won

MXN = Mexican pesos

MYR = Malaysian ringgits

NIBOR = Norwegian Interbank Offered Rate

NOK = Norwegian kroner

NZD = New Zealand dollars

OIS = Overnight Index Swap

PIK = Payment In Kind

PLN = Polish zloty

Ref. = Refunding

REIT = Real Estate Investment Trust

Rev. = Revenue

RON = Romanian leu

SEK = Swedish kronor

SGD = Singapore dollars

SOFR = Secured Overnight Financing Rate

SONIA = Sterling Overnight Interbank Average Rate

SONIO/N = Sonio O/N Deposit Rates Swap

TBA = To be announced

THB = Thai baht

TRY= Turkish lira

USD = U.S. dollars

UST= U.S. Treasury

ZAR = South African rand

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **157** | American Funds Insurance Series |

---

The Bond Fund of America

**Investment portfolio** December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments 95.01% | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Mortgage-backed obligations 32.02%** |  |  |  |
| **Federal agency mortgage-backed obligations 25.58%** |  |  |  |
| Fannie Mae Pool #AR3058 3.00% 1/1/2028 <sup>(a)</sup> | USD | 17 | $17 |
| Fannie Mae Pool #AS8018 3.00% 9/1/2031 <sup>(a)</sup> |  | 22 | 22 |
| Fannie Mae Pool #BM4741 3.00% 4/1/2032 <sup>(a)</sup> |  | 9 | 9 |
| Fannie Mae Pool #FM2499 2.50% 2/1/2035 <sup>(a)</sup> |  | 1896 | 1813 |
| Fannie Mae Pool #CB2248 2.50% 11/1/2036 <sup>(a)</sup> |  | 93 | 88 |
| Fannie Mae Pool #913966 6.00% 2/1/2037 <sup>(a)</sup> |  | 29 | 31 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(a)</sup> |  | 1645 | 1557 |
| Fannie Mae Pool #MA4665 2.50% 7/1/2037 <sup>(a)</sup> |  | 677 | 640 |
| Fannie Mae Pool #945680 6.00% 9/1/2037 <sup>(a)</sup> |  | 316 | 334 |
| Fannie Mae Pool #924866 6.015% 10/1/2037 <sup>(a)(b)</sup> |  | 125 | 127 |
| Fannie Mae Pool #988588 5.50% 8/1/2038 <sup>(a)</sup> |  | 140 | 146 |
| Fannie Mae Pool #889982 5.50% 11/1/2038 <sup>(a)</sup> |  | 594 | 620 |
| Fannie Mae Pool #AB1297 5.00% 8/1/2040 <sup>(a)</sup> |  | 134 | 138 |
| Fannie Mae Pool #AH8144 5.00% 4/1/2041 <sup>(a)</sup> |  | 671 | 686 |
| Fannie Mae Pool #AH9479 5.00% 4/1/2041 <sup>(a)</sup> |  | 666 | 685 |
| Fannie Mae Pool #FM7365 2.00% 5/1/2041 <sup>(a)</sup> |  | 102235 | 89225 |
| Fannie Mae Pool #AI1862 5.00% 5/1/2041 <sup>(a)</sup> |  | 639 | 658 |
| Fannie Mae Pool #AI3510 5.00% 6/1/2041 <sup>(a)</sup> |  | 322 | 331 |
| Fannie Mae Pool #AJ0704 5.00% 9/1/2041 <sup>(a)</sup> |  | 292 | 300 |
| Fannie Mae Pool #AJ5391 5.00% 11/1/2041 <sup>(a)</sup> |  | 161 | 166 |
| Fannie Mae Pool #AZ3904 4.00% 5/1/2045 <sup>(a)</sup> |  | 38 | 37 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045 <sup>(a)</sup> |  | 1540 | 1462 |
| Fannie Mae Pool #MA5786 7.00% 7/1/2045 <sup>(a)</sup> |  | 231 | 243 |
| Fannie Mae Pool #AL8522 3.50% 5/1/2046 <sup>(a)</sup> |  | 667 | 633 |
| Fannie Mae Pool #BD1968 4.00% 7/1/2046 <sup>(a)</sup> |  | 727 | 703 |
| Fannie Mae Pool #BD5477 4.00% 7/1/2046 <sup>(a)</sup> |  | 115 | 111 |
| Fannie Mae Pool #BM5148 4.00% 10/1/2046 <sup>(a)</sup> |  | 4084 | 3963 |
| Fannie Mae Pool #BE0592 4.00% 11/1/2046 <sup>(a)</sup> |  | 289 | 276 |
| Fannie Mae Pool #BE8885 4.00% 3/1/2047 <sup>(a)</sup> |  | 702 | 681 |
| Fannie Mae Pool #MA3058 4.00% 7/1/2047 <sup>(a)</sup> |  | 31 | 30 |
| Fannie Mae Pool #CA0770 3.50% 11/1/2047 <sup>(a)</sup> |  | 3647 | 3424 |
| Fannie Mae Pool #BJ1515 4.00% 11/1/2047 <sup>(a)</sup> |  | 1721 | 1668 |
| Fannie Mae Pool #CA0706 4.00% 11/1/2047 <sup>(a)</sup> |  | 64 | 62 |
| Fannie Mae Pool #BM4413 4.50% 12/1/2047 <sup>(a)</sup> |  | 1995 | 1983 |
| Fannie Mae Pool #CA1189 3.50% 2/1/2048 <sup>(a)</sup> |  | 1043 | 979 |
| Fannie Mae Pool #BJ5749 4.00% 5/1/2048 <sup>(a)</sup> |  | 14 | 13 |
| Fannie Mae Pool #BF0293 3.00% 7/1/2048 <sup>(a)</sup> |  | 5216 | 4728 |
| Fannie Mae Pool #BF0318 3.50% 8/1/2048 <sup>(a)</sup> |  | 3839 | 3614 |
| Fannie Mae Pool #BM5349 4.00% 9/1/2048 <sup>(a)</sup> |  | 16627 | 16110 |
| Fannie Mae Pool #FM4891 3.50% 10/1/2048 <sup>(a)</sup> |  | 15508 | 14679 |
| Fannie Mae Pool #BM4676 4.00% 10/1/2048 <sup>(a)</sup> |  | 9 | 9 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(a)</sup> |  | 399 | 379 |
| Fannie Mae Pool #CA3807 3.00% 7/1/2049 <sup>(a)</sup> |  | 1046 | 951 |
| Fannie Mae Pool #CA3806 3.00% 7/1/2049 <sup>(a)</sup> |  | 703 | 640 |
| Fannie Mae Pool #FS5372 3.50% 7/1/2049 <sup>(a)</sup> |  | 2075 | 1957 |
| Fannie Mae Pool #FM1262 4.00% 7/1/2049 <sup>(a)</sup> |  | 16776 | 16198 |
| Fannie Mae Pool #FM0007 3.50% 9/1/2049 <sup>(a)</sup> |  | 11941 | 11207 |
| Fannie Mae Pool #FM1589 3.50% 9/1/2049 <sup>(a)</sup> |  | 3203 | 2996 |
| Fannie Mae Pool #FM1954 3.50% 11/1/2049 <sup>(a)</sup> |  | 5177 | 4840 |
| Fannie Mae Pool #FS5313 3.50% 1/1/2050 <sup>(a)</sup> |  | 23734 | 22304 |
| Fannie Mae Pool #CA5504 2.50% 4/1/2050 <sup>(a)</sup> |  | 11 | 9 |
| Fannie Mae Pool #CA5659 2.50% 5/1/2050 <sup>(a)</sup> |  | 249 | 212 |
| Fannie Mae Pool #CA5968 2.50% 6/1/2050 <sup>(a)</sup> |  | 4712 | 4072 |
| Fannie Mae Pool #CA6168 2.50% 6/1/2050 <sup>(a)</sup> |  | 520 | 441 |
| Fannie Mae Pool #BP5576 2.50% 6/1/2050 <sup>(a)</sup> |  | 40 | 33 |
| Fannie Mae Pool #FM5507 3.00% 7/1/2050 <sup>(a)</sup> |  | 14584 | 13192 |
| Fannie Mae Pool #CA6309 3.00% 7/1/2050 <sup>(a)</sup> |  | 4986 | 4532 |
| Fannie Mae Pool #CA6349 3.00% 7/1/2050 <sup>(a)</sup> |  | 1623 | 1441 |
| Fannie Mae Pool #CA6727 2.50% 8/1/2050 <sup>(a)</sup> |  | 4629 | 3931 |
| Fannie Mae Pool #CA6918 2.50% 8/1/2050 <sup>(a)</sup> |  | 926 | 785 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **158** |

---

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #FP0058 2.50% 8/1/2050 <sup>(a)</sup> | USD | 595 | $505 |
| Fannie Mae Pool #CA6740 3.00% 8/1/2050 <sup>(a)</sup> |  | 927 | 824 |
| Fannie Mae Pool #BQ1226 2.00% 9/1/2050 <sup>(a)</sup> |  | 1561 | 1277 |
| Fannie Mae Pool #BP6715 2.00% 9/1/2050 <sup>(a)</sup> |  | 1 | 1 |
| Fannie Mae Pool #CA7040 2.50% 9/1/2050 <sup>(a)</sup> |  | 16492 | 13964 |
| Fannie Mae Pool #FM4256 2.50% 9/1/2050 <sup>(a)</sup> |  | 2472 | 2140 |
| Fannie Mae Pool #CA7028 2.50% 9/1/2050 <sup>(a)</sup> |  | 854 | 739 |
| Fannie Mae Pool #FM7195 2.50% 9/1/2050 <sup>(a)</sup> |  | 405 | 343 |
| Fannie Mae Pool #BQ2400 2.50% 9/1/2050 <sup>(a)</sup> |  | 56 | 48 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(a)</sup> |  | 289 | 258 |
| Fannie Mae Pool #CA7529 2.50% 10/1/2050 <sup>(a)</sup> |  | 872 | 738 |
| Fannie Mae Pool #CA7257 2.50% 10/1/2050 <sup>(a)</sup> |  | 241 | 209 |
| Fannie Mae Pool #FM4684 2.50% 10/1/2050 <sup>(a)</sup> |  | 185 | 158 |
| Fannie Mae Pool #FP0034 2.50% 10/1/2050 <sup>(a)</sup> |  | 174 | 148 |
| Fannie Mae Pool #CA7381 3.00% 10/1/2050 <sup>(a)</sup> |  | 1369 | 1216 |
| Fannie Mae Pool #FM4870 2.00% 11/1/2050 <sup>(a)</sup> |  | 1748 | 1418 |
| Fannie Mae Pool #CA7599 2.50% 11/1/2050 <sup>(a)</sup> |  | 5795 | 5023 |
| Fannie Mae Pool #FM5309 2.50% 11/1/2050 <sup>(a)</sup> |  | 1078 | 916 |
| Fannie Mae Pool #BQ7564 2.50% 11/1/2050 <sup>(a)</sup> |  | 650 | 551 |
| Fannie Mae Pool #CA7743 2.50% 11/1/2050 <sup>(a)</sup> |  | 24 | 21 |
| Fannie Mae Pool #FM4897 3.00% 11/1/2050 <sup>(a)</sup> |  | 14135 | 12789 |
| Fannie Mae Pool #MA4208 2.00% 12/1/2050 <sup>(a)</sup> |  | 1008 | 823 |
| Fannie Mae Pool #CA8025 2.50% 12/1/2050 <sup>(a)</sup> |  | 925 | 786 |
| Fannie Mae Pool #FM5166 3.00% 12/1/2050 <sup>(a)</sup> |  | 979 | 870 |
| Fannie Mae Pool #MA4237 2.00% 1/1/2051 <sup>(a)</sup> |  | 6320 | 5161 |
| Fannie Mae Pool #BR4104 2.00% 1/1/2051 <sup>(a)</sup> |  | 4745 | 3878 |
| Fannie Mae Pool #CA8587 2.00% 1/1/2051 <sup>(a)</sup> |  | 40 | 33 |
| Fannie Mae Pool #FM6113 2.50% 1/1/2051 <sup>(a)</sup> |  | 20212 | 17285 |
| Fannie Mae Pool #FS5929 2.50% 1/1/2051 <sup>(a)</sup> |  | 1512 | 1282 |
| Fannie Mae Pool #FS3550 2.50% 1/1/2051 <sup>(a)</sup> |  | 886 | 751 |
| Fannie Mae Pool #FM6293 3.00% 1/1/2051 <sup>(a)</sup> |  | 62 | 55 |
| Fannie Mae Pool #BR3283 2.00% 2/1/2051 <sup>(a)</sup> |  | 3228 | 2613 |
| Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(a)</sup> |  | 693 | 561 |
| Fannie Mae Pool #BR2666 2.00% 2/1/2051 <sup>(a)</sup> |  | 364 | 300 |
| Fannie Mae Pool #CA8828 2.50% 2/1/2051 <sup>(a)</sup> |  | 4808 | 4141 |
| Fannie Mae Pool #CA9289 2.50% 2/1/2051 <sup>(a)</sup> |  | 3395 | 2880 |
| Fannie Mae Pool #FM6556 2.00% 3/1/2051 <sup>(a)</sup> |  | 342 | 277 |
| Fannie Mae Pool #FM6764 2.50% 3/1/2051 <sup>(a)</sup> |  | 7274 | 6157 |
| Fannie Mae Pool #CA9390 2.50% 3/1/2051 <sup>(a)</sup> |  | 1651 | 1398 |
| Fannie Mae Pool #BQ7729 2.50% 3/1/2051 <sup>(a)</sup> |  | 938 | 794 |
| Fannie Mae Pool #BR3771 2.00% 4/1/2051 <sup>(a)</sup> |  | 8416 | 6815 |
| Fannie Mae Pool #BR7191 2.00% 4/1/2051 <sup>(a)</sup> |  | 1803 | 1460 |
| Fannie Mae Pool #BR7719 2.00% 4/1/2051 <sup>(a)</sup> |  | 563 | 456 |
| Fannie Mae Pool #MA4305 2.00% 4/1/2051 <sup>(a)</sup> |  | 27 | 22 |
| Fannie Mae Pool #BN9135 2.50% 4/1/2051 <sup>(a)</sup> |  | 4788 | 4053 |
| Fannie Mae Pool #FM6871 2.50% 4/1/2051 <sup>(a)</sup> |  | 4506 | 3814 |
| Fannie Mae Pool #MA4306 2.50% 4/1/2051 <sup>(a)</sup> |  | 2365 | 2020 |
| Fannie Mae Pool #CB0006 2.50% 4/1/2051 <sup>(a)</sup> |  | 415 | 353 |
| Fannie Mae Pool #FM6965 2.50% 4/1/2051 <sup>(a)</sup> |  | 313 | 265 |
| Fannie Mae Pool #FS0030 2.50% 4/1/2051 <sup>(a)</sup> |  | 168 | 142 |
| Fannie Mae Pool #CB0191 3.00% 4/1/2051 <sup>(a)</sup> |  | 2923 | 2610 |
| Fannie Mae Pool #CB0193 3.00% 4/1/2051 <sup>(a)</sup> |  | 354 | 317 |
| Fannie Mae Pool #BT0519 2.00% 5/1/2051 <sup>(a)</sup> |  | 10452 | 8460 |
| Fannie Mae Pool #FM7411 2.00% 5/1/2051 <sup>(a)</sup> |  | 1714 | 1387 |
| Fannie Mae Pool #BR1035 2.00% 5/1/2051 <sup>(a)</sup> |  | 16 | 13 |
| Fannie Mae Pool #FM7325 2.50% 5/1/2051 <sup>(a)</sup> |  | 1856 | 1578 |
| Fannie Mae Pool #CB0396 2.50% 5/1/2051 <sup>(a)</sup> |  | 1744 | 1476 |
| Fannie Mae Pool #FM7408 2.50% 5/1/2051 <sup>(a)</sup> |  | 573 | 485 |
| Fannie Mae Pool #BR0999 2.50% 5/1/2051 <sup>(a)</sup> |  | 464 | 393 |
| Fannie Mae Pool #FM7409 2.50% 5/1/2051 <sup>(a)</sup> |  | 157 | 133 |

---

---

| | |
|:---|:---|
| **159** | American Funds Insurance Series |

---

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #FM7222 2.50% 5/1/2051 <sup>(a)</sup> | USD | 32 | $27 |
| Fannie Mae Pool #FM7304 2.50% 5/1/2051 <sup>(a)</sup> |  | 26 | 22 |
| Fannie Mae Pool #BT0136 2.00% 6/1/2051 <sup>(a)</sup> |  | 1826 | 1478 |
| Fannie Mae Pool #FM7803 2.00% 6/1/2051 <sup>(a)</sup> |  | 480 | 397 |
| Fannie Mae Pool #FM7740 2.50% 6/1/2051 <sup>(a)</sup> |  | 1359 | 1150 |
| Fannie Mae Pool #CB0844 2.50% 6/1/2051 <sup>(a)</sup> |  | 756 | 640 |
| Fannie Mae Pool #FM7909 3.00% 6/1/2051 <sup>(a)</sup> |  | 265 | 237 |
| Fannie Mae Pool #FM7510 3.00% 6/1/2051 <sup>(a)</sup> |  | 188 | 168 |
| Fannie Mae Pool #MA4378 2.00% 7/1/2051 <sup>(a)</sup> |  | 74 | 61 |
| Fannie Mae Pool #CB0988 2.50% 7/1/2051 <sup>(a)</sup> |  | 8398 | 7214 |
| Fannie Mae Pool #BT0849 2.50% 7/1/2051 <sup>(a)</sup> |  | 4659 | 3954 |
| Fannie Mae Pool #FM9530 2.50% 7/1/2051 <sup>(a)</sup> |  | 4300 | 3640 |
| Fannie Mae Pool #CB1134 2.50% 7/1/2051 <sup>(a)</sup> |  | 2294 | 1942 |
| Fannie Mae Pool #FM8315 2.50% 7/1/2051 <sup>(a)</sup> |  | 950 | 808 |
| Fannie Mae Pool #BT1288 2.50% 7/1/2051 <sup>(a)</sup> |  | 545 | 462 |
| Fannie Mae Pool #FM7900 2.50% 7/1/2051 <sup>(a)</sup> |  | 408 | 353 |
| Fannie Mae Pool #CB1066 2.50% 7/1/2051 <sup>(a)</sup> |  | 204 | 174 |
| Fannie Mae Pool #CB0998 3.00% 7/1/2051 <sup>(a)</sup> |  | 1940 | 1718 |
| Fannie Mae Pool #CB1394 2.50% 8/1/2051 <sup>(a)</sup> |  | 764 | 647 |
| Fannie Mae Pool #FM8442 2.50% 8/1/2051 <sup>(a)</sup> |  | 191 | 162 |
| Fannie Mae Pool #CB1304 3.00% 8/1/2051 <sup>(a)</sup> |  | 1275 | 1129 |
| Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(a)</sup> |  | 3030 | 2565 |
| Fannie Mae Pool #FM8761 2.50% 9/1/2051 <sup>(a)</sup> |  | 1894 | 1607 |
| Fannie Mae Pool #FM8658 2.50% 9/1/2051 <sup>(a)</sup> |  | 1343 | 1139 |
| Fannie Mae Pool #CB1527 2.50% 9/1/2051 <sup>(a)</sup> |  | 991 | 849 |
| Fannie Mae Pool #CB1552 2.50% 9/1/2051 <sup>(a)</sup> |  | 467 | 398 |
| Fannie Mae Pool #FS4711 2.50% 9/1/2051 <sup>(a)</sup> |  | 423 | 358 |
| Fannie Mae Pool #BQ7428 2.50% 9/1/2051 <sup>(a)</sup> |  | 297 | 253 |
| Fannie Mae Pool #BT7263 2.50% 9/1/2051 <sup>(a)</sup> |  | 289 | 245 |
| Fannie Mae Pool #FM8692 2.50% 9/1/2051 <sup>(a)</sup> |  | 54 | 46 |
| Fannie Mae Pool #CB1868 2.50% 10/1/2051 <sup>(a)</sup> |  | 1890 | 1600 |
| Fannie Mae Pool #FS5125 2.50% 10/1/2051 <sup>(a)</sup> |  | 309 | 261 |
| Fannie Mae Pool #BT9147 2.50% 10/1/2051 <sup>(a)</sup> |  | 21 | 18 |
| Fannie Mae Pool #FS4628 3.00% 10/1/2051 <sup>(a)</sup> |  | 2949 | 2633 |
| Fannie Mae Pool #MA4465 2.00% 11/1/2051 <sup>(a)</sup> |  | 4282 | 3479 |
| Fannie Mae Pool #FS0965 2.00% 11/1/2051 <sup>(a)</sup> |  | 125 | 102 |
| Fannie Mae Pool #CB2092 2.50% 11/1/2051 <sup>(a)</sup> |  | 1978 | 1674 |
| Fannie Mae Pool #CB2088 2.50% 11/1/2051 <sup>(a)</sup> |  | 92 | 78 |
| Fannie Mae Pool #FM9810 3.00% 11/1/2051 <sup>(a)</sup> |  | 843 | 751 |
| Fannie Mae Pool #MA4492 2.00% 12/1/2051 <sup>(a)</sup> |  | 784 | 637 |
| Fannie Mae Pool #FS2824 2.50% 12/1/2051 <sup>(a)</sup> |  | 31768 | 26892 |
| Fannie Mae Pool #FM9672 2.50% 12/1/2051 <sup>(a)</sup> |  | 1865 | 1583 |
| Fannie Mae Pool #FM9693 2.50% 12/1/2051 <sup>(a)</sup> |  | 1577 | 1335 |
| Fannie Mae Pool #CB2404 2.50% 12/1/2051 <sup>(a)</sup> |  | 300 | 254 |
| Fannie Mae Pool #BT5284 3.00% 12/1/2051 <sup>(a)</sup> |  | 27 | 24 |
| Fannie Mae Pool #CB2787 3.50% 12/1/2051 <sup>(a)</sup> |  | 21 | 20 |
| Fannie Mae Pool #BQ7006 2.00% 1/1/2052 <sup>(a)</sup> |  | 1799 | 1462 |
| Fannie Mae Pool #FS0235 2.50% 1/1/2052 <sup>(a)</sup> |  | 5999 | 5078 |
| Fannie Mae Pool #CB2644 2.50% 1/1/2052 <sup>(a)</sup> |  | 5816 | 4923 |
| Fannie Mae Pool #FS6479 2.50% 1/1/2052 <sup>(a)</sup> |  | 4273 | 3623 |
| Fannie Mae Pool #FS0392 2.50% 1/1/2052 <sup>(a)</sup> |  | 2043 | 1729 |
| Fannie Mae Pool #FS0174 2.50% 1/1/2052 <sup>(a)</sup> |  | 1913 | 1622 |
| Fannie Mae Pool #CB2555 2.50% 1/1/2052 <sup>(a)</sup> |  | 1695 | 1435 |
| Fannie Mae Pool #FS0370 2.50% 1/1/2052 <sup>(a)</sup> |  | 1120 | 948 |
| Fannie Mae Pool #FS4203 2.50% 1/1/2052 <sup>(a)</sup> |  | 1086 | 919 |
| Fannie Mae Pool #FS5613 2.50% 1/1/2052 <sup>(a)</sup> |  | 329 | 279 |
| Fannie Mae Pool #BU3083 2.50% 1/1/2052 <sup>(a)</sup> |  | 295 | 251 |
| Fannie Mae Pool #FS0454 3.00% 1/1/2052 <sup>(a)</sup> |  | 897 | 803 |
| Fannie Mae Pool #BV0273 3.00% 1/1/2052 <sup>(a)</sup> |  | 568 | 503 |
| Fannie Mae Pool #BU1410 3.00% 1/1/2052 <sup>(a)</sup> |  | 540 | 479 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **160** |

---

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #BV3076 2.00% 2/1/2052 <sup>(a)</sup> | USD | 14514 | $11751 |
| Fannie Mae Pool #MA4547 2.00% 2/1/2052 <sup>(a)</sup> |  | 2418 | 1962 |
| Fannie Mae Pool #BV3083 2.00% 2/1/2052 <sup>(a)</sup> |  | 787 | 637 |
| Fannie Mae Pool #BT1967 2.50% 2/1/2052 <sup>(a)</sup> |  | 1624 | 1383 |
| Fannie Mae Pool #CB3888 2.50% 2/1/2052 <sup>(a)</sup> |  | 1367 | 1160 |
| Fannie Mae Pool #MA4548 2.50% 2/1/2052 <sup>(a)</sup> |  | 849 | 723 |
| Fannie Mae Pool #FS1080 2.50% 2/1/2052 <sup>(a)</sup> |  | 712 | 603 |
| Fannie Mae Pool #FS1885 2.50% 2/1/2052 <sup>(a)</sup> |  | 490 | 416 |
| Fannie Mae Pool #FS2660 2.50% 2/1/2052 <sup>(a)</sup> |  | 473 | 401 |
| Fannie Mae Pool #CB3099 2.50% 2/1/2052 <sup>(a)</sup> |  | 253 | 215 |
| Fannie Mae Pool #BV2784 2.50% 2/1/2052 <sup>(a)</sup> |  | 30 | 26 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(a)</sup> |  | 31130 | 28182 |
| Fannie Mae Pool #BV3101 2.00% 3/1/2052 <sup>(a)</sup> |  | 1510 | 1222 |
| Fannie Mae Pool #MA4562 2.00% 3/1/2052 <sup>(a)</sup> |  | 1214 | 985 |
| Fannie Mae Pool #FS1742 2.00% 3/1/2052 <sup>(a)</sup> |  | 1039 | 842 |
| Fannie Mae Pool #BV4172 2.00% 3/1/2052 <sup>(a)</sup> |  | 841 | 681 |
| Fannie Mae Pool #BV4133 2.50% 3/1/2052 <sup>(a)</sup> |  | 2639 | 2238 |
| Fannie Mae Pool #CB3031 2.50% 3/1/2052 <sup>(a)</sup> |  | 1681 | 1431 |
| Fannie Mae Pool #BV5800 2.50% 3/1/2052 <sup>(a)</sup> |  | 1000 | 849 |
| Fannie Mae Pool #FS4433 2.50% 3/1/2052 <sup>(a)</sup> |  | 627 | 535 |
| Fannie Mae Pool #BV4119 2.50% 3/1/2052 <sup>(a)</sup> |  | 377 | 321 |
| Fannie Mae Pool #MA4563 2.50% 3/1/2052 <sup>(a)</sup> |  | 34 | 29 |
| Fannie Mae Pool #BV4199 3.00% 3/1/2052 <sup>(a)</sup> |  | 4985 | 4417 |
| Fannie Mae Pool #FS1374 3.00% 3/1/2052 <sup>(a)</sup> |  | 973 | 862 |
| Fannie Mae Pool #CB3346 2.00% 4/1/2052 <sup>(a)</sup> |  | 5431 | 4396 |
| Fannie Mae Pool #FS1598 2.00% 4/1/2052 <sup>(a)</sup> |  | 1603 | 1300 |
| Fannie Mae Pool #MA4577 2.00% 4/1/2052 <sup>(a)</sup> |  | 724 | 587 |
| Fannie Mae Pool #CB3354 2.50% 4/1/2052 <sup>(a)</sup> |  | 30865 | 26126 |
| Fannie Mae Pool #BV4656 2.50% 4/1/2052 <sup>(a)</sup> |  | 1508 | 1282 |
| Fannie Mae Pool #BV8126 2.50% 4/1/2052 <sup>(a)</sup> |  | 161 | 137 |
| Fannie Mae Pool #CB3379 4.00% 4/1/2052 <sup>(a)</sup> |  | 1361 | 1301 |
| Fannie Mae Pool #FS1655 4.00% 4/1/2052 <sup>(a)</sup> |  | 251 | 240 |
| Fannie Mae Pool #FS9189 2.00% 5/1/2052 <sup>(a)</sup> |  | 3598 | 2923 |
| Fannie Mae Pool #FS8650 2.50% 5/1/2052 <sup>(a)</sup> |  | 20039 | 17013 |
| Fannie Mae Pool #BV9644 2.50% 5/1/2052 <sup>(a)</sup> |  | 2089 | 1778 |
| Fannie Mae Pool #FS5033 2.50% 5/1/2052 <sup>(a)</sup> |  | 1000 | 851 |
| Fannie Mae Pool #MA4598 2.50% 5/1/2052 <sup>(a)</sup> |  | 931 | 792 |
| Fannie Mae Pool #FS7060 3.00% 5/1/2052 <sup>(a)</sup> |  | 6239 | 5526 |
| Fannie Mae Pool #CB3780 3.50% 5/1/2052 <sup>(a)</sup> |  | 1992 | 1847 |
| Fannie Mae Pool #FS5035 2.50% 6/1/2052 <sup>(a)</sup> |  | 1366 | 1157 |
| Fannie Mae Pool #FS7953 2.50% 6/1/2052 <sup>(a)</sup> |  | 941 | 798 |
| Fannie Mae Pool #MA4623 2.50% 6/1/2052 <sup>(a)</sup> |  | 144 | 123 |
| Fannie Mae Pool #FS7062 3.00% 6/1/2052 <sup>(a)</sup> |  | 128 | 113 |
| Fannie Mae Pool #CB4021 4.00% 6/1/2052 <sup>(a)</sup> |  | 2816 | 2689 |
| Fannie Mae Pool #BW1931 5.00% 6/1/2052 <sup>(a)</sup> |  | 3048 | 3051 |
| Fannie Mae Pool #BT8262 5.00% 6/1/2052 <sup>(a)</sup> |  | 1360 | 1364 |
| Fannie Mae Pool #FS7879 2.50% 7/1/2052 <sup>(a)</sup> |  | 11030 | 9354 |
| Fannie Mae Pool #FA2839 2.50% 7/1/2052 <sup>(a)</sup> |  | 2866 | 2426 |
| Fannie Mae Pool #FS6631 2.50% 7/1/2052 <sup>(a)</sup> |  | 713 | 606 |
| Fannie Mae Pool #FS7057 2.50% 7/1/2052 <sup>(a)</sup> |  | 486 | 412 |
| Fannie Mae Pool #CB4274 2.50% 7/1/2052 <sup>(a)</sup> |  | 416 | 354 |
| Fannie Mae Pool #FS5493 2.50% 7/1/2052 <sup>(a)</sup> |  | 131 | 112 |
| Fannie Mae Pool #CB4370 3.50% 7/1/2052 <sup>(a)</sup> |  | 133 | 123 |
| Fannie Mae Pool #BW0959 5.00% 7/1/2052 <sup>(a)</sup> |  | 2763 | 2770 |
| Fannie Mae Pool #FA2841 3.00% 8/1/2052 <sup>(a)</sup> |  | 4079 | 3613 |
| Fannie Mae Pool #FS3955 3.50% 8/1/2052 <sup>(a)</sup> |  | 988 | 917 |
| Fannie Mae Pool #BV8976 5.00% 8/1/2052 <sup>(a)</sup> |  | 521 | 527 |
| Fannie Mae Pool #FS2805 2.50% 9/1/2052 <sup>(a)</sup> |  | 436 | 371 |
| Fannie Mae Pool #FA1404 3.00% 9/1/2052 <sup>(a)</sup> |  | 97 | 86 |
| Fannie Mae Pool #BW1192 4.50% 9/1/2052 <sup>(a)</sup> |  | 246 | 243 |

---

---

| | |
|:---|:---|
| **161** | American Funds Insurance Series |

---

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #BW8497 4.50% 9/1/2052 <sup>(a)</sup> | USD | 57 | $56 |
| Fannie Mae Pool #CB4620 5.00% 9/1/2052 <sup>(a)</sup> |  | 8089 | 8150 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(a)</sup> |  | 8787 | 7137 |
| Fannie Mae Pool #CB4852 4.50% 10/1/2052 <sup>(a)</sup> |  | 9197 | 9018 |
| Fannie Mae Pool #BX0097 4.50% 10/1/2052 <sup>(a)</sup> |  | 2496 | 2452 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(a)</sup> |  | 2325 | 2333 |
| Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(a)</sup> |  | 2676 | 2726 |
| Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(a)</sup> |  | 2446 | 2492 |
| Fannie Mae Pool #MA4820 6.50% 10/1/2052 <sup>(a)</sup> |  | 203 | 212 |
| Fannie Mae Pool #BX1132 4.50% 11/1/2052 <sup>(a)</sup> |  | 747 | 732 |
| Fannie Mae Pool #BX5673 5.00% 12/1/2052 <sup>(a)</sup> |  | 132 | 132 |
| Fannie Mae Pool #CB5778 6.00% 12/1/2052 <sup>(a)</sup> |  | 31 | 32 |
| Fannie Mae Pool #MA4932 3.00% 1/1/2053 <sup>(a)</sup> |  | 571 | 506 |
| Fannie Mae Pool #BX5927 4.00% 1/1/2053 <sup>(a)</sup> |  | 269 | 257 |
| Fannie Mae Pool #FS6769 5.00% 1/1/2053 <sup>(a)</sup> |  | 19964 | 20043 |
| Fannie Mae Pool #FS4435 2.50% 2/1/2053 <sup>(a)</sup> |  | 666 | 566 |
| Fannie Mae Pool #MA4916 4.00% 2/1/2053 <sup>(a)</sup> |  | 4448 | 4245 |
| Fannie Mae Pool #MA4918 5.00% 2/1/2053 <sup>(a)</sup> |  | 562 | 563 |
| Fannie Mae Pool #BW5268 4.00% 3/1/2053 <sup>(a)</sup> |  | 292 | 279 |
| Fannie Mae Pool #CB5986 5.00% 3/1/2053 <sup>(a)</sup> |  | 146 | 146 |
| Fannie Mae Pool #BX7779 5.50% 3/1/2053 <sup>(a)</sup> |  | 3619 | 3693 |
| Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(a)</sup> |  | 391 | 399 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(a)</sup> |  | 771 | 800 |
| Fannie Mae Pool #BY0255 2.50% 4/1/2053 <sup>(a)</sup> |  | 415 | 352 |
| Fannie Mae Pool #MA4993 4.00% 4/1/2053 <sup>(a)</sup> |  | 4195 | 3985 |
| Fannie Mae Pool #MA4977 4.50% 4/1/2053 <sup>(a)</sup> |  | 630 | 616 |
| Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(a)</sup> |  | 14804 | 14830 |
| Fannie Mae Pool #BX9041 5.00% 4/1/2053 <sup>(a)</sup> |  | 79 | 79 |
| Fannie Mae Pool #BY0130 5.50% 4/1/2053 <sup>(a)</sup> |  | 900 | 917 |
| Fannie Mae Pool #CB6033 6.00% 4/1/2053 <sup>(a)</sup> |  | 16585 | 17191 |
| Fannie Mae Pool #MA5027 4.00% 5/1/2053 <sup>(a)</sup> |  | 4543 | 4332 |
| Fannie Mae Pool #CB6985 4.00% 5/1/2053 <sup>(a)</sup> |  | 398 | 380 |
| Fannie Mae Pool #CB6297 4.00% 5/1/2053 <sup>(a)</sup> |  | 29 | 28 |
| Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(a)</sup> |  | 2798 | 2811 |
| Fannie Mae Pool #MA5009 5.00% 5/1/2053 <sup>(a)</sup> |  | 2618 | 2626 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(a)</sup> |  | 5432 | 5531 |
| Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(a)</sup> |  | 6260 | 6463 |
| Fannie Mae Pool #BW9618 3.00% 6/1/2053 <sup>(a)</sup> |  | 602 | 534 |
| Fannie Mae Pool #CB6471 4.50% 6/1/2053 <sup>(a)</sup> |  | 2798 | 2740 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(a)</sup> |  | 5834 | 5938 |
| Fannie Mae Pool #FS5192 5.50% 6/1/2053 <sup>(a)</sup> |  | 4483 | 4552 |
| Fannie Mae Pool #BY3612 5.50% 6/1/2053 <sup>(a)</sup> |  | 307 | 313 |
| Fannie Mae Pool #CB6485 6.00% 6/1/2053 <sup>(a)</sup> |  | 3478 | 3580 |
| Fannie Mae Pool #CB6486 6.00% 6/1/2053 <sup>(a)</sup> |  | 2196 | 2263 |
| Fannie Mae Pool #CB6465 6.00% 6/1/2053 <sup>(a)</sup> |  | 1608 | 1666 |
| Fannie Mae Pool #FS7823 2.00% 7/1/2053 <sup>(a)</sup> |  | 5869 | 4759 |
| Fannie Mae Pool #FS9167 2.50% 7/1/2053 <sup>(a)</sup> |  | 3516 | 2981 |
| Fannie Mae Pool #FS6037 2.50% 7/1/2053 <sup>(a)</sup> |  | 147 | 125 |
| Fannie Mae Pool #CB6626 4.00% 7/1/2053 <sup>(a)</sup> |  | 74 | 70 |
| Fannie Mae Pool #MA5070 4.50% 7/1/2053 <sup>(a)</sup> |  | 19056 | 18668 |
| Fannie Mae Pool #BY4459 5.00% 7/1/2053 <sup>(a)</sup> |  | 573 | 575 |
| Fannie Mae Pool #BU4112 5.00% 7/1/2053 <sup>(a)</sup> |  | 93 | 93 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(a)</sup> |  | 3147 | 3203 |
| Fannie Mae Pool #CB6768 6.50% 7/1/2053 <sup>(a)</sup> |  | 6667 | 6985 |
| Fannie Mae Pool #MA5107 5.50% 8/1/2053 <sup>(a)</sup> |  | 16853 | 17147 |
| Fannie Mae Pool #FS6666 5.50% 8/1/2053 <sup>(a)</sup> |  | 11483 | 11698 |
| Fannie Mae Pool #CB7108 5.50% 9/1/2053 <sup>(a)</sup> |  | 5803 | 5912 |
| Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(a)</sup> |  | 499 | 509 |
| Fannie Mae Pool #MA5139 6.00% 9/1/2053 <sup>(a)</sup> |  | 4344 | 4471 |
| Fannie Mae Pool #FS5749 6.50% 9/1/2053 <sup>(a)</sup> |  | 12932 | 13443 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **162** |

---

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #MA5177 4.00% 10/1/2053 <sup>(a)</sup> | USD | 7282 | $6932 |
| Fannie Mae Pool #CB7332 5.50% 10/1/2053 <sup>(a)</sup> |  | 11429 | 11637 |
| Fannie Mae Pool #CB7331 5.50% 10/1/2053 <sup>(a)</sup> |  | 6228 | 6344 |
| Fannie Mae Pool #DA1557 6.00% 10/1/2053 <sup>(a)</sup> |  | 122 | 126 |
| Fannie Mae Pool #BY1399 3.50% 11/1/2053 <sup>(a)</sup> |  | 996 | 924 |
| Fannie Mae Pool #FS7252 5.00% 11/1/2053 <sup>(a)</sup> |  | 59822 | 59898 |
| Fannie Mae Pool #CB7426 6.50% 11/1/2053 <sup>(a)</sup> |  | 1777 | 1855 |
| Fannie Mae Pool #MA5192 6.50% 11/1/2053 <sup>(a)</sup> |  | 26 | 27 |
| Fannie Mae Pool #FS6668 5.50% 12/1/2053 <sup>(a)</sup> |  | 1830 | 1859 |
| Fannie Mae Pool #CB7626 6.50% 12/1/2053 <sup>(a)</sup> |  | 692 | 728 |
| Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(a)</sup> |  | 4556 | 4777 |
| Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(a)</sup> |  | 1089 | 1134 |
| Fannie Mae Pool #FS9507 4.50% 2/1/2054 <sup>(a)</sup> |  | 2852 | 2787 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(a)</sup> |  | 2362 | 2399 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(a)</sup> |  | 1652 | 1678 |
| Fannie Mae Pool #FS7031 6.00% 2/1/2054 <sup>(a)</sup> |  | 6318 | 6548 |
| Fannie Mae Pool #DA7831 6.00% 2/1/2054 <sup>(a)</sup> |  | 1519 | 1563 |
| Fannie Mae Pool #BY8083 4.00% 3/1/2054 <sup>(a)</sup> |  | 24 | 23 |
| Fannie Mae Pool #FS9508 4.50% 3/1/2054 <sup>(a)</sup> |  | 13809 | 13524 |
| Fannie Mae Pool #CB8151 5.50% 3/1/2054 <sup>(a)</sup> |  | 17416 | 17717 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(a)</sup> |  | 1474 | 1497 |
| Fannie Mae Pool #FS7507 6.00% 3/1/2054 <sup>(a)</sup> |  | 4540 | 4705 |
| Fannie Mae Pool #CB8168 6.00% 3/1/2054 <sup>(a)</sup> |  | 3068 | 3162 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(a)</sup> |  | 1522 | 1564 |
| Fannie Mae Pool #FS7653 6.50% 3/1/2054 <sup>(a)</sup> |  | 3733 | 3921 |
| Fannie Mae Pool #CB8328 5.50% 4/1/2054 <sup>(a)</sup> |  | 4653 | 4755 |
| Fannie Mae Pool #DB1235 6.00% 4/1/2054 <sup>(a)</sup> |  | 5114 | 5317 |
| Fannie Mae Pool #DB5160 5.50% 5/1/2054 <sup>(a)</sup> |  | 508 | 517 |
| Fannie Mae Pool #MA5354 6.00% 5/1/2054 <sup>(a)</sup> |  | 330 | 339 |
| Fannie Mae Pool #DB2495 6.00% 5/1/2054 <sup>(a)</sup> |  | 180 | 185 |
| Fannie Mae Pool #MA5388 5.50% 6/1/2054 <sup>(a)</sup> |  | 2472 | 2509 |
| Fannie Mae Pool #FS8131 5.50% 6/1/2054 <sup>(a)</sup> |  | 1796 | 1836 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(a)</sup> |  | 17336 | 18002 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(a)</sup> |  | 1183 | 1220 |
| Fannie Mae Pool #DB5030 6.00% 6/1/2054 <sup>(a)</sup> |  | 988 | 1017 |
| Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(a)</sup> |  | 9692 | 10110 |
| Fannie Mae Pool #FP0128 6.50% 6/1/2054 <sup>(a)</sup> |  | 1788 | 1858 |
| Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(a)</sup> |  | 6662 | 6796 |
| Fannie Mae Pool #FS8467 5.50% 7/1/2054 <sup>(a)</sup> |  | 1423 | 1454 |
| Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(a)</sup> |  | 22751 | 23374 |
| Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(a)</sup> |  | 4671 | 4862 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(a)</sup> |  | 2409 | 2490 |
| Fannie Mae Pool #FS8591 6.00% 7/1/2054 <sup>(a)</sup> |  | 2072 | 2152 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(a)</sup> |  | 1995 | 2050 |
| Fannie Mae Pool #DB7685 6.00% 7/1/2054 <sup>(a)</sup> |  | 1192 | 1228 |
| Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(a)</sup> |  | 1011 | 1039 |
| Fannie Mae Pool #DB5214 6.00% 7/1/2054 <sup>(a)</sup> |  | 476 | 489 |
| Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(a)</sup> |  | 14751 | 15441 |
| Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(a)</sup> |  | 4002 | 4177 |
| Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(a)</sup> |  | 2375 | 2495 |
| Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(a)</sup> |  | 132 | 135 |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(a)</sup> |  | 37577 | 38607 |
| Fannie Mae Pool #DC0299 6.00% 8/1/2054 <sup>(a)</sup> |  | 1276 | 1312 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(a)</sup> |  | 1163 | 1195 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(a)</sup> |  | 805 | 828 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(a)</sup> |  | 211 | 219 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(a)</sup> |  | 98 | 101 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(a)</sup> |  | 88 | 91 |
| Fannie Mae Pool #FS8783 6.50% 8/1/2054 <sup>(a)</sup> |  | 2102 | 2201 |
| Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(a)</sup> |  | 1776 | 1858 |

---

---

| | |
|:---|:---|
| **163** | American Funds Insurance Series |

---

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(a)</sup> | USD | 83 | $86 |
| Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(a)</sup> |  | 3274 | 3323 |
| Fannie Mae Pool #FS9001 5.50% 9/1/2054 <sup>(a)</sup> |  | 1600 | 1639 |
| Fannie Mae Pool #FS9025 5.50% 9/1/2054 <sup>(a)</sup> |  | 1203 | 1229 |
| Fannie Mae Pool #DC3262 6.00% 9/1/2054 <sup>(a)</sup> |  | 362 | 372 |
| Fannie Mae Pool #DC1547 6.00% 9/1/2054 <sup>(a)</sup> |  | 212 | 218 |
| Fannie Mae Pool #DC3459 6.00% 9/1/2054 <sup>(a)</sup> |  | 177 | 182 |
| Fannie Mae Pool #DC2270 6.00% 9/1/2054 <sup>(a)</sup> |  | 82 | 85 |
| Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(a)</sup> |  | 254 | 264 |
| Fannie Mae Pool #MA5498 6.00% 10/1/2054 <sup>(a)</sup> |  | 765 | 786 |
| Fannie Mae Pool #MA5530 5.00% 11/1/2054 <sup>(a)</sup> |  | 1794 | 1791 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(a)</sup> |  | 4170 | 4231 |
| Fannie Mae Pool #MA5532 6.00% 11/1/2054 <sup>(a)</sup> |  | 3008 | 3091 |
| Fannie Mae Pool #MA5550 4.00% 12/1/2054 <sup>(a)</sup> |  | 9840 | 9342 |
| Fannie Mae Pool #DC7042 4.50% 12/1/2054 <sup>(a)</sup> |  | 263 | 257 |
| Fannie Mae Pool #CB9770 4.50% 12/1/2054 <sup>(a)</sup> |  | 89 | 87 |
| Fannie Mae Pool #CB9768 4.50% 12/1/2054 <sup>(a)</sup> |  | 31 | 31 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(a)</sup> |  | 137 | 137 |
| Fannie Mae Pool #CB9675 6.00% 12/1/2054 <sup>(a)</sup> |  | 3685 | 3821 |
| Fannie Mae Pool #BU5233 6.00% 12/1/2054 <sup>(a)</sup> |  | 1407 | 1451 |
| Fannie Mae Pool #DC7035 6.00% 12/1/2054 <sup>(a)</sup> |  | 426 | 437 |
| Fannie Mae Pool #DC7823 6.00% 12/1/2054 <sup>(a)</sup> |  | 320 | 329 |
| Fannie Mae Pool #BU5358 6.00% 12/1/2054 <sup>(a)</sup> |  | 286 | 295 |
| Fannie Mae Pool #FP0130 6.50% 12/1/2054 <sup>(a)</sup> |  | 726 | 754 |
| Fannie Mae Pool #MA5586 5.50% 1/1/2055 <sup>(a)</sup> |  | 1747 | 1772 |
| Fannie Mae Pool #CB9821 6.00% 1/1/2055 <sup>(a)</sup> |  | 1418 | 1464 |
| Fannie Mae Pool #DD0835 6.00% 1/1/2055 <sup>(a)</sup> |  | 408 | 419 |
| Fannie Mae Pool #CB9840 6.50% 1/1/2055 <sup>(a)</sup> |  | 1703 | 1774 |
| Fannie Mae Pool #CB9836 6.50% 1/1/2055 <sup>(a)</sup> |  | 1201 | 1259 |
| Fannie Mae Pool #MA5612 4.50% 2/1/2055 <sup>(a)</sup> |  | 2295 | 2242 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(a)</sup> |  | 2689 | 2729 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(a)</sup> |  | 11644 | 11962 |
| Fannie Mae Pool #MA5646 5.50% 3/1/2055 <sup>(a)</sup> |  | 456 | 463 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(a)</sup> |  | 4785 | 4916 |
| Fannie Mae Pool #190445 6.50% 3/1/2055 <sup>(a)</sup> |  | 3293 | 3423 |
| Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(a)</sup> |  | 638 | 664 |
| Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(a)</sup> |  | 24751 | 26039 |
| Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(a)</sup> |  | 7959 | 7557 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(a)</sup> |  | 4581 | 4707 |
| Fannie Mae Pool #FA1162 6.00% 4/1/2055 <sup>(a)</sup> |  | 273 | 281 |
| Fannie Mae Pool #DD4459 6.00% 4/1/2055 <sup>(a)</sup> |  | 271 | 278 |
| Fannie Mae Pool #DD6277 7.00% 4/1/2055 <sup>(a)</sup> |  | 1000 | 1057 |
| Fannie Mae Pool #MA5697 4.00% 5/1/2055 <sup>(a)</sup> |  | 1744 | 1656 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(a)</sup> |  | 271 | 271 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(a)</sup> |  | 4402 | 4523 |
| Fannie Mae Pool #DD8411 7.00% 5/1/2055 <sup>(a)</sup> |  | 1000 | 1053 |
| Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(a)</sup> |  | 9433 | 9573 |
| Fannie Mae Pool #DD7303 5.50% 6/1/2055 <sup>(a)</sup> |  | 456 | 463 |
| Fannie Mae Pool #MA5761 6.00% 7/1/2055 <sup>(a)</sup> |  | 9679 | 9946 |
| Fannie Mae Pool #DE2192 6.00% 7/1/2055 <sup>(a)</sup> |  | 4428 | 4550 |
| Fannie Mae Pool #FA2842 6.50% 7/1/2055 <sup>(a)</sup> |  | 1916 | 1993 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(a)</sup> |  | 1720 | 1788 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(a)</sup> |  | 5302 | 5379 |
| Fannie Mae Pool #CC0859 5.50% 8/1/2055 <sup>(a)</sup> |  | 3902 | 3991 |
| Fannie Mae Pool #CC0879 6.00% 8/1/2055 <sup>(a)</sup> |  | 2134 | 2221 |
| Fannie Mae Pool #MA5793 6.00% 8/1/2055 <sup>(a)</sup> |  | 266 | 273 |
| Fannie Mae Pool #FA2203 7.00% 8/1/2055 <sup>(a)</sup> |  | 7268 | 7648 |
| Fannie Mae Pool #MA5822 5.50% 9/1/2055 <sup>(a)</sup> |  | 1778 | 1804 |
| Fannie Mae Pool #MA5850 4.00% 10/1/2055 <sup>(a)</sup> |  | 3032 | 2878 |
| Fannie Mae Pool #DF4985 3.50% 11/1/2055 <sup>(a)</sup> |  | 117 | 108 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **164** |

---

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #MA5907 4.00% 12/1/2055 <sup>(a)</sup> | USD | 64 | $60 |
| Fannie Mae Pool #BF0145 3.50% 3/1/2057 <sup>(a)</sup> |  | 9299 | 8557 |
| Fannie Mae Pool #BF0264 3.50% 5/1/2058 <sup>(a)</sup> |  | 6890 | 6331 |
| Fannie Mae Pool #BF0332 3.00% 1/1/2059 <sup>(a)</sup> |  | 14526 | 12733 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(a)</sup> |  | 17453 | 15210 |
| Fannie Mae Pool #BF0585 4.50% 12/1/2061 <sup>(a)</sup> |  | 955 | 934 |
| Fannie Mae Pool #BF0784 3.50% 12/1/2063 <sup>(a)</sup> |  | 4507 | 4102 |
| Fannie Mae, Series 2001-50, Class BA, 7.00% 10/25/2041 <sup>(a)</sup> |  | 3 | 3 |
| Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/2041 <sup>(a)</sup> |  | 13 | 14 |
| Fannie Mae, Series 2002-W1, Class 2A, 4.346% 2/25/2042 <sup>(a)(b)</sup> |  | 14 | 14 |
| Freddie Mac Pool #ZS8507 3.00% 11/1/2028 <sup>(a)</sup> |  | 38 | 37 |
| Freddie Mac Pool #ZK7590 3.00% 1/1/2029 <sup>(a)</sup> |  | 645 | 639 |
| Freddie Mac Pool #A15120 5.50% 10/1/2033 <sup>(a)</sup> |  | 34 | 35 |
| Freddie Mac Pool #QN1073 3.00% 12/1/2034 <sup>(a)</sup> |  | 29 | 28 |
| Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(a)</sup> |  | 2359 | 2233 |
| Freddie Mac Pool #G05196 5.50% 10/1/2038 <sup>(a)</sup> |  | 35 | 37 |
| Freddie Mac Pool #G05267 5.50% 12/1/2038 <sup>(a)</sup> |  | 27 | 28 |
| Freddie Mac Pool #G06020 5.50% 12/1/2039 <sup>(a)</sup> |  | 50 | 52 |
| Freddie Mac Pool #G05860 5.50% 2/1/2040 <sup>(a)</sup> |  | 165 | 172 |
| Freddie Mac Pool #RB5071 2.00% 9/1/2040 <sup>(a)</sup> |  | 1723 | 1512 |
| Freddie Mac Pool #A93948 4.50% 9/1/2040 <sup>(a)</sup> |  | 123 | 124 |
| Freddie Mac Pool #SC0149 2.00% 3/1/2041 <sup>(a)</sup> |  | 5103 | 4420 |
| Freddie Mac Pool #G06868 4.50% 4/1/2041 <sup>(a)</sup> |  | 123 | 124 |
| Freddie Mac Pool #RB0544 2.00% 6/1/2041 <sup>(a)</sup> |  | 8835 | 7709 |
| Freddie Mac Pool #G06841 5.50% 6/1/2041 <sup>(a)</sup> |  | 284 | 296 |
| Freddie Mac Pool #Z40130 3.00% 1/1/2046 <sup>(a)</sup> |  | 14578 | 13555 |
| Freddie Mac Pool #RA6996 2.50% 3/1/2047 <sup>(a)</sup> |  | 53 | 46 |
| Freddie Mac Pool #ZT2100 3.00% 4/1/2047 <sup>(a)</sup> |  | 86 | 77 |
| Freddie Mac Pool #SD0470 4.00% 11/1/2047 <sup>(a)</sup> |  | 764 | 737 |
| Freddie Mac Pool #G08789 4.00% 11/1/2047 <sup>(a)</sup> |  | 467 | 454 |
| Freddie Mac Pool #G61733 3.00% 12/1/2047 <sup>(a)</sup> |  | 3819 | 3493 |
| Freddie Mac Pool #G67709 3.50% 3/1/2048 <sup>(a)</sup> |  | 9857 | 9326 |
| Freddie Mac Pool #ZT2265 4.00% 8/1/2048 <sup>(a)</sup> |  | 722 | 698 |
| Freddie Mac Pool #G61628 3.50% 9/1/2048 <sup>(a)</sup> |  | 229 | 216 |
| Freddie Mac Pool #Q58494 4.00% 9/1/2048 <sup>(a)</sup> |  | 927 | 898 |
| Freddie Mac Pool #ZN4842 3.50% 4/1/2049 <sup>(a)</sup> |  | 489 | 459 |
| Freddie Mac Pool #RA1369 3.50% 9/1/2049 <sup>(a)</sup> |  | 1487 | 1395 |
| Freddie Mac Pool #SD7508 3.50% 10/1/2049 <sup>(a)</sup> |  | 7977 | 7515 |
| Freddie Mac Pool #QA4673 3.00% 11/1/2049 <sup>(a)</sup> |  | 21733 | 19714 |
| Freddie Mac Pool #QB1368 2.50% 7/1/2050 <sup>(a)</sup> |  | 4364 | 3777 |
| Freddie Mac Pool #RA3055 2.50% 7/1/2050 <sup>(a)</sup> |  | 26 | 22 |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(a)</sup> |  | 281 | 251 |
| Freddie Mac Pool #RA3515 2.50% 9/1/2050 <sup>(a)</sup> |  | 1774 | 1506 |
| Freddie Mac Pool #RA3528 2.50% 9/1/2050 <sup>(a)</sup> |  | 62 | 52 |
| Freddie Mac Pool #RA3506 3.00% 9/1/2050 <sup>(a)</sup> |  | 1677 | 1497 |
| Freddie Mac Pool #SD7525 2.50% 10/1/2050 <sup>(a)</sup> |  | 5209 | 4516 |
| Freddie Mac Pool #QB4847 2.50% 10/1/2050 <sup>(a)</sup> |  | 1176 | 997 |
| Freddie Mac Pool #QB5799 2.50% 11/1/2050 <sup>(a)</sup> |  | 54 | 46 |
| Freddie Mac Pool #QB5838 2.50% 11/1/2050 <sup>(a)</sup> |  | 24 | 20 |
| Freddie Mac Pool #RA4206 2.50% 12/1/2050 <sup>(a)</sup> |  | 1866 | 1581 |
| Freddie Mac Pool #RA4242 2.50% 1/1/2051 <sup>(a)</sup> |  | 929 | 794 |
| Freddie Mac Pool #QB7973 3.00% 1/1/2051 <sup>(a)</sup> |  | 627 | 556 |
| Freddie Mac Pool #SD0776 2.00% 2/1/2051 <sup>(a)</sup> |  | 1676 | 1360 |
| Freddie Mac Pool #QB8605 2.00% 2/1/2051 <sup>(a)</sup> |  | 402 | 331 |
| Freddie Mac Pool #SD8128 2.00% 2/1/2051 <sup>(a)</sup> |  | 95 | 77 |
| Freddie Mac Pool #SI2114 2.50% 2/1/2051 <sup>(a)</sup> |  | 110 | 93 |
| Freddie Mac Pool #SD8134 2.00% 3/1/2051 <sup>(a)</sup> |  | 60614 | 49440 |
| Freddie Mac Pool #SD0537 2.00% 3/1/2051 <sup>(a)</sup> |  | 1716 | 1391 |
| Freddie Mac Pool #QB9901 2.50% 3/1/2051 <sup>(a)</sup> |  | 2236 | 1893 |
| Freddie Mac Pool #SD0934 2.00% 4/1/2051 <sup>(a)</sup> |  | 2150 | 1751 |

---

---

| | |
|:---|:---|
| **165** | American Funds Insurance Series |

---

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Pool #QC0416 2.50% 4/1/2051 <sup>(a)</sup> | USD | 217 | $183 |
| Freddie Mac Pool #SI2108 2.50% 4/1/2051 <sup>(a)</sup> |  | 156 | 132 |
| Freddie Mac Pool #QC2062 2.00% 5/1/2051 <sup>(a)</sup> |  | 1783 | 1443 |
| Freddie Mac Pool #RA5204 2.00% 5/1/2051 <sup>(a)</sup> |  | 1748 | 1415 |
| Freddie Mac Pool #RA5155 2.00% 5/1/2051 <sup>(a)</sup> |  | 1566 | 1268 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(a)</sup> |  | 1219 | 1000 |
| Freddie Mac Pool #RA5267 3.00% 5/1/2051 <sup>(a)</sup> |  | 1050 | 937 |
| Freddie Mac Pool #QC3423 2.00% 6/1/2051 <sup>(a)</sup> |  | 1882 | 1523 |
| Freddie Mac Pool #QC2817 2.50% 6/1/2051 <sup>(a)</sup> |  | 2221 | 1918 |
| Freddie Mac Pool #QC3428 2.50% 6/1/2051 <sup>(a)</sup> |  | 736 | 623 |
| Freddie Mac Pool #QC3532 2.50% 6/1/2051 <sup>(a)</sup> |  | 65 | 56 |
| Freddie Mac Pool #SD1852 2.50% 6/1/2051 <sup>(a)</sup> |  | 57 | 48 |
| Freddie Mac Pool #SD3095 2.50% 7/1/2051 <sup>(a)</sup> |  | 1869 | 1583 |
| Freddie Mac Pool #SD0926 2.50% 7/1/2051 <sup>(a)</sup> |  | 539 | 458 |
| Freddie Mac Pool #SD7544 3.00% 7/1/2051 <sup>(a)</sup> |  | 5474 | 4938 |
| Freddie Mac Pool #SD8160 2.00% 8/1/2051 <sup>(a)</sup> |  | 752 | 612 |
| Freddie Mac Pool #RA5836 2.50% 9/1/2051 <sup>(a)</sup> |  | 9553 | 8201 |
| Freddie Mac Pool #SD2963 2.50% 9/1/2051 <sup>(a)</sup> |  | 7375 | 6243 |
| Freddie Mac Pool #QC7739 2.50% 9/1/2051 <sup>(a)</sup> |  | 2089 | 1768 |
| Freddie Mac Pool #SD5485 2.50% 9/1/2051 <sup>(a)</sup> |  | 1784 | 1515 |
| Freddie Mac Pool #RA5759 2.50% 9/1/2051 <sup>(a)</sup> |  | 869 | 736 |
| Freddie Mac Pool #RA5767 2.50% 9/1/2051 <sup>(a)</sup> |  | 445 | 377 |
| Freddie Mac Pool #QC6761 2.50% 9/1/2051 <sup>(a)</sup> |  | 49 | 42 |
| Freddie Mac Pool #RA5841 3.00% 9/1/2051 <sup>(a)</sup> |  | 1824 | 1616 |
| Freddie Mac Pool #RA5901 3.00% 9/1/2051 <sup>(a)</sup> |  | 966 | 863 |
| Freddie Mac Pool #SD1345 2.50% 10/1/2051 <sup>(a)</sup> |  | 1848 | 1568 |
| Freddie Mac Pool #SD2880 3.00% 10/1/2051 <sup>(a)</sup> |  | 6114 | 5458 |
| Freddie Mac Pool #SD0734 3.00% 10/1/2051 <sup>(a)</sup> |  | 1727 | 1557 |
| Freddie Mac Pool #SD0740 3.50% 10/1/2051 <sup>(a)</sup> |  | 1991 | 1854 |
| Freddie Mac Pool #QD1841 2.00% 11/1/2051 <sup>(a)</sup> |  | 2230 | 1807 |
| Freddie Mac Pool #QC9944 2.50% 11/1/2051 <sup>(a)</sup> |  | 2658 | 2250 |
| Freddie Mac Pool #SD1385 2.50% 11/1/2051 <sup>(a)</sup> |  | 1316 | 1138 |
| Freddie Mac Pool #RA6411 2.50% 11/1/2051 <sup>(a)</sup> |  | 101 | 85 |
| Freddie Mac Pool #RA6347 3.00% 11/1/2051 <sup>(a)</sup> |  | 1081 | 966 |
| Freddie Mac Pool #QD0981 3.00% 11/1/2051 <sup>(a)</sup> |  | 519 | 460 |
| Freddie Mac Pool #SL1735 2.00% 12/1/2051 <sup>(a)</sup> |  | 1638 | 1329 |
| Freddie Mac Pool #SD8182 2.00% 12/1/2051 <sup>(a)</sup> |  | 782 | 635 |
| Freddie Mac Pool #QD3619 2.50% 12/1/2051 <sup>(a)</sup> |  | 5000 | 4242 |
| Freddie Mac Pool #RA6433 2.50% 12/1/2051 <sup>(a)</sup> |  | 2487 | 2105 |
| Freddie Mac Pool #SD3729 2.50% 12/1/2051 <sup>(a)</sup> |  | 1071 | 910 |
| Freddie Mac Pool #QD2659 2.50% 12/1/2051 <sup>(a)</sup> |  | 1000 | 848 |
| Freddie Mac Pool #SD1605 2.50% 12/1/2051 <sup>(a)</sup> |  | 625 | 529 |
| Freddie Mac Pool #QD3209 3.00% 12/1/2051 <sup>(a)</sup> |  | 30 | 27 |
| Freddie Mac Pool #QD3310 3.00% 12/1/2051 <sup>(a)</sup> |  | 18 | 16 |
| Freddie Mac Pool #SD2629 2.50% 1/1/2052 <sup>(a)</sup> |  | 3958 | 3360 |
| Freddie Mac Pool #SD0855 2.50% 1/1/2052 <sup>(a)</sup> |  | 2538 | 2162 |
| Freddie Mac Pool #QD4840 2.50% 1/1/2052 <sup>(a)</sup> |  | 656 | 555 |
| Freddie Mac Pool #RA6634 2.50% 1/1/2052 <sup>(a)</sup> |  | 481 | 409 |
| Freddie Mac Pool #QD5254 2.50% 1/1/2052 <sup>(a)</sup> |  | 461 | 393 |
| Freddie Mac Pool #SD0854 2.50% 1/1/2052 <sup>(a)</sup> |  | 9 | 7 |
| Freddie Mac Pool #SD0813 3.00% 1/1/2052 <sup>(a)</sup> |  | 3749 | 3379 |
| Freddie Mac Pool #SD2269 3.00% 1/1/2052 <sup>(a)</sup> |  | 620 | 550 |
| Freddie Mac Pool #RA6114 2.00% 2/1/2052 <sup>(a)</sup> |  | 1583 | 1281 |
| Freddie Mac Pool #SD8193 2.00% 2/1/2052 <sup>(a)</sup> |  | 800 | 650 |
| Freddie Mac Pool #QD7187 2.50% 2/1/2052 <sup>(a)</sup> |  | 962 | 816 |
| Freddie Mac Pool #SD0847 2.50% 2/1/2052 <sup>(a)</sup> |  | 681 | 577 |
| Freddie Mac Pool #SI2095 2.50% 2/1/2052 <sup>(a)</sup> |  | 386 | 328 |
| Freddie Mac Pool #SD8194 2.50% 2/1/2052 <sup>(a)</sup> |  | 221 | 188 |
| Freddie Mac Pool #QD7360 2.50% 2/1/2052 <sup>(a)</sup> |  | 163 | 139 |
| Freddie Mac Pool #QD7312 2.50% 2/1/2052 <sup>(a)</sup> |  | 59 | 50 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **166** |

---

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(a)</sup> | USD | 590 | $549 |
| Freddie Mac Pool #SD5343 2.00% 3/1/2052 <sup>(a)</sup> |  | 2211 | 1793 |
| Freddie Mac Pool #SD8199 2.00% 3/1/2052 <sup>(a)</sup> |  | 1749 | 1419 |
| Freddie Mac Pool #QD8010 2.00% 3/1/2052 <sup>(a)</sup> |  | 895 | 724 |
| Freddie Mac Pool #QD8103 2.00% 3/1/2052 <sup>(a)</sup> |  | 823 | 666 |
| Freddie Mac Pool #RA6973 2.00% 3/1/2052 <sup>(a)</sup> |  | 477 | 387 |
| Freddie Mac Pool #QD8820 2.00% 3/1/2052 <sup>(a)</sup> |  | 166 | 134 |
| Freddie Mac Pool #SD3226 2.50% 3/1/2052 <sup>(a)</sup> |  | 1000 | 848 |
| Freddie Mac Pool #SD8200 2.50% 3/1/2052 <sup>(a)</sup> |  | 777 | 661 |
| Freddie Mac Pool #QE0888 2.50% 3/1/2052 <sup>(a)</sup> |  | 719 | 612 |
| Freddie Mac Pool #QE0957 2.50% 3/1/2052 <sup>(a)</sup> |  | 69 | 58 |
| Freddie Mac Pool #SD2494 3.50% 3/1/2052 <sup>(a)</sup> |  | 985 | 914 |
| Freddie Mac Pool #QD8689 3.50% 3/1/2052 <sup>(a)</sup> |  | 968 | 897 |
| Freddie Mac Pool #SD8204 2.00% 4/1/2052 <sup>(a)</sup> |  | 1222 | 992 |
| Freddie Mac Pool #SD3478 2.50% 4/1/2052 <sup>(a)</sup> |  | 1649 | 1396 |
| Freddie Mac Pool #QE0521 2.50% 4/1/2052 <sup>(a)</sup> |  | 536 | 454 |
| Freddie Mac Pool #QE0292 2.50% 4/1/2052 <sup>(a)</sup> |  | 249 | 212 |
| Freddie Mac Pool #QE1102 2.50% 4/1/2052 <sup>(a)</sup> |  | 217 | 184 |
| Freddie Mac Pool #QE1585 2.50% 4/1/2052 <sup>(a)</sup> |  | 189 | 160 |
| Freddie Mac Pool #QE0322 2.50% 4/1/2052 <sup>(a)</sup> |  | 120 | 101 |
| Freddie Mac Pool #SD1658 2.50% 4/1/2052 <sup>(a)</sup> |  | 116 | 99 |
| Freddie Mac Pool #QD9585 3.50% 4/1/2052 <sup>(a)</sup> |  | 1386 | 1286 |
| Freddie Mac Pool #SD8212 2.50% 5/1/2052 <sup>(a)</sup> |  | 1626 | 1383 |
| Freddie Mac Pool #RA7139 2.50% 5/1/2052 <sup>(a)</sup> |  | 359 | 305 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(a)</sup> |  | 40800 | 36239 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(a)</sup> |  | 3495 | 3099 |
| Freddie Mac Pool #SD6203 3.00% 6/1/2052 <sup>(a)</sup> |  | 46 | 41 |
| Freddie Mac Pool #RA7258 3.50% 6/1/2052 <sup>(a)</sup> |  | 743 | 689 |
| Freddie Mac Pool #QE4084 6.50% 6/1/2052 <sup>(a)</sup> |  | 96 | 101 |
| Freddie Mac Pool #SL2621 2.50% 7/1/2052 <sup>(a)</sup> |  | 63490 | 53744 |
| Freddie Mac Pool #SD5368 2.50% 7/1/2052 <sup>(a)</sup> |  | 8319 | 7055 |
| Freddie Mac Pool #SD4074 2.50% 7/1/2052 <sup>(a)</sup> |  | 1927 | 1631 |
| Freddie Mac Pool #SD3416 2.50% 7/1/2052 <sup>(a)</sup> |  | 856 | 724 |
| Freddie Mac Pool #SD3632 2.50% 7/1/2052 <sup>(a)</sup> |  | 462 | 392 |
| Freddie Mac Pool #SD2600 2.50% 7/1/2052 <sup>(a)</sup> |  | 184 | 156 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(a)</sup> |  | 4157 | 3686 |
| Freddie Mac Pool #SL0643 3.00% 7/1/2052 <sup>(a)</sup> |  | 825 | 732 |
| Freddie Mac Pool #QE8971 3.50% 7/1/2052 <sup>(a)</sup> |  | 165 | 153 |
| Freddie Mac Pool #QE5698 5.00% 7/1/2052 <sup>(a)</sup> |  | 1534 | 1538 |
| Freddie Mac Pool #SD1406 2.00% 8/1/2052 <sup>(a)</sup> |  | 86 | 70 |
| Freddie Mac Pool #SD1408 2.50% 8/1/2052 <sup>(a)</sup> |  | 185 | 158 |
| Freddie Mac Pool #SD7556 3.00% 8/1/2052 <sup>(a)</sup> |  | 534 | 478 |
| Freddie Mac Pool #SD3324 3.50% 8/1/2052 <sup>(a)</sup> |  | 382 | 354 |
| Freddie Mac Pool #QE8579 4.50% 8/1/2052 <sup>(a)</sup> |  | 71 | 70 |
| Freddie Mac Pool #SD8242 3.00% 9/1/2052 <sup>(a)</sup> |  | 3868 | 3430 |
| Freddie Mac Pool #SD6584 3.50% 9/1/2052 <sup>(a)</sup> |  |  | — <sup>(c)</sup> |
| Freddie Mac Pool #QF0212 4.50% 9/1/2052 <sup>(a)</sup> |  | 310 | 304 |
| Freddie Mac Pool #QF1205 4.50% 9/1/2052 <sup>(a)</sup> |  | 283 | 277 |
| Freddie Mac Pool #QE9497 4.50% 9/1/2052 <sup>(a)</sup> |  | 73 | 71 |
| Freddie Mac Pool #SD1608 4.50% 9/1/2052 <sup>(a)</sup> |  | 46 | 45 |
| Freddie Mac Pool #SD2465 4.50% 10/1/2052 <sup>(a)</sup> |  | 30 | 30 |
| Freddie Mac Pool #RA8059 5.50% 10/1/2052 <sup>(a)</sup> |  | 5497 | 5618 |
| Freddie Mac Pool #SD1896 4.00% 11/1/2052 <sup>(a)</sup> |  | 15322 | 14777 |
| Freddie Mac Pool #SD1894 4.00% 11/1/2052 <sup>(a)</sup> |  | 5294 | 5128 |
| Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(a)</sup> |  | 15567 | 15265 |
| Freddie Mac Pool #QF2692 5.00% 11/1/2052 <sup>(a)</sup> |  | 3449 | 3457 |
| Freddie Mac Pool #QF2926 5.00% 11/1/2052 <sup>(a)</sup> |  | 3079 | 3086 |
| Freddie Mac Pool #SD2948 5.50% 11/1/2052 <sup>(a)</sup> |  | 1951 | 1987 |
| Freddie Mac Pool #QF2862 6.50% 11/1/2052 <sup>(a)</sup> |  | 61 | 63 |
| Freddie Mac Pool #SD8280 6.50% 11/1/2052 <sup>(a)</sup> |  | 37 | 39 |

---

---

| | |
|:---|:---|
| **167** | American Funds Insurance Series |

---

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Pool #SD2602 3.00% 12/1/2052 <sup>(a)</sup> | USD | 1005 | $891 |
| Freddie Mac Pool #SD2065 4.00% 12/1/2052 <sup>(a)</sup> |  | 970 | 926 |
| Freddie Mac Pool #RA8200 4.00% 12/1/2052 <sup>(a)</sup> |  | 509 | 485 |
| Freddie Mac Pool #RA8309 6.00% 12/1/2052 <sup>(a)</sup> |  | 1035 | 1077 |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(a)</sup> |  | 14659 | 14371 |
| Freddie Mac Pool #SD8288 5.00% 1/1/2053 <sup>(a)</sup> |  | 184 | 184 |
| Freddie Mac Pool #RA8423 6.00% 1/1/2053 <sup>(a)</sup> |  | 2713 | 2812 |
| Freddie Mac Pool #SD8299 5.00% 2/1/2053 <sup>(a)</sup> |  | 2093 | 2097 |
| Freddie Mac Pool #SD2462 5.50% 2/1/2053 <sup>(a)</sup> |  | 35993 | 36698 |
| Freddie Mac Pool #RA8544 5.50% 2/1/2053 <sup>(a)</sup> |  | 22138 | 22561 |
| Freddie Mac Pool #QF8083 6.00% 2/1/2053 <sup>(a)</sup> |  | 12706 | 13106 |
| Freddie Mac Pool #QF9463 4.00% 3/1/2053 <sup>(a)</sup> |  | 2564 | 2443 |
| Freddie Mac Pool #SD2610 4.00% 3/1/2053 <sup>(a)</sup> |  | 1624 | 1544 |
| Freddie Mac Pool #SD8305 4.00% 3/1/2053 <sup>(a)</sup> |  | 72 | 69 |
| Freddie Mac Pool #RA8720 4.00% 4/1/2053 <sup>(a)</sup> |  | 2530 | 2414 |
| Freddie Mac Pool #SD8314 4.50% 4/1/2053 <sup>(a)</sup> |  | 186 | 182 |
| Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(a)</sup> |  | 4268 | 4289 |
| Freddie Mac Pool #QG1268 5.00% 4/1/2053 <sup>(a)</sup> |  | 576 | 577 |
| Freddie Mac Pool #SD8315 5.00% 4/1/2053 <sup>(a)</sup> |  | 516 | 515 |
| Freddie Mac Pool #QG2977 4.00% 5/1/2053 <sup>(a)</sup> |  | 185 | 177 |
| Freddie Mac Pool #RA8647 4.50% 5/1/2053 <sup>(a)</sup> |  | 31 | 31 |
| Freddie Mac Pool #SD8323 5.00% 5/1/2053 <sup>(a)</sup> |  | 7837 | 7851 |
| Freddie Mac Pool #SD8324 5.50% 5/1/2053 <sup>(a)</sup> |  | 7503 | 7638 |
| Freddie Mac Pool #QG3365 5.50% 5/1/2053 <sup>(a)</sup> |  | 3211 | 3279 |
| Freddie Mac Pool #SD3369 5.50% 5/1/2053 <sup>(a)</sup> |  | 2167 | 2199 |
| Freddie Mac Pool #SD2861 6.00% 5/1/2053 <sup>(a)</sup> |  | 12391 | 12781 |
| Freddie Mac Pool #QG5002 4.00% 6/1/2053 <sup>(a)</sup> |  | 572 | 544 |
| Freddie Mac Pool #SD8329 5.00% 6/1/2053 <sup>(a)</sup> |  | 5257 | 5265 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(a)</sup> |  | 17958 | 18267 |
| Freddie Mac Pool #SD3177 6.00% 6/1/2053 <sup>(a)</sup> |  | 5679 | 5852 |
| Freddie Mac Pool #SD3083 6.00% 6/1/2053 <sup>(a)</sup> |  | 2746 | 2829 |
| Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(a)</sup> |  | 604 | 633 |
| Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(a)</sup> |  | 523 | 548 |
| Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(a)</sup> |  | 497 | 524 |
| Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(a)</sup> |  | 489 | 515 |
| Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(a)</sup> |  | 343 | 362 |
| Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(a)</sup> |  | 275 | 289 |
| Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(a)</sup> |  | 166 | 173 |
| Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(a)</sup> |  | 155 | 166 |
| Freddie Mac Pool #QG7153 4.00% 7/1/2053 <sup>(a)</sup> |  | 5072 | 4841 |
| Freddie Mac Pool #QG6067 4.00% 7/1/2053 <sup>(a)</sup> |  | 537 | 510 |
| Freddie Mac Pool #QG7958 4.00% 7/1/2053 <sup>(a)</sup> |  | 65 | 62 |
| Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(a)</sup> |  | 243 | 243 |
| Freddie Mac Pool #SD3386 5.50% 7/1/2053 <sup>(a)</sup> |  | 6917 | 7046 |
| Freddie Mac Pool #QG7411 5.50% 7/1/2053 <sup>(a)</sup> |  | 456 | 465 |
| Freddie Mac Pool #RA9474 6.00% 7/1/2053 <sup>(a)</sup> |  | 7709 | 7974 |
| Freddie Mac Pool #SD3434 6.00% 7/1/2053 <sup>(a)</sup> |  | 2669 | 2751 |
| Freddie Mac Pool #QG8958 4.00% 8/1/2053 <sup>(a)</sup> |  | 471 | 448 |
| Freddie Mac Pool #QG9629 4.00% 8/1/2053 <sup>(a)</sup> |  | 393 | 373 |
| Freddie Mac Pool #QG9084 5.50% 8/1/2053 <sup>(a)</sup> |  | 2170 | 2208 |
| Freddie Mac Pool #QG9008 5.50% 8/1/2053 <sup>(a)</sup> |  | 2138 | 2177 |
| Freddie Mac Pool #QG9628 5.50% 8/1/2053 <sup>(a)</sup> |  | 1725 | 1755 |
| Freddie Mac Pool #QG9141 5.50% 8/1/2053 <sup>(a)</sup> |  | 1330 | 1355 |
| Freddie Mac Pool #SD3639 6.00% 8/1/2053 <sup>(a)</sup> |  | 4095 | 4223 |
| Freddie Mac Pool #QH1059 6.00% 9/1/2053 <sup>(a)</sup> |  | 8774 | 9055 |
| Freddie Mac Pool #SD3916 6.00% 9/1/2053 <sup>(a)</sup> |  | 1324 | 1374 |
| Freddie Mac Pool #RA9854 6.00% 9/1/2053 <sup>(a)</sup> |  | 1002 | 1042 |
| Freddie Mac Pool #SD3825 6.50% 9/1/2053 <sup>(a)</sup> |  | 45147 | 46931 |
| Freddie Mac Pool #SD4997 5.00% 10/1/2053 <sup>(a)</sup> |  | 761 | 762 |
| Freddie Mac Pool #SD8368 6.00% 10/1/2053 <sup>(a)</sup> |  | 12533 | 12903 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **168** |

---

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Pool #SD8369 6.50% 10/1/2053 <sup>(a)</sup> | USD | 3006 | $3128 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(a)</sup> |  | 572 | 573 |
| Freddie Mac Pool #SD4571 5.50% 11/1/2053 <sup>(a)</sup> |  | 17181 | 17495 |
| Freddie Mac Pool #SD8373 6.00% 11/1/2053 <sup>(a)</sup> |  | 1888 | 1942 |
| Freddie Mac Pool #SD4318 6.50% 11/1/2053 <sup>(a)</sup> |  | 11557 | 12126 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(a)</sup> |  | 1610 | 1678 |
| Freddie Mac Pool #SD8374 6.50% 11/1/2053 <sup>(a)</sup> |  | 34 | 35 |
| Freddie Mac Pool #RJ0440 6.00% 12/1/2053 <sup>(a)</sup> |  | 4609 | 4749 |
| Freddie Mac Pool #QH5936 6.00% 12/1/2053 <sup>(a)</sup> |  | 2681 | 2790 |
| Freddie Mac Pool #QH9285 2.50% 1/1/2054 <sup>(a)</sup> |  | 108 | 91 |
| Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(a)</sup> |  | 543 | 566 |
| Freddie Mac Pool #SD5910 4.00% 2/1/2054 <sup>(a)</sup> |  | 184 | 176 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(a)</sup> |  | 703 | 714 |
| Freddie Mac Pool #QI0006 6.00% 2/1/2054 <sup>(a)</sup> |  | 4478 | 4607 |
| Freddie Mac Pool #SD4897 6.00% 2/1/2054 <sup>(a)</sup> |  | 3302 | 3400 |
| Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(a)</sup> |  | 164 | 169 |
| Freddie Mac Pool #SD4966 6.50% 2/1/2054 <sup>(a)</sup> |  | 4155 | 4351 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(a)</sup> |  | 376 | 382 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(a)</sup> |  | 2336 | 2388 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(a)</sup> |  | 1714 | 1742 |
| Freddie Mac Pool #RJ1435 6.00% 4/1/2054 <sup>(a)</sup> |  | 7087 | 7322 |
| Freddie Mac Pool #SD5303 6.00% 4/1/2054 <sup>(a)</sup> |  | 4925 | 5097 |
| Freddie Mac Pool #QI2895 6.00% 4/1/2054 <sup>(a)</sup> |  | 4176 | 4339 |
| Freddie Mac Pool #RJ1346 6.00% 4/1/2054 <sup>(a)</sup> |  | 1879 | 1956 |
| Freddie Mac Pool #SD8421 6.00% 4/1/2054 <sup>(a)</sup> |  | 145 | 150 |
| Freddie Mac Pool #SD5316 6.00% 4/1/2054 <sup>(a)</sup> |  | 20 | 21 |
| Freddie Mac Pool #SD5221 6.50% 4/1/2054 <sup>(a)</sup> |  | 5247 | 5510 |
| Freddie Mac Pool #SD8430 5.00% 5/1/2054 <sup>(a)</sup> |  | 1868 | 1865 |
| Freddie Mac Pool #RJ1417 5.50% 5/1/2054 <sup>(a)</sup> |  | 35963 | 36756 |
| Freddie Mac Pool #RJ1512 5.50% 5/1/2054 <sup>(a)</sup> |  | 4545 | 4653 |
| Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(a)</sup> |  | 2621 | 2693 |
| Freddie Mac Pool #RJ1447 6.50% 5/1/2054 <sup>(a)</sup> |  | 5138 | 5371 |
| Freddie Mac Pool #RJ1857 5.50% 6/1/2054 <sup>(a)</sup> |  | 2633 | 2689 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(a)</sup> |  | 925 | 946 |
| Freddie Mac Pool #RJ1859 6.00% 6/1/2054 <sup>(a)</sup> |  | 22984 | 23769 |
| Freddie Mac Pool #SD8439 6.00% 6/1/2054 <sup>(a)</sup> |  | 103 | 106 |
| Freddie Mac Pool #SD5701 6.50% 6/1/2054 <sup>(a)</sup> |  | 5550 | 5829 |
| Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(a)</sup> |  | 1766 | 1801 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(a)</sup> |  | 19112 | 19635 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(a)</sup> |  | 12328 | 12863 |
| Freddie Mac Pool #SD5949 6.00% 7/1/2054 <sup>(a)</sup> |  | 2726 | 2810 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(a)</sup> |  | 2538 | 2625 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(a)</sup> |  | 207 | 213 |
| Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(a)</sup> |  | 6231 | 6477 |
| Freddie Mac Pool #QI9151 6.50% 7/1/2054 <sup>(a)</sup> |  | 2247 | 2358 |
| Freddie Mac Pool #RJ2193 5.00% 8/1/2054 <sup>(a)</sup> |  | 2034 | 2044 |
| Freddie Mac Pool #RJ2241 5.00% 8/1/2054 <sup>(a)</sup> |  | 1389 | 1392 |
| Freddie Mac Pool #RJ2195 5.00% 8/1/2054 <sup>(a)</sup> |  | 1302 | 1302 |
| Freddie Mac Pool #SD8453 5.50% 8/1/2054 <sup>(a)</sup> |  | 3 | 3 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(a)</sup> |  | 7892 | 8108 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(a)</sup> |  | 4491 | 4623 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(a)</sup> |  | 2184 | 2252 |
| Freddie Mac Pool #QJ3296 6.00% 8/1/2054 <sup>(a)</sup> |  | 523 | 539 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(a)</sup> |  | 128 | 133 |
| Freddie Mac Pool #QJ1440 6.00% 8/1/2054 <sup>(a)</sup> |  | 62 | 64 |
| Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(a)</sup> |  | 11370 | 11901 |
| Freddie Mac Pool #SD6034 6.50% 8/1/2054 <sup>(a)</sup> |  | 10081 | 10552 |
| Freddie Mac Pool #SD8455 6.50% 8/1/2054 <sup>(a)</sup> |  | 6028 | 6266 |
| Freddie Mac Pool #SD6047 6.50% 8/1/2054 <sup>(a)</sup> |  | 4125 | 4326 |
| Freddie Mac Pool #SD6035 6.50% 8/1/2054 <sup>(a)</sup> |  | 2688 | 2815 |

---

---

| | |
|:---|:---|
| **169** | American Funds Insurance Series |

---

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Pool #RJ2247 6.50% 8/1/2054 <sup>(a)</sup> | USD | 1700 | $1776 |
| Freddie Mac Pool #RJ2228 6.50% 8/1/2054 <sup>(a)</sup> |  | 887 | 925 |
| Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(a)</sup> |  | 7 | 7 |
| Freddie Mac Pool #SD6578 6.00% 9/1/2054 <sup>(a)</sup> |  | 4124 | 4292 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(a)</sup> |  | 453 | 467 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(a)</sup> |  | 237 | 245 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(a)</sup> |  | 224 | 233 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(a)</sup> |  | 216 | 225 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(a)</sup> |  | 138 | 142 |
| Freddie Mac Pool #QJ3982 6.00% 9/1/2054 <sup>(a)</sup> |  | 42 | 43 |
| Freddie Mac Pool #QJ3945 6.00% 9/1/2054 <sup>(a)</sup> |  | 22 | 23 |
| Freddie Mac Pool #RJ2320 6.50% 9/1/2054 <sup>(a)</sup> |  | 4015 | 4192 |
| Freddie Mac Pool #SD6271 6.50% 9/1/2054 <sup>(a)</sup> |  | 2325 | 2430 |
| Freddie Mac Pool #RJ2325 6.50% 9/1/2054 <sup>(a)</sup> |  | 1696 | 1770 |
| Freddie Mac Pool #SD8464 6.50% 9/1/2054 <sup>(a)</sup> |  | 1067 | 1109 |
| Freddie Mac Pool #QJ4693 6.50% 9/1/2054 <sup>(a)</sup> |  | 922 | 967 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(a)</sup> |  | 955 | 969 |
| Freddie Mac Pool #QJ5971 6.00% 10/1/2054 <sup>(a)</sup> |  | 144 | 149 |
| Freddie Mac Pool #QJ5733 6.00% 10/1/2054 <sup>(a)</sup> |  | 46 | 47 |
| Freddie Mac Pool #SD8470 6.00% 10/1/2054 <sup>(a)</sup> |  | 22 | 23 |
| Freddie Mac Pool #SD6733 6.50% 10/1/2054 <sup>(a)</sup> |  | 4703 | 4900 |
| Freddie Mac Pool #QJ7714 6.50% 10/1/2054 <sup>(a)</sup> |  | 123 | 128 |
| Freddie Mac Pool #SD8484 4.00% 11/1/2054 <sup>(a)</sup> |  | 4196 | 3984 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(a)</sup> |  | 4697 | 4590 |
| Freddie Mac Pool #RJ2860 5.00% 11/1/2054 <sup>(a)</sup> |  | 2596 | 2593 |
| Freddie Mac Pool #RJ2917 5.50% 11/1/2054 <sup>(a)</sup> |  | 10494 | 10659 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(a)</sup> |  | 10239 | 10390 |
| Freddie Mac Pool #RJ2922 6.00% 11/1/2054 <sup>(a)</sup> |  | 2822 | 2904 |
| Freddie Mac Pool #RJ3017 5.00% 12/1/2054 <sup>(a)</sup> |  | 3344 | 3338 |
| Freddie Mac Pool #RJ3163 5.00% 12/1/2054 <sup>(a)</sup> |  | 6 | 6 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(a)</sup> |  | 253 | 256 |
| Freddie Mac Pool #QX0376 5.50% 12/1/2054 <sup>(a)</sup> |  | 13 | 13 |
| Freddie Mac Pool #QX1881 6.00% 12/1/2054 <sup>(a)</sup> |  | 260 | 268 |
| Freddie Mac Pool #QX0548 6.50% 12/1/2054 <sup>(a)</sup> |  | 673 | 700 |
| Freddie Mac Pool #SD8494 5.50% 1/1/2055 <sup>(a)</sup> |  | 1300 | 1319 |
| Freddie Mac Pool #RJ3240 6.00% 1/1/2055 <sup>(a)</sup> |  | 5110 | 5292 |
| Freddie Mac Pool #RJ3301 6.00% 1/1/2055 <sup>(a)</sup> |  | 2130 | 2217 |
| Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(a)</sup> |  | 2041 | 2097 |
| Freddie Mac Pool #RJ3305 6.00% 1/1/2055 <sup>(a)</sup> |  | 1547 | 1603 |
| Freddie Mac Pool #QX4065 6.00% 1/1/2055 <sup>(a)</sup> |  | 517 | 531 |
| Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(a)</sup> |  | 5331 | 5609 |
| Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(a)</sup> |  | 4537 | 4432 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(a)</sup> |  | 2707 | 2781 |
| Freddie Mac Pool #SL0797 6.00% 2/1/2055 <sup>(a)</sup> |  | 1637 | 1692 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(a)</sup> |  | 4159 | 4273 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(a)</sup> |  | 6166 | 6409 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(a)</sup> |  | 6852 | 7040 |
| Freddie Mac Pool #SL0796 6.00% 4/1/2055 <sup>(a)</sup> |  | 749 | 770 |
| Freddie Mac Pool #QY1898 7.00% 4/1/2055 <sup>(a)</sup> |  | 1000 | 1061 |
| Freddie Mac Pool #QY0611 7.00% 4/1/2055 <sup>(a)</sup> |  | 1000 | 1056 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(a)</sup> |  | 190 | 190 |
| Freddie Mac Pool #SD8533 5.50% 5/1/2055 <sup>(a)</sup> |  | 5143 | 5218 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(a)</sup> |  | 3005 | 3088 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(a)</sup> |  | 859 | 858 |
| Freddie Mac Pool #RJ4979 5.50% 6/1/2055 <sup>(a)</sup> |  | 222 | 225 |
| Freddie Mac Pool #RQ0026 5.00% 7/1/2055 <sup>(a)</sup> |  | 3937 | 3929 |
| Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(a)</sup> |  | 11844 | 12016 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(a)</sup> |  | 17994 | 18482 |
| Freddie Mac Pool #QY7483 6.00% 7/1/2055 <sup>(a)</sup> |  | 640 | 658 |
| Freddie Mac Pool #SL2625 6.50% 7/1/2055 <sup>(a)</sup> |  | 2080 | 2162 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **170** |

---

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Pool #RQ0041 6.00% 8/1/2055 <sup>(a)</sup> | USD | 7619 | $7826 |
| Freddie Mac Pool #RQ0050 6.00% 9/1/2055 <sup>(a)</sup> |  | 3830 | 3935 |
| Freddie Mac Pool #RQ0056 5.50% 10/1/2055 <sup>(a)</sup> |  | 1894 | 1921 |
| Freddie Mac Pool #RQ0081 3.50% 1/1/2056 <sup>(a)</sup> |  | 949 | 880 |
| Freddie Mac Pool #RQ0082 4.00% 1/1/2056 <sup>(a)</sup> |  | 4000 | 3796 |
| Freddie Mac, Series 3061, Class PN, 5.50% 11/15/2035 <sup>(a)</sup> |  | 33 | 34 |
| Freddie Mac, Series 3318, Class JT, 5.50% 5/15/2037 <sup>(a)</sup> |  | 88 | 92 |
| Freddie Mac, Series K156, Class A2, Multi Family, 4.43% 2/25/2033 <sup>(a)(b)</sup> |  | 3461 | 3484 |
| Freddie Mac, Series 3146, Class PO, principal only, 0% 4/15/2036 <sup>(a)</sup> |  | 77 | 68 |
| Freddie Mac, Series 3156, Class PO, principal only, 0% 5/15/2036 <sup>(a)</sup> |  | 69 | 61 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(a)(b)</sup> |  | 5318 | 5222 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/26/2058 <sup>(a)</sup> |  | 1306 | 1273 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032 <sup>(a)</sup> |  | 7344 | 7165 |
| Government National Mortgage Assn. 2.00% 1/1/2056 <sup>(a)(d)</sup> |  | 6176 | 5117 |
| Government National Mortgage Assn. 2.50% 1/1/2056 <sup>(a)(d)</sup> |  | 4300 | 3710 |
| Government National Mortgage Assn. 5.00% 1/1/2056 <sup>(a)(d)</sup> |  | 135 | 135 |
| Government National Mortgage Assn. Pool #MA5817 4.00% 3/20/2049 <sup>(a)</sup> |  | 8842 | 8480 |
| Government National Mortgage Assn. Pool #MA6042 5.00% 7/20/2049 <sup>(a)</sup> |  | 24 | 24 |
| Government National Mortgage Assn. Pool #MA6221 4.50% 10/20/2049 <sup>(a)</sup> |  | 3633 | 3619 |
| Government National Mortgage Assn. Pool #MA6600 3.50% 4/20/2050 <sup>(a)</sup> |  | 8144 | 7513 |
| Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(a)</sup> |  | 1845 | 1530 |
| Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(a)</sup> |  | 3200 | 2653 |
| Government National Mortgage Assn. Pool #785607 2.50% 8/20/2051 <sup>(a)</sup> |  | 7322 | 6269 |
| Government National Mortgage Assn. Pool #785575 2.50% 8/20/2051 <sup>(a)</sup> |  | 2712 | 2317 |
| Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051 <sup>(a)</sup> |  | 2624 | 2247 |
| Government National Mortgage Assn. Pool #MA7881 2.50% 2/20/2052 <sup>(a)</sup> |  | 3845 | 3320 |
| Government National Mortgage Assn. Pool #785998 2.50% 3/20/2052 <sup>(a)</sup> |  | 3308 | 2836 |
| Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(a)</sup> |  | 214 | 193 |
| Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(a)</sup> |  | 165 | 149 |
| Government National Mortgage Assn. Pool #MA8044 3.50% 5/20/2052 <sup>(a)</sup> |  | 4422 | 4076 |
| Government National Mortgage Assn. Pool #MA8148 3.00% 7/20/2052 <sup>(a)</sup> |  | 4579 | 4123 |
| Government National Mortgage Assn. Pool #MA8199 3.50% 8/20/2052 <sup>(a)</sup> |  | 3773 | 3460 |
| Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(a)</sup> |  | 20329 | 18786 |
| Government National Mortgage Assn. Pool #MA8267 4.00% 9/20/2052 <sup>(a)</sup> |  | 7218 | 6880 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(a)</sup> |  | 5056 | 4813 |
| Government National Mortgage Assn. Pool #MA8799 4.50% 4/20/2053 <sup>(a)</sup> |  | 3238 | 3176 |
| Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/2053 <sup>(a)</sup> |  | 11481 | 11248 |
| Government National Mortgage Assn. Pool #MA9016 5.00% 7/20/2053 <sup>(a)</sup> |  | 2951 | 2958 |
| Government National Mortgage Assn. Pool #MA9104 4.50% 8/20/2053 <sup>(a)</sup> |  | 7397 | 7249 |
| Government National Mortgage Assn. Pool #MA9169 4.50% 9/20/2053 <sup>(a)</sup> |  | 12305 | 12036 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(a)</sup> |  | 1705 | 1621 |
| Government National Mortgage Assn. Pool #MB0024 4.50% 11/20/2054 <sup>(a)</sup> |  | 20281 | 19787 |
| Government National Mortgage Assn. Pool #MB0147 5.50% 1/20/2055 <sup>(a)</sup> |  | 3466 | 3505 |
| Government National Mortgage Assn. Pool #MB0205 5.50% 2/20/2055 <sup>(a)</sup> |  | 2039 | 2062 |
| Government National Mortgage Assn. Pool #MB0424 5.50% 6/20/2055 <sup>(a)</sup> |  | 7908 | 7992 |
| Government National Mortgage Assn. Pool #MB0485 5.50% 7/20/2055 <sup>(a)</sup> |  | 12832 | 12970 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(a)</sup> |  | 1451 | 1083 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2041 <sup>(a)(d)</sup> |  | 5845 | 5413 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(a)(d)</sup> |  | 53078 | 42918 |
| Uniform Mortgage-Backed Security 3.00% 1/1/2056 <sup>(a)(d)</sup> |  | 4335 | 3835 |
| Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(a)(d)</sup> |  | 154 | 142 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(a)(d)</sup> |  | 20135 | 19659 |
| Uniform Mortgage-Backed Security 5.00% 1/1/2056 <sup>(a)(d)</sup> |  | 23668 | 23607 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(a)(d)</sup> |  | 1089 | 1132 |
| Uniform Mortgage-Backed Security 7.00% 1/1/2056 <sup>(a)(d)</sup> |  | 12098 | 12733 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(a)(d)</sup> |  | 27516 | 25355 |
| Uniform Mortgage-Backed Security 4.00% 2/1/2056 <sup>(a)(d)</sup> |  | 17770 | 16847 |
|  |  |  | 2904435 |

---

---

| | |
|:---|:---|
| **171** | American Funds Insurance Series |

---

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Commercial mortgage-backed securities 3.57%** |  |  |  |
| ALA Trust, Series 2025-OANA, Class A, (1-month USD CME Term SOFR + 1.743%) 5.494% 6/15/2040 <sup>(a)(b)(e)</sup> | USD | 11443 | $11504 |
| AMSR Trust, Series 2025-SFR1, Class A, 3.655% 6/17/2042 <sup>(a)(e)</sup> |  | 11892 | 11486 |
| ARES Commercial Mortgage Trust, Series 24-IND, Class A, (1-month USD CME Term SOFR + 1.69%) 5.442% 7/15/2041 <sup>(a)(b)(e)</sup> |  | 1251 | 1254 |
| Bank Commercial Mortgage Trust, Series 2019-BN16, Class A4, 4.005% 2/15/2052 <sup>(a)</sup> |  | 770 | 764 |
| Bank Commercial Mortgage Trust, Series 2019-BN17, Class A4, 3.714% 4/15/2052 <sup>(a)</sup> |  | 100 | 98 |
| Bank Commercial Mortgage Trust, Series 2023-5YR3, Class AS, 7.315% 9/15/2056 <sup>(a)(b)</sup> |  | 684 | 731 |
| Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/2056 <sup>(a)(b)</sup> |  | 500 | 534 |
| Bank Commercial Mortgage Trust, Series 2024-5YR11, Class AS, 6.139% 11/15/2057 <sup>(a)</sup> |  | 3537 | 3702 |
| Bank Commercial Mortgage Trust, Series 2018-BN10, Class A4, 3.428% 2/17/2061 <sup>(a)</sup> |  | 123 | 121 |
| Bank Commercial Mortgage Trust, Series 2019-BN19, Class A3, 3.183% 8/15/2061 <sup>(a)</sup> |  | 1018 | 965 |
| Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/2063 <sup>(a)</sup> |  | 295 | 271 |
| Benchmark Mortgage Trust, Series 2018-B8, Class A5, 4.232% 1/15/2052 <sup>(a)</sup> |  | 2541 | 2522 |
| Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 5/15/2053 <sup>(a)(b)</sup> |  | 781 | 785 |
| Benchmark Mortgage Trust, Series 2024-V5, Class AM, 6.417% 1/10/2057 <sup>(a)(b)</sup> |  | 3361 | 3507 |
| Benchmark Mortgage Trust, Series 2024-V11, Class AM, 6.201% 11/15/2057 <sup>(a)(b)</sup> |  | 2174 | 2275 |
| BMO Mortgage Trust, Series 2024-5C5, Class AS, 6.364% 2/15/2057 <sup>(a)(b)</sup> |  | 2774 | 2910 |
| BMO Mortgage Trust, Series 2025-5C9, Class A3, 5.779% 4/15/2058 <sup>(a)(b)</sup> |  | 7780 | 8150 |
| BX Commercial Mortgage Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 5.865% 6/15/2027 <sup>(a)(b)(e)</sup> |  | 8476 | 8500 |
| BX Trust, Series 2024-KING, Class A, (1-month USD CME Term SOFR + 1.541%) 5.291% 5/15/2034 <sup>(a)(b)(e)</sup> |  | 2183 | 2186 |
| BX Trust, Series 2021-RISE, Class A, (1-month USD CME Term SOFR + 0.862%) 4.612% 11/15/2036 <sup>(a)(b)(e)</sup> |  | 10670 | 10664 |
| BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.241% 4/15/2037 <sup>(a)(b)(e)</sup> |  | 2778 | 2783 |
| BX Trust, Series 2021-ACNT, Class A, (1-month USD CME Term SOFR + 0.964%) 4.715% 11/15/2038 <sup>(a)(b)(e)</sup> |  | 7785 | 7782 |
| BX Trust, Series 2021-ACNT, Class B, (1-month USD CME Term SOFR + 1.364%) 5.115% 11/15/2038 <sup>(a)(b)(e)</sup> |  | 264 | 264 |
| BX Trust, Series 2021-ACNT, Class C, (1-month USD CME Term SOFR + 1.614%) 5.365% 11/15/2038 <sup>(a)(b)(e)</sup> |  | 78 | 78 |
| BX Trust, Series 2021-ACNT, Class D, (1-month USD CME Term SOFR + 1.964%) 5.715% 11/15/2038 <sup>(a)(b)(e)</sup> |  | 118 | 118 |
| BX Trust, Series 2022-AHP, Class A, (1-month USD CME Term SOFR + 0.99%) 4.74% 1/17/2039 <sup>(a)(b)(e)</sup> |  | 8600 | 8597 |
| BX Trust, Series 2024-BIO2, Class A, 5.413% 8/13/2041 <sup>(a)(b)(e)</sup> |  | 26909 | 27302 |
| BX Trust, Series 2024-AIRC, Class A, (1-month USD CME Term SOFR + 1.691%) 5.442% 8/15/2041 <sup>(a)(b)(e)</sup> |  | 7715 | 7740 |
| BX Trust, Series 2025-ARIA, Class A, 5.031% 12/13/2042 <sup>(a)(b)(e)</sup> |  | 28535 | 28830 |
| BX Trust, Series 2025-VOLT, Class A, (1-month USD CME Term SOFR + 1.70%) 5.70% 12/15/2044 <sup>(a)(b)(e)</sup> |  | 25957 | 26020 |
| CALI Mortgage Trust, Series 24-SUN, Class A, (1-month USD CME Term SOFR + 1.89%) 5.641% 7/15/2041 <sup>(a)(b)(e)</sup> |  | 1514 | 1518 |
| CART, Series 2024-DFW1, Class A, (1-month USD CME Term SOFR + 1.642%) 5.392% 8/15/2041 <sup>(a)(b)(e)</sup> |  | 5461 | 5460 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(a)(b)(e)</sup> |  | 19044 | 19637 |
| Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.616% 2/10/2049 <sup>(a)</sup> |  | 244 | 243 |
| DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class A, 5.728% 8/12/2043 <sup>(a)(b)(e)</sup> |  | 8924 | 9165 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class A, 6.314% 9/12/2040 <sup>(a)(e)</sup> |  | 966 | 996 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class B, 6.804% 9/12/2040 <sup>(a)(e)</sup> |  | 1121 | 1157 |
| DC Commercial Mortgage Trust, Series 2023-DC, Class C, 7.14% 9/12/2040 <sup>(a)(b)(e)</sup> |  | 862 | 893 |
| Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Class AM, 3.539% 5/10/2049 <sup>(a)</sup> |  | 200 | 198 |
| Durst Commercial Mortgage Trust, Series 2025-151, Class A, 5.317% 8/10/2042 <sup>(a)(b)(e)</sup> |  | 7301 | 7455 |
| Extended Stay America Trust, Series 2025-ESH, Class A, (1-month USD CME Term SOFR + 1.30%) 5.05% 10/15/2042 <sup>(a)(b)(e)</sup> |  | 9486 | 9514 |
| FIVE Mortgage Trust, Series 2023-V1, Class A3, 5.668% 2/10/2056 <sup>(a)(b)</sup> |  | 2432 | 2494 |
| Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) 5.20% 12/15/2039 <sup>(a)(b)(e)</sup> |  | 1508 | 1513 |
| GS Mortgage Securities Trust, Series 2024-70P, Class A, 5.487% 3/10/2041 <sup>(a)(b)(e)</sup> |  | 10443 | 10568 |
| GS Mortgage Securities Trust, Series 2017-GS7, Class A4, 3.43% 8/10/2050 <sup>(a)</sup> |  | 400 | 395 |
| GS Mortgage Securities Trust, Series 2019-GC38, Class A4, 3.968% 2/10/2052 <sup>(a)</sup> |  | 100 | 98 |
| GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/2053 <sup>(a)</sup> |  | 1536 | 1414 |
| Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.143% 3/15/2042 <sup>(a)(b)(e)</sup> |  | 8260 | 8278 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.462% 2/5/2045 <sup>(a)(b)(e)</sup> |  | 15120 | 15694 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.876% 5/10/2039 <sup>(a)(b)(e)</sup> |  | 1478 | 1497 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.467% 1/13/2040 <sup>(a)(b)(e)</sup> |  | 24720 | 25650 |
| INTOWN Mortgage Trust, Series 2025-STAY, Class A, (1-month USD CME Term SOFR + 1.35%) 5.10% 3/15/2042 <sup>(a)(b)(e)</sup> |  | 28416 | 28487 |
| JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A5, 3.694% 3/15/2050 <sup>(a)</sup> |  | 640 | 633 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **172** |

---

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Commercial mortgage-backed securities (continued)** |  |  |  |
| JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5, 3.409% 10/15/2050 <sup>(a)</sup> | USD | 240 | $236 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/2039 <sup>(a)(e)</sup> |  | 6854 | 6204 |
| JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648% 12/15/2049 <sup>(a)(b)</sup> |  | 2040 | 2024 |
| KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, (1-month USD CME Term SOFR + 1.542%) 5.293% 12/15/2039 <sup>(a)(b)(e)</sup> |  | 13015 | 13029 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A-4, 3.306% 4/15/2048 <sup>(a)</sup> |  | 59 | 58 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A-4, 3.72% 12/15/2049 <sup>(a)</sup> |  | 245 | 243 |
| NYC Commercial Mortgage Trust, Series 2025-28L, Class A, 4.668% 11/5/2038 <sup>(a)(b)(e)</sup> |  | 4409 | 4422 |
| SDR Commercial Mortgage Trust, Series 2024-DSNY, Class A, (1-month USD CME Term SOFR + 1.392%) 5.142% 5/15/2039 <sup>(a)(b)(e)</sup> |  | 3848 | 3847 |
| SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/2041 <sup>(a)(e)</sup> |  | 4065 | 3639 |
| SREIT Trust, Series 2021-MFP, Class B, (1-month USD CME Term SOFR + 1.194%) 4.944% 11/15/2038 <sup>(a)(b)(e)</sup> |  | 221 | 221 |
| SREIT Trust, Series 2021-MFP, Class C, (1-month USD CME Term SOFR + 1.443%) 5.194% 11/15/2038 <sup>(a)(b)(e)</sup> |  | 118 | 118 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) 5.193% 2/15/2042 <sup>(a)(b)(e)</sup> |  | 26882 | 26674 |
| Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794% 12/15/2049 <sup>(a)</sup> |  | 2550 | 2540 |
| Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class A4, 3.146% 12/15/2052 <sup>(a)</sup> |  | 1019 | 975 |
| Wells Fargo Commercial Mortgage Trust, Series 2024-5C2, Class A3, 5.92% 11/15/2057 <sup>(a)(b)</sup> |  | 5667 | 5970 |
| Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A4, 3.631% 1/15/2060 <sup>(a)</sup> |  | 205 | 204 |
|  |  |  | 405804 |
| **Collateralized mortgage-backed obligations (privately originated) 2.87%** |  |  |  |
| Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/2048 <sup>(a)(b)(e)</sup> |  | 1464 | 1328 |
| Arroyo Mortgage Trust, Series 2020-1, Class A1A, 1.662% 3/25/2055 <sup>(a)(e)</sup> |  | 49 | 47 |
| Arroyo Mortgage Trust, Series 2022-1, Class A1A, 2.495% 12/25/2056 (3.495% on 2/25/2026) <sup>(a)(e)(f)</sup> |  | 3728 | 3648 |
| Atlas SP, Series 2024-RPL1, Class A1, 3.85% 4/25/2064 (4.85% on 8/1/2028) <sup>(a)(e)(f)</sup> |  | 11242 | 11004 |
| BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00% 5/25/2059 <sup>(a)(b)(e)</sup> |  | 532 | 504 |
| BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 5/26/2059 <sup>(a)(b)(e)</sup> |  | 159 | 157 |
| BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 9/25/2061 <sup>(a)(e)</sup> |  | 631 | 582 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(a)(b)(e)</sup> |  | 1869 | 1865 |
| Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00% 10/25/2054 <sup>(a)(b)(e)</sup> |  | 12435 | 12207 |
| CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061 <sup>(a)(b)(e)</sup> |  | 4882 | 4673 |
| Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/2060 <sup>(a)(b)(e)</sup> |  | 107 | 101 |
| COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/2066 <sup>(a)(b)(e)</sup> |  | 969 | 884 |
| Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, (30-day Average USD-SOFR + 2.40%) 6.274% 12/25/2042 <sup>(a)(b)(e)</sup> |  | 411 | 420 |
| Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) 6.174% 5/25/2043 <sup>(a)(b)(e)</sup> |  | 2028 | 2067 |
| Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) 5.774% 6/25/2043 <sup>(a)(b)(e)</sup> |  | 1083 | 1091 |
| Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) 5.574% 7/25/2043 <sup>(a)(b)(e)</sup> |  | 517 | 519 |
| Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M1, (30-day Average USD-SOFR + 1.05%) 4.924% 1/25/2044 <sup>(a)(b)(e)</sup> |  | 2503 | 2501 |
| Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2, (30-day Average USD-SOFR + 1.80%) 5.674% 1/25/2044 <sup>(a)(b)(e)</sup> |  | 507 | 511 |
| Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M1, (30-day Average USD-SOFR + 1.10%) 4.974% 2/25/2044 <sup>(a)(b)(e)</sup> |  | 242 | 242 |
| Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M2, (30-day Average USD-SOFR + 1.80%) 5.674% 2/25/2044 <sup>(a)(b)(e)</sup> |  | 1053 | 1060 |
| Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M1, (30-day Average USD-SOFR + 1.10%) 4.974% 5/25/2044 <sup>(a)(b)(e)</sup> |  | 1578 | 1577 |
| Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M1, (30-day Average USD-SOFR + 1.05%) 4.924% 9/25/2044 <sup>(a)(b)(e)</sup> |  | 167 | 167 |
| Connecticut Avenue Securities Trust, Series 2024-R06, Class 1M2, (30-day Average USD-SOFR + 1.60%) 5.474% 9/25/2044 <sup>(a)(b)(e)</sup> |  | 1584 | 1586 |

---

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| | |
|:---|:---|
| **173** | American Funds Insurance Series |

---

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |  |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1, (30-day Average USD-SOFR + 1.00%) 4.874% 2/25/2045 <sup>(a)(b)(e)</sup> | USD | 1955 | $1959 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1, (30-day Average USD-SOFR + 1.15%) 5.024% 2/25/2045 <sup>(a)(b)(e)</sup> |  | 3390 | 3397 |
| Connecticut Avenue Securities Trust, Series 2025-R04, Class 1M1, (30-day Average USD-SOFR + 1.20%) 5.074% 5/25/2045 <sup>(a)(b)(e)</sup> |  | 5187 | 5202 |
| Flagstar Mortgage Trust, Series 2021-8INV, Class A3, 2.50% 9/25/2051 <sup>(a)(b)(e)</sup> |  | 1632 | 1365 |
| Flagstar Mortgage Trust, Series 2021-11INV, Class A4, 2.50% 11/25/2051 <sup>(a)(b)(e)</sup> |  | 1791 | 1498 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA5, Class M1A, (30-day Average USD-SOFR + 2.95%) 6.824% 6/25/2042 <sup>(a)(b)(e)</sup> |  | 101 | 103 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average USD-SOFR + 2.15%) 6.024% 9/25/2042 <sup>(a)(b)(e)</sup> |  | 123 | 124 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average USD-SOFR + 3.70%) 7.574% 9/25/2042 <sup>(a)(b)(e)</sup> |  | 1519 | 1585 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA1, Class M1, (30-day Average USD-SOFR + 1.35%) 5.224% 2/25/2044 <sup>(a)(b)(e)</sup> |  | 2438 | 2440 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA2, Class M1, (30-day Average USD-SOFR + 1.20%) 5.074% 5/25/2044 <sup>(a)(b)(e)</sup> |  | 10256 | 10273 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA3, Class M1, (30-day Average USD-SOFR + 1.00%) 4.874% 10/25/2044 <sup>(a)(b)(e)</sup> |  | 62 | 62 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2024-DNA3, Class M2, (30-day Average USD-SOFR + 1.45%) 5.324% 10/25/2044 <sup>(a)(b)(e)</sup> |  | 1648 | 1648 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA2, Class A1, (30-day Average USD-SOFR + 1.10%) 4.974% 5/25/2045 <sup>(a)(b)(e)</sup> |  | 2282 | 2288 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA2, Class M1, (30-day Average USD-SOFR + 1.20%) 5.074% 5/25/2045 <sup>(a)(b)(e)</sup> |  | 6559 | 6560 |
| GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(a)(e)(f)</sup> |  | 3684 | 3725 |
| GCAT Trust, Series 2021-NQM6, Class A1, 1.855% 8/25/2066 <sup>(a)(b)(e)</sup> |  | 1568 | 1444 |
| GS Mortgage-Backed Securities Trust, Series 2024-RPL2, Class A1, 3.75% 7/25/2061 (4.75% on 2/1/2028) <sup>(a)(e)(f)</sup> |  | 655 | 644 |
| Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/2026 <sup>(a)(e)</sup> |  | 3828 | 3748 |
| HOMES Trust, Series 2024-NQM1, Class A1, 5.915% 7/25/2069 (6.915% on 7/1/2028) <sup>(a)(e)(f)</sup> |  | 13470 | 13613 |
| JP Morgan Mortgage Trust, Series 2024-INV1, Class A2, 6.00% 4/25/2055 <sup>(a)(b)(e)</sup> |  | 537 | 548 |
| Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 5.75% 4/25/2061 <sup>(a)(e)</sup> |  | 591 | 592 |
| Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 6.25% 7/25/2067 <sup>(a)(e)</sup> |  | 1805 | 1808 |
| MFRA Trust, Series 2021-RPL1, Class A1, 1.131% 7/25/2060 <sup>(a)(b)(e)</sup> |  | 1819 | 1679 |
| MFRA Trust, Series 2024-NQM2, Class A1, 5.272% 8/25/2069 (6.272% on 8/1/2028) <sup>(a)(e)(f)</sup> |  | 17976 | 18016 |
| MFRA Trust, Series 2025-NQM3, Class A1, 5.261% 8/25/2070 (6.261% on 7/1/2029) <sup>(a)(e)(f)</sup> |  | 3098 | 3108 |
| Onslow Bay Financial Mortgage Loan Trust, Series 2024-HYB1, Class A1, 3.637% 3/25/2053 <sup>(a)(b)(e)</sup> |  | 2237 | 2233 |
| Onslow Bay Financial, LLC, Series 2024-HYB2, Class A1, 3.695% 4/25/2053 <sup>(a)(b)(e)</sup> |  | 1698 | 1685 |
| Onslow Bay Financial, LLC, Series 2024-NQM5, Class A1, 5.988% 1/25/2064 (6.988% on 3/1/2028) <sup>(a)(e)(f)</sup> |  | 5345 | 5395 |
| Onslow Bay Financial, LLC, Series 2024-NQM4, Class A1, 6.067% 1/25/2064 (7.067% on 2/1/2028) <sup>(a)(e)(f)</sup> |  | 2650 | 2674 |
| Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(a)(e)(f)</sup> |  | 5910 | 5981 |
| Onslow Bay Financial, LLC, Series 2024-NQM10, Class A1, 6.18% 5/25/2064 (7.18% on 6/1/2028) <sup>(a)(e)(f)</sup> |  | 5619 | 5690 |
| Onslow Bay Financial, LLC, Series 2024-NQM8, Class A1, 6.233% 5/25/2064 (7.233% on 5/1/2028) <sup>(a)(e)(f)</sup> |  | 14545 | 14727 |
| Onslow Bay Financial, LLC, Series 2024-NQM13, Class A1, 5.116% 6/25/2064 (6.116% on 8/1/2028) <sup>(a)(e)(f)</sup> |  | 4358 | 4369 |
| Onslow Bay Financial, LLC, Series 2024-NQM11, Class A1, 5.875% 6/25/2064 (6.825% on 7/1/2028) <sup>(a)(e)(f)</sup> |  | 16390 | 16559 |
| Onslow Bay Financial, LLC, Series 2025-NQM19, Class A1, 4.869% 10/25/2065 <sup>(a)(b)(e)</sup> |  | 7668 | 7687 |
| PRKCM Trust, Series 2021-AFC2, Class A1, 2.071% 11/25/2056 <sup>(a)(b)(e)</sup> |  | 1245 | 1117 |
| Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/2039 <sup>(a)(e)</sup> |  | 1077 | 1063 |
| Progress Residential Trust, Series 2024-SFR2, Class B, 3.40% 4/17/2041 <sup>(a)(b)(e)</sup> |  | 1044 | 1005 |
| Progress Residential Trust, Series 2025-SFR2, Class A, 3.305% 4/17/2042 <sup>(a)(e)</sup> |  | 14298 | 13641 |
| Progress Residential Trust, Series 2025-SFR3, Class A, 3.39% 7/17/2042 <sup>(a)(e)</sup> |  | 4038 | 3852 |
| PRP Advisors, LLC, Series 2025-RPL3, Class A1, 3.25% 4/25/2055 (4.25% on 4/1/2028) <sup>(a)(e)(f)</sup> |  | 2983 | 2892 |
| Starwood Mortgage Residential Trust, Series 2024-SFR4, Class A, (1-month USD CME Term SOFR + 1.75%) 5.50% 10/17/2041 <sup>(a)(b)(e)</sup> |  | 6364 | 6389 |
| Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/2060 <sup>(a)(e)</sup> |  | 6910 | 6344 |
| Towd Point Mortgage Trust, Series 2024-3, Class A1A, 5.03% 7/25/2065 <sup>(a)(b)(e)</sup> |  | 3039 | 3071 |
| Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(e)(g)</sup> |  | 1368 | 1368 |
| Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/2038 <sup>(a)(e)</sup> |  | 5017 | 4955 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **174** |

---

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Collateralized mortgage-backed obligations (privately originated) (continued)** |  |  |  |
| Tricon Residential Trust, Series 2024-SFR2, Class A, 4.75% 6/17/2040 <sup>(a)(e)</sup> | USD | 8559 | $8592 |
| Tricon Residential Trust, Series 2024-SFR3, Class A, 4.50% 8/17/2041 <sup>(a)(e)</sup> |  | 7453 | 7456 |
| Tricon Residential Trust, Series 2024-SFR4, Class A, 4.30% 11/17/2041 <sup>(a)(e)</sup> |  | 3343 | 3324 |
| Verus Securitization Trust, Series 2024-3, Class A1, 6.338% 4/25/2069 (7.338% on 4/1/2028) <sup>(a)(e)(f)</sup> |  | 12295 | 12443 |
| Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(a)(e)(f)</sup> |  | 5466 | 5541 |
| Verus Securitization Trust, Series 2024-6, Class A1, 5.799% 7/25/2069 (6.799% on 7/1/2028) <sup>(a)(e)(f)</sup> |  | 11832 | 11940 |
| Verus Securitization Trust, Series 2024-8, Class A1, 5.364% 10/25/2069 <sup>(a)(b)(e)</sup> |  | 3935 | 3959 |
| Verus Securitization Trust, Series 2025-5, Class A1, 5.427% 6/25/2070 (6.427% on 6/1/2029) <sup>(a)(e)(f)</sup> |  | 19755 | 19928 |
| Verus Securitization Trust, Series 2025-7, Class A1, 5.129% 8/25/2070 (6.129% on 8/1/2029) <sup>(a)(e)(f)</sup> |  | 4404 | 4425 |
|  |  |  | 326475 |
| **Total mortgage-backed obligations** |  |  | 3636714 |
| **Corporate bonds and notes 30.21%** |  |  |  |
| **Financials 9.16%** |  |  |  |
| AerCap Ireland Capital DAC 1.75% 1/30/2026 |  | 2841 | 2836 |
| AerCap Ireland Capital DAC 2.45% 10/29/2026 |  | 10289 | 10152 |
| AerCap Ireland Capital DAC 6.45% 4/15/2027 |  | 3994 | 4104 |
| AIB Group PLC 6.608% 9/13/2029 (USD-SOFR + 2.33% on 9/13/2028) <sup>(e)(f)</sup> |  | 1597 | 1696 |
| AIB Group PLC 5.871% 3/28/2035 (USD-SOFR + 1.91% on 3/28/2034) <sup>(e)(f)</sup> |  | 1995 | 2109 |
| Alpha Bank SA 7.50% 6/16/2027 (1-year EUR Mid-Swap + 5.084% on 6/16/2026) <sup>(f)</sup> | EUR | 437 | 524 |
| Alpha Bank SA 6.875% 6/27/2029 (1-year EUR-ICE Swap EURIBOR + 3.793% on 6/27/2028) <sup>(f)</sup> |  | 2840 | 3647 |
| Alpha Bank SA 5.00% 5/12/2030 (1-year EUR-ICE Swap EURIBOR + 2.432% on 5/12/2029) <sup>(f)</sup> |  | 4065 | 5061 |
| American Express Co. 6.489% 10/30/2031 (USD-SOFR + 1.94% on 10/30/2030) <sup>(f)</sup> | USD | 359 | 392 |
| American Express Co. 5.043% 5/1/2034 (USD-SOFR + 1.835% on 5/1/2033) <sup>(f)</sup> |  | 1618 | 1661 |
| American Express Co. 5.442% 1/30/2036 (USD-SOFR + 1.32% on 1/30/2035) <sup>(f)</sup> |  | 4927 | 5120 |
| American Express Co. 5.667% 4/25/2036 (USD-SOFR + 1.79% on 4/25/2035) <sup>(f)</sup> |  | 2464 | 2603 |
| American International Group, Inc. 4.85% 5/7/2030 |  | 24445 | 25070 |
| American International Group, Inc. 5.125% 3/27/2033 |  | 2749 | 2831 |
| Aon Corp. 5.35% 2/28/2033 |  | 1083 | 1128 |
| Aon North America, Inc. 5.15% 3/1/2029 |  | 3015 | 3103 |
| Aon North America, Inc. 5.30% 3/1/2031 |  | 1005 | 1048 |
| Aon North America, Inc. 5.45% 3/1/2034 |  | 2550 | 2651 |
| Aon North America, Inc. 5.75% 3/1/2054 |  | 1163 | 1158 |
| Arthur J. Gallagher & Co. 4.85% 12/15/2029 |  | 3140 | 3215 |
| Arthur J. Gallagher & Co. 5.15% 2/15/2035 |  | 1845 | 1866 |
| Arthur J. Gallagher & Co. 5.55% 2/15/2055 |  | 1845 | 1772 |
| Banco Santander SA 1.722% 9/14/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.90% on 9/14/2026) <sup>(f)</sup> |  | 1400 | 1377 |
| Bank of America Corp. 2.551% 2/4/2028 (USD-SOFR + 1.05% on 2/4/2027) <sup>(f)</sup> |  | 4295 | 4226 |
| Bank of America Corp. 4.376% 4/27/2028 (USD-SOFR + 1.58% on 4/27/2027) <sup>(f)</sup> |  | 2635 | 2646 |
| Bank of America Corp. 2.087% 6/14/2029 (USD-SOFR + 1.06% on 6/14/2028) <sup>(f)</sup> |  | 3202 | 3055 |
| Bank of America Corp. 5.819% 9/15/2029 (USD-SOFR + 1.57% on 9/15/2028) <sup>(f)</sup> |  | 339 | 354 |
| Bank of America Corp. 3.974% 2/7/2030 (3-month USD CME Term SOFR + 1.472% on 2/7/2029) <sup>(f)</sup> |  | 1150 | 1144 |
| Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030) <sup>(f)</sup> |  | 24072 | 21536 |
| Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031) <sup>(f)</sup> |  | 41179 | 36834 |
| Bank of Nova Scotia (The) 5.25% 6/12/2028 |  | 1370 | 1411 |
| Banque Federative du Credit Mutuel 0.82% 10/16/2026 | JPY | 300000 | 1909 |
| Barclays PLC 4.837% 9/10/2028 (USD-SOFR + 1.34% on 9/10/2027) <sup>(f)</sup> | USD | 2585 | 2617 |
| Block, Inc. 2.75% 6/1/2026 |  | 1975 | 1964 |
| Block, Inc. 5.625% 8/15/2030 <sup>(e)</sup> |  | 1735 | 1771 |
| BNP Paribas SA 2.591% 1/20/2028 (USD-SOFR + 1.228% on 1/20/2027) <sup>(e)(f)</sup> |  | 13134 | 12934 |
| BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028) <sup>(e)(f)</sup> |  | 3594 | 3403 |
| BPCE SA 0.895% 12/14/2026 | JPY | 100000 | 636 |
| BPCE SA 5.975% 1/18/2027 (USD-SOFR + 2.10% on 1/18/2026) <sup>(e)(f)</sup> | USD | 2150 | 2151 |
| BPCE SA 6.714% 10/19/2029 (USD-SOFR + 2.27% on 10/19/2028) <sup>(e)(f)</sup> |  | 5000 | 5307 |
| BPCE SA 5.716% 1/18/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.959% on 1/18/2029) <sup>(e)(f)</sup> |  | 1285 | 1331 |
| BPCE SA 5.876% 1/14/2031 (USD-SOFR + 1.68% on 1/14/2030) <sup>(e)(f)</sup> |  | 1845 | 1929 |

---

---

| | |
|:---|:---|
| **175** | American Funds Insurance Series |

---

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Financials (continued)** |  |  |  |
| BPCE SA 5.389% 5/28/2031 (USD-SOFR + 1.581% on 5/28/2030) <sup>(e)(f)</sup> | USD | 3814 | $3917 |
| BPCE SA 5.936% 5/30/2035 (USD-SOFR + 1.85% on 5/30/2034) <sup>(e)(f)</sup> |  | 4503 | 4698 |
| CaixaBank SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029) <sup>(e)(f)</sup> |  | 10948 | 11375 |
| CaixaBank SA 6.84% 9/13/2034 (USD-SOFR + 2.77% on 9/13/2033) <sup>(e)(f)</sup> |  | 1900 | 2121 |
| Capital One Financial Corp. 5.468% 2/1/2029 (USD-SOFR + 2.08% on 2/1/2028) <sup>(f)</sup> |  | 515 | 529 |
| Capital One Financial Corp. 6.377% 6/8/2034 (USD-SOFR + 2.86% on 6/8/2033) <sup>(f)</sup> |  | 1204 | 1302 |
| Capital One Financial Corp. 6.051% 2/1/2035 (USD-SOFR + 2.26% on 2/1/2034) <sup>(f)</sup> |  | 2920 | 3110 |
| Charles Schwab Corp. (The) 5.643% 5/19/2029 (USD-SOFR + 2.21% on 5/19/2028) <sup>(f)</sup> |  | 2445 | 2539 |
| China Ping An Insurance Overseas (Holdings), Ltd. 2.85% 8/12/2031 |  | 526 | 483 |
| Chubb INA Holdings, LLC 3.35% 5/3/2026 |  | 2020 | 2017 |
| Chubb INA Holdings, LLC 5.00% 3/15/2034 |  | 4400 | 4503 |
| Chubb INA Holdings, LLC 4.35% 11/3/2045 |  | 2015 | 1761 |
| Citibank, NA 5.803% 9/29/2028 |  | 4100 | 4300 |
| Citigroup, Inc. 4.60% 3/9/2026 |  | 1800 | 1801 |
| Citigroup, Inc. 5.174% 2/13/2030 (USD-SOFR + 1.364% on 2/13/2029) <sup>(f)</sup> |  | 7800 | 8006 |
| Citigroup, Inc. 4.412% 3/31/2031 (USD-SOFR + 3.914% on 3/31/2030) <sup>(f)</sup> |  | 933 | 933 |
| Citigroup, Inc. 4.952% 5/7/2031 (USD-SOFR + 1.463% on 5/7/2030) <sup>(f)</sup> |  | 20610 | 21059 |
| Citigroup, Inc. 2.561% 5/1/2032 (USD-SOFR + 1.167% on 5/1/2031) <sup>(f)</sup> |  | 3937 | 3574 |
| Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032) <sup>(f)</sup> |  | 990 | 907 |
| Citigroup, Inc. 3.785% 3/17/2033 (USD-SOFR + 1.939% on 3/17/2032) <sup>(f)</sup> |  | 3090 | 2951 |
| Citigroup, Inc. 6.02% 1/24/2036 (USD-SOFR + 1.83% on 1/24/2035) <sup>(f)</sup> |  | 123 | 129 |
| Citigroup, Inc. 5.333% 3/27/2036 (USD-SOFR + 1.465% on 3/27/2035) <sup>(f)</sup> |  | 1874 | 1918 |
| Corebridge Financial, Inc. 3.65% 4/5/2027 |  | 3913 | 3890 |
| Corebridge Financial, Inc. 3.85% 4/5/2029 |  | 3534 | 3479 |
| Corebridge Financial, Inc. 3.90% 4/5/2032 |  | 3964 | 3764 |
| Corebridge Financial, Inc. 4.35% 4/5/2042 |  | 361 | 310 |
| Credit Agricole SA 1.247% 1/26/2027 (USD-SOFR + 0.892% on 1/26/2026) <sup>(e)(f)</sup> |  | 2450 | 2445 |
| Danske Bank AS 1.549% 9/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.73% on 9/10/2026) <sup>(e)(f)</sup> |  | 2990 | 2940 |
| Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027) <sup>(e)(f)</sup> |  | 2975 | 2982 |
| Deutsche Bank AG 4.10% 1/13/2026 |  | 7305 | 7305 |
| Deutsche Bank AG 4.10% 1/13/2026 |  | 857 | 857 |
| Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027) <sup>(f)</sup> |  | 17595 | 17308 |
| Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030) <sup>(f)</sup> |  | 1590 | 1518 |
| Deutsche Bank AG 5.403% 9/11/2035 (USD-SOFR + 2.05% on 9/11/2034) <sup>(f)</sup> |  | 3200 | 3265 |
| DNB Bank ASA 1.535% 5/25/2027 (5-year UST Yield Curve Rate T Note Constant Maturity + 0.72% on 5/25/2026) <sup>(e)(f)</sup> |  | 1200 | 1188 |
| Eurobank SA 2.00% 5/5/2027 (1-year EUR Mid-Swap + 2.398% on 5/5/2026) <sup>(f)</sup> | EUR | 1845 | 2165 |
| Eurobank SA 2.25% 3/14/2028 (1-year EUR Mid-Swap + 2.634% on 3/14/2027) <sup>(f)</sup> |  | 4230 | 4954 |
| Eurobank SA 7.00% 1/26/2029 (1-year EUR Mid-Swap + 4.418% on 1/26/2028) <sup>(f)</sup> |  | 3855 | 4900 |
| Eurobank SA 5.875% 11/28/2029 (1-year EUR Mid-Swap + 2.83% on 11/28/2028) <sup>(f)</sup> |  | 12035 | 15267 |
| Eurobank SA 4.875% 4/30/2031 (5-year EUR Mid-Swap + 2.165% on 4/30/2030) <sup>(f)</sup> |  | 390 | 487 |
| Fifth Third Bancorp 6.339% 7/27/2029 (USD-SOFR + 2.34% on 7/27/2028) <sup>(f)</sup> | USD | 205 | 216 |
| Fifth Third Bancorp 4.895% 9/6/2030 (USD-SOFR + 1.486% on 9/6/2029) <sup>(f)</sup> |  | 1968 | 2000 |
| Fifth Third Bancorp 5.631% 1/29/2032 (USD-SOFR + 1.84% on 1/29/2031) <sup>(f)</sup> |  | 11396 | 11964 |
| Goldman Sachs Group, Inc. 1.431% 3/9/2027 (USD-SOFR + 0.795% on 3/9/2026) <sup>(f)</sup> |  | 3030 | 3015 |
| Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026) <sup>(f)</sup> |  | 13275 | 13046 |
| Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026) <sup>(f)</sup> |  | 12997 | 12780 |
| Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027) <sup>(f)</sup> |  | 3703 | 3646 |
| Goldman Sachs Group, Inc. 3.615% 3/15/2028 (USD-SOFR + 1.846% on 3/15/2027) <sup>(f)</sup> |  | 5534 | 5505 |
| Goldman Sachs Group, Inc. 4.937% 4/23/2028 (USD-SOFR + 1.319% on 4/23/2027) <sup>(f)</sup> |  | 4895 | 4952 |
| Goldman Sachs Group, Inc. 5.727% 4/25/2030 (USD-SOFR + 1.265% on 4/25/2029) <sup>(f)</sup> |  | 20687 | 21617 |
| Goldman Sachs Group, Inc. 5.218% 4/23/2031 (USD-SOFR + 1.58% on 4/23/2030) <sup>(f)</sup> |  | 14659 | 15144 |
| Goldman Sachs Group, Inc. 4.369% 10/21/2031 (USD-SOFR + 1.06% on 10/21/2030) <sup>(f)</sup> |  | 12107 | 12081 |
| Goldman Sachs Group, Inc. 2.908% 7/21/2042 (USD-SOFR + 1.40% on 7/21/2041) <sup>(f)</sup> |  | 3160 | 2319 |
| HSBC Holdings PLC 2.206% 8/17/2029 (USD-SOFR + 1.285% on 8/17/2028) <sup>(f)</sup> |  | 14232 | 13551 |
| HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031) <sup>(f)</sup> |  | 9437 | 8581 |
| HSBC Holdings PLC 5.45% 3/3/2036 (USD-SOFR + 1.56% on 3/3/2035) <sup>(f)</sup> |  | 2000 | 2064 |
| ING Groep NV 6.083% 9/11/2027 (USD-SOFR + 1.56% on 9/11/2026) <sup>(f)</sup> |  | 1680 | 1703 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **176** |

---

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Financials (continued)** |  |  |  |
| Intesa Sanpaolo SpA 5.71% 1/15/2026 <sup>(e)</sup> | USD | 15400 | $15408 |
| Intesa Sanpaolo SpA 3.875% 7/14/2027 <sup>(e)</sup> |  | 6250 | 6235 |
| Intesa Sanpaolo SpA 3.875% 1/12/2028 <sup>(e)</sup> |  | 1986 | 1973 |
| Intesa Sanpaolo SpA 7.778% 6/20/2054 (1-year UST Yield Curve Rate T Note Constant Maturity + 3.90% on 6/20/2053) <sup>(e)(f)</sup> |  | 5100 | 6064 |
| Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032 <sup>(e)</sup> |  | 705 | 673 |
| JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026) <sup>(f)</sup> |  | 323 | 322 |
| JPMorgan Chase & Co. 6.07% 10/22/2027 (USD-SOFR + 1.33% on 10/22/2026) <sup>(f)</sup> |  | 1400 | 1422 |
| JPMorgan Chase & Co. 5.04% 1/23/2028 (USD-SOFR + 1.19% on 1/23/2027) <sup>(f)</sup> |  | 20000 | 20213 |
| JPMorgan Chase & Co. 5.571% 4/22/2028 (USD-SOFR + 0.93% on 4/22/2027) <sup>(f)</sup> |  | 2678 | 2732 |
| JPMorgan Chase & Co. 4.979% 7/22/2028 (USD-SOFR + 0.93% on 7/22/2027) <sup>(f)</sup> |  | 8670 | 8805 |
| JPMorgan Chase & Co. 4.203% 7/23/2029 (3-month USD CME Term SOFR + 1.522% on 7/23/2028) <sup>(f)</sup> |  | 11980 | 12022 |
| JPMorgan Chase & Co. 5.581% 4/22/2030 (USD-SOFR + 1.16% on 4/22/2029) <sup>(f)</sup> |  | 6480 | 6762 |
| JPMorgan Chase & Co. 4.995% 7/22/2030 (USD-SOFR + 1.125% on 7/22/2029) <sup>(f)</sup> |  | 10724 | 11012 |
| JPMorgan Chase & Co. 4.603% 10/22/2030 (USD-SOFR + 1.04% on 10/22/2029) <sup>(f)</sup> |  | 6549 | 6643 |
| JPMorgan Chase & Co. 5.14% 1/24/2031 (USD-SOFR + 0.90% on 1/24/2030) <sup>(f)</sup> |  | 3870 | 4001 |
| JPMorgan Chase & Co. 4.255% 10/22/2031 (USD-SOFR + 0.93% on 10/22/2030) <sup>(f)</sup> |  | 700 | 698 |
| JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031) <sup>(f)</sup> |  | 791 | 706 |
| JPMorgan Chase & Co. 2.545% 11/8/2032 (USD-SOFR + 1.18% on 11/8/2031) <sup>(f)</sup> |  | 5313 | 4796 |
| JPMorgan Chase & Co. 5.294% 7/22/2035 (USD-SOFR + 1.46% on 7/22/2034) <sup>(f)</sup> |  | 19889 | 20526 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(f)</sup> |  | 51163 | 53698 |
| Kasikornbank PCL (Hong Kong Branch) 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026) <sup>(f)</sup> |  | 2415 | 2386 |
| KBC Groep NV 5.796% 1/19/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.10% on 1/19/2028) <sup>(e)(f)</sup> |  | 1375 | 1420 |
| Lloyds Banking Group PLC 5.985% 8/7/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.48% on 8/7/2026) <sup>(f)</sup> |  | 1625 | 1643 |
| Lloyds Banking Group PLC 5.462% 1/5/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.375% on 1/5/2027) <sup>(f)</sup> |  | 200 | 203 |
| Lloyds Banking Group PLC 5.679% 1/5/2035 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 1/5/2034) <sup>(f)</sup> |  | 1979 | 2084 |
| Marsh & McLennan Cos., Inc. 5.00% 3/15/2035 |  | 2285 | 2316 |
| Marsh & McLennan Cos., Inc. 5.35% 11/15/2044 |  | 250 | 245 |
| Marsh & McLennan Cos., Inc. 5.40% 3/15/2055 |  | 2060 | 1985 |
| MetLife Capital Trust IV, junior subordinated, 7.875% 12/15/2067 (3-month USD CME Term SOFR + 4.222% on 12/15/2037) <sup>(e)(f)</sup> |  | 1405 | 1559 |
| MetLife, Inc. 5.375% 7/15/2033 |  | 1279 | 1349 |
| Metropolitan Life Global Funding I 5.40% 9/12/2028 <sup>(e)</sup> |  | 840 | 870 |
| Metropolitan Life Global Funding I 4.85% 1/8/2029 <sup>(e)</sup> |  | 2050 | 2093 |
| Metropolitan Life Global Funding I 5.15% 3/28/2033 <sup>(e)</sup> |  | 619 | 637 |
| Mitsubishi UFJ Financial Group, Inc. 1.538% 7/20/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/20/2026) <sup>(f)</sup> |  | 6200 | 6114 |
| Mitsubishi UFJ Financial Group, Inc. 1.64% 10/13/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.67% on 10/13/2026) <sup>(f)</sup> |  | 2225 | 2185 |
| Mitsubishi UFJ Financial Group, Inc. 5.422% 2/22/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.38% on 2/22/2028) <sup>(f)</sup> |  | 1430 | 1472 |
| Mitsubishi UFJ Financial Group, Inc. 5.133% 7/20/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.125% on 7/20/2032) <sup>(f)</sup> |  | 763 | 784 |
| Mizuho Financial Group, Inc. 1.554% 7/9/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/9/2026) <sup>(f)</sup> |  | 1367 | 1349 |
| Mizuho Financial Group, Inc. 5.778% 7/6/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.65% on 7/6/2028) <sup>(f)</sup> |  | 1701 | 1769 |
| Mizuho Financial Group, Inc. 5.376% 5/26/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.12% on 5/26/2029) <sup>(f)</sup> |  | 2020 | 2090 |
| Morgan Stanley 1.512% 7/20/2027 (USD-SOFR + 0.858% on 7/20/2026) <sup>(f)</sup> |  | 13336 | 13148 |
| Morgan Stanley 4.994% 4/12/2029 (USD-SOFR + 1.38% on 4/12/2028) <sup>(f)</sup> |  | 350 | 357 |
| Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028) <sup>(f)</sup> |  | 21869 | 22369 |
| Morgan Stanley 5.656% 4/18/2030 (USD-SOFR + 1.26% on 4/18/2029) <sup>(f)</sup> |  | 21784 | 22702 |
| Morgan Stanley 4.654% 10/18/2030 (USD-SOFR + 1.10% on 10/18/2029) <sup>(f)</sup> |  | 1704 | 1725 |
| Morgan Stanley 5.192% 4/17/2031 (USD-SOFR + 1.51% on 4/17/2030) <sup>(f)</sup> |  | 4664 | 4810 |

---

---

| | |
|:---|:---|
| **177** | American Funds Insurance Series |

---

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Financials (continued)** |  |  |  |
| Morgan Stanley 1.794% 2/13/2032 (USD-SOFR + 1.034% on 2/13/2031) <sup>(f)</sup> | USD | 3031 | $2665 |
| Morgan Stanley 5.424% 7/21/2034 (USD-SOFR + 1.88% on 7/21/2033) <sup>(f)</sup> |  | 11313 | 11773 |
| Morgan Stanley 5.32% 7/19/2035 (USD-SOFR + 1.555% on 7/19/2034) <sup>(f)</sup> |  | 3069 | 3160 |
| Morgan Stanley 4.892% 10/22/2036 (USD-SOFR + 1.314% on 10/22/2035) <sup>(f)</sup> |  | 23571 | 23371 |
| Morgan Stanley Bank, N.A. 5.882% 10/30/2026 |  | 2775 | 2817 |
| MSCI, Inc. 3.25% 8/15/2033 <sup>(e)</sup> |  | 695 | 624 |
| NatWest Group PLC 5.847% 3/2/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 3/2/2026) <sup>(f)</sup> |  | 3555 | 3565 |
| NatWest Group PLC 5.583% 3/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.10% on 3/1/2027) <sup>(f)</sup> |  | 2170 | 2209 |
| Navient Corp. 5.625% 8/1/2033 |  | 2470 | 2260 |
| Northwestern Mutual Life Insurance Co. (The) 4.90% 6/12/2028 <sup>(e)</sup> |  | 2090 | 2139 |
| OneMain Finance Corp. 7.125% 3/15/2026 |  | 87 | 88 |
| Piraeus Bank SA 7.25% 7/13/2028 (1-year EUR Mid-Swap + 3.692% on 7/13/2027) <sup>(f)</sup> |  | EUR565 | 709 |
| Piraeus Bank SA 4.625% 7/17/2029 (1-year EUR Mid-Swap + 1.723% on 7/17/2028) <sup>(f)</sup> |  | 165 | 202 |
| Piraeus Bank SA 6.75% 12/5/2029 (1-year EUR Mid-Swap + 3.837% on 12/5/2028) <sup>(f)</sup> |  | 1345 | 1742 |
| PNC Financial Services Group, Inc. 5.582% 6/12/2029 (USD-SOFR + 1.841% on 6/12/2028) <sup>(f)</sup> |  | USD4,594 | 4766 |
| PNC Financial Services Group, Inc. 6.875% 10/20/2034 (USD-SOFR + 2.284% on 10/20/2033) <sup>(f)</sup> |  | 12265 | 13887 |
| PNC Financial Services Group, Inc. 5.676% 1/22/2035 (USD-SOFR + 1.902% on 1/22/2034) <sup>(f)</sup> |  | 635 | 670 |
| Royal Bank of Canada 4.95% 2/1/2029 |  | 1360 | 1397 |
| Santander Holdings USA, Inc. 6.499% 3/9/2029 (USD-SOFR + 2.356% on 3/9/2028) <sup>(f)</sup> |  | 5100 | 5316 |
| Santander Holdings USA, Inc. 5.353% 9/6/2030 (USD-SOFR + 1.94% on 9/6/2029) <sup>(f)</sup> |  | 3706 | 3792 |
| Standard Chartered PLC 5.905% 5/14/2035 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.45% on 5/14/2034) <sup>(e)(f)</sup> |  | 546 | 577 |
| Sumitomo Mitsui Financial Group, Inc. 5.88% 7/13/2026 |  | 1429 | 1443 |
| Sumitomo Mitsui Financial Group, Inc. 2.174% 1/14/2027 |  | 1100 | 1080 |
| Sumitomo Mitsui Financial Group, Inc. 5.80% 7/13/2028 |  | 1045 | 1089 |
| Sumitomo Mitsui Financial Group, Inc. 5.766% 1/13/2033 |  | 373 | 398 |
| Sumitomo Mitsui Trust Bank, Ltd. 5.55% 9/14/2028 <sup>(e)</sup> |  | 1400 | 1459 |
| Swedbank AB 6.136% 9/12/2026 <sup>(e)</sup> |  | 2100 | 2131 |
| Truist Financial Corp. 6.047% 6/8/2027 (USD-SOFR + 2.05% on 6/8/2026) <sup>(f)</sup> |  | 1370 | 1381 |
| Truist Financial Corp. 4.873% 1/26/2029 (USD-SOFR + 1.435% on 1/26/2028) <sup>(f)</sup> |  | 2605 | 2647 |
| Truist Financial Corp. 7.161% 10/30/2029 (USD-SOFR + 2.446% on 10/30/2028) <sup>(f)</sup> |  | 2396 | 2585 |
| Truist Financial Corp. 5.435% 1/24/2030 (USD-SOFR + 1.62% on 1/24/2029) <sup>(f)</sup> |  | 1741 | 1803 |
| Truist Financial Corp. 5.153% 8/5/2032 (USD-SOFR + 1.571% on 8/5/2031) <sup>(f)</sup> |  | 4707 | 4866 |
| Truist Financial Corp. 5.867% 6/8/2034 (USD-SOFR + 2.361% on 6/8/2033) <sup>(f)</sup> |  | 1586 | 1688 |
| Truist Financial Corp. 5.711% 1/24/2035 (USD-SOFR + 1.922% on 1/24/2034) <sup>(f)</sup> |  | 2440 | 2568 |
| U.S. Bancorp 4.653% 2/1/2029 (USD-SOFR + 1.23% on 2/1/2028) <sup>(f)</sup> |  | 2115 | 2142 |
| U.S. Bancorp 5.384% 1/23/2030 (USD-SOFR + 1.56% on 1/23/2029) <sup>(f)</sup> |  | 7300 | 7562 |
| U.S. Bancorp 4.839% 2/1/2034 (USD-SOFR + 1.60% on 2/1/2033) <sup>(f)</sup> |  | 2839 | 2861 |
| U.S. Bancorp 5.836% 6/12/2034 (USD-SOFR + 2.26% on 6/10/2033) <sup>(f)</sup> |  | 1712 | 1827 |
| UBS Group AG 1.305% 2/2/2027 (USD-SOFR + 0.98% on 2/2/2026) <sup>(e)(f)</sup> |  | 11200 | 11169 |
| UBS Group AG 1.494% 8/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 8/10/2026) <sup>(e)(f)</sup> |  | 6623 | 6519 |
| UBS Group AG 5.428% 2/8/2030 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.52% on 2/8/2029) <sup>(e)(f)</sup> |  | 17490 | 18094 |
| UBS Group AG 5.617% 9/13/2030 (1-year USD-ICE SOFR Swap + 1.34% on 9/13/2029) <sup>(e)(f)</sup> |  | 14459 | 15109 |
| UBS Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030) <sup>(e)(f)</sup> |  | 9636 | 9548 |
| UBS Group AG 2.095% 2/11/2032 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.00% on 2/11/2031) <sup>(e)(f)</sup> |  | 1392 | 1235 |
| UBS Group AG 3.091% 5/14/2032 (USD-SOFR + 1.73% on 5/14/2031) <sup>(e)(f)</sup> |  | 20425 | 18972 |
| UBS Group AG 2.746% 2/11/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.10% on 2/11/2032) <sup>(e)(f)</sup> |  | 4038 | 3623 |
| UniCredit SpA 4.625% 4/12/2027 <sup>(e)</sup> |  | 1395 | 1404 |
| Vigorous Champion International, Ltd. 4.25% 5/28/2029 |  | 462 | 462 |
| Wells Fargo & Co. 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027) <sup>(f)</sup> |  | 6615 | 6573 |
| Wells Fargo & Co. 5.707% 4/22/2028 (USD-SOFR + 1.07% on 4/22/2027) <sup>(f)</sup> |  | 11151 | 11384 |
| Wells Fargo & Co. 2.393% 6/2/2028 (USD-SOFR + 2.10% on 6/2/2027) <sup>(f)</sup> |  | 1003 | 980 |
| Wells Fargo & Co. 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027) <sup>(f)</sup> |  | 8357 | 8452 |
| Wells Fargo & Co. 5.574% 7/25/2029 (USD-SOFR + 1.74% on 7/25/2028) <sup>(f)</sup> |  | 2545 | 2638 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **178** |

---

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Financials (continued)** |  |  |  |
| Wells Fargo & Co. 5.15% 4/23/2031 (USD-SOFR + 1.50% on 4/23/2030) <sup>(f)</sup> | USD | 7187 | $7420 |
| Wells Fargo & Co. 5.389% 4/24/2034 (USD-SOFR + 2.02% on 4/24/2033) <sup>(f)</sup> |  | 6025 | 6271 |
| Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033) <sup>(f)</sup> |  | 4062 | 4499 |
| Wells Fargo & Co. 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052) <sup>(f)</sup> |  | 5719 | 4925 |
|  |  |  | 1040334 |
| **Health care 4.08%** |  |  |  |
| AbbVie, Inc. 5.05% 3/15/2034 |  | 18501 | 19019 |
| AbbVie, Inc. 5.35% 3/15/2044 |  | 800 | 791 |
| AbbVie, Inc. 5.40% 3/15/2054 |  | 15770 | 15345 |
| AbbVie, Inc. 5.50% 3/15/2064 |  | 550 | 535 |
| Amgen, Inc. 5.15% 3/2/2028 |  | 5326 | 5452 |
| Amgen, Inc. 4.05% 8/18/2029 |  | 7429 | 7425 |
| Amgen, Inc. 2.45% 2/21/2030 |  | 5131 | 4787 |
| Amgen, Inc. 5.25% 3/2/2030 |  | 2854 | 2964 |
| Amgen, Inc. 4.20% 3/1/2033 |  | 8502 | 8314 |
| Amgen, Inc. 5.25% 3/2/2033 |  | 20793 | 21530 |
| Amgen, Inc. 4.875% 3/1/2053 |  | 3360 | 2960 |
| Amgen, Inc. 4.40% 2/22/2062 |  | 196 | 153 |
| AstraZeneca Finance, LLC 5.00% 2/26/2034 |  | 6925 | 7170 |
| Baxter International, Inc. 4.45% 2/15/2029 |  | 9503 | 9539 |
| Baxter International, Inc. 2.539% 2/1/2032 |  | 3906 | 3405 |
| Bristol-Myers Squibb Co. 5.10% 2/22/2031 |  | 3990 | 4156 |
| Bristol-Myers Squibb Co. 5.20% 2/22/2034 |  | 22685 | 23590 |
| Bristol-Myers Squibb Co. 5.50% 2/22/2044 |  | 425 | 426 |
| Bristol-Myers Squibb Co. 2.55% 11/13/2050 |  | 2113 | 1252 |
| Bristol-Myers Squibb Co. 3.70% 3/15/2052 |  | 2197 | 1616 |
| Bristol-Myers Squibb Co. 5.55% 2/22/2054 |  | 12840 | 12619 |
| Centene Corp. 4.25% 12/15/2027 |  | 14860 | 14782 |
| Centene Corp. 2.45% 7/15/2028 |  | 12410 | 11630 |
| Centene Corp. 4.625% 12/15/2029 |  | 14945 | 14506 |
| Centene Corp. 3.375% 2/15/2030 |  | 15718 | 14489 |
| Cigna Group (The) 5.125% 5/15/2031 |  | 2095 | 2166 |
| Cigna Group (The) 5.25% 2/15/2034 |  | 3745 | 3858 |
| Cigna Group (The) 6.00% 1/15/2056 |  | 1600 | 1646 |
| CVS Health Corp. 5.125% 2/21/2030 |  | 1720 | 1768 |
| CVS Health Corp. 5.25% 1/30/2031 |  | 960 | 992 |
| CVS Health Corp. 5.55% 6/1/2031 |  | 3707 | 3881 |
| CVS Health Corp. 5.00% 9/15/2032 |  | 5853 | 5976 |
| CVS Health Corp. 5.25% 2/21/2033 |  | 2122 | 2185 |
| CVS Health Corp. 5.70% 6/1/2034 |  | 7706 | 8078 |
| CVS Health Corp. 5.45% 9/15/2035 |  | 4471 | 4578 |
| CVS Health Corp. 6.05% 6/1/2054 |  | 1995 | 1985 |
| CVS Health Corp. 6.20% 9/15/2055 |  | 6535 | 6640 |
| CVS Health Corp. 6.00% 6/1/2063 |  | 1076 | 1044 |
| Elevance Health, Inc. 4.95% 11/1/2031 |  | 2322 | 2377 |
| Elevance Health, Inc. 5.20% 2/15/2035 |  | 7577 | 7746 |
| Elevance Health, Inc. 4.55% 5/15/2052 |  | 271 | 226 |
| Elevance Health, Inc. 5.125% 2/15/2053 |  | 784 | 710 |
| Elevance Health, Inc. 5.70% 2/15/2055 |  | 995 | 973 |
| Eli Lilly and Co. 5.10% 2/12/2035 |  | 23057 | 23845 |
| Eli Lilly and Co. 5.50% 2/12/2055 |  | 7907 | 7923 |
| Gilead Sciences, Inc. 5.25% 10/15/2033 |  | 3340 | 3511 |
| HCA,Inc. 5.20% 6/1/2028 |  | 4165 | 4268 |
| HCA, Inc. 2.375% 7/15/2031 |  | 2233 | 2005 |
| HCA, Inc. 3.625% 3/15/2032 |  | 2400 | 2270 |
| HCA,Inc. 4.625% 3/15/2052 |  | 226 | 185 |
| Humana, Inc. 5.375% 4/15/2031 |  | 5530 | 5719 |

---

---

| | |
|:---|:---|
| **179** | American Funds Insurance Series |

---

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Health care (continued)** |  |  |  |
| Humana, Inc. 5.55% 5/1/2035 | USD | 1735 | $1772 |
| Humana, Inc. 5.75% 4/15/2054 |  | 954 | 902 |
| Johnson & Johnson 4.80% 6/1/2029 |  | 3970 | 4101 |
| Johnson & Johnson 4.90% 6/1/2031 |  | 4175 | 4361 |
| Merck & Co.,Inc. 1.70% 6/10/2027 |  | 3093 | 3014 |
| Pfizer Investment Enterprises Pte., Ltd. 4.45% 5/19/2028 |  | 1375 | 1393 |
| Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033 |  | 7942 | 8029 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053 |  | 5622 | 5327 |
| Roche Holdings, Inc. 1.93% 12/13/2028 <sup>(e)</sup> |  | 7545 | 7164 |
| Roche Holdings, Inc. 4.592% 9/9/2034 <sup>(e)</sup> |  | 765 | 763 |
| Roche Holdings, Inc. 2.607% 12/13/2051 <sup>(e)</sup> |  | 645 | 395 |
| Shire Acquisitions Investments Ireland DAC 3.20% 9/23/2026 |  | 306 | 304 |
| Stryker Corp. 4.85% 2/10/2030 |  | 1235 | 1269 |
| Stryker Corp. 5.20% 2/10/2035 |  | 1110 | 1140 |
| Takeda U.S. Financing, Inc. 5.20% 7/7/2035 |  | 12074 | 12303 |
| Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028 |  | 28059 | 29142 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029 |  | 4431 | 4485 |
| Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029 |  | 3720 | 4097 |
| Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031 |  | 2935 | 3383 |
| Teva Pharmaceutical Finance Netherlands III BV 6.00% 12/1/2032 |  | 725 | 761 |
| Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046 |  | 26266 | 19898 |
| UnitedHealth Group,Inc. 4.80% 1/15/2030 |  | 395 | 405 |
| UnitedHealth Group, Inc. 2.00% 5/15/2030 |  | 466 | 425 |
| UnitedHealth Group, Inc. 4.95% 1/15/2032 |  | 1910 | 1958 |
| UnitedHealth Group, Inc. 4.20% 5/15/2032 |  | 1654 | 1633 |
| UnitedHealth Group, Inc. 5.15% 7/15/2034 |  | 15956 | 16348 |
| UnitedHealth Group, Inc. 3.05% 5/15/2041 |  | 1300 | 986 |
| UnitedHealth Group, Inc. 4.25% 6/15/2048 |  | 960 | 786 |
| UnitedHealth Group, Inc. 3.25% 5/15/2051 |  | 572 | 388 |
| UnitedHealth Group, Inc. 5.625% 7/15/2054 |  | 10472 | 10283 |
| UnitedHealth Group, Inc. 4.95% 5/15/2062 |  | 69 | 60 |
| Viatris, Inc. 4.00% 6/22/2050 |  | 1761 | 1173 |
|  |  |  | 463458 |
| **Consumer discretionary 3.73%** |  |  |  |
| Advance Auto Parts, Inc. 7.375% 8/1/2033 <sup>(e)</sup> |  | 3110 | 3124 |
| Allied Universal Holdco, LLC 4.625% 6/1/2028 <sup>(e)</sup> |  | 335 | 331 |
| Amazon.com, Inc. 1.65% 5/12/2028 |  | 3860 | 3685 |
| Amazon.com, Inc. 3.45% 4/13/2029 |  | 600 | 593 |
| Amazon.com, Inc. 4.65% 11/20/2035 |  | 4048 | 4033 |
| Amazon.com, Inc. 5.45% 11/20/2055 |  | 10475 | 10231 |
| Amazon.com, Inc. 3.25% 5/12/2061 |  | 4100 | 2625 |
| Amazon.com, Inc. 4.10% 4/13/2062 |  | 470 | 363 |
| Amazon.com, Inc. 5.55% 11/20/2065 |  | 4765 | 4626 |
| BMW US Capital, LLC 3.45% 4/1/2027 <sup>(e)</sup> |  | 1075 | 1069 |
| BMW US Capital, LLC 3.70% 4/1/2032 <sup>(e)</sup> |  | 1350 | 1286 |
| Carnival Corp. 5.125% 5/1/2029 <sup>(e)</sup> |  | 3500 | 3541 |
| Carnival Corp. 5.75% 8/1/2032 <sup>(e)</sup> |  | 5880 | 6042 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(e)</sup> |  | 4115 | 4251 |
| Ford Motor Co. 3.25% 2/12/2032 |  | 620 | 547 |
| Ford Motor Credit Co., LLC 6.95% 3/6/2026 |  | 855 | 857 |
| Ford Motor Credit Co., LLC 6.95% 6/10/2026 |  | 755 | 762 |
| Ford Motor Credit Co., LLC 5.125% 11/5/2026 |  | 4795 | 4822 |
| Ford Motor Credit Co., LLC 4.271% 1/9/2027 |  | 13882 | 13815 |
| Ford Motor Credit Co., LLC 5.80% 3/5/2027 |  | 3145 | 3185 |
| Ford Motor Credit Co., LLC 5.85% 5/17/2027 |  | 1940 | 1971 |
| Ford Motor Credit Co., LLC 4.125% 8/17/2027 |  | 37170 | 36884 |
| Ford Motor Credit Co., LLC 3.815% 11/2/2027 |  | 3990 | 3931 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **180** |

---

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Consumer discretionary (continued)** |  |  |  |
| Ford Motor Credit Co., LLC 7.35% 11/4/2027 | USD | 1674 | $1748 |
| Ford Motor Credit Co., LLC 5.918% 3/20/2028 |  | 24035 | 24608 |
| Ford Motor Credit Co., LLC 6.80% 5/12/2028 |  | 2030 | 2119 |
| Ford Motor Credit Co., LLC 6.798% 11/7/2028 |  | 762 | 800 |
| Ford Motor Credit Co., LLC 2.90% 2/10/2029 |  | 1065 | 1001 |
| Ford Motor Credit Co., LLC 5.80% 3/8/2029 |  | 6740 | 6889 |
| Ford Motor Credit Co., LLC 5.113% 5/3/2029 |  | 9854 | 9872 |
| Ford Motor Credit Co., LLC 5.303% 9/6/2029 |  | 5407 | 5452 |
| Ford Motor Credit Co., LLC 7.35% 3/6/2030 |  | 10668 | 11454 |
| Ford Motor Credit Co., LLC 7.20% 6/10/2030 |  | 1015 | 1089 |
| Ford Motor Credit Co., LLC 4.00% 11/13/2030 |  | 18420 | 17402 |
| Ford Motor Credit Co., LLC 6.05% 3/5/2031 |  | 12074 | 12420 |
| Ford Motor Credit Co., LLC 3.625% 6/17/2031 |  | 3037 | 2784 |
| Ford Motor Credit Co., LLC 6.054% 11/5/2031 |  | 19460 | 19961 |
| Ford Motor Credit Co., LLC 7.122% 11/7/2033 |  | 3167 | 3403 |
| Ford Motor Credit Co., LLC 6.125% 3/8/2034 |  | 12096 | 12297 |
| General Motors Financial Co., Inc. 1.50% 6/10/2026 |  | 6712 | 6637 |
| General Motors Financial Co., Inc. 2.35% 2/26/2027 |  | 9771 | 9579 |
| General Motors Financial Co., Inc. 5.45% 7/15/2030 |  | 8013 | 8324 |
| General Motors Financial Co., Inc. 5.625% 4/4/2032 |  | 1201 | 1251 |
| General Motors Financial Co., Inc. 5.90% 1/7/2035 |  | 2888 | 3013 |
| Home Depot, Inc. 2.95% 6/15/2029 |  | 1966 | 1903 |
| Home Depot, Inc. 4.85% 6/25/2031 |  | 2559 | 2647 |
| Home Depot, Inc. 4.95% 6/25/2034 |  | 4749 | 4859 |
| Home Depot, Inc. 4.50% 12/6/2048 |  | 1915 | 1655 |
| Home Depot, Inc. 5.30% 6/25/2054 |  | 2234 | 2138 |
| Hyatt Hotels Corp. 5.05% 3/30/2028 |  | 8567 | 8728 |
| Hyundai Capital America 1.30% 1/8/2026 <sup>(e)</sup> |  | 6000 | 5997 |
| Hyundai Capital America 5.50% 3/30/2026 <sup>(e)</sup> |  | 705 | 707 |
| Hyundai Capital America 1.50% 6/15/2026 <sup>(e)</sup> |  | 7475 | 7390 |
| Hyundai Capital America 1.65% 9/17/2026 <sup>(e)</sup> |  | 7275 | 7158 |
| Hyundai Capital America 3.00% 2/10/2027 <sup>(e)</sup> |  | 9000 | 8903 |
| Hyundai Capital America 5.275% 6/24/2027 <sup>(e)</sup> |  | 1650 | 1678 |
| Hyundai Capital America 2.375% 10/15/2027 <sup>(e)</sup> |  | 7543 | 7325 |
| Hyundai Capital America 5.60% 3/30/2028 <sup>(e)</sup> |  | 1385 | 1426 |
| Hyundai Capital America 5.30% 6/24/2029 <sup>(e)</sup> |  | 1523 | 1568 |
| Hyundai Capital America 5.15% 3/27/2030 <sup>(e)</sup> |  | 25720 | 26370 |
| Hyundai Capital America 5.40% 6/24/2031 <sup>(e)</sup> |  | 3365 | 3484 |
| Hyundai Capital Services, Inc. 1.25% 2/8/2026 <sup>(e)</sup> |  | 3695 | 3684 |
| Marriott International, Inc. 5.00% 10/15/2027 |  | 4470 | 4549 |
| Marriott International, Inc. 4.90% 4/15/2029 |  | 653 | 668 |
| Marriott International, Inc. 5.35% 3/15/2035 |  | 1365 | 1405 |
| McDonald's Corp. 5.00% 5/17/2029 |  | 1305 | 1344 |
| McDonald's Corp. 4.95% 3/3/2035 |  | 786 | 797 |
| McDonald's Corp. 4.45% 3/1/2047 |  | 3535 | 3027 |
| McDonald's Corp. 3.625% 9/1/2049 |  | 2938 | 2165 |
| Nissan Motor Co., Ltd. 4.81% 9/17/2030 <sup>(e)</sup> |  | 267 | 252 |
| Nissan Motor Co., Ltd. 8.125% 7/17/2035 <sup>(e)</sup> |  | 8860 | 9423 |
| Royal Caribbean Cruises, Ltd. 5.375% 1/15/2036 |  | 10252 | 10299 |
| Sands China, Ltd. 2.30% 3/8/2027 |  | 2368 | 2314 |
| Toyota Motor Credit Corp. 3.375% 4/1/2030 |  | 4954 | 4824 |
| Toyota Motor Credit Corp. 4.55% 5/17/2030 |  | 1625 | 1655 |
| Toyota Motor Credit Corp. 5.55% 11/20/2030 |  | 690 | 732 |
| Travel + Leisure Co. 6.625% 7/31/2026 <sup>(e)</sup> |  | 675 | 682 |
| Volkswagen Group of America Finance, LLC 4.95% 8/15/2029 <sup>(e)</sup> |  | 1635 | 1657 |
| Volkswagen Group of America Finance, LLC 6.45% 11/16/2030 <sup>(e)</sup> |  | 5190 | 5577 |
| Wynn Resorts Finance, LLC 5.125% 10/1/2029 <sup>(e)</sup> |  | 410 | 413 |
|  |  |  | 424080 |

---

---

| | |
|:---|:---|
| **181** | American Funds Insurance Series |

---

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Utilities 3.30%** |  |  |  |
| AEP Texas, Inc. 3.45% 5/15/2051 | USD | 1380 | $937 |
| AEP Transmission Co., LLC 5.375% 6/15/2035 |  | 1075 | 1111 |
| Alabama Power Co. 3.00% 3/15/2052 |  | 3219 | 2095 |
| Alfa Transmisora De Energia SA 4.55% 9/27/2051 <sup>(e)</sup> |  | 410 | 331 |
| Baltimore Gas and Electric Co. 4.55% 6/1/2052 |  | 525 | 445 |
| Berkshire Hathaway Energy Co. 4.50% 2/1/2045 |  | 5895 | 5127 |
| Berkshire Hathaway Energy Co. 4.60% 5/1/2053 |  | 1017 | 857 |
| Cleveland Electric Illuminating Co. (The) 3.50% 4/1/2028 <sup>(e)</sup> |  | 2400 | 2361 |
| Comision Federal de Electricidad 4.688% 5/15/2029 <sup>(e)</sup> |  | 3655 | 3623 |
| Connecticut Light and Power Co. (The) 2.05% 7/1/2031 |  | 1775 | 1581 |
| DTE Energy Co. 5.10% 3/1/2029 |  | 7900 | 8098 |
| DTE Energy Co. 3.00% 3/1/2032 |  | 259 | 240 |
| Duke Energy Carolinas, LLC 5.35% 1/15/2053 |  | 332 | 320 |
| Duke Energy Florida, LLC 5.875% 11/15/2033 |  | 370 | 400 |
| Duke Energy Florida, LLC 3.40% 10/1/2046 |  | 5669 | 4158 |
| Duke Energy Florida, LLC 3.00% 12/15/2051 |  | 293 | 191 |
| Duke Energy Florida, LLC 5.95% 11/15/2052 |  | 575 | 597 |
| Duke Energy Progress, LLC 3.70% 9/1/2028 |  | 3750 | 3738 |
| Duke Energy Progress, LLC 2.00% 8/15/2031 |  | 1775 | 1577 |
| Duke Energy Progress, LLC 2.50% 8/15/2050 |  | 644 | 377 |
| Edison International 4.125% 3/15/2028 |  | 6768 | 6696 |
| Edison International 6.95% 11/15/2029 |  | 1575 | 1678 |
| Electricite de France SA 5.65% 4/22/2029 <sup>(e)</sup> |  | 1420 | 1479 |
| Electricite de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on 6/1/2028) <sup>(f)</sup> | EUR | 2800 | 3217 |
| Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 5.411% on 6/15/2033) <sup>(e)(f)</sup> | USD | 1575 | 1838 |
| Emera US Finance, LP 2.639% 6/15/2031 |  | 4400 | 3984 |
| ENN Clean Energy International Investment, Ltd. 3.375% 5/12/2026 <sup>(e)</sup> |  | 1310 | 1302 |
| Entergy Louisiana, LLC 4.20% 9/1/2048 |  | 5637 | 4561 |
| Eversource Energy 5.00% 1/1/2027 |  | 3415 | 3446 |
| FirstEnergy Corp. 2.25% 9/1/2030 |  | 12602 | 11418 |
| Florida Power & Light Co. 4.40% 5/15/2028 |  | 1655 | 1677 |
| Florida Power & Light Co. 5.10% 4/1/2033 |  | 7431 | 7711 |
| Florida Power & Light Co. 4.80% 5/15/2033 |  | 2929 | 2987 |
| Florida Power & Light Co. 5.30% 4/1/2053 |  | 1255 | 1203 |
| Georgia Power Co. 4.95% 5/17/2033 |  | 1845 | 1882 |
| Georgia Power Co. 5.25% 3/15/2034 |  | 3200 | 3305 |
| Georgia Power Co. 3.70% 1/30/2050 |  | 190 | 143 |
| Jersey Central Power & Light Co. 2.75% 3/1/2032 <sup>(e)</sup> |  | 525 | 472 |
| NiSource, Inc. 5.40% 6/30/2033 |  | 650 | 675 |
| Pacific Gas and Electric Co. 3.15% 1/1/2026 |  | 27543 | 27543 |
| Pacific Gas and Electric Co. 2.95% 3/1/2026 |  | 10850 | 10824 |
| Pacific Gas and Electric Co. 2.10% 8/1/2027 |  | 2026 | 1965 |
| Pacific Gas and Electric Co. 3.30% 12/1/2027 |  | 7105 | 7000 |
| Pacific Gas and Electric Co. 3.00% 6/15/2028 |  | 2542 | 2466 |
| Pacific Gas and Electric Co. 3.75% 7/1/2028 |  | 13760 | 13595 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028 |  | 7900 | 7960 |
| Pacific Gas and Electric Co. 4.55% 7/1/2030 |  | 35449 | 35312 |
| Pacific Gas and Electric Co. 2.50% 2/1/2031 |  | 21597 | 19464 |
| Pacific Gas and Electric Co. 6.40% 6/15/2033 |  | 11619 | 12552 |
| Pacific Gas and Electric Co. 6.95% 3/15/2034 |  | 1294 | 1440 |
| Pacific Gas and Electric Co. 5.80% 5/15/2034 |  | 3581 | 3721 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040 |  | 10340 | 7854 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050 |  | 15807 | 10679 |
| Pacific Gas and Electric Co. 5.90% 10/1/2054 |  | 2410 | 2321 |
| PacifiCorp 3.30% 3/15/2051 |  | 325 | 209 |
| PacifiCorp 2.90% 6/15/2052 |  | 586 | 344 |
| PacifiCorp 5.80% 1/15/2055 |  | 7735 | 7224 |
| PECO Energy Co. 5.25% 9/15/2054 |  | 1775 | 1680 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **182** |

---

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Utilities (continued)** |  |  |  |
| Public Service Electric and Gas Co. 3.20% 5/15/2029 | USD | 6000 | $5850 |
| Public Service Electric and Gas Co. 5.20% 8/1/2033 |  | 1200 | 1246 |
| Public Service Electric and Gas Co. 5.50% 3/1/2055 |  | 1503 | 1476 |
| Southern California Edison Co. 4.90% 6/1/2026 |  | 1177 | 1179 |
| Southern California Edison Co. 3.65% 3/1/2028 |  | 225 | 222 |
| Southern California Edison Co. 5.30% 3/1/2028 |  | 3601 | 3679 |
| Southern California Edison Co. 4.20% 3/1/2029 |  | 7286 | 7244 |
| Southern California Edison Co. 2.85% 8/1/2029 |  | 7498 | 7112 |
| Southern California Edison Co. 5.25% 3/15/2030 |  | 19378 | 19884 |
| Southern California Edison Co. 2.50% 6/1/2031 |  | 5044 | 4527 |
| Southern California Edison Co. 5.45% 6/1/2031 |  | 8795 | 9106 |
| Southern California Edison Co. 5.20% 6/1/2034 |  | 5196 | 5226 |
| Southern California Edison Co. 5.45% 3/1/2035 |  | 1845 | 1872 |
| Southern California Edison Co. 5.75% 4/1/2035 |  | 4549 | 4702 |
| Southern California Edison Co. 5.35% 7/15/2035 |  | 6450 | 6496 |
| Southern California Edison Co. 5.625% 2/1/2036 |  | 7051 | 7138 |
| Southern California Edison Co. 3.60% 2/1/2045 |  | 2417 | 1748 |
| Southern California Edison Co. 2.95% 2/1/2051 |  | 738 | 451 |
| Southwestern Electric Power Co. 1.65% 3/15/2026 |  | 3550 | 3531 |
| Southwestern Electric Power Co. 3.25% 11/1/2051 |  | 2075 | 1372 |
| Virginia Electric & Power 2.40% 3/30/2032 |  | 2575 | 2294 |
| Wisconsin Power and Light Co. 1.95% 9/16/2031 |  | 525 | 461 |
| Wisconsin Power and Light Co. 3.65% 4/1/2050 |  | 1075 | 785 |
| Wisconsin Public Service Corp. 2.85% 12/1/2051 |  | 375 | 238 |
| Xcel Energy, Inc. 5.50% 3/15/2034 |  | 4230 | 4370 |
|  |  |  | 374200 |
| **Communication services 2.48%** |  |  |  |
| Alphabet, Inc. 4.70% 11/15/2035 |  | 2576 | 2578 |
| Alphabet, Inc. 5.35% 11/15/2045 |  | 2455 | 2441 |
| Alphabet, Inc. 5.45% 11/15/2055 |  | 5534 | 5433 |
| Alphabet,Inc. 5.70% 11/15/2075 |  | 6080 | 5989 |
| AT&T, Inc. 1.70% 3/25/2026 |  | 17807 | 17718 |
| AT&T, Inc. 1.65% 2/1/2028 |  | 4700 | 4481 |
| AT&T, Inc. 4.30% 2/15/2030 |  | 15940 | 15966 |
| AT&T, Inc. 2.55% 12/1/2033 |  | 12748 | 10884 |
| AT&T, Inc. 5.40% 2/15/2034 |  | 442 | 458 |
| AT&T, Inc. 4.50% 5/15/2035 |  | 174 | 167 |
| CCO Holdings, LLC 5.125% 5/1/2027 <sup>(e)</sup> |  | 9505 | 9497 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(e)</sup> |  | 1265 | 1157 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(e)</sup> |  | 3875 | 3299 |
| Charter Communications Operating, LLC 6.10% 6/1/2029 |  | 1360 | 1420 |
| Charter Communications Operating, LLC 2.80% 4/1/2031 |  | 6057 | 5453 |
| Charter Communications Operating, LLC 4.40% 4/1/2033 |  | 1092 | 1029 |
| Charter Communications Operating, LLC 5.85% 12/1/2035 |  | 1302 | 1299 |
| Charter Communications Operating, LLC 5.75% 4/1/2048 |  | 5000 | 4270 |
| Charter Communications Operating, LLC 4.80% 3/1/2050 |  | 5134 | 3860 |
| Charter Communications Operating, LLC 3.70% 4/1/2051 |  | 2519 | 1592 |
| Charter Communications Operating, LLC 3.90% 6/1/2052 |  | 6148 | 3974 |
| Charter Communications Operating, LLC 5.25% 4/1/2053 |  | 1065 | 844 |
| Charter Communications Operating, LLC 6.70% 12/1/2055 |  | 1058 | 1015 |
| Comcast Corp. 3.15% 2/15/2028 |  | 7200 | 7088 |
| Comcast Corp. 4.55% 1/15/2029 |  | 1610 | 1636 |
| Comcast Corp. 4.80% 5/15/2033 |  | 1841 | 1857 |
| Comcast Corp. 2.887% 11/1/2051 |  | 18 | 11 |
| Comcast Corp. 5.65% 6/1/2054 |  | 3313 | 3108 |
| Comcast Corp. 5.50% 5/15/2064 |  | 250 | 224 |
| Discovery Communications, LLC 3.625% 5/15/2030 |  | 1125 | 979 |

---

---

| | |
|:---|:---|
| **183** | American Funds Insurance Series |

---

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Communication services (continued)** |  |  |  |
| Meta Platforms, Inc. 4.20% 11/15/2030 | USD | 152 | $152 |
| Meta Platforms, Inc. 4.60% 11/15/2032 |  | 11473 | 11569 |
| Meta Platforms, Inc. 4.875% 11/15/2035 |  | 13299 | 13286 |
| Meta Platforms, Inc. 5.50% 11/15/2045 |  | 4233 | 4113 |
| Meta Platforms, Inc. 5.625% 11/15/2055 |  | 9090 | 8731 |
| Meta Platforms, Inc. 5.75% 11/15/2065 |  | 4352 | 4155 |
| News Corp. 5.125% 2/15/2032 <sup>(e)</sup> |  | 1300 | 1282 |
| SBA Tower Trust 1.631% 11/15/2026 <sup>(e)</sup> |  | 6741 | 6596 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(e)</sup> |  | 675 | 661 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(e)</sup> |  | 12000 | 11059 |
| T-Mobile USA, Inc. 2.625% 4/15/2026 |  | 4416 | 4399 |
| T-Mobile USA, Inc. 3.75% 4/15/2027 |  | 5000 | 4986 |
| T-Mobile USA, Inc. 4.95% 3/15/2028 |  | 705 | 719 |
| T-Mobile USA, Inc. 4.80% 7/15/2028 |  | 175 | 178 |
| T-Mobile USA, Inc. 4.85% 1/15/2029 |  | 2725 | 2784 |
| T-Mobile USA, Inc. 3.875% 4/15/2030 |  | 4500 | 4426 |
| T-Mobile USA, Inc. 2.875% 2/15/2031 |  | 14691 | 13643 |
| T-Mobile USA, Inc. 5.125% 5/15/2032 |  | 4970 | 5117 |
| T-Mobile USA, Inc. 5.05% 7/15/2033 |  | 832 | 849 |
| T-Mobile USA, Inc. 5.75% 1/15/2034 |  | 730 | 775 |
| T-Mobile USA, Inc. 3.00% 2/15/2041 |  | 2100 | 1566 |
| T-Mobile USA, Inc. 6.00% 6/15/2054 |  | 920 | 940 |
| T-Mobile USA, Inc. 5.50% 1/15/2055 |  | 406 | 385 |
| Verizon Communications, Inc. 1.75% 1/20/2031 |  | 9144 | 8053 |
| Verizon Communications, Inc. 2.55% 3/21/2031 |  | 5047 | 4611 |
| Verizon Communications, Inc. 2.355% 3/15/2032 |  | 4786 | 4219 |
| Verizon Communications, Inc. 4.75% 1/15/2033 |  | 7614 | 7610 |
| Verizon Communications, Inc. 4.78% 2/15/2035 |  | 1552 | 1529 |
| Verizon Communications, Inc. 3.55% 3/22/2051 |  | 625 | 444 |
| Verizon Communications, Inc. 3.875% 3/1/2052 |  | 4006 | 2970 |
| WarnerMedia Holdings, Inc. 3.755% 3/15/2027 |  | 356 | 354 |
| WarnerMedia Holdings, Inc. 4.279% 3/15/2032 |  | 22605 | 19871 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042 |  | 12281 | 8674 |
| WarnerMedia Holdings, Inc. 5.141% 3/15/2052 |  | 1030 | 681 |
| ZipRecruiter, Inc. 5.00% 1/15/2030 <sup>(e)</sup> |  | 490 | 385 |
|  |  |  | 281499 |
| **Industrials 1.78%** |  |  |  |
| ADT Security Corp. 4.125% 8/1/2029 <sup>(e)</sup> |  | 510 | 499 |
| Aeropuerto Internacional de Tocumen SA 4.00% 8/11/2041 <sup>(e)</sup> |  | 730 | 613 |
| Aeropuerto Internacional de Tocumen SA 5.125% 8/11/2061 <sup>(e)</sup> |  | 565 | 460 |
| Air Lease Corp. 2.875% 1/15/2026 |  | 10172 | 10167 |
| Air Lease Corp. 2.20% 1/15/2027 |  | 4341 | 4254 |
| Air Lease Corp. 5.20% 7/15/2031 |  | 3650 | 3711 |
| BAE Systems PLC 5.00% 3/26/2027 <sup>(e)</sup> |  | 1200 | 1215 |
| BAE Systems PLC 5.125% 3/26/2029 <sup>(e)</sup> |  | 3482 | 3584 |
| BAE Systems PLC 5.25% 3/26/2031 <sup>(e)</sup> |  | 2156 | 2242 |
| BAE Systems PLC 5.30% 3/26/2034 <sup>(e)</sup> |  | 570 | 590 |
| Boeing Co. (The) 2.75% 2/1/2026 |  | 11211 | 11198 |
| Boeing Co. (The) 2.196% 2/4/2026 |  | 9781 | 9763 |
| Boeing Co. (The) 2.70% 2/1/2027 |  | 6473 | 6382 |
| Boeing Co. (The) 5.04% 5/1/2027 |  | 13539 | 13683 |
| Boeing Co. (The) 6.259% 5/1/2027 |  | 4214 | 4326 |
| Boeing Co. (The) 3.25% 2/1/2028 |  | 11810 | 11618 |
| Boeing Co. (The) 3.25% 3/1/2028 |  | 1925 | 1891 |
| Boeing Co. (The) 6.298% 5/1/2029 |  | 1507 | 1600 |
| Boeing Co. (The) 5.15% 5/1/2030 |  | 25342 | 26048 |
| Boeing Co. (The) 3.625% 2/1/2031 |  | 751 | 722 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **184** |

---

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Industrials (continued)** |  |  |  |
| Boeing Co. (The) 6.388% 5/1/2031 | USD | 5632 | $6114 |
| Boeing Co. (The) 6.528% 5/1/2034 |  | 1381 | 1528 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041 |  | 578 | 434 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051 |  | 1801 | 1196 |
| CK Hutchison International (23), Ltd. 4.75% 4/21/2028 <sup>(e)</sup> |  | 1260 | 1280 |
| CSX Corp. 4.10% 11/15/2032 |  | 1886 | 1852 |
| CSX Corp. 5.20% 11/15/2033 |  | 1333 | 1388 |
| CSX Corp. 4.50% 11/15/2052 |  | 4470 | 3797 |
| General Dynamics Corp. 3.75% 5/15/2028 |  | 479 | 480 |
| General Dynamics Corp. 3.625% 4/1/2030 |  | 387 | 380 |
| L3Harris Technologies, Inc. 5.40% 7/31/2033 |  | 1126 | 1173 |
| LG Energy Solution, Ltd. 5.25% 4/2/2028 <sup>(e)</sup> |  | 13205 | 13464 |
| MISC Capital Two (Labuan), Ltd. 3.75% 4/6/2027 <sup>(e)</sup> |  | 2690 | 2674 |
| Norfolk Southern Corp. 5.05% 8/1/2030 |  | 1734 | 1798 |
| Norfolk Southern Corp. 5.35% 8/1/2054 |  | 1458 | 1394 |
| Northrop Grumman Corp. 4.70% 3/15/2033 |  | 2909 | 2938 |
| Northrop Grumman Corp. 4.95% 3/15/2053 |  | 1124 | 1014 |
| Republic Services, Inc. 2.375% 3/15/2033 |  | 1635 | 1428 |
| Republic Services, Inc. 5.00% 4/1/2034 |  | 15 | 15 |
| RTX Corp. 5.75% 11/8/2026 |  | 550 | 558 |
| RTX Corp. 3.125% 5/4/2027 |  | 4551 | 4505 |
| RTX Corp. 4.125% 11/16/2028 |  | 4974 | 4995 |
| RTX Corp. 5.75% 1/15/2029 |  | 410 | 429 |
| RTX Corp. 6.00% 3/15/2031 |  | 550 | 593 |
| RTX Corp. 2.375% 3/15/2032 |  | 451 | 403 |
| RTX Corp. 6.10% 3/15/2034 |  | 401 | 439 |
| RTX Corp. 2.82% 9/1/2051 |  | 665 | 415 |
| RTX Corp. 3.03% 3/15/2052 |  | 1190 | 777 |
| RTX Corp. 6.40% 3/15/2054 |  | 1006 | 1108 |
| Summit Digitel Infrastructure Pvt, Ltd. 2.875% 8/12/2031 <sup>(e)</sup> |  | 2550 | 2319 |
| TransDigm, Inc. 6.25% 1/31/2034 <sup>(e)</sup> |  | 2405 | 2497 |
| Triton Container International, Ltd. 3.15% 6/15/2031 <sup>(e)</sup> |  | 2482 | 2240 |
| Union Pacific Corp. 2.15% 2/5/2027 |  | 2213 | 2174 |
| Union Pacific Corp. 2.40% 2/5/2030 |  | 4454 | 4173 |
| Union Pacific Corp. 2.375% 5/20/2031 |  | 2298 | 2108 |
| Union Pacific Corp. 2.80% 2/14/2032 |  | 5244 | 4824 |
| Union Pacific Corp. 5.10% 2/20/2035 |  | 2104 | 2172 |
| Union Pacific Corp. 2.95% 3/10/2052 |  | 1405 | 898 |
| Union Pacific Corp. 5.60% 12/1/2054 |  | 470 | 469 |
| Waste Management, Inc. 1.50% 3/15/2031 |  | 419 | 366 |
| Waste Management,Inc. 4.80% 3/15/2032 |  | 4135 | 4234 |
|  |  |  | 201609 |
| **Energy 1.64%** |  |  |  |
| Antero Resources Corp. 5.375% 3/1/2030 <sup>(e)</sup> |  | 280 | 284 |
| APA Corp. 4.25% 1/15/2030 |  | 2465 | 2423 |
| Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(e)</sup> |  | 395 | 409 |
| Baker Hughes Holdings, LLC 2.061% 12/15/2026 |  | 1136 | 1117 |
| Cenovus Energy, Inc. 2.65% 1/15/2032 |  | 2969 | 2640 |
| Cenovus Energy, Inc. 5.25% 6/15/2037 |  | 289 | 281 |
| Cenovus Energy, Inc. 3.75% 2/15/2052 |  | 19 | 13 |
| Chevron Corp. 2.954% 5/16/2026 |  | 3365 | 3355 |
| Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(e)</sup> |  | 22400 | 23266 |
| Columbia Pipelines Operating Co., LLC 5.927% 8/15/2030 <sup>(e)</sup> |  | 268 | 284 |
| Devon Energy Corp. 5.75% 9/15/2054 |  | 2068 | 1902 |
| Ecopetrol SA 8.875% 1/13/2033 |  | 15325 | 16377 |
| Energy Transfer, LP 5.25% 7/1/2029 |  | 979 | 1008 |
| Energy Transfer, LP 6.40% 12/1/2030 |  | 479 | 518 |

---

---

| | |
|:---|:---|
| **185** | American Funds Insurance Series |

---

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Energy (continued)** |  |  |  |
| Enterprise Products Operating, LLC 4.60% 1/15/2031 | USD | 5332 | $5399 |
| Enterprise Products Operating, LLC 4.95% 2/15/2035 |  | 1465 | 1483 |
| EOG Resources, Inc. 5.95% 7/15/2055 |  | 5080 | 5177 |
| Equinor ASA 3.625% 9/10/2028 |  | 4928 | 4916 |
| Equinor ASA 3.125% 4/6/2030 |  | 20000 | 19285 |
| Equinor ASA 3.25% 11/18/2049 |  | 5687 | 3970 |
| Exxon Mobil Corp. 3.043% 3/1/2026 |  | 4625 | 4619 |
| Exxon Mobil Corp. 3.452% 4/15/2051 |  | 6510 | 4676 |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(e)</sup> |  | 7490 | 7844 |
| Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(e)</sup> |  | 1470 | 1503 |
| Occidental Petroleum Corp. 6.625% 9/1/2030 |  | 5120 | 5516 |
| Occidental Petroleum Corp. 5.55% 10/1/2034 |  | 5200 | 5307 |
| Odebrecht Drilling Services, LLC 7.50% 6/15/2030 <sup>(e)</sup> |  | 6 | 6 |
| Oleoducto Central SA 4.00% 7/14/2027 <sup>(e)</sup> |  | 1715 | 1693 |
| Oleoducto Central SA 4.00% 7/14/2027 |  | 350 | 346 |
| Petroleos Mexicanos 6.50% 1/23/2029 |  | 22614 | 22990 |
| Petroleos Mexicanos 8.75% 6/2/2029 |  | 14185 | 15216 |
| Petroleos Mexicanos 6.84% 1/23/2030 |  | 11164 | 11344 |
| Shell Finance US, Inc. 2.75% 4/6/2030 |  | 377 | 358 |
| South Bow USA Infrastructure Holdings, LLC 4.911% 9/1/2027 |  | 809 | 817 |
| Sunoco, LP 5.625% 3/15/2031 <sup>(e)</sup> |  | 595 | 600 |
| TotalEnergies Capital International SA 3.455% 2/19/2029 |  | 885 | 872 |
| TotalEnergies Capital SA 5.275% 9/10/2054 |  | 6805 | 6400 |
| Venture Global Plaquemines LNG, LLC 6.50% 6/15/2034 <sup>(e)</sup> |  | 2395 | 2448 |
|  |  |  | 186662 |
| **Consumer staples 1.60%** |  |  |  |
| Altria Group, Inc. 4.40% 2/14/2026 |  | 4585 | 4585 |
| Altria Group, Inc. 4.875% 2/4/2028 |  | 1330 | 1352 |
| Anheuser-Busch InBev Worldwide, Inc. 5.55% 1/23/2049 |  | 4715 | 4710 |
| BAT Capital Corp. 3.557% 8/15/2027 |  | 9271 | 9206 |
| BAT Capital Corp. 2.259% 3/25/2028 |  | 2353 | 2265 |
| BAT Capital Corp. 6.343% 8/2/2030 |  | 2210 | 2391 |
| BAT Capital Corp. 4.742% 3/16/2032 |  | 2675 | 2701 |
| BAT Capital Corp. 5.35% 8/15/2032 |  | 18664 | 19427 |
| BAT Capital Corp. 6.421% 8/2/2033 |  | 4665 | 5153 |
| BAT Capital Corp. 5.625% 8/15/2035 |  | 12170 | 12684 |
| BAT Capital Corp. 7.079% 8/2/2043 |  | 1323 | 1492 |
| BAT Capital Corp. 5.65% 3/16/2052 |  | 120 | 114 |
| BAT International Finance PLC 1.668% 3/25/2026 |  | 4070 | 4048 |
| BAT International Finance PLC 4.448% 3/16/2028 |  | 2925 | 2949 |
| Constellation Brands, Inc. 3.50% 5/9/2027 |  | 7500 | 7449 |
| Constellation Brands, Inc. 4.35% 5/9/2027 |  | 890 | 894 |
| Constellation Brands, Inc. 4.80% 5/1/2030 |  | 1618 | 1646 |
| Constellation Brands, Inc. 2.25% 8/1/2031 |  | 1487 | 1320 |
| Constellation Brands, Inc. 4.75% 5/9/2032 |  | 1978 | 1987 |
| Constellation Brands, Inc. 4.90% 5/1/2033 |  | 2807 | 2822 |
| Coty, Inc. 5.60% 1/15/2031 <sup>(e)</sup> |  | 2726 | 2753 |
| H.J. Heinz Co. 4.875% 10/1/2049 |  | 2725 | 2346 |
| Imperial Brands Finance PLC 4.50% 6/30/2028 <sup>(e)</sup> |  | 24345 | 24547 |
| Indofood CBP Sukses Makmur Tbk PT 3.398% 6/9/2031 |  | 3110 | 2926 |
| Indofood CBP Sukses Makmur Tbk PT 4.745% 6/9/2051 |  | 685 | 589 |
| Mars, Inc. 4.80% 3/1/2030 <sup>(e)</sup> |  | 4670 | 4774 |
| Mars, Inc. 5.00% 3/1/2032 <sup>(e)</sup> |  | 3640 | 3753 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(e)</sup> |  | 15670 | 16112 |
| Mars, Inc. 5.65% 5/1/2045 <sup>(e)</sup> |  | 2371 | 2391 |
| Mars, Inc. 5.70% 5/1/2055 <sup>(e)</sup> |  | 13235 | 13193 |
| Mondelez International, Inc. 4.75% 8/28/2034 |  | 5520 | 5509 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **186** |

---

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Consumer staples (continued)** |  |  |  |
| Philip Morris International, Inc. 5.25% 9/7/2028 | USD | 2800 | $2894 |
| Philip Morris International, Inc. 5.125% 2/15/2030 |  | 982 | 1015 |
| Philip Morris International, Inc. 5.50% 9/7/2030 |  | 4565 | 4805 |
| Philip Morris International, Inc. 4.75% 11/1/2031 |  | 830 | 848 |
| Philip Morris International, Inc. 5.375% 2/15/2033 |  | 1644 | 1720 |
| Walmart, Inc. 4.90% 4/28/2035 |  | 1013 | 1042 |
| Walmart, Inc. 4.50% 4/15/2053 |  | 1416 | 1253 |
|  |  |  | 181665 |
| **Information technology 1.06%** |  |  |  |
| Analog Devices,Inc. 2.10% 10/1/2031 |  | 270 | 240 |
| Analog Devices, Inc. 5.05% 4/1/2034 |  | 717 | 741 |
| Analog Devices,Inc. 2.80% 10/1/2041 |  | 521 | 385 |
| Broadcom, Inc. 5.05% 7/12/2027 |  | 2545 | 2592 |
| Broadcom, Inc. 4.00% 4/15/2029 <sup>(e)</sup> |  | 609 | 607 |
| Broadcom, Inc. 5.05% 7/12/2029 |  | 2177 | 2242 |
| Broadcom, Inc. 5.15% 11/15/2031 |  | 5186 | 5383 |
| Broadcom, Inc. 4.15% 4/15/2032 <sup>(e)</sup> |  | 630 | 617 |
| Broadcom, Inc. 3.469% 4/15/2034 |  | 11652 | 10628 |
| Broadcom, Inc. 4.80% 10/15/2034 |  | 1063 | 1065 |
| Broadcom, Inc. 3.137% 11/15/2035 <sup>(e)</sup> |  | 847 | 730 |
| Broadcom, Inc. 4.926% 5/15/2037 <sup>(e)</sup> |  | 2879 | 2843 |
| Cisco Systems, Inc. 4.95% 2/26/2031 |  | 991 | 1028 |
| Cisco Systems, Inc. 5.05% 2/26/2034 |  | 843 | 868 |
| Cisco Systems, Inc. 5.10% 2/24/2035 |  | 2675 | 2750 |
| Cisco Systems, Inc. 5.30% 2/26/2054 |  | 784 | 752 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(e)</sup> |  | 1300 | 1339 |
| Intel Corp. 3.05% 8/12/2051 |  | 1530 | 942 |
| Intel Corp. 5.60% 2/21/2054 |  | 7880 | 7280 |
| Microchip Technology, Inc. 5.05% 3/15/2029 |  | 4350 | 4441 |
| Oracle Corp. 1.65% 3/25/2026 |  | 4867 | 4837 |
| Oracle Corp. 4.80% 8/3/2028 |  | 615 | 618 |
| Oracle Corp. 4.45% 9/26/2030 |  | 2610 | 2554 |
| Oracle Corp. 5.25% 2/3/2032 |  | 1340 | 1340 |
| Oracle Corp. 4.80% 9/26/2032 |  | 5105 | 4930 |
| Oracle Corp. 5.50% 8/3/2035 |  | 2374 | 2327 |
| Oracle Corp. 5.20% 9/26/2035 |  | 6715 | 6436 |
| Oracle Corp. 5.875% 9/26/2045 |  | 2800 | 2530 |
| Oracle Corp. 6.00% 8/3/2055 |  | 5970 | 5269 |
| Oracle Corp. 5.95% 9/26/2055 |  | 9220 | 8175 |
| Oracle Corp. 6.10% 9/26/2065 |  | 2295 | 2026 |
| Roper Technologies, Inc. 5.10% 9/15/2035 |  | 1813 | 1827 |
| Synopsys, Inc. 5.15% 4/1/2035 |  | 21470 | 21829 |
| Synopsys, Inc. 5.70% 4/1/2055 |  | 8055 | 7999 |
|  |  |  | 120170 |
| **Materials 0.72%** |  |  |  |
| Air Products and Chemicals, Inc. 2.70% 5/15/2040 |  | 2911 | 2192 |
| BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2033 |  | 138 | 143 |
| BHP Billiton Finance (USA), Ltd. 5.75% 9/5/2055 |  | 4050 | 4134 |
| Braskem Netherlands Finance BV 7.25% 2/13/2033 <sup>(e)</sup> |  | 700 | 272 |
| Celanese US Holdings, LLC 6.665% 7/15/2027 |  | 6297 | 6495 |
| Celanese US Holdings, LLC 6.85% 11/15/2028 |  | 3575 | 3743 |
| Celanese US Holdings, LLC 6.83% 7/15/2029 |  | 13862 | 14553 |
| Celanese US Holdings, LLC 7.05% 11/15/2030 |  | 4530 | 4777 |
| Celanese US Holdings, LLC 6.879% 7/15/2032 |  | 800 | 833 |
| Celanese US Holdings, LLC 7.20% 11/15/2033 |  | 1031 | 1090 |

---

---

| | |
|:---|:---|
| **187** | American Funds Insurance Series |

---

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Materials (continued)** |  |  |  |
| Chevron Phillips Chemical Co., LLC 4.75% 5/15/2030 <sup>(e)</sup> | USD | 834 | $845 |
| Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(e)</sup> |  | 7250 | 7653 |
| Dow Chemical Co. (The) 5.35% 3/15/2035 |  | 129 | 128 |
| Dow Chemical Co. (The) 5.65% 3/15/2036 |  | 66 | 66 |
| Dow Chemical Co. (The) 5.55% 11/30/2048 |  | 142 | 125 |
| Dow Chemical Co. (The) 6.90% 5/15/2053 |  | 62 | 64 |
| Dow Chemical Co. (The) 5.60% 2/15/2054 |  | 764 | 665 |
| LYB International Finance III, LLC 5.125% 1/15/2031 |  | 469 | 471 |
| LYB International Finance III, LLC 5.50% 3/1/2034 |  | 745 | 737 |
| LYB International Finance III, LLC 5.875% 1/15/2036 |  | 5210 | 5188 |
| NOVA Chemicals Corp. 8.50% 11/15/2028 <sup>(e)</sup> |  | 205 | 215 |
| NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(e)</sup> |  | 300 | 294 |
| POSCO 5.75% 1/17/2028 <sup>(e)</sup> |  | 745 | 768 |
| Rio Tinto Finance (USA) PLC 4.875% 3/14/2030 |  | 25776 | 26494 |
|  |  |  | 81945 |
| **Real estate 0.66%** |  |  |  |
| American Tower Corp. 3.65% 3/15/2027 |  | 1375 | 1370 |
| Boston Properties, LP 2.90% 3/15/2030 |  | 4630 | 4346 |
| Boston Properties, LP 3.25% 1/30/2031 |  | 463 | 435 |
| Boston Properties, LP 2.55% 4/1/2032 |  | 1674 | 1462 |
| Boston Properties, LP 2.45% 10/1/2033 |  | 1335 | 1105 |
| Boston Properties, LP 6.50% 1/15/2034 |  | 10849 | 11689 |
| Boston Properties, LP 5.75% 1/15/2035 |  | 11874 | 12219 |
| COPT Defense Properties, LP 2.00% 1/15/2029 |  | 1139 | 1064 |
| COPT Defense Properties, LP 2.75% 4/15/2031 |  | 1547 | 1412 |
| COPT Defense Properties, LP 2.90% 12/1/2033 |  | 564 | 482 |
| Corp. Inmobiliaria Vesta, SAB de CV, 3.625% 5/13/2031 <sup>(e)</sup> |  | 395 | 368 |
| Crown Castle, Inc. 5.00% 1/11/2028 |  | 4874 | 4953 |
| FibraSOMA 4.375% 7/22/2031 <sup>(e)</sup> |  | 1475 | 1301 |
| Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(e)</sup> |  | 1755 | 1763 |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(e)</sup> |  | 2755 | 2680 |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(e)</sup> |  | 3135 | 2987 |
| Iron Mountain, Inc. 5.25% 3/15/2028 <sup>(e)</sup> |  | 3020 | 3038 |
| Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(e)</sup> |  | 675 | 667 |
| Ladder Capital Finance Holdings LLLP 5.50% 8/1/2030 |  | 2097 | 2147 |
| Ladder Capital Finance Holdings LLLP 7.00% 7/15/2031 <sup>(e)</sup> |  | 4683 | 4969 |
| Prologis, LP 4.875% 6/15/2028 |  | 1040 | 1066 |
| Prologis, LP 4.75% 6/15/2033 |  | 1409 | 1423 |
| Prologis, LP 5.125% 1/15/2034 |  | 6175 | 6350 |
| Prologis, LP 5.00% 3/15/2034 |  | 360 | 367 |
| Prologis, LP 5.25% 6/15/2053 |  | 117 | 112 |
| Service Properties Trust 3.95% 1/15/2028 |  | 1710 | 1616 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(e)</sup> |  | 3040 | 3199 |
|  |  |  | 74590 |
| **Total corporate bonds and notes** |  |  | 3430212 |
| **U.S. Treasury bonds & notes 24.98%** |  |  |  |
| **U.S. Treasury 24.19%** |  |  |  |
| U.S. Treasury 3.625% 5/15/2026 |  | 1926 | 1927 |
| U.S. Treasury 4.625% 6/30/2026 |  | 198 | 199 |
| U.S. Treasury 4.375% 7/31/2026 |  | 271 | 272 |
| U.S. Treasury 0.75% 8/31/2026 |  | 8871 | 8710 |
| U.S. Treasury 4.625% 11/15/2026 |  | 3589 | 3621 |
| U.S. Treasury 4.00% 1/15/2027 |  | 3741 | 3759 |
| U.S. Treasury 1.875% 2/28/2027 |  | 4000 | 3926 |
| U.S. Treasury 2.625% 5/31/2027 |  | 43530 | 43009 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **188** |

---

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |  |
| **U.S. Treasury (continued)** |  |  |  |
| U.S. Treasury 2.25% 11/15/2027 | USD | 105830 | $103496 |
| U.S. Treasury 6.125% 11/15/2027 |  | 24000 | 25141 |
| U.S. Treasury 3.375% 11/30/2027 |  | 241 | 240 |
| U.S. Treasury 3.375% 12/31/2027 |  | 477291 | 476377 |
| U.S. Treasury 1.125% 2/29/2028 |  | 9895 | 9412 |
| U.S. Treasury 4.00% 2/29/2028 |  | 4750 | 4800 |
| U.S. Treasury 3.625% 3/31/2028 |  | 13 | 13 |
| U.S. Treasury 1.00% 7/31/2028 |  | 5630 | 5283 |
| U.S. Treasury 1.125% 8/31/2028 |  | 13555 | 12735 |
| U.S. Treasury 5.25% 11/15/2028 |  | 5700 | 5964 |
| U.S. Treasury 3.50% 12/15/2028 |  | 199754 | 199527 |
| U.S. Treasury 2.375% 5/15/2029 |  | 4070 | 3915 |
| U.S. Treasury 4.00% 7/31/2029 |  | 334 | 338 |
| U.S. Treasury 3.875% 12/31/2029 |  | 44049 | 44426 |
| U.S. Treasury 3.75% 5/31/2030 |  | 13300 | 13335 |
| U.S. Treasury 4.125% 8/31/2030 |  | 11215 | 11414 |
| U.S. Treasury 3.625% 9/30/2030 |  | 90415 | 90087 |
| U.S. Treasury 4.875% 10/31/2030 |  | 92133 | 96812 |
| U.S. Treasury 3.625% 12/31/2030 |  | 390618 | 388833 |
| U.S. Treasury 4.125% 10/31/2031 |  | 1408 | 1431 |
| U.S. Treasury 4.125% 11/30/2031 |  | 985 | 1000 |
| U.S. Treasury 4.125% 11/15/2032 |  | 114 | 115 |
| U.S. Treasury 3.875% 12/31/2032 |  | 97978 | 97588 |
| U.S. Treasury 4.375% 5/15/2034 |  | 100 | 102 |
| U.S. Treasury 4.00% 11/15/2035 <sup>(h)</sup> |  | 279661 | 275859 |
| U.S. Treasury 4.25% 5/15/2039 |  | 125497 | 123105 |
| U.S. Treasury 1.375% 11/15/2040 |  | 24540 | 15963 |
| U.S. Treasury 1.875% 2/15/2041 |  | 24272 | 16986 |
| U.S. Treasury 4.75% 2/15/2041 |  | 75066 | 76525 |
| U.S. Treasury 2.00% 11/15/2041 |  | 57 | 40 |
| U.S. Treasury 2.375% 2/15/2042 |  | 2701 | 1992 |
| U.S. Treasury 3.25% 5/15/2042 |  | 10848 | 9065 |
| U.S. Treasury 4.625% 11/15/2045 |  | 135934 | 133003 |
| U.S. Treasury 3.00% 2/15/2049 |  | 124633 | 92014 |
| U.S. Treasury 2.875% 5/15/2049 |  | 19228 | 13825 |
| U.S. Treasury 2.875% 5/15/2052 |  | 990 | 694 |
| U.S. Treasury 4.00% 11/15/2052 |  | 7328 | 6368 |
| U.S. Treasury 4.125% 8/15/2053 |  | 213 | 189 |
| U.S. Treasury 4.75% 8/15/2055 <sup>(h)</sup> |  | 299333 | 294934 |
| U.S. Treasury 4.625% 11/15/2055 |  | 29639 | 28616 |
|  |  |  | 2746985 |
| **U.S. Treasury inflation-protected securities 0.79%** |  |  |  |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026 <sup>(i)</sup> |  | 6136 | 6080 |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2030 <sup>(i)</sup> |  | 7763 | 7367 |
| U.S. Treasury Inflation-Protected Security 1.875% 7/15/2035 <sup>(i)</sup> |  | 32118 | 32048 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051 <sup>(i)</sup> |  |  | — <sup>(c)</sup> |
| U.S. Treasury Inflation-Protected Security 1.50% 2/15/2053 <sup>(i)</sup> |  | 6206 | 4840 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(i)</sup> |  | 2329 | 2095 |
| U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(i)</sup> |  | 38874 | 36904 |
|  |  |  | 89334 |
| **Total U.S. Treasury bonds & notes** |  |  | 2836319 |
| **Asset-backed obligations 4.39%** |  |  |  |
| **Other asset-backed securities 2.53%** |  |  |  |
| Affirm Asset Securitization Trust, Series 2024-B, Class A, 4.62% 9/15/2029 <sup>(a)(e)</sup> |  | 9848 | 9876 |
| Affirm, Inc., Series 2024, Class 1A, 5.61% 2/15/2029 <sup>(a)(e)</sup> |  | 11785 | 11804 |

---

---

| | |
|:---|:---|
| **189** | American Funds Insurance Series |

---

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value <br> (000) |
| **Asset-backed obligations (continued)** |  |  |  |
| **Other asset-backed securities (continued)** |  |  |  |
| Affirm, Inc., Series 2024-A, Class A, 5.61% 2/15/2029 <sup>(a)(e)</sup> | USD | 3485 | $3491 |
| Affirm, Inc., Series 2024-X2, Class A, 5.22% 12/17/2029 <sup>(a)(e)</sup> |  | 331 | 331 |
| Apollo Aviation Securitization Equity Trust, Series 2025-3A, Class A, 5.243% 2/16/2050 <sup>(a)(e)</sup> |  | 6839 | 6867 |
| Apollo Aviation Securitization Equity Trust, Series 2025-2A, Class A, 5.522% 2/16/2050 <sup>(a)(e)</sup> |  | 4747 | 4785 |
| AXIS Equipment Finance Receivables, LLC, Series 2024-2, Class A2, 5.19% 7/21/2031 <sup>(a)(e)</sup> |  | 4471 | 4531 |
| Bankers Healthcare Group Securitization Trust, Series 2021-B, Class B, 1.67% 10/17/2034 <sup>(a)(e)</sup> |  | 114 | 113 |
| Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class A, 2.443% 7/15/2046 <sup>(a)(e)</sup> |  | 2926 | 2782 |
| Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class B, 3.446% 7/15/2046 <sup>(a)(e)</sup> |  | 337 | 324 |
| Blue Owl Asset Leasing Trust, Series 2024-1A, Class A2, 5.05% 3/15/2029 <sup>(a)(e)</sup> |  | 643 | 645 |
| Business Jet Securities, LLC, Series 2024-2A, Class A, 5.364% 9/15/2039 <sup>(a)(e)</sup> |  | 5912 | 5968 |
| Capteris Equipment Finance, Series 2024-1, Class A2, 5.58% 7/20/2032 <sup>(a)(e)</sup> |  | 11152 | 11364 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/2037 <sup>(a)(e)</sup> |  | 13267 | 12589 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 3.464% 5/11/2037 <sup>(a)(e)</sup> |  | 5184 | 4903 |
| Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 6.171% 5/11/2037 <sup>(a)(e)</sup> |  | 581 | 578 |
| Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/2041 <sup>(a)(e)</sup> |  | 44 | 44 |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(a)(e)</sup> |  | 18279 | 15529 |
| CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/2060 <sup>(a)(e)</sup> |  | 1884 | 1593 |
| CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/2060 <sup>(a)(e)</sup> |  | 3362 | 2137 |
| CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/2060 <sup>(a)(e)</sup> |  | 364 | 236 |
| CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/2061 <sup>(a)(e)</sup> |  | 5923 | 4814 |
| CF Hippolyta, LLC, Series 2021-1, Class B1, 1.98% 3/15/2061 <sup>(a)(e)</sup> |  | 1898 | 1184 |
| CF Hippolyta, LLC, Series 2022-1A, Class A1, 5.97% 8/15/2062 <sup>(a)(e)</sup> |  | 14807 | 14622 |
| CF Hippolyta, LLC, Series 2022-1A, Class A2, 6.11% 8/15/2062 <sup>(a)(e)</sup> |  | 6495 | 6325 |
| Clarus Capital Funding, LLC, Series 2024-1A, Class A2, 4.71% 8/20/2032 <sup>(a)(e)</sup> |  | 4137 | 4154 |
| CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/2045 <sup>(a)(e)</sup> |  | 1386 | 1310 |
| CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/2045 <sup>(a)(e)</sup> |  | 2826 | 2675 |
| CLI Funding VIII, LLC, Series 2021-1A, Class A, 2.38% 2/18/2046 <sup>(a)(e)</sup> |  | 255 | 237 |
| EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/2045 <sup>(a)(e)</sup> |  | 234 | 220 |
| EquipmentShare, Series 2024-2M, Class A, 5.70% 12/20/2032 <sup>(a)(e)</sup> |  | 7169 | 7280 |
| EquipmentShare, Series 2025-1M, Class A, 5.48% 9/26/2033 <sup>(a)(e)</sup> |  | 3764 | 3793 |
| GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/2045 <sup>(a)(e)</sup> |  | 1315 | 1262 |
| GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/2046 <sup>(a)(e)</sup> |  | 996 | 937 |
| GCI Funding I, LLC, Series 2021-1, Class B, 3.04% 6/18/2046 <sup>(a)(e)</sup> |  | 111 | 101 |
| Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/2040 <sup>(a)(e)</sup> |  | 1655 | 1592 |
| Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/2041 <sup>(a)(e)</sup> |  | 6116 | 5728 |
| Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/2041 <sup>(a)(e)</sup> |  | 1695 | 1597 |
| Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/2041 <sup>(a)(e)</sup> |  | 1428 | 1334 |
| Horizon Aircraft Finance, Series 2024-1, Class A, 5.375% 9/15/2049 <sup>(a)(e)</sup> |  | 8887 | 8995 |
| Merchants Fleet Funding, LLC, Series 2023-1, Class A, 7.21% 5/20/2036 <sup>(a)(e)</sup> |  | 443 | 445 |
| Merchants Fleet Funding, LLC, Series 2024-1, Class A, 5.82% 4/20/2037 <sup>(a)(e)</sup> |  | 5615 | 5652 |
| Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/2046 <sup>(a)(e)</sup> |  | 3178 | 3039 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(a)(e)</sup> |  | 50765 | 42529 |
| NMEF Funding, LLC, Series 2024-A, Class A2, 5.15% 12/15/2031 <sup>(a)(e)</sup> |  | 3741 | 3766 |
| NMEF Funding, LLC, Series 2025-B, Class A2, 4.64% 1/18/2033 <sup>(a)(e)</sup> |  | 5756 | 5781 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-2A, Class A, 4.98% 10/17/2031 <sup>(a)(e)</sup> |  | 2314 | 2326 |
| OWN Equipment Fund III, Series 2025-2M, Class C, 8.77% 3/27/2034 <sup>(a)(e)</sup> |  | 1707 | 1713 |
| PEAC Solutions Receivables, LLC, Series 2024-2A, Class A2, 4.74% 4/20/2027 <sup>(a)(e)</sup> |  | 1546 | 1550 |
| PEAC Solutions Receivables, LLC, Series 2024-1A, Class A2, 5.79% 6/21/2027 <sup>(a)(e)</sup> |  | 2281 | 2299 |
| PFS Financing Corp., Series 2023-A, Class A, 5.80% 3/15/2028 <sup>(a)(e)</sup> |  | 1710 | 1716 |
| PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/2028 <sup>(a)(e)</sup> |  | 4558 | 4579 |
| PFS Financing Corp., Series 2023-C, Class A, 5.52% 10/15/2028 <sup>(a)(e)</sup> |  | 909 | 920 |
| PK ALIFT Loan Funding 4, LP, Series 2024-2, Class A, 5.052% 10/15/2039 <sup>(a)(e)</sup> |  | 4300 | 4320 |
| Post Road Equipment Finance, Series 2024-1, Class A2, 5.59% 11/15/2029 <sup>(a)(e)</sup> |  | 735 | 738 |
| SCF Equipment Leasing, LLC, Series 2024-1A, Class A2, 5.88% 11/20/2029 <sup>(a)(e)</sup> |  | 858 | 862 |
| SLAM, Ltd., Series 2021-1, Class A, 2.434% 6/15/2046 <sup>(a)(e)</sup> |  | 2088 | 1996 |
| SLAM, Ltd., Series 2021-1, Class B, 3.422% 6/15/2046 <sup>(a)(e)</sup> |  | 385 | 369 |
| SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/2046 <sup>(a)(e)</sup> |  | 1792 | 1711 |
| SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/2046 <sup>(a)(e)</sup> |  | 1097 | 1074 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **190** |

---

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Asset-backed obligations (continued)** |  |  |  |
| **Other asset-backed securities (continued)** |  |  |  |
| Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/2041 <sup>(a)(e)</sup> | USD | 136 | $134 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/2033 <sup>(a)(e)</sup> |  | 422 | 413 |
| Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/2033 <sup>(a)(e)</sup> |  | 486 | 474 |
| SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/2075 <sup>(a)(e)</sup> |  | 793 | 774 |
| TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/2045 <sup>(a)(e)</sup> |  | 1746 | 1673 |
| Textainer Marine Containers, Ltd., Series 2020-1A, Class A, 2.73% 8/21/2045 <sup>(a)(e)</sup> |  | 666 | 646 |
| Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/2045 <sup>(a)(e)</sup> |  | 1378 | 1310 |
| Textainer Marine Containers, Ltd., Series 2021-1, Class A, 1.68% 2/20/2046 <sup>(a)(e)</sup> |  | 4449 | 4193 |
| Textainer Marine Containers, Ltd., Series 2021-1, Class B, 2.52% 2/20/2046 <sup>(a)(e)</sup> |  | 249 | 233 |
| Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/2046 <sup>(a)(e)</sup> |  | 3760 | 3566 |
| TIF Funding II, LLC, Series 2020-1A, Class A, 2.09% 8/20/2045 <sup>(a)(e)</sup> |  | 3080 | 2952 |
| TIF Funding II, LLC, Series 2021-1A, Class B, 2.54% 2/20/2046 <sup>(a)(e)</sup> |  | 92 | 84 |
| Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/2045 <sup>(a)(e)</sup> |  | 7133 | 6740 |
| Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/2046 <sup>(a)(e)</sup> |  | 2496 | 2324 |
| Triton Container Finance VIII, LLC, Series 2021-1A, Class B, 2.58% 3/20/2046 <sup>(a)(e)</sup> |  | 243 | 224 |
| Verizon Master Trust, Series 2023-3, Class A, 4.73% 4/21/2031 <sup>(a)(e)</sup> |  | 5380 | 5478 |
|  |  |  | 287253 |
| **Auto loan 1.26%** |  |  |  |
| Ally Auto Receivables Trust, Series 2023-1, Class A3, 5.46% 5/15/2028 <sup>(a)</sup> |  | 275 | 277 |
| AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01% 1/19/2027 <sup>(a)</sup> |  | 23 | 23 |
| AmeriCredit Automobile Receivables Trust, Series 2021-2, Class D, 1.29% 6/18/2027 <sup>(a)</sup> |  | 2613 | 2609 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/2027 <sup>(a)(e)</sup> |  | 809 | 807 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/2027 <sup>(a)(e)</sup> |  | 208 | 207 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class C, 4.25% 2/20/2027 <sup>(a)(e)</sup> |  | 426 | 426 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/2027 <sup>(a)(e)</sup> |  | 3445 | 3405 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class B, 1.63% 8/20/2027 <sup>(a)(e)</sup> |  | 531 | 525 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class C, 2.13% 8/20/2027 <sup>(a)(e)</sup> |  | 193 | 191 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-5, Class A, 5.78% 4/20/2028 <sup>(a)(e)</sup> |  | 6724 | 6844 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2025-1A, Class A, 4.80% 8/20/2029 <sup>(a)(e)</sup> |  | 1348 | 1371 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(a)(e)</sup> |  | 5059 | 5267 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2024-1, Class A, 5.36% 6/20/2030 <sup>(a)(e)</sup> |  | 4665 | 4817 |
| BMW Vehicle Owner Trust, Series 2023-A, Class A3, 5.47% 2/25/2028 <sup>(a)</sup> |  | 90 | 91 |
| Bridgecrest Lending Auto Securitization Trust, Series 2023-1, Class B, 6.80% 8/15/2029 <sup>(a)</sup> |  | 769 | 772 |
| Carvana Auto Receivables Trust, Series 2023-P3, Class A3, 5.82% 8/10/2028 <sup>(a)(e)</sup> |  | 231 | 233 |
| Carvana Auto Receivables Trust, Series 2023-P3, Class A4, 5.71% 7/10/2029 <sup>(a)(e)</sup> |  | 172 | 176 |
| Chesapeake Funding II, LLC, Series 2023-2, Class A1, 6.16% 10/15/2035 <sup>(a)(e)</sup> |  | 435 | 440 |
| Citizens Auto Receivables Trust, Series 2023-2, Class A3, 5.83% 2/15/2028 <sup>(a)(e)</sup> |  | 875 | 881 |
| Citizens Auto Receivables Trust, Series 2023-2, Class A4, 5.74% 10/15/2030 <sup>(a)(e)</sup> |  | 799 | 814 |
| CPS Auto Receivables Trust, Series 2024-A, Class B, 5.65% 5/15/2028 <sup>(a)(e)</sup> |  | 455 | 455 |
| CPS Auto Receivables Trust, Series 2024-D, Class A, 4.91% 6/15/2028 <sup>(a)(e)</sup> |  | 434 | 435 |
| Drive Auto Receivables Trust, Series 2024-2, Class A2, 4.94% 12/15/2027 <sup>(a)</sup> |  | 86 | 86 |
| Enterprise Fleet Financing, LLC, Series 2024-3, Class A2, 5.31% 4/20/2027 <sup>(a)(e)</sup> |  | 1484 | 1490 |
| Enterprise Fleet Financing, LLC, Series 2024-4, Class A2, 4.69% 7/20/2027 <sup>(a)(e)</sup> |  | 6817 | 6842 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A3, 4.29% 7/20/2029 <sup>(a)(e)</sup> |  | 897 | 899 |
| Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/2029 <sup>(a)(e)</sup> |  | 58 | 58 |
| Enterprise Fleet Financing, LLC, Series 2024-1, Class A2, 5.23% 3/20/2030 <sup>(a)(e)</sup> |  | 7335 | 7391 |
| Exeter Automobile Receivables Trust, Series 2021-2, Class D, 1.40% 4/15/2027 <sup>(a)</sup> |  | 642 | 639 |
| Exeter Automobile Receivables Trust, Series 2023-5A, Class B, 6.58% 4/17/2028 <sup>(a)</sup> |  | 1028 | 1030 |
| Exeter Automobile Receivables Trust, Series 2023-3A, Class C, 6.21% 6/15/2028 <sup>(a)</sup> |  | 226 | 227 |
| Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.56% 7/17/2028 <sup>(a)</sup> |  | 194 | 194 |
| Exeter Automobile Receivables Trust, Series 2023-3A, Class D, 6.68% 4/16/2029 <sup>(a)</sup> |  | 758 | 776 |
| Exeter Automobile Receivables Trust, Series 2023-1A, Class D, 6.69% 6/15/2029 <sup>(a)</sup> |  | 462 | 469 |
| Exeter Automobile Receivables Trust, Series 2023-3A, Class E, 9.98% 1/15/2031 <sup>(a)(e)</sup> |  | 1014 | 1102 |
| Ford Credit Auto Owner Trust, Series 2023-B, Class A3, 5.23% 5/15/2028 <sup>(a)</sup> |  | 435 | 438 |
| Ford Credit Auto Owner Trust, Series 2023-B, Class A4, 5.06% 2/15/2029 <sup>(a)</sup> |  | 597 | 605 |
| Ford Credit Auto Owner Trust, Series 2023-1, Class A, 4.85% 8/15/2035 <sup>(a)(e)</sup> |  | 4218 | 4305 |
| Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class A1, 4.92% 5/15/2028 <sup>(a)(e)</sup> |  | 5833 | 5853 |

---

---

| | |
|:---|:---|
| **191** | American Funds Insurance Series |

---

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Asset-backed obligations (continued)** |  |  |  |
| **Auto loan (continued)** |  |  |  |
| GLS Auto Receivables Trust, Series 2023-3, Class B, 5.89% 1/18/2028 <sup>(a)(e)</sup> | USD | 218 | $218 |
| GLS Auto Receivables Trust, Series 2023-3, Class C, 6.01% 5/15/2029 <sup>(a)(e)</sup> |  | 561 | 566 |
| GLS Auto Receivables Trust, Series 2023-3, Class D, 6.44% 5/15/2029 <sup>(a)(e)</sup> |  | 507 | 520 |
| GLS Auto Select Receivables Trust, Series 2024-4A, Class A2, 4.43% 12/17/2029 <sup>(a)(e)</sup> |  | 1772 | 1779 |
| GLS Auto Select Receivables Trust, Series 2024-2, Class A2, 5.58% 6/17/2030 <sup>(a)(e)</sup> |  | 1066 | 1079 |
| GM Financial Automobile Leasing Trust, Series 2023-3, Class A4, 5.44% 8/20/2027 <sup>(a)</sup> |  | 18 | 18 |
| GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class A3, 5.45% 6/16/2028 <sup>(a)</sup> |  | 272 | 274 |
| GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class A4, 5.34% 12/18/2028 <sup>(a)</sup> |  | 320 | 325 |
| GM Financial Revolving Receivables Trust, Series 2023-1, Class A, 5.12% 4/11/2035 <sup>(a)(e)</sup> |  | 4815 | 4949 |
| GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/2035 <sup>(a)(e)</sup> |  | 2703 | 2802 |
| GM Financial Revolving Receivables Trust, Series 2023-2, Class A, 5.77% 8/11/2036 <sup>(a)(e)</sup> |  | 3984 | 4185 |
| GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A1, 5.34% 6/15/2028 <sup>(a)(e)</sup> |  | 1600 | 1610 |
| GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A, 5.34% 6/15/2030 <sup>(a)(e)</sup> |  | 948 | 979 |
| Hertz Vehicle Financing III, LLC, Series 2023-1, Class 1D, 9.13% 6/25/2027 <sup>(a)(e)</sup> |  | 330 | 333 |
| Hertz Vehicle Financing III, LLC, Series 2022-2, Class D, 5.16% 6/26/2028 <sup>(a)(e)</sup> |  | 1174 | 1152 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class A, 1.68% 12/27/2027 <sup>(a)(e)</sup> |  | 17770 | 17440 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class B, 2.12% 12/27/2027 <sup>(a)(e)</sup> |  | 1264 | 1240 |
| Hertz Vehicle Financing, LLC, Series 2021-2A, Class C, 2.52% 12/27/2027 <sup>(a)(e)</sup> |  | 859 | 843 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(a)(e)</sup> |  | 3007 | 3073 |
| Honda Auto Receivables Owner Trust, Series 2023-1, Class A3, 5.04% 4/21/2027 <sup>(a)</sup> |  | 80 | 80 |
| Honda Auto Receivables Owner Trust, Series 2023-1, Class A4, 4.97% 6/21/2029 <sup>(a)</sup> |  | 188 | 189 |
| Hyundai Auto Receivables Trust, Series 2023-B, Class A3, 5.48% 4/17/2028 <sup>(a)</sup> |  | 84 | 85 |
| Hyundai Auto Receivables Trust, Series 2023-B, Class A4, 5.31% 8/15/2029 <sup>(a)</sup> |  | 160 | 163 |
| LAD Auto Receivables Trust, Series 2022-1, Class B, 5.87% 9/15/2027 <sup>(a)(e)</sup> |  | 191 | 192 |
| LAD Auto Receivables Trust, Series 2023-4, Class A3, 6.10% 12/15/2027 <sup>(a)(e)</sup> |  | 174 | 174 |
| LAD Auto Receivables Trust, Series 2023-2, Class A3, 5.42% 2/15/2028 <sup>(a)(e)</sup> |  | 101 | 101 |
| LAD Auto Receivables Trust, Series 2023-2, Class B, 5.45% 4/15/2028 <sup>(a)(e)</sup> |  | 615 | 616 |
| LAD Auto Receivables Trust, Series 2023-3, Class B, 6.09% 6/15/2028 <sup>(a)(e)</sup> |  | 848 | 856 |
| LAD Auto Receivables Trust, Series 2023-2, Class C, 5.58% 9/15/2028 <sup>(a)(e)</sup> |  | 1361 | 1370 |
| LAD Auto Receivables Trust, Series 2023-4, Class B, 6.39% 10/16/2028 <sup>(a)(e)</sup> |  | 3223 | 3279 |
| LAD Auto Receivables Trust, Series 2023-3, Class C, 6.43% 12/15/2028 <sup>(a)(e)</sup> |  | 714 | 728 |
| LAD Auto Receivables Trust, Series 2022-1, Class C, 6.85% 4/15/2030 <sup>(a)(e)</sup> |  | 623 | 630 |
| LAD Auto Receivables Trust, Series 2023-3, Class D, 6.92% 12/16/2030 <sup>(a)(e)</sup> |  | 483 | 498 |
| LAD Auto Receivables Trust, Series 2023-2, Class D, 6.30% 2/15/2031 <sup>(a)(e)</sup> |  | 123 | 125 |
| Mercedes-Benz Auto Receivables Trust, Series 2023-2, Class A3, 5.95% 11/15/2028 <sup>(a)</sup> |  | 707 | 717 |
| Nissan Auto Receivables Owner Trust, Series 2023-B, Class A3, 5.93% 3/15/2028 <sup>(a)</sup> |  | 351 | 354 |
| Santander Drive Auto Receivables Trust, Series 2024-1, Class A3, 5.25% 4/17/2028 <sup>(a)</sup> |  | 111 | 112 |
| Santander Drive Auto Receivables Trust, Series 2022-5, Class C, 4.74% 10/16/2028 <sup>(a)</sup> |  | 204 | 204 |
| Santander Drive Auto Receivables Trust, Series 2023-4, Class B, 5.77% 12/15/2028 <sup>(a)</sup> |  | 700 | 707 |
| SBNA Auto Lease Trust, Series 2024-A, Class A3, 5.39% 11/20/2026 <sup>(a)(e)</sup> |  | 1082 | 1084 |
| SFS Auto Receivables Securitization Trust, Series 2023-1, Class A3, 5.47% 10/20/2028 <sup>(a)(e)</sup> |  | 334 | 336 |
| SFS Auto Receivables Securitization Trust, Series 2023-1, Class A4, 5.47% 12/20/2029 <sup>(a)(e)</sup> |  | 361 | 367 |
| Westlake Automobile Receivables Trust, Series 2023-4, Class A3, 6.24% 7/15/2027 <sup>(a)(e)</sup> |  | 909 | 910 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class B, 5.92% 9/15/2028 <sup>(a)(e)</sup> |  | 939 | 941 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class C, 6.02% 9/15/2028 <sup>(a)(e)</sup> |  | 2219 | 2243 |
| Westlake Automobile Receivables Trust, Series 2023-3, Class D, 6.47% 3/15/2029 <sup>(a)(e)</sup> |  | 1236 | 1265 |
| Wheels Fleet Lease Funding, LLC, Series 2024-2A, Class A1, 4.87% 6/21/2039 <sup>(a)(e)</sup> |  | 9559 | 9657 |
| Wheels Fleet Lease Funding, LLC, Series 2024-3A, Class A1, 4.80% 9/19/2039 <sup>(a)(e)</sup> |  | 8464 | 8557 |
| World Omni Auto Receivables Trust, Series 2023-C, Class A3, 5.15% 11/15/2028 <sup>(a)</sup> |  | 174 | 175 |
| World Omni Auto Receivables Trust, Series 2023-C, Class A4, 5.03% 11/15/2029 <sup>(a)</sup> |  | 232 | 235 |
|  |  |  | 143805 |
| **Student loan 0.36%** |  |  |  |
| Navient Education Loan Trust, Series 2025-A, Class A, 5.02% 7/15/2055 <sup>(a)(e)</sup> |  | 6374 | 6450 |
| Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(a)(e)</sup> |  | 1434 | 1316 |
| Navient Student Loan Trust, Series 2021-EA, Class A, 0.97% 12/16/2069 <sup>(a)(e)</sup> |  | 845 | 763 |
| Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/2070 <sup>(a)(e)</sup> |  | 542 | 493 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **192** |

---

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Asset-backed obligations (continued)** |  |  |  |
| **Student loan (continued)** |  |  |  |
| Nelnet Student Loan Trust, Series 2025-AA, Class A1B, (30-day Average USD-SOFR + 1.10%) 5.084% 3/15/2057 <sup>(a)(b)(e)</sup> | USD | 14884 | $14850 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFX, 1.32% 4/20/2062 <sup>(a)(e)</sup> |  | 141 | 133 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(a)(e)</sup> |  | 2397 | 2269 |
| Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/2062 <sup>(a)(e)</sup> |  | 5464 | 5184 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFL, (1-month USD CME Term SOFR + 0.854%) 4.588% 4/20/2062 <sup>(a)(b)(e)</sup> |  | 1816 | 1813 |
| Prodigy Finance DAC, Series 2021-1A, Class A, (1-month USD CME Term SOFR + 1.364%) 5.092% 7/25/2051 <sup>(a)(b)(e)</sup> |  | 146 | 146 |
| SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) 5.534% 11/15/2052 <sup>(a)(b)(e)</sup> |  | 628 | 635 |
| SMB Private Education Loan Trust, Series 2023-C, Class A1A, 5.67% 11/15/2052 <sup>(a)(e)</sup> |  | 569 | 585 |
| SMB Private Education Loan Trust, Series 2025-A, Class A1A, 5.13% 4/15/2054 <sup>(a)(e)</sup> |  | 6322 | 6422 |
|  |  |  | 41059 |
| **Credit card 0.24%** |  |  |  |
| Avant Credit Card Master Trust, Series 2024-2A, Class A, 5.38% 5/15/2029 <sup>(a)(e)</sup> |  | 13550 | 13583 |
| Imprint Payments Credit Card Master Trust, Series 2025-A, Class A, 4.84% 9/15/2029 <sup>(a)(e)</sup> |  | 2456 | 2463 |
| Mission Lane Credit Card Master Trust, Series 2025-C, Class A, 4.78% 12/16/2030 <sup>(a)(e)</sup> |  | 2416 | 2429 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.06% 9/15/2031 <sup>(a)(e)</sup> |  | 8461 | 8526 |
|  |  |  | 27001 |
| **Collateralized loan obligations 0.00%** |  |  |  |
| Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD CME Term SOFR + 1.232%) 5.09% 7/25/2030 <sup>(a)(b)(e)</sup> |  | 50 | 50 |
| **Total asset-backed obligations** |  |  | 499168 |
| **Bonds & notes of governments & government agencies outside the U.S. 1.78%** |  |  |  |
| **Mexico 1.22%** |  |  |  |
| Eagle Funding LuxCo SARL 5.50% 8/17/2030 <sup>(e)</sup> |  | 74976 | 76464 |
| Eagle Funding LuxCo SARL 5.50% 8/17/2030 |  | 7183 | 7326 |
| United Mexican States 6.00% 5/13/2030 |  | 2960 | 3107 |
| United Mexican States 6.00% 5/7/2036 |  | 32486 | 32998 |
| United Mexican States 6.875% 5/13/2037 |  | 3200 | 3422 |
| United Mexican States 7.375% 5/13/2055 |  | 14311 | 15452 |
|  |  |  | 138769 |
| **Greece 0.46%** |  |  |  |
| Greece (Hellenic Republic of) 1.50% 6/18/2030 | EUR | 10830 | 12140 |
| Greece (Hellenic Republic of) 0.75% 6/18/2031 |  | 9600 | 10112 |
| Greece (Hellenic Republic of) 4.25% 6/15/2033 |  | 23825 | 29987 |
|  |  |  | 52239 |
| **Dominican Republic 0.08%** |  |  |  |
| Dominican Republic (Government of) 5.95% 1/25/2027 <sup>(e)</sup> | USD | 8100 | 8198 |
| Dominican Republic (Government of) 7.05% 2/3/2031 <sup>(e)</sup> |  | 680 | 731 |
|  |  |  | 8929 |
| **Poland 0.01%** |  |  |  |
| Poland (Republic of), Series 10Y, 5.75% 11/16/2032 |  | 555 | 597 |
| Poland (Republic of), Series 10Y, 4.875% 10/4/2033 |  | 830 | 845 |
|  |  |  | 1442 |

---

---

| | |
|:---|:---|
| **193** | American Funds Insurance Series |

---

The Bond Fund of America (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br>(000) | Principal amount <br>(000) | Value <br>(000) |
| **Bonds & notes of governments & government agencies outside the U.S. (continued)** |  |  |  |
| **Chile 0.01%** |  |  |  |
| Chile (Republic of) 4.00% 1/31/2052 | USD | 580 | $461 |
| **Paraguay 0.00%** |  |  |  |
| Paraguay (Republic of) 5.00% 4/15/2026 |  | 285 | 287 |
| **Total bonds & notes of governments & government agencies outside the U.S.** |  |  | 202127 |
| **Municipals 1.47%** |  |  |  |
| **California 0.02%** |  |  |  |
| GO Bonds, Series 2009, 7.50% 4/1/2034 |  | 2100 | 2452 |
| **Illinois 1.28%** |  |  |  |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2010-C, 6.319% 11/1/2029 |  | 65 | 65 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2009-E, 6.138% 12/1/2039 |  | 31050 | 29238 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2010-D, 6.519% 12/1/2040 |  | 8945 | 8512 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2023-A, 6.00% 12/1/2049 |  | 865 | 876 |
| City of Chicago, Board of Education, Unlimited Tax GO Bonds (Dedicated Rev.), Series 2025-A, 6.25% 12/1/2050 |  | 1610 | 1683 |
| GO Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033 |  | 102799 | 105401 |
|  |  |  | 145775 |
| **Massachusetts 0.07%** |  |  |  |
| Educational Fncg. Auth., Education Loan Rev. Bonds, Series 2024-A, 6.352% 7/1/2049 |  | 7500 | 7763 |
| **New York 0.03%** |  |  |  |
| New York City GO Bonds, Fiscal 2026, Series 2026-E-1, 5.559% 10/1/2045 |  | 1640 | 1632 |
| New York City GO Bonds, Fiscal 2026, Series 2026-E-1, 5.372% 10/1/2051 |  | 1175 | 1146 |
| New York City GO Bonds, Fiscal 2026, Series 2026-E-2, 5.392% 10/1/2055 |  | 460 | 445 |
|  |  |  | 3223 |
| **Texas 0.03%** |  |  |  |
| <br> Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 10/1/2052 |  | 4075 | 2827 |
| **Wisconsin 0.04%** |  |  |  |
| Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034 |  | 4490 | 4459 |
| **Total municipals** |  |  | 166499 |
| **Federal agency bonds & notes 0.10%** |  |  |  |
| Federal National Mortgage Association 2.125% 4/24/2026 |  | 11910 | 11855 |
| **Loans 0.06%** |  |  |  |
| **Financials 0.06%** |  |  |  |
| Aero Capital Solutions,Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) 7.61% 11/17/2029 <sup>(b)(e)(g)(j)</sup> |  | 6407 | 6359 |
| **Total bonds, notes & other debt instruments (cost: $10,859,504,000)** |  |  | 10789253 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **194** |

---

The Bond Fund of America (continued)

---

| | | |
|:---|:---|:---|
| Common stocks 0.00% | Shares | Value <br>(000) |
| **Energy 0.00%** |  |  |
| FORESEA Holding SA, Class C, nonvoting shares <sup>(e)</sup> | 555 | $13 |
| FORESEA Holding SA, Class B <sup>(e)</sup> | 61 | 1 |
| **Total common stocks (cost: $8,000)** |  | 14 |
| Short-term securities 5.50% |  |  |
| **Money market investments 5.50%** |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(k)(l)</sup> | 6241739 | 624236 |
| **Total short-term securities (cost: $624,125,000)** |  | 624236 |
| **Total investment securities 100.51% (cost: $11,483,637,000)** |  | 11413503 |
| Other assets less liabilities (0.51)% |  | (57477) |
| **Net assets 100.00%** |  | $11356026 |

---

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of<br> contracts | Expiration<br> date | Notional<br> amount<br> (000) | Notional<br> amount<br> (000) | Value and<br> unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| 30 Day Federal Funds Futures | Long | 62 | 2/2/2026 | USD | 24898 | $8 |
| 30 Day Federal Funds Futures | Long | 548 | 3/2/2026 |  | 220142 | 9 |
| 3 Month SOFR Futures | Long | 57 | 3/18/2026 |  | 13724 | (9) |
| 3 Month SOFR Futures | Long | 103 | 9/16/2026 |  | 24898 | (25) |
| 2 Year U.S. Treasury Note Futures | Long | 14354 | 4/6/2026 |  | 2996958 | (497) |
| 5 Year U.S. Treasury Note Futures | Long | 9930 | 4/6/2026 |  | 1085396 | (2942) |
| 10 Year Italy Government Bond Futures | Long | 329 | 3/10/2026 |  | 46466 | (141) |
| 10 Year Euro-Bund Futures | Short | 1003 | 3/10/2026 |  | (150370) | 1021 |
| 10 Year U.S. Treasury Note Futures | Long | 949 | 3/31/2026 |  | 106703 | (1018) |
| 10 Year Ultra U.S. Treasury Note Futures | Short | 1244 | 3/31/2026 |  | (143079) | 185 |
| 20 Year U.S. Treasury Bond Futures | Short | 9 | 3/31/2026 |  | (1040) | 19 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 2865 | 3/31/2026 |  | 338070 | (5192) |
|  |  |  |  |  |  | $(8582) |

---

**Forward currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount |  |  | Unrealized<br> appreciation<br> (depreciation) |
| Currency purchased<br> (000) | Currency purchased<br> (000) | Currency sold<br> (000) | Currency sold<br> (000) | Counterparty | Settlement date | at 12/31/2025<br> (000) |
| USD | 27382 | JPY | 4230230 | Bank of America | 1/15/2026 | $338 |
| USD | 17388 | EUR | 14926 | Morgan Stanley | 1/15/2026 | (165) |
| JPY | 3901364 | EUR | 21383 | Citibank | 1/15/2026 | (207) |
| BRL | 24015 | USD | 4403 | Citibank | 1/23/2026 | (48) |
| USD | 53133 | EUR | 45113 | HSBC Bank | 1/26/2026 | 48 |
|  |  |  |  |  |  | $(34) |

---

---

| | |
|:---|:---|
| **195** | American Funds Insurance Series |

---

The Bond Fund of America (continued)

**Swap contracts**

**Interest rate swaps**

**Centrally cleared interest rate swaps**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay |  | Notional | Value at | Upfront<br> premium<br> paid | Unrealized <br> appreciation <br> (depreciation) |
| Rate | Payment <br> frequency | Rate | Payment frequency | Expiration <br>date | amount <br>(000) | 12/31/2025 <br>(000) | (received)<br> (000) | at 12/31/2025 <br> (000) |
| SOFR | Annual | 3.39981% | Annual | 3/31/2027 | USD88,200 | $(19) | $— | $(19) |
| SOFR | Annual | 3.2465% | Annual | 9/15/2027 | USD56,300 | 66 |  | 66 |
| SOFR | Annual | 3.249% | Annual | 9/15/2027 | USD56,260 | 63 |  | 63 |
| SOFR | Annual | 3.34% | Annual | 10/3/2027 | USD106,170 | (30) |  | (30) |
| SOFR | Annual | 3.2715% | Annual | 10/17/2027 | USD43,510 | 37 |  | 37 |
| 3.998% | Annual | SOFR | Annual | 12/4/2028 | USD40,040 | 734 |  | 734 |
| SOFR | Annual | 3.945% | Annual | 5/31/2029 | USD20,090 | (372) |  | (372) |
| SOFR | Annual | 3.3125% | Annual | 10/7/2029 | USD11,993 | 32 |  | 32 |
| SOFR | Annual | 3.4445% | Annual | 10/7/2029 | USD6,052 | (14) |  | (14) |
| SOFR | Annual | 3.4805% | Annual | 10/7/2029 | USD6,052 | (20) |  | (20) |
| SOFR | Annual | 3.552% | Annual | 10/7/2029 | USD4,000 | (23) |  | (23) |
| SOFR | Annual | 3.455% | Annual | 10/7/2029 | USD12,103 | (29) |  | (29) |
| SOFR | Annual | 3.543% | Annual | 10/7/2029 | USD6,052 | (33) |  | (33) |
| SOFR | Annual | 3.551% | Annual | 10/7/2029 | USD12,103 | (70) |  | (70) |
| SOFR | Annual | 3.965% | Annual | 11/14/2029 | USD30,465 | (631) |  | (631) |
| SOFR | Annual | 3.9195% | Annual | 11/15/2029 | USD8,240 | (157) |  | (157) |
| SOFR | Annual | 3.763% | Annual | 12/12/2029 | USD11,790 | (160) |  | (160) |
| SOFR | Annual | 3.4415% | Annual | 2/28/2030 | USD18,470 | (24) |  | (24) |
| SOFR | Annual | 3.797% | Annual | 3/31/2030 | USD2,774 | (42) |  | (42) |
| SOFR | Annual | 3.794% | Annual | 3/31/2030 | USD5,301 | (79) |  | (79) |
| SOFR | Annual | 3.796% | Annual | 3/31/2030 | USD5,301 | (79) |  | (79) |
| SOFR | Annual | 3.7815% | Annual | 3/31/2030 | USD10,484 | (151) |  | (151) |
| SOFR | Annual | 3.6065% | Annual | 5/12/2030 | USD9,910 | (73) |  | (73) |
| SOFR | Annual | 3.325% | Annual | 5/31/2030 | USD27,360 | 108 |  | 108 |
| SOFR | Annual | 3.2175% | Annual | 9/18/2030 | USD15,786 | 158 |  | 158 |
| SOFR | Annual | 3.2385% | Annual | 9/18/2030 | USD8,168 | 74 |  | 74 |
| SOFR | Annual | 3.2145% | Annual | 9/18/2030 | USD3,938 | 40 |  | 40 |
| SOFR | Annual | 3.2155% | Annual | 9/18/2030 | USD3,938 | 40 |  | 40 |
| SOFR | Annual | 3.237% | Annual | 10/24/2030 | USD26,480 | 254 |  | 254 |
| 3.488% | Annual | SOFR | Annual | 6/17/2031 | USD21,160 | 3 |  | 3 |
| 3.43574% | Annual | SOFR | Annual | 6/17/2031 | USD24,673 | (54) |  | (54) |
| SOFR | Annual | 3.48% | Annual | 10/2/2032 | USD22,935 | 156 |  | 156 |
| SOFR | Annual | 3.4815% | Annual | 10/2/2032 | USD22,954 | 154 |  | 154 |
| SOFR | Annual | 3.482% | Annual | 10/2/2032 | USD22,361 | 149 |  | 149 |
| SOFR | Annual | 3.34% | Annual | 10/24/2032 | USD19,580 | 304 |  | 304 |
| SOFR | Annual | 3.475% | Annual | 11/3/2032 | USD27,370 | 204 |  | 204 |
| SOFR | Annual | 3.50061% | Annual | 11/3/2032 | USD27,360 | 162 |  | 162 |
| SOFR | Annual | 3.486% | Annual | 11/15/2032 | USD18,500 | 127 |  | 127 |
| SOFR | Annual | 3.6025% | Annual | 1/8/2034 | USD16,295 | 85 |  | 85 |
| SOFR | Annual | 3.665% | Annual | 8/15/2035 | USD14,000 | 127 |  | 127 |
| SOFR | Annual | 3.648% | Annual | 10/2/2035 | USD20,270 | 233 |  | 233 |
| TONAR | Annual | 1.52125% | Annual | 10/6/2035 | JPY1,100,000 | 210 |  | 210 |
| TONAR | Annual | 1.52% | Annual | 10/6/2035 | JPY400,000 | 77 |  | 77 |
| TONAR | Annual | 1.51812% | Annual | 10/7/2035 | JPY2,185,658 | 422 |  | 422 |
| SOFR | Annual | 3.6775% | Annual | 10/8/2035 | USD20,240 | 186 |  | 186 |
| TONAR | Annual | 1.4925% | Annual | 10/8/2035 | JPY368,643 | 77 |  | 77 |
| SOFR | Annual | 3.663% | Annual | 10/9/2035 | USD14,500 | 150 |  | 150 |
| TONAR | Annual | 1.53% | Annual | 10/9/2035 | JPY370,941 | 69 |  | 69 |
| TONAR | Annual | 1.5225% | Annual | 10/10/2035 | JPY375,998 | 72 |  | 72 |
| TONAR | Annual | 1.51% | Annual | 10/14/2035 | JPY375,998 | 75 |  | 75 |
| TONAR | Annual | 1.491% | Annual | 10/15/2035 | JPY375,998 | 79 |  | 79 |
| TONAR | Annual | 1.475% | Annual | 10/16/2035 | JPY231,314 | 51 |  | 51 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **196** |

---

The Bond Fund of America (continued)

**Swap contracts** (continued)

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay |  | Notional | Notional | Value at | Upfront<br> premium<br> paid | Unrealized appreciation (depreciation) |
| Rate | Payment frequency | Rate | Payment<br> frequency | Expiration<br> date | amount<br> (000) | amount<br> (000) | 12/31/2025<br> (000) | (received)<br> (000) | at 12/31/2025<br> (000) |
| SOFR | Annual | 3.504% | Annual | 10/24/2035 | USD | 14510 | $344 | $— | $344 |
| SOFR | Annual | 3.66593% | Annual | 11/3/2035 | USD | 20280 | 214 |  | 214 |
| SOFR | Annual | 3.79168% | Annual | 6/17/2036 | USD | 27050 | 109 |  | 109 |
| SOFR | Annual | 3.801% | Annual | 6/17/2036 | USD | 23409 | 76 |  | 76 |
| SOFR | Annual | 3.883% | Annual | 7/28/2045 | USD | 33965 | 1300 |  | 1300 |
| SOFR | Annual | 4.137% | Annual | 7/28/2045 | USD | 4100 | 16 |  | 16 |
| SOFR | Annual | 4.052% | Annual | 11/15/2053 | USD | 6880 | 146 |  | 146 |
| 2.477% | Annual | TONAR | Annual | 10/6/2055 | JPY | 200000 | (92) |  | (92) |
| 2.47825% | Annual | TONAR | Annual | 10/6/2055 | JPY | 500000 | (228) |  | (228) |
| 2.47% | Annual | TONAR | Annual | 10/7/2055 | JPY | 904764 | (423) |  | (423) |
| 2.5425% | Annual | TONAR | Annual | 10/8/2055 | JPY | 153945 | (57) |  | (57) |
| SOFR | Annual | 3.953% | Annual | 10/9/2055 | USD | 6960 | 257 |  | 257 |
| 2.57% | Annual | TONAR | Annual | 10/9/2055 | JPY | 155295 | (52) |  | (52) |
| 2.515% | Annual | TONAR | Annual | 10/10/2055 | JPY | 156196 | (64) |  | (64) |
| 2.52% | Annual | TONAR | Annual | 10/14/2055 | JPY | 156646 | (63) |  | (63) |
| 2.50% | Annual | TONAR | Annual | 10/15/2055 | JPY | 156196 | (67) |  | (67) |
| 2.51625% | Annual | TONAR | Annual | 10/16/2055 | JPY | 96259 | (39) |  | (39) |
| SOFR | Annual | 3.8185% | Annual | 10/24/2055 | USD | 13760 | 824 |  | 824 |
| 4.13862% | Annual | SOFR | Annual | 6/17/2056 | USD | 6555 | (42) |  | (42) |
| 4.097% | Annual | SOFR | Annual | 6/17/2056 | USD | 5701 | (76) |  | (76) |
|  |  |  |  |  |  |  | $4801 | $— | $4801 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay |  |  | Notional | Notional | Value at | Upfront <br> premium <br> paid | Unrealized <br> appreciation <br> (depreciation) |
| Rate | Payment<br> frequency | Rate | Payment<br> frequency | Counterparty | Expiration<br> date | amount<br> (000) | amount<br> (000) | 12/3/2025<br> (000) | (received) <br> (000) | at 12/31/2025 <br> (000) |
| 14.5956% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | BRL | 160970 | $1285 | $— | $1285 |
| 14.24% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/2/2029 | BRL | 88380 | 578 |  | 578 |
| 14.585% | At maturity | BZDIOVER | At maturity | Bank of America | 1/2/2029 | BRL | 19180 | 152 |  | 152 |
| 13.31% | At maturity | BZDIOVER | At maturity | BNP Paribas | 1/2/2029 | BRL | 76120 | (63) |  | (63) |
| 13.18% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/2/2029 | BRL | 56000 | (81) |  | (81) |
| 13.04% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | BRL | 41300 | (102) |  | (102) |
| 12.99% | At maturity | BZDIOVER | At maturity | Bank of America | 1/2/2029 | BRL | 36820 | (106) |  | (106) |
| 12.99% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | BRL | 41300 | (118) |  | (118) |
| 13.05% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/2/2029 | BRL | 77000 | (184) |  | (184) |
| 12.32% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | BRL | 25300 | (200) |  | (200) |
| 12.365% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | BRL | 38509 | (289) |  | (289) |
| 12.36% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/2/2029 | BRL | 38753 | (293) |  | (293) |
| 12.3075% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | BRL | 38500 | (307) |  | (307) |
| 12.36% | At maturity | BZDIOVER | At maturity | BNP Paribas | 1/2/2029 | BRL | 77020 | (582) |  | (582) |
| 12.35% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/2/2029 | BRL | 76900 | (588) |  | (588) |
| 12.303% | At maturity | BZDIOVER | At maturity | BNP Paribas | 1/2/2029 | BRL | 75919 | (607) |  | (607) |
| 13.115% | At maturity | BZDIOVER | At maturity | BNP Paribas | 1/2/2031 | BRL | 19400 | (49) |  | (49) |
| 13.105% | At maturity | BZDIOVER | At maturity | BNP Paribas | 1/2/2031 | BRL | 19625 | (51) |  | (51) |
| 13.03% | At maturity | BZDIOVER | At maturity | Bank of America | 1/2/2031 | BRL | 41625 | (136) |  | (136) |
| 13.135% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2031 | BRL | 80500 | (187) |  | (187) |
|  |  |  |  |  |  |  |  | $(1928) | $— | $(1928) |

---

---

| | |
|:---|:---|
| **197** | American Funds Insurance Series |

---

The Bond Fund of America (continued)

**Swap contracts** (continued)

**Credit default swaps**

**Centrally cleared credit default swaps on credit indices — buy protection**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference<br> index | Financing<br> rate paid | Payment<br> frequency | Expiration<br> date | Notional<br> amount<br> (000) | Notional<br> amount<br> (000) | Value at<br> 12/31/2025<br> (000) | Upfront <br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| CDX.NA.HY.45 | 5.00% | Quarterly | 12/20/2030 | USD | 183800 | $(14043) | $(13869) | $(174) |

---

**Credit default swaps**

**Centrally cleared credit default swaps on credit indices — sell protection**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference<br> index | Financing<br> rate received | Payment<br> frequency | Expiration<br> date | Notional<br> amount <sup>(m)</sup> (000) | Value at<br> 12/31/2025 <sup>(n)</sup> (000) | Upfront <br> premium<br> paid<br> (received)<br> (000) | Unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| CDX.NA.IG.45 | 1.00% | Quarterly | 12/20/2030 | USD67,870 | $1538 | $1546 | $(8) |

---

**Investments in affiliates <sup>(l)</sup>**

****

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value at<br> 1/1/2025<br> (000) | Additions<br> (000) | Reductions<br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized <br>Appreciation<br> (depreciation)<br> (000) | Value at<br> 12/31/2025<br> (000) | Dividend <br>or interest<br> income<br> (000) |
| **Short-term securities 5.50%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 5.50%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(k)</sup> | $730121 | $5041681 | $5147668 | $284 | $(182) | $624236 | $32185 |

---

<sup>(a)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(b)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>(c)</sup> Amount less than one thousand.

<sup>(d)</sup> Represents securities transacted on a TBA basis.

<sup>(e)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,803,804,000, which represented 15.88% of the net assets of the fund.

<sup>(f)</sup> Step bond; coupon rate may change at a later date.

<sup>(g)</sup> Value determined using significant unobservable inputs.

<sup>(h)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $85,685,000, which represented 0.75% of the net assets of the fund. <sup>(i)</sup>Index-linked bond whose principal amount moves with a government price index.

<sup>(j)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $6,359,000, which represented 0.06% of the net assets of the fund.

<sup>(k)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(l)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(m)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

<sup>(n)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively.

---

| | |
|:---|:---|
| American Funds Insurance Series | **198** |

---

The Bond Fund of America (continued)

**Key to abbreviation(s)**

Assn. = Association

Auth. = Authority

BRL = Brazilian reais

BZDIOVER = Overnight Brazilian Interbank Deposit Rate

CLO = Collateralized Loan Obligations

CME = CME Group

DAC = Designated Activity Company

EUR = Euros

EURIBOR = Euro Interbank Offered Rate

Fin. = Finance

Fncg. = Financing

GO = General Obligation

ICE = Intercontinental Exchange, Inc.

JPY = Japanese yen

Ref. = Refunding

Rev. = Revenue

SOFR = Secured Overnight Financing Rate

TBA = To be announced

TONAR = Tokyo Overnight Average Rate

USD = U.S. dollars

UST= U.S. Treasury

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **199** | American Funds Insurance Series |

---

Capital World Bond Fund<sup>®</sup>

**Investment portfolio** December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments 90.93% | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Euros 20.50%** |  |  |  |
| AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Mid-Swap + 1.10% on 9/9/2028) <sup>(a)</sup> | EUR | 2800 | $3125 |
| Albania (Republic of) 4.75% 2/14/2035 |  | 2290 | 2729 |
| Alpha Bank SA 6.875% 6/27/2029 (1-year EUR-ICE Swap EURIBOR + 3.793% on 6/27/2028) <sup>(a)</sup> |  | 500 | 642 |
| Alpha Bank SA 5.00% 5/12/2030 (1-year EUR-ICE Swap EURIBOR + 2.432% on 5/12/2029) <sup>(a)</sup> |  | 100 | 124 |
| Altria Group, Inc. 3.125% 6/15/2031 |  | 800 | 929 |
| American Tower Corp. 0.45% 1/15/2027 |  | 2525 | 2908 |
| American Tower Corp. 0.875% 5/21/2029 |  | 1470 | 1616 |
| Amprion Gmbh 4.125% 9/7/2034 |  | 2600 | 3153 |
| Amprion Gmbh 3.875% 6/5/2036 |  | 1800 | 2112 |
| Anheuser-Busch InBev SA/NV 1.125% 7/1/2027 |  | 2000 | 2310 |
| AT&T, Inc. 1.60% 5/19/2028 |  | 2350 | 2698 |
| Banco de Credito Social Cooperativo SA 4.125% 9/3/2030 (1-year EUR-ICE Swap EURIBOR + 1.70% on 9/3/2029) <sup>(a)</sup> |  | 1000 | 1211 |
| Banco de Sabadell SA 5.25% 2/7/2029 (1-year EUR Mid-Swap + 2.40% on 2/7/2028) <sup>(a)</sup> |  | 900 | 1110 |
| Banco de Sabadell SA 5.50% 9/8/2029 (1-year EUR-ICE Swap EURIBOR + 2.40% on 9/8/2028) <sup>(a)</sup> |  | 700 | 877 |
| Bank Gospodarstwa Krajowego 4.25% 9/13/2044 |  | 290 | 329 |
| Bank of America Corp. 3.648% 3/31/2029 (3-month EUR-EURIBOR + 3.67% on 3/31/2028) <sup>(a)(b)</sup> |  | 5000 | 5993 |
| Banque Federative du Credit Mutuel 3.875% 6/16/2032 (5-year EUR Mid-Swap + 2.20% on 6/16/2027) <sup>(a)</sup> |  | 2800 | 3331 |
| Belgium (Kingdom of), Series 98, 3.30% 6/22/2054 |  | 880 | 869 |
| BMS Ireland Capital Funding DAC 3.857% 11/10/2038 |  | 290 | 336 |
| BMS Ireland Capital Funding DAC 4.289% 11/10/2045 |  | 220 | 254 |
| BMS Ireland Capital Funding DAC 4.581% 11/10/2055 |  | 1680 | 1930 |
| BPCE SA 4.50% 1/13/2033 |  | 1400 | 1728 |
| BPCE SA 4.875% 2/26/2036 (5-year EUR-ICE Swap EURIBOR + 2.30% on 2/26/2031) <sup>(a)</sup> |  | 900 | 1112 |
| Bulgaria (Republic of) 3.375% 7/18/2035 |  | 1340 | 1552 |
| Coca-Cola Co. 3.375% 8/15/2037 |  | 155 | 177 |
| Commerzbank AG 4.625% 1/17/2031 (3-month EUR-EURIBOR + 2.10% on 1/17/2030) <sup>(a)</sup> |  | 1900 | 2348 |
| Croatia (Republic of) 3.25% 2/11/2037 |  | 1005 | 1145 |
| Deutsche Bank AG 1.75% 11/19/2030 (3-month EUR-EURIBOR + 2.05% on 11/19/2029) <sup>(a)</sup> |  | 4000 | 4441 |
| Deutsche Telekom AG 3.25% 6/4/2035 |  | 1990 | 2305 |
| Deutsche Telekom International Finance BV 7.50% 1/24/2033 |  | 200 | 297 |
| Dow Chemical Co. (The) 1.125% 3/15/2032 |  | 827 | 835 |
| Egypt (Arab Republic of) 5.625% 4/16/2030 |  | 300 | 352 |
| Electricite de France SA 4.25% 1/25/2032 |  | 1300 | 1602 |
| Electricite de France SA 4.00% 5/7/2037 |  | 500 | 583 |
| Electricite de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on 6/1/2028) <sup>(a)</sup> |  | 5000 | 5744 |
| Electricite de France SA 7.50% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 4.86% on 12/6/2028) <sup>(a)</sup> |  | 1200 | 1538 |
| Enel Finance International NV 4.00% 2/20/2031 |  | 465 | 567 |
| Engie SA 3.875% 1/6/2031 |  | 1000 | 1215 |
| Equinor ASA 1.375% 5/22/2032 |  | 3650 | 3841 |
| Eurobank SA 5.875% 11/28/2029 (1-year EUR Mid-Swap + 2.83% on 11/28/2028) <sup>(a)</sup> |  | 240 | 304 |
| Eurobank SA 4.875% 4/30/2031 (5-year EUR Mid-Swap + 2.165% on 4/30/2030) <sup>(a)</sup> |  | 2030 | 2537 |
| Eurobank SA 4.00% 2/7/2036 (1-year EUR-ICE Swap EURIBOR + 1.70% on 2/7/2035) <sup>(a)</sup> |  | 1375 | 1613 |
| European Investment Bank 0.25% 1/20/2032 |  | 2075 | 2106 |
| European Investment Bank 1.50% 6/15/2032 |  | 1000 | 1088 |
| European Investment Bank 2.875% 1/12/2033 |  | 4500 | 5300 |
| European Investment Bank 2.875% 1/15/2035 |  | 395 | 458 |
| European Union 0.25% 10/22/2026 |  | 610 | 707 |
| European Union 2.875% 12/6/2027 |  | 1060 | 1261 |
| European Union 2.875% 10/5/2029 |  | 170 | 203 |
| European Union 2.50% 10/14/2030 |  | 1375 | 1607 |
| European Union 3.125% 12/4/2030 |  | 190 | 228 |
| European Union 0% 7/4/2031 |  | 705 | 716 |
| European Union 2.75% 12/13/2032 |  | 2010 | 2343 |
| European Union 3.25% 7/4/2034 |  | 380 | 453 |
| European Union 0% 7/4/2035 |  | 220 | 191 |
| European Union 3.375% 12/12/2035 |  | 10230 | 12201 |
| European Union 3.625% 12/12/2040 |  | 9495 | 11123 |
| European Union 3.75% 10/12/2045 |  | 635 | 736 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **200** |

---

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Euros (continued)** |  |  |  |
| European Union 0.70% 7/6/2051 | EUR | 3000 | $1724 |
| European Union 3.375% 10/5/2054 |  | 540 | 562 |
| European Union 4.00% 10/12/2055 |  | 2070 | 2400 |
| Finland (Republic of) 3.00% 9/15/2033 |  | 2370 | 2792 |
| Ford Motor Credit Co., LLC 3.622% 7/27/2028 |  | 960 | 1137 |
| French Republic O.A.T. 0.75% 2/25/2028 |  | 980 | 1114 |
| French Republic O.A.T. 2.75% 2/25/2029 |  | 1790 | 2119 |
| French Republic O.A.T. 0% 11/25/2030 |  | 19550 | 20068 |
| French Republic O.A.T. 0% 5/25/2032 |  | 2120 | 2056 |
| French Republic O.A.T. 2.00% 11/25/2032 |  | 3170 | 3467 |
| French Republic O.A.T. 3.00% 5/25/2033 |  | 1920 | 2225 |
| French Republic O.A.T. 3.00% 11/25/2034 |  | 4430 | 5039 |
| French Republic O.A.T. 0.50% 5/25/2040 |  | 600 | 440 |
| French Republic O.A.T. 0.75% 5/25/2052 |  | 180 | 93 |
| French Republic O.A.T. 3.75% 5/25/2056 |  | 400 | 414 |
| Germany (Federal Republic of) 0% 10/9/2026 |  | 2305 | 2668 |
| Germany (Federal Republic of) 0% 11/15/2027 |  | 1400 | 1583 |
| Germany (Federal Republic of) 1.70% 8/15/2032 |  | 930 | 1034 |
| Germany (Federal Republic of) 2.50% 2/15/2035 |  | 23125 | 26485 |
| Germany (Federal Republic of) 1.00% 5/15/2038 |  | 1300 | 1203 |
| Germany (Federal Republic of) 0% 8/15/2050 |  | 1200 | 609 |
| Germany (Federal Republic of) 2.90% 8/15/2056 |  | 1190 | 1247 |
| Greece (Hellenic Republic of) 3.875% 6/15/2028 |  | 615 | 750 |
| Greece (Hellenic Republic of) 1.50% 6/18/2030 |  | 690 | 773 |
| Greece (Hellenic Republic of) 1.75% 6/18/2032 |  | 1915 | 2089 |
| Greece (Hellenic Republic of) 3.90% 1/30/2033 |  | 3200 | 3943 |
| Greece (Hellenic Republic of) 3.625% 6/15/2035 |  | 2895 | 3455 |
| Greece (Hellenic Republic of) 4.125% 6/15/2054 |  | 640 | 734 |
| Hungary (Republic of) 4.875% 3/22/2040 |  | 305 | 358 |
| ING Groep NV 5.25% 11/14/2033 (3-month EUR-EURIBOR + 2.15% on 11/14/2032) <sup>(a)</sup> |  | 1200 | 1558 |
| Ireland (Republic of) 2.60% 10/18/2034 |  | 1820 | 2073 |
| Ireland (Republic of) 3.00% 10/18/2043 |  | 1130 | 1245 |
| Ireland (Republic of) 3.15% 10/18/2055 |  | 755 | 791 |
| Italy (Republic of) 3.10% 8/28/2026 |  | 3425 | 4052 |
| Italy (Republic of) 1.35% 4/1/2030 |  | 7 | 8 |
| Italy (Republic of) 2.70% 10/1/2030 |  | 1365 | 1600 |
| Italy (Republic of) 3.25% 11/15/2032 |  | 2595 | 3075 |
| Italy (Republic of) 4.20% 3/1/2034 |  | 1430 | 1791 |
| Italy (Republic of) 3.65% 8/1/2035 |  | 5600 | 6685 |
| Italy (Republic of) 3.85% 10/1/2040 |  | 2180 | 2549 |
| Italy (Republic of) 4.30% 10/1/2054 |  | 4875 | 5687 |
| Johnson & Johnson 3.35% 2/26/2037 |  | 360 | 414 |
| Lithuania (Republic of) 3.50% 7/3/2031 |  | 1170 | 1406 |
| Lithuania (Republic of) 2.125% 6/1/2032 |  | 2665 | 2942 |
| Lithuania (Republic of) 3.50% 2/13/2034 |  | 1620 | 1919 |
| Lloyds Banking Group PLC 3.875% 5/14/2032 (1-year EUR-ICE Swap EURIBOR + 1.18% on 5/14/2031) <sup>(a)</sup> |  | 100 | 120 |
| Magyar Export-Import Bank 6.00% 5/16/2029 |  | 1430 | 1802 |
| Metropolitan Life Global Funding I 0.55% 6/16/2027 <sup>(b)</sup> |  | 2000 | 2287 |
| MPT Finance Corp. 7.00% 2/15/2032 |  | 100 | 123 |
| NatWest Group PLC 0.78% 2/26/2030 (3-month EUR-EURIBOR + 0.949% on 2/26/2029) <sup>(a)</sup> |  | 2725 | 2989 |
| NatWest Group PLC 1.043% 9/14/2032 (5-year EUR Mid-Swap + 1.27% on 9/14/2027) <sup>(a)</sup> |  | 185 | 211 |
| Ontario (Province of) 3.25% 7/3/2035 |  | 2420 | 2816 |
| Orange 3.50% 5/19/2035 |  | 1600 | 1856 |
| PepsiCo, Inc. 0.75% 10/14/2033 |  | 2000 | 1947 |
| Philip Morris International, Inc. 2.75% 6/6/2029 |  | 770 | 899 |
| Piraeus Bank SA 6.75% 12/5/2029 (1-year EUR Mid-Swap + 3.837% on 12/5/2028) <sup>(a)</sup> |  | 320 | 414 |
| Piraeus Bank SA 5.00% 4/16/2030 (1-year EUR-ICE Swap EURIBOR + 2.245% on 4/16/2029) <sup>(a)</sup> |  | 730 | 907 |
| Portugal (Republic of) 0.475% 10/18/2030 |  | 350 | 375 |
| Portugal (Republic of) 3.00% 6/15/2035 |  | 1720 | 1998 |
| Portugal (Republic of) 3.375% 6/15/2040 |  | 715 | 822 |
| Portugal (Republic of) 3.625% 6/12/2054 |  | 685 | 755 |

---

---

| | |
|:---|:---|
| **201** | American Funds Insurance Series |

---

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Euros (continued)** |  |  |  |
| Prysmian SpA 3.875% 11/28/2031 | EUR | 435 | $524 |
| Romania 2.125% 3/7/2028 |  | 500 | 579 |
| Severn Trent Utilities Finance PLC 4.00% 3/5/2034 |  | 475 | 571 |
| Shell International Finance BV 1.50% 4/7/2028 |  | 2000 | 2299 |
| Slovak Republic, Series 250, 3.75% 3/6/2034 |  | 640 | 773 |
| Spain (Kingdom of) 0% 1/31/2028 |  | 900 | 1012 |
| Spain (Kingdom of) 1.40% 7/30/2028 |  | 1650 | 1898 |
| Spain (Kingdom of) 1.45% 4/30/2029 |  | 1890 | 2156 |
| Spain (Kingdom of) 1.25% 10/31/2030 |  | 1295 | 1428 |
| Spain (Kingdom of) 0.50% 10/31/2031 |  | 1247 | 1289 |
| Spain (Kingdom of) 3.55% 10/31/2033 |  | 5005 | 6082 |
| Spain (Kingdom of) 3.25% 4/30/2034 |  | 1980 | 2347 |
| Spain (Kingdom of) 3.20% 10/31/2035 |  | 510 | 595 |
| Spain (Kingdom of) 1.90% 10/31/2052 |  | 1010 | 775 |
| State Grid Overseas Investment (2016), Ltd. 2.125% 5/2/2030 |  | 200 | 229 |
| Stryker Corp. 1.00% 12/3/2031 |  | 450 | 466 |
| T-Mobile USA, Inc. 3.15% 2/11/2032 |  | 1705 | 1984 |
| Toyota Motor Credit Corp. 0.125% 11/5/2027 |  | 1850 | 2079 |
| Treasury Corp. of Victoria 3.625% 9/29/2040 |  | 2230 | 2571 |
| United Mexican States 3.50% 9/19/2029 |  | 650 | 763 |
| Verallia SAS 3.875% 11/4/2032 |  | 4500 | 5161 |
| Verizon Communications, Inc. 3.50% 6/28/2032 |  | 1620 | 1914 |
|  |  |  | 303335 |
| **Japanese yen 7.20%** |  |  |  |
| Indonesia (Republic of), Series 20, 0.57% 5/27/2026 | JPY | 100000 | 637 |
| Indonesia (Republic of), Series 31, 0.99% 5/27/2027 |  | 400000 | 2534 |
| Indonesia (Republic of), Series 32, 1.33% 5/25/2029 |  | 300000 | 1869 |
| Japan, Series 474, 0.70% 7/1/2027 |  | 762850 | 4845 |
| Japan, Series 352, 0.10% 9/20/2028 |  | 2585750 | 16016 |
| Japan, Series 356, 0.10% 9/20/2029 |  | 1029800 | 6266 |
| Japan, Series 116, 2.20% 3/20/2030 |  | 576100 | 3787 |
| Japan, Series 362, 0.10% 3/20/2031 |  | 514000 | 3041 |
| Japan, Series 374, 0.80% 3/20/2034 |  | 68200 | 399 |
| Japan, Series 30, 0.005% 3/10/2035 <sup>(c)</sup> |  | 646511 | 4027 |
| Japan, Series 152, 1.20% 3/20/2035 |  | 1239550 | 7390 |
| Japan, Series 21, 2.30% 12/20/2035 |  | 720000 | 4696 |
| Japan, Series 162, 0.60% 9/20/2037 |  | 1966150 | 10429 |
| Japan, Series 173, 0.40% 6/20/2040 |  | 270900 | 1282 |
| Japan, Series 179, 0.50% 12/20/2041 |  | 196950 | 903 |
| Japan, Series 182, 1.10% 9/20/2042 |  | 619850 | 3096 |
| Japan, Series 186, 1.50% 9/20/2043 |  | 1341900 | 7016 |
| Japan, Series 188, 1.60% 3/20/2044 |  | 69000 | 363 |
| Japan, Series 192, 2.40% 3/20/2045 |  | 1387100 | 8201 |
| Japan, Series 53, 0.60% 12/20/2046 |  | 781600 | 3136 |
| Japan, Series 37, 0.60% 6/20/2050 |  | 694500 | 2460 |
| Japan, Series 73, 0.70% 12/20/2051 |  | 1568700 | 5419 |
| Japan, Series 74, 1.00% 3/20/2052 |  | 246100 | 926 |
| Japan, Series 76, 1.40% 9/20/2052 |  | 5800 | 24 |
| Japan, Series 79, 1.20% 6/20/2053 |  | 612200 | 2395 |
| Japan, Series 81, 1.60% 12/20/2053 |  | 168700 | 732 |
| Japan, Series 84, 2.10% 9/20/2054 |  | 958150 | 4694 |
|  |  |  | 106583 |
| **British pounds 4.42%** |  |  |  |
| Credit Agricole SA 5.375% 1/15/2029 (1-year GBP-GILT + 1.65% on 1/15/2028) <sup>(a)</sup> | GBP | 800 | 1098 |
| Electricite de France SA 5.50% 3/27/2037 |  | 900 | 1174 |
| Lloyds Banking Group PLC 2.707% 12/3/2035 (5-year GBP-GILT + 2.40% on 12/3/2030) <sup>(a)</sup> |  | 900 | 1089 |
| Quebec (Province of) 2.25% 9/15/2026 |  | 1870 | 2493 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **202** |

---

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **British pounds (continued)** |  |  |  |
| United Kingdom 0.125% 1/30/2026 | GBP | 425 | $572 |
| United Kingdom 4.25% 12/7/2027 |  | 3785 | 5161 |
| United Kingdom 1.625% 10/22/2028 |  | 3690 | 4706 |
| United Kingdom 4.125% 7/22/2029 |  | 2015 | 2741 |
| United Kingdom 4.75% 12/7/2030 |  | 4770 | 6678 |
| United Kingdom 0.25% 7/31/2031 |  | 12845 | 14159 |
| United Kingdom 1.00% 1/31/2032 |  | 7120 | 8017 |
| United Kingdom 4.25% 6/7/2032 |  | 1310 | 1782 |
| United Kingdom 3.25% 1/31/2033 |  | 1090 | 1380 |
| United Kingdom 0.625% 7/31/2035 |  | 210 | 199 |
| United Kingdom 0.875% 1/31/2046 |  | 4917 | 3125 |
| United Kingdom 3.75% 10/22/2053 |  | 1870 | 1980 |
| United Kingdom 4.375% 7/31/2054 |  | 5570 | 6584 |
| United Kingdom 2.50% 7/22/2065 |  | 3313 | 2495 |
|  |  |  | 65433 |
| **Brazilian reais 2.30%** |  |  |  |
| Brazil (Federative Republic of) 0% 1/1/2026 | BRL | 102863 | 18761 |
| Brazil (Federative Republic of) 10.00% 1/1/2031 |  | 17384 | 2788 |
| Brazil (Federative Republic of) 10.00% 1/1/2035 |  | 43767 | 6549 |
| Brazil (Federative Republic of) 6.00% 8/15/2040 <sup>(c)</sup> |  | 2152 | 351 |
| Brazil (Federative Republic of) 6.00% 8/15/2050 <sup>(c)</sup> |  | 27098 | 4307 |
| Brazil (Federative Republic of) 6.00% 8/15/2060 <sup>(c)</sup> |  | 8019 | 1254 |
|  |  |  | 34010 |
| **South Korean won 1.81%** |  |  |  |
| South Korea (Republic of), Series 2709, 3.125% 9/10/2027 | KRW | 4513500 | 3150 |
| South Korea (Republic of), Series 2712, 2.375% 12/10/2027 |  | 5158930 | 3550 |
| South Korea (Republic of), Series 2803, 3.25% 3/10/2028 |  | 3998100 | 2797 |
| South Korea (Republic of), Series 3212, 4.25% 12/10/2032 |  | 18379880 | 13445 |
| South Korea (Republic of), Series 3512, 3.25% 12/10/2035 |  | 5519130 | 3804 |
|  |  |  | 26746 |
| **Chinese yuan renminbi 1.76%** |  |  |  |
| China (People's Republic of), Series INBK, 1.49% 12/25/2031 | CNY | 39540 | 5590 |
| China (People's Republic of), Series INBK, 2.75% 2/17/2032 |  | 1160 | 176 |
| China (People's Republic of), Series INBK, 1.57% 5/15/2032 |  | 17280 | 2448 |
| China (People's Republic of), Series INBK, 2.88% 2/25/2033 |  | 22230 | 3431 |
| China (People's Republic of), Series INBK, 2.27% 5/25/2034 |  | 54910 | 8127 |
| China (People's Republic of), Series INBK, 3.53% 10/18/2051 |  | 800 | 140 |
| China (People's Republic of), Series INBK, 3.12% 10/25/2052 |  | 4740 | 781 |
| China (People's Republic of), Series INBK, 3.19% 4/15/2053 |  | 4720 | 788 |
| China (People's Republic of), Series INBK, 3.00% 10/15/2053 |  | 5150 | 834 |
| China (People's Republic of), Series INBK, 1.92% 1/15/2055 |  | 28690 | 3791 |
|  |  |  | 26106 |
| **Australian dollars 1.58%** |  |  |  |
| Australia (Commonwealth of), Series 157, 1.50% 6/21/2031 | AUD | 3640 | 2096 |
| Australia (Commonwealth of), Series 163, 1.00% 11/21/2031 |  | 5789 | 3189 |
| Australia (Commonwealth of), Series 167, 3.75% 5/21/2034 |  | 4415 | 2766 |
| New South Wales Treasury Corp. 5.25% 2/24/2038 |  | 3956 | 2570 |
| Treasury Corp. of Victoria 5.50% 9/15/2039 |  | 19544 | 12734 |
|  |  |  | 23355 |

---

---

| | |
|:---|:---|
| **203** | American Funds Insurance Series |

---

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Indian rupees 1.29%** |  |  |  |
| Asian Development Bank 6.72% 2/8/2028 | INR | 144700 | $1617 |
| European Bank for Reconstruction and Development 5.25% 1/12/2027 |  | 81400 | 891 |
| European Bank for Reconstruction and Development 6.30% 10/26/2027 |  | 34000 | 379 |
| European Bank for Reconstruction and Development 6.75% 3/14/2031 |  | 248500 | 2745 |
| European Bank for Reconstruction and Development 6.75% 1/13/2032 |  | 547100 | 6083 |
| European Investment Bank 6.95% 3/1/2029 |  | 46200 | 519 |
| European Investment Bank 7.40% 10/23/2033 |  | 388300 | 4468 |
| Inter-American Development Bank 7.00% 1/25/2029 |  | 18000 | 202 |
| International Bank for Reconstruction and Development 6.75% 9/8/2027 |  | 126400 | 1412 |
| Korea Development Bank 6.75% 7/1/2030 |  | 73000 | 805 |
|  |  |  | 19121 |
| **Canadian dollars 1.26%** |  |  |  |
| Canada (Government) 3.50% 3/1/2028 | CAD | 15013 | 11134 |
| Canada (Government) 3.25% 12/1/2033 |  | 7330 | 5334 |
| Canada (Government) 2.75% 12/1/2048 |  | 3500 | 2142 |
|  |  |  | 18610 |
| **Malaysian ringgits 1.22%** |  |  |  |
| Malaysia (Federation of), Series 0419, 3.828% 7/5/2034 | MYR | 5412 | 1368 |
| Malaysia (Federation of), Series 0124, 4.054% 4/18/2039 |  | 6143 | 1559 |
| Malaysia (Federation of), Series 0519, 3.757% 5/22/2040 |  | 10588 | 2601 |
| Malaysia (Federation of), Series 0221, 4.417% 9/30/2041 |  | 2484 | 657 |
| Malaysia (Federation of), Series 0223, 4.291% 8/14/2043 |  | 9030 | 2350 |
| Malaysia (Federation of), Series 0224, 4.18% 5/16/2044 |  | 35614 | 9149 |
| Malaysia (Federation of), Series 0417, 4.895% 5/8/2047 |  | 1277 | 361 |
|  |  |  | 18045 |
| **Hungarian forints 1.11%** |  |  |  |
| Hungary (Republic of) 3.00% 8/21/2030 | HUF | 2824560 | 7500 |
| Hungary (Republic of) 4.50% 5/27/2032 |  | 1731010 | 4742 |
| Hungary (Republic of) 4.75% 11/24/2032 |  | 1494300 | 4117 |
|  |  |  | 16359 |
| **Indonesian rupiah 0.52%** |  |  |  |
| Indonesia (Republic of), Series FR84, 7.25% 2/15/2026 | IDR | 22733000 | 1370 |
| Indonesia (Republic of), Series FR64, 6.125% 5/15/2028 |  | 1556000 | 95 |
| Indonesia (Republic of), Series FR71, 9.00% 3/15/2029 |  | 26010000 | 1725 |
| Indonesia (Republic of), Series FR82, 7.00% 9/15/2030 |  | 2930000 | 185 |
| Indonesia (Republic of), Series FR100, 6.625% 2/15/2034 |  | 29412000 | 1826 |
| Indonesia (Republic of), Series FR68, 8.375% 3/15/2034 |  | 6937000 | 475 |
| Indonesia (Republic of), Series 103, 6.75% 7/15/2035 |  | 32954000 | 2079 |
|  |  |  | 7755 |
| **Mexican pesos 0.44%** |  |  |  |
| America Movil, SAB de CV, 10.125% 1/22/2029 | MXN | 13920 | 798 |
| America Movil, SAB de CV, 9.50% 1/27/2031 |  | 41870 | 2369 |
| America Movil, SAB de CV, 10.30% 1/30/2034 |  | 19710 | 1156 |
| United Mexican States, Series M30, 8.50% 11/18/2038 |  | 21100 | 1100 |
| United Mexican States, Series M, 8.00% 7/31/2053 |  | 21739 | 1031 |
|  |  |  | 6454 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **204** |

---

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Danish kroner 0.43%** |  |  |  |
| Nykredit Realkredit AS, Series 01E, 0.50% 10/1/2043 <sup>(d)</sup> | DKK | 46626 | $6029 |
| Realkredit Danmark AS 1.00% 10/1/2053 <sup>(d)</sup> |  | 2461 | 299 |
|  |  |  | 6328 |
| **Colombian pesos 0.30%** |  |  |  |
| Colombia (Republic of), Series B, 7.25% 10/18/2034 | COP | 11132100 | 2098 |
| Colombia (Republic of), Series B, 11.75% 1/24/2035 |  | 4779600 | 1183 |
| Colombia (Republic of), Series B, 7.25% 10/26/2050 |  | 7150600 | 1090 |
|  |  |  | 4371 |
| **South African rand 0.28%** |  |  |  |
| South Africa (Republic of), Series R-2030, 8.00% 1/31/2030 | ZAR | 8400 | 518 |
| South Africa (Republic of), Series R-2032, 8.25% 3/31/2032 |  | 59870 | 3703 |
|  |  |  | 4221 |
| **Chilean pesos 0.28%** |  |  |  |
| Chile (Republic of) 1.50% 3/1/2026 <sup>(c)</sup> | CLP | 914184 | 1013 |
| Chile (Republic of) 5.00% 10/1/2028 |  | 955000 | 1069 |
| Chile (Republic of) 6.00% 4/1/2033 |  | 1720000 | 1992 |
|  |  |  | 4074 |
| **Polish zloty 0.27%** |  |  |  |
| Poland (Republic of), Series 1029, 2.75% 10/25/2029 | PLN | 4900 | 1294 |
| Poland (Republic of), Series 1033, 6.00% 10/25/2033 |  | 9280 | 2766 |
|  |  |  | 4060 |
| **New Zealand dollars 0.20%** |  |  |  |
| New Zealand 4.25% 5/15/2036 | NZD | 3397 | 1915 |
| New Zealand 3.25% 9/20/2050 <sup>(c)</sup> |  | 1729 | 1025 |
|  |  |  | 2940 |
| **Turkish lira 0.12%** |  |  |  |
| Turkey (Republic of), Series 2Y, 36.00% 8/12/2026 | TRY | 70000 | 1644 |
| Turkey (Republic of), Series 10Y, 17.80% 7/13/2033 |  | 12175 | 201 |
|  |  |  | 1845 |
| **Philippine pesos 0.08%** |  |  |  |
| Asian Development Bank 5.25% 4/29/2035 | PHP | 45900 | 769 |
| Philippines (Republic of) 6.75% 9/15/2032 |  | 27600 | 491 |
|  |  |  | 1260 |
| **Czech korunas 0.06%** |  |  |  |
| Czech Republic 6.00% 2/26/2026 | CZK | 17550 | 857 |
| **U.S. dollars 43.50%** |  |  |  |
| 1261229 B.C., Ltd. 10.00% 4/15/2032 <sup>(e)</sup> | USD | 200 | 208 |
| AAR Escrow Issuer, LLC 6.75% 3/15/2029 <sup>(e)</sup> |  | 27 | 28 |
| AbbVie, Inc. 5.05% 3/15/2034 |  | 2790 | 2868 |
| AbbVie, Inc. 5.35% 3/15/2044 |  | 75 | 74 |
| AbbVie, Inc. 5.50% 3/15/2064 |  | 150 | 146 |
| ACHV ABS Trust, Series 2024-3AL, Class C, 5.68% 12/26/2031 <sup>(d)(e)</sup> |  | 54 | 55 |

---

---

| | |
|:---|:---|
| **205** | American Funds Insurance Series |

---

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. dollars (continued)** |  |  |  |
| Advance Auto Parts, Inc. 5.95% 3/9/2028 | USD | 45 | $46 |
| AerCap Ireland Capital DAC 2.45% 10/29/2026 |  | 2102 | 2074 |
| Aero Capital Solutions, Inc., Term Loan, (1-month USD CME Term SOFR + 3.00%) 7.61% <sub>11/17/2029</sub> <sup>(e)(f)(g)(h)</sup> |  | 442 | 439 |
| Aeropuerto Internacional de Tocumen SA 5.125% 8/11/2061 <sup>(e)</sup> |  | 660 | 537 |
| AG Issuer, LLC 6.25% 3/1/2028 <sup>(e)</sup> |  | 165 | 166 |
| AIB Group PLC 6.608% 9/13/2029 (USD-SOFR + 2.33% on 9/13/2028) <sup>(a)(e)</sup> |  | 1147 | 1218 |
| AIB Group PLC 5.871% 3/28/2035 (USD-SOFR + 1.91% on 3/28/2034) <sup>(a)(e)</sup> |  | 2985 | 3156 |
| Albertsons Cos., Inc. 3.50% 3/15/2029 <sup>(e)</sup> |  | 140 | 135 |
| Albion Financing 1 SARL 7.00% 5/21/2030 <sup>(e)</sup> |  | 200 | 210 |
| Alera Group Intermediate Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 5.50%) 9.216% 5/30/2033 <sup>(g)(h)</sup> |  | 65 | 66 |
| Alfa Transmisora De Energia SA 4.55% 9/27/2051 |  | 1295 | 1047 |
| Allegro CLO, Ltd., Series 2019-1, Class ARR, (3-month USD CME Term SOFR + 1.13%) 5.014% 4/20/2032 <sup>(d)(e)(h)</sup> |  | 284 | 284 |
| Alliance Resource Operating Partners, LP 8.625% 6/15/2029 <sup>(e)</sup> |  | 50 | 53 |
| Alliant Holdings Intermediate, LLC 6.75% 10/15/2027 <sup>(e)</sup> |  | 145 | 147 |
| Alliant Holdings Intermediate, LLC 5.875% 11/1/2029 <sup>(e)</sup> |  | 120 | 121 |
| Alliant Holdings Intermediate, LLC 7.00% 1/15/2031 <sup>(e)</sup> |  | 180 | 187 |
| Alliant Holdings Intermediate, LLC 6.50% 10/1/2031 <sup>(e)</sup> |  | 65 | 67 |
| Alliant Holdings Intermediate, LLC 7.375% 10/1/2032 <sup>(e)</sup> |  | 70 | 73 |
| Allied Universal Holdco, LLC 6.00% 6/1/2029 <sup>(e)</sup> |  | 300 | 297 |
| Allwyn Entertainment Financing (UK) PLC 7.875% 4/30/2029 <sup>(e)</sup> |  | 200 | 208 |
| Amazon.com, Inc. 1.50% 6/3/2030 |  | 2040 | 1840 |
| Amazon.com, Inc. 5.45% 11/20/2055 |  | 578 | 565 |
| Amentum Holdings, Inc. 7.25% 8/1/2032 <sup>(e)</sup> |  | 98 | 103 |
| Amer Sports Co. 6.75% 2/16/2031 <sup>(e)</sup> |  | 35 | 37 |
| American Express Co. 5.532% 4/25/2030 (USD-SOFR + 1.09% on 4/25/2029) <sup>(a)</sup> |  | 1030 | 1075 |
| Amgen, Inc. 2.20% 2/21/2027 |  | 445 | 437 |
| Amgen, Inc. 5.25% 3/2/2030 |  | 981 | 1019 |
| Amgen, Inc. 5.25% 3/2/2033 |  | 2687 | 2782 |
| Amgen, Inc. 5.65% 3/2/2053 |  | 1284 | 1258 |
| Anywhere Real Estate Group, LLC 5.75% 1/15/2029 <sup>(e)</sup> |  | 110 | 107 |
| Anywhere Real Estate Group, LLC 5.25% 4/15/2030 <sup>(e)</sup> |  | 115 | 108 |
| AP Core Holdings II, LLC, Term Loan B, (3-month USD CME Term SOFR + 5.614%) 9.331% 9/1/2027 <sup>(g)(h)</sup> |  | 95 | 95 |
| Apollo Aviation Securitization Equity Trust, Series 2025-3A, Class A, 5.243% 2/16/2050 <sup>(d)(e)</sup> |  | 3541 | 3555 |
| Apollo Aviation Securitization Equity Trust, Series 2025-2A, Class A, 5.522% 2/16/2050 <sup>(d)(e)</sup> |  | 958 | 966 |
| Apollo Aviation Securitization Equity Trust, Series 2025-1A, Class A, 5.943% 2/16/2050 <sup>(d)(e)</sup> |  | 537 | 549 |
| Apple Bidco, LLC, Term Loan, (3-month USD CME Term SOFR + 2.50%) 6.216% 9/23/2031 <sup>(g)(h)</sup> |  | 144 | 145 |
| Aretec Group, Inc. 7.50% 4/1/2029 <sup>(e)</sup> |  | 245 | 247 |
| Aretec Group, Inc. 10.00% 8/15/2030 <sup>(e)</sup> |  | 45 | 49 |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(e)</sup> |  | 55 | 55 |
| Ascent Resources Utica Holdings, LLC 6.625% 10/15/2032 <sup>(e)</sup> |  | 25 | 26 |
| Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(e)</sup> |  | 15 | 16 |
| AT&T, Inc. 3.50% 9/15/2053 |  | 2070 | 1386 |
| ATI, Inc. 7.25% 8/15/2030 |  | 60 | 63 |
| Avantor Funding, Inc. 3.875% 11/1/2029 <sup>(e)</sup> |  | 122 | 117 |
| Avient Corp. 6.25% 11/1/2031 <sup>(e)</sup> |  | 25 | 26 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-2, Class A, 5.20% 10/20/2027 <sup>(d)(e)</sup> |  | 1817 | 1829 |
| Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/2029 <sup>(d)(e)</sup> |  | 996 | 1037 |
| B&G Foods, Inc. 5.25% 9/15/2027 |  | 210 | 206 |
| B&G Foods, Inc. 8.00% 9/15/2028 <sup>(e)</sup> |  | 25 | 25 |
| BAE Systems PLC 5.30% 3/26/2034 <sup>(e)</sup> |  | 865 | 896 |
| Baldwin Insurance Group Holdings, LLC 7.125% 5/15/2031 <sup>(e)</sup> |  | 20 | 21 |
| Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/2056 <sup>(d)(h)</sup> |  | 219 | 234 |
| Bank Gospodarstwa Krajowego 5.75% 7/9/2034 <sup>(e)</sup> |  | 950 | 1001 |
| Bank Gospodarstwa Krajowego 6.25% 7/9/2054 <sup>(e)</sup> |  | 425 | 442 |
| Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031) <sup>(a)</sup> |  | 4040 | 3614 |
| Bank of America Corp. 5.464% 5/9/2036 (USD-SOFR + 1.64% on 5/9/2035) <sup>(a)</sup> |  | 1535 | 1599 |
| BAT Capital Corp. 3.215% 9/6/2026 |  | 955 | 950 |
| BAT Capital Corp. 4.625% 3/22/2033 |  | 188 | 187 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **206** |

---

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. dollars (continued)** |  |  |  |
| BAT Capital Corp. 5.625% 8/15/2035 | USD | 5501 | $5733 |
| Bath & Body Works, Inc. 6.625% 10/1/2030 <sup>(e)</sup> |  | 120 | 123 |
| Bath & Body Works, Inc. 6.875% 11/1/2035 |  | 75 | 76 |
| BBVA Bancomer SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on 6/29/2033) <sup>(a)</sup> |  | 3056 | 3382 |
| Becton, Dickinson and Co. 4.298% 8/22/2032 |  | 320 | 316 |
| BIP-V Chinook Holdco, LLC 5.50% 6/15/2031 <sup>(e)</sup> |  | 400 | 396 |
| Block, Inc. 5.625% 8/15/2030 <sup>(e)</sup> |  | 40 | 41 |
| Block, Inc. 6.50% 5/15/2032 |  | 240 | 250 |
| BMO Mortgage Trust, Series 2024-5C8, Class AS, 5.94% 12/15/2057 <sup>(d)(h)</sup> |  | 1070 | 1113 |
| BMW US Capital, LLC 4.15% 4/9/2030 <sup>(e)</sup> |  | 900 | 895 |
| BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028) <sup>(a)(e)</sup> |  | 700 | 663 |
| BNP Paribas SA 2.871% 4/19/2032 (USD-SOFR + 1.387% on 4/19/2031) <sup>(a)(e)</sup> |  | 1275 | 1166 |
| Boeing Co. (The) 6.259% 5/1/2027 |  | 45 | 46 |
| Boeing Co. (The) 5.15% 5/1/2030 |  | 2451 | 2519 |
| Boeing Co. (The) 3.625% 2/1/2031 |  | 718 | 690 |
| Boeing Co. (The) 6.388% 5/1/2031 |  | 723 | 785 |
| Boeing Co. (The) 6.528% 5/1/2034 |  | 457 | 506 |
| Boeing Co. (The) 5.805% 5/1/2050 |  | 50 | 49 |
| Boeing Co. (The) 6.858% 5/1/2054 |  | 526 | 591 |
| Boost Newco Borrower, LLC 7.50% 1/15/2031 <sup>(e)</sup> |  | 25 | 27 |
| Borr IHC, Ltd. 10.00% 11/15/2028 <sup>(e)</sup> |  | 277 | 279 |
| Boyd Gaming Corp. 4.75% 6/15/2031 <sup>(e)</sup> |  | 45 | 44 |
| Boyne USA, Inc. 4.75% 5/15/2029 <sup>(e)</sup> |  | 107 | 106 |
| Braskem Netherlands Finance BV 4.50% 1/31/2030 |  | 2228 | 873 |
| Braskem Netherlands Finance BV 8.50% 1/12/2031 |  | 2329 | 913 |
| Braskem Netherlands Finance BV 8.50% 1/12/2031 <sup>(e)</sup> |  | 525 | 206 |
| Braskem Netherlands Finance BV 7.25% 2/13/2033 |  | 793 | 308 |
| BRAVO Residential Funding Trust, Series 2025-NQM5, Class A1, 5.496% 2/25/2065 (6.496% on 5/1/2027) <sup>(a)(d)(e)</sup> |  | 1348 | 1360 |
| Bristol-Myers Squibb Co. 5.20% 2/22/2034 |  | 1925 | 2002 |
| Bristol-Myers Squibb Co. 5.55% 2/22/2054 |  | 2200 | 2162 |
| Broadcom, Inc. 4.00% 4/15/2029 <sup>(e)</sup> |  | 250 | 249 |
| Broadcom, Inc. 3.469% 4/15/2034 |  | 746 | 680 |
| Broadcom, Inc. 3.137% 11/15/2035 <sup>(e)</sup> |  | 185 | 159 |
| Brookfield Property REIT, Inc. 5.75% 5/15/2026 <sup>(e)</sup> |  | 63 | 63 |
| Brown & Brown, Inc. 5.25% 6/23/2032 |  | 100 | 102 |
| Brown & Brown, Inc. 6.25% 6/23/2055 |  | 70 | 73 |
| Burlington Northern Santa Fe, LLC 5.50% 3/15/2055 |  | 232 | 229 |
| BWX Technologies, Inc. 4.125% 4/15/2029 <sup>(e)</sup> |  | 175 | 171 |
| BX Trust, Series 2025-BIO3, Class A, 6.138% 2/10/2042 <sup>(d)(e)</sup> |  | 1724 | 1772 |
| BX Trust, Series 2025-ARIA, Class A, 5.031% 12/13/2042 <sup>(d)(e)(h)</sup> |  | 3685 | 3723 |
| BX Trust, Series 2025-VOLT, Class A, (1-month USD CME Term SOFR + 1.70%) 5.70% 12/15/2044 <sup>(d)(e)(h)</sup> |  | 3368 | 3376 |
| Caesars Entertainment, Inc. 7.00% 2/15/2030 <sup>(e)</sup> |  | 64 | 66 |
| Caesars Entertainment, Inc. 6.50% 2/15/2032 <sup>(e)</sup> |  | 45 | 46 |
| CaixaBank SA 5.673% 3/15/2030 (USD-SOFR + 1.78% on 3/15/2029) <sup>(a)(e)</sup> |  | 1633 | 1697 |
| Canadian Pacific Railway Co. 3.00% 12/2/2041 |  | 349 | 262 |
| Canadian Pacific Railway Co. 3.10% 12/2/2051 |  | 1085 | 721 |
| CAN-PACK Spolka Akcyjna 3.875% 11/15/2029 <sup>(e)</sup> |  | 90 | 86 |
| Cascade Funding Mortgage Trust, Series 2024-NR1, Class A1, 6.405% 11/25/2029 (9.405% on 11/25/2027) <sup>(a)(d)(e)</sup> |  | 156 | 156 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class M1, 4.00% 8/25/2034 <sup>(d)(e)(h)</sup> |  | 614 | 604 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class A, 4.00% 8/25/2034 <sup>(d)(e)(h)</sup> |  | 90 | 90 |
| Castlelake Aircraft Securitization Trust, Series 2025-1A, Class A, 5.783% 2/15/2050 <sup>(d)(e)</sup> |  | 801 | 815 |
| Caturus Energy, LLC 8.50% 2/15/2030 <sup>(e)</sup> |  | 15 | 16 |
| CCO Holdings, LLC 5.125% 5/1/2027 <sup>(e)</sup> |  | 125 | 125 |
| CCO Holdings, LLC 4.75% 3/1/2030 <sup>(e)</sup> |  | 135 | 129 |
| CCO Holdings, LLC 4.50% 8/15/2030 <sup>(e)</sup> |  | 240 | 226 |
| CCO Holdings, LLC 4.25% 2/1/2031 <sup>(e)</sup> |  | 155 | 143 |
| CCO Holdings, LLC 4.50% 6/1/2033 <sup>(e)</sup> |  | 147 | 129 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(e)</sup> |  | 55 | 47 |

---

---

| | |
|:---|:---|
| **207** | American Funds Insurance Series |

---

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value <br> (000) |
| **U.S. dollars (continued)** |  |  |  |
| Centene Corp. 2.45% 7/15/2028 | USD | 40 | $37 |
| Centene Corp. 4.625% 12/15/2029 |  | 35 | 34 |
| Centene Corp. 2.50% 3/1/2031 |  | 65 | 56 |
| Central Garden & Pet Co. 4.125% 10/15/2030 |  | 74 | 71 |
| Central Garden & Pet Co. 4.125% 4/30/2031 <sup>(e)</sup> |  | 110 | 104 |
| Charter Communications Operating, LLC 3.75% 2/15/2028 |  | 2650 | 2613 |
| Charter Communications Operating, LLC 5.85% 12/1/2035 |  | 641 | 640 |
| Charter Communications Operating, LLC 4.80% 3/1/2050 |  | 384 | 289 |
| Charter Communications Operating, LLC 3.70% 4/1/2051 |  | 188 | 119 |
| Charter Communications Operating, LLC 3.90% 6/1/2052 |  | 458 | 296 |
| Charter Communications Operating, LLC 5.25% 4/1/2053 |  | 17 | 13 |
| Charter Communications Operating, LLC 6.70% 12/1/2055 |  | 3618 | 3472 |
| Cheniere Energy Partners, LP 3.25% 1/31/2032 |  | 26 | 24 |
| China Oil and Gas Group, Ltd. 4.70% 6/30/2026 |  | 1130 | 1115 |
| Chubb INA Holdings, LLC 3.35% 5/3/2026 |  | 195 | 195 |
| Chubb INA Holdings, LLC 4.35% 11/3/2045 |  | 425 | 371 |
| Cipher Compute, LLC 7.125% 11/15/2030 <sup>(e)</sup> |  | 35 | 36 |
| Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class A, 6.36% 7/10/2028 <sup>(d)(e)(h)</sup> |  | 805 | 839 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(d)(e)(h)</sup> |  | 1240 | 1279 |
| Citizens Financial Group, Inc. 5.718% 7/23/2032 (USD-SOFR + 1.91% on 7/23/2031) <sup>(a)</sup> |  | 421 | 442 |
| Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(e)</sup> |  | 90 | 93 |
| Civitas Resources, Inc. 9.625% 6/15/2033 <sup>(e)</sup> |  | 15 | 16 |
| Clarivate Science Holdings Corp. 3.875% 7/1/2028 <sup>(e)</sup> |  | 45 | 44 |
| Clarivate Science Holdings Corp. 4.875% 7/1/2029 <sup>(e)</sup> |  | 5 | 5 |
| Cleveland-Cliffs, Inc. 6.875% 11/1/2029 <sup>(e)</sup> |  | 100 | 104 |
| Cleveland-Cliffs, Inc. 4.875% 3/1/2031 <sup>(e)</sup> |  | 75 | 72 |
| Cloud Software Group, Inc. 6.50% 3/31/2029 <sup>(e)</sup> |  | 235 | 238 |
| Cloud Software Group, Inc. 9.00% 9/30/2029 <sup>(e)</sup> |  | 175 | 182 |
| CMS Energy Corp. 3.00% 5/15/2026 |  | 1200 | 1196 |
| CNX Resources Corp. 7.25% 3/1/2032 <sup>(e)</sup> |  | 110 | 115 |
| Coca-Cola Co. 4.65% 8/14/2034 |  | 336 | 343 |
| Coinbase Global, Inc. 3.375% 10/1/2028 <sup>(e)</sup> |  | 55 | 52 |
| Coinbase Global, Inc. 3.625% 10/1/2031 <sup>(e)</sup> |  | 85 | 76 |
| Colombia (Republic of) 3.875% 4/25/2027 |  | 350 | 347 |
| Colombia (Republic of) 7.375% 4/25/2030 |  | 2400 | 2540 |
| Colombia (Republic of) 3.125% 4/15/2031 |  | 3000 | 2607 |
| Colombia (Republic of) 8.00% 11/14/2035 |  | 347 | 371 |
| Comcast Corp. 4.80% 5/15/2033 |  | 4100 | 4137 |
| Compass Group Diversified Holdings, LLC 5.25% 4/15/2029 <sup>(e)</sup> |  | 198 | 183 |
| Compass Group Diversified Holdings, LLC 5.00% 1/15/2032 <sup>(e)</sup> |  | 67 | 60 |
| Comstock Resources, Inc. 5.875% 1/15/2030 <sup>(e)</sup> |  | 65 | 63 |
| Connect Finco SARL 9.00% 9/15/2029 <sup>(e)</sup> |  | 200 | 212 |
| Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) 6.174% 5/25/2043 <sup>(d)(e)(h)</sup> |  | 1032 | 1052 |
| Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M2, (30-day Average USD-SOFR + 3.55%) 7.424% 5/25/2043 <sup>(d)(e)(h)</sup> |  | 804 | 844 |
| Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) 5.774% 6/25/2043 <sup>(d)(e)(h)</sup> |  | 503 | 508 |
| Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M2, (30-day Average USD-SOFR + 3.10%) 6.974% 6/25/2043 <sup>(d)(e)(h)</sup> |  | 305 | 317 |
| Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) 5.574% 7/25/2043 <sup>(d)(e)(h)</sup> |  | 326 | 328 |
| Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2, (30-day Average USD-SOFR + 1.80%) 5.674% 1/25/2044 <sup>(d)(e)(h)</sup> |  | 206 | 207 |
| Connecticut Avenue Securities Trust, Series 2024-R04, Class 1M2, (30-day Average USD-SOFR + 1.65%) 5.524% 5/25/2044 <sup>(d)(e)(h)</sup> |  | 1148 | 1153 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1, (30-day Average USD-SOFR + 1.00%) 4.874% 2/25/2045 <sup>(d)(e)(h)</sup> |  | 252 | 253 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1M1, (30-day Average USD-SOFR + 1.15%) 5.024% 2/25/2045 <sup>(d)(e)(h)</sup> |  | 437 | 438 |
| Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(e)</sup> |  | 200 | 208 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **208** |

---

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. dollars (continued)** |  |  |  |
| COPT Defense Properties, LP 2.75% 4/15/2031 | USD | 1212 | $1107 |
| Corebridge Financial, Inc. 3.90% 4/5/2032 |  | 748 | 710 |
| CoreLogic, Inc. 4.50% 5/1/2028 <sup>(e)</sup> |  | 384 | 378 |
| CoreLogic, Inc., Term Loan, (3-month USD CME Term SOFR + 6.614%) 10.331% 6/4/2029 <sup>(g)(h)</sup> |  | 65 | 66 |
| Coty, Inc. 4.75% 1/15/2029 <sup>(e)</sup> |  | 65 | 64 |
| Coty, Inc. 5.60% 1/15/2031 <sup>(e)</sup> |  | 355 | 359 |
| Cougar JV Subsidiary, LLC 8.00% 5/15/2032 <sup>(e)</sup> |  | 65 | 70 |
| CRC Insurance Group, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.422% 5/6/2032 <sup>(g)(h)</sup> |  | 124 | 126 |
| Crescent Energy Finance, LLC 9.25% 2/15/2028 <sup>(e)</sup> |  | 128 | 132 |
| Crescent Energy Finance, LLC 7.625% 4/1/2032 <sup>(e)</sup> |  | 165 | 160 |
| Crown Castle, Inc. 2.50% 7/15/2031 |  | 767 | 686 |
| CSN Inova Ventures 6.75% 1/28/2028 <sup>(b)</sup> |  | 2740 | 2542 |
| CSX Corp. 3.80% 4/15/2050 |  | 75 | 57 |
| Darling Ingredients, Inc. 6.00% 6/15/2030 <sup>(e)</sup> |  | 10 | 10 |
| DaVita, Inc. 6.75% 7/15/2033 <sup>(e)</sup> |  | 40 | 42 |
| Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026) <sup>(a)</sup> |  | 1160 | 1141 |
| Deutsche Telekom International Finance BV 9.25% 6/1/2032 |  | 930 | 1160 |
| Diamond Sports Net, LLC, Term Loan, 15.00% PIK 1/2/2028 <sup>(g)(i)</sup> |  | 9 | 3 |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(e)</sup> |  | 125 | 133 |
| DIRECTV Financing, LLC 5.875% 8/15/2027 <sup>(e)</sup> |  | 21 | 21 |
| DIRECTV Financing, LLC 8.875% 2/1/2030 <sup>(e)</sup> |  | 60 | 61 |
| DIRECTV Financing, LLC, Term Loan, (3-month USD CME Term SOFR + 5.262%) 9.102% 8/2/2027 <sup>(g)(h)</sup> |  | 5 | 5 |
| DISH Network Corp. 11.75% 11/15/2027 <sup>(e)</sup> |  | 296 | 308 |
| Duke Energy Florida, LLC 4.85% 12/1/2035 |  | 175 | 174 |
| Durst Commercial Mortgage Trust, Series 2025-151, Class A, 5.317% 8/10/2042 <sup>(d)(e)(h)</sup> |  | 1597 | 1631 |
| EchoStar Corp. 10.75% 11/30/2029 |  | 105 | 116 |
| Edison International 5.25% 11/15/2028 |  | 1862 | 1888 |
| Edison International 5.45% 6/15/2029 |  | 75 | 76 |
| Edison International 6.95% 11/15/2029 |  | 350 | 373 |
| Edison International 5.25% 3/15/2032 |  | 705 | 706 |
| Egypt (Arab Republic of) 9.45% 2/4/2033 <sup>(e)</sup> |  | 460 | 529 |
| Electricite de France SA 5.65% 4/22/2029 <sup>(e)</sup> |  | 800 | 833 |
| Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 5.411% on 6/15/2033) <sup>(a)</sup> |  | 435 | 508 |
| Electricite de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 5.411% on 6/15/2033) <sup>(a)(e)</sup> |  | 300 | 350 |
| Element Solutions, Inc. 3.875% 9/1/2028 <sup>(e)</sup> |  | 105 | 103 |
| Ellucian Holdings, Inc. 6.50% 12/1/2029 <sup>(e)</sup> |  | 25 | 26 |
| Ellucian Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.466% 11/22/2032 <sup>(g)(h)</sup> |  | 25 | 25 |
| Endo Finance Holdings, Inc. 8.50% 4/15/2031 <sup>(e)</sup> |  | 190 | 201 |
| Endo Finance Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 7.466% 4/23/2031 <sup>(g)(h)</sup> |  | 84 | 83 |
| Enel Finance International NV 1.625% 7/12/2026 <sup>(e)</sup> |  | 1248 | 1232 |
| Enel Finance International NV 2.125% 7/12/2028 <sup>(e)</sup> |  | 1227 | 1167 |
| Enel Finance International NV 4.125% 9/30/2028 <sup>(e)</sup> |  | 2125 | 2122 |
| Enfragen Energia Sur SA 5.375% 12/30/2030 |  | 3329 | 3099 |
| Enterprise Products Operating, LLC 4.95% 2/15/2035 |  | 168 | 170 |
| Enviri Corp. 5.75% 7/31/2027 <sup>(e)</sup> |  | 145 | 145 |
| EQT Corp. 6.375% 4/1/2029 |  | 20 | 21 |
| EQT Corp. 7.50% 6/1/2030 |  | 45 | 50 |
| EquipmentShare, Series 2025-1M, Class A, 5.48% 9/26/2033 <sup>(d)(e)</sup> |  | 498 | 502 |
| EquipmentShare.com, Inc. 9.00% 5/15/2028 <sup>(e)</sup> |  | 90 | 94 |
| EquipmentShare.com, Inc. 8.625% 5/15/2032 <sup>(e)</sup> |  | 15 | 16 |
| Evergreen Credit Card Trust, Series 2025-CRT5, Class B, 5.24% 5/15/2029 <sup>(d)(e)</sup> |  | 148 | 150 |
| Exeter Automobile Receivables Trust, Series 2023-5A, Class B, 6.58% 4/17/2028 <sup>(d)</sup> |  | 16 | 16 |
| Expand Energy Corp. 4.875% 4/15/2022 <sup>(j)</sup> |  | 915 | — <sup>(k)</sup> |
| Expand Energy Corp. 6.75% 4/15/2029 <sup>(e)</sup> |  | 30 | 30 |
| Expand Energy Corp. 5.375% 3/15/2030 |  | 55 | 56 |
| Expand Energy Corp. 4.75% 2/1/2032 |  | 15 | 15 |
| Export-Import Bank of Thailand 5.354% 5/16/2029 |  | 1420 | 1472 |
| Fair Isaac Corp. 4.00% 6/15/2028 <sup>(e)</sup> |  | 15 | 15 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(e)</sup> |  | 125 | 129 |

---

---

| | |
|:---|:---|
| **209** | American Funds Insurance Series |

---

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. dollars (continued)** |  |  |  |
| Fannie Mae Pool #MA5696 7.00% 3/1/2045 <sup>(d)</sup> | USD | 51 | $54 |
| Fannie Mae Pool #BP5576 2.50% 6/1/2050 <sup>(d)</sup> |  | 6 | 5 |
| Fannie Mae Pool #FP0015 2.50% 9/1/2050 <sup>(d)</sup> |  | 1 | 1 |
| Fannie Mae Pool #FS9792 4.50% 12/1/2050 <sup>(d)</sup> |  | 117 | 116 |
| Fannie Mae Pool #FM9672 2.50% 12/1/2051 <sup>(d)</sup> |  | 240 | 203 |
| Fannie Mae Pool #MA4577 2.00% 4/1/2052 <sup>(d)</sup> |  | 1365 | 1107 |
| Fannie Mae Pool #FS9189 2.00% 5/1/2052 <sup>(d)</sup> |  | 1332 | 1082 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(d)</sup> |  | 3320 | 2697 |
| Fannie Mae Pool #CB4852 4.50% 10/1/2052 <sup>(d)</sup> |  | 3753 | 3680 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(d)</sup> |  | 48 | 48 |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(d)</sup> |  | 1614 | 1582 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(d)</sup> |  | 86 | 87 |
| Fannie Mae Pool #FS4191 5.50% 3/1/2053 <sup>(d)</sup> |  | 188 | 192 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(d)</sup> |  | 407 | 422 |
| Fannie Mae Pool #BY0943 4.00% 4/1/2053 <sup>(d)</sup> |  | 19 | 18 |
| Fannie Mae Pool #FS4840 5.50% 5/1/2053 <sup>(d)</sup> |  | 495 | 503 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(d)</sup> |  | 15 | 15 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(d)</sup> |  | 53 | 54 |
| Fannie Mae Pool #BW9648 3.50% 7/1/2053 <sup>(d)</sup> |  | 27 | 25 |
| Fannie Mae Pool #CB6626 4.00% 7/1/2053 <sup>(d)</sup> |  | 28 | 26 |
| Fannie Mae Pool #MA5071 5.00% 7/1/2053 <sup>(d)</sup> |  | 398 | 399 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(d)</sup> |  | 202 | 206 |
| Fannie Mae Pool #CB7104 5.50% 9/1/2053 <sup>(d)</sup> |  | 1443 | 1472 |
| Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(d)</sup> |  | 766 | 779 |
| Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(d)</sup> |  | 1595 | 1642 |
| Fannie Mae Pool #FS6838 5.50% 11/1/2053 <sup>(d)</sup> |  | 400 | 407 |
| Fannie Mae Pool #MA5191 6.00% 11/1/2053 <sup>(d)</sup> |  | 1912 | 1968 |
| Fannie Mae Pool #DA4667 6.50% 1/1/2054 <sup>(d)</sup> |  | 568 | 590 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(d)</sup> |  | 575 | 584 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(d)</sup> |  | 204 | 207 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(d)</sup> |  | 419 | 425 |
| Fannie Mae Pool #MA5295 6.00% 3/1/2054 <sup>(d)</sup> |  | 242 | 249 |
| Fannie Mae Pool #MA5401 3.50% 4/1/2054 <sup>(d)</sup> |  | 149 | 138 |
| Fannie Mae Pool #BU4479 5.50% 4/1/2054 <sup>(d)</sup> |  | 310 | 316 |
| Fannie Mae Pool #DB2495 6.00% 5/1/2054 <sup>(d)</sup> |  | 210 | 216 |
| Fannie Mae Pool #FS8131 5.50% 6/1/2054 <sup>(d)</sup> |  | 1575 | 1609 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(d)</sup> |  | 695 | 722 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(d)</sup> |  | 605 | 624 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(d)</sup> |  | 389 | 400 |
| Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(d)</sup> |  | 212 | 218 |
| Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(d)</sup> |  | 184 | 191 |
| Fannie Mae Pool #MA5389 6.00% 6/1/2054 <sup>(d)</sup> |  | 23 | 23 |
| Fannie Mae Pool #CB8842 5.50% 7/1/2054 <sup>(d)</sup> |  | 3843 | 3921 |
| Fannie Mae Pool #BU4699 5.50% 7/1/2054 <sup>(d)</sup> |  | 971 | 991 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(d)</sup> |  | 742 | 766 |
| Fannie Mae Pool #DB5214 6.00% 7/1/2054 <sup>(d)</sup> |  | 553 | 568 |
| Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(d)</sup> |  | 537 | 552 |
| Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(d)</sup> |  | 384 | 400 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(d)</sup> |  | 237 | 243 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(d)</sup> |  | 199 | 206 |
| Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(d)</sup> |  | 164 | 169 |
| Fannie Mae Pool #FS8591 6.00% 7/1/2054 <sup>(d)</sup> |  | 4 | 5 |
| Fannie Mae Pool #FS8786 6.50% 7/1/2054 <sup>(d)</sup> |  | 13 | 14 |
| Fannie Mae Pool #DB7783 5.50% 8/1/2054 <sup>(d)</sup> |  | 383 | 390 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(d)</sup> |  | 461 | 479 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(d)</sup> |  | 322 | 331 |
| Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(d)</sup> |  | 284 | 292 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(d)</sup> |  | 216 | 223 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(d)</sup> |  | 186 | 192 |
| Fannie Mae Pool #DC0299 6.00% 8/1/2054 <sup>(d)</sup> |  | 185 | 190 |
| Fannie Mae Pool #DB7692 6.00% 8/1/2054 <sup>(d)</sup> |  | 179 | 185 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **210** |

---

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. dollars (continued)** |  |  |  |
| Fannie Mae Pool #BU4968 6.00% 8/1/2054 <sup>(d)</sup> | USD | 150 | $154 |
| Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(d)</sup> |  | 81 | 84 |
| Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(d)</sup> |  | 69 | 72 |
| Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(d)</sup> |  | 60 | 62 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(d)</sup> |  | 35 | 36 |
| Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(d)</sup> |  | 57 | 60 |
| Fannie Mae Pool #DC0503 6.00% 9/1/2054 <sup>(d)</sup> |  | 835 | 858 |
| Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(d)</sup> |  | 422 | 437 |
| Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(d)</sup> |  | 171 | 178 |
| Fannie Mae Pool #DC3877 6.00% 10/1/2054 <sup>(d)</sup> |  | 697 | 717 |
| Fannie Mae Pool #MA5530 5.00% 11/1/2054 <sup>(d)</sup> |  | 1739 | 1736 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(d)</sup> |  | 114 | 116 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(d)</sup> |  | 46 | 46 |
| Fannie Mae Pool #MA5586 5.50% 1/1/2055 <sup>(d)</sup> |  | 23 | 23 |
| Fannie Mae Pool #DC9957 6.00% 1/1/2055 <sup>(d)</sup> |  | 660 | 679 |
| Fannie Mae Pool #MA5612 4.50% 2/1/2055 <sup>(d)</sup> |  | 3973 | 3882 |
| Fannie Mae Pool #MA5644 4.50% 3/1/2055 <sup>(d)</sup> |  | 594 | 580 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(d)</sup> |  | 87 | 89 |
| Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(d)</sup> |  | 429 | 446 |
| Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(d)</sup> |  | 4129 | 4344 |
| Fannie Mae Pool #MA5670 4.00% 4/1/2055 <sup>(d)</sup> |  | 194 | 184 |
| Fannie Mae Pool #MA5671 4.50% 4/1/2055 <sup>(d)</sup> |  | 630 | 615 |
| Fannie Mae Pool #DD6324 5.00% 4/1/2055 <sup>(d)</sup> |  | 367 | 367 |
| Fannie Mae Pool #MA5697 4.00% 5/1/2055 <sup>(d)</sup> |  | 289 | 275 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(d)</sup> |  | 337 | 337 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(d)</sup> |  | 1042 | 1071 |
| Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(d)</sup> |  | 1564 | 1560 |
| Fannie Mae Pool #MA5735 5.50% 6/1/2055 <sup>(d)</sup> |  | 377 | 382 |
| Fannie Mae Pool #MA5737 6.50% 6/1/2055 <sup>(d)</sup> |  | 349 | 363 |
| Fannie Mae Pool #DD9889 6.00% 7/1/2055 <sup>(d)</sup> |  | 727 | 747 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(d)</sup> |  | 73 | 74 |
| Fannie Mae Pool #DE6152 6.50% 8/1/2055 <sup>(d)</sup> |  | 151 | 157 |
| Fannie Mae Pool #DE6383 7.00% 8/1/2055 <sup>(d)</sup> |  | 425 | 447 |
| Fannie Mae Pool #MA5822 5.50% 9/1/2055 <sup>(d)</sup> |  | 186 | 188 |
| Fannie Mae Pool #MA5962 7.00% 1/1/2056 <sup>(d)</sup> |  | 338 | 356 |
| Farmer Mac Agricultural Real Estate Trust, Series 2024-2, Class B, 5.591% 8/1/2054 <sup>(d)(e)(h)</sup> |  | 315 | 286 |
| Fertitta Entertainment, LLC 6.75% 1/15/2030 <sup>(e)</sup> |  | 25 | 24 |
| Fiesta Purchaser, Inc. 7.875% 3/1/2031 <sup>(e)</sup> |  | 150 | 157 |
| Fiesta Purchaser, Inc. 9.625% 9/15/2032 <sup>(e)</sup> |  | 30 | 32 |
| Fiesta Purchaser, Inc., Term Loan B, (1-month USD CME Term SOFR + 2.75%) 6.466% 2/12/2031 <sup>(g)(h)</sup> |  | 15 | 15 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 10.973% 9/13/2029 <sup>(b)(g)(h)</sup> |  | 26 | 27 |
| First Student Bidco, Inc. 4.00% 7/31/2029 <sup>(e)</sup> |  | 45 | 44 |
| FirstEnergy Corp., Series B, 3.90% 7/15/2027 |  | 1763 | 1757 |
| Flutter Treasury DAC 5.875% 6/4/2031 <sup>(e)</sup> |  | 200 | 203 |
| Fontainebleau Miami Beach Trust, Series 2024-FBLU, Class A, (1-month USD CME Term SOFR + 1.45%) 5.20% 12/15/2039 <sup>(d)(e)(h)</sup> |  | 483 | 485 |
| Ford Motor Co. 6.10% 8/19/2032 |  | 30 | 31 |
| Ford Motor Credit Co., LLC 5.85% 5/17/2027 |  | 2175 | 2209 |
| Ford Motor Credit Co., LLC 4.95% 5/28/2027 |  | 300 | 301 |
| Ford Motor Credit Co., LLC 3.815% 11/2/2027 |  | 200 | 197 |
| Ford Motor Credit Co., LLC 7.35% 11/4/2027 |  | 200 | 209 |
| Ford Motor Credit Co., LLC 2.90% 2/16/2028 |  | 200 | 193 |
| Ford Motor Credit Co., LLC 5.80% 3/8/2029 |  | 3000 | 3066 |
| Ford Motor Credit Co., LLC 5.73% 9/5/2030 |  | 1590 | 1615 |
| Ford Motor Credit Co., LLC 4.00% 11/13/2030 |  | 125 | 118 |
| Ford Motor Credit Co., LLC 6.50% 2/7/2035 |  | 3100 | 3213 |
| Ford Otomotiv Sanayi AS 7.125% 4/25/2029 <sup>(e)</sup> |  | 255 | 265 |
| Freddie Mac, Series K153, Class A2, Multi Family, 3.82% 1/25/2033 <sup>(d)</sup> |  | 1680 | 1632 |
| Freddie Mac Pool #RB5111 2.00% 5/1/2041 <sup>(d)</sup> |  | 1990 | 1737 |
| Freddie Mac Pool #Z40273 4.50% 10/1/2048 <sup>(d)</sup> |  | 184 | 183 |
| Freddie Mac Pool #RA6114 2.00% 2/1/2052 <sup>(d)</sup> |  | 586 | 475 |

---

---

| | |
|:---|:---|
| **211** | American Funds Insurance Series |

---

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. dollars (continued)** |  |  |  |
| Freddie Mac Pool #QE3878 3.50% 6/1/2052 <sup>(d)</sup> | USD | 23 | $21 |
| Freddie Mac Pool #QE6084 5.00% 7/1/2052 <sup>(d)</sup> |  | 860 | 862 |
| Freddie Mac Pool #SD2986 3.50% 9/1/2052 <sup>(d)</sup> |  | 827 | 767 |
| Freddie Mac Pool #SD8266 4.50% 11/1/2052 <sup>(d)</sup> |  | 356 | 349 |
| Freddie Mac Pool #SD8276 5.00% 12/1/2052 <sup>(d)</sup> |  | 947 | 948 |
| Freddie Mac Pool #SD8287 4.50% 1/1/2053 <sup>(d)</sup> |  | 2677 | 2625 |
| Freddie Mac Pool #SD8327 3.50% 4/1/2053 <sup>(d)</sup> |  | 23 | 21 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(d)</sup> |  | 240 | 244 |
| Freddie Mac Pool #QG6918 3.50% 7/1/2053 <sup>(d)</sup> |  | 91 | 84 |
| Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(d)</sup> |  | 21 | 21 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(d)</sup> |  | 648 | 659 |
| Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(d)</sup> |  | 163 | 170 |
| Freddie Mac Pool #SD3512 6.00% 8/1/2053 <sup>(d)</sup> |  | 54 | 55 |
| Freddie Mac Pool #RA9795 4.00% 9/1/2053 <sup>(d)</sup> |  | 34 | 32 |
| Freddie Mac Pool #SD8363 6.00% 9/1/2053 <sup>(d)</sup> |  | 613 | 631 |
| Freddie Mac Pool #SD4977 5.00% 11/1/2053 <sup>(d)</sup> |  | 11766 | 11781 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(d)</sup> |  | 116 | 121 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(d)</sup> |  | 177 | 180 |
| Freddie Mac Pool #SD8402 6.00% 2/1/2054 <sup>(d)</sup> |  | 1515 | 1558 |
| Freddie Mac Pool #QI1357 4.00% 3/1/2054 <sup>(d)</sup> |  | 920 | 873 |
| Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(d)</sup> |  | 88 | 91 |
| Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(d)</sup> |  | 119 | 124 |
| Freddie Mac Pool #RJ1855 5.00% 6/1/2054 <sup>(d)</sup> |  | 260 | 261 |
| Freddie Mac Pool #RJ1857 5.50% 6/1/2054 <sup>(d)</sup> |  | 14117 | 14417 |
| Freddie Mac Pool #RJ1768 5.50% 6/1/2054 <sup>(d)</sup> |  | 772 | 789 |
| Freddie Mac Pool #RJ1859 6.00% 6/1/2054 <sup>(d)</sup> |  | 37 | 39 |
| Freddie Mac Pool #RJ1963 5.50% 7/1/2054 <sup>(d)</sup> |  | 1019 | 1039 |
| Freddie Mac Pool #QI8872 5.50% 7/1/2054 <sup>(d)</sup> |  | 490 | 500 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(d)</sup> |  | 1278 | 1313 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(d)</sup> |  | 480 | 500 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(d)</sup> |  | 469 | 484 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(d)</sup> |  | 310 | 319 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(d)</sup> |  | 305 | 316 |
| Freddie Mac Pool #SD5873 6.00% 7/1/2054 <sup>(d)</sup> |  | 193 | 199 |
| Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(d)</sup> |  | 160 | 165 |
| Freddie Mac Pool #RJ2243 5.50% 8/1/2054 <sup>(d)</sup> |  | 3336 | 3397 |
| Freddie Mac Pool #RJ2203 5.50% 8/1/2054 <sup>(d)</sup> |  | 600 | 612 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(d)</sup> |  | 282 | 292 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(d)</sup> |  | 24 | 25 |
| Freddie Mac Pool #RJ2298 5.50% 9/1/2054 <sup>(d)</sup> |  | 609 | 619 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(d)</sup> |  | 1012 | 1043 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(d)</sup> |  | 532 | 550 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(d)</sup> |  | 506 | 527 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(d)</sup> |  | 487 | 507 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(d)</sup> |  | 300 | 309 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(d)</sup> |  | 406 | 413 |
| Freddie Mac Pool #SD8470 6.00% 10/1/2054 <sup>(d)</sup> |  | 23 | 24 |
| Freddie Mac Pool #RJ2851 4.50% 11/1/2054 <sup>(d)</sup> |  | 415 | 405 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(d)</sup> |  | 1073 | 1089 |
| Freddie Mac Pool #SD8491 5.00% 12/1/2054 <sup>(d)</sup> |  | 502 | 501 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(d)</sup> |  | 321 | 326 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(d)</sup> |  | 12 | 12 |
| Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(d)</sup> |  | 21 | 22 |
| Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(d)</sup> |  | 926 | 975 |
| Freddie Mac Pool #SD8501 7.00% 1/1/2055 <sup>(d)</sup> |  | 237 | 249 |
| Freddie Mac Pool #QX6724 6.00% 2/1/2055 <sup>(d)</sup> |  | 58 | 60 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(d)</sup> |  | 49 | 50 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(d)</sup> |  | 149 | 149 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(d)</sup> |  | 526 | 540 |
| Freddie Mac Pool #QY1579 6.50% 4/1/2055 <sup>(d)</sup> |  | 81 | 85 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(d)</sup> |  | 311 | 311 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **212** |

---

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. dollars (continued)** |  |  |  |
| Freddie Mac Pool #SD8533 5.50% 5/1/2055 <sup>(d)</sup> | USD | 206 | $209 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(d)</sup> |  | 144 | 148 |
| Freddie Mac Pool #QY4408 7.00% 5/1/2055 <sup>(d)</sup> |  | 302 | 318 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(d)</sup> |  | 438 | 437 |
| Freddie Mac Pool #RQ0024 4.00% 7/1/2055 <sup>(d)</sup> |  | 4994 | 4740 |
| Freddie Mac Pool #RQ0026 5.00% 7/1/2055 <sup>(d)</sup> |  | 169 | 169 |
| Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(d)</sup> |  | 171 | 173 |
| Freddie Mac Pool #QY7483 6.00% 7/1/2055 <sup>(d)</sup> |  | 765 | 786 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1B, (30-day Average USD-SOFR + 2.90%) 6.774% 4/25/2042 <sup>(d)(e)(h)</sup> |  | 441 | 452 |
| Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2025-DNA1, Class A1, (30-day Average USD-SOFR + 0.95%) 4.824% 1/25/2045 <sup>(d)(e)(h)</sup> |  | 200 | 200 |
| Frontier Communications Holdings, LLC 5.00% 5/1/2028 <sup>(e)</sup> |  | 25 | 25 |
| Frontier Communications Holdings, LLC 5.875% 11/1/2029 |  | 65 | 66 |
| Frontier Communications Holdings, LLC 6.00% 1/15/2030 <sup>(e)</sup> |  | 103 | 105 |
| FXI Holdings, Inc. 16.00% PIK 11/15/2029 (14.00% on 11/15/2028) <sup>(a)(e)(i)</sup> |  | 197 | 112 |
| FXI Holdings, Inc. 11.00% 11/15/2030 <sup>(e)</sup> |  | 337 | 304 |
| Garda World Security Corp. 8.375% 11/15/2032 <sup>(e)</sup> |  | 65 | 66 |
| Gartner, Inc. 3.75% 10/1/2030 <sup>(e)</sup> |  | 70 | 66 |
| GCAT Trust, Series 2024-NQM2, Class A1, 6.085% 6/25/2059 (7.359% on 5/1/2028) <sup>(a)(d)(e)</sup> |  | 951 | 962 |
| Genesis Energy, LP 8.25% 1/15/2029 |  | 25 | 26 |
| Genesis Energy, LP 8.875% 4/15/2030 |  | 38 | 40 |
| Genesis Energy, LP 7.875% 5/15/2032 |  | 60 | 63 |
| Georgia (Republic of) 2.75% 4/22/2026 <sup>(e)</sup> |  | 400 | 396 |
| Gilead Sciences, Inc. 5.25% 10/15/2033 |  | 1342 | 1411 |
| Glatfelter Corp., Term Loan B, (3-month USD CME Term SOFR + 4.25%) 8.072% 11/4/2031 <sup>(g)(h)</sup> |  | 49 | 49 |
| Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026) <sup>(a)</sup> |  | 1080 | 1061 |
| Government National Mortgage Assn. 6.50% 1/1/2056 <sup>(d)(l)</sup> |  | 1708 | 1766 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(d)</sup> |  | 744 | 555 |
| Gray Media, Inc. 5.375% 11/15/2031 <sup>(e)</sup> |  | 19 | 14 |
| Greenko Dutch BV 3.85% 3/29/2026 |  | 1488 | 1477 |
| GreenSaif Pipelines Bidco SARL 5.853% 2/23/2036 <sup>(e)</sup> |  | 1645 | 1723 |
| Group 1 Automotive, Inc. 4.00% 8/15/2028 <sup>(e)</sup> |  | 115 | 113 |
| Grupo Energia Bogota SA ESP 4.875% 5/15/2030 <sup>(e)</sup> |  | 660 | 654 |
| Harvest Midstream I, LP 7.50% 9/1/2028 <sup>(e)</sup> |  | 25 | 25 |
| Harvest Midstream I, LP 7.50% 5/15/2032 <sup>(e)</sup> |  | 25 | 26 |
| Hawaii Hotel Trust, Series 2025-MAUI, Class A, (1-month USD CME Term SOFR + 1.393%) 5.143% 3/15/2042 <sup>(d)(e)(h)</sup> |  | 1066 | 1068 |
| HCA, Inc. 5.625% 9/1/2028 |  | 120 | 124 |
| Herc Holdings, Inc. 7.00% 6/15/2030 <sup>(e)</sup> |  | 65 | 68 |
| Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(e)</sup> |  | 30 | 32 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class A, 5.44% 1/25/2029 <sup>(d)(e)</sup> |  | 249 | 254 |
| Hertz Vehicle Financing, LLC, Series 2025-1A, Class A, 4.91% 9/25/2029 <sup>(d)(e)</sup> |  | 1188 | 1203 |
| Hess Midstream Operations, LP 5.50% 10/15/2030 <sup>(e)</sup> |  | 14 | 14 |
| Hightower Holding, LLC 6.75% 4/15/2029 <sup>(e)</sup> |  | 235 | 234 |
| Hilcorp Energy I, LP 6.00% 4/15/2030 <sup>(e)</sup> |  | 105 | 102 |
| Hilcorp Energy I, LP 6.00% 2/1/2031 <sup>(e)</sup> |  | 25 | 24 |
| Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031 <sup>(e)</sup> |  | 115 | 110 |
| Honduras (Republic of) 6.25% 1/19/2027 |  | 653 | 660 |
| Houston Galleria Mall Trust, Series 2025-HGLR, Class A, 5.462% 2/5/2045 <sup>(d)(e)(h)</sup> |  | 1949 | 2023 |
| Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(e)</sup> |  | 175 | 176 |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(e)</sup> |  | 195 | 190 |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(e)</sup> |  | 120 | 114 |
| Howden UK Refinance 2 PLC 8.125% 2/15/2032 <sup>(e)</sup> |  | 200 | 207 |
| HSBC Holdings PLC 4.755% 6/9/2028 (USD-SOFR + 2.11% on 6/9/2027) <sup>(a)</sup> |  | 1700 | 1716 |
| HSBC Holdings PLC 4.619% 11/6/2031 (USD-SOFR + 1.19% on 11/6/2030) <sup>(a)</sup> |  | 1020 | 1023 |
| HSBC Holdings PLC 7.399% 11/13/2034 (USD-SOFR + 3.02% on 11/13/2033) <sup>(a)</sup> |  | 2000 | 2283 |
| HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043) <sup>(a)</sup> |  | 1200 | 1315 |
| HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 5.876% 5/10/2039 <sup>(d)(e)(h)</sup> |  | 396 | 401 |
| HUB International, Ltd. 7.375% 1/31/2032 <sup>(e)</sup> |  | 130 | 137 |
| HUB International, Ltd., Term Loan, (3-month USD CME Term SOFR + 2.25%) 6.12% 6/20/2030 <sup>(g)(h)</sup> |  | 3 | 3 |

---

---

| | |
|:---|:---|
| **213** | American Funds Insurance Series |

---

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. dollars (continued)** |  |  |  |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.467% 1/13/2040 <sup>(d)(e)(h)</sup> | USD | 2712 | $2814 |
| Hyundai Capital America 1.50% 6/15/2026 <sup>(e)</sup> |  | 2375 | 2348 |
| Hyundai Capital America 1.65% 9/17/2026 <sup>(e)</sup> |  | 269 | 265 |
| Hyundai Capital America 2.00% 6/15/2028 <sup>(e)</sup> |  | 600 | 569 |
| Hyundai Capital America 4.25% 9/18/2028 <sup>(e)</sup> |  | 2577 | 2578 |
| Hyundai Capital America 6.50% 1/16/2029 <sup>(e)</sup> |  | 132 | 140 |
| Icahn Enterprises, LP 9.75% 1/15/2029 |  | 65 | 65 |
| Imprint Payments Credit Card Master Trust, Series 2025-A, Class A, 4.84% 9/15/2029 <sup>(d)(e)</sup> |  | 480 | 481 |
| Indonesia Asahan Aluminium (Persero) PT 5.45% 5/15/2030 <sup>(e)</sup> |  | 500 | 516 |
| Ingles Markets, Inc. 4.00% 6/15/2031 <sup>(e)</sup> |  | 130 | 123 |
| Intel Corp. 3.05% 8/12/2051 |  | 740 | 455 |
| Intel Corp. 5.60% 2/21/2054 |  | 168 | 155 |
| Intercontinental Exchange, Inc. 4.20% 3/15/2031 |  | 588 | 589 |
| Intesa Sanpaolo SpA 7.778% 6/20/2054 (1-year UST Yield Curve Rate T Note Constant Maturity + 3.90% on 6/20/2053) <sup>(a)(e)</sup> |  | 1500 | 1784 |
| INTOWN Mortgage Trust, Series 2025-STAY, Class A, (1-month USD CME Term SOFR + 1.35%) 5.10% 3/15/2042 <sup>(d)(e)(h)</sup> |  | 3679 | 3688 |
| ION Platform Finance US, Inc. 8.75% 5/1/2029 <sup>(e)</sup> |  | 200 | 203 |
| Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032 <sup>(e)</sup> |  | 55 | 53 |
| Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(e)</sup> |  | 235 | 232 |
| Ithaca Energy (North Sea) PLC 8.125% 10/15/2029 <sup>(e)</sup> |  | 200 | 207 |
| Jane Street Group, LLC 6.75% 5/1/2033 <sup>(e)</sup> |  | 80 | 84 |
| Jefferson Capital Holdings, LLC 8.25% 5/15/2030 <sup>(e)</sup> |  | 80 | 84 |
| JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026) <sup>(a)</sup> |  | 1243 | 1240 |
| JPMorgan Chase & Co. 5.572% 4/22/2036 (USD-SOFR + 1.68% on 4/22/2035) <sup>(a)</sup> |  | 3441 | 3612 |
| JPMorgan Chase & Co. 4.81% 10/22/2036 (USD-SOFR + 1.19% on 10/22/2035) <sup>(a)</sup> |  | 1330 | 1321 |
| JPMorgan Chase & Co. 5.534% 11/29/2045 (USD-SOFR + 1.55% on 11/29/2044) <sup>(a)</sup> |  | 730 | 742 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 3.00%) 6.716% 3/20/2032 <sup>(g)(h)</sup> |  | 74 | 75 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 8.716% 3/20/2033 <sup>(g)(h)</sup> |  | 50 | 49 |
| KB Home 6.875% 6/15/2027 |  | 50 | 51 |
| Kennedy-Wilson, Inc. 4.75% 3/1/2029 |  | 20 | 20 |
| Kennedy-Wilson, Inc. 4.75% 2/1/2030 |  | 245 | 231 |
| Kodiak Gas Services, LLC 7.25% 2/15/2029 <sup>(e)</sup> |  | 10 | 10 |
| Korea Electric Power Corp. 5.375% 7/31/2026 <sup>(e)</sup> |  | 1290 | 1300 |
| Korea Electric Power Corp. 4.75% 2/13/2028 <sup>(e)</sup> |  | 2250 | 2286 |
| Korea Gas Corp. 5.00% 7/8/2029 <sup>(e)</sup> |  | 225 | 232 |
| KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, (1-month USD CME Term SOFR + 1.542%) 5.293% 12/15/2039 <sup>(d)(e)(h)</sup> |  | 1207 | 1208 |
| LAD Auto Receivables Trust, Series 2023-4, Class B, 6.39% 10/16/2028 <sup>(d)(e)</sup> |  | 194 | 197 |
| LAD Auto Receivables Trust, Series 2024-3A, Class A3, 4.52% 3/15/2029 <sup>(d)(e)</sup> |  | 219 | 220 |
| Lamar Media Corp. 3.75% 2/15/2028 |  | 10 | 10 |
| Lamar Media Corp. 3.625% 1/15/2031 |  | 120 | 113 |
| Lamb Weston Holdings, Inc. 4.125% 1/31/2030 <sup>(e)</sup> |  | 30 | 29 |
| LATAM Airlines Group SA 7.875% 4/15/2030 <sup>(e)</sup> |  | 25 | 26 |
| LCM Investments Holdings II, LLC 4.875% 5/1/2029 <sup>(e)</sup> |  | 110 | 108 |
| LCM Investments Holdings II, LLC 8.25% 8/1/2031 <sup>(e)</sup> |  | 40 | 42 |
| Levi Strauss & Co. 3.50% 3/1/2031 <sup>(e)</sup> |  | 115 | 108 |
| Live Nation Entertainment, Inc. 4.75% 10/15/2027 <sup>(e)</sup> |  | 130 | 130 |
| Lloyds Banking Group PLC 1.627% 5/11/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 5/11/2026) <sup>(a)</sup> |  | 7000 | 6937 |
| Lockheed Martin Corp. 5.20% 2/15/2064 |  | 309 | 287 |
| LPL Holdings, Inc. 4.375% 5/15/2031 <sup>(e)</sup> |  | 10 | 10 |
| LSB Industries, Inc. 6.25% 10/15/2028 <sup>(e)</sup> |  | 90 | 90 |
| Magnetite CLO, Ltd., Series 2019-22, Class ARR, (3-month USD CME Term SOFR + 1.25%) 5.155% 7/15/2036 <sup>(d)(e)(h)</sup> |  | 563 | 563 |
| Marriott International, Inc. 2.75% 10/15/2033 |  | 5 | 4 |
| Marriott Ownership Resorts, Inc. 4.50% 6/15/2029 <sup>(e)</sup> |  | 45 | 43 |
| Mars, Inc. 4.80% 3/1/2030 <sup>(e)</sup> |  | 2925 | 2990 |
| Mars, Inc. 5.00% 3/1/2032 <sup>(e)</sup> |  | 3575 | 3686 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(e)</sup> |  | 1475 | 1517 |
| Marsh & McLennan Cos., Inc. 5.70% 9/15/2053 |  | 282 | 285 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **214** |

---

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. dollars (continued)** |  |  |  |
| Mastercard, Inc. 2.00% 11/18/2031 | USD | 600 | $535 |
| Matador Resources Co. 6.50% 4/15/2032 <sup>(e)</sup> |  | 50 | 51 |
| Matador Resources Co. 6.25% 4/15/2033 <sup>(e)</sup> |  | 45 | 45 |
| Melco Resorts Finance, Ltd. 5.625% 7/17/2027 <sup>(e)</sup> |  | 393 | 393 |
| Meta Platforms, Inc. 5.50% 11/15/2045 |  | 269 | 261 |
| Meta Platforms, Inc. 5.625% 11/15/2055 |  | 576 | 553 |
| Meta Platforms, Inc. 5.75% 11/15/2065 |  | 276 | 264 |
| Methanex Corp. 5.125% 10/15/2027 |  | 55 | 55 |
| Methanex Corp. 5.25% 12/15/2029 |  | 5 | 5 |
| MFRA Trust, Series 2024-NQM3, Class A1, 5.722% 12/25/2069 (6.722% on 12/1/2028) <sup>(a)(d)(e)</sup> |  | 1208 | 1219 |
| MFRA Trust, Series 2025-NQM3, Class A1, 5.261% 8/25/2070 (6.261% on 7/1/2029) <sup>(a)(d)(e)</sup> |  | 1000 | 1003 |
| MGM Resorts International 5.50% 4/15/2027 |  | 90 | 91 |
| Microchip Technology, Inc. 5.05% 2/15/2030 |  | 709 | 724 |
| Mineral Resources, Ltd. 8.00% 11/1/2027 <sup>(e)</sup> |  | 155 | 159 |
| Mineral Resources, Ltd. 9.25% 10/1/2028 <sup>(e)</sup> |  | 85 | 89 |
| Minerva Luxembourg SA 8.875% 9/13/2033 |  | 2161 | 2364 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class A1, 6.20% 8/15/2029 <sup>(d)(e)</sup> |  | 1094 | 1101 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class B, 6.59% 8/15/2029 <sup>(d)(e)</sup> |  | 539 | 542 |
| Mission Lane Credit Card Master Trust, Series 2025-C, Class A, 4.78% 12/16/2030 <sup>(d)(e)</sup> |  | 472 | 475 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class A, 5.06% 9/15/2031 <sup>(d)(e)</sup> |  | 1136 | 1145 |
| Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(e)</sup> |  | 80 | 79 |
| Molina Healthcare, Inc. 3.875% 11/15/2030 <sup>(e)</sup> |  | 75 | 70 |
| Molina Healthcare, Inc. 6.25% 1/15/2033 <sup>(e)</sup> |  | 115 | 117 |
| Moog, Inc. 4.25% 12/9/2027 <sup>(e)</sup> |  | 120 | 119 |
| Morgan Stanley 4.654% 10/18/2030 (USD-SOFR + 1.10% on 10/18/2029) <sup>(a)</sup> |  | 3700 | 3746 |
| Morgan Stanley 4.356% 10/22/2031 (USD-SOFR + 1.074% on 10/22/2030) <sup>(a)</sup> |  | 1480 | 1475 |
| Morgan Stanley 1.794% 2/13/2032 (USD-SOFR + 1.034% on 2/13/2031) <sup>(a)</sup> |  | 1433 | 1260 |
| Motherson Global Investments BV 5.625% 7/11/2029 <sup>(e)</sup> |  | 595 | 608 |
| MPT Operating Partnership, LP 8.50% 2/15/2032 <sup>(e)</sup> |  | 35 | 37 |
| MSCI, Inc. 3.625% 11/1/2031 <sup>(e)</sup> |  | 210 | 197 |
| Multifamily Connecticut Avenue Securities, Series 2024-01, Class M7, (30-day Average USD-SOFR + 2.75%) 6.624% 7/25/2054 <sup>(d)(e)(h)</sup> |  | 485 | 492 |
| Murphy Oil Corp. 6.00% 10/1/2032 |  | 25 | 25 |
| Murphy Oil USA, Inc. 4.75% 9/15/2029 |  | 48 | 48 |
| Nabors Industries, Inc. 9.125% 1/31/2030 <sup>(e)</sup> |  | 160 | 168 |
| National Australia Bank, Ltd. 5.181% 6/11/2034 <sup>(e)</sup> |  | 1250 | 1300 |
| Navient Corp. 5.00% 3/15/2027 |  | 45 | 45 |
| Navient Corp. 4.875% 3/15/2028 |  | 145 | 143 |
| Navient Corp. 7.875% 6/15/2032 |  | 55 | 58 |
| New York Life Global Funding 1.20% 8/7/2030 <sup>(e)</sup> |  | 2725 | 2385 |
| New York Life Global Funding 5.00% 1/9/2034 <sup>(e)</sup> |  | 1500 | 1525 |
| New York Mortgage Trust, Series 2024-CP1, Class A1, 3.75% 2/25/2068 <sup>(d)(e)(h)</sup> |  | 515 | 481 |
| Newell Brands, Inc. 8.50% 6/1/2028 <sup>(e)</sup> |  | 30 | 31 |
| Nexstar Media, Inc. 4.75% 11/1/2028 <sup>(e)</sup> |  | 165 | 164 |
| NextEra Energy Capital Holdings, Inc. 4.685% 9/1/2027 |  | 1025 | 1038 |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(e)(j)</sup> |  | 709 | 206 |
| NGL Energy Operating, LLC 8.125% 2/15/2029 <sup>(e)</sup> |  | 55 | 57 |
| NGL Energy Operating, LLC 8.375% 2/15/2032 <sup>(e)</sup> |  | 70 | 73 |
| Nickel Industries, Ltd. 9.00% 9/30/2030 <sup>(e)</sup> |  | 900 | 934 |
| Nissan Motor Co., Ltd. 7.75% 7/17/2032 <sup>(e)</sup> |  | 200 | 213 |
| Nissan Motor Co., Ltd. 8.125% 7/17/2035 <sup>(e)</sup> |  | 200 | 213 |
| NMEF Funding, LLC, Series 2025-A, Class A2, 4.72% 7/15/2032 <sup>(d)(e)</sup> |  | 500 | 502 |
| Norfolk Southern Corp. 5.35% 8/1/2054 |  | 496 | 474 |
| Northern Oil and Gas, Inc. 7.875% 10/15/2033 <sup>(e)</sup> |  | 50 | 49 |
| NOVA Chemicals Corp. 5.25% 6/1/2027 <sup>(e)</sup> |  | 20 | 20 |
| NOVA Chemicals Corp. 9.00% 2/15/2030 <sup>(e)</sup> |  | 90 | 96 |
| NuStar Logistics, LP 5.625% 4/28/2027 |  | 80 | 81 |
| Occidental Petroleum Corp. 6.375% 9/1/2028 |  | 54 | 57 |
| OCP SA 3.75% 6/23/2031 |  | 500 | 469 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class A, 6.27% 6/17/2031 <sup>(d)(e)</sup> |  | 269 | 273 |
| OnDeck Asset Securitization Trust, LLC, Series 2024-1, Class B, 7.15% 6/17/2031 <sup>(d)(e)</sup> |  | 120 | 122 |

---

---

| | |
|:---|:---|
| **215** | American Funds Insurance Series |

---

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. dollars (continued)** |  |  |  |
| OneMain Finance Corp. 7.125% 9/15/2032 | USD | 25 | $26 |
| OneSky Flight, LLC 8.875% 12/15/2029 <sup>(e)</sup> |  | 35 | 37 |
| Onslow Bay Financial, LLC, Series 2024-NQM5, Class A1, 5.988% 1/25/2064 (6.988% on 3/1/2028) <sup>(a)(d)(e)</sup> |  | 631 | 637 |
| Onslow Bay Financial, LLC, Series 2024-NQM7, Class A1, 6.243% 3/25/2064 (7.243% on 4/1/2028) <sup>(a)(d)(e)</sup> |  | 1222 | 1237 |
| Onslow Bay Financial, LLC, Series 2025-NQM3, Class A1, 5.648% 12/1/2064 (6.648% on 2/1/2029) <sup>(a)(d)(e)</sup> |  | 2219 | 2243 |
| Onslow Bay Financial, LLC, Series 2025-NQM1, Class A1, 5.547% 12/25/2064 (6.547% on 12/1/2028) <sup>(a)(d)(e)</sup> |  | 2400 | 2421 |
| Open Text Corp. 3.875% 2/15/2028 <sup>(e)</sup> |  | 25 | 25 |
| Oracle Corp. 2.65% 7/15/2026 |  | 2327 | 2308 |
| Oracle Corp. 3.25% 11/15/2027 |  | 1880 | 1840 |
| Oracle Corp. 4.45% 9/26/2030 |  | 4475 | 4379 |
| Oracle Corp. 3.95% 3/25/2051 |  | 22 | 14 |
| Oracle Corp. 6.00% 8/3/2055 |  | 1500 | 1324 |
| Orange 9.00% 3/1/2031 <sup>(a)</sup> |  | 2434 | 2930 |
| Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(e)</sup> |  | 40 | 26 |
| Pacific Gas and Electric Co. 3.15% 1/1/2026 |  | 3000 | 3000 |
| Pacific Gas and Electric Co. 4.65% 8/1/2028 |  | 542 | 546 |
| Pacific Gas and Electric Co. 6.40% 6/15/2033 |  | 1500 | 1621 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040 |  | 4525 | 3437 |
| PacifiCorp 3.30% 3/15/2051 |  | 150 | 96 |
| PacifiCorp 2.90% 6/15/2052 |  | 280 | 164 |
| PacifiCorp 5.35% 12/1/2053 |  | 525 | 462 |
| PacifiCorp 5.50% 5/15/2054 |  | 980 | 877 |
| PacifiCorp 5.80% 1/15/2055 |  | 500 | 467 |
| Panama (Republic of) 3.75% 4/17/2026 |  | 465 | 466 |
| Panama (Republic of) 7.50% 3/1/2031 |  | 2325 | 2583 |
| Park Intermediate Holdings, LLC 5.875% 10/1/2028 <sup>(e)</sup> |  | 65 | 65 |
| Park Intermediate Holdings, LLC 4.875% 5/15/2029 <sup>(e)</sup> |  | 65 | 64 |
| Park Intermediate Holdings, LLC 7.00% 2/1/2030 <sup>(e)</sup> |  | 55 | 57 |
| Party City Holdings, Inc. 0% 8/27/2030 <sup>(f)</sup> |  | 2 | — <sup>(k)</sup> |
| PEAC Solutions Receivables, LLC, Series 2025-1A, Class A2, 4.94% 10/20/2028 <sup>(d)(e)</sup> |  | 1059 | 1066 |
| Performance Food Group, Inc. 5.50% 10/15/2027 <sup>(e)</sup> |  | 11 | 11 |
| Permian Resources Operating, LLC 9.875% 7/15/2031 <sup>(e)</sup> |  | 3 | 3 |
| Permian Resources Operating, LLC 7.00% 1/15/2032 <sup>(e)</sup> |  | 25 | 26 |
| Permian Resources Operating, LLC 6.25% 2/1/2033 <sup>(e)</sup> |  | 106 | 109 |
| Petroleos Mexicanos 6.84% 1/23/2030 |  | 20114 | 20438 |
| Petroleos Mexicanos 5.95% 1/28/2031 |  | 65 | 63 |
| Petroleos Mexicanos 6.70% 2/16/2032 |  | 779 | 777 |
| Petroleos Mexicanos 6.95% 1/28/2060 |  | 55 | 45 |
| Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033 |  | 2128 | 2151 |
| Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053 |  | 188 | 178 |
| PG&E Corp. 5.00% 7/1/2028 |  | 235 | 235 |
| PG&E Corp. 5.25% 7/1/2030 |  | 175 | 174 |
| PG&E Corp., junior subordinated, 7.375% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.883% on 3/15/2030) <sup>(a)</sup> |  | 145 | 151 |
| Philip Morris International, Inc. 5.125% 11/17/2027 |  | 315 | 322 |
| Philip Morris International, Inc. 2.10% 5/1/2030 |  | 634 | 581 |
| Philip Morris International, Inc. 5.75% 11/17/2032 |  | 1554 | 1663 |
| Philip Morris International, Inc. 5.375% 2/15/2033 |  | 1382 | 1446 |
| PNC Financial Services Group, Inc. 5.676% 1/22/2035 (USD-SOFR + 1.902% on 1/22/2034) <sup>(a)</sup> |  | 375 | 396 |
| POSCO 4.875% 1/23/2027 <sup>(e)</sup> |  | 510 | 514 |
| Post Holdings, Inc. 4.625% 4/15/2030 <sup>(e)</sup> |  | 444 | 433 |
| Post Holdings, Inc. 6.25% 2/15/2032 <sup>(e)</sup> |  | 33 | 34 |
| Prestige Brands, Inc. 3.75% 4/1/2031 <sup>(e)</sup> |  | 120 | 113 |
| Procter & Gamble Co. 3.00% 3/25/2030 |  | 338 | 326 |
| Progress Residential Trust, Series 2025-SFR3, Class A, 3.39% 7/17/2042 <sup>(d)(e)</sup> |  | 902 | 860 |
| PRP Advisors, LLC, Series 2025-RPL3, Class A1, 3.25% 4/25/2055 (4.25% on 4/1/2028) <sup>(a)(d)(e)</sup> |  | 403 | 390 |
| PT Bank Negara Indonesia (Persero) Tbk 4.30% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.466% on 3/24/2027) <sup>(a)</sup> |  | 2755 | 2696 |
| PT Freeport Indonesia 5.315% 4/14/2032 |  | 449 | 458 |
| Quikrete Holdings, Inc. 6.375% 3/1/2032 <sup>(e)</sup> |  | 40 | 42 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **216** |

---

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. dollars (continued)** |  |  |  |
| Quikrete Holdings, Inc. 6.75% 3/1/2033 <sup>(e)</sup> | USD | 10 | $10 |
| Radiology Partners, Inc. 9.781% PIK 2/15/2030 <sup>(e)(i)</sup> |  | 296 | 285 |
| Raizen Fuels Finance SA 6.45% 3/5/2034 <sup>(e)</sup> |  | 910 | 743 |
| Range Resources Corp. 4.75% 2/15/2030 <sup>(e)</sup> |  | 145 | 143 |
| Repsol E&P Capital Markets US, LLC 5.204% 9/16/2030 <sup>(e)</sup> |  | 689 | 699 |
| Reworld Holding Corp. 4.875% 12/1/2029 <sup>(e)</sup> |  | 25 | 24 |
| RHP Hotel Properties, LP 7.25% 7/15/2028 <sup>(e)</sup> |  | 80 | 83 |
| RHP Hotel Properties, LP 4.50% 2/15/2029 <sup>(e)</sup> |  | 90 | 89 |
| RHP Hotel Properties, LP 6.50% 6/15/2033 <sup>(e)</sup> |  | 30 | 31 |
| Rio Tinto Finance (USA) PLC 5.25% 3/14/2035 |  | 1420 | 1464 |
| RLJ Lodging Trust, LP 4.00% 9/15/2029 <sup>(e)</sup> |  | 25 | 24 |
| Roper Technologies, Inc. 4.45% 9/15/2030 |  | 2900 | 2914 |
| Roper Technologies, Inc. 5.10% 9/15/2035 |  | 925 | 932 |
| Royal Bank of Canada 5.153% 2/4/2031 (USD-SOFR + 1.03% on 2/4/2030) <sup>(a)</sup> |  | 1700 | 1751 |
| Royal Caribbean Cruises, Ltd. 5.50% 4/1/2028 <sup>(e)</sup> |  | 75 | 76 |
| Royal Caribbean Cruises, Ltd. 6.00% 2/1/2033 <sup>(e)</sup> |  | 90 | 93 |
| Sabre GLBL, Inc. 11.125% 7/15/2030 <sup>(e)</sup> |  | 25 | 21 |
| Sally Holdings, LLC 6.75% 3/1/2032 |  | 107 | 112 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(a)(i)</sup> |  | 3406 | 3454 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(a)(e)(i)</sup> |  | 464 | 471 |
| Sands China, Ltd. 5.40% 8/8/2028 |  | 2710 | 2763 |
| Santander Holdings USA, Inc. 3.244% 10/5/2026 |  | 3750 | 3728 |
| Sasol Financing USA, LLC 8.75% 5/3/2029 <sup>(b)</sup> |  | 1330 | 1355 |
| Sats Treasury Pte., Ltd. 4.828% 1/23/2029 |  | 350 | 357 |
| Saturn Oil & Gas, Inc. 9.625% 6/15/2029 <sup>(e)</sup> |  | 62 | 61 |
| Scentre Group Trust 1 3.75% 3/23/2027 <sup>(e)</sup> |  | 110 | 110 |
| SCF Equipment Trust, LLC, Series 2025-1A, Class A3, 5.11% 11/21/2033 <sup>(d)(e)</sup> |  | 2846 | 2909 |
| Science Applications International Corp. 5.875% 11/1/2033 <sup>(e)</sup> |  | 10 | 10 |
| Scientific Games Holdings, LP 6.625% 3/1/2030 <sup>(e)</sup> |  | 46 | 41 |
| SCIH Salt Holdings, Inc. 4.875% 5/1/2028 <sup>(e)</sup> |  | 115 | 115 |
| Sealed Air Corp. 6.125% 2/1/2028 <sup>(e)</sup> |  | 180 | 183 |
| Sealed Air Corp. 6.50% 7/15/2032 <sup>(e)</sup> |  | 123 | 128 |
| Securitized Term Auto Receivables Trust, Series 2025-A, Class B, 5.038% 7/25/2031 <sup>(d)(e)</sup> |  | 123 | 124 |
| Securitized Term Auto Receivables Trust, Series 2025-B, Class B, 4.925% 12/29/2032 <sup>(d)(e)</sup> |  | 630 | 636 |
| Serbia (Republic of) 6.25% 5/26/2028 <sup>(e)</sup> |  | 740 | 768 |
| Service Corp. International 5.75% 10/15/2032 |  | 35 | 36 |
| Service Properties Trust 0% 9/30/2027 <sup>(e)</sup> |  | 30 | 27 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(e)</sup> |  | 60 | 63 |
| ServiceNow, Inc. 1.40% 9/1/2030 |  | 756 | 666 |
| Sirius XM Radio, LLC 3.125% 9/1/2026 <sup>(e)</sup> |  | 50 | 50 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(e)</sup> |  | 195 | 191 |
| Sirius XM Radio, LLC 4.125% 7/1/2030 <sup>(e)</sup> |  | 39 | 37 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(e)</sup> |  | 111 | 102 |
| SK hynix, Inc. 1.50% 1/19/2026 |  | 563 | 562 |
| SLM Corp. 6.50% 1/31/2030 |  | 85 | 88 |
| SM Energy Co. 6.50% 7/15/2028 |  | 45 | 46 |
| SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) 5.534% 11/15/2052 <sup>(d)(e)(h)</sup> |  | 482 | 487 |
| Sonic Automotive, Inc. 4.625% 11/15/2029 <sup>(e)</sup> |  | 45 | 44 |
| Sonic Automotive, Inc. 4.875% 11/15/2031 <sup>(e)</sup> |  | 20 | 19 |
| Southern California Edison Co. 2.85% 8/1/2029 |  | 200 | 190 |
| Southern California Edison Co. 3.65% 2/1/2050 |  | 1700 | 1190 |
| Standard Chartered PLC 5.244% 5/13/2031 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 5/13/2030) <sup>(a)(e)</sup> |  | 1500 | 1546 |
| Starwood Mortgage Residential Trust, Series 2025-SFR5, Class A, (1-month USD CME Term SOFR + 1.45%) 5.201% 2/17/2042 <sup>(d)(e)(h)</sup> |  | 216 | 216 |
| Starwood Property Trust, Inc. 5.25% 10/15/2028 <sup>(e)</sup> |  | 100 | 101 |
| State Street Corp. 5.146% 2/28/2036 (USD-SOFR + 1.217% on 2/28/2035) <sup>(a)</sup> |  | 1450 | 1485 |
| Station Casinos, LLC 6.625% 3/15/2032 <sup>(e)</sup> |  | 35 | 36 |
| Steele Creek CLO, Ltd., Series 2019-2A, Class ARR, (3-month USD CME Term SOFR + 1.00%) 4.905% 7/15/2032 <sup>(d)(e)(h)</sup> |  | 1439 | 1437 |

---

---

| | |
|:---|:---|
| **217** | American Funds Insurance Series |

---

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. dollars (continued)** |  |  |  |
| Stillwater Mining Co. 4.00% 11/16/2026 <sup>(b)</sup> | USD | 2090 | $2077 |
| Sunoco, LP 7.00% 5/1/2029 <sup>(e)</sup> |  | 30 | 31 |
| Sunoco, LP 4.50% 5/15/2029 |  | 290 | 285 |
| Sunoco, LP 4.50% 4/30/2030 |  | 35 | 34 |
| Surgery Center Holdings, Inc. 7.25% 4/15/2032 <sup>(e)</sup> |  | 45 | 46 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (1-month USD CME Term SOFR + 1.443%) 5.193% 2/15/2042 <sup>(d)(e)(h)</sup> |  | 6917 | 6863 |
| Synopsys, Inc. 5.15% 4/1/2035 |  | 1410 | 1434 |
| Talen Energy Supply, LLC 8.625% 6/1/2030 <sup>(e)</sup> |  | 69 | 73 |
| Talen Energy Supply, LLC, Term Loan B, (3-month USD CME Term SOFR + 2.50%) 6.353% 5/17/2030 <sup>(g)(h)</sup> |  | 44 | 44 |
| Talos Production, Inc. 9.00% 2/1/2029 <sup>(e)</sup> |  | 15 | 16 |
| Talos Production, Inc. 9.375% 2/1/2031 <sup>(e)</sup> |  | 55 | 57 |
| Tenet Healthcare Corp. 6.125% 10/1/2028 |  | 17 | 17 |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029 |  | 455 | 461 |
| Teva Pharmaceutical Finance Netherlands III BV 6.00% 12/1/2032 |  | 200 | 210 |
| State of Texas, Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 10/1/2052 |  | 965 | 669 |
| TGS ASA 8.50% 1/15/2030 <sup>(e)</sup> |  | 200 | 210 |
| Tidewater, Inc. 9.125% 7/15/2030 <sup>(e)</sup> |  | 10 | 11 |
| Tierra Mojada Luxembourg II SARL 5.75% 12/1/2040 |  | 861 | 848 |
| T-Mobile USA, Inc. 2.40% 3/15/2029 |  | 1079 | 1022 |
| T-Mobile USA, Inc. 5.65% 1/15/2053 |  | 1400 | 1355 |
| Toronto-Dominion Bank (The) 4.783% 12/17/2029 |  | 424 | 435 |
| TotalEnergies Capital SA 5.488% 4/5/2054 |  | 1500 | 1451 |
| TransDigm, Inc. 4.875% 5/1/2029 |  | 80 | 80 |
| TransDigm, Inc. 6.875% 12/15/2030 <sup>(e)</sup> |  | 85 | 89 |
| TransDigm, Inc. 6.625% 3/1/2032 <sup>(e)</sup> |  | 45 | 47 |
| TransDigm, Inc. 6.375% 5/31/2033 <sup>(e)</sup> |  | 75 | 77 |
| TransDigm, Inc. 6.75% 1/31/2034 <sup>(e)</sup> |  | 140 | 146 |
| Transocean International, Ltd. 8.75% 2/15/2030 <sup>(e)</sup> |  | 30 | 31 |
| Transocean Titan Financing, Ltd. 8.375% 2/1/2028 <sup>(e)</sup> |  | 83 | 84 |
| Transocean, Inc. 6.80% 3/15/2038 |  | 35 | 30 |
| Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(e)(f)</sup> |  | 100 | 100 |
| Tricon Residential Trust, Series 2023-SFR1, Class B, 5.10% 7/17/2040 <sup>(d)(e)</sup> |  | 251 | 252 |
| Tricon Residential Trust, Series 2023-SFR1, Class C, 5.10% 7/17/2040 <sup>(d)(e)</sup> |  | 100 | 100 |
| Turkey (Republic of) 7.125% 7/17/2032 |  | 1360 | 1440 |
| U.S. Bank National Association, Series 2025-SUP1, Class B, 5.582% 2/25/2032 <sup>(d)(e)</sup> |  | 554 | 557 |
| U.S. Treasury 3.875% 5/31/2027 |  | 662 | 665 |
| U.S. Treasury 3.75% 6/30/2027 |  | 30 | 30 |
| U.S. Treasury 3.625% 8/31/2027 <sup>(m)</sup> |  | 25710 | 25766 |
| U.S. Treasury 3.50% 10/15/2028 |  | 1281 | 1280 |
| U.S. Treasury 3.50% 11/15/2028 |  | 1460 | 1458 |
| U.S. Treasury 3.50% 9/30/2029 |  | 399 | 397 |
| U.S. Treasury 4.125% 10/31/2029 |  | 328 | 334 |
| U.S. Treasury 4.00% 5/31/2030 |  | 2995 | 3034 |
| U.S. Treasury 3.875% 6/30/2030 <sup>(m)</sup> |  | 13418 | 13520 |
| U.S. Treasury 3.50% 11/30/2030 |  | 1289 | 1276 |
| U.S. Treasury 4.125% 11/30/2031 |  | 704 | 715 |
| U.S. Treasury 3.875% 8/15/2034 |  | 540 | 532 |
| U.S. Treasury 4.625% 2/15/2035 |  | 1681 | 1746 |
| U.S. Treasury 4.00% 11/15/2035 <sup>(m)</sup> |  | 7207 | 7109 |
| U.S. Treasury 1.75% 8/15/2041 |  | 4650 | 3144 |
| U.S. Treasury 4.75% 11/15/2043 <sup>(m)</sup> |  | 2650 | 2654 |
| U.S. Treasury 4.625% 5/15/2044 |  | 1210 | 1190 |
| U.S. Treasury 3.00% 8/15/2048 <sup>(m)</sup> |  | 5045 | 3743 |
| U.S. Treasury 1.25% 5/15/2050 |  | 1625 | 780 |
| U.S. Treasury 4.75% 11/15/2053 <sup>(m)</sup> |  | 4809 | 4729 |
| U.S. Treasury 4.25% 2/15/2054 |  | 681 | 617 |
| U.S. Treasury 4.625% 5/15/2054 <sup>(m)</sup> |  | 1836 | 1772 |
| U.S. Treasury 4.50% 11/15/2054 |  | 143 | 135 |
| U.S. Treasury 4.625% 2/15/2055 <sup>(m)</sup> |  | 2915 | 2814 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **218** |

---

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. dollars (continued)** |  |  |  |
| U.S. Treasury 4.75% 8/15/2055 | USD | 927 | $913 |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2026 <sup>(c)</sup> |  | 850 | 845 |
| U.S. Treasury Inflation-Protected Security 2.375% 10/15/2028 <sup>(c)</sup> |  | 10727 | 11051 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051 <sup>(c)</sup> |  | 3539 | 1913 |
| U.S. Treasury Inflation-Protected Security 1.50% 2/15/2053 <sup>(c)</sup> |  | 186 | 145 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(c)(m)</sup> |  | 2891 | 2600 |
| U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(c)</sup> |  | 4653 | 4417 |
| UKG, Inc. 6.875% 2/1/2031 <sup>(e)</sup> |  | 77 | 79 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(d)(l)</sup> |  | 800 | 647 |
| Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(d)(l)</sup> |  | 17 | 16 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(d)(l)</sup> |  | 2692 | 2628 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(d)(l)</sup> |  | 164 | 171 |
| Uniform Mortgage-Backed Security 7.00% 1/1/2056 <sup>(d)(l)</sup> |  | 3010 | 3168 |
| Uniform Mortgage-Backed Security 2.00% 2/1/2056 <sup>(d)(l)</sup> |  | 7290 | 5893 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(d)(l)</sup> |  | 3696 | 3406 |
| United Mexican States 5.375% 3/22/2033 |  | 765 | 761 |
| United Mexican States 6.00% 5/7/2036 |  | 970 | 985 |
| United Mexican States 6.338% 5/4/2053 |  | 425 | 406 |
| United Natural Foods, Inc. 6.75% 10/15/2028 <sup>(e)</sup> |  | 85 | 85 |
| United Rentals (North America), Inc. 3.875% 2/15/2031 |  | 130 | 124 |
| UnitedHealth Group, Inc. 5.30% 6/15/2035 |  | 1450 | 1502 |
| UnitedHealth Group, Inc. 5.95% 6/15/2055 |  | 1450 | 1490 |
| Univision Communications, Inc. 8.00% 8/15/2028 <sup>(e)</sup> |  | 110 | 114 |
| Univision Communications, Inc. 4.50% 5/1/2029 <sup>(e)</sup> |  | 250 | 240 |
| US Foods, Inc. 4.625% 6/1/2030 <sup>(e)</sup> |  | 35 | 35 |
| Vail Resorts, Inc. 5.625% 7/15/2030 <sup>(e)</sup> |  | 35 | 36 |
| Vail Resorts, Inc. 6.50% 5/15/2032 <sup>(e)</sup> |  | 20 | 21 |
| Valvoline, Inc. 3.625% 6/15/2031 <sup>(e)</sup> |  | 85 | 78 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 2.00%) 7.00% PIK 7/16/2026 <sup>(f)(g)(h)(i)(j)</sup> |  | 34 | 11 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 8.00%) 7.00% PIK 7/16/2026 <sup>(f)(g)(h)(i)(j)</sup> |  | 34 | 11 |
| Venator Material, LLC, Term Loan, (USD-SOFR + 10.00%) 7.00% PIK 10/12/2028 <sup>(f)(g)(h)(i)(j)</sup> |  | 56 | 18 |
| Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029 <sup>(e)</sup> |  | 35 | 33 |
| Venture Global Calcasieu Pass, LLC 6.25% 1/15/2030 <sup>(e)</sup> |  | 31 | 31 |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(e)</sup> |  | 110 | 100 |
| Venture Global LNG, Inc. 8.125% 6/1/2028 <sup>(e)</sup> |  | 80 | 81 |
| Venture Global LNG, Inc. 9.875% 2/1/2032 <sup>(e)</sup> |  | 82 | 85 |
| Venture Global Plaquemines LNG, LLC 6.125% 12/15/2030 <sup>(e)</sup> |  | 50 | 51 |
| Venture Global Plaquemines LNG, LLC 7.50% 5/1/2033 <sup>(e)</sup> |  | 55 | 59 |
| Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(e)</sup> |  | 115 | 118 |
| Venture Global Plaquemines LNG, LLC 7.75% 5/1/2035 <sup>(e)</sup> |  | 25 | 27 |
| Venture Global Plaquemines LNG, LLC 6.75% 1/15/2036 <sup>(e)</sup> |  | 85 | 87 |
| Verus Securitization Trust, Series 2024-4, Class A1, 6.218% 6/25/2069 (7.218% on 5/1/2028) <sup>(a)(d)(e)</sup> |  | 525 | 532 |
| Verus Securitization Trust, Series 2024-9, Class A1, 5.438% 11/25/2069 <sup>(d)(e)(h)</sup> |  | 752 | 757 |
| Verus Securitization Trust, Series 2025-7, Class A1, 5.129% 8/25/2070 (6.129% on 8/1/2029) <sup>(a)(d)(e)</sup> |  | 1418 | 1424 |
| Voyager Parent, LLC 9.25% 7/1/2032 <sup>(e)</sup> |  | 150 | 159 |
| Warrior Met Coal, Inc. 7.875% 12/1/2028 <sup>(e)</sup> |  | 71 | 73 |
| Waste Management, Inc. 3.875% 1/15/2029 |  | 50 | 50 |
| Weatherford International, Ltd. 8.625% 4/30/2030 <sup>(e)</sup> |  | 34 | 35 |
| Weatherford International, Ltd. 6.75% 10/15/2033 <sup>(e)</sup> |  | 65 | 67 |
| Wells Fargo & Co. 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027) <sup>(a)</sup> |  | 4698 | 4668 |
| WESCO Distribution, Inc. 7.25% 6/15/2028 <sup>(e)</sup> |  | 200 | 203 |
| WESCO Distribution, Inc. 6.625% 3/15/2032 <sup>(e)</sup> |  | 150 | 157 |
| Wingspire Equipment Finance, LLC, Series 2024-1A, Class A2, 4.99% 9/20/2032 <sup>(d)(e)</sup> |  | 99 | 100 |
| WMG Acquisition Corp. 3.75% 12/1/2029 <sup>(e)</sup> |  | 110 | 106 |
| WMG Acquisition Corp. 3.00% 2/15/2031 <sup>(e)</sup> |  | 80 | 75 |
| Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(b)(i)</sup> |  | 74 | 81 |
| Wynn Macau, Ltd. 6.75% 2/15/2034 <sup>(e)</sup> |  | 875 | 887 |
| Wynn Resorts Finance, LLC 7.125% 2/15/2031 <sup>(e)</sup> |  | 43 | 47 |
|  |  |  | 643640 |
| **Total bonds, notes & other debt instruments (cost: $1,378,329,000)** |  |  | 1345508 |

---

---

| | |
|:---|:---|
| **219** | American Funds Insurance Series |

---

Capital World Bond Fund<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Preferred securities 0.01% | Shares | Value<br> (000) |
| **U.S. dollars 0.01%** |  |  |
| ACR III LSC Holdings, LLC, Series B, preferred shares <sup>(e)(f)(n)</sup> | 48 | $80 |
| **Total preferred securities (cost: $50,000)** |  | 80 |

---

---

| | | |
|:---|:---|:---|
| Common stocks 0.00% |  |  |
| **U.S. dollars 0.00%** |  |  |
| Altera Infrastructure, LP <sup>(f)</sup> | 1441 | 59 |
| Expand Energy Corp. | 45 | 5 |
| Venator Materials PLC <sup>(f)(n)</sup> | 232 | — <sup>(k)</sup> |
| **Total common stocks (cost: $1,019,000)** |  | 64 |

---

---

| | | |
|:---|:---|:---|
| Rights & warrants 0.00% |  |  |
| **U.S. dollars 0.00%** |  |  |
| Expand Energy Corp., Class C, warrants, expire 2/9/2026 <sup>(n)</sup> | 85 | 8 |
| **Total rights & warrants (cost: $73,000)** |  | 8 |

---

---

| | | |
|:---|:---|:---|
| Investment funds 1.54% |  |  |
| Capital Group Central Corporate Bond Fund <sup>(o)</sup> | 2674552 | 22734 |
| **Total investment funds (cost: $20,987,000)** |  | 22734 |

---

---

| | | |
|:---|:---|:---|
| Short-term securities 7.71% |  |  |
| **Money market investments 7.71%** |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(o)(p)</sup> | 1141484 | 114160 |
| **Total short-term securities** (cost: $114,142,000) |  | 114160 |

---

---

| | |
|:---|:---|
| Options purchased (equity style) 0.00% |  |
| Options purchased (equity style) \* | 16 |
| **Total options purchased (equity style) (cost: $81,000)** | 16 |
| **Total investment securities 100.19% (cost: $1,514,681,000)** | 1482570 |
| Other assets less liabilities (0.19)% | (2800) |
| **Net assets 100.00%** | $1479770 |

---

**\*Options purchased (equity style)**

**Options on foreign currencies**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | Expiration<br> date | Exercise<br> price | Exercise<br> price | Notional<br> amount<br> (000) | Notional<br> amount<br> (000) | Value at<br> 12/31/2025<br> (000) |
| **Put** |  |  |  |  |  |  |  |
| USD/JPY Foreign Currency Options | BNP Paribas | 2/18/2026 | JPY | 147.00 | USD | 15680 | $16 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **220** |

---

Capital World Bond Fund<sup>®</sup> (continued)

**Options purchased (futures style)**

**Options on futures**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of <br> contracts | Expiration<br> date | Exercise<br> price | Exercise<br> price | Notional<br> amount<br> (000) | Notional<br> amount<br> (000) | Value and<br> unrealized<br> appreciation<br> (depreciation) at<br> 12/31/2025<br> (000) |
| **Put** |  |  |  |  |  |  |  |
| 10 Year Euro-Bund Futures Option | 125 | 1/23/2026 | EUR | 126.50 | EUR | 12500 | $— <sup>(k)</sup> |

---

**Options written (futures style)**

**Options on futures**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of <br> contracts | Expiration<br> date | Exercise<br> price | Exercise<br> price | Notional<br> amount<br> (000) | Notional<br> amount<br> (000) | Value and<br> unrealized<br> appreciation<br> (depreciation) at<br> 12/31/2025<br> (000) |
| **Call** |  |  |  |  |  |  |  |
| 10 Year Euro-Bund Futures Option | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125) | 1/23/2026 | EUR | 131.50 | EUR | (12500) | $28 |

---

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of<br> contracts | Expiration<br> date | Notional<br> amount<br> (000) | Notional<br> amount<br> (000) | Value and<br> unrealized<br> appreciation<br> (depreciation) at<br> 12/31/2025<br> (000) |
| 3 Month SONIA Futures | Short | 4 | 3/18/2026 | USD | (1298) | $(2) |
| 3 Month CORRA Futures | Long | 866 | 6/17/2026 |  | 154131 | 377 |
| 3 Month Euro EURIBOR Futures | Long | 1 | 12/14/2026 |  | 288 | — <sup>(k)</sup> |
| 2 Year Italy Government Bond Futures | Long | 274 | 3/10/2026 |  | 34561 | (61) |
| 2 Year Euro-Schatz Futures | Short | 61 | 3/10/2026 |  | (7655) | 8 |
| 2 Year Canadian Government Bond Futures | Long | 301 | 3/31/2026 |  | 23159 | (63) |
| 2 Year U.S. Treasury Note Futures | Long | 1141 | 4/6/2026 |  | 238228 | (45) |
| 3 Year Australian Treasury Bond Futures | Long | 332 | 3/17/2026 |  | 23263 | 16 |
| 5 Year Euro-Bobl Futures | Long | 384 | 3/10/2026 |  | 52420 | (269) |
| 5 Year Canadian Government Bond Futures | Long | 209 | 3/31/2026 |  | 17251 | (152) |
| 5 Year U.S. Treasury Note Futures | Long | 482 | 4/6/2026 |  | 52685 | (144) |
| 10 Year Italy Government Bond Futures | Long | 82 | 3/10/2026 |  | 11581 | (35) |
| 10 Year French Government Bond Futures | Short | 36 | 3/10/2026 |  | (5102) | 35 |
| 10 Year Euro-Bund Futures | Short | 416 | 3/10/2026 |  | (62367) | 460 |
| 10 Year Australian Treasury Bond Futures | Long | 145 | 3/16/2026 |  | 10594 | 50 |
| 10 Year Japanese Government Bond Futures | Short | 30 | 3/23/2026 |  | (25359) | 167 |
| 10 Year U.S. Treasury Note Futures | Long | 161 | 3/31/2026 |  | 18102 | (168) |
| 10 Year Ultra U.S. Treasury Note Futures | Long | 69 | 3/31/2026 |  | 7936 | (67) |
| 10 Year UK Gilt Futures | Short | 31 | 3/31/2026 |  | (3818) | 14 |
| 10 Year Canadian Government Bond Futures | Short | 241 | 3/31/2026 |  | (21230) | 331 |
| 20 Year U.S. Treasury Bond Futures | Long | 153 | 3/31/2026 |  | 17686 | (251) |
| 30 Year Euro-Buxl Futures | Short | 54 | 3/10/2026 |  | (6988) | 157 |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 186 | 3/31/2026 |  | 21948 | (374) |
|  |  |  |  |  |  | $(16) |

---

---

| | |
|:---|:---|
| **221** | American Funds Insurance Series |

---

Capital World Bond Fund<sup>®</sup> (continued)

**Forward currency contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount |  |  | Unrealized<br> appreciation<br> (depreciation) |
| Currency purchased<br> (000) | Currency purchased<br> (000) | Currency sold<br> (000) | Currency sold<br> (000) | Counterparty | Settlement<br> date | at 12/31/2025<br> (000) |
| TRY | 137735 | USD | 3157 | Citibank | 1/7/2026 | $35 |
| MYR | 8120 | USD | 1986 | BNP Paribas | 1/8/2026 | 17 |
| USD | 1377 | MYR | 5680 | JPMorgan Chase | 1/8/2026 | (24) |
| CAD | 39278 | USD | 28223 | Barclays Bank PLC | 1/9/2026 | 406 |
| GBP | 9385 | USD | 12570 | Bank of America | 1/9/2026 | 81 |
| USD | 2793 | JPY | 432460 | Bank of America | 1/9/2026 | 30 |
| CZK | 117510 | USD | 5689 | Bank of New York Mellon | 1/9/2026 | 28 |
| USD | 1032 | BRL | 5550 | Goldman Sachs | 1/9/2026 | 22 |
| CZK | 49000 | USD | 2366 | JPMorgan Chase | 1/9/2026 | 18 |
| USD | 1007 | JPY | 155470 | Citibank | 1/9/2026 | 14 |
| CZK | 156440 | EUR | 6463 | JPMorgan Chase | 1/9/2026 | 13 |
| EUR | 800 | USD | 934 | HSBC Bank | 1/9/2026 | 7 |
| CHF | 1007 | USD | 1271 | Bank of America | 1/9/2026 | 2 |
| USD | 1318 | IDR | 21992435 | Citibank | 1/9/2026 | 1 |
| COP | 135700 | USD | 35 | Citibank | 1/9/2026 | — <sup>(k)</sup> |
| IDR | 14450980 | USD | 869 | Goldman Sachs | 1/9/2026 | (3) |
| USD | 1002 | PHP | 59200 | HSBC Bank | 1/9/2026 | (3) |
| EUR | 2820 | USD | 3319 | Bank of America | 1/9/2026 | (4) |
| USD | 7053 | INR | 635855 | HSBC Bank | 1/9/2026 | (14) |
| BRL | 5610 | USD | 1042 | Citibank | 1/9/2026 | (20) |
| JPY | 331470 | USD | 2145 | Barclays Bank PLC | 1/9/2026 | (27) |
| USD | 1760 | CLP | 1623750 | Citibank | 1/9/2026 | (43) |
| USD | 5157 | GBP | 3860 | Bank of America | 1/9/2026 | (46) |
| USD | 3577 | COP | 13816730 | Citibank | 1/9/2026 | (64) |
| USD | 3707 | KRW | 5484900 | Citibank | 1/9/2026 | (93) |
| USD | 11254 | EUR | 9660 | Citibank | 1/9/2026 | (103) |
| USD | 8919 | KRW | 13061798 | Citibank | 1/9/2026 | (130) |
| SEK | 46505 | USD | 4947 | HSBC Bank | 1/12/2026 | 107 |
| NOK | 68290 | USD | 6741 | Bank of America | 1/12/2026 | 34 |
| CNH | 21500 | USD | 3062 | UBS AG | 1/12/2026 | 23 |
| USD | 1972 | NZD | 3397 | HSBC Bank | 1/12/2026 | 15 |
| EUR | 5100 | CAD | 8207 | HSBC Bank | 1/12/2026 | 14 |
| HUF | 1284310 | EUR | 3326 | JPMorgan Chase | 1/12/2026 | 13 |
| PLN | 6680 | EUR | 1573 | Citibank | 1/12/2026 | 11 |
| SGD | 1400 | USD | 1081 | Citibank | 1/12/2026 | 9 |
| AUD | 2017 | USD | 1340 | HSBC Bank | 1/12/2026 | 6 |
| USD | 5075 | PLN | 18215 | BNP Paribas | 1/12/2026 | 2 |
| EUR | 1778 | RON | 9075 | Citibank | 1/12/2026 | (2) |
| USD | 4334 | HUF | 1419580 | HSBC Bank | 1/12/2026 | (3) |
| USD | 2870 | SGD | 3690 | UBS AG | 1/12/2026 | (3) |
| USD | 274 | PLN | 1000 | Citibank | 1/12/2026 | (4) |
| USD | 2280 | CAD | 3133 | HSBC Bank | 1/12/2026 | (4) |
| USD | 239 | ZAR | 4080 | Citibank | 1/12/2026 | (7) |
| NZD | 2799 | USD | 1621 | Bank of America | 1/12/2026 | (9) |
| USD | 2322 | NOK | 23545 | HSBC Bank | 1/12/2026 | (14) |
| USD | 3684 | NOK | 37576 | Morgan Stanley | 1/12/2026 | (45) |
| USD | 5235 | THB | 166360 | Citibank | 1/12/2026 | (50) |
| USD | 14281 | AUD | 21579 | Morgan Stanley | 1/12/2026 | (121) |
| USD | 14447 | HUF | 4788935 | Citibank | 1/12/2026 | (184) |
| EUR | 22685 | USD | 26423 | Goldman Sachs | 1/13/2026 | 254 |
| USD | 1694 | EUR | 1440 | HSBC Bank | 1/13/2026 | — <sup>(k)</sup> |
| THB | 135185 | USD | 4307 | UBS AG | 1/14/2026 | (13) |
| CNH | 859567 | USD | 122304 | Standard Chartered Bank | 1/15/2026 | 1035 |
| USD | 5262 | JPY | 811230 | Citibank | 1/15/2026 | 76 |
| CNH | 11710 | USD | 1667 | Goldman Sachs | 1/15/2026 | 13 |
| DKK | 46980 | EUR | 6289 | HSBC Bank | 1/15/2026 | 2 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **222** |

---

Capital World Bond Fund<sup>®</sup> (continued)

**Forward currency contracts** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contract amount | Contract amount | Contract amount | Contract amount |  |  | Unrealized<br> appreciation<br> (depreciation) |
| Currency purchased<br> (000) | Currency purchased<br> (000) | Currency sold<br> (000) | Currency sold<br> (000) | Counterparty | Settlement<br> date | at 12/31/2025<br> (000) |
| USD | 11507 | DKK | 73090 | HSBC Bank | 1/15/2026 | $(3) |
| JPY | 1957390 | USD | 12660 | Goldman Sachs | 1/15/2026 | (147) |
| JPY | 3141727 | USD | 20336 | Bank of America | 1/15/2026 | (251) |
| EUR | 6922 | GBP | 6085 | HSBC Bank | 1/16/2026 | (61) |
| USD | 7902 | GBP | 5910 | Citibank | 1/16/2026 | (64) |
| GBP | 4060 | EUR | 4620 | HSBC Bank | 1/22/2026 | 37 |
| USD | 8016 | GBP | 5975 | Morgan Stanley | 1/22/2026 | (38) |
| USD | 34933 | BRL | 190062 | Citibank | 1/23/2026 | 462 |
| USD | 772 | BRL | 4280 | Citibank | 1/23/2026 | (4) |
| BRL | 65500 | USD | 12008 | Citibank | 1/23/2026 | (129) |
| EUR | 29240 | USD | 34459 | Morgan Stanley | 1/26/2026 | (53) |
| EUR | 23116 | USD | 27264 | Standard Chartered Bank | 1/29/2026 | (59) |
| EUR | 7510 | USD | 8838 | Morgan Stanley | 3/16/2026 | 19 |
| EUR | 700 | USD | 820 | Bank of New York Mellon | 3/18/2026 | 6 |
|  |  |  |  |  |  | $970 |

---

**Swap contracts**

**Interest rate swaps**

**Centrally cleared interest rate swaps**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay |  | Notional | Notional | Value at | Upfront<br> premium<br> paid | Unrealized<br> appreciation<br> (depreciation) |
| Rate | Payment<br> frequency | Rate | Payment<br> frequency | Expiration<br> date | amount<br> (000) | amount<br> (000) | 12/31/2025<br> (000) | (received)<br> (000) | at 12/31/2025<br> (000) |
| 6-month EURIBOR | Semi-annual | 2.2007% | Annual | 2/10/2027 | EUR | 9720 | $(2) | $— | $(2) |
| 6-month EURIBOR | Semi-annual | 2.2032% | Annual | 2/10/2027 | EUR | 9730 | (3) |  | (3) |
| 4.254% | Annual | SONIA | Annual | 5/9/2027 | GBP | 4083 | 53 |  | 53 |
| 3.5175% | Annual | SOFR | Annual | 8/15/2027 | USD | 24180 | 69 |  | 69 |
| SOFR | Annual | 3.4925% | Annual | 8/19/2027 | USD | 67090 | (167) |  | (167) |
| 3.515% | Annual | 6-month CZK-PRIBOR | Semi-annual | 9/2/2027 | CZK | 396600 | (6) |  | (6) |
| 6-month PLN-WIBOR | Semi-annual | 4.14% | Annual | 9/2/2027 | PLN | 70510 | (156) |  | (156) |
| SOFR | Annual | 3.2685% | Annual | 9/9/2027 | USD | 88350 | 88 |  | 88 |
| SOFR | Annual | 3.3395% | Annual | 9/23/2027 | USD | 67500 | (15) |  | (15) |
| 1.9308% | Annual | Euro STR | Annual | 9/24/2027 | USD | 32500 | (56) |  | (56) |
| SOFR | Annual | 3.2355% | Annual | 9/30/2027 | USD | 37230 | 50 |  | 50 |
| SOFR | Annual | 3.28% | Annual | 12/1/2027 | USD | 4480 | 3 |  | 3 |
| 6-month EURIBOR | Semi-annual | 2.8272% | Annual | 6/18/2029 | EUR | 5930 | (90) |  | (90) |
| 3.4928% | Annual | SONIA | Annual | 8/6/2029 | GBP | 5260 | (19) |  | (19) |
| SOFR | Annual | 3.4705% | Annual | 2/10/2030 | USD | 16910 | (41) |  | (41) |
| 6-month EURIBOR | Semi-annual | 2.2577% | Annual | 3/5/2030 | EUR | 2690 | 29 |  | 29 |
| 6-month EURIBOR | Semi-annual | 2.2592% | Annual | 3/5/2030 | EUR | 2690 | 29 |  | 29 |
| 6-month EURIBOR | Semi-annual | 2.2562% | Annual | 3/5/2030 | EUR | 2690 | 29 |  | 29 |
| 3.925% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/5/2030 | NOK | 32270 | (19) |  | (19) |
| 6-month EURIBOR | Semi-annual | 2.1912% | Annual | 3/6/2030 | EUR | 2500 | 35 |  | 35 |
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK | 26280 | 8 |  | 8 |
| 4.1703% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK | 16900 | 6 |  | 6 |
| 4.162% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/24/2030 | NOK | 16890 | 5 |  | 5 |
| 4.165% | Annual | 6-month NOK-NIBOR | Semi-annual | 3/25/2030 | NOK | 62070 | 20 |  | 20 |
| 3-month SEK-STIBOR | Quarterly | 2.3527% | Annual | 4/22/2030 | SEK | 67510 | 39 |  | 39 |
| 3-month SEK-STIBOR | Quarterly | 2.3532% | Annual | 4/22/2030 | SEK | 67510 | 39 |  | 39 |
| 2.2053% | Annual | 6-month EURIBOR | Semi-annual | 4/22/2030 | EUR | 6330 | (91) |  | (91) |
| 2.2033% | Annual | 6-month EURIBOR | Semi-annual | 4/22/2030 | EUR | 6350 | (92) |  | (92) |

---

---

| | |
|:---|:---|
| **223** | American Funds Insurance Series |

---

Capital World Bond Fund<sup>®</sup> (continued)

**Swap contracts** (continued)

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay |  | Notional | Notional | Value at | Upfront <br> premium <br> paid | Unrealized <br> appreciation <br> (depreciation) |
| Rate | Payment<br> frequency | Rate | Payment<br> frequency | Expiration<br> date | amount<br> (000) | amount<br> (000) | 12/31/2025<br> (000) | (received)<br> (000) | at 12/31/2025 <br> (000) |
| 3-month SEK-STIBOR | Quarterly | 2.2732% | Annual | 8/14/2030 | SEK | 60130 | $69 | $— | $69 |
| 2.3523% | Annual | 6-month EURIBOR | Semi-annual | 8/14/2030 | EUR | 5570 | (52) |  | (52) |
| 3.8108% | Annual | 6-month NOK-NIBOR | Semi-annual | 8/14/2030 | NOK | 98800 | (114) |  | (114) |
| 6-month NOK-NIBOR | Semi-annual | 3.99% | Annual | 9/22/2030 | NOK | 64900 | 27 |  | 27 |
| 6-month NOK-NIBOR | Semi-annual | 4.08% | Annual | 9/23/2030 | NOK | 64270 | 3 |  | 3 |
| 6-month NOK-NIBOR | Semi-annual | 4.09% | Annual | 9/23/2030 | NOK | 32700 | <br> —<br> <sup>(k)</sup> |  | <br> —<br> <sup>(k)</sup> |
| 3.488% | Annual | SOFR | Annual | 6/17/2031 | USD | 941 | <br> —<br> <sup>(k)</sup> |  | <br> —<br> <sup>(k)</sup> |
| 3.43574% | Annual | SOFR | Annual | 6/17/2031 | USD | 1098 | (2) |  | (2) |
| 2.7083% | Annual | 6-month EURIBOR | Semi-annual | 2/15/2035 | EUR | 7460 | (125) |  | (125) |
| SOFR | Annual | 3.79168% | Annual | 6/17/2036 | USD | 1202 | 5 |  | 5 |
| SOFR | Annual | 3.801% | Annual | 6/17/2036 | USD | 1040 | 3 |  | 3 |
| SOFR | Annual | 3.944% | Annual | 9/9/2055 | USD | 3010 | 116 |  | 116 |
| 6-month EURIBOR | Semi-annual | 2.8972% | Annual | 9/11/2055 | EUR | 1740 | 139 |  | 139 |
| SOFR | Annual | 3.9305% | Annual | 9/23/2055 | USD | 7440 | 304 |  | 304 |
| 6-month EURIBOR | Semi-annual | 2.9287% | Annual | 9/24/2055 | EUR | 3250 | 235 |  | 235 |
| 4.13862% | Annual | SOFR | Annual | 6/17/2056 | USD | 291 | (2) |  | (2) |
| 4.097% | Annual | SOFR | Annual | 6/17/2056 | USD | 253 | (3) |  | (3) |
|  |  |  |  |  |  |  | $348 | $— | $348 |

---

**Bilateral interest rate swaps**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay |  |  | Notional | Notional | Value at | Upfront <br> premium <br> paid | Unrealized <br> appreciation <br> (depreciation) |
| Rate | Payment<br> frequency | Rate | Payment<br> frequency | Counterparty | Expiration<br> date | Amount<br> (000) | Amount<br> (000) | 12/31/2025<br> (000) | (received)<br> (000) | at 12/31/2025<br> (000) |
| 12.215% | At maturity | BZDIOVER | At maturity | Bank of America | 1/4/2027 | BRL | 44390 | $(284) | $— | $(284) |
| 11.22441676% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/4/2027 | BRL | 30865 | (343) |  | (343) |
| 11.91% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/4/2027 | BRL | 79860 | (600) |  | (600) |
| 11.405% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/4/2027 | BRL | 100270 | (955) |  | (955) |
| 14.115% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | BRL | 14440 | 66 |  | 66 |
| 14.05% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/2/2029 | BRL | 10600 | 44 |  | 44 |
| 14.05% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/2/2029 | BRL | 6440 | 26 |  | 26 |
| 11.495% | At maturity | BZDIOVER | At maturity | Bank of America | 1/2/2029 | BRL | 35980 | (513) |  | (513) |
|  |  |  |  |  |  |  |  | $(2559) | $— | $(2559) |

---

**Credit default swaps** 

**Centrally cleared credit default swaps on credit indices — buy protection**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference<br> index | Financing<br> rate paid | Payment<br> frequency | Expiration<br> date | Notional<br> amount<br> (000) | Notional<br> amount<br> (000) | Value at<br> 12/31/2025<br> (000) | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized <br> appreciation <br> (depreciation)<br> at 12/31/2025<br> (000) |
| CDX.NA.IG.45 | 1.00% | Quarterly | 12/20/2030 | USD | 4422 | $(100) | $(99) | $(1) |
| ITRAXX.EUR.44 | 1.00% | Quarterly | 12/20/2030 | EUR | 23910 | (648) | (603) | (45) |
| CDX.NA.HY.45 | 5.00% | Quarterly | 12/20/2030 | USD | 13200 | (1009) | (960) | (49) |
| CDX.EM.44 | 1.00% | Quarterly | 12/20/2030 |  | 9890 | 106 | 212 | (106) |
|  |  |  |  |  |  | $(1651) | $(1450) | $(201) |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **224** |

---

Capital World Bond Fund<sup>®</sup> (continued)

**Swap contracts** (continued)

**Credit default swaps** (continued)

**Centrally cleared credit default swaps on credit indices — sell protection**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference index | Financing<br> rate received | Payment<br> frequency | Expiration<br> date | Notional<br> amount <sup>(q)</sup> (000) | Notional<br> amount <sup>(q)</sup> (000) | Value at<br> 12/31/2025 <sup>(r)</sup> (000) | Upfront <br> premium<br> paid<br> (received)<br> (000) | Unrealized <br> appreciation <br> (depreciation)<br> at 12/31/2025<br> (000) |
| ITRAXX.EUR.XO.44 | 5.00% | Quarterly | 12/20/2030 | EUR | 4180 | $544 | $520 | $24 |

---

**Investments in affiliates <sup>(o)</sup>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value at<br> 1/1/2025 <br>(000) | Additions <br>(000) | Reductions<br> (000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000) | Value at<br> 12/31/2025<br> (000) | Dividend<br> or interest<br> income<br> (000) |
| Investment funds 1.54% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Corporate Bond Fund | $21147 | $1043 | $— | $— | $544 | $22734 | $1043 |
| Short-term securities 7.71% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 7.71%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(p)</sup> | 23214 | 581246 | 490311 | (6) | 17 | 114160 | 3583 |
| &nbsp;&nbsp;&nbsp;**Total 9.25%** |  |  |  | $(6) | $561 | $136894 | $4626 |

---

**Restricted securities <sup>(b)</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Acquisition<br> date(s) | Cost<br> (000) | Value<br> (000) | Percent<br> of net<br> assets |
| Bank of America Corp. 3.648% 3/31/2029 (3-month EUR-EURIBOR + 3.67% on 3/31/2028) <sup>(a)</sup> | 5/19/2020 | $5709 | $5993 | 0.41% |
| CSN Inova Ventures 6.75% 1/28/2028 | 12/5/2025 - 12/11/2025 | 2558 | 2542 | 0.17 |
| Metropolitan Life Global Funding I 0.55% 6/16/2027 | 12/11/2023 | 2071 | 2287 | 0.15 |
| Stillwater Mining Co. 4.00% 11/16/2026 | 1/26/2024-2/20/2024 | 2013 | 2077 | 0.14 |
| Sasol Financing USA, LLC 8.75% 5/3/2029 | 7/18/2023-2/16/2024 | 1337 | 1355 | 0.09 |
| Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(i)</sup> | 9/29/2025 | 74 | 81 | 0.01 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 10.973% 9/13/2029 <sup>(g)(h)</sup> | 9/13/2023 | 26 | 27 | 0.00 <sup>(s)</sup> |
| **Total** |  | $13788 | $14362 | 0.97% |

---

---

| | |
|:---|:---|
| **225** | American Funds Insurance Series |

---

Capital World Bond Fund<sup>®</sup> (continued)

<sup>(a)</sup> Step bond; coupon rate may change at a later date.

<sup>(b)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(c)</sup> Index-linked bond whose principal amount moves with a government price index.

<sup>(d)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(e)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $156,400,000, which represented 10.57% of the net assets of the fund.

<sup>(f)</sup> Value determined using significant unobservable inputs.

<sup>(g)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $1,355,000, which represented 0.09% of the net assets of the fund.

<sup>(h)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>(i)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

<sup>(j)</sup> Scheduled interest and/or principal payment was not received.

<sup>(k)</sup> Amount less than one thousand.

<sup>(l)</sup> Represents securities transacted on a TBA basis.

<sup>(m)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $14,108,000, which represented 0.95% of the net assets of the fund.

<sup>(n)</sup> Non-income producing.

<sup>(o)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

<sup>(p)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(q)</sup> The maximum potential amount the fund may pay as a protection seller should a credit event occur.

<sup>(r)</sup> The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively.

<sup>(s)</sup> Amount less than 0.01%.

**Key to abbreviation(s)**

Assn. = Association

AUD = Australian dollars

BRL = Brazilian reais

BZDIOVER = Overnight Brazilian Interbank Deposit Rate

CAD = Canadian dollars

CHF = Swiss francs

CLO = Collateralized Loan Obligations

CLP = Chilean pesos

CME = CME Group

CNH = Chinese yuan renminbi

CNY = Chinese yuan renminbi

COP = Colombian pesos

CORRA = Canadian Overnight Repo Rate Average

CZK = Czech korunas

DAC = Designated Activity Company

DKK = Danish kroner

EUR = Euros

EURIBOR = Euro Interbank Offered Rate

GBP = British pounds

HUF = Hungarian forints

ICE = Intercontinental Exchange, Inc.

IDR = Indonesian rupiah

INR = Indian rupees

JPY = Japanese yen

KRW = South Korean won

MXN = Mexican pesos

MYR = Malaysian ringgits

NIBOR = Norwegian Interbank Offered Rate

NOK = Norwegian kroner

NZD = New Zealand dollars

PHP = Philippine pesos

PIK = Payment In Kind

PLN = Polish zloty

PRIBOR = Prague Interbank Offered Rate

Ref. = Refunding

REIT = Real Estate Investment Trust

Rev. = Revenue

RON = Romanian leu

SEK = Swedish kronor

SGD = Singapore dollars

SOFR = Secured Overnight Financing Rate

SONIA = Sterling Overnight Interbank Average Rate

STIBOR = Stockholm Interbank Offered Rate

STR = Short-Term Rate

TBA = To be announced

THB = Thai baht

TRY = Turkish lira

USD = U.S. dollars

UST = U.S. Treasury

WIBOR = Warsaw Interbank Offered Rate

ZAR = South African rand

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **226** |

---

American High-Income Trust<sup>®</sup>

**Investment portfolio** December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments 88.59% | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds and notes 84.57%** |  |  |  |
| **Communication services 14.33%** |  |  |  |
| Altice France 6.50% 4/15/2032 <sup>(a)</sup> | USD | 3080 | $2955 |
| Altice France 6.875% 7/15/2032 <sup>(a)</sup> |  | 1295 | 1243 |
| Altice France SA 10.00% 1/15/2033 <sup>(a)</sup> |  | 80 | 73 |
| CCO Holdings, LLC 5.50% 5/1/2026 <sup>(a)</sup> |  | 102 | 102 |
| CCO Holdings, LLC 5.00% 2/1/2028 <sup>(a)</sup> |  | 1041 | 1033 |
| CCO Holdings, LLC 5.375% 6/1/2029 <sup>(a)</sup> |  | 720 | 712 |
| CCO Holdings, LLC 6.375% 9/1/2029 <sup>(a)</sup> |  | 445 | 451 |
| CCO Holdings, LLC 4.75% 3/1/2030 <sup>(a)</sup> |  | 3281 | 3136 |
| CCO Holdings, LLC 4.50% 8/15/2030 <sup>(a)</sup> |  | 2644 | 2491 |
| CCO Holdings, LLC 4.25% 2/1/2031 <sup>(a)</sup> |  | 3164 | 2909 |
| CCO Holdings, LLC 7.375% 3/1/2031 <sup>(a)</sup> |  | 70 | 72 |
| CCO Holdings, LLC 4.75% 2/1/2032 <sup>(a)</sup> |  | 3163 | 2893 |
| CCO Holdings, LLC 4.50% 5/1/2032 |  | 2669 | 2397 |
| CCO Holdings, LLC 4.50% 6/1/2033 <sup>(a)</sup> |  | 3357 | 2942 |
| CCO Holdings, LLC 4.25% 1/15/2034 <sup>(a)</sup> |  | 5497 | 4679 |
| Charter Communications Operating, LLC 4.80% 3/1/2050 |  | 437 | 329 |
| Charter Communications Operating, LLC 3.70% 4/1/2051 |  | 473 | 299 |
| Charter Communications Operating, LLC 3.90% 6/1/2052 |  | 950 | 614 |
| Charter Communications Operating, LLC 5.25% 4/1/2053 |  | 577 | 457 |
| Charter Communications Operating, LLC 3.85% 4/1/2061 |  | 175 | 104 |
| Clear Channel Outdoor Holdings, Inc. 7.75% 4/15/2028 <sup>(a)</sup> |  | 670 | 671 |
| Clear Channel Outdoor Holdings, Inc. 7.50% 6/1/2029 <sup>(a)</sup> |  | 430 | 427 |
| Clear Channel Outdoor Holdings, Inc. 7.125% 2/15/2031 <sup>(a)</sup> |  | 925 | 972 |
| Connect Finco SARL 9.00% 9/15/2029 <sup>(a)</sup> |  | 7980 | 8475 |
| CSC Holdings, LLC 5.50% 4/15/2027 <sup>(a)</sup> |  | 230 | 197 |
| Cumulus Media New Holdings, Inc. 8.00% 7/1/2029 <sup>(a)</sup> |  | 285 | 78 |
| DIRECTV Financing, LLC 5.875% 8/15/2027 <sup>(a)</sup> |  | 2109 | 2123 |
| DIRECTV Financing, LLC 8.875% 2/1/2030 <sup>(a)</sup> |  | 2865 | 2902 |
| Discovery Communications, LLC 4.125% 5/15/2029 |  | 300 | 290 |
| DISH Network Corp. 11.75% 11/15/2027 <sup>(a)</sup> |  | 11088 | 11547 |
| EchoStar Corp. 10.75% 11/30/2029 |  | 5568 | 6162 |
| EchoStar Corp. 6.75% Cash 11/30/2030 <sup>(b)</sup> |  | 5450 | 5590 |
| Embarq, LLC 7.995% 6/1/2036 |  | 4729 | 1962 |
| Frontier Communications Holdings, LLC 5.875% 10/15/2027 <sup>(a)</sup> |  | 445 | 448 |
| Frontier Communications Holdings, LLC 6.75% 5/1/2029 <sup>(a)</sup> |  | 3655 | 3685 |
| Frontier Communications Holdings, LLC 5.875% 11/1/2029 |  | 2625 | 2659 |
| Frontier Communications Holdings, LLC 6.00% 1/15/2030 <sup>(a)</sup> |  | 3161 | 3217 |
| Frontier Communications Holdings, LLC 8.75% 5/15/2030 <sup>(a)</sup> |  | 50 | 52 |
| Frontier Communications Holdings, LLC 8.625% 3/15/2031 <sup>(a)</sup> |  | 225 | 238 |
| Gray Media, Inc. 10.50% 7/15/2029 <sup>(a)</sup> |  | 3591 | 3868 |
| Gray Media, Inc. 4.75% 10/15/2030 <sup>(a)</sup> |  | 791 | 614 |
| Gray Media, Inc. 5.375% 11/15/2031 <sup>(a)</sup> |  | 2538 | 1905 |
| Gray Media, Inc. 9.625% 7/15/2032 <sup>(a)</sup> |  | 3093 | 3212 |
| Lamar Media Corp. 4.00% 2/15/2030 |  | 260 | 252 |
| Lamar Media Corp. 3.625% 1/15/2031 |  | 360 | 339 |
| Lamar Media Corp. 5.375% 11/1/2033 <sup>(a)</sup> |  | 450 | 448 |
| Ligado Networks, LLC 17.50% PIK 11/1/2023 <sup>(a)(b)(c)</sup> |  | 3296 | 840 |
| Lindblad Expeditions, LLC 7.00% 9/15/2030 <sup>(a)</sup> |  | 883 | 922 |
| News Corp. 3.875% 5/15/2029 <sup>(a)</sup> |  | 310 | 301 |
| Nexstar Media, Inc. 4.75% 11/1/2028 <sup>(a)</sup> |  | 3780 | 3755 |
| Paramount Global 7.875% 7/30/2030 |  | 130 | 141 |
| Paramount Global 6.875% 4/30/2036 |  | 490 | 483 |
| Scripps Escrow II, Inc. 3.875% 1/15/2029 <sup>(a)</sup> |  | 280 | 258 |
| Sinclair Television Group, Inc. 8.125% 2/15/2033 <sup>(a)</sup> |  | 1120 | 1171 |
| Sirius XM Radio, LLC 3.125% 9/1/2026 <sup>(a)</sup> |  | 1760 | 1750 |
| Sirius XM Radio, LLC 5.00% 8/1/2027 <sup>(a)</sup> |  | 700 | 704 |
| Sirius XM Radio, LLC 4.00% 7/15/2028 <sup>(a)</sup> |  | 3484 | 3410 |
| Sirius XM Radio, LLC 5.50% 7/1/2029 <sup>(a)</sup> |  | 510 | 514 |
| Sirius XM Radio, LLC 4.125% 7/1/2030 <sup>(a)</sup> |  | 3380 | 3217 |
| Sirius XM Radio, LLC 3.875% 9/1/2031 <sup>(a)</sup> |  | 5536 | 5102 |

---

---

| | |
|:---|:---|
| **227** | American Funds Insurance Series |

---

American High-Income Trust<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Communication services (continued)** |  |  |  |
| Snap, Inc. 6.875% 3/1/2033 <sup>(a)</sup> | USD | 1540 | $1597 |
| Stagwell Global, LLC 5.625% 8/15/2029 <sup>(a)</sup> |  | 1010 | 986 |
| TEGNA, Inc. 5.00% 9/15/2029 |  | 1151 | 1142 |
| Univision Communications, Inc. 8.00% 8/15/2028 <sup>(a)</sup> |  | 2180 | 2259 |
| Univision Communications, Inc. 4.50% 5/1/2029 <sup>(a)</sup> |  | 4970 | 4778 |
| Univision Communications, Inc. 7.375% 6/30/2030 <sup>(a)</sup> |  | 2552 | 2603 |
| Univision Communications, Inc. 8.50% 7/31/2031 <sup>(a)</sup> |  | 995 | 1040 |
| Univision Communications, Inc. 9.375% 8/1/2032 <sup>(a)</sup> |  | 3805 | 4092 |
| Verizon Communications, Inc. 2.355% 3/15/2032 |  | 21 | 19 |
| Verizon Communications, Inc. 4.75% 1/15/2033 |  | 79 | 79 |
| Verizon Communications, Inc. 5.75% 11/30/2045 |  | 19 | 19 |
| Verizon Communications, Inc. 5.875% 11/30/2055 |  | 48 | 47 |
| Verizon Communications, Inc. 6.00% 11/30/2065 |  | 22 | 22 |
| Versant Media Group, Inc. 7.25% 1/30/2031 <sup>(a)</sup> |  | 1265 | 1306 |
| VMED 02 UK Financing I PLC 4.25% 1/31/2031 <sup>(a)</sup> |  | 550 | 502 |
| WarnerMedia Holdings, Inc. 3.755% 3/15/2027 |  | 360 | 358 |
| WarnerMedia Holdings, Inc. 4.054% 3/15/2029 |  | 2821 | 2745 |
| WarnerMedia Holdings, Inc. 4.279% 3/15/2032 |  | 2970 | 2611 |
| WarnerMedia Holdings, Inc. 5.05% 3/15/2042 |  | 6878 | 4858 |
| WarnerMedia Holdings, Inc. 5.141% 3/15/2052 |  | 326 | 216 |
| WMG Acquisition Corp. 3.75% 12/1/2029 <sup>(a)</sup> |  | 1498 | 1443 |
| WMG Acquisition Corp. 3.875% 7/15/2030 <sup>(a)</sup> |  | 957 | 919 |
| WMG Acquisition Corp. 3.00% 2/15/2031 <sup>(a)</sup> |  | 225 | 210 |
| Ziggo BV 4.875% 1/15/2030 <sup>(a)</sup> |  | 215 | 203 |
|  |  |  | 148846 |
| **Energy 12.21%** |  |  |  |
| 3R Lux SARL 9.75% 2/5/2031 <sup>(a)</sup> |  | 675 | 695 |
| Aker BP ASA 5.25% 10/30/2035 <sup>(a)</sup> |  | 195 | 191 |
| Antero Midstream Partners, LP 5.75% 7/1/2034 <sup>(a)</sup> |  | 575 | 580 |
| Archrock Partners, LP 6.25% 4/1/2028 <sup>(a)</sup> |  | 255 | 257 |
| Archrock Partners, LP 6.625% 9/1/2032 <sup>(a)</sup> |  | 520 | 537 |
| Ascent Resources Utica Holdings, LLC 5.875% 6/30/2029 <sup>(a)</sup> |  | 1855 | 1867 |
| Ascent Resources Utica Holdings, LLC 6.625% 10/15/2032 <sup>(a)</sup> |  | 1175 | 1219 |
| Ascent Resources Utica Holdings, LLC 6.625% 7/15/2033 <sup>(a)</sup> |  | 1150 | 1191 |
| BIP-V Chinook Holdco, LLC 5.50% 6/15/2031 <sup>(a)</sup> |  | 1210 | 1198 |
| Blue Racer Midstream, LLC 7.00% 7/15/2029 <sup>(a)</sup> |  | 125 | 131 |
| Blue Racer Midstream, LLC 7.25% 7/15/2032 <sup>(a)</sup> |  | 40 | 43 |
| Borr IHC, Ltd. 10.00% 11/15/2028 <sup>(a)</sup> |  | 2010 | 2023 |
| Borr IHC, Ltd. 10.375% 11/15/2030 <sup>(a)</sup> |  | 646 | 644 |
| California Resources Corp. 8.25% 6/15/2029 <sup>(a)</sup> |  | 520 | 544 |
| Caturus Energy, LLC 8.50% 2/15/2030 <sup>(a)</sup> |  | 1080 | 1126 |
| Chord Energy Corp. 6.75% 3/15/2033 <sup>(a)</sup> |  | 990 | 1024 |
| CITGO Petroleum Corp. 8.375% 1/15/2029 <sup>(a)</sup> |  | 1220 | 1273 |
| Civitas Resources, Inc. 5.00% 10/15/2026 <sup>(a)</sup> |  | 585 | 586 |
| Civitas Resources, Inc. 8.375% 7/1/2028 <sup>(a)</sup> |  | 740 | 763 |
| Civitas Resources, Inc. 8.625% 11/1/2030 <sup>(a)</sup> |  | 585 | 614 |
| Civitas Resources, Inc. 8.75% 7/1/2031 <sup>(a)</sup> |  | 2207 | 2292 |
| Civitas Resources, Inc. 9.625% 6/15/2033 <sup>(a)</sup> |  | 290 | 313 |
| CNX Midstream Partners, LP 4.75% 4/15/2030 <sup>(a)</sup> |  | 280 | 273 |
| CNX Resources Corp. 6.00% 1/15/2029 <sup>(a)</sup> |  | 1754 | 1768 |
| CNX Resources Corp. 7.375% 1/15/2031 <sup>(a)</sup> |  | 931 | 968 |
| CNX Resources Corp. 7.25% 3/1/2032 <sup>(a)</sup> |  | 2160 | 2256 |
| Comstock Resources, Inc. 6.75% 3/1/2029 <sup>(a)</sup> |  | 405 | 406 |
| Comstock Resources, Inc. 5.875% 1/15/2030 <sup>(a)</sup> |  | 890 | 866 |
| Constellation Oil Services Holding SA 9.375% 11/7/2029 <sup>(a)</sup> |  | 1950 | 2030 |
| Crescent Energy Finance, LLC 9.25% 2/15/2028 <sup>(a)</sup> |  | 907 | 939 |
| Crescent Energy Finance, LLC 7.625% 4/1/2032 <sup>(a)</sup> |  | 1635 | 1586 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **228** |

---

American High-Income Trust<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Energy (continued)** |  |  |  |
| Crescent Energy Finance, LLC 7.375% 1/15/2033 <sup>(a)</sup> | USD | 1215 | $1154 |
| Crescent Energy Finance, LLC 8.375% 1/15/2034 <sup>(a)</sup> |  | 495 | 492 |
| Diamond Foreign Asset Co. 8.50% 10/1/2030 <sup>(a)</sup> |  | 420 | 446 |
| DT Midstream, Inc. 4.125% 6/15/2029 <sup>(a)</sup> |  | 1408 | 1390 |
| DT Midstream, Inc. 4.375% 6/15/2031 <sup>(a)</sup> |  | 307 | 301 |
| Energean Israel Finance, Ltd. 5.375% 3/30/2028 <sup>(a)</sup> |  | 775 | 766 |
| Energean Israel Finance, Ltd. 5.875% 3/30/2031 <sup>(a)</sup> |  | 1040 | 1009 |
| Energy Transfer, LP 6.00% 2/1/2029 <sup>(a)</sup> |  | 55 | 56 |
| EQT Corp. 6.375% 4/1/2029 |  | 185 | 192 |
| EQT Corp. 4.75% 1/15/2031 |  | 1350 | 1359 |
| EQT Corp. 3.625% 5/15/2031 <sup>(a)</sup> |  | 290 | 273 |
| Expand Energy Corp. 4.875% 4/15/2022 <sup>(c)</sup> |  | 4300 | 1 |
| Expand Energy Corp. 6.75% 4/15/2029 <sup>(a)</sup> |  | 280 | 282 |
| Expand Energy Corp. 5.375% 3/15/2030 |  | 780 | 791 |
| Expand Energy Corp. 4.75% 2/1/2032 |  | 290 | 286 |
| Genesis Energy, LP 7.75% 2/1/2028 |  | 72 | 72 |
| Genesis Energy, LP 8.25% 1/15/2029 |  | 1545 | 1618 |
| Genesis Energy, LP 8.875% 4/15/2030 |  | 1225 | 1295 |
| Genesis Energy, LP 7.875% 5/15/2032 |  | 2785 | 2905 |
| Global Partners, LP 6.875% 1/15/2029 |  | 135 | 137 |
| Global Partners, LP 8.25% 1/15/2032 <sup>(a)</sup> |  | 580 | 613 |
| Global Partners, LP 7.125% 7/1/2033 <sup>(a)</sup> |  | 385 | 394 |
| Gulfport Energy Operating Corp. 6.75% 9/1/2029 <sup>(a)</sup> |  | 395 | 408 |
| Harbour Energy PLC 5.50% 10/15/2026 <sup>(a)</sup> |  | 1065 | 1059 |
| Harvest Midstream I, LP 7.50% 9/1/2028 <sup>(a)</sup> |  | 1432 | 1454 |
| Harvest Midstream I, LP 7.50% 5/15/2032 <sup>(a)</sup> |  | 520 | 542 |
| Hess Midstream Operations, LP 5.875% 3/1/2028 <sup>(a)</sup> |  | 775 | 792 |
| Hess Midstream Operations, LP 5.125% 6/15/2028 <sup>(a)</sup> |  | 361 | 363 |
| Hess Midstream Operations, LP 6.50% 6/1/2029 <sup>(a)</sup> |  | 695 | 720 |
| Hess Midstream Operations, LP 4.25% 2/15/2030 <sup>(a)</sup> |  | 1430 | 1404 |
| Hess Midstream Operations, LP 5.50% 10/15/2030 <sup>(a)</sup> |  | 490 | 498 |
| Hilcorp Energy I, LP 5.75% 2/1/2029 <sup>(a)</sup> |  | 805 | 798 |
| Hilcorp Energy I, LP 6.00% 4/15/2030 <sup>(a)</sup> |  | 837 | 817 |
| Hilcorp Energy I, LP 6.00% 2/1/2031 <sup>(a)</sup> |  | 783 | 747 |
| Hilcorp Energy I, LP 6.25% 4/15/2032 <sup>(a)</sup> |  | 605 | 572 |
| Hilcorp Energy I, LP 8.375% 11/1/2033 <sup>(a)</sup> |  | 1258 | 1290 |
| Kodiak Gas Services, LLC 7.25% 2/15/2029 <sup>(a)</sup> |  | 350 | 364 |
| Kodiak Gas Services, LLC 6.50% 10/1/2033 <sup>(a)</sup> |  | 200 | 204 |
| Kodiak Gas Services, LLC 6.75% 10/1/2035 <sup>(a)</sup> |  | 200 | 206 |
| Matador Resources Co. 6.875% 4/15/2028 <sup>(a)</sup> |  | 275 | 282 |
| Matador Resources Co. 6.50% 4/15/2032 <sup>(a)</sup> |  | 720 | 731 |
| Matador Resources Co. 6.25% 4/15/2033 <sup>(a)</sup> |  | 1245 | 1251 |
| Mesquite Energy, Inc. 7.25% 2/15/2023 <sup>(a)(c)</sup> |  | 739 | 4 |
| Murphy Oil Corp. 6.375% 7/15/2028 |  | 243 | 245 |
| Murphy Oil Corp. 6.00% 10/1/2032 |  | 410 | 410 |
| Murphy Oil USA, Inc. 3.75% 2/15/2031 <sup>(a)</sup> |  | 820 | 770 |
| Nabors Industries, Inc. 9.125% 1/31/2030 <sup>(a)</sup> |  | 1225 | 1285 |
| Nabors Industries, Inc. 8.875% 8/15/2031 <sup>(a)</sup> |  | 445 | 432 |
| Nabors Industries, Inc. 7.625% 11/15/2032 <sup>(a)</sup> |  | 1240 | 1220 |
| Nabors Industries, Ltd. 7.50% 1/15/2028 <sup>(a)</sup> |  | 75 | 75 |
| New Fortress Energy, Inc. 6.50% 9/30/2026 <sup>(a)</sup> |  | 745 | 57 |
| NFE Financing, LLC 12.00% 11/15/2029 <sup>(a)(c)</sup> |  | 18263 | 5296 |
| NGL Energy Operating, LLC 8.125% 2/15/2029 <sup>(a)</sup> |  | 105 | 109 |
| NGL Energy Operating, LLC 8.375% 2/15/2032 <sup>(a)</sup> |  | 490 | 508 |
| Noble Finance II, LLC 8.00% 4/15/2030 <sup>(a)</sup> |  | 1695 | 1762 |
| Northern Oil and Gas, Inc. 8.75% 6/15/2031 <sup>(a)</sup> |  | 360 | 364 |
| Northern Oil and Gas, Inc. 7.875% 10/15/2033 <sup>(a)</sup> |  | 895 | 872 |
| NuStar Logistics, LP 6.00% 6/1/2026 |  | 286 | 288 |
| Occidental Petroleum Corp. 6.60% 3/15/2046 |  | 582 | 604 |
| Occidental Petroleum Corp. 6.05% 10/1/2054 |  | 1200 | 1148 |

---

---

| | |
|:---|:---|
| **229** | American Funds Insurance Series |

---

American High-Income Trust<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Energy (continued)** |  |  |  |
| Permian Resources Operating, LLC 8.00% 4/15/2027 <sup>(a)</sup> | USD | 58 | $59 |
| Permian Resources Operating, LLC 7.00% 1/15/2032 <sup>(a)</sup> |  | 955 | 999 |
| Permian Resources Operating, LLC 6.25% 2/1/2033 <sup>(a)</sup> |  | 1490 | 1529 |
| Petrobras Global Finance BV 5.125% 9/10/2030 |  | 1070 | 1050 |
| Petroleos Mexicanos 8.75% 6/2/2029 |  | 880 | 944 |
| Petroleos Mexicanos 6.84% 1/23/2030 |  | 510 | 518 |
| Petroleos Mexicanos 5.95% 1/28/2031 |  | 1010 | 978 |
| Petroleos Mexicanos 7.69% 1/23/2050 |  | 185 | 166 |
| Petroleos Mexicanos 6.95% 1/28/2060 |  | 320 | 261 |
| Range Resources Corp. 8.25% 1/15/2029 |  | 500 | 510 |
| Range Resources Corp. 4.75% 2/15/2030 <sup>(a)</sup> |  | 285 | 282 |
| Seadrill Finance, Ltd. 8.375% 8/1/2030 <sup>(a)</sup> |  | 200 | 208 |
| Suburban Propane Partners, LP 5.00% 6/1/2031 <sup>(a)</sup> |  | 335 | 322 |
| Summit Midstream Holdings, LLC 8.625% 10/31/2029 <sup>(a)</sup> |  | 1785 | 1852 |
| Sunoco, LP 6.00% 4/15/2027 |  | 547 | 550 |
| Sunoco, LP 5.875% 7/15/2027 <sup>(a)</sup> |  | 535 | 538 |
| Sunoco, LP 5.875% 3/15/2028 |  | 290 | 292 |
| Sunoco, LP 7.00% 5/1/2029 <sup>(a)</sup> |  | 300 | 313 |
| Sunoco, LP 4.50% 5/15/2029 |  | 1970 | 1936 |
| Sunoco, LP 4.50% 4/30/2030 |  | 1880 | 1837 |
| Sunoco, LP 4.625% 5/1/2030 <sup>(a)</sup> |  | 440 | 428 |
| Sunoco, LP 5.625% 3/15/2031 <sup>(a)</sup> |  | 925 | 932 |
| Sunoco, LP 7.25% 5/1/2032 <sup>(a)</sup> |  | 1335 | 1412 |
| Sunoco, LP 6.625% 8/15/2032 <sup>(a)</sup> |  | 70 | 72 |
| Sunoco, LP 6.25% 7/1/2033 <sup>(a)</sup> |  | 810 | 830 |
| Sunoco, LP 5.875% 3/15/2034 <sup>(a)</sup> |  | 810 | 810 |
| Sunoco, LP 7.875% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 4.23% on 9/18/2030) <sup>(a)(d)</sup> |  | 1775 | 1825 |
| Talos Production, Inc. 9.00% 2/1/2029 <sup>(a)</sup> |  | 985 | 1026 |
| Talos Production, Inc. 9.375% 2/1/2031 <sup>(a)</sup> |  | 1355 | 1416 |
| Targa Resources Partners, LP 5.50% 3/1/2030 |  | 327 | 332 |
| Targa Resources Partners, LP 4.875% 2/1/2031 |  | 180 | 181 |
| TGS ASA 8.50% 1/15/2030 <sup>(a)</sup> |  | 710 | 744 |
| Tidewater, Inc. 9.125% 7/15/2030 <sup>(a)</sup> |  | 265 | 285 |
| Transocean Aquila, Ltd. 8.00% 9/30/2028 <sup>(a)</sup> |  | 387 | 398 |
| Transocean International, Ltd. 8.75% 2/15/2030 <sup>(a)</sup> |  | 374 | 391 |
| Transocean International, Ltd. 7.875% 10/15/2032 <sup>(a)</sup> |  | 290 | 304 |
| Transocean Titan Financing, Ltd. 8.375% 2/1/2028 <sup>(a)</sup> |  | 961 | 982 |
| Transocean, Inc. 8.50% 5/15/2031 <sup>(a)</sup> |  | 665 | 659 |
| Transocean, Inc. 6.80% 3/15/2038 |  | 425 | 366 |
| USA Compression Partners, LP 7.125% 3/15/2029 <sup>(a)</sup> |  | 430 | 445 |
| USA Compression Partners, LP 6.25% 10/1/2033 <sup>(a)</sup> |  | 1045 | 1058 |
| Venture Global Calcasieu Pass, LLC 3.875% 8/15/2029 <sup>(a)</sup> |  | 1070 | 1004 |
| Venture Global Calcasieu Pass, LLC 6.25% 1/15/2030 <sup>(a)</sup> |  | 325 | 329 |
| Venture Global Calcasieu Pass, LLC 4.125% 8/15/2031 <sup>(a)</sup> |  | 1935 | 1762 |
| Venture Global Calcasieu Pass, LLC 3.875% 11/1/2033 <sup>(a)</sup> |  | 1575 | 1351 |
| Venture Global LNG, Inc. 8.125% 6/1/2028 <sup>(a)</sup> |  | 915 | 927 |
| Venture Global LNG, Inc. 9.50% 2/1/2029 <sup>(a)</sup> |  | 405 | 420 |
| Venture Global LNG, Inc. 7.00% 1/15/2030 <sup>(a)</sup> |  | 1025 | 987 |
| Venture Global LNG, Inc. 8.375% 6/1/2031 <sup>(a)</sup> |  | 1785 | 1776 |
| Venture Global LNG, Inc. 9.875% 2/1/2032 <sup>(a)</sup> |  | 885 | 915 |
| Venture Global LNG, Inc. 9.00% junior subordinated perpetual preferred bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 5.44% on 9/30/2029) <sup>(a)(d)</sup> |  | 413 | 327 |
| Venture Global Plaquemines LNG, LLC 6.125% 12/15/2030 <sup>(a)</sup> |  | 920 | 937 |
| Venture Global Plaquemines LNG, LLC 7.50% 5/1/2033 <sup>(a)</sup> |  | 835 | 903 |
| Venture Global Plaquemines LNG, LLC 6.50% 1/15/2034 <sup>(a)</sup> |  | 1690 | 1732 |
| Venture Global Plaquemines LNG, LLC 6.50% 6/15/2034 <sup>(a)</sup> |  | 550 | 562 |
| Venture Global Plaquemines LNG, LLC 7.75% 5/1/2035 <sup>(a)</sup> |  | 970 | 1063 |
| Venture Global Plaquemines LNG, LLC 6.75% 1/15/2036 <sup>(a)</sup> |  | 1470 | 1506 |
| Vital Energy, Inc. 7.875% 4/15/2032 <sup>(a)</sup> |  | 700 | 690 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **230** |

---

American High-Income Trust<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Energy (continued)** |  |  |  |
| Weatherford International, Ltd. 8.625% 4/30/2030 <sup>(a)</sup> | USD | 1375 | $1410 |
| Weatherford International, Ltd. 6.75% 10/15/2033 <sup>(a)</sup> |  | 1030 | 1055 |
| Western Midstream Operating, LP 4.50% 3/1/2028 |  | 239 | 240 |
| Western Midstream Operating, LP 5.25% 2/1/2050 |  | 300 | 257 |
| Wildfire Intermediate Holdings, LLC 7.50% 10/15/2029 <sup>(a)</sup> |  | 395 | 400 |
| YPF SA 8.75% 9/11/2031 |  | 190 | 197 |
|  |  |  | 126776 |
| **Consumer discretionary 10.29%** |  |  |  |
| Acushnet Co. 5.625% 12/1/2033 <sup>(a)</sup> |  | 645 | 654 |
| Advance Auto Parts, Inc. 5.95% 3/9/2028 |  | 953 | 975 |
| Advance Auto Parts, Inc. 3.90% 4/15/2030 |  | 920 | 845 |
| Advance Auto Parts, Inc. 3.50% 3/15/2032 |  | 959 | 817 |
| Advance Auto Parts, Inc. 7.375% 8/1/2033 <sup>(a)</sup> |  | 305 | 306 |
| Allied Universal Holdco, LLC 4.625% 6/1/2028 <sup>(a)</sup> |  | 555 | 548 |
| Allied Universal Holdco, LLC 6.00% 6/1/2029 <sup>(a)</sup> |  | 1245 | 1233 |
| Allied Universal Holdco, LLC 6.875% 6/15/2030 <sup>(a)</sup> |  | 1375 | 1432 |
| Allied Universal Holdco, LLC 7.875% 2/15/2031 <sup>(a)</sup> |  | 430 | 453 |
| Asbury Automotive Group, Inc. 4.625% 11/15/2029 <sup>(a)</sup> |  | 1275 | 1254 |
| Asbury Automotive Group, Inc. 5.00% 2/15/2032 <sup>(a)</sup> |  | 600 | 583 |
| Bath & Body Works, Inc. 6.875% 11/1/2035 |  | 791 | 801 |
| Bath & Body Works, Inc. 6.75% 7/1/2036 |  | 295 | 293 |
| Beach Acquisition Bidco, LLC 10.75% PIK or 10.00% Cash 7/15/2033 <sup>(a)(b)</sup> |  | 605 | 668 |
| Boyd Gaming Corp. 4.75% 6/15/2031 <sup>(a)</sup> |  | 1330 | 1300 |
| Caesars Entertainment, Inc. 4.625% 10/15/2029 <sup>(a)</sup> |  | 1394 | 1338 |
| Caesars Entertainment, Inc. 7.00% 2/15/2030 <sup>(a)</sup> |  | 1870 | 1938 |
| Caesars Entertainment, Inc. 6.50% 2/15/2032 <sup>(a)</sup> |  | 1025 | 1051 |
| Caesars Entertainment, Inc. 6.00% 10/15/2032 <sup>(a)</sup> |  | 185 | 180 |
| Carnival Corp. 4.00% 8/1/2028 <sup>(a)</sup> |  | 1450 | 1429 |
| Carnival Corp. 5.125% 5/1/2029 <sup>(a)</sup> |  | 870 | 880 |
| Carnival Corp. 7.00% 8/15/2029 <sup>(a)</sup> |  | 135 | 142 |
| Carnival Corp. 5.75% 8/1/2032 <sup>(a)</sup> |  | 3044 | 3128 |
| Carnival Corp. 6.125% 2/15/2033 <sup>(a)</sup> |  | 3765 | 3890 |
| Cougar JV Subsidiary, LLC 8.00% 5/15/2032 <sup>(a)</sup> |  | 575 | 617 |
| Fertitta Entertainment, LLC 4.625% 1/15/2029 <sup>(a)</sup> |  | 1250 | 1215 |
| Fertitta Entertainment, LLC 6.75% 1/15/2030 <sup>(a)</sup> |  | 1760 | 1675 |
| First Student Bidco, Inc. 4.00% 7/31/2029 <sup>(a)</sup> |  | 1410 | 1375 |
| Flutter Treasury DAC 6.125% 6/4/2031 | GBP | 320 | 435 |
| Ford Motor Co. 3.25% 2/12/2032 | USD | 2790 | 2460 |
| Ford Motor Credit Co., LLC 4.271% 1/9/2027 |  | 495 | 493 |
| Ford Motor Credit Co., LLC 3.815% 11/2/2027 |  | 115 | 113 |
| Ford Motor Credit Co., LLC 5.918% 3/20/2028 |  | 200 | 205 |
| Ford Motor Credit Co., LLC 6.798% 11/7/2028 |  | 335 | 352 |
| Ford Motor Credit Co., LLC 5.113% 5/3/2029 |  | 695 | 696 |
| Ford Motor Credit Co., LLC 5.875% 11/7/2029 |  | 225 | 231 |
| Ford Motor Credit Co., LLC 7.20% 6/10/2030 |  | 370 | 397 |
| Ford Motor Credit Co., LLC 5.73% 9/5/2030 |  | 2263 | 2299 |
| Ford Motor Credit Co., LLC 4.00% 11/13/2030 |  | 550 | 520 |
| Ford Motor Credit Co., LLC 6.05% 3/5/2031 |  | 570 | 586 |
| Ford Motor Credit Co., LLC 3.625% 6/17/2031 |  | 440 | 403 |
| Ford Motor Credit Co., LLC 6.532% 3/19/2032 |  | 2185 | 2286 |
| Ford Motor Credit Co., LLC 7.122% 11/7/2033 |  | 405 | 435 |
| Ford Motor Credit Co., LLC 6.125% 3/8/2034 |  | 1955 | 1987 |
| Ford Motor Credit Co., LLC 6.50% 2/7/2035 |  | 2755 | 2855 |
| Ford Motor Credit Co., LLC 5.869% 10/31/2035 |  | 4390 | 4337 |
| Gap, Inc. 3.625% 10/1/2029 <sup>(a)</sup> |  | 170 | 161 |
| Gap, Inc. 3.875% 10/1/2031 <sup>(a)</sup> |  | 108 | 100 |
| General Motors Financial Co., Inc. 5.90% 1/7/2035 |  | 530 | 553 |

---

---

| | |
|:---|:---|
| **231** | American Funds Insurance Series |

---

American High-Income Trust<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Consumer discretionary (continued)** |  |  |  |
| Genting New York, LLC 7.25% 10/1/2029 <sup>(a)</sup> | USD | 1440 | $1478 |
| Great Canadian Gaming Corp. 8.75% 11/15/2029 <sup>(a)</sup> |  | 1790 | 1809 |
| Hilton Domestic Operating Co., Inc. 4.00% 5/1/2031 <sup>(a)</sup> |  | 1045 | 1001 |
| Hilton Domestic Operating Co., Inc. 5.75% 9/15/2033 <sup>(a)</sup> |  | 655 | 671 |
| Hilton Domestic Operating Co., Inc. 5.50% 3/31/2034 <sup>(a)</sup> |  | 290 | 292 |
| Hilton Grand Vacations Borrower, LLC 5.00% 6/1/2029 <sup>(a)</sup> |  | 591 | 574 |
| Hyundai Capital America 1.65% 9/17/2026 <sup>(a)</sup> |  | 70 | 69 |
| International Game Technology PLC 5.25% 1/15/2029 <sup>(a)</sup> |  | 1065 | 1066 |
| KB Home 6.875% 6/15/2027 |  | 220 | 225 |
| KB Home 7.25% 7/15/2030 |  | 330 | 341 |
| Kontoor Brands, Inc. 4.125% 11/15/2029 <sup>(a)</sup> |  | 370 | 354 |
| LCM Investments Holdings II, LLC 4.875% 5/1/2029 <sup>(a)</sup> |  | 3405 | 3357 |
| LCM Investments Holdings II, LLC 8.25% 8/1/2031 <sup>(a)</sup> |  | 1365 | 1445 |
| Levi Strauss & Co. 3.50% 3/1/2031 <sup>(a)</sup> |  | 1315 | 1230 |
| Light and Wonder International, Inc. 6.25% 10/1/2033 <sup>(a)</sup> |  | 395 | 400 |
| Lithia Motors, Inc. 3.875% 6/1/2029 <sup>(a)</sup> |  | 1090 | 1055 |
| Lithia Motors, Inc. 5.50% 10/1/2030 <sup>(a)</sup> |  | 625 | 630 |
| Lithia Motors, Inc. 4.375% 1/15/2031 <sup>(a)</sup> |  | 700 | 673 |
| Marriott Ownership Resorts, Inc. 4.50% 6/15/2029 <sup>(a)</sup> |  | 455 | 435 |
| MGM Resorts International 5.50% 4/15/2027 |  | 200 | 202 |
| Newell Brands, Inc. 8.50% 6/1/2028 <sup>(a)</sup> |  | 580 | 609 |
| Newell Brands, Inc. 6.625% 9/15/2029 |  | 570 | 569 |
| Newell Brands, Inc. 6.375% 5/15/2030 |  | 1150 | 1125 |
| Newell Brands, Inc. 6.625% 5/15/2032 |  | 1995 | 1938 |
| Newell Brands, Inc. 7.375% 4/1/2036 |  | 635 | 597 |
| Newell Brands, Inc. 7.50% 4/1/2046 |  | 285 | 238 |
| Nissan Motor Acceptance Co., LLC 5.30% 9/13/2027 <sup>(a)</sup> |  | 400 | 401 |
| Nissan Motor Acceptance Co., LLC 6.125% 9/30/2030 <sup>(a)</sup> |  | 1585 | 1586 |
| Nissan Motor Acceptance Corp. 1.85% 9/16/2026 <sup>(a)</sup> |  | 350 | 343 |
| Nissan Motor Co., Ltd. 4.345% 9/17/2027 <sup>(a)</sup> |  | 355 | 350 |
| Nissan Motor Co., Ltd. 7.50% 7/17/2030 <sup>(a)</sup> |  | 1695 | 1780 |
| Nissan Motor Co., Ltd. 7.75% 7/17/2032 <sup>(a)</sup> |  | 1665 | 1770 |
| Nissan Motor Co., Ltd. 8.125% 7/17/2035 <sup>(a)</sup> |  | 4190 | 4456 |
| Party City Holdings, Inc. 0% 10/12/2028 <sup>(e)</sup> |  | 500 | — <sup>(f)</sup> |
| Party City Holdings, Inc. 0% 8/27/2030 <sup>(e)</sup> |  | 2510 | 50 |
| PENN Entertainment, Inc. 4.125% 7/1/2029 <sup>(a)</sup> |  | 15 | 14 |
| RHP Hotel Properties, LP 7.25% 7/15/2028 <sup>(a)</sup> |  | 492 | 508 |
| RHP Hotel Properties, LP 4.50% 2/15/2029 <sup>(a)</sup> |  | 660 | 654 |
| RHP Hotel Properties, LP 6.50% 6/15/2033 <sup>(a)</sup> |  | 585 | 611 |
| Royal Caribbean Cruises, Ltd. 5.375% 1/15/2036 |  | 171 | 172 |
| Sally Holdings, LLC 6.75% 3/1/2032 |  | 2887 | 3018 |
| Scientific Games Holdings, LP 6.625% 3/1/2030 <sup>(a)</sup> |  | 550 | 489 |
| Sekisui House U.S., Inc. 6.00% 1/15/2043 |  | 803 | 752 |
| Service Corp. International 3.375% 8/15/2030 |  | 190 | 178 |
| Service Corp. International 4.00% 5/15/2031 |  | 515 | 493 |
| Somnigroup International, Inc. 4.00% 4/15/2029 <sup>(a)</sup> |  | 95 | 93 |
| Sonic Automotive, Inc. 4.625% 11/15/2029 <sup>(a)</sup> |  | 1981 | 1946 |
| Sonic Automotive, Inc. 4.875% 11/15/2031 <sup>(a)</sup> |  | 2364 | 2293 |
| Station Casinos, LLC 6.625% 3/15/2032 <sup>(a)</sup> |  | 320 | 329 |
| TopBuild Corp. 5.625% 1/31/2034 <sup>(a)</sup> |  | 885 | 896 |
| Travel + Leisure Co. 4.50% 12/1/2029 <sup>(a)</sup> |  | 995 | 975 |
| Travel + Leisure Co. 4.625% 3/1/2030 <sup>(a)</sup> |  | 200 | 196 |
| Universal Entertainment Corp. 9.875% 8/1/2029 <sup>(a)</sup> |  | 2720 | 2672 |
| Vail Resorts, Inc. 5.625% 7/15/2030 <sup>(a)</sup> |  | 315 | 321 |
| Vail Resorts, Inc. 6.50% 5/15/2032 <sup>(a)</sup> |  | 555 | 576 |
| Valvoline, Inc. 3.625% 6/15/2031 <sup>(a)</sup> |  | 630 | 580 |
| Wand NewCo 3, Inc. 7.625% 1/30/2032 <sup>(a)</sup> |  | 10 | 11 |
| Wayfair, Inc. 6.75% 11/15/2032 <sup>(a)</sup> |  | 120 | 124 |
| Wyndham Hotels & Resorts, Inc. 4.375% 8/15/2028 <sup>(a)</sup> |  | 555 | 550 |
| Wynn Resorts Finance, LLC 5.125% 10/1/2029 <sup>(a)</sup> |  | 352 | 354 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **232** |

---

American High-Income Trust<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| Consumer discretionary (continued) |  |  |  |
| Wynn Resorts Finance, LLC 7.125% 2/15/2031 <sup>(a)</sup> | USD | 487 | $527 |
| Wynn Resorts Finance, LLC 6.25% 3/15/2033 <sup>(a)</sup> |  | 720 | 737 |
| ZF North America Capital, Inc. 7.50% 3/24/2031 <sup>(a)</sup> |  | 700 | 708 |
|  |  |  | 106820 |
| **Financials 9.73%** |  |  |  |
| AG Issuer, LLC 6.25% 3/1/2028 <sup>(a)</sup> |  | 751 | 757 |
| Alliant Holdings Intermediate, LLC 4.25% 10/15/2027 <sup>(a)</sup> |  | 555 | 554 |
| Alliant Holdings Intermediate, LLC 6.75% 4/15/2028 <sup>(a)</sup> |  | 305 | 312 |
| Alliant Holdings Intermediate, LLC 5.875% 11/1/2029 <sup>(a)</sup> |  | 1745 | 1753 |
| Alliant Holdings Intermediate, LLC 7.00% 1/15/2031 <sup>(a)</sup> |  | 660 | 685 |
| Alliant Holdings Intermediate, LLC 6.50% 10/1/2031 <sup>(a)</sup> |  | 1045 | 1078 |
| Alliant Holdings Intermediate, LLC 7.375% 10/1/2032 <sup>(a)</sup> |  | 3585 | 3722 |
| AmWINS Group, Inc. 4.875% 6/30/2029 <sup>(a)</sup> |  | 1650 | 1624 |
| Ardonagh Finco, Ltd. 7.75% 2/15/2031 <sup>(a)</sup> |  | 1095 | 1149 |
| Ardonagh Group Finance, Ltd. 8.875% 2/15/2032 <sup>(a)</sup> |  | 2015 | 2102 |
| Aretec Group, Inc. 7.50% 4/1/2029 <sup>(a)</sup> |  | 3193 | 3222 |
| Aretec Group, Inc. 10.00% 8/15/2030 <sup>(a)</sup> |  | 680 | 735 |
| Asurion, LLC 8.00% 12/31/2032 <sup>(a)</sup> |  | 715 | 742 |
| Blackstone Private Credit Fund 5.95% 7/16/2029 |  | 296 | 302 |
| Blackstone Private Credit Fund 6.00% 11/22/2034 |  | 795 | 803 |
| Block, Inc. 2.75% 6/1/2026 |  | 510 | 507 |
| Block, Inc. 5.625% 8/15/2030 <sup>(a)</sup> |  | 1145 | 1169 |
| Block, Inc. 3.50% 6/1/2031 |  | 1660 | 1561 |
| Block, Inc. 6.50% 5/15/2032 |  | 920 | 957 |
| Block, Inc. 6.00% 8/15/2033 <sup>(a)</sup> |  | 565 | 580 |
| Blue Owl Credit Income Corp. 6.65% 3/15/2031 |  | 380 | 392 |
| Cipher Compute, LLC 7.125% 11/15/2030 <sup>(a)</sup> |  | 470 | 479 |
| Coinbase Global, Inc. 3.375% 10/1/2028 <sup>(a)</sup> |  | 4216 | 4020 |
| Coinbase Global, Inc. 3.625% 10/1/2031 <sup>(a)</sup> |  | 2544 | 2270 |
| Compass Group Diversified Holdings, LLC 5.25% 4/15/2029 <sup>(a)</sup> |  | 3769 | 3499 |
| Compass Group Diversified Holdings, LLC 5.00% 1/15/2032 <sup>(a)</sup> |  | 731 | 659 |
| Freedom Mortgage Holdings, LLC 6.875% 5/1/2031 <sup>(a)</sup> |  | 725 | 726 |
| FS KKR Capital Corp. 6.125% 1/15/2031 |  | 540 | 527 |
| Hightower Holding, LLC 6.75% 4/15/2029 <sup>(a)</sup> |  | 1140 | 1137 |
| Hightower Holding, LLC 9.125% 1/31/2030 <sup>(a)</sup> |  | 195 | 208 |
| Howden UK Refinance PLC 7.25% 2/15/2031 <sup>(a)</sup> |  | 1100 | 1133 |
| HUB International, Ltd. 7.25% 6/15/2030 <sup>(a)</sup> |  | 857 | 900 |
| HUB International, Ltd. 7.375% 1/31/2032 <sup>(a)</sup> |  | 1265 | 1328 |
| ION Platform Finance US, Inc. 8.75% 5/1/2029 <sup>(a)</sup> |  | 3875 | 3930 |
| ION Platform Finance US, Inc. 9.50% 5/30/2029 <sup>(a)</sup> |  | 2825 | 2864 |
| ION Platform Finance US, Inc. 9.00% 8/1/2029 <sup>(a)</sup> |  | 1550 | 1533 |
| ION Platform Finance US, Inc. 7.875% 9/30/2032 <sup>(a)</sup> |  | 2515 | 2390 |
| Iron Mountain Information Management Services, Inc. 5.00% 7/15/2032 <sup>(a)</sup> |  | 1520 | 1452 |
| Jane Street Group, LLC 7.125% 4/30/2031 <sup>(a)</sup> |  | 136 | 143 |
| Jane Street Group, LLC 6.75% 5/1/2033 <sup>(a)</sup> |  | 1860 | 1943 |
| Jefferson Capital Holdings, LLC 8.25% 5/15/2030 <sup>(a)</sup> |  | 245 | 258 |
| LPL Holdings, Inc. 4.375% 5/15/2031 <sup>(a)</sup> |  | 715 | 697 |
| MSCI, Inc. 3.875% 2/15/2031 <sup>(a)</sup> |  | 510 | 490 |
| MSCI, Inc. 3.625% 11/1/2031 <sup>(a)</sup> |  | 256 | 240 |
| Navient Corp. 6.75% 6/15/2026 |  | 510 | 517 |
| Navient Corp. 5.00% 3/15/2027 |  | 2253 | 2259 |
| Navient Corp. 4.875% 3/15/2028 |  | 550 | 544 |
| Navient Corp. 5.50% 3/15/2029 |  | 4240 | 4212 |
| Navient Corp. 9.375% 7/25/2030 |  | 1907 | 2121 |
| Navient Corp. 11.50% 3/15/2031 |  | 880 | 986 |
| Navient Corp. 7.875% 6/15/2032 |  | 2445 | 2561 |
| Navient Corp. 5.625% 8/1/2033 |  | 2548 | 2332 |

---

---

| | |
|:---|:---|
| **233** | American Funds Insurance Series |

---

American High-Income Trust<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value <br> (000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Financials (continued)** |  |  |  |
| OneMain Finance Corp. 3.875% 9/15/2028 | USD | 165 | $161 |
| OneMain Finance Corp. 6.625% 5/15/2029 |  | 1055 | 1094 |
| OneMain Finance Corp. 5.375% 11/15/2029 |  | 1155 | 1156 |
| OneMain Finance Corp. 7.875% 3/15/2030 |  | 915 | 968 |
| OneMain Finance Corp. 6.125% 5/15/2030 |  | 1885 | 1926 |
| OneMain Finance Corp. 4.00% 9/15/2030 |  | 245 | 231 |
| OneMain Finance Corp. 7.50% 5/15/2031 |  | 125 | 132 |
| OneMain Finance Corp. 7.125% 11/15/2031 |  | 1335 | 1395 |
| OneMain Finance Corp. 7.125% 9/15/2032 |  | 1975 | 2054 |
| OneMain Finance Corp. 6.50% 3/15/2033 |  | 1055 | 1068 |
| OneMain Finance Corp. 6.75% 9/15/2033 |  | 695 | 705 |
| Osaic Financial Services, Inc. 6.50% 11/30/2027 |  | 6 | 139 |
| Osaic Holdings, Inc. 6.75% 8/1/2032 <sup>(a)</sup> |  | 765 | 800 |
| Osaic Holdings, Inc. 8.00% 8/1/2033 <sup>(a)</sup> |  | 1575 | 1647 |
| Oxford Finance, LLC 6.375% 2/1/2027 <sup>(a)</sup> |  | 1488 | 1493 |
| Panther Escrow Issuer, LLC 7.125% 6/1/2031 <sup>(a)</sup> |  | 845 | 876 |
| PennyMac Financial Services, Inc. 6.875% 5/15/2032 <sup>(a)</sup> |  | 440 | 461 |
| PennyMac Financial Services, Inc. 6.875% 2/15/2033 <sup>(a)</sup> |  | 520 | 543 |
| Planet Financial Group, LLC 10.50% 12/15/2029 <sup>(a)</sup> |  | 51 | 54 |
| Rocket Companies, Inc. 7.125% 2/1/2032 <sup>(a)</sup> |  | 380 | 400 |
| Rocket Mortgage, LLC 2.875% 10/15/2026 <sup>(a)</sup> |  | 520 | 513 |
| Ryan Specialty, LLC 4.375% 2/1/2030 <sup>(a)</sup> |  | 720 | 708 |
| Ryan Specialty, LLC 5.875% 8/1/2032 <sup>(a)</sup> |  | 805 | 823 |
| SLM Corp. 6.50% 1/31/2030 |  | 680 | 705 |
| Starwood Property Trust, Inc. 4.375% 1/15/2027 <sup>(a)</sup> |  | 655 | 651 |
| Starwood Property Trust, Inc. 5.25% 10/15/2028 <sup>(a)</sup> |  | 1015 | 1026 |
| Starwood Property Trust, Inc. 7.25% 4/1/2029 <sup>(a)</sup> |  | 600 | 634 |
| Starwood Property Trust, Inc. 6.50% 7/1/2030 <sup>(a)</sup> |  | 410 | 429 |
| Starwood Property Trust, Inc. 6.50% 10/15/2030 <sup>(a)</sup> |  | 385 | 402 |
| Voyager Parent, LLC 9.25% 7/1/2032 <sup>(a)</sup> |  | 4020 | 4268 |
| WEX, Inc. 6.50% 3/15/2033 <sup>(a)</sup> |  | 550 | 565 |
|  |  |  | 101091 |
| **Materials 7.67%** |  |  |  |
| Alliance Resource Operating Partners, LP 8.625% 6/15/2029 <sup>(a)</sup> |  | 975 | 1032 |
| AmeriTex HoldCo Intermediate, LLC, 7.625% 8/15/2033 <sup>(a)</sup> |  | 495 | 523 |
| ArcelorMittal SA 7.00% 10/15/2039 |  | 488 | 551 |
| ArcelorMittal SA 6.75% 3/1/2041 |  | 825 | 905 |
| Ardagh Metal Packaging Finance PLC 4.00% 9/1/2029 <sup>(a)</sup> |  | 1280 | 1206 |
| Avient Corp. 6.25% 11/1/2031 <sup>(a)</sup> |  | 225 | 231 |
| Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/2031 <sup>(a)</sup> |  | 240 | 253 |
| Axalta Coating Systems, LLC 4.75% 6/15/2027 <sup>(a)</sup> |  | 460 | 461 |
| Ball Corp. 6.00% 6/15/2029 |  | 350 | 360 |
| Ball Corp. 2.875% 8/15/2030 |  | 160 | 148 |
| Ball Corp. 3.125% 9/15/2031 |  | 1235 | 1139 |
| Ball Corp. 5.50% 9/15/2033 |  | 1765 | 1801 |
| BHP Billiton Finance (USA), Ltd. 5.75% 9/5/2055 |  | 36 | 37 |
| CAN-PACK Spolka Akcyjna 3.875% 11/15/2029 <sup>(a)</sup> |  | 2075 | 1987 |
| Capstone Copper Corp. 6.75% 3/31/2033 <sup>(a)</sup> |  | 245 | 254 |
| Celanese US Holdings, LLC 6.665% 7/15/2027 |  | 45 | 46 |
| Celanese US Holdings, LLC 6.50% 4/15/2030 |  | 520 | 523 |
| Celanese US Holdings, LLC 7.05% 11/15/2030 |  | 265 | 279 |
| Celanese US Holdings, LLC 7.00% 2/15/2031 |  | 675 | 692 |
| Celanese US Holdings, LLC 6.75% 4/15/2033 |  | 1615 | 1608 |
| Celanese US Holdings, LLC 7.20% 11/15/2033 |  | 70 | 74 |
| Celanese US Holdings, LLC 7.375% 2/15/2034 |  | 560 | 569 |
| Century Aluminum Co. 6.875% 8/1/2032 <sup>(a)</sup> |  | 400 | 413 |
| Cleveland-Cliffs, Inc. 4.625% 3/1/2029 <sup>(a)</sup> |  | 2036 | 2007 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **234** |

---

American High-Income Trust<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Materials (continued)** |  |  |  |
| Cleveland-Cliffs, Inc. 6.875% 11/1/2029 <sup>(a)</sup> | USD | 2404 | $2492 |
| Cleveland-Cliffs, Inc. 6.75% 4/15/2030 <sup>(a)</sup> |  | 1105 | 1138 |
| Cleveland-Cliffs, Inc. 4.875% 3/1/2031 <sup>(a)</sup> |  | 2025 | 1951 |
| Cleveland-Cliffs, Inc. 7.50% 9/15/2031 <sup>(a)</sup> |  | 1930 | 2037 |
| Cleveland-Cliffs, Inc. 7.00% 3/15/2032 <sup>(a)</sup> |  | 2035 | 2088 |
| Cleveland-Cliffs, Inc. 7.375% 5/1/2033 <sup>(a)</sup> |  | 290 | 302 |
| Cleveland-Cliffs, Inc. 7.625% 1/15/2034 <sup>(a)</sup> |  | 1175 | 1229 |
| Commercial Metals Co. 5.75% 11/15/2033 <sup>(a)</sup> |  | 560 | 573 |
| Commercial Metals Co. 6.00% 12/15/2035 <sup>(a)</sup> |  | 1160 | 1190 |
| Consolidated Energy Finance SA 5.625% 10/15/2028 <sup>(a)</sup> |  | 655 | 427 |
| Consolidated Energy Finance SA 12.00% 2/15/2031 <sup>(a)</sup> |  | 3465 | 2454 |
| CVR Partners, LP 6.125% 6/15/2028 <sup>(a)</sup> |  | 485 | 488 |
| First Quantum Minerals, Ltd. 9.375% 3/1/2029 <sup>(a)</sup> |  | 3490 | 3679 |
| First Quantum Minerals, Ltd. 7.25% 2/15/2034 <sup>(a)</sup> |  | 490 | 516 |
| Freeport-McMoRan, Inc. 4.25% 3/1/2030 |  | 432 | 429 |
| Freeport-McMoRan, Inc. 5.45% 3/15/2043 |  | 381 | 369 |
| FXI Holdings, Inc. 16.00% PIK 11/15/2029 (14.00% on 11/15/2028) <sup>(a)(b)(d)</sup> |  | 6093 | 3473 |
| FXI Holdings, Inc. 11.00% 11/15/2030 <sup>(a)</sup> |  | 10551 | 9496 |
| Graphic Packaging International, LLC 3.75% 2/1/2030 <sup>(a)</sup> |  | 420 | 399 |
| Graphic Packaging International, LLC 6.375% 7/15/2032 <sup>(a)</sup> |  | 590 | 602 |
| INEOS Finance PLC 6.75% 5/15/2028 <sup>(a)</sup> |  | 500 | 445 |
| INEOS Finance PLC 7.50% 4/15/2029 <sup>(a)</sup> |  | 285 | 248 |
| JH North America Holdings, Inc. 5.875% 1/31/2031 <sup>(a)</sup> |  | 510 | 521 |
| JH North America Holdings, Inc. 6.125% 7/31/2032 <sup>(a)</sup> |  | 805 | 827 |
| LSB Industries, Inc. 6.25% 10/15/2028 <sup>(a)</sup> |  | 130 | 130 |
| LYB International Finance III, LLC 5.125% 1/15/2031 |  | 16 | 16 |
| Magnera Corp. 4.75% 11/15/2029 <sup>(a)</sup> |  | 425 | 393 |
| Methanex Corp. 5.125% 10/15/2027 |  | 2415 | 2430 |
| Methanex Corp. 5.25% 12/15/2029 |  | 747 | 754 |
| Methanex Corp. 5.65% 12/1/2044 |  | 465 | 417 |
| Methanex US Operations, Inc. 6.25% 3/15/2032 <sup>(a)</sup> |  | 1415 | 1458 |
| Minera Mexico, SA de CV, 5.625% 2/12/2032 <sup>(a)</sup> |  | 200 | 207 |
| Mineral Resources, Ltd. 8.00% 11/1/2027 <sup>(a)</sup> |  | 2079 | 2127 |
| Mineral Resources, Ltd. 9.25% 10/1/2028 <sup>(a)</sup> |  | 1820 | 1912 |
| Mineral Resources, Ltd. 8.50% 5/1/2030 <sup>(a)</sup> |  | 750 | 781 |
| NOVA Chemicals Corp. 8.50% 11/15/2028 <sup>(a)</sup> |  | 245 | 256 |
| NOVA Chemicals Corp. 4.25% 5/15/2029 <sup>(a)</sup> |  | 425 | 416 |
| NOVA Chemicals Corp. 9.00% 2/15/2030 <sup>(a)</sup> |  | 2100 | 2245 |
| NOVA Chemicals Corp. 7.00% 12/1/2031 <sup>(a)</sup> |  | 665 | 711 |
| Novelis Corp. 3.875% 8/15/2031 <sup>(a)</sup> |  | 497 | 453 |
| Olin Corp. 6.625% 4/1/2033 <sup>(a)</sup> |  | 80 | 80 |
| Quikrete Holdings, Inc. 6.375% 3/1/2032 <sup>(a)</sup> |  | 560 | 583 |
| Quikrete Holdings, Inc. 6.75% 3/1/2033 <sup>(a)</sup> |  | 995 | 1040 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(a)(b)(d)</sup> |  | 1611 | 1634 |
| Samarco Mineracao SA 9.00% PIK 6/30/2031 (5.50% PIK and 3.50% Cash on 12/30/2026) <sup>(b)(d)</sup> |  | 683 | 693 |
| SCIH Salt Holdings, Inc. 4.875% 5/1/2028 <sup>(a)</sup> |  | 1310 | 1315 |
| Solstice Advanced Materials, Inc. 5.625% 9/30/2033 <sup>(a)</sup> |  | 900 | 909 |
| Synergy Infrastructure Holdings, LLC 7.875% 12/1/2030 <sup>(a)</sup> |  | 325 | 338 |
| Trident TPI Holdings, Inc. 12.75% 12/31/2028 <sup>(a)</sup> |  | 470 | 482 |
| Trivium Packaging Finance BV 8.25% 7/15/2030 <sup>(a)</sup> |  | 526 | 564 |
| Trivium Packaging Finance BV 12.25% 1/15/2031 <sup>(a)</sup> |  | 1015 | 1102 |
| Vale Overseas, Ltd. 6.00% 2/25/2056 (5-year UST Yield Curve Rate T Note Constant Maturity + 2.431% on 2/25/2031) <sup>(a)(d)</sup> |  | 200 | 200 |
| Veritiv Operating Co. 10.50% 11/30/2030 <sup>(a)</sup> |  | 780 | 840 |
| Warrior Met Coal, Inc. 7.875% 12/1/2028 <sup>(a)</sup> |  | 598 | 612 |
| Westlake Corp. 5.55% 11/15/2035 |  | 54 | 54 |
| Westlake Corp. 6.375% 11/15/2055 |  | 40 | 39 |
|  |  |  | 79663 |

---

---

| | |
|:---|:---|
| **235** | American Funds Insurance Series |

---

American High-Income Trust<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Health care 7.45%** |  |  |  |
| 1261229 B.C., Ltd. 10.00% 4/15/2032 <sup>(a)</sup> | USD | 4173 | $4343 |
| AdaptHealth, LLC 6.125% 8/1/2028 <sup>(a)</sup> |  | 285 | 288 |
| AdaptHealth, LLC 4.625% 8/1/2029 <sup>(a)</sup> |  | 1105 | 1075 |
| AdaptHealth, LLC 5.125% 3/1/2030 <sup>(a)</sup> |  | 1425 | 1397 |
| Amneal Pharmaceuticals, LLC 6.875% 8/1/2032 <sup>(a)</sup> |  | 495 | 523 |
| AthenaHealth Group, Inc. 6.50% 2/15/2030 <sup>(a)</sup> |  | 590 | 589 |
| Avantor Funding, Inc. 4.625% 7/15/2028 <sup>(a)</sup> |  | 2040 | 2031 |
| Avantor Funding, Inc. 3.875% 11/1/2029 <sup>(a)</sup> |  | 620 | 596 |
| Bausch + Lomb Corp. 8.375% 10/1/2028 <sup>(a)</sup> |  | 205 | 214 |
| Bausch Health Americas, Inc. 8.50% 1/31/2027 <sup>(a)</sup> |  | 1786 | 1770 |
| Bausch Health Cos., Inc. 5.00% 1/30/2028 <sup>(a)</sup> |  | 442 | 387 |
| Bausch Health Cos., Inc. 4.875% 6/1/2028 <sup>(a)</sup> |  | 455 | 408 |
| Bausch Health Cos., Inc. 11.00% 9/30/2028 <sup>(a)</sup> |  | 216 | 224 |
| Bausch Health Cos., Inc. 7.25% 5/30/2029 <sup>(a)</sup> |  | 20 | 16 |
| Bausch Health Cos., Inc. 5.25% 1/30/2030 <sup>(a)</sup> |  | 682 | 481 |
| Bausch Health Cos., Inc. 5.25% 2/15/2031 <sup>(a)</sup> |  | 592 | 388 |
| Centene Corp. 4.625% 12/15/2029 |  | 945 | 917 |
| Centene Corp. 3.375% 2/15/2030 |  | 42 | 39 |
| Centene Corp. 2.50% 3/1/2031 |  | 1125 | 972 |
| Centene Corp. 2.625% 8/1/2031 |  | 100 | 86 |
| Charles River Laboratories International, Inc. 4.25% 5/1/2028 <sup>(a)</sup> |  | 186 | 184 |
| CHS / Community Health Systems, Inc. 6.00% 1/15/2029 <sup>(a)</sup> |  | 805 | 808 |
| CHS / Community Health Systems, Inc. 5.25% 5/15/2030 <sup>(a)</sup> |  | 2360 | 2221 |
| CHS / Community Health Systems, Inc. 4.75% 2/15/2031 <sup>(a)</sup> |  | 1020 | 909 |
| CHS / Community Health Systems, Inc. 10.875% 1/15/2032 <sup>(a)</sup> |  | 162 | 177 |
| DaVita, Inc. 4.625% 6/1/2030 <sup>(a)</sup> |  | 1365 | 1328 |
| DaVita, Inc. 3.75% 2/15/2031 <sup>(a)</sup> |  | 875 | 810 |
| DaVita, Inc. 6.875% 9/1/2032 <sup>(a)</sup> |  | 2255 | 2349 |
| DaVita, Inc. 6.75% 7/15/2033 <sup>(a)</sup> |  | 2035 | 2112 |
| Endo Finance Holdings, Inc. 8.50% 4/15/2031 <sup>(a)</sup> |  | 2565 | 2714 |
| Grifols SA 4.75% 10/15/2028 <sup>(a)</sup> |  | 1590 | 1571 |
| Grifols SA 7.50% 5/1/2030 | EUR | 410 | 507 |
| HCA, Inc. 4.625% 3/15/2052 | USD | 233 | 190 |
| HCA, Inc. 7.50% 11/15/2095 |  | 210 | 229 |
| Insulet Corp. 6.50% 4/1/2033 <sup>(a)</sup> |  | 57 | 60 |
| IQVIA, Inc. 6.25% 6/1/2032 <sup>(a)</sup> |  | 1475 | 1543 |
| Jazz Securities DAC 4.375% 1/15/2029 <sup>(a)</sup> |  | 506 | 499 |
| Medline Borrower, LP 3.875% 4/1/2029 <sup>(a)</sup> |  | 2330 | 2276 |
| Medline Borrower, LP 6.25% 4/1/2029 <sup>(a)</sup> |  | 914 | 946 |
| Medline Borrower, LP 5.25% 10/1/2029 <sup>(a)</sup> |  | 1470 | 1479 |
| Molina Healthcare, Inc. 4.375% 6/15/2028 <sup>(a)</sup> |  | 1115 | 1097 |
| Molina Healthcare, Inc. 3.875% 11/15/2030 <sup>(a)</sup> |  | 1349 | 1253 |
| Molina Healthcare, Inc. 6.50% 2/15/2031 <sup>(a)</sup> |  | 960 | 987 |
| Molina Healthcare, Inc. 3.875% 5/15/2032 <sup>(a)</sup> |  | 3565 | 3245 |
| Molina Healthcare, Inc. 6.25% 1/15/2033 <sup>(a)</sup> |  | 1385 | 1413 |
| Owens & Minor, Inc. 4.50% 3/31/2029 <sup>(a)</sup> |  | 2122 | 1442 |
| Owens & Minor, Inc. 6.625% 4/1/2030 <sup>(a)</sup> |  | 6277 | 4011 |
| Perrigo Finance Unlimited Co. 6.125% 9/30/2032 |  | 400 | 390 |
| Radiology Partners, Inc. 9.781% PIK 2/15/2030 <sup>(a)(b)</sup> |  | 2278 | 2196 |
| Radiology Partners, Inc. 8.50% 7/15/2032 <sup>(a)</sup> |  | 2945 | 3080 |
| Sotera Health Holdings, LLC 7.375% 6/1/2031 <sup>(a)</sup> |  | 635 | 667 |
| Surgery Center Holdings, Inc. 7.25% 4/15/2032 <sup>(a)</sup> |  | 855 | 866 |
| Team Health Holdings, Inc. 8.375% 6/30/2028 <sup>(a)</sup> |  | 260 | 264 |
| Tenet Healthcare Corp. 5.125% 11/1/2027 |  | 80 | 80 |
| Tenet Healthcare Corp. 4.25% 6/1/2029 |  | 1785 | 1760 |
| Tenet Healthcare Corp. 4.375% 1/15/2030 |  | 895 | 879 |
| Tenet Healthcare Corp. 6.75% 5/15/2031 |  | 1070 | 1114 |
| Tenet Healthcare Corp. 6.875% 11/15/2031 |  | 100 | 110 |
| Teva Pharmaceutical Finance Netherlands III BV 4.75% 5/9/2027 |  | 452 | 454 |
| Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028 |  | 415 | 431 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **236** |

---

American High-Income Trust<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Health care (continued)** |  |  |  |
| Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029 | USD | 6990 | $7075 |
| Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029 |  | 400 | 441 |
| Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031 |  | 1159 | 1336 |
| Teva Pharmaceutical Finance Netherlands III BV 6.00% 12/1/2032 |  | 1345 | 1413 |
| Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046 |  | 1377 | 1043 |
| Teva Pharmaceutical Finance Netherlands IV BV 5.75% 12/1/2030 |  | 610 | 633 |
|  |  |  | 77336 |
| **Real estate 6.36%** |  |  |  |
| Anywhere Real Estate Group, LLC 5.75% 1/15/2029 <sup>(a)</sup> |  | 1408 | 1369 |
| Anywhere Real Estate Group, LLC 5.25% 4/15/2030 <sup>(a)</sup> |  | 917 | 860 |
| Anywhere Real Estate Group, LLC 7.00% 4/15/2030 <sup>(a)</sup> |  | 160 | 160 |
| Brookfield Property REIT, Inc. 5.75% 5/15/2026 <sup>(a)</sup> |  | 739 | 735 |
| Forestar Group, Inc. 5.00% 3/1/2028 <sup>(a)</sup> |  | 92 | 92 |
| Forestar Group, Inc. 6.50% 3/15/2033 <sup>(a)</sup> |  | 1900 | 1939 |
| Howard Hughes Corp. (The) 5.375% 8/1/2028 <sup>(a)</sup> |  | 150 | 151 |
| Howard Hughes Corp. (The) 4.125% 2/1/2029 <sup>(a)</sup> |  | 2763 | 2687 |
| Howard Hughes Corp. (The) 4.375% 2/1/2031 <sup>(a)</sup> |  | 4043 | 3853 |
| Hudson Pacific Properties, LP 5.95% 2/15/2028 |  | 200 | 197 |
| Hudson Pacific Properties, LP 3.25% 1/15/2030 |  | 430 | 364 |
| Iron Mountain, Inc. 5.00% 7/15/2028 <sup>(a)</sup> |  | 367 | 367 |
| Iron Mountain, Inc. 7.00% 2/15/2029 <sup>(a)</sup> |  | 210 | 216 |
| Iron Mountain, Inc. 5.25% 7/15/2030 <sup>(a)</sup> |  | 3225 | 3189 |
| Iron Mountain, Inc. 4.50% 2/15/2031 <sup>(a)</sup> |  | 1995 | 1903 |
| Iron Mountain, Inc. 5.625% 7/15/2032 <sup>(a)</sup> |  | 220 | 217 |
| Kennedy-Wilson, Inc. 4.75% 3/1/2029 |  | 1785 | 1742 |
| Kennedy-Wilson, Inc. 4.75% 2/1/2030 |  | 2645 | 2495 |
| Kennedy-Wilson, Inc. 5.00% 3/1/2031 |  | 2430 | 2287 |
| Ladder Capital Finance Holdings LLLP 4.75% 6/15/2029 <sup>(a)</sup> |  | 565 | 559 |
| Ladder Capital Finance Holdings LLLP 5.50% 8/1/2030 |  | 38 | 39 |
| Ladder Capital Finance Holdings LLLP 7.00% 7/15/2031 <sup>(a)</sup> |  | 215 | 228 |
| MPT Operating Partnership, LP 5.00% 10/15/2027 |  | 9703 | 9405 |
| MPT Operating Partnership, LP 4.625% 8/1/2029 |  | 335 | 281 |
| MPT Operating Partnership, LP 3.50% 3/15/2031 |  | 1524 | 1109 |
| MPT Operating Partnership, LP 8.50% 2/15/2032 <sup>(a)</sup> |  | 4629 | 4947 |
| Park Intermediate Holdings, LLC 5.875% 10/1/2028 <sup>(a)</sup> |  | 370 | 371 |
| Park Intermediate Holdings, LLC 4.875% 5/15/2029 <sup>(a)</sup> |  | 820 | 801 |
| Park Intermediate Holdings, LLC 7.00% 2/1/2030 <sup>(a)</sup> |  | 740 | 762 |
| Pebblebrook Hotel, LP 6.375% 10/15/2029 <sup>(a)</sup> |  | 655 | 673 |
| RLJ Lodging Trust, LP 3.75% 7/1/2026 <sup>(a)</sup> |  | 45 | 45 |
| RLJ Lodging Trust, LP 4.00% 9/15/2029 <sup>(a)</sup> |  | 460 | 437 |
| SBA Communications Corp. 3.125% 2/1/2029 |  | 131 | 126 |
| Service Properties Trust 4.95% 2/15/2027 |  | 841 | 845 |
| Service Properties Trust 0% 9/30/2027 <sup>(a)</sup> |  | 1175 | 1063 |
| Service Properties Trust 5.50% 12/15/2027 |  | 750 | 741 |
| Service Properties Trust 3.95% 1/15/2028 |  | 3031 | 2864 |
| Service Properties Trust 8.375% 6/15/2029 |  | 2655 | 2672 |
| Service Properties Trust 4.95% 10/1/2029 |  | 3518 | 3069 |
| Service Properties Trust 4.375% 2/15/2030 |  | 3180 | 2697 |
| Service Properties Trust 8.625% 11/15/2031 <sup>(a)</sup> |  | 4850 | 5104 |
| Service Properties Trust 8.875% 6/15/2032 |  | 1385 | 1367 |
| Trust Fibra Uno 7.70% 1/23/2032 <sup>(a)</sup> |  | 405 | 444 |
| VICI Properties, LP 3.875% 2/15/2029 <sup>(a)</sup> |  | 625 | 614 |
|  |  |  | 66086 |
| **Information technology 6.20%** |  |  |  |
| Amphenol Corp. 4.125% 11/15/2030 |  | 120 | 119 |

---

---

| | |
|:---|:---|
| **237** | American Funds Insurance Series |

---

American High-Income Trust<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Information technology (continued)** |  |  |  |
| ams-OSRAM AG 12.25% 3/30/2029 <sup>(a)</sup> | USD | 3050 | $3255 |
| Booz Allen Hamilton, Inc. 3.875% 9/1/2028 <sup>(a)</sup> |  | 60 | 59 |
| Cloud Software Group, Inc. 6.50% 3/31/2029 <sup>(a)</sup> |  | 2150 | 2180 |
| Cloud Software Group, Inc. 9.00% 9/30/2029 <sup>(a)</sup> |  | 5185 | 5404 |
| Cloud Software Group, Inc. 8.25% 6/30/2032 <sup>(a)</sup> |  | 1935 | 2023 |
| Cloud Software Group, Inc. 6.625% 8/15/2033 <sup>(a)</sup> |  | 1755 | 1740 |
| CommScope Technologies, LLC 5.00% 3/15/2027 <sup>(a)</sup> |  | 1350 | 1348 |
| CommScope, LLC 8.25% 3/1/2027 <sup>(a)</sup> |  | 1254 | 1265 |
| CommScope, LLC 7.125% 7/1/2028 <sup>(a)</sup> |  | 1107 | 1114 |
| CommScope, LLC 4.75% 9/1/2029 <sup>(a)</sup> |  | 103 | 103 |
| CommScope, LLC 9.50% 12/15/2031 <sup>(a)</sup> |  | 425 | 430 |
| Diebold Nixdorf, Inc. 7.75% 3/31/2030 <sup>(a)</sup> |  | 5475 | 5840 |
| Ellucian Holdings, Inc. 6.50% 12/1/2029 <sup>(a)</sup> |  | 275 | 281 |
| Fair Isaac Corp. 4.00% 6/15/2028 <sup>(a)</sup> |  | 1175 | 1163 |
| Fair Isaac Corp. 6.00% 5/15/2033 <sup>(a)</sup> |  | 2200 | 2267 |
| Fortress Intermediate 3, Inc. 7.50% 6/1/2031 <sup>(a)</sup> |  | 440 | 460 |
| Gen Digital, Inc. 6.25% 4/1/2033 <sup>(a)</sup> |  | 725 | 751 |
| Hughes Satellite Systems Corp. 5.25% 8/1/2026 |  | 5511 | 5270 |
| Hughes Satellite Systems Corp. 6.625% 8/1/2026 |  | 6124 | 5599 |
| Imola Merger Corp. 4.75% 5/15/2029 <sup>(a)</sup> |  | 300 | 296 |
| Intel Corp. 3.05% 8/12/2051 |  | 150 | 92 |
| Intel Corp. 5.60% 2/21/2054 |  | 253 | 234 |
| McAfee Corp. 7.375% 2/15/2030 <sup>(a)</sup> |  | 275 | 240 |
| NCR Atleos Corp. 9.50% 4/1/2029 <sup>(a)</sup> |  | 1785 | 1938 |
| NCR Voyix Corp. 5.125% 4/15/2029 <sup>(a)</sup> |  | 343 | 342 |
| Pagaya US Holding Co., LLC 8.875% 8/1/2030 <sup>(a)</sup> |  | 700 | 611 |
| Qnity Electronics, Inc. 5.75% 8/15/2032 <sup>(a)</sup> |  | 120 | 123 |
| Qnity Electronics, Inc. 6.25% 8/15/2033 <sup>(a)</sup> |  | 120 | 125 |
| Shift4 Payments, LLC 6.75% 8/15/2032 <sup>(a)</sup> |  | 985 | 1018 |
| Synaptics, Inc. 4.00% 6/15/2029 <sup>(a)</sup> |  | 375 | 363 |
| UKG, Inc. 6.875% 2/1/2031 <sup>(a)</sup> |  | 1325 | 1363 |
| Unisys Corp. 10.625% 1/15/2031 <sup>(a)</sup> |  | 1875 | 1922 |
| Viasat, Inc. 5.625% 4/15/2027 <sup>(a)</sup> |  | 5540 | 5553 |
| Viasat, Inc. 6.50% 7/15/2028 <sup>(a)</sup> |  | 1195 | 1163 |
| Viasat, Inc. 7.50% 5/30/2031 <sup>(a)</sup> |  | 2234 | 2127 |
| Viavi Solutions, Inc. 3.75% 10/1/2029 <sup>(a)</sup> |  | 230 | 220 |
| VoltaGrid, LLC 7.375% 11/1/2030 <sup>(a)</sup> |  | 410 | 406 |
| Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(b)(g)</sup> |  | 2579 | 2811 |
| WULF Compute, LLC 7.75% 10/15/2030 <sup>(a)</sup> |  | 2410 | 2485 |
| X.AI Corp. 12.50% 6/30/2030 |  | 200 | 213 |
| Ziff Davis, Inc. 4.625% 10/15/2030 <sup>(a)</sup> |  | 125 | 119 |
|  |  |  | 64435 |
| **Industrials 5.71%** |  |  |  |
| AAR Escrow Issuer, LLC 6.75% 3/15/2029 <sup>(a)</sup> |  | 261 | 270 |
| ADT Security Corp. 4.125% 8/1/2029 <sup>(a)</sup> |  | 200 | 196 |
| AECOM 6.00% 8/1/2033 <sup>(a)</sup> |  | 45 | 46 |
| Albion Financing 1 SARL 7.00% 5/21/2030 <sup>(a)</sup> |  | 645 | 676 |
| Allison Transmission, Inc. 3.75% 1/30/2031 <sup>(a)</sup> |  | 1045 | 985 |
| Allison Transmission, Inc. 5.875% 12/1/2033 <sup>(a)</sup> |  | 315 | 320 |
| Amentum Holdings, Inc. 7.25% 8/1/2032 <sup>(a)</sup> |  | 1265 | 1334 |
| ATI, Inc. 4.875% 10/1/2029 |  | 690 | 691 |
| ATI, Inc. 5.125% 10/1/2031 |  | 775 | 776 |
| Avis Budget Car Rental, LLC 5.75% 7/15/2027 <sup>(a)</sup> |  | 767 | 771 |
| Avis Budget Car Rental, LLC 4.75% 4/1/2028 <sup>(a)</sup> |  | 55 | 54 |
| Avis Budget Car Rental, LLC 5.375% 3/1/2029 <sup>(a)</sup> |  | 925 | 903 |
| Avis Budget Car Rental, LLC 8.00% 2/15/2031 <sup>(a)</sup> |  | 445 | 458 |
| Avis Budget Group, Inc. 5.75% 7/15/2027 <sup>(a)</sup> |  | 61 | 61 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **238** |

---

American High-Income Trust<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Industrials (continued)** |  |  |  |
| Axon Enterprise, Inc. 6.125% 3/15/2030 <sup>(a)</sup> | USD | 1205 | $1247 |
| Axon Enterprise, Inc. 6.25% 3/15/2033 <sup>(a)</sup> |  | 1230 | 1285 |
| BWX Technologies, Inc. 4.125% 6/30/2028 <sup>(a)</sup> |  | 165 | 163 |
| BWX Technologies, Inc. 4.125% 4/15/2029 <sup>(a)</sup> |  | 335 | 327 |
| Carpenter Technology Corp. 5.625% 3/1/2034 <sup>(a)</sup> |  | 525 | 534 |
| Clarivate Science Holdings Corp. 3.875% 7/1/2028 <sup>(a)</sup> |  | 915 | 889 |
| Clarivate Science Holdings Corp. 4.875% 7/1/2029 <sup>(a)</sup> |  | 890 | 842 |
| Clean Harbors, Inc. 5.125% 7/15/2029 <sup>(a)</sup> |  | 160 | 160 |
| Clean Harbors, Inc. 5.75% 10/15/2033 <sup>(a)</sup> |  | 1815 | 1866 |
| CoreLogic, Inc. 4.50% 5/1/2028 <sup>(a)</sup> |  | 3294 | 3243 |
| Enviri Corp. 5.75% 7/31/2027 <sup>(a)</sup> |  | 800 | 801 |
| EquipmentShare.com, Inc. 9.00% 5/15/2028 <sup>(a)</sup> |  | 3655 | 3803 |
| EquipmentShare.com, Inc. 8.625% 5/15/2032 <sup>(a)</sup> |  | 744 | 787 |
| EquipmentShare.com, Inc. 8.00% 3/15/2033 <sup>(a)</sup> |  | 201 | 212 |
| FTAI Aviation Investors, LLC 7.875% 12/1/2030 <sup>(a)</sup> |  | 45 | 48 |
| Garda World Security Corp. 6.50% 1/15/2031 <sup>(a)</sup> |  | 785 | 804 |
| Garda World Security Corp. 8.375% 11/15/2032 <sup>(a)</sup> |  | 1275 | 1301 |
| Herc Holdings, Inc. 6.625% 6/15/2029 <sup>(a)</sup> |  | 455 | 474 |
| Herc Holdings, Inc. 7.00% 6/15/2030 <sup>(a)</sup> |  | 890 | 937 |
| Herc Holdings, Inc. 5.75% 3/15/2031 <sup>(a)</sup> |  | 30 | 30 |
| Herc Holdings, Inc. 7.25% 6/15/2033 <sup>(a)</sup> |  | 1585 | 1682 |
| Herc Holdings, Inc. 6.00% 3/15/2034 <sup>(a)</sup> |  | 30 | 30 |
| Hertz Corp. (The) 4.625% 12/1/2026 <sup>(a)</sup> |  | 258 | 247 |
| Icahn Enterprises, LP 6.25% 5/15/2026 |  | 273 | 274 |
| Icahn Enterprises, LP 5.25% 5/15/2027 |  | 3754 | 3705 |
| Icahn Enterprises, LP 9.75% 1/15/2029 |  | 735 | 734 |
| Icahn Enterprises, LP 4.375% 2/1/2029 |  | 855 | 741 |
| Icahn Enterprises, LP 10.00% 11/15/2029 <sup>(a)</sup> |  | 90 | 90 |
| Miter Brands Acquisition Holdco, Inc. 6.75% 4/1/2032 <sup>(a)</sup> |  | 309 | 317 |
| Moog, Inc. 4.25% 12/9/2027 <sup>(a)</sup> |  | 395 | 391 |
| NESCO Holdings II, Inc. 5.50% 4/15/2029 <sup>(a)</sup> |  | 1080 | 1065 |
| OneSky Flight, LLC 8.875% 12/15/2029 <sup>(a)</sup> |  | 360 | 385 |
| Pitney Bowes, Inc. 6.875% 3/15/2027 <sup>(a)</sup> |  | 600 | 603 |
| QXO Building Products, Inc. 6.75% 4/30/2032 <sup>(a)</sup> |  | 1495 | 1563 |
| Reworld Holding Corp. 4.875% 12/1/2029 <sup>(a)</sup> |  | 1010 | 972 |
| Sabre GLBL, Inc. 11.125% 7/15/2030 <sup>(a)</sup> |  | 1090 | 905 |
| Science Applications International Corp. 5.875% 11/1/2033 <sup>(a)</sup> |  | 505 | 512 |
| Sensata Technologies, Inc. 3.75% 2/15/2031 <sup>(a)</sup> |  | 795 | 747 |
| SkyMiles IP, Ltd. 4.75% 10/20/2028 <sup>(a)</sup> |  | 440 | 443 |
| Spirit AeroSystems, Inc. 4.60% 6/15/2028 |  | 798 | 799 |
| Standard Building Solutions, Inc. 6.50% 8/15/2032 <sup>(a)</sup> |  | 435 | 448 |
| Standard Building Solutions, Inc. 6.25% 8/1/2033 <sup>(a)</sup> |  | 1515 | 1548 |
| Standard Building Solutions, Inc. 5.875% 3/15/2034 <sup>(a)</sup> |  | 120 | 120 |
| Texas Combined Tirz I, LLC 0% 12/7/2062 <sup>(a)(e)</sup> |  | 98 | 98 |
| TransDigm, Inc. 6.75% 8/15/2028 <sup>(a)</sup> |  | 75 | 76 |
| TransDigm, Inc. 4.625% 1/15/2029 |  | 180 | 179 |
| TransDigm, Inc. 6.875% 12/15/2030 <sup>(a)</sup> |  | 355 | 372 |
| TransDigm, Inc. 6.625% 3/1/2032 <sup>(a)</sup> |  | 1775 | 1849 |
| TransDigm, Inc. 6.00% 1/15/2033 <sup>(a)</sup> |  | 905 | 927 |
| TransDigm, Inc. 6.375% 5/31/2033 <sup>(a)</sup> |  | 2900 | 2978 |
| TransDigm, Inc. 6.25% 1/31/2034 <sup>(a)</sup> |  | 1190 | 1235 |
| TransDigm, Inc. 6.75% 1/31/2034 <sup>(a)</sup> |  | 3705 | 3862 |
| United Rentals (North America), Inc. 6.00% 12/15/2029 <sup>(a)</sup> |  | 115 | 118 |
| United Rentals (North America), Inc. 3.875% 2/15/2031 |  | 745 | 711 |
| United Rentals (North America), Inc. 6.125% 3/15/2034 <sup>(a)</sup> |  | 310 | 323 |
| Waste Pro USA, Inc. 7.00% 2/1/2033 <sup>(a)</sup> |  | 225 | 232 |
| WESCO Distribution, Inc. 6.625% 3/15/2032 <sup>(a)</sup> |  | 425 | 444 |
| WESCO Distribution, Inc. 6.375% 3/15/2033 <sup>(a)</sup> |  | 320 | 334 |
|  |  |  | 59353 |

---

---

| | |
|:---|:---|
| **239** | American Funds Insurance Series |

---

American High-Income Trust<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Consumer staples 3.10%** |  |  |  |
| Albertsons Cos., Inc. 5.875% 2/15/2028 <sup>(a)</sup> | USD | 400 | $403 |
| Albertsons Cos., Inc. 3.50% 3/15/2029 <sup>(a)</sup> |  | 1428 | 1373 |
| Albertsons Cos., Inc. 4.875% 2/15/2030 <sup>(a)</sup> |  | 1620 | 1609 |
| Albertsons Cos., Inc. 5.50% 3/31/2031 <sup>(a)</sup> |  | 605 | 612 |
| Albertsons Cos., Inc. 5.75% 3/31/2034 <sup>(a)</sup> |  | 535 | 538 |
| Amer Sports Co. 6.75% 2/16/2031 <sup>(a)</sup> |  | 765 | 803 |
| B&G Foods, Inc. 5.25% 9/15/2027 |  | 2103 | 2061 |
| B&G Foods, Inc. 8.00% 9/15/2028 <sup>(a)</sup> |  | 3880 | 3822 |
| Central Garden & Pet Co. 4.125% 10/15/2030 |  | 755 | 725 |
| Central Garden & Pet Co. 4.125% 4/30/2031 <sup>(a)</sup> |  | 2150 | 2036 |
| Coty, Inc. 4.75% 1/15/2029 <sup>(a)</sup> |  | 1185 | 1169 |
| Coty, Inc. 6.625% 7/15/2030 <sup>(a)</sup> |  | 380 | 391 |
| Coty, Inc. 5.60% 1/15/2031 <sup>(a)</sup> |  | 90 | 91 |
| Darling Ingredients, Inc. 6.00% 6/15/2030 <sup>(a)</sup> |  | 485 | 493 |
| Fiesta Purchaser, Inc. 7.875% 3/1/2031 <sup>(a)</sup> |  | 915 | 958 |
| Fiesta Purchaser, Inc. 9.625% 9/15/2032 <sup>(a)</sup> |  | 725 | 762 |
| Ingles Markets, Inc. 4.00% 6/15/2031 <sup>(a)</sup> |  | 370 | 351 |
| Lamb Weston Holdings, Inc. 4.875% 5/15/2028 <sup>(a)</sup> |  | 75 | 75 |
| Lamb Weston Holdings, Inc. 4.125% 1/31/2030 <sup>(a)</sup> |  | 1145 | 1109 |
| Lamb Weston Holdings, Inc. 4.375% 1/31/2032 <sup>(a)</sup> |  | 855 | 815 |
| Mars, Inc. 4.60% 3/1/2028 <sup>(a)</sup> |  | 150 | 152 |
| Mars, Inc. 5.20% 3/1/2035 <sup>(a)</sup> |  | 45 | 46 |
| Mars, Inc. 5.70% 5/1/2055 <sup>(a)</sup> |  | 45 | 45 |
| Opal Bidco SAS 6.50% 3/31/2032 <sup>(a)</sup> |  | 460 | 471 |
| Philip Morris International, Inc. 3.875% 10/27/2028 |  | 195 | 195 |
| Philip Morris International, Inc. 4.00% 10/29/2030 |  | 118 | 117 |
| Post Holdings, Inc. 4.625% 4/15/2030 <sup>(a)</sup> |  | 1815 | 1769 |
| Post Holdings, Inc. 4.50% 9/15/2031 <sup>(a)</sup> |  | 1145 | 1087 |
| Post Holdings, Inc. 6.25% 2/15/2032 <sup>(a)</sup> |  | 920 | 946 |
| Post Holdings, Inc. 6.375% 3/1/2033 <sup>(a)</sup> |  | 415 | 420 |
| Post Holdings, Inc. 6.50% 3/15/2036 <sup>(a)</sup> |  | 1110 | 1112 |
| Prestige Brands, Inc. 5.125% 1/15/2028 <sup>(a)</sup> |  | 338 | 339 |
| Prestige Brands, Inc. 3.75% 4/1/2031 <sup>(a)</sup> |  | 1275 | 1195 |
| TreeHouse Foods, Inc. 4.00% 9/1/2028 |  | 2200 | 2195 |
| United Natural Foods, Inc. 6.75% 10/15/2028 <sup>(a)</sup> |  | 963 | 969 |
| US Foods, Inc. 4.625% 6/1/2030 <sup>(a)</sup> |  | 510 | 504 |
| US Foods, Inc. 5.75% 4/15/2033 <sup>(a)</sup> |  | 470 | 479 |
|  |  |  | 32237 |
| **Utilities 1.47%** |  |  |  |
| AmeriGas Partners, LP 5.75% 5/20/2027 |  | 302 | 304 |
| Calpine Corp. 4.50% 2/15/2028 <sup>(a)</sup> |  | 150 | 150 |
| Calpine Corp. 5.125% 3/15/2028 <sup>(a)</sup> |  | 105 | 105 |
| CMS Energy Corp., junior subordinated, 6.50% 6/1/2055 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.961% on 6/1/2035) <sup>(d)</sup> |  | 470 | 484 |
| Emera, Inc. 6.75% 6/15/2076 (3-month USD CME Term SOFR + 5.702% on 6/15/2026) <sup>(d)</sup> |  | 1155 | 1165 |
| Exelon Corp., junior subordinated, 6.50% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.975% on 3/15/2035) <sup>(d)</sup> |  | 350 | 364 |
| FirstEnergy Corp. 2.25% 9/1/2030 |  | 820 | 743 |
| Ithaca Energy (North Sea) PLC 8.125% 10/15/2029 <sup>(a)</sup> |  | 355 | 368 |
| Long Ridge Energy, LLC 8.75% 2/15/2032 <sup>(a)</sup> |  | 1935 | 2061 |
| Pacific Gas and Electric Co. 5.05% 10/15/2032 |  | 120 | 121 |
| Pacific Gas and Electric Co. 3.30% 8/1/2040 |  | 280 | 213 |
| Pacific Gas and Electric Co. 4.95% 7/1/2050 |  | 745 | 631 |
| Pacific Gas and Electric Co. 3.50% 8/1/2050 |  | 1305 | 882 |
| Pacific Gas and Electric Co. 6.10% 10/15/2055 |  | 200 | 196 |
| PG&E Corp. 5.00% 7/1/2028 |  | 390 | 390 |
| PG&E Corp. 5.25% 7/1/2030 |  | 2960 | 2941 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **240** |

---

American High-Income Trust<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Corporate bonds and notes (continued)** |  |  |  |
| **Utilities (continued)** |  |  |  |
| PG&E Corp., junior subordinated, 7.375% 3/15/2055 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.883% on 3/15/2030) <sup>(d)</sup> | USD | 2050 | $2136 |
| Talen Energy Supply, LLC 8.625% 6/1/2030 <sup>(a)</sup> |  | 1307 | 1384 |
| Vistra Operations Co., LLC 4.375% 5/1/2029 <sup>(a)</sup> |  | 175 | 173 |
| XPLR Infrastructure Operating Partners, LP 8.375% 1/15/2031 <sup>(a)</sup> |  | 395 | 415 |
|  |  |  | 15226 |
| **Municipals 0.05%** |  |  |  |
| I-20 Lancaster Fund, LLC 12.00% 1/15/2035 <sup>(a)</sup> |  | 546 | 541 |
| **Total corporate bonds and notes** |  |  | 878410 |
| **Loans 3.92%** |  |  |  |
| **Information technology 0.90%** |  |  |  |
| CommScope, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.466% 12/17/2029 <sup>(h)(i)</sup> |  | 645 | 647 |
| Ellucian Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.466% 11/22/2032 <sup>(h)(i)</sup> |  | 130 | 131 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 10.973% 9/13/2029 <sup>(g)(h)(i)</sup> |  | 1000 | 1007 |
| Finastra USA, Inc., Term Loan, (1-month USD CME Term SOFR + 4.00%) 7.688% 7/30/2032 <sup>(h)(i)</sup> |  | 2885 | 2829 |
| Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.00%) 10.723% 9/15/2033 <sup>(h)(i)</sup> |  | 80 | 79 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 3.00%) 6.716% 3/20/2032 <sup>(h)(i)</sup> |  | 620 | 622 |
| Kaseya, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 8.716% 3/20/2033 <sup>(h)(i)</sup> |  | 875 | 857 |
| Viasat, Inc., Term Loan B, (1-month USD CME Term SOFR + 4.614%) 8.331% 3/2/2029 <sup>(h)(i)</sup> |  | 2087 | 2084 |
| Viasat, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.348% 5/30/2030 <sup>(h)(i)</sup> |  | 1149 | 1147 |
|  |  |  | 9403 |
| **Financials 0.64%** |  |  |  |
| Alera Group Intermediate Holdings, Inc., Term Loan B, (1-month USD CME Term SOFR + 3.25%) 6.966% 5/30/2032 <sup>(h)(i)</sup> |  | 613 | 617 |
| Alera Group Intermediate Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 5.50%) 9.216% 5/30/2033 <sup>(h)(i)</sup> |  | 1262 | 1288 |
| CRC Insurance Group, LLC, Term Loan, (3-month USD CME Term SOFR + 4.75%) 8.422% 5/6/2032 <sup>(h)(i)</sup> |  | 2891 | 2935 |
| Denali Intermediate Holdings, Inc., Term Loan, (1-month CME Term SOFR + 5.50%) 9.227% 8/26/2032 <sup>(h)(i)</sup> |  | 940 | 953 |
| HUB International, Ltd., Term Loan, (3-month USD CME Term SOFR + 2.25%) 6.12% 6/20/2030 <sup>(h)(i)</sup> |  | 145 | 146 |
| Osaic Holdings, Inc., Term Loan, (3-month USD CME Term SOFR + 3.00%) 6.595% 7/30/2032 <sup>(h)(i)</sup> |  | 700 | 704 |
|  |  |  | 6643 |
| **Communication services 0.62%** |  |  |  |
| Connect Finco SARL, Term Loan B, (1-month USD CME Term SOFR + 4.50%) 8.216% 9/27/2029 <sup>(h)(i)</sup> |  | 1430 | 1430 |
| CSC Holdings, LLC, Term Loan B, (USD Prime Rate + 1.50%) 8.75% 4/15/2027 <sup>(h)(i)</sup> |  | 327 | 287 |
| Diamond Sports Net, LLC, Term Loan, 15.00% PIK 1/2/2028 <sup>(b)(h)</sup> |  | 44 | 17 |
| DIRECTV Financing, LLC, Term Loan, (3-month USD CME Term SOFR + 5.262%) 9.102% 8/2/2027 <sup>(h)(i)</sup> |  | 73 | 74 |
| Gray Television, Inc., Term Loan D, (3-month USD CME Term SOFR + 3.114%) 6.987% 12/1/2028 <sup>(h)(i)</sup> |  | 2 | 2 |
| Gray Television, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 9.123% 6/4/2029 <sup>(h)(i)</sup> |  | 23 | 23 |
| Ligado Networks, LLC, Term Loan, 17.50% PIK 5/5/2028 <sup>(b)(e)(h)</sup> |  | 960 | 960 |
| Peroton Corp., Term Loan B, (3-month USD CME Term SOFR + 7.85%) 11.672% 2/1/2029 <sup>(h)(i)</sup> |  | 455 | 361 |
| Versant Media Group, Inc., Term Loan B, (1-month USD CME Term SOFR + 3.50%) 7.537% 10/23/2030 <sup>(h)(i)</sup> |  | 1470 | 1473 |
| X Corp., Term Loan B3, 9.50% 10/26/2029 <sup>(h)</sup> |  | 370 | 369 |
| X Corp., Term Loan B, (USD-SOFR + 6.75%) 10.448% 10/26/2029 <sup>(h)(i)</sup> |  | 1456 | 1433 |
|  |  |  | 6429 |
| **Industrials 0.56%** |  |  |  |
| CoreLogic, Inc., Term Loan, (3-month USD CME Term SOFR + 6.614%) 10.331% 6/4/2029 <sup>(h)(i)</sup> |  | 310 | 315 |
| Peraton Corp., Term Loan B, (3-month USD CME Term SOFR + 3.85%) 7.69% 2/1/2028 <sup>(h)(i)</sup> |  | 5671 | 5275 |
| QXO Building Products, Inc., Term Loan B, (1-month USD CME Term SOFR + 2.00%) 5.716% 4/30/2032 <sup>(h)(i)</sup> |  | 185 | 186 |
|  |  |  | 5776 |

---

---

| | |
|:---|:---|
| **241** | American Funds Insurance Series |

---

American High-Income Trust<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Loans (continued)** |  |  |  |
| **Consumer discretionary 0.44%** |  |  |  |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 5.614%) 9.35% 3/11/2030 <sup>(e)(h)(i)</sup> | USD | 556 | $556 |
| Aimbridge Acquisition Co., Inc., Term Loan, (1-month USD CME Term SOFR + 7.614%) 6.00% PIK and 5.573% Cash 3/11/2030 <sup>(b)(e)(h)(i)</sup> |  | 525 | 525 |
| Belron Finance 2019, LLC, Term Loan B, (3-month USD CME Term SOFR + 2.25%) 6.12% 10/16/2031 <sup>(h)(i)</sup> |  | 588 | 592 |
| First Student Bidco, Inc., Term Loan B, (3-month USD CME Term SOFR + 2.50%) 6.172% 8/15/2030 <sup>(h)(i)</sup> |  | 334 | 335 |
| First Student Bidco, Inc., Term Loan C, (3-month USD CME Term SOFR + 2.50%) 6.172% 8/15/2030 <sup>(h)(i)</sup> |  | 102 | 103 |
| Hertz Corp. (The), Term Loan B-EXIT, (3-month USD CME Term SOFR + 3.614%) 7.331% 6/30/2028 <sup>(h)(i)</sup> |  | 71 | 60 |
| Hertz Corp. (The), Term Loan C-EXIT, (3-month USD CME Term SOFR + 3.614%) 7.331% 6/30/2028 <sup>(h)(i)</sup> |  | 15 | 13 |
| Mercury Aggregator, LP, Term Loan, 19.00% PIK 2/3/2026 <sup>(b)(e)(h)</sup> |  | 183 | 3 |
| Mercury Aggregator, LP, Term Loan 2, 19.00% PIK 2/3/2026 <sup>(b)(c)(e)(h)</sup> |  | 98 | 2 |
| Scientific Games Holdings, LP, Term Loan, (3-month USD CME Term SOFR + 3.00%) 6.934% 4/4/2029 <sup>(h)(i)</sup> |  | 1615 | 1589 |
| Voyager Parent, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.75%) 8.422% 7/1/2032 <sup>(h)(i)</sup> |  | 748 | 749 |
|  |  |  | 4527 |
| **Consumer staples 0.32%** |  |  |  |
| B&G Foods, Inc., Term Loan B, (1-month USD CME Term SOFR + 3.50%) 7.216% 10/10/2029 <sup>(h)(i)</sup> |  | 191 | 186 |
| Fiesta Purchaser, Inc., Term Loan B, (1-month USD CME Term SOFR + 2.75%) 6.466% 2/12/2031 <sup>(h)(i)</sup> |  | 158 | 158 |
| United Natural Foods, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.75%) 8.466% 5/1/2031 <sup>(h)(i)</sup> |  | 2918 | 2940 |
|  |  |  | 3284 |
| **Health care 0.30%** |  |  |  |
| Bausch + Lomb Corp., Term Loan B, (1-month USD CME Term SOFR + 4.25%) 7.966% 1/15/2031 <sup>(h)(i)</sup> |  | 425 | 428 |
| Endo Finance Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 7.466% 4/23/2031 <sup>(h)(i)</sup> |  | 1748 | 1737 |
| Medline Borrower, LP, Term Loan B, (1-month USD CME Term SOFR +1.75%) 5.466% 10/23/2028 <sup>(h)(i)</sup> |  | 55 | 55 |
| Owens & Minor, Inc., Term Loan B-1, (3-month USD CME Term SOFR + 3.85%) 7.566% 3/29/2029 <sup>(h)(i)</sup> |  | 674 | 652 |
| Team Health Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 8.34% 6/30/2028 <sup>(h)(i)</sup> |  | 259 | 260 |
|  |  |  | 3132 |
| **Materials 0.06%** |  |  |  |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 2.00%) 7.00% PIK 7/16/2026 <sup>(b)(c)(e)(h)(i)</sup> |  | 563 | 178 |
| Venator Material, LLC, Term Loan, (3-month USD CME Term SOFR + 8.00%) 7.00% PIK 7/16/2026 <sup>(b)(c)(e)(h)(i)</sup> |  | 566 | 179 |
| Venator Material, LLC, Term Loan, (USD-SOFR + 10.00%) 7.00% PIK 10/12/2028 <sup>(b)(c)(e)(h)(i)</sup> |  | 931 | 295 |
|  |  |  | 652 |
| **Utilities 0.05%** |  |  |  |
| MI Windows and Doors, LLC, Term Loan B3, (3-month USD CME Term SOFR + 2.75%) 6.466% 3/28/2031 <sup>(h)(i)</sup> |  | 276 | 277 |
| Talen Energy Supply, LLC, Term Loan B, (3-month USD CME Term SOFR + 2.50%) 6.353% 5/17/2030 <sup>(h)(i)</sup> |  | 278 | 279 |
|  |  |  | 556 |
| **Real estate 0.02%** |  |  |  |
| MPT Operating Partnership, LP, Term Loan A, (1-month USD CME Term SOFR + 2.35%) 6.387% 6/30/2027 <sup>(h)(i)</sup> |  | 190 | 173 |
| **Energy 0.01%** |  |  |  |
| New Fortress Energy, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.50%) 0% 10/30/2028 <sup>(h)(i)</sup> |  | 266 | 113 |
| **Total loans** |  |  | 40688 |
| **Mortgage-backed obligations 0.06%** |  |  |  |
| **Collateralized mortgage-backed obligations 0.06%** |  |  |  |
| Treehouse Park Improvement Association No.1 9.75% 12/1/2033 <sup>(a)(e)</sup> |  | 580 | 580 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **242** |

---

American High-Income Trust<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Municipals 0.04%** |  |  |  |
| **Puerto Rico 0.04%** |  |  |  |
| GO Taxable Bonds, Series 2022, 0% 11/1/2043 <sup>(i)</sup> | USD | 305 | $196 |
| GO Taxable Bonds, CAB, Series 2022, 0% 11/1/2051 |  | 334 | 219 |
| **Total municipals** |  |  | 415 |
| **Total bonds, notes & other debt instruments (cost: $922,218,000)** |  |  | 920093 |
| Convertible bonds & notes 0.12% |  |  |  |
| **Communication services 0.12%** |  |  |  |
| EchoStar Corp., convertible notes, 3.875% Cash 11/30/2030 <sup>(b)</sup> |  | 379 | 1265 |
| **Total convertible bonds & notes (cost: $403,000)** |  |  | 1265 |

---

---

| | | |
|:---|:---|:---|
| Common stocks 6.33% | Shares |  |
| **Information technology 1.84%** |  |  |
| Diebold Nixdorf, Inc. <sup>(j)</sup> | 281243 | 19094 |
| **Health care 1.62%** |  |  |
| Rotech Healthcare, Inc. <sup>(e)(g)(j)</sup> | 201793 | 13823 |
| Mallinckrodt PLC <sup>(j)</sup> | 28965 | 2591 |
| Par Health, Inc. <sup>(a)(j)</sup> | 28965 | 271 |
| Endo, LP, Class A1 <sup>(a)(j)</sup> | 192719 | 135 |
|  |  | 16820 |
| **Utilities 1.40%** |  |  |
| Talen Energy Corp. <sup>(j)</sup> | 37868 | 14194 |
| PG&E Corp. | 18786 | 302 |
|  |  | 14496 |
| **Energy 1.11%** |  |  |
| Constellation Oil Services Holding SA (NDR) <sup>(j)</sup> | 623209 | 7359 |
| Ascent CNR Corp., Class A <sup>(e)(g)</sup> | 62978 | 2787 |
| Weatherford International | 9659 | 756 |
| Altera Infrastructure, LP <sup>(e)</sup> | 9127 | 371 |
| Mesquite Energy, Inc. <sup>(e)(j)</sup> | 3558 | 227 |
|  |  | 11500 |
| **Consumer discretionary 0.33%** |  |  |
| Aimbridge Topco, LLC <sup>(e)(j)</sup> | 46955 | 3472 |
| NMG Parent, LLC <sup>(e)(j)</sup> | 8350 | — <sup>(f)</sup> |
|  |  | 3472 |
| **Financials 0.02%** |  |  |
| Navient Corp. | 20000 | 260 |
| **Communication services 0.01%** |  |  |
| iHeartMedia, Inc., Class A <sup>(j)</sup> | 22639 | 94 |

---

---

| | |
|:---|:---|
| **243** | American Funds Insurance Series |

---

American High-Income Trust<sup>®</sup> (continued)

---

| | | |
|:---|:---|:---|
| Common stocks (continued) | Shares | Value<br> (000) |
| **Materials 0.00%** |  |  |
| Venator Materials PLC <sup>(e)(j)</sup> | 3232 | $— <sup>(f)</sup> |
| **Total common stocks (cost: $38,533,000)** |  | 65736 |
| Preferred securities 0.16% |  |  |
| **Industrials 0.16%** |  |  |
| ACR III LSC Holdings, LLC, Series B, preferred shares <sup>(a)(e)(j)</sup> | 1022 | 1713 |
| **Total preferred securities** (cost: $1,057,000) |  | 1713 |
| Rights & warrants 0.02% |  |  |
| **Communication services 0.01%** |  |  |
| SES SA (CVR) <sup>(j)</sup> | 8182 | 127 |
| **Energy 0.01%** |  |  |
| Expand Energy Corp., Class C, warrants, expire 2/9/2026 <sup>(j)</sup> | 457 | 45 |
| **Total rights & warrants** (cost: $392,000) |  | 172 |
| Short-term securities 3.38% |  |  |
| **Money market investments 3.38%** |  |  |
| Capital Group Central Cash Fund 3.79% <sup>(k)(l)</sup> | 350884 | 35092 |
| **Total short-term securities (cost: $35,085,000)** |  | 35092 |
| **Total investment securities 98.60% (cost: $997,688,000)** |  | 1024071 |
| Other assets less liabilities 1.40% |  | 14538 |
| **Net assets 100.00%** |  | $1038609 |

---

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of<br> contracts | Expiration<br> date | Notional<br> amount<br> (000) | Notional<br> amount<br> (000) | Value and<br> unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| 2 Year U.S. Treasury Note Futures | Long | 69 | 4/6/2026 | USD | 14406 | $(3) |
| 5 Year U.S. Treasury Note Futures | Long | 88 | 4/6/2026 |  | 9619 | (26) |
| 10 Year Ultra U.S. Treasury Note Futures | Short | 6 | 3/31/2026 |  | (690) | 2 |
| 10 Year U.S. Treasury Note Futures | Short | 11 | 3/31/2026 |  | (1237) | 11 |
| 30 Year Ultra U.S. Treasury Bond Futures | Short | 1 | 3/31/2026 |  | (118) | 2 |
|  |  |  |  |  |  | $(14) |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **244** |

---

American High-Income Trust<sup>®</sup> (continued)

**Swap contracts**

**Credit default swaps**

**Centrally cleared credit default swaps on credit indices — buy protection**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference<br> index | Financing<br> rate paid | Payment<br> frequency | Expiration<br> date | Notional<br> amount<br> (000) | Notional<br> amount<br> (000) | Value at<br> 12/31/2025<br> (000) | Upfront<br> premium<br> paid<br> (received)<br> (000) | Unrealized <br> appreciation <br> (depreciation)<br> at 12/31/2025 <br> (000) |
| CDX.NA.HY.45 | 5.00% | Quarterly | 12/20/2030 | USD | 26020 | $(1988) | $(1825) | $(163) |

---

**Investments in affiliates <sup>(l)</sup>**

****

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value at<br> 1/1/2025<br> (000) | Additions <br> (000) | Reductions <br> (000) | Net<br> realized<br> gain (loss) <br> (000) | Net<br> unrealized <br> appreciation <br> (depreciation) <br> (000) | Value at <br> 12/31/2025 <br> (000) | Dividend<br> or interest <br> income <br> (000) |
| Short-term securities 3.38% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Money market investments 3.38%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Group Central Cash Fund 3.79% <sup>(k)</sup> | $45641 | $250972 | $261524 | $— <sup>(f)</sup> | $3 | $35092 | $1878 |

---

**Restricted securities <sup>(g)</sup>**

****

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Acquisition<br> date(s) | Cost<br> (000) | Value<br> (000) | Percent<br> of net<br> assets |
| Rotech Healthcare, Inc. <sup>(e)(j)</sup> | 9/26/2013 | $4331 | $13823 | 1.33% |
| Wolfspeed, Inc. 4.00% PIK and 9.875% Cash 6/23/2030 <sup>(b)</sup> | 9/29/2025 | 2566 | 2811 | 0.27 |
| Ascent CNR Corp., Class A <sup>(e)</sup> | 11/15/2016 | 302 | 2787 | 0.27 |
| Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 10.973% 9/13/2029 <sup>(h)(i)</sup> | 9/13/2023 | 986 | 1007 | 0.10 |
| **Total** |  | $8185 | $20428 | 1.97% |

---

<sup>(a)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $655,031,000, which represented 63.07% of the net assets of the fund.

<sup>(b)</sup> Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

<sup>(c)</sup> Scheduled interest and/or principal payment was not received.

<sup>(d)</sup> Step bond; coupon rate may change at a later date.

<sup>(e)</sup> Value determined using significant unobservable inputs.

<sup>(f)</sup> Amount less than one thousand.

<sup>(g)</sup> Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933.

<sup>(h)</sup> Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $40,686,000, which represented 3.92% of the net assets of the fund.

<sup>(i)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>(j)</sup> Non-income producing.

<sup>(k)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(l)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

---

| | |
|:---|:---|
| **245** | American Funds Insurance Series |

---

American High-Income Trust<sup>®</sup> (continued)

**Key to abbreviation(s)**

CAB = Capital Appreciation Bonds

CME = CME Group

CVR = Contingent Value Rights

DAC = Designated Activity Company

EUR = Euros

GBP = British pounds

GO = General Obligation

NDR = Norwegian Depositary Receipts

PIK = Payment In Kind

REIT = Real Estate Investment Trust

SOFR = Secured Overnight Financing Rate

USD = U.S. dollars

UST = U.S. Treasury

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **246** |

---

American Funds Mortgage Fund<sup>®</sup>

**Investment portfolio** December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments 86.53% | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations 79.28%** |  |  |  |
| **Federal agency mortgage-backed obligations 78.28%** |  |  |  |
| Fannie Mae Pool #695412 5.00% 6/1/2033 <sup>(a)</sup> | USD | — <sup>(b)</sup> | $— <sup>(b)</sup> |
| Fannie Mae Pool #AD3566 5.00% 10/1/2035 <sup>(a)</sup> |  | 1 | 1 |
| Fannie Mae Pool #256583 5.00% 12/1/2036 <sup>(a)</sup> |  | 27 | 27 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(a)</sup> |  | 90 | 86 |
| Fannie Mae Pool #931768 5.00% 8/1/2039 <sup>(a)</sup> |  | 1 | 1 |
| Fannie Mae Pool #AC0794 5.00% 10/1/2039 <sup>(a)</sup> |  | 4 | 4 |
| Fannie Mae Pool #932606 5.00% 2/1/2040 <sup>(a)</sup> |  | 2 | 2 |
| Fannie Mae Pool #MA4232 2.00% 1/1/2041 <sup>(a)</sup> |  | 120 | 105 |
| Fannie Mae Pool #BQ7816 1.50% 4/1/2041 <sup>(a)</sup> |  | 211 | 180 |
| Fannie Mae Pool #BR0986 1.50% 5/1/2041 <sup>(a)</sup> |  | 270 | 228 |
| Fannie Mae Pool #AE1248 5.00% 6/1/2041 <sup>(a)</sup> |  | 7 | 7 |
| Fannie Mae Pool #MA4387 2.00% 7/1/2041 <sup>(a)</sup> |  | 15 | 13 |
| Fannie Mae Pool #MA4388 2.50% 7/1/2041 <sup>(a)</sup> |  | 66 | 59 |
| Fannie Mae Pool #MA4447 2.50% 10/1/2041 <sup>(a)</sup> |  | 142 | 127 |
| Fannie Mae Pool #FM9117 2.50% 10/1/2041 <sup>(a)</sup> |  | 80 | 72 |
| Fannie Mae Pool #AJ1873 4.00% 10/1/2041 <sup>(a)</sup> |  | 5 | 5 |
| Fannie Mae Pool #AE1274 5.00% 10/1/2041 <sup>(a)</sup> |  | 4 | 4 |
| Fannie Mae Pool #AE1277 5.00% 11/1/2041 <sup>(a)</sup> |  | 3 | 3 |
| Fannie Mae Pool #MA4502 2.50% 12/1/2041 <sup>(a)</sup> |  | 160 | 144 |
| Fannie Mae Pool #AE1283 5.00% 12/1/2041 <sup>(a)</sup> |  | 1 | 1 |
| Fannie Mae Pool #MA4521 2.50% 1/1/2042 <sup>(a)</sup> |  | 202 | 182 |
| Fannie Mae Pool #AE1290 5.00% 2/1/2042 <sup>(a)</sup> |  | 4 | 4 |
| Fannie Mae Pool #AT0300 3.50% 3/1/2043 <sup>(a)</sup> |  | 1 | 1 |
| Fannie Mae Pool #AT3954 3.50% 4/1/2043 <sup>(a)</sup> |  | 1 | 1 |
| Fannie Mae Pool #AY1829 3.50% 12/1/2044 <sup>(a)</sup> |  | 2 | 2 |
| Fannie Mae Pool #MA5696 7.00% 3/1/2045 <sup>(a)</sup> |  | 25 | 26 |
| Fannie Mae Pool #FS3767 2.00% 4/1/2047 <sup>(a)</sup> |  | 24 | 20 |
| Fannie Mae Pool #BH3122 4.00% 6/1/2047 <sup>(a)</sup> |  | 1 | 1 |
| Fannie Mae Pool #BJ5015 4.00% 12/1/2047 <sup>(a)</sup> |  | 25 | 24 |
| Fannie Mae Pool #BK5232 4.00% 5/1/2048 <sup>(a)</sup> |  | 13 | 12 |
| Fannie Mae Pool #BK6840 4.00% 6/1/2048 <sup>(a)</sup> |  | 19 | 18 |
| Fannie Mae Pool #BK9743 4.00% 8/1/2048 <sup>(a)</sup> |  | 6 | 6 |
| Fannie Mae Pool #BK9761 4.50% 8/1/2048 <sup>(a)</sup> |  | 3 | 3 |
| Fannie Mae Pool #CA5659 2.50% 5/1/2050 <sup>(a)</sup> |  | 402 | 341 |
| Fannie Mae Pool #CA6409 2.50% 7/1/2050 <sup>(a)</sup> |  | 88 | 75 |
| Fannie Mae Pool #FS3745 2.00% 8/1/2050 <sup>(a)</sup> |  | 16 | 13 |
| Fannie Mae Pool #CA6987 2.00% 9/1/2050 <sup>(a)</sup> |  | 685 | 556 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(a)</sup> |  | 4 | 3 |
| Fannie Mae Pool #BN7466 2.00% 10/1/2050 <sup>(a)</sup> |  | 93 | 76 |
| Fannie Mae Pool #BQ3005 2.50% 10/1/2050 <sup>(a)</sup> |  | 61 | 52 |
| Fannie Mae Pool #BQ6356 2.00% 11/1/2050 <sup>(a)</sup> |  | 34 | 27 |
| Fannie Mae Pool #BQ5687 2.50% 11/1/2050 <sup>(a)</sup> |  | 458 | 389 |
| Fannie Mae Pool #CA8108 2.00% 12/1/2050 <sup>(a)</sup> |  | 122 | 101 |
| Fannie Mae Pool #MA4208 2.00% 12/1/2050 <sup>(a)</sup> |  | 10 | 9 |
| Fannie Mae Pool #FS9792 4.50% 12/1/2050 <sup>(a)</sup> |  | 21 | 21 |
| Fannie Mae Pool #FM6113 2.50% 1/1/2051 <sup>(a)</sup> |  | 1322 | 1130 |
| Fannie Mae Pool #FM5940 2.00% 2/1/2051 <sup>(a)</sup> |  | 1432 | 1176 |
| Fannie Mae Pool #CA8820 2.00% 2/1/2051 <sup>(a)</sup> |  | 332 | 273 |
| Fannie Mae Pool #FM6332 2.00% 2/1/2051 <sup>(a)</sup> |  | 161 | 130 |
| Fannie Mae Pool #MA4305 2.00% 4/1/2051 <sup>(a)</sup> |  | 1 | 1 |
| Fannie Mae Pool #CB0041 3.00% 4/1/2051 <sup>(a)</sup> |  | 165 | 150 |
| Fannie Mae Pool #CB0517 2.50% 5/1/2051 <sup>(a)</sup> |  | 260 | 221 |
| Fannie Mae Pool #FM7900 2.50% 7/1/2051 <sup>(a)</sup> |  | 21 | 18 |
| Fannie Mae Pool #FM8038 3.00% 7/1/2051 <sup>(a)</sup> |  | 30 | 27 |
| Fannie Mae Pool #BT9828 2.50% 9/1/2051 <sup>(a)</sup> |  | 389 | 330 |
| Fannie Mae Pool #CB1527 2.50% 9/1/2051 <sup>(a)</sup> |  | 353 | 302 |
| Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(a)</sup> |  | 22 | 19 |
| Fannie Mae Pool #FS0965 2.00% 11/1/2051 <sup>(a)</sup> |  | 2 | 2 |
| Fannie Mae Pool #FM9492 2.50% 11/1/2051 <sup>(a)</sup> |  | 367 | 318 |
| Fannie Mae Pool #FM9694 2.50% 11/1/2051 <sup>(a)</sup> |  | 173 | 150 |

---

---

| | |
|:---|:---|
| **247** | American Funds Insurance Series |

---

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #CB2095 3.00% 11/1/2051 <sup>(a)</sup> | USD | 31 | $27 |
| Fannie Mae Pool #FM9804 2.50% 12/1/2051 <sup>(a)</sup> |  | 190 | 165 |
| Fannie Mae Pool #FM9976 3.00% 12/1/2051 <sup>(a)</sup> |  | 75 | 68 |
| Fannie Mae Pool #CB2544 3.00% 1/1/2052 <sup>(a)</sup> |  | 222 | 199 |
| Fannie Mae Pool #CB3888 2.50% 2/1/2052 <sup>(a)</sup> |  | 566 | 480 |
| Fannie Mae Pool #CB3031 2.50% 3/1/2052 <sup>(a)</sup> |  | 365 | 311 |
| Fannie Mae Pool #BV1262 2.50% 3/1/2052 <sup>(a)</sup> |  | 140 | 119 |
| Fannie Mae Pool #BV9613 3.00% 4/1/2052 <sup>(a)</sup> |  | 39 | 35 |
| Fannie Mae Pool #CB3523 3.00% 5/1/2052 <sup>(a)</sup> |  | 887 | 787 |
| Fannie Mae Pool #BU8818 3.50% 5/1/2052 <sup>(a)</sup> |  | 10 | 9 |
| Fannie Mae Pool #FS6605 2.00% 6/1/2052 <sup>(a)</sup> |  | 676 | 547 |
| Fannie Mae Pool #FS7879 2.50% 7/1/2052 <sup>(a)</sup> |  | 1633 | 1385 |
| Fannie Mae Pool #FA2839 2.50% 7/1/2052 <sup>(a)</sup> |  | 910 | 770 |
| Fannie Mae Pool #FS5851 4.00% 7/1/2052 <sup>(a)</sup> |  | 448 | 427 |
| Fannie Mae Pool #CB4360 3.00% 8/1/2052 <sup>(a)</sup> |  | 30 | 27 |
| Fannie Mae Pool #FS6362 3.50% 8/1/2052 <sup>(a)</sup> |  | 158 | 146 |
| Fannie Mae Pool #CB4620 5.00% 9/1/2052 <sup>(a)</sup> |  | 934 | 941 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(a)</sup> |  | 666 | 541 |
| Fannie Mae Pool #MA4785 5.00% 10/1/2052 <sup>(a)</sup> |  | 92 | 92 |
| Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(a)</sup> |  | 34 | 35 |
| Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(a)</sup> |  | 31 | 32 |
| Fannie Mae Pool #MA4840 4.50% 12/1/2052 <sup>(a)</sup> |  | 410 | 402 |
| Fannie Mae Pool #BX5673 5.00% 12/1/2052 <sup>(a)</sup> |  | 96 | 96 |
| Fannie Mae Pool #BY1411 4.00% 2/1/2053 <sup>(a)</sup> |  | 1100 | 1048 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(a)</sup> |  | 59 | 60 |
| Fannie Mae Pool #FS3759 6.00% 2/1/2053 <sup>(a)</sup> |  | 88 | 92 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(a)</sup> |  | 71 | 74 |
| Fannie Mae Pool #MA4978 5.00% 4/1/2053 <sup>(a)</sup> |  | 595 | 596 |
| Fannie Mae Pool #CB6131 6.50% 4/1/2053 <sup>(a)</sup> |  | 195 | 206 |
| Fannie Mae Pool #CB6106 6.50% 4/1/2053 <sup>(a)</sup> |  | 54 | 57 |
| Fannie Mae Pool #FS4563 5.00% 5/1/2053 <sup>(a)</sup> |  | 47 | 47 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(a)</sup> |  | 45 | 46 |
| Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(a)</sup> |  | 227 | 234 |
| Fannie Mae Pool #MA5062 3.00% 6/1/2053 <sup>(a)</sup> |  | 420 | 372 |
| Fannie Mae Pool #FS5192 5.50% 6/1/2053 <sup>(a)</sup> |  | 681 | 692 |
| Fannie Mae Pool #MA5040 6.00% 6/1/2053 <sup>(a)</sup> |  | 305 | 315 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(a)</sup> |  | 185 | 188 |
| Fannie Mae Pool #FS5343 6.00% 7/1/2053 <sup>(a)</sup> |  | 365 | 376 |
| Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(a)</sup> |  | 768 | 782 |
| Fannie Mae Pool #CB7242 6.50% 10/1/2053 <sup>(a)</sup> |  | 37 | 38 |
| Fannie Mae Pool #MA5167 6.50% 10/1/2053 <sup>(a)</sup> |  | 10 | 11 |
| Fannie Mae Pool #CB7510 6.50% 11/1/2053 <sup>(a)</sup> |  | 262 | 274 |
| Fannie Mae Pool #MA5215 5.50% 12/1/2053 <sup>(a)</sup> |  | 73 | 74 |
| Fannie Mae Pool #CB8089 7.00% 12/1/2053 <sup>(a)</sup> |  | 354 | 373 |
| Fannie Mae Pool #MA5247 6.00% 1/1/2054 <sup>(a)</sup> |  | 22 | 23 |
| Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(a)</sup> |  | 377 | 393 |
| Fannie Mae Pool #FS6767 6.50% 1/1/2054 <sup>(a)</sup> |  | 185 | 194 |
| Fannie Mae Pool #MA5271 5.50% 2/1/2054 <sup>(a)</sup> |  | 1330 | 1351 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(a)</sup> |  | 138 | 141 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(a)</sup> |  | 127 | 129 |
| Fannie Mae Pool #FS7653 6.50% 3/1/2054 <sup>(a)</sup> |  | 33 | 34 |
| Fannie Mae Pool #DB1235 6.00% 4/1/2054 <sup>(a)</sup> |  | 122 | 127 |
| Fannie Mae Pool #CB8387 6.50% 4/1/2054 <sup>(a)</sup> |  | 15 | 16 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(a)</sup> |  | 228 | 234 |
| Fannie Mae Pool #FS8153 6.00% 6/1/2054 <sup>(a)</sup> |  | 219 | 227 |
| Fannie Mae Pool #FS8223 6.00% 6/1/2054 <sup>(a)</sup> |  | 42 | 44 |
| Fannie Mae Pool #FS8219 6.00% 6/1/2054 <sup>(a)</sup> |  | 35 | 36 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(a)</sup> |  | 20 | 20 |
| Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(a)</sup> |  | 251 | 262 |
| Fannie Mae Pool #FP0128 6.50% 6/1/2054 <sup>(a)</sup> |  | 150 | 156 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **248** |

---

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(a)</sup> | USD | 491 | $507 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(a)</sup> |  | 141 | 145 |
| Fannie Mae Pool #CB8858 6.00% 7/1/2054 <sup>(a)</sup> |  | 121 | 125 |
| Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(a)</sup> |  | 94 | 97 |
| Fannie Mae Pool #FS8318 6.00% 7/1/2054 <sup>(a)</sup> |  | 55 | 57 |
| Fannie Mae Pool #DB7039 6.00% 7/1/2054 <sup>(a)</sup> |  | 36 | 38 |
| Fannie Mae Pool #BU4791 6.00% 7/1/2054 <sup>(a)</sup> |  | 18 | 18 |
| Fannie Mae Pool #MA5421 6.00% 7/1/2054 <sup>(a)</sup> |  | 6 | 7 |
| Fannie Mae Pool #FS8619 6.50% 7/1/2054 <sup>(a)</sup> |  | 616 | 647 |
| Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(a)</sup> |  | 383 | 401 |
| Fannie Mae Pool #FS8607 6.50% 7/1/2054 <sup>(a)</sup> |  | 118 | 123 |
| Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(a)</sup> |  | 106 | 111 |
| Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(a)</sup> |  | 66 | 70 |
| Fannie Mae Pool #MA5445 6.00% 8/1/2054 <sup>(a)</sup> |  | 189 | 195 |
| Fannie Mae Pool #FS8758 6.00% 8/1/2054 <sup>(a)</sup> |  | 160 | 165 |
| Fannie Mae Pool #BU4968 6.00% 8/1/2054 <sup>(a)</sup> |  | 129 | 132 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(a)</sup> |  | 58 | 60 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(a)</sup> |  | 51 | 53 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(a)</sup> |  | 27 | 27 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(a)</sup> |  | 25 | 26 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(a)</sup> |  | 23 | 24 |
| Fannie Mae Pool #DB7690 6.00% 8/1/2054 <sup>(a)</sup> |  | 17 | 18 |
| Fannie Mae Pool #DB7687 6.00% 8/1/2054 <sup>(a)</sup> |  | 16 | 17 |
| Fannie Mae Pool #DC0296 6.00% 8/1/2054 <sup>(a)</sup> |  | 9 | 9 |
| Fannie Mae Pool #CB9071 6.50% 8/1/2054 <sup>(a)</sup> |  | 141 | 148 |
| Fannie Mae Pool #FS8934 6.50% 8/1/2054 <sup>(a)</sup> |  | 105 | 110 |
| Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(a)</sup> |  | 41 | 43 |
| Fannie Mae Pool #FS9025 5.50% 9/1/2054 <sup>(a)</sup> |  | 480 | 491 |
| Fannie Mae Pool #FS9009 5.50% 9/1/2054 <sup>(a)</sup> |  | 257 | 263 |
| Fannie Mae Pool #MA5470 5.50% 9/1/2054 <sup>(a)</sup> |  | 193 | 196 |
| Fannie Mae Pool #FS8866 6.00% 9/1/2054 <sup>(a)</sup> |  | 422 | 437 |
| Fannie Mae Pool #DC1547 6.00% 9/1/2054 <sup>(a)</sup> |  | 165 | 169 |
| Fannie Mae Pool #DC3262 6.00% 9/1/2054 <sup>(a)</sup> |  | 2 | 2 |
| Fannie Mae Pool #DC3459 6.00% 9/1/2054 <sup>(a)</sup> |  | 1 | 1 |
| Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(a)</sup> |  | 126 | 131 |
| Fannie Mae Pool #MA5497 5.50% 10/1/2054 <sup>(a)</sup> |  | 100 | 101 |
| Fannie Mae Pool #MA5498 6.00% 10/1/2054 <sup>(a)</sup> |  | 370 | 381 |
| Fannie Mae Pool #BU5166 6.00% 10/1/2054 <sup>(a)</sup> |  | 24 | 25 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(a)</sup> |  | 54 | 54 |
| Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(a)</sup> |  | 47 | 48 |
| Fannie Mae Pool #CB9432 6.00% 11/1/2054 <sup>(a)</sup> |  | 40 | 41 |
| Fannie Mae Pool #DC7042 4.50% 12/1/2054 <sup>(a)</sup> |  | 185 | 181 |
| Fannie Mae Pool #FA0287 6.00% 12/1/2054 <sup>(a)</sup> |  | 567 | 582 |
| Fannie Mae Pool #FP0130 6.50% 12/1/2054 <sup>(a)</sup> |  | 177 | 184 |
| Fannie Mae Pool #MA5583 4.00% 1/1/2055 <sup>(a)</sup> |  | 219 | 208 |
| Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(a)</sup> |  | 230 | 236 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(a)</sup> |  | 531 | 539 |
| Fannie Mae Pool #MA5647 6.00% 3/1/2055 <sup>(a)</sup> |  | 95 | 98 |
| Fannie Mae Pool #190445 6.50% 3/1/2055 <sup>(a)</sup> |  | 587 | 610 |
| Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(a)</sup> |  | 313 | 325 |
| Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(a)</sup> |  | 429 | 451 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(a)</sup> |  | 105 | 108 |
| Fannie Mae Pool #FA1162 6.00% 4/1/2055 <sup>(a)</sup> |  | 2 | 2 |
| Fannie Mae Pool #DD4459 6.00% 4/1/2055 <sup>(a)</sup> |  | 2 | 2 |
| Fannie Mae Pool #MA5699 5.00% 5/1/2055 <sup>(a)</sup> |  | 288 | 287 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(a)</sup> |  | 756 | 777 |
| Fannie Mae Pool #MA5734 5.00% 6/1/2055 <sup>(a)</sup> |  | 148 | 147 |
| Fannie Mae Pool #DD9889 6.00% 7/1/2055 <sup>(a)</sup> |  | 316 | 325 |
| Fannie Mae Pool #MA5761 6.00% 7/1/2055 <sup>(a)</sup> |  | 15 | 15 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(a)</sup> |  | 746 | 776 |

---

---

| | |
|:---|:---|
| **249** | American Funds Insurance Series |

---

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #FA2842 6.50% 7/1/2055 <sup>(a)</sup> | USD | 500 | $520 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(a)</sup> |  | 330 | 335 |
| Fannie Mae Pool #MA5793 6.00% 8/1/2055 <sup>(a)</sup> |  | 124 | 127 |
| Fannie Mae Pool #CC0879 6.00% 8/1/2055 <sup>(a)</sup> |  | 11 | 11 |
| Fannie Mae Pool #MA5846 7.00% 8/1/2055 <sup>(a)</sup> |  | 30 | 31 |
| Fannie Mae Pool #MA5907 4.00% 12/1/2055 <sup>(a)</sup> |  | 16 | 15 |
| Fannie Mae Pool #BF0379 3.50% 4/1/2059 <sup>(a)</sup> |  | 108 | 99 |
| Fannie Mae Pool #BF0481 3.50% 6/1/2060 <sup>(a)</sup> |  | 119 | 109 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(a)</sup> |  | 41 | 36 |
| Fannie Mae Pool #BF0585 4.50% 12/1/2061 <sup>(a)</sup> |  | 40 | 39 |
| Fannie Mae Pool #BF0765 3.50% 9/1/2063 <sup>(a)</sup> |  | 684 | 623 |
| FARM Mortgage Trust, Series 2024-1, Class A, 4.684% 10/1/2053 <sup>(a)(c)(d)</sup> |  | 175 | 170 |
| Freddie Mac Pool #ZA1922 5.00% 2/1/2026 <sup>(a)</sup> |  | — <sup>(b)</sup> | — <sup>(b)</sup> |
| Freddie Mac Pool #ZS8950 5.00% 10/1/2029 <sup>(a)</sup> |  | — <sup>(b)</sup> | — <sup>(b)</sup> |
| Freddie Mac Pool #A18781 5.00% 3/1/2034 <sup>(a)(e)</sup> |  | 426 | 430 |
| Freddie Mac Pool #SB0649 2.50% 4/1/2037 <sup>(a)</sup> |  | 135 | 128 |
| Freddie Mac Pool #SB1388 2.50% 1/1/2038 <sup>(a)</sup> |  | 37 | 35 |
| Freddie Mac Pool #RB5113 1.50% 6/1/2041 <sup>(a)</sup> |  | 1398 | 1183 |
| Freddie Mac Pool #RB5115 2.50% 6/1/2041 <sup>(a)</sup> |  | 260 | 234 |
| Freddie Mac Pool #RB5145 2.00% 2/1/2042 <sup>(a)</sup> |  | 73 | 64 |
| Freddie Mac Pool #Q15874 4.00% 2/1/2043 <sup>(a)</sup> |  | 1 | 1 |
| Freddie Mac Pool #760014 4.632% 8/1/2045 <sup>(a)(d)</sup> |  | 239 | 239 |
| Freddie Mac Pool #Q47615 3.50% 4/1/2047 <sup>(a)</sup> |  | 15 | 14 |
| Freddie Mac Pool #Q52069 3.50% 11/1/2047 <sup>(a)</sup> |  | 21 | 20 |
| Freddie Mac Pool #Q55971 4.00% 5/1/2048 <sup>(a)</sup> |  | 11 | 11 |
| Freddie Mac Pool #Q56175 4.00% 5/1/2048 <sup>(a)</sup> |  | 10 | 9 |
| Freddie Mac Pool #Q55970 4.00% 5/1/2048 <sup>(a)</sup> |  | 6 | 6 |
| Freddie Mac Pool #Q56599 4.00% 6/1/2048 <sup>(a)</sup> |  | 19 | 19 |
| Freddie Mac Pool #Q58411 4.50% 9/1/2048 <sup>(a)</sup> |  | 39 | 39 |
| Freddie Mac Pool #Q58436 4.50% 9/1/2048 <sup>(a)</sup> |  | 18 | 18 |
| Freddie Mac Pool #Q58378 4.50% 9/1/2048 <sup>(a)</sup> |  | 12 | 12 |
| Freddie Mac Pool #Z40273 4.50% 10/1/2048 <sup>(a)</sup> |  | 34 | 34 |
| Freddie Mac Pool #QA2748 3.50% 9/1/2049 <sup>(a)</sup> |  | 13 | 13 |
| Freddie Mac Pool #SD7512 3.00% 2/1/2050 <sup>(a)</sup> |  | 122 | 111 |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(a)</sup> |  | 4 | 3 |
| Freddie Mac Pool #RA3576 2.00% 9/1/2050 <sup>(a)</sup> |  | 659 | 535 |
| Freddie Mac Pool #SI2062 2.00% 9/1/2050 <sup>(a)</sup> |  | 162 | 133 |
| Freddie Mac Pool #RA3987 2.50% 11/1/2050 <sup>(a)</sup> |  | 171 | 147 |
| Freddie Mac Pool #QB7053 2.00% 12/1/2050 <sup>(a)</sup> |  | 90 | 73 |
| Freddie Mac Pool #RA4352 2.00% 1/1/2051 <sup>(a)</sup> |  | 285 | 234 |
| Freddie Mac Pool #SD8128 2.00% 2/1/2051 <sup>(a)</sup> |  | 2 | 1 |
| Freddie Mac Pool #SD8134 2.00% 3/1/2051 <sup>(a)</sup> |  | 3 | 2 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(a)</sup> |  | 269 | 221 |
| Freddie Mac Pool #QC7626 3.00% 9/1/2051 <sup>(a)</sup> |  | 197 | 176 |
| Freddie Mac Pool #QC8778 2.50% 10/1/2051 <sup>(a)</sup> |  | 978 | 828 |
| Freddie Mac Pool #RA6406 2.00% 11/1/2051 <sup>(a)</sup> |  | 65 | 53 |
| Freddie Mac Pool #SD1385 2.50% 11/1/2051 <sup>(a)</sup> |  | 53 | 46 |
| Freddie Mac Pool #QD3619 2.50% 12/1/2051 <sup>(a)</sup> |  | 686 | 582 |
| Freddie Mac Pool #RA6598 3.50% 1/1/2052 <sup>(a)</sup> |  | 117 | 109 |
| Freddie Mac Pool #RA6816 2.00% 2/1/2052 <sup>(a)</sup> |  | 17 | 13 |
| Freddie Mac Pool #QD6327 3.00% 2/1/2052 <sup>(a)</sup> |  | 465 | 412 |
| Freddie Mac Pool #SD0873 3.50% 2/1/2052 <sup>(a)</sup> |  | 615 | 578 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(a)</sup> |  | 6 | 6 |
| Freddie Mac Pool #RA6973 2.00% 3/1/2052 <sup>(a)</sup> |  | 665 | 539 |
| Freddie Mac Pool #QD8711 2.00% 3/1/2052 <sup>(a)</sup> |  | 66 | 53 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(a)</sup> |  | 1308 | 1162 |
| Freddie Mac Pool #QE4001 3.00% 5/1/2052 <sup>(a)</sup> |  | 42 | 37 |
| Freddie Mac Pool #QE4044 2.50% 6/1/2052 <sup>(a)</sup> |  | 383 | 324 |
| Freddie Mac Pool #SD8220 3.00% 6/1/2052 <sup>(a)</sup> |  | 641 | 569 |
| Freddie Mac Pool #SL2621 2.50% 7/1/2052 <sup>(a)</sup> |  | 468 | 396 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **250** |

---

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Pool #SD4815 2.50% 7/1/2052 <sup>(a)</sup> | USD | 156 | $133 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(a)</sup> |  | 1207 | 1071 |
| Freddie Mac Pool #SD1406 2.00% 8/1/2052 <sup>(a)</sup> |  | 120 | 97 |
| Freddie Mac Pool #SL0761 3.50% 9/1/2052 <sup>(a)</sup> |  | 832 | 777 |
| Freddie Mac Pool #QF0213 4.50% 9/1/2052 <sup>(a)</sup> |  | 173 | 170 |
| Freddie Mac Pool #RA7938 5.00% 9/1/2052 <sup>(a)</sup> |  | 529 | 531 |
| Freddie Mac Pool #QF0924 5.50% 9/1/2052 <sup>(a)</sup> |  | 200 | 203 |
| Freddie Mac Pool #SD8258 5.00% 10/1/2052 <sup>(a)</sup> |  | 215 | 215 |
| Freddie Mac Pool #RA8059 5.50% 10/1/2052 <sup>(a)</sup> |  | 92 | 94 |
| Freddie Mac Pool #SD1895 4.50% 11/1/2052 <sup>(a)</sup> |  | 303 | 302 |
| Freddie Mac Pool #SD8280 6.50% 11/1/2052 <sup>(a)</sup> |  | 641 | 669 |
| Freddie Mac Pool #SD2602 3.00% 12/1/2052 <sup>(a)</sup> |  | 29 | 25 |
| Freddie Mac Pool #SD8288 5.00% 1/1/2053 <sup>(a)</sup> |  | 38 | 38 |
| Freddie Mac Pool #SD8315 5.00% 4/1/2053 <sup>(a)</sup> |  | 106 | 106 |
| Freddie Mac Pool #SD2716 5.00% 4/1/2053 <sup>(a)</sup> |  | 73 | 73 |
| Freddie Mac Pool #SD8316 5.50% 4/1/2053 <sup>(a)</sup> |  | 80 | 81 |
| Freddie Mac Pool #SD8323 5.00% 5/1/2053 <sup>(a)</sup> |  | 1024 | 1026 |
| Freddie Mac Pool #SD2861 6.00% 5/1/2053 <sup>(a)</sup> |  | 46 | 47 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(a)</sup> |  | 254 | 259 |
| Freddie Mac Pool #RA9279 6.00% 6/1/2053 <sup>(a)</sup> |  | 53 | 55 |
| Freddie Mac Pool #RA9283 6.00% 6/1/2053 <sup>(a)</sup> |  | 48 | 49 |
| Freddie Mac Pool #RA9281 6.00% 6/1/2053 <sup>(a)</sup> |  | 31 | 32 |
| Freddie Mac Pool #RA9284 6.00% 6/1/2053 <sup>(a)</sup> |  | 26 | 28 |
| Freddie Mac Pool #SD8341 5.00% 7/1/2053 <sup>(a)</sup> |  | 2 | 2 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(a)</sup> |  | 747 | 760 |
| Freddie Mac Pool #SD3386 5.50% 7/1/2053 <sup>(a)</sup> |  | 46 | 47 |
| Freddie Mac Pool #SD3432 6.00% 7/1/2053 <sup>(a)</sup> |  | 32 | 34 |
| Freddie Mac Pool #SD8350 6.00% 8/1/2053 <sup>(a)(e)</sup> |  | 2221 | 2286 |
| Freddie Mac Pool #RA9857 6.00% 9/1/2053 <sup>(a)</sup> |  | 868 | 894 |
| Freddie Mac Pool #RA9854 6.00% 9/1/2053 <sup>(a)</sup> |  | 105 | 109 |
| Freddie Mac Pool #SD8368 6.00% 10/1/2053 <sup>(a)</sup> |  | 366 | 377 |
| Freddie Mac Pool #SD4053 6.00% 10/1/2053 <sup>(a)</sup> |  | 291 | 300 |
| Freddie Mac Pool #RJ0326 6.50% 11/1/2053 <sup>(a)</sup> |  | 65 | 68 |
| Freddie Mac Pool #SD8395 5.50% 1/1/2054 <sup>(a)</sup> |  | 400 | 407 |
| Freddie Mac Pool #RJ0668 6.00% 1/1/2054 <sup>(a)</sup> |  | 1463 | 1507 |
| Freddie Mac Pool #SD4795 6.00% 1/1/2054 <sup>(a)</sup> |  | 1188 | 1225 |
| Freddie Mac Pool #SD8396 6.00% 1/1/2054 <sup>(a)</sup> |  | 6 | 7 |
| Freddie Mac Pool #SD4693 6.50% 1/1/2054 <sup>(a)</sup> |  | 43 | 45 |
| Freddie Mac Pool #RJ0854 6.50% 1/1/2054 <sup>(a)</sup> |  | 9 | 10 |
| Freddie Mac Pool #QI0006 6.00% 2/1/2054 <sup>(a)</sup> |  | 48 | 49 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(a)</sup> |  | 58 | 60 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(a)</sup> |  | 12 | 12 |
| Freddie Mac Pool #QI2895 6.00% 4/1/2054 <sup>(a)</sup> |  | 100 | 104 |
| Freddie Mac Pool #QI3333 6.00% 4/1/2054 <sup>(a)</sup> |  | 16 | 17 |
| Freddie Mac Pool #SD5221 6.50% 4/1/2054 <sup>(a)</sup> |  | 46 | 48 |
| Freddie Mac Pool #RJ1448 5.50% 5/1/2054 <sup>(a)</sup> |  | 61 | 62 |
| Freddie Mac Pool #SD5692 6.00% 5/1/2054 <sup>(a)</sup> |  | 24 | 25 |
| Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(a)</sup> |  | 7 | 7 |
| Freddie Mac Pool #SD5404 6.50% 5/1/2054 <sup>(a)</sup> |  | 377 | 394 |
| Freddie Mac Pool #RJ1447 6.50% 5/1/2054 <sup>(a)</sup> |  | 53 | 56 |
| Freddie Mac Pool #SD5706 6.50% 6/1/2054 <sup>(a)</sup> |  | 602 | 631 |
| Freddie Mac Pool #RJ1726 6.50% 6/1/2054 <sup>(a)</sup> |  | 188 | 197 |
| Freddie Mac Pool #SD5701 6.50% 6/1/2054 <sup>(a)</sup> |  | 47 | 49 |
| Freddie Mac Pool #RJ1725 6.50% 6/1/2054 <sup>(a)</sup> |  | 14 | 15 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(a)</sup> |  | 206 | 212 |
| Freddie Mac Pool #RJ1975 6.00% 7/1/2054 <sup>(a)</sup> |  | 187 | 193 |
| Freddie Mac Pool #RJ1964 6.00% 7/1/2054 <sup>(a)</sup> |  | 168 | 175 |
| Freddie Mac Pool #SD8447 6.00% 7/1/2054 <sup>(a)</sup> |  | 60 | 62 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(a)</sup> |  | 56 | 57 |
| Freddie Mac Pool #SD5896 6.00% 7/1/2054 <sup>(a)</sup> |  | 28 | 29 |

---

---

| | |
|:---|:---|
| **251** | American Funds Insurance Series |

---

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(a)</sup> | USD | 376 | $391 |
| Freddie Mac Pool #RJ1986 6.50% 7/1/2054 <sup>(a)</sup> |  | 157 | 164 |
| Freddie Mac Pool #SD5905 6.50% 7/1/2054 <sup>(a)</sup> |  | 62 | 65 |
| Freddie Mac Pool #SD6286 5.50% 8/1/2054 <sup>(a)</sup> |  | 267 | 273 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(a)</sup> |  | 225 | 232 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(a)</sup> |  | 143 | 147 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(a)</sup> |  | 126 | 130 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(a)</sup> |  | 34 | 35 |
| Freddie Mac Pool #QJ3296 6.00% 8/1/2054 <sup>(a)</sup> |  | 1 | 1 |
| Freddie Mac Pool #SD6323 6.50% 8/1/2054 <sup>(a)</sup> |  | 1307 | 1363 |
| Freddie Mac Pool #SD8455 6.50% 8/1/2054 <sup>(a)</sup> |  | 331 | 344 |
| Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(a)</sup> |  | 217 | 227 |
| Freddie Mac Pool #SD6034 6.50% 8/1/2054 <sup>(a)</sup> |  | 95 | 99 |
| Freddie Mac Pool #RJ2247 6.50% 8/1/2054 <sup>(a)</sup> |  | 87 | 91 |
| Freddie Mac Pool #RJ2228 6.50% 8/1/2054 <sup>(a)</sup> |  | 47 | 49 |
| Freddie Mac Pool #SD6047 6.50% 8/1/2054 <sup>(a)</sup> |  | 37 | 39 |
| Freddie Mac Pool #SD6035 6.50% 8/1/2054 <sup>(a)</sup> |  | 23 | 24 |
| Freddie Mac Pool #SD8462 5.50% 9/1/2054 <sup>(a)</sup> |  | 193 | 195 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(a)</sup> |  | 115 | 119 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(a)</sup> |  | 59 | 61 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(a)</sup> |  | 58 | 60 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(a)</sup> |  | 54 | 56 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(a)</sup> |  | 32 | 33 |
| Freddie Mac Pool #SD8463 6.00% 9/1/2054 <sup>(a)</sup> |  | 14 | 14 |
| Freddie Mac Pool #SD8464 6.50% 9/1/2054 <sup>(a)</sup> |  | 149 | 155 |
| Freddie Mac Pool #SL2445 6.50% 9/1/2054 <sup>(a)</sup> |  | 79 | 83 |
| Freddie Mac Pool #RJ2320 6.50% 9/1/2054 <sup>(a)</sup> |  | 35 | 36 |
| Freddie Mac Pool #RJ2325 6.50% 9/1/2054 <sup>(a)</sup> |  | 15 | 16 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(a)</sup> |  | 9 | 9 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(a)</sup> |  | 435 | 442 |
| Freddie Mac Pool #RJ3163 5.00% 12/1/2054 <sup>(a)</sup> |  | 480 | 482 |
| Freddie Mac Pool #QX1414 5.50% 12/1/2054 <sup>(a)</sup> |  | 357 | 362 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(a)</sup> |  | 7 | 7 |
| Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(a)</sup> |  | 1077 | 1106 |
| Freddie Mac Pool #QX4065 6.00% 1/1/2055 <sup>(a)</sup> |  | 23 | 24 |
| Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(a)</sup> |  | 76 | 80 |
| Freddie Mac Pool #RJ3264 4.50% 2/1/2055 <sup>(a)</sup> |  | 271 | 264 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(a)</sup> |  | 737 | 757 |
| Freddie Mac Pool #SL0797 6.00% 2/1/2055 <sup>(a)</sup> |  | 60 | 62 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(a)</sup> |  | 55 | 56 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(a)</sup> |  | 382 | 397 |
| Freddie Mac Pool #SL0673 6.50% 3/1/2055 <sup>(a)</sup> |  | 280 | 294 |
| Freddie Mac Pool #SL1094 5.00% 4/1/2055 <sup>(a)</sup> |  | 126 | 126 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(a)</sup> |  | 88 | 90 |
| Freddie Mac Pool #SL1416 6.00% 4/1/2055 <sup>(a)</sup> |  | 13 | 14 |
| Freddie Mac Pool #SD8532 5.00% 5/1/2055 <sup>(a)</sup> |  | 265 | 265 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(a)</sup> |  | 197 | 202 |
| Freddie Mac Pool #SL1138 6.00% 5/1/2055 <sup>(a)</sup> |  | 13 | 13 |
| Freddie Mac Pool #SL1137 6.00% 5/1/2055 <sup>(a)</sup> |  | 13 | 13 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(a)</sup> |  | 88 | 88 |
| Freddie Mac Pool #QY6303 6.00% 6/1/2055 <sup>(a)</sup> |  | 2051 | 2108 |
| Freddie Mac Pool #RQ0015 6.50% 6/1/2055 <sup>(a)</sup> |  | 1040 | 1081 |
| Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(a)</sup> |  | 432 | 438 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(a)</sup> |  | 2292 | 2354 |
| Freddie Mac Pool #QY7483 6.00% 7/1/2055 <sup>(a)</sup> |  | 1386 | 1425 |
| Freddie Mac Pool #QY7786 6.00% 7/1/2055 <sup>(a)</sup> |  | 65 | 67 |
| Freddie Mac Pool #SL2625 6.50% 7/1/2055 <sup>(a)</sup> |  | 499 | 518 |
| Freddie Mac Pool #RQ0041 6.00% 8/1/2055 <sup>(a)</sup> |  | 1712 | 1758 |
| Freddie Mac Pool #SL2781 6.50% 9/1/2055 <sup>(a)</sup> |  | 176 | 184 |
| Freddie Mac Pool #SL2647 6.50% 9/1/2055 <sup>(a)</sup> |  | 111 | 116 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **252** |

---

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Pool #RQ0057 6.00% 10/1/2055 <sup>(a)</sup> | USD | 565 | $580 |
| Freddie Mac, Series K751, Class A2, Multi Family, 4.412% 3/25/2030 <sup>(a)</sup> |  | 300 | 304 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(a)</sup> |  | 75 | 72 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/2056 <sup>(a)</sup> |  | 77 | 69 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(a)</sup> |  | 144 | 137 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(a)(d)</sup> |  | 100 | 96 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/2057 <sup>(a)</sup> |  | 20 | 17 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(a)(d)</sup> |  | 76 | 74 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/25/2058 <sup>(a)</sup> |  | 25 | 22 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058 <sup>(a)</sup> |  | 15 | 13 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2024-2, Class MT, 3.50% 5/25/2064 <sup>(a)</sup> |  | 615 | 540 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 6/25/2028 <sup>(a)</sup> |  | 176 | 173 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(a)</sup> |  | 10 | 10 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 20-2, Class AC, 2.00% 9/25/2030 <sup>(a)</sup> |  | 290 | 267 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 20-3, Class AC, 2.00% 11/25/2030 <sup>(a)</sup> |  | 278 | 255 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 21-1, Class AC, 2.25% 5/26/2031 <sup>(a)</sup> |  | 280 | 258 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 21-2, Class AD, 2.00% 7/25/2031 <sup>(a)</sup> |  | 240 | 216 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032 <sup>(a)</sup> |  | 238 | 232 |
| Government National Mortgage Assn. 5.00% 1/1/2056 <sup>(a)(f)</sup> |  | 80 | 80 |
| Government National Mortgage Assn. Pool #AH5894 3.75% 5/20/2034 <sup>(a)</sup> |  | 532 | 522 |
| Government National Mortgage Assn. Pool #783690 6.00% 9/20/2039 <sup>(a)</sup> |  | 60 | 64 |
| Government National Mortgage Assn. Pool #005104 5.00% 6/20/2041 <sup>(a)</sup> |  | 151 | 153 |
| Government National Mortgage Assn. Pool #005142 4.50% 8/20/2041 <sup>(a)</sup> |  | 10 | 10 |
| Government National Mortgage Assn. Pool #005165 6.50% 8/20/2041 <sup>(a)</sup> |  | 76 | 77 |
| Government National Mortgage Assn. Pool #AA5326 3.50% 5/20/2042 <sup>(a)</sup> |  | 75 | 67 |
| Government National Mortgage Assn. Pool #MA0366 3.50% 6/20/2042 <sup>(a)</sup> |  | 176 | 162 |
| Government National Mortgage Assn. Pool #AD4360 3.50% 7/20/2043 <sup>(a)</sup> |  | 38 | 35 |
| Government National Mortgage Assn. Pool #AH5884 4.25% 7/20/2044 <sup>(a)</sup> |  | 439 | 423 |
| Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(a)</sup> |  | 80 | 66 |
| Government National Mortgage Assn. Pool #BZ3978 2.50% 11/20/2050 <sup>(a)</sup> |  | 33 | 29 |
| Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(a)</sup> |  | 71 | 59 |
| Government National Mortgage Assn. Pool #785575 2.50% 8/20/2051 <sup>(a)</sup> |  | 302 | 258 |
| Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051 <sup>(a)</sup> |  | 72 | 62 |
| Government National Mortgage Assn. Pool #786706 2.50% 12/20/2051 <sup>(a)</sup> |  | 472 | 402 |
| Government National Mortgage Assn. Pool #786502 2.50% 2/20/2052 <sup>(a)</sup> |  | 295 | 254 |
| Government National Mortgage Assn. Pool #MA7881 2.50% 2/20/2052 <sup>(a)</sup> |  | 64 | 55 |
| Government National Mortgage Assn. Pool #786647 2.50% 3/20/2052 <sup>(a)</sup> |  | 154 | 133 |
| Government National Mortgage Assn. Pool #786701 2.50% 3/20/2052 <sup>(a)</sup> |  | 126 | 109 |
| Government National Mortgage Assn. Pool #MA7936 2.50% 3/20/2052 <sup>(a)</sup> |  | 40 | 34 |
| Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(a)</sup> |  | 47 | 42 |
| Government National Mortgage Assn. Pool #MA7987 2.50% 4/20/2052 <sup>(a)</sup> |  | 207 | 179 |
| Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(a)</sup> |  | 56 | 50 |
| Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(a)</sup> |  | 4 | 4 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(a)</sup> |  | 145 | 138 |
| Government National Mortgage Assn. Pool #MA9016 5.00% 7/20/2053 <sup>(a)</sup> |  | 13 | 13 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(a)</sup> |  | 77 | 73 |
| Government National Mortgage Assn. Pool #MB0205 5.50% 2/20/2055 <sup>(a)</sup> |  | 194 | 196 |
| Government National Mortgage Assn. Pool #MB0485 5.50% 7/20/2055 <sup>(a)</sup> |  | 49 | 50 |
| Government National Mortgage Assn. Pool #MB0742 3.50% 11/20/2055 <sup>(a)</sup> |  | 194 | 177 |
| Government National Mortgage Assn. Pool #MB0810 3.50% 12/20/2055 <sup>(a)</sup> |  | 101 | 92 |
| Government National Mortgage Assn. Pool #AN1825 4.566% 6/20/2065 <sup>(a)</sup> |  | 11 | 11 |
| Government National Mortgage Assn. Pool #AO0461 4.605% 8/20/2065 <sup>(a)</sup> |  | 4 | 4 |
| Government National Mortgage Assn. Pool #AO0409 4.451% 12/20/2065 <sup>(a)</sup> |  | 5 | 5 |
| Government National Mortgage Assn. Pool #AO0385 4.328% 1/20/2066 <sup>(a)</sup> |  | 47 | 47 |
| Government National Mortgage Assn. Pool #725897 5.20% 1/20/2066 <sup>(a)</sup> |  | 1 | 1 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(a)</sup> |  | 201 | 150 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2041 <sup>(a)(f)</sup> |  | 125 | 123 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(a)(f)</sup> |  | 674 | 545 |
| Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(a)(f)</sup> |  | 25 | 23 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2056 <sup>(a)(f)</sup> |  | 97 | 92 |

---

---

| | |
|:---|:---|
| **253** | American Funds Insurance Series |

---

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(a)(f)</sup> | USD | 190 | $186 |
| Uniform Mortgage-Backed Security 5.50% 1/1/2056 <sup>(a)(f)</sup> |  | 1542 | 1563 |
| Uniform Mortgage-Backed Security 6.00% 1/1/2056 <sup>(a)(f)</sup> |  | 1769 | 1817 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(a)(f)</sup> |  | 698 | 725 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(a)(f)</sup> |  | 1616 | 1489 |
|  |  |  | 98296 |
| **Commercial mortgage-backed securities 0.61%** |  |  |  |
| BX Commercial Mortgage Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 5.865% 6/15/2027 <sup>(a)(c)(d)</sup> |  | 100 | 100 |
| BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.241% 4/15/2037 <sup>(a)(c)(d)</sup> |  | 79 | 79 |
| BX Trust, Series 2025-GW, Class A, (1-month USD CME Term SOFR + 1.60%) 5.35% 7/15/2042 <sup>(a)(c)(d)</sup> |  | 200 | 200 |
| Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 6.015% 10/12/2040 <sup>(a)(c)(d)</sup> |  | 379 | 391 |
|  |  |  | 770 |
| **Collateralized mortgage-backed obligations (privately originated) 0.39%** |  |  |  |
| CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/2061 <sup>(a)(c)(d)</sup> |  | 128 | 122 |
| COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/2066 <sup>(a)(c)(d)</sup> |  | 51 | 47 |
| Farmer Mac Agricultural Real Estate Trust, Series 2024-2, Class A1, 5.191% 8/1/2054 <sup>(a)(c)(d)</sup> |  | 81 | 82 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2024-INV2, Class A1, 6.50% 2/25/2054 <sup>(a)(c)(d)</sup> |  | 145 | 148 |
| PMT Loan Trust, Series 2024-INV1, Class A2, 6.00% 10/25/2059 <sup>(a)(c)(d)</sup> |  | 86 | 88 |
|  |  |  | 487 |
| **Total mortgage-backed obligations** |  |  | 99553 |
| **U.S. Treasury bonds & notes 6.22%** |  |  |  |
| U.S. Treasury 6.22% |  |  |  |
| U.S. Treasury 4.375% 7/31/2026 |  | 535 | 538 |
| U.S. Treasury 3.50% 10/31/2027 |  | 1130 | 1130 |
| U.S. Treasury 4.25% 2/15/2028 |  | 460 | 467 |
| U.S. Treasury 3.875% 3/15/2028 |  | 550 | 554 |
| U.S. Treasury 4.125% 7/31/2028 |  | 450 | 457 |
| U.S. Treasury 3.50% 10/15/2028 |  | 800 | 799 |
| U.S. Treasury 4.50% 5/31/2029 <sup>(e)</sup> |  | 1025 | 1055 |
| U.S. Treasury 4.00% 2/28/2030 |  | 330 | 334 |
| U.S. Treasury 4.00% 3/31/2030 |  | 100 | 101 |
| U.S. Treasury 4.00% 6/30/2032 |  | 300 | 302 |
| U.S. Treasury 4.25% 8/15/2035 |  | 230 | 232 |
| U.S. Treasury 1.875% 2/15/2041 |  | 240 | 168 |
| U.S. Treasury 3.25% 5/15/2042 |  | 106 | 89 |
| U.S. Treasury 4.75% 2/15/2045 |  | 190 | 189 |
| U.S. Treasury 1.875% 11/15/2051 |  | 65 | 36 |
| U.S. Treasury 4.625% 2/15/2055 |  | 345 | 333 |
| U.S. Treasury 4.75% 8/15/2055 |  | 640 | 631 |
| U.S. Treasury 4.625% 11/15/2055 |  | 410 | 396 |
| **Total U.S. Treasury bonds & notes** |  |  | 7811 |
| **Asset-backed obligations 1.03%** |  |  |  |
| **Auto loan 0.67%** |  |  |  |
| American Credit Acceptance Receivables Trust, Series 2024-4, Class A, 4.81% 3/13/2028 <sup>(a)(c)</sup> |  | 1 | 1 |
| Bridgecrest Lending Auto Securitization Trust, Series 2024-4, Class A2, 4.84% 9/15/2027 <sup>(a)</sup> |  | 1 | 1 |
| CPS Auto Receivables Trust, Series 2024-D, Class A, 4.91% 6/15/2028 <sup>(a)(c)</sup> |  | 22 | 22 |
| Drive Auto Receivables Trust, Series 2024-2, Class A2, 4.94% 12/15/2027 <sup>(a)</sup> |  | 1 | 1 |
| Drive Auto Receivables Trust, Series 2024-2, Class A3, 4.50% 9/15/2028 <sup>(a)</sup> |  | 21 | 21 |
| Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/2036 <sup>(a)(c)</sup> |  | 257 | 266 |
| GLS Auto Receivables Trust, Series 2024-4A, Class A2, 4.76% 10/15/2027 <sup>(a)(c)</sup> |  | 3 | 3 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **254** |

---

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Asset-backed obligations (continued)** |  |  |  |
| **Auto loan (continued)** |  |  |  |
| GLS Auto Receivables Trust, Series 2024-3A, Class A3, 5.02% 4/17/2028 <sup>(a)(c)</sup> | USD | 43 | $43 |
| Santander Drive Auto Receivables Trust, Series 2023-4, Class A3, 5.73% 4/17/2028 <sup>(a)</sup> |  | 1 | 1 |
| Toyota Auto Loan Extended Note Trust, Series 2023-1, Class A, 4.93% 6/25/2036 <sup>(a)(c)</sup> |  | 100 | 102 |
| Wheels Fleet Lease Funding, LLC, Series 2024-2A, Class A1, 4.87% 6/21/2039 <sup>(a)(c)</sup> |  | 383 | 387 |
|  |  |  | 848 |
| **Student loan 0.22%** |  |  |  |
| Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/2069 <sup>(a)(c)</sup> |  | 58 | 53 |
| Navient Student Loan Trust, Series 2021-CA, Class A, 1.06% 10/15/2069 <sup>(a)(c)</sup> |  | 76 | 70 |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/2062 <sup>(a)(c)</sup> |  | 86 | 81 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFL, (1-month USD CME Term SOFR + 0.854%) 4.588% 4/20/2062 <sup>(a)(c)(d)</sup> |  | 72 | 72 |
|  |  |  | 276 |
| **Other asset-backed securities 0.14%** |  |  |  |
| CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/2060 <sup>(a)(c)</sup> |  | 89 | 75 |
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/2061 <sup>(a)(c)</sup> |  | 100 | 84 |
| Synchrony Card Issuance Trust, Series 2023-A, Class A, 5.54% 7/15/2029 <sup>(a)</sup> |  | 12 | 12 |
|  |  |  | 171 |
| **Total asset-backed obligations** |  |  | 1295 |
| **Total bonds, notes & other debt instruments (cost: $108,233,000)** |  |  | 108659 |

---

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities 19.42% | Weighted<br> average yield at <br> acquisition |  |  |
| **Commercial paper 4.81%** |  |  |  |
| Exxon Asset Management Co. 3/31/2026 | 3.820% | 1050 | 1040 |
| Novartis Finance Corp. 1/2/2026 <sup>(c)</sup> | 3.660 | 2000 | 2000 |
| Victory Receivables Corp. 1/16/2026 <sup>(c)</sup> | 4.000 | 1000 | 998 |
| Wal-Mart Stores, Inc. 1/14/2026 <sup>(c)</sup> | 3.630 | 2000 | 1997 |
|  |  |  | 6035 |
| **Bonds & notes of governments & government agencies outside the U.S. 1.11%** |  |  |  |
| Ontario (Province of) 1/23/2026 | 3.890 | 1400 | 1397 |
| **Federal agency bills & notes 13.50%** |  |  |  |
| Federal Farm Credit Banks 2/20/2026 | 3.580 | 2500 | 2488 |
| Federal Home Loan Bank 1/2/2026 | 3.500 | 3100 | 3100 |
| Federal Home Loan Bank 1/9/2026 | 3.840 | 2500 | 2498 |
| Federal Home Loan Bank 2/4/2026 | 3.590 | 2000 | 1994 |
| Federal Home Loan Bank 2/6/2026 | 3.685 | 3500 | 3488 |

---

---

| | |
|:---|:---|
| **255** | American Funds Insurance Series |

---

American Funds Mortgage Fund<sup>®</sup> (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Short-term securities (continued) | Weighted<br> average yield<br> at acquisition | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Federal agency bills & notes (continued)** |  |  |  |  |
| Federal Home Loan Bank 2/11/2026 | 3.790% | USD | 1400 | $1394 |
| Federal Home Loan Bank 3/6/2026 | 3.635 |  | 1500 | 1491 |
| Federal Home Loan Bank 3/20/2026 | 3.565 |  | 500 | 496 |
| **Total short-term securities (cost: $24,378,000)** |  |  |  | 24381 |
| **Total investment securities 105.95% (cost: $132,611,000)** |  |  |  | 133040 |
| Other assets less liabilities (5.95)% |  |  |  | (7473) |
| **Net assets 100.00%** |  |  |  | $125567 |

---

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of<br> contracts | Expiration<br> date | Notional<br> amount<br> (000) | Notional<br> amount<br> (000) | Value and <br> unrealized <br> appreciation <br> (depreciation)<br> at 12/31/2025<br> (000) |
| 30 Day Federal Funds Futures | Long | 2 | 3/2/2026 | USD | 803 | $— <sup>(b)</sup> |
| 2 Year U.S. Treasury Note Futures | Long | 343 | 4/6/2026 |  | 71615 | (17) |
| 5 Year U.S. Treasury Note Futures | Long | 140 | 4/6/2026 |  | 15303 | (39) |
| 10 Year Ultra U.S. Treasury Note Futures | Long | 30 | 3/31/2026 |  | 3450 | (28) |
| 10 Year U.S. Treasury Note Futures | Short | 18 | 3/31/2026 |  | (2024) | 18 |
| 20 Year U.S. Treasury Bond Futures | Long | 15 | 3/31/2026 |  | 1734 | (23) |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 23 | 3/31/2026 |  | 2714 | (43) |
|  |  |  |  |  |  | $(132) |

---

**Swap contracts**

**Interest rate swaps**

**Centrally cleared interest rate swaps**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay |  | Notional | Notional | Value at | Upfront <br> premium<br> paid | Unrealized <br> appreciation <br> (depreciation) |
| Rate | Payment<br> frequency | Rate | Payment<br> frequency | Expiration<br> date | amount<br> (000) | amount<br> (000) | 12/31/2025<br> (000) | (received)<br> (000) | at 12/31/2025 <br> (000) |
| SOFR | Annual | 3.3615% | Annual | 5/31/2030 | USD | 520 | $1 | $— | $1 |
| SOFR | Annual | 3.6025% | Annual | 1/8/2034 | USD | 495 | 3 |  | 3 |
| SOFR | Annual | 3.8215% | Annual | 4/23/2035 | USD | 100 | (1) |  | (1) |
| SOFR | Annual | 3.6965% | Annual | 11/5/2035 | USD | 230 | 2 |  | 2 |
| SOFR | Annual | 3.41% | Annual | 7/28/2045 | USD | 1182 | 121 |  | 121 |
|  |  |  |  |  |  |  | $126 | $— | $126 |

---

<sup>(a)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(b)</sup> Amount less than one thousand.

<sup>(c)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $7,682,000, which represented 6.12% of the net assets of the fund.

<sup>(d)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>(e)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $946,000, which represented 0.75% of the net assets of the fund.

<sup>(f)</sup> Represents securities transacted on a TBA basis.

---

| | |
|:---|:---|
| American Funds Insurance Series | **256** |

---

American Funds Mortgage Fund<sup>®</sup> (continued)

**Key to abbreviation(s)**

Assn. = Association

CME = CME Group

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **257** | American Funds Insurance Series |

---

Ultra-Short Bond Fund

**Investment portfolio** December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Short-term securities 100.30% | Weighted<br> average yield<br> at acquisition | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Commercial paper 62.55%** |  |  |  |  |
| Apple, Inc. 1/5/2026 <sup>(a)</sup> | 0.210% | USD | 4000 | $3998 |
| Apple, Inc. 1/15/2026 <sup>(a)</sup> | 0.315 |  | 7500 | 7489 |
| Cabot Trail Funding, LLC. 1/14/2026 <sup>(a)</sup> | 1.160 |  | 10175 | 10160 |
| CHARTA, LLC 1/14/2026 <sup>(a)</sup> | 0.449 |  | 10000 | 9985 |
| Chevron Corp. 1/5/2026 <sup>(a)</sup> | 0.201 |  | 2200 | 2199 |
| Chevron Corp. 2/3/2026 <sup>(a)</sup> | 0.544 |  | 11400 | 11361 |
| Cisco Systems, Inc. 1/22/2026 <sup>(a)</sup> | 0.854 |  | 11900 | 11873 |
| DBS Bank, Ltd. 1/23/2026 <sup>(a)</sup> | 1.522 |  | 11500 | 11473 |
| Essilor International 1/26/2026 <sup>(a)</sup> | 0.346 |  | 9000 | 8976 |
| Linde, Inc. 1/20/2026 | 0.357 |  | 2900 | 2894 |
| Linde, Inc. 2/2/2026 | 0.435 |  | 8200 | 8173 |
| LVMH Moet Hennessy Louis Vuitton, Inc. 2/2/2026 <sup>(a)</sup> | 1.227 |  | 11000 | 10963 |
| Novartis Finance Corp. 1/12/2026 <sup>(a)</sup> | 0.211 |  | 11000 | 10987 |
| Oversea-Chinese Banking Corp., Ltd. 1/5/2026 <sup>(a)</sup> | 0.347 |  | 5200 | 5197 |
| Oversea-Chinese Banking Corp., Ltd. 1/26/2026 <sup>(a)</sup> | 0.260 |  | 4200 | 4189 |
| Paccar Financial Corp. 1/26/2026 | 0.385 |  | 10000 | 9973 |
| Procter & Gamble Co. 3/4/2026 <sup>(a)</sup> | 0.748 |  | 10000 | 9936 |
| Prudential Funding, LLC 1/9/2026 | 0.311 |  | 10000 | 9991 |
| Siemens Capital Company, LLC. 1/6/2026 <sup>(a)</sup> | 1.103 |  | 7700 | 7695 |
| Starbird Funding Corp. 3/4/2026 <sup>(a)</sup> | 0.822 |  | 10800 | 10729 |
| Victory Receivables Corp. 1/16/2026 <sup>(a)</sup> | 0.994 |  | 12000 | 11980 |
| Wal-Mart Stores, Inc. 1/14/2026 <sup>(a)</sup> | 0.280 |  | 12200 | 12183 |
|  |  |  |  | 192404 |
| **Federal agency bills & notes 19.81%** |  |  |  |  |
| Federal Farm Credit Banks 2/20/2026 | 0.526 |  | 1000 | 995 |
| Federal Home Loan Bank 1/2/2026 | 0.020 |  | 4500 | 4500 |
| Federal Home Loan Bank 1/30/2026 | 1.143 |  | 9600 | 9573 |
| Federal Home Loan Bank 2/6/2026 | 0.877 |  | 5000 | 4983 |
| Federal Home Loan Bank 2/11/2026 | 0.869 |  | 2400 | 2391 |
| Federal Home Loan Bank 2/12/2026 | 0.841 |  | 6100 | 6075 |
| Federal Home Loan Bank 2/17/2026 | 0.739 |  | 7500 | 7466 |
| Federal Home Loan Bank 2/25/2026 | 1.086 |  | 11100 | 11041 |
| Federal Home Loan Bank 3/6/2026 | 0.795 |  | 4000 | 3975 |
| Federal Home Loan Bank 3/11/2026 | 0.787 |  | 5000 | 4967 |
| Federal Home Loan Bank 4/8/2026 | 0.962 |  | 5000 | 4953 |
|  |  |  |  | 60919 |
| **Bonds & notes of governments & government agencies outside the U.S. 13.50%** |  |  |  |  |
| Alberta (Province of) 3/2/2026 <sup>(a)</sup> | 0.846 |  | 9800 | 9739 |
| Hydro-Québec 1/6/2026 <sup>(a)</sup> | 0.385 |  | 11000 | 10993 |
| KfW 1/7/2026 <sup>(a)</sup> | 0.218 |  | 2000 | 1999 |
| KfW 3/18/2026 <sup>(a)</sup> | 0.762 |  | 8000 | 7939 |
| Ontario (Province of) 1/23/2026 | 0.563 |  | 7000 | 6984 |
| Ontario (Province of) 2/26/2026 | 0.828 |  | 3900 | 3877 |
|  |  |  |  | 41531 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **258** |

---

Ultra-Short Bond Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities (continued) | Weighted<br> average yield<br> at acquisition | Principal amount<br> (000) | Value<br> (000) |
| **U.S. Treasury bills 4.44%** |  |  |  |
| U.S. Treasury 2/10/2026 | 0.632% | USD8,700 | $8667 |
| U.S. Treasury 2/17/2026 | 0.652 | 5000 | 4977 |
|  |  |  | 13644 |
| **Total short-term securities (cost: $308,476,000)** |  |  | 308498 |
| **Total investment securities 100.30% (cost: $308,476,000)** |  |  | 308498 |
| Other assets less liabilities (0.30)% |  |  | (921) |
| **Net assets 100.00%** |  |  | $307577 |

---

<sup>(a)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $192,043,000, which represented 62.44% of the net assets of the fund.

**Key to abbreviation(s)**

USD = U.S. dollars

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **259** | American Funds Insurance Series |

---

U.S. Government Securities Fund

**Investment portfolio** December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments 86.86% | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations 43.50%** |  |  |  |
| **Federal agency mortgage-backed obligations 43.50%** |  |  |  |
| Fannie Mae Pool #745316 6.50% 2/1/2026 <sup>(a)</sup> | USD | — <sup>(b)</sup> | $— <sup>(b)</sup> |
| Fannie Mae Pool #AL9870 6.50% 2/1/2028 <sup>(a)</sup> |  | 4 | 4 |
| Fannie Mae Pool #257431 6.50% 10/1/2028 <sup>(a)</sup> |  | 1 | 1 |
| Fannie Mae Pool #695412 5.00% 6/1/2033 <sup>(a)</sup> |  | — <sup>(b)</sup> | — <sup>(b)</sup> |
| Fannie Mae Pool #AD3566 5.00% 10/1/2035 <sup>(a)</sup> |  | 2 | 2 |
| Fannie Mae Pool #MA2588 4.00% 4/1/2036 <sup>(a)</sup> |  | 413 | 409 |
| Fannie Mae Pool #MA2746 4.00% 9/1/2036 <sup>(a)</sup> |  | 968 | 957 |
| Fannie Mae Pool #CB3701 2.50% 5/1/2037 <sup>(a)</sup> |  | 721 | 683 |
| Fannie Mae Pool #940890 6.50% 6/1/2037 <sup>(a)</sup> |  | — <sup>(b)</sup> | — <sup>(b)</sup> |
| Fannie Mae Pool #MA4665 2.50% 7/1/2037 <sup>(a)</sup> |  | 297 | 281 |
| Fannie Mae Pool #256828 7.00% 7/1/2037 <sup>(a)</sup> |  | 2 | 2 |
| Fannie Mae Pool #256860 6.50% 8/1/2037 <sup>(a)</sup> |  | 8 | 8 |
| Fannie Mae Pool #888698 7.00% 10/1/2037 <sup>(a)</sup> |  | 9 | 10 |
| Fannie Mae Pool #970343 6.00% 2/1/2038 <sup>(a)</sup> |  | 12 | 12 |
| Fannie Mae Pool #931768 5.00% 8/1/2039 <sup>(a)</sup> |  | 4 | 4 |
| Fannie Mae Pool #AC0794 5.00% 10/1/2039 <sup>(a)</sup> |  | 15 | 15 |
| Fannie Mae Pool #932606 5.00% 2/1/2040 <sup>(a)</sup> |  | 6 | 6 |
| Fannie Mae Pool #FM7365 2.00% 5/1/2041 <sup>(a)</sup> |  | 22975 | 20051 |
| Fannie Mae Pool #AI1862 5.00% 5/1/2041 <sup>(a)</sup> |  | 250 | 257 |
| Fannie Mae Pool #AI3510 5.00% 6/1/2041 <sup>(a)</sup> |  | 126 | 129 |
| Fannie Mae Pool #AE1248 5.00% 6/1/2041 <sup>(a)</sup> |  | 27 | 28 |
| Fannie Mae Pool #AJ0704 5.00% 9/1/2041 <sup>(a)</sup> |  | 114 | 117 |
| Fannie Mae Pool #AJ1873 4.00% 10/1/2041 <sup>(a)</sup> |  | 14 | 14 |
| Fannie Mae Pool #AJ5391 5.00% 11/1/2041 <sup>(a)</sup> |  | 63 | 65 |
| Fannie Mae Pool #AE1277 5.00% 11/1/2041 <sup>(a)</sup> |  | 12 | 12 |
| Fannie Mae Pool #AE1283 5.00% 12/1/2041 <sup>(a)</sup> |  | 5 | 6 |
| Fannie Mae Pool #AE1290 5.00% 2/1/2042 <sup>(a)</sup> |  | 16 | 16 |
| Fannie Mae Pool #AT0300 3.50% 3/1/2043 <sup>(a)</sup> |  | 4 | 4 |
| Fannie Mae Pool #AT3954 3.50% 4/1/2043 <sup>(a)</sup> |  | 6 | 5 |
| Fannie Mae Pool #AT7161 3.50% 6/1/2043 <sup>(a)</sup> |  | 28 | 27 |
| Fannie Mae Pool #MA5235 6.50% 12/1/2043 <sup>(a)</sup> |  | 754 | 784 |
| Fannie Mae Pool #AY1829 3.50% 12/1/2044 <sup>(a)</sup> |  | 7 | 6 |
| Fannie Mae Pool #BE5017 3.50% 2/1/2045 <sup>(a)</sup> |  | 51 | 49 |
| Fannie Mae Pool #FM9416 3.50% 7/1/2045 <sup>(a)</sup> |  | 3360 | 3191 |
| Fannie Mae Pool #BE8740 3.50% 5/1/2047 <sup>(a)</sup> |  | 42 | 40 |
| Fannie Mae Pool #BE8742 3.50% 5/1/2047 <sup>(a)</sup> |  | 11 | 10 |
| Fannie Mae Pool #BH2846 3.50% 5/1/2047 <sup>(a)</sup> |  | 6 | 6 |
| Fannie Mae Pool #BH2848 3.50% 5/1/2047 <sup>(a)</sup> |  | 5 | 5 |
| Fannie Mae Pool #BH2847 3.50% 5/1/2047 <sup>(a)</sup> |  | 2 | 2 |
| Fannie Mae Pool #BH3122 4.00% 6/1/2047 <sup>(a)</sup> |  | 5 | 5 |
| Fannie Mae Pool #BJ5015 4.00% 12/1/2047 <sup>(a)</sup> |  | 77 | 75 |
| Fannie Mae Pool #BM3788 3.50% 3/1/2048 <sup>(a)</sup> |  | 2416 | 2281 |
| Fannie Mae Pool #BJ4901 3.50% 3/1/2048 <sup>(a)</sup> |  | 31 | 29 |
| Fannie Mae Pool #BK5232 4.00% 5/1/2048 <sup>(a)</sup> |  | 43 | 42 |
| Fannie Mae Pool #BK6840 4.00% 6/1/2048 <sup>(a)</sup> |  | 61 | 59 |
| Fannie Mae Pool #BK9743 4.00% 8/1/2048 <sup>(a)</sup> |  | 19 | 18 |
| Fannie Mae Pool #BK9761 4.50% 8/1/2048 <sup>(a)</sup> |  | 13 | 13 |
| Fannie Mae Pool #FM3280 3.50% 5/1/2049 <sup>(a)</sup> |  | 865 | 822 |
| Fannie Mae Pool #FM1062 3.50% 6/1/2049 <sup>(a)</sup> |  | 318 | 302 |
| Fannie Mae Pool #BJ8411 3.50% 8/1/2049 <sup>(a)</sup> |  | 84 | 79 |
| Fannie Mae Pool #CA4151 3.50% 9/1/2049 <sup>(a)</sup> |  | 428 | 406 |
| Fannie Mae Pool #FM1443 3.50% 9/1/2049 <sup>(a)</sup> |  | 241 | 228 |
| Fannie Mae Pool #FM2179 3.00% 1/1/2050 <sup>(a)</sup> |  | 2768 | 2508 |
| Fannie Mae Pool #CA6593 2.50% 8/1/2050 <sup>(a)</sup> |  | 706 | 611 |
| Fannie Mae Pool #CA7052 3.00% 9/1/2050 <sup>(a)</sup> |  | 24 | 21 |
| Fannie Mae Pool #BQ3005 2.50% 10/1/2050 <sup>(a)</sup> |  | 447 | 382 |
| Fannie Mae Pool #CA7257 2.50% 10/1/2050 <sup>(a)</sup> |  | 150 | 130 |
| Fannie Mae Pool #CA7739 2.50% 11/1/2050 <sup>(a)</sup> |  | 1520 | 1304 |
| Fannie Mae Pool #MA4208 2.00% 12/1/2050 <sup>(a)</sup> |  | 187 | 153 |
| Fannie Mae Pool #BR0772 2.00% 1/1/2051 <sup>(a)</sup> |  | 1301 | 1054 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **260** |

---

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value <br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #MA4237 2.00% 1/1/2051 <sup>(a)</sup> | USD | 66 | $54 |
| Fannie Mae Pool #FM6548 2.00% 3/1/2051 <sup>(a)</sup> |  | 874 | 723 |
| Fannie Mae Pool #CB0290 2.00% 4/1/2051 <sup>(a)</sup> |  | 559 | 456 |
| Fannie Mae Pool #MA4305 2.00% 4/1/2051 <sup>(a)</sup> |  | 9 | 7 |
| Fannie Mae Pool #FM6856 2.50% 4/1/2051 <sup>(a)</sup> |  | 338 | 289 |
| Fannie Mae Pool #BR1035 2.00% 5/1/2051 <sup>(a)</sup> |  | 5 | 4 |
| Fannie Mae Pool #FM8114 2.00% 6/1/2051 <sup>(a)</sup> |  | 1334 | 1080 |
| Fannie Mae Pool #CB0844 2.50% 6/1/2051 <sup>(a)</sup> |  | 827 | 700 |
| Fannie Mae Pool #FM7687 3.00% 6/1/2051 <sup>(a)</sup> |  | 4198 | 3797 |
| Fannie Mae Pool #BR2095 2.50% 7/1/2051 <sup>(a)</sup> |  | 1272 | 1087 |
| Fannie Mae Pool #FM9530 2.50% 7/1/2051 <sup>(a)</sup> |  | 257 | 218 |
| Fannie Mae Pool #FM7900 2.50% 7/1/2051 <sup>(a)</sup> |  | 149 | 129 |
| Fannie Mae Pool #FM8422 2.50% 8/1/2051 <sup>(a)</sup> |  | 488 | 414 |
| Fannie Mae Pool #FM8745 2.50% 9/1/2051 <sup>(a)</sup> |  | 1207 | 1025 |
| Fannie Mae Pool #CB1527 2.50% 9/1/2051 <sup>(a)</sup> |  | 550 | 471 |
| Fannie Mae Pool #FS1630 2.50% 9/1/2051 <sup>(a)</sup> |  | 364 | 308 |
| Fannie Mae Pool #CB1868 2.50% 10/1/2051 <sup>(a)</sup> |  | 972 | 823 |
| Fannie Mae Pool #FS0965 2.00% 11/1/2051 <sup>(a)</sup> |  | 40 | 33 |
| Fannie Mae Pool #BU2803 2.50% 11/1/2051 <sup>(a)</sup> |  | 20 | 17 |
| Fannie Mae Pool #BU3058 2.50% 12/1/2051 <sup>(a)</sup> |  | 1948 | 1652 |
| Fannie Mae Pool #CB2286 2.50% 12/1/2051 <sup>(a)</sup> |  | 996 | 856 |
| Fannie Mae Pool #FA1935 2.50% 12/1/2051 <sup>(a)</sup> |  | 5 | 4 |
| Fannie Mae Pool #FM9976 3.00% 12/1/2051 <sup>(a)</sup> |  | 633 | 575 |
| Fannie Mae Pool #BV0894 2.00% 1/1/2052 <sup>(a)</sup> |  | 463 | 375 |
| Fannie Mae Pool #CB2668 3.00% 1/1/2052 <sup>(a)</sup> |  | 2286 | 2025 |
| Fannie Mae Pool #CB2544 3.00% 1/1/2052 <sup>(a)</sup> |  | 1868 | 1676 |
| Fannie Mae Pool #CB2666 3.00% 1/1/2052 <sup>(a)</sup> |  | 949 | 840 |
| Fannie Mae Pool #BV3076 2.00% 2/1/2052 <sup>(a)</sup> |  | 383 | 310 |
| Fannie Mae Pool #FS5037 2.50% 2/1/2052 <sup>(a)</sup> |  | 368 | 312 |
| Fannie Mae Pool #FS0523 2.50% 2/1/2052 <sup>(a)</sup> |  | 160 | 137 |
| Fannie Mae Pool #FS0647 3.00% 2/1/2052 <sup>(a)</sup> |  | 2932 | 2654 |
| Fannie Mae Pool #FS1374 3.00% 3/1/2052 <sup>(a)</sup> |  | 1945 | 1724 |
| Fannie Mae Pool #CB3140 4.00% 3/1/2052 <sup>(a)</sup> |  | 410 | 391 |
| Fannie Mae Pool #BV7703 2.00% 4/1/2052 <sup>(a)</sup> |  | 3078 | 2496 |
| Fannie Mae Pool #CB3354 2.50% 4/1/2052 <sup>(a)</sup> |  | 7001 | 5926 |
| Fannie Mae Pool #CB3375 3.50% 4/1/2052 <sup>(a)</sup> |  | 1004 | 931 |
| Fannie Mae Pool #BV9262 3.00% 5/1/2052 <sup>(a)</sup> |  | 783 | 694 |
| Fannie Mae Pool #CB3523 3.00% 5/1/2052 <sup>(a)</sup> |  | 168 | 149 |
| Fannie Mae Pool #CB3528 4.00% 5/1/2052 <sup>(a)</sup> |  | 549 | 523 |
| Fannie Mae Pool #FS6605 2.00% 6/1/2052 <sup>(a)</sup> |  | 473 | 383 |
| Fannie Mae Pool #FS7329 2.00% 6/1/2052 <sup>(a)</sup> |  | 98 | 79 |
| Fannie Mae Pool #CB3774 4.00% 6/1/2052 <sup>(a)</sup> |  | 2471 | 2359 |
| Fannie Mae Pool #FS2159 5.00% 6/1/2052 <sup>(a)</sup> |  | 49 | 49 |
| Fannie Mae Pool #BV2558 5.00% 6/1/2052 <sup>(a)</sup> |  | 44 | 44 |
| Fannie Mae Pool #FS6986 2.00% 7/1/2052 <sup>(a)</sup> |  | 203 | 165 |
| Fannie Mae Pool #FA2839 2.50% 7/1/2052 <sup>(a)</sup> |  | 3391 | 2871 |
| Fannie Mae Pool #FS6362 3.50% 8/1/2052 <sup>(a)</sup> |  | 2189 | 2030 |
| Fannie Mae Pool #BV8976 5.00% 8/1/2052 <sup>(a)</sup> |  | 285 | 288 |
| Fannie Mae Pool #FS2489 5.00% 8/1/2052 <sup>(a)</sup> |  | 46 | 46 |
| Fannie Mae Pool #BW1192 4.50% 9/1/2052 <sup>(a)</sup> |  | 628 | 619 |
| Fannie Mae Pool #FS4611 5.00% 9/1/2052 <sup>(a)</sup> |  | 8032 | 8048 |
| Fannie Mae Pool #FS3056 2.00% 10/1/2052 <sup>(a)</sup> |  | 3185 | 2587 |
| Fannie Mae Pool #BW9458 4.50% 10/1/2052 <sup>(a)</sup> |  | 912 | 898 |
| Fannie Mae Pool #BX0097 4.50% 10/1/2052 <sup>(a)</sup> |  | 832 | 817 |
| Fannie Mae Pool #FS5994 5.00% 10/1/2052 <sup>(a)</sup> |  | 7788 | 7805 |
| Fannie Mae Pool #BX1004 5.00% 10/1/2052 <sup>(a)</sup> |  | 4729 | 4733 |
| Fannie Mae Pool #BW1289 5.50% 10/1/2052 <sup>(a)</sup> |  | 576 | 587 |
| Fannie Mae Pool #BW1243 5.50% 10/1/2052 <sup>(a)</sup> |  | 526 | 536 |
| Fannie Mae Pool #CB4917 5.50% 10/1/2052 <sup>(a)</sup> |  | 77 | 79 |
| Fannie Mae Pool #MA4820 6.50% 10/1/2052 <sup>(a)</sup> |  | 207 | 216 |

---

---

| | |
|:---|:---|
| **261** | American Funds Insurance Series |

---

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #CB5118 4.00% 11/1/2052 <sup>(a)</sup> | USD | 48 | $46 |
| Fannie Mae Pool #MA4805 4.50% 11/1/2052 <sup>(a)</sup> |  | 7 | 7 |
| Fannie Mae Pool #BX3198 4.00% 12/1/2052 <sup>(a)</sup> |  | 47 | 45 |
| Fannie Mae Pool #MA4840 4.50% 12/1/2052 <sup>(a)</sup> |  | 2465 | 2418 |
| Fannie Mae Pool #BX6121 6.00% 1/1/2053 <sup>(a)</sup> |  | 1804 | 1875 |
| Fannie Mae Pool #BY1411 4.00% 2/1/2053 <sup>(a)</sup> |  | 1367 | 1303 |
| Fannie Mae Pool #MA4919 5.50% 2/1/2053 <sup>(a)</sup> |  | 8 | 8 |
| Fannie Mae Pool #FS3759 6.00% 2/1/2053 <sup>(a)</sup> |  | 660 | 691 |
| Fannie Mae Pool #CB5919 6.00% 3/1/2053 <sup>(a)</sup> |  | 717 | 739 |
| Fannie Mae Pool #CB5912 6.00% 3/1/2053 <sup>(a)</sup> |  | 543 | 563 |
| Fannie Mae Pool #BY2249 4.00% 4/1/2053 <sup>(a)</sup> |  | 223 | 212 |
| Fannie Mae Pool #MA4979 5.50% 4/1/2053 <sup>(a)</sup> |  | 1942 | 1977 |
| Fannie Mae Pool #CB6106 6.50% 4/1/2053 <sup>(a)</sup> |  | 320 | 338 |
| Fannie Mae Pool #MA5010 5.50% 5/1/2053 <sup>(a)</sup> |  | 288 | 294 |
| Fannie Mae Pool #MA5011 6.00% 5/1/2053 <sup>(a)</sup> |  | 1594 | 1646 |
| Fannie Mae Pool #CB6590 4.00% 6/1/2053 <sup>(a)</sup> |  | 70 | 67 |
| Fannie Mae Pool #MA5039 5.50% 6/1/2053 <sup>(a)</sup> |  | 2635 | 2682 |
| Fannie Mae Pool #CB6485 6.00% 6/1/2053 <sup>(a)</sup> |  | 2588 | 2664 |
| Fannie Mae Pool #FS4933 6.00% 6/1/2053 <sup>(a)</sup> |  | 1690 | 1741 |
| Fannie Mae Pool #CB6486 6.00% 6/1/2053 <sup>(a)</sup> |  | 1634 | 1684 |
| Fannie Mae Pool #MA5040 6.00% 6/1/2053 <sup>(a)</sup> |  | 1248 | 1287 |
| Fannie Mae Pool #CB6465 6.00% 6/1/2053 <sup>(a)</sup> |  | 1196 | 1240 |
| Fannie Mae Pool #CB6719 4.50% 7/1/2053 <sup>(a)</sup> |  | 346 | 339 |
| Fannie Mae Pool #MA5072 5.50% 7/1/2053 <sup>(a)</sup> |  | 9038 | 9198 |
| Fannie Mae Pool #MA5073 6.00% 7/1/2053 <sup>(a)</sup> |  | 1490 | 1533 |
| Fannie Mae Pool #FS5343 6.00% 7/1/2053 <sup>(a)</sup> |  | 245 | 253 |
| Fannie Mae Pool #CB6853 4.50% 8/1/2053 <sup>(a)</sup> |  | 429 | 419 |
| Fannie Mae Pool #MA5107 5.50% 8/1/2053 <sup>(a)</sup> |  | 186 | 189 |
| Fannie Mae Pool #MA5165 5.50% 10/1/2053 <sup>(a)</sup> |  | 19754 | 20095 |
| Fannie Mae Pool #MA5166 6.00% 10/1/2053 <sup>(a)</sup> |  | 444 | 457 |
| Fannie Mae Pool #CB7242 6.50% 10/1/2053 <sup>(a)</sup> |  | 618 | 644 |
| Fannie Mae Pool #MA5167 6.50% 10/1/2053 <sup>(a)</sup> |  | 178 | 185 |
| Fannie Mae Pool #MA5207 4.00% 11/1/2053 <sup>(a)</sup> |  | 943 | 898 |
| Fannie Mae Pool #MA5192 6.50% 11/1/2053 <sup>(a)</sup> |  | 24 | 25 |
| Fannie Mae Pool #FS8361 3.50% 12/1/2053 <sup>(a)</sup> |  | 254 | 236 |
| Fannie Mae Pool #MA5236 4.00% 12/1/2053 <sup>(a)</sup> |  | 23 | 21 |
| Fannie Mae Pool #FS6668 5.50% 12/1/2053 <sup>(a)</sup> |  | 494 | 502 |
| Fannie Mae Pool #MA5215 5.50% 12/1/2053 <sup>(a)</sup> |  | 136 | 138 |
| Fannie Mae Pool #CB7624 6.50% 12/1/2053 <sup>(a)</sup> |  | 9288 | 9680 |
| Fannie Mae Pool #CB8089 7.00% 12/1/2053 <sup>(a)</sup> |  | 721 | 758 |
| Fannie Mae Pool #FS6873 6.50% 1/1/2054 <sup>(a)</sup> |  | 2899 | 3018 |
| Fannie Mae Pool #FS6809 5.50% 2/1/2054 <sup>(a)</sup> |  | 445 | 452 |
| Fannie Mae Pool #FS7809 7.00% 2/1/2054 <sup>(a)</sup> |  | 6000 | 6316 |
| Fannie Mae Pool #MA5296 5.50% 3/1/2054 <sup>(a)</sup> |  | 876 | 889 |
| Fannie Mae Pool #DA7881 5.50% 3/1/2054 <sup>(a)</sup> |  | 395 | 401 |
| Fannie Mae Pool #DB0754 5.50% 3/1/2054 <sup>(a)</sup> |  | 42 | 42 |
| Fannie Mae Pool #CB8328 5.50% 4/1/2054 <sup>(a)</sup> |  | 1169 | 1194 |
| Fannie Mae Pool #DB1235 6.00% 4/1/2054 <sup>(a)</sup> |  | 600 | 623 |
| Fannie Mae Pool #CB8387 6.50% 4/1/2054 <sup>(a)</sup> |  | 1109 | 1161 |
| Fannie Mae Pool #MA5353 5.50% 5/1/2054 <sup>(a)</sup> |  | 5132 | 5210 |
| Fannie Mae Pool #CB8507 6.50% 5/1/2054 <sup>(a)</sup> |  | 1595 | 1677 |
| Fannie Mae Pool #CB8755 6.00% 6/1/2054 <sup>(a)</sup> |  | 2882 | 2972 |
| Fannie Mae Pool #DB6878 6.00% 6/1/2054 <sup>(a)</sup> |  | 687 | 706 |
| Fannie Mae Pool #DB6813 6.00% 6/1/2054 <sup>(a)</sup> |  | 106 | 109 |
| Fannie Mae Pool #CB8725 6.50% 6/1/2054 <sup>(a)</sup> |  | 3937 | 4107 |
| Fannie Mae Pool #FP0128 6.50% 6/1/2054 <sup>(a)</sup> |  | 1677 | 1743 |
| Fannie Mae Pool #BU4700 6.00% 7/1/2054 <sup>(a)</sup> |  | 6657 | 6866 |
| Fannie Mae Pool #FS8591 6.00% 7/1/2054 <sup>(a)</sup> |  | 3615 | 3755 |
| Fannie Mae Pool #DB6901 6.00% 7/1/2054 <sup>(a)</sup> |  | 844 | 867 |
| Fannie Mae Pool #BU4707 6.00% 7/1/2054 <sup>(a)</sup> |  | 144 | 148 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **262** |

---

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Fannie Mae Pool #CB8872 6.50% 7/1/2054 <sup>(a)</sup> | USD | 5993 | $6273 |
| Fannie Mae Pool #CB8876 6.50% 7/1/2054 <sup>(a)</sup> |  | 1622 | 1693 |
| Fannie Mae Pool #FS8317 6.50% 7/1/2054 <sup>(a)</sup> |  | 959 | 1007 |
| Fannie Mae Pool #DC1075 6.00% 8/1/2054 <sup>(a)</sup> |  | 234 | 240 |
| Fannie Mae Pool #FS8757 6.00% 8/1/2054 <sup>(a)</sup> |  | 217 | 225 |
| Fannie Mae Pool #FS8795 6.00% 8/1/2054 <sup>(a)</sup> |  | 112 | 115 |
| Fannie Mae Pool #BU4916 6.00% 8/1/2054 <sup>(a)</sup> |  | 101 | 104 |
| Fannie Mae Pool #FS8756 6.00% 8/1/2054 <sup>(a)</sup> |  | 88 | 92 |
| Fannie Mae Pool #DB7792 6.00% 8/1/2054 <sup>(a)</sup> |  | 84 | 86 |
| Fannie Mae Pool #FS8934 6.50% 8/1/2054 <sup>(a)</sup> |  | 1648 | 1730 |
| Fannie Mae Pool #MA5446 6.50% 8/1/2054 <sup>(a)</sup> |  | 1419 | 1475 |
| Fannie Mae Pool #FS9009 5.50% 9/1/2054 <sup>(a)</sup> |  | 1865 | 1906 |
| Fannie Mae Pool #DC1547 6.00% 9/1/2054 <sup>(a)</sup> |  | 1350 | 1387 |
| Fannie Mae Pool #DC3262 6.00% 9/1/2054 <sup>(a)</sup> |  | 91 | 93 |
| Fannie Mae Pool #DC3459 6.00% 9/1/2054 <sup>(a)</sup> |  | 45 | 46 |
| Fannie Mae Pool #MA5472 6.50% 9/1/2054 <sup>(a)</sup> |  | 4335 | 4506 |
| Fannie Mae Pool #BU5166 6.00% 10/1/2054 <sup>(a)</sup> |  | 1397 | 1440 |
| Fannie Mae Pool #DC5704 4.00% 11/1/2054 <sup>(a)</sup> |  | 132 | 125 |
| Fannie Mae Pool #BU5165 5.50% 11/1/2054 <sup>(a)</sup> |  | 199 | 203 |
| Fannie Mae Pool #MA5531 5.50% 11/1/2054 <sup>(a)</sup> |  | 23 | 23 |
| Fannie Mae Pool #DC5696 6.00% 11/1/2054 <sup>(a)</sup> |  | 2547 | 2619 |
| Fannie Mae Pool #CB9432 6.00% 11/1/2054 <sup>(a)</sup> |  | 372 | 384 |
| Fannie Mae Pool #MA5552 5.00% 12/1/2054 <sup>(a)</sup> |  | 783 | 782 |
| Fannie Mae Pool #DC7823 6.00% 12/1/2054 <sup>(a)</sup> |  | 31 | 32 |
| Fannie Mae Pool #FP0130 6.50% 12/1/2054 <sup>(a)</sup> |  | 2206 | 2293 |
| Fannie Mae Pool #MA5587 6.00% 1/1/2055 <sup>(a)</sup> |  | 1578 | 1621 |
| Fannie Mae Pool #CB9821 6.00% 1/1/2055 <sup>(a)</sup> |  | 947 | 978 |
| Fannie Mae Pool #FA0608 5.50% 2/1/2055 <sup>(a)</sup> |  | 26 | 26 |
| Fannie Mae Pool #MA5615 6.00% 2/1/2055 <sup>(a)</sup> |  | 192 | 198 |
| Fannie Mae Pool #MA5646 5.50% 3/1/2055 <sup>(a)</sup> |  | 7300 | 7407 |
| Fannie Mae Pool #FA2843 6.50% 3/1/2055 <sup>(a)</sup> |  | 10881 | 11317 |
| Fannie Mae Pool #190445 6.50% 3/1/2055 <sup>(a)</sup> |  | 8612 | 8952 |
| Fannie Mae Pool #MA5649 7.00% 3/1/2055 <sup>(a)</sup> |  | 6435 | 6770 |
| Fannie Mae Pool #MA5674 6.00% 4/1/2055 <sup>(a)</sup> |  | 1829 | 1880 |
| Fannie Mae Pool #FA1162 6.00% 4/1/2055 <sup>(a)</sup> |  | 69 | 71 |
| Fannie Mae Pool #DD4459 6.00% 4/1/2055 <sup>(a)</sup> |  | 67 | 69 |
| Fannie Mae Pool #MA5676 7.00% 4/1/2055 <sup>(a)</sup> |  | 670 | 705 |
| Fannie Mae Pool #DD9126 4.00% 5/1/2055 <sup>(a)</sup> |  | 53 | 50 |
| Fannie Mae Pool #MA5701 6.00% 5/1/2055 <sup>(a)</sup> |  | 174 | 179 |
| Fannie Mae Pool #DD8411 7.00% 5/1/2055 <sup>(a)</sup> |  | 1377 | 1451 |
| Fannie Mae Pool #MA5761 6.00% 7/1/2055 <sup>(a)</sup> |  | 662 | 681 |
| Fannie Mae Pool #FA2842 6.50% 7/1/2055 <sup>(a)</sup> |  | 5053 | 5256 |
| Fannie Mae Pool #MA5762 6.50% 7/1/2055 <sup>(a)</sup> |  | 3040 | 3159 |
| Fannie Mae Pool #BV6163 3.50% 8/1/2055 <sup>(a)</sup> |  | 86 | 79 |
| Fannie Mae Pool #MA5792 5.50% 8/1/2055 <sup>(a)</sup> |  | 4204 | 4266 |
| Fannie Mae Pool #MA5793 6.00% 8/1/2055 <sup>(a)</sup> |  | 762 | 783 |
| Fannie Mae Pool #CC0879 6.00% 8/1/2055 <sup>(a)</sup> |  | 470 | 489 |
| Fannie Mae Pool #MA5822 5.50% 9/1/2055 <sup>(a)</sup> |  | 1705 | 1730 |
| Fannie Mae Pool #MA5907 4.00% 12/1/2055 <sup>(a)</sup> |  | 158 | 150 |
| Fannie Mae Pool #BF0497 3.00% 7/1/2060 <sup>(a)</sup> |  | 1111 | 968 |
| Fannie Mae Pool #BF0585 4.50% 12/1/2061 <sup>(a)</sup> |  | 331 | 323 |
| Fannie Mae Pool #BF0765 3.50% 9/1/2063 <sup>(a)</sup> |  | 420 | 382 |
| FARM Mortgage Trust, Series 2024-1, Class A, 4.684% 10/1/2053 <sup>(a)(c)(d)</sup> |  | 941 | 918 |
| Freddie Mac Pool #ZS8907 6.50% 10/1/2026 <sup>(a)</sup> |  | — <sup>(b)</sup> | — <sup>(b)</sup> |
| Freddie Mac Pool #ZA2024 6.50% 9/1/2027 <sup>(a)</sup> |  | — <sup>(b)</sup> | 1; <sup>(b)</sup> |
| Freddie Mac Pool #1H1354 6.26% 11/1/2036 <sup>(a)(d)</sup> |  | 29 | 30 |
| Freddie Mac Pool #QO0557 2.50% 7/1/2037 <sup>(a)</sup> |  | 1083 | 1025 |
| Freddie Mac Pool #C03518 5.00% 9/1/2040 <sup>(a)</sup> |  | 216 | 223 |
| Freddie Mac Pool #G06459 5.00% 5/1/2041 <sup>(a)</sup> |  | 446 | 459 |
| Freddie Mac Pool #RB5145 2.00% 2/1/2042 <sup>(a)</sup> |  | 601 | 521 |

---

---

| | |
|:---|:---|
| **263** | American Funds Insurance Series |

---

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Pool #RB5154 2.50% 4/1/2042 <sup>(a)</sup> | USD | 8660 | $7741 |
| Freddie Mac Pool #Q15874 4.00% 2/1/2043 <sup>(a)</sup> |  | 2 | 2 |
| Freddie Mac Pool #Q17696 3.50% 4/1/2043 <sup>(a)</sup> |  | 21 | 20 |
| Freddie Mac Pool #Q19133 3.50% 6/1/2043 <sup>(a)</sup> |  | 22 | 21 |
| Freddie Mac Pool #Q23190 4.00% 11/1/2043 <sup>(a)</sup> |  | 109 | 107 |
| Freddie Mac Pool #Q28558 3.50% 9/1/2044 <sup>(a)</sup> |  | 161 | 154 |
| Freddie Mac Pool #760014 4.632% 8/1/2045 <sup>(a)(d)</sup> |  | 202 | 203 |
| Freddie Mac Pool #Q47615 3.50% 4/1/2047 <sup>(a)</sup> |  | 41 | 38 |
| Freddie Mac Pool #Q52069 3.50% 11/1/2047 <sup>(a)</sup> |  | 58 | 55 |
| Freddie Mac Pool #SD0470 4.00% 11/1/2047 <sup>(a)</sup> |  | 5483 | 5288 |
| Freddie Mac Pool #Q54701 3.50% 3/1/2048 <sup>(a)</sup> |  | 39 | 37 |
| Freddie Mac Pool #Q54709 3.50% 3/1/2048 <sup>(a)</sup> |  | 39 | 37 |
| Freddie Mac Pool #Q54700 3.50% 3/1/2048 <sup>(a)</sup> |  | 32 | 30 |
| Freddie Mac Pool #Q54781 3.50% 3/1/2048 <sup>(a)</sup> |  | 24 | 23 |
| Freddie Mac Pool #Q54782 3.50% 3/1/2048 <sup>(a)</sup> |  | 19 | 18 |
| Freddie Mac Pool #Q54699 3.50% 3/1/2048 <sup>(a)</sup> |  | 16 | 16 |
| Freddie Mac Pool #Q54831 3.50% 3/1/2048 <sup>(a)</sup> |  | 11 | 11 |
| Freddie Mac Pool #Q54698 3.50% 3/1/2048 <sup>(a)</sup> |  | 11 | 10 |
| Freddie Mac Pool #G67711 4.00% 3/1/2048 <sup>(a)</sup> |  | 686 | 666 |
| Freddie Mac Pool #Q55971 4.00% 5/1/2048 <sup>(a)</sup> |  | 38 | 37 |
| Freddie Mac Pool #Q56175 4.00% 5/1/2048 <sup>(a)</sup> |  | 32 | 31 |
| Freddie Mac Pool #Q56590 3.50% 6/1/2048 <sup>(a)</sup> |  | 21 | 20 |
| Freddie Mac Pool #Q56589 3.50% 6/1/2048 <sup>(a)</sup> |  | 12 | 12 |
| Freddie Mac Pool #Q56599 4.00% 6/1/2048 <sup>(a)</sup> |  | 63 | 62 |
| Freddie Mac Pool #ZT2265 4.00% 8/1/2048 <sup>(a)</sup> |  | 5121 | 4951 |
| Freddie Mac Pool #Q58411 4.50% 9/1/2048 <sup>(a)</sup> |  | 156 | 156 |
| Freddie Mac Pool #Q58436 4.50% 9/1/2048 <sup>(a)</sup> |  | 74 | 73 |
| Freddie Mac Pool #Q58378 4.50% 9/1/2048 <sup>(a)</sup> |  | 50 | 49 |
| Freddie Mac Pool #ZT0522 4.50% 9/1/2048 <sup>(a)</sup> |  | 16 | 16 |
| Freddie Mac Pool #QA0284 3.50% 6/1/2049 <sup>(a)</sup> |  | 123 | 117 |
| Freddie Mac Pool #QA2748 3.50% 9/1/2049 <sup>(a)</sup> |  | 36 | 34 |
| Freddie Mac Pool #RA1463 3.50% 10/1/2049 <sup>(a)</sup> |  | 290 | 275 |
| Freddie Mac Pool #RA1580 3.50% 10/1/2049 <sup>(a)</sup> |  | 151 | 143 |
| Freddie Mac Pool #RA3384 3.00% 8/1/2050 <sup>(a)</sup> |  | 23 | 21 |
| Freddie Mac Pool #RA3576 2.00% 9/1/2050 <sup>(a)</sup> |  | 1329 | 1079 |
| Freddie Mac Pool #QB4847 2.50% 10/1/2050 <sup>(a)</sup> |  | 28 | 24 |
| Freddie Mac Pool #SD8106 2.00% 11/1/2050 <sup>(a)</sup> |  | 1136 | 928 |
| Freddie Mac Pool #RA3987 2.50% 11/1/2050 <sup>(a)</sup> |  | 1713 | 1467 |
| Freddie Mac Pool #SD8128 2.00% 2/1/2051 <sup>(a)</sup> |  | 31 | 25 |
| Freddie Mac Pool #RA4528 2.50% 2/1/2051 <sup>(a)</sup> |  | 713 | 605 |
| Freddie Mac Pool #SD8134 2.00% 3/1/2051 <sup>(a)</sup> |  | 51 | 42 |
| Freddie Mac Pool #RA5288 2.00% 5/1/2051 <sup>(a)</sup> |  | 1974 | 1620 |
| Freddie Mac Pool #RA5155 2.00% 5/1/2051 <sup>(a)</sup> |  | 895 | 724 |
| Freddie Mac Pool #SD7544 3.00% 7/1/2051 <sup>(a)</sup> |  | 127 | 115 |
| Freddie Mac Pool #SD0726 2.50% 10/1/2051 <sup>(a)</sup> |  | 7920 | 6839 |
| Freddie Mac Pool #RA6406 2.00% 11/1/2051 <sup>(a)</sup> |  | 398 | 325 |
| Freddie Mac Pool #SD1385 2.50% 11/1/2051 <sup>(a)</sup> |  | 418 | 362 |
| Freddie Mac Pool #QD3226 2.50% 12/1/2051 <sup>(a)</sup> |  | 952 | 806 |
| Freddie Mac Pool #QD3619 2.50% 12/1/2051 <sup>(a)</sup> |  | 104 | 88 |
| Freddie Mac Pool #SD7552 2.50% 1/1/2052 <sup>(a)</sup> |  | 259 | 224 |
| Freddie Mac Pool #SD0813 3.00% 1/1/2052 <sup>(a)</sup> |  | 121 | 109 |
| Freddie Mac Pool #RA6816 2.00% 2/1/2052 <sup>(a)</sup> |  | 4455 | 3606 |
| Freddie Mac Pool #RA6771 2.00% 2/1/2052 <sup>(a)</sup> |  | 2324 | 1881 |
| Freddie Mac Pool #QD7967 2.00% 2/1/2052 <sup>(a)</sup> |  | 293 | 237 |
| Freddie Mac Pool #SD0873 3.50% 2/1/2052 <sup>(a)</sup> |  | 7547 | 7088 |
| Freddie Mac Pool #QD7089 3.50% 2/1/2052 <sup>(a)</sup> |  | 147 | 137 |
| Freddie Mac Pool #SD5745 2.00% 3/1/2052 <sup>(a)</sup> |  | 327 | 264 |
| Freddie Mac Pool #QE1079 3.50% 4/1/2052 <sup>(a)</sup> |  | 104 | 97 |
| Freddie Mac Pool #QD9477 4.00% 4/1/2052 <sup>(a)</sup> |  | 325 | 309 |
| Freddie Mac Pool #QE2352 2.50% 5/1/2052 <sup>(a)</sup> |  | 801 | 681 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **264** |

---

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Pool #8D0226 2.544% 5/1/2052 <sup>(a)(d)</sup> | USD | 412 | $383 |
| Freddie Mac Pool #SD8213 3.00% 5/1/2052 <sup>(a)</sup> |  | 7491 | 6653 |
| Freddie Mac Pool #QE1489 3.50% 5/1/2052 <sup>(a)</sup> |  | 1238 | 1148 |
| Freddie Mac Pool #QE3999 3.50% 5/1/2052 <sup>(a)</sup> |  | 410 | 380 |
| Freddie Mac Pool #QE4044 2.50% 6/1/2052 <sup>(a)</sup> |  | 328 | 278 |
| Freddie Mac Pool #SD6203 3.00% 6/1/2052 <sup>(a)</sup> |  | 262 | 232 |
| Freddie Mac Pool #RA7258 3.50% 6/1/2052 <sup>(a)</sup> |  | 36 | 34 |
| Freddie Mac Pool #SL2621 2.50% 7/1/2052 <sup>(a)</sup> |  | 2028 | 1717 |
| Freddie Mac Pool #SD8225 3.00% 7/1/2052 <sup>(a)</sup> |  | 3100 | 2749 |
| Freddie Mac Pool #RA7572 3.00% 8/1/2052 <sup>(a)</sup> |  | 48 | 43 |
| Freddie Mac Pool #SD4554 4.00% 8/1/2052 <sup>(a)</sup> |  | 135 | 128 |
| Freddie Mac Pool #QE8579 4.50% 8/1/2052 <sup>(a)</sup> |  | 180 | 177 |
| Freddie Mac Pool #QE8282 5.00% 8/1/2052 <sup>(a)</sup> |  | 781 | 782 |
| Freddie Mac Pool #QE7647 5.00% 8/1/2052 <sup>(a)</sup> |  | 45 | 45 |
| Freddie Mac Pool #SD1496 5.00% 8/1/2052 <sup>(a)</sup> |  | 36 | 37 |
| Freddie Mac Pool #QF0212 4.50% 9/1/2052 <sup>(a)</sup> |  | 792 | 777 |
| Freddie Mac Pool #QE9497 4.50% 9/1/2052 <sup>(a)</sup> |  | 185 | 182 |
| Freddie Mac Pool #SD1608 4.50% 9/1/2052 <sup>(a)</sup> |  | 116 | 114 |
| Freddie Mac Pool #RA7938 5.00% 9/1/2052 <sup>(a)</sup> |  | 8774 | 8809 |
| Freddie Mac Pool #SD3782 4.50% 10/1/2052 <sup>(a)</sup> |  | 3051 | 2992 |
| Freddie Mac Pool #SD2465 4.50% 10/1/2052 <sup>(a)</sup> |  | 78 | 77 |
| Freddie Mac Pool #SD1895 4.50% 11/1/2052 <sup>(a)</sup> |  | 947 | 943 |
| Freddie Mac Pool #QF2560 4.50% 11/1/2052 <sup>(a)</sup> |  | 698 | 687 |
| Freddie Mac Pool #SD2948 5.50% 11/1/2052 <sup>(a)</sup> |  | 1823 | 1856 |
| Freddie Mac Pool #SD8281 6.50% 12/1/2052 <sup>(a)</sup> |  | 3737 | 3900 |
| Freddie Mac Pool #SD8320 3.00% 2/1/2053 <sup>(a)</sup> |  | 663 | 588 |
| Freddie Mac Pool #SD8316 5.50% 4/1/2053 <sup>(a)</sup> |  | 799 | 813 |
| Freddie Mac Pool #QG1653 6.00% 4/1/2053 <sup>(a)</sup> |  | 744 | 767 |
| Freddie Mac Pool #QG0259 6.00% 4/1/2053 <sup>(a)</sup> |  | 409 | 422 |
| Freddie Mac Pool #RA8647 4.50% 5/1/2053 <sup>(a)</sup> |  | 79 | 78 |
| Freddie Mac Pool #SD8324 5.50% 5/1/2053 <sup>(a)</sup> |  | 712 | 725 |
| Freddie Mac Pool #SD3369 5.50% 5/1/2053 <sup>(a)</sup> |  | 457 | 464 |
| Freddie Mac Pool #SD8325 6.00% 5/1/2053 <sup>(a)</sup> |  | 3287 | 3388 |
| Freddie Mac Pool #QG3763 6.00% 5/1/2053 <sup>(a)</sup> |  | 1519 | 1568 |
| Freddie Mac Pool #SD2979 6.50% 5/1/2053 <sup>(a)</sup> |  | 213 | 225 |
| Freddie Mac Pool #SD8331 5.50% 6/1/2053 <sup>(a)</sup> |  | 1346 | 1369 |
| Freddie Mac Pool #SD8332 6.00% 6/1/2053 <sup>(a)</sup> |  | 12863 | 13257 |
| Freddie Mac Pool #SD3175 6.00% 6/1/2053 <sup>(a)</sup> |  | 3429 | 3532 |
| Freddie Mac Pool #SD3083 6.00% 6/1/2053 <sup>(a)</sup> |  | 1797 | 1852 |
| Freddie Mac Pool #QG5227 6.00% 6/1/2053 <sup>(a)</sup> |  | 748 | 771 |
| Freddie Mac Pool #RA9279 6.00% 6/1/2053 <sup>(a)</sup> |  | 371 | 386 |
| Freddie Mac Pool #RA9283 6.00% 6/1/2053 <sup>(a)</sup> |  | 336 | 347 |
| Freddie Mac Pool #RA9281 6.00% 6/1/2053 <sup>(a)</sup> |  | 219 | 227 |
| Freddie Mac Pool #RA9284 6.00% 6/1/2053 <sup>(a)</sup> |  | 186 | 194 |
| Freddie Mac Pool #RA9294 6.50% 6/1/2053 <sup>(a)</sup> |  | 1797 | 1881 |
| Freddie Mac Pool #RA9292 6.50% 6/1/2053 <sup>(a)</sup> |  | 1557 | 1632 |
| Freddie Mac Pool #RA9288 6.50% 6/1/2053 <sup>(a)</sup> |  | 1477 | 1560 |
| Freddie Mac Pool #RA9289 6.50% 6/1/2053 <sup>(a)</sup> |  | 1453 | 1532 |
| Freddie Mac Pool #RA9287 6.50% 6/1/2053 <sup>(a)</sup> |  | 1018 | 1076 |
| Freddie Mac Pool #RA9290 6.50% 6/1/2053 <sup>(a)</sup> |  | 817 | 860 |
| Freddie Mac Pool #RA9291 6.50% 6/1/2053 <sup>(a)</sup> |  | 494 | 515 |
| Freddie Mac Pool #RA9295 6.50% 6/1/2053 <sup>(a)</sup> |  | 462 | 493 |
| Freddie Mac Pool #SD8342 5.50% 7/1/2053 <sup>(a)</sup> |  | 15782 | 16058 |
| Freddie Mac Pool #SD3386 5.50% 7/1/2053 <sup>(a)</sup> |  | 569 | 580 |
| Freddie Mac Pool #SD8343 6.00% 7/1/2053 <sup>(a)</sup> |  | 16252 | 16745 |
| Freddie Mac Pool #SD8350 6.00% 8/1/2053 <sup>(a)</sup> |  | 17343 | 17848 |
| Freddie Mac Pool #SD8362 5.50% 9/1/2053 <sup>(a)</sup> |  | 670 | 681 |
| Freddie Mac Pool #SD3857 6.00% 9/1/2053 <sup>(a)</sup> |  | 34942 | 35984 |
| Freddie Mac Pool #RA9857 6.00% 9/1/2053 <sup>(a)</sup> |  | 1977 | 2036 |
| Freddie Mac Pool #SD3825 6.50% 9/1/2053 <sup>(a)</sup> |  | 72 | 75 |

---

---

| | |
|:---|:---|
| **265** | American Funds Insurance Series |

---

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value <br>(000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Pool #SL2623 3.00% 10/1/2053 <sup>(a)</sup> | USD | 2099 | $1859 |
| Freddie Mac Pool #SD4053 6.00% 10/1/2053 <sup>(a)</sup> |  | 4342 | 4473 |
| Freddie Mac Pool #SD8370 4.50% 11/1/2053 <sup>(a)</sup> |  | 686 | 671 |
| Freddie Mac Pool #SD8372 5.50% 11/1/2053 <sup>(a)</sup> |  | 2949 | 2993 |
| Freddie Mac Pool #SD4318 6.50% 11/1/2053 <sup>(a)</sup> |  | 9504 | 9972 |
| Freddie Mac Pool #SD8374 6.50% 11/1/2053 <sup>(a)</sup> |  | 32 | 33 |
| Freddie Mac Pool #SD8395 5.50% 1/1/2054 <sup>(a)</sup> |  | 1820 | 1849 |
| Freddie Mac Pool #RJ0854 6.50% 1/1/2054 <sup>(a)</sup> |  | 340 | 355 |
| Freddie Mac Pool #QI0100 4.00% 2/1/2054 <sup>(a)</sup> |  | 157 | 149 |
| Freddie Mac Pool #SD8401 5.50% 2/1/2054 <sup>(a)</sup> |  | 861 | 875 |
| Freddie Mac Pool #SD4894 6.00% 2/1/2054 <sup>(a)</sup> |  | 3774 | 3911 |
| Freddie Mac Pool #SD4975 6.00% 2/1/2054 <sup>(a)</sup> |  | 172 | 177 |
| Freddie Mac Pool #SL2362 6.50% 2/1/2054 <sup>(a)</sup> |  | 4620 | 4858 |
| Freddie Mac Pool #SD8408 5.50% 3/1/2054 <sup>(a)</sup> |  | 461 | 468 |
| Freddie Mac Pool #RJ1216 5.50% 4/1/2054 <sup>(a)</sup> |  | 526 | 537 |
| Freddie Mac Pool #RJ1215 5.50% 4/1/2054 <sup>(a)</sup> |  | 93 | 94 |
| Freddie Mac Pool #QI2895 6.00% 4/1/2054 <sup>(a)</sup> |  | 490 | 509 |
| Freddie Mac Pool #RJ1448 5.50% 5/1/2054 <sup>(a)</sup> |  | 478 | 485 |
| Freddie Mac Pool #SD8432 6.00% 5/1/2054 <sup>(a)</sup> |  | 66 | 68 |
| Freddie Mac Pool #SD5404 6.50% 5/1/2054 <sup>(a)</sup> |  | 2108 | 2207 |
| Freddie Mac Pool #RJ1535 6.50% 5/1/2054 <sup>(a)</sup> |  | 1019 | 1071 |
| Freddie Mac Pool #RJ1779 6.00% 6/1/2054 <sup>(a)</sup> |  | 11156 | 11596 |
| Freddie Mac Pool #SD8439 6.00% 6/1/2054 <sup>(a)</sup> |  | 1 | 1 |
| Freddie Mac Pool #RJ1792 6.50% 6/1/2054 <sup>(a)</sup> |  | 2477 | 2609 |
| Freddie Mac Pool #RJ1726 6.50% 6/1/2054 <sup>(a)</sup> |  | 932 | 976 |
| Freddie Mac Pool #RJ1725 6.50% 6/1/2054 <sup>(a)</sup> |  | 582 | 614 |
| Freddie Mac Pool #SD5949 6.00% 7/1/2054 <sup>(a)</sup> |  | 7350 | 7575 |
| Freddie Mac Pool #QI8874 6.00% 7/1/2054 <sup>(a)</sup> |  | 2780 | 2867 |
| Freddie Mac Pool #SD5813 6.00% 7/1/2054 <sup>(a)</sup> |  | 215 | 221 |
| Freddie Mac Pool #RJ1986 6.50% 7/1/2054 <sup>(a)</sup> |  | 5542 | 5770 |
| Freddie Mac Pool #SD8448 6.50% 7/1/2054 <sup>(a)</sup> |  | 2052 | 2133 |
| Freddie Mac Pool #SD6286 5.50% 8/1/2054 <sup>(a)</sup> |  | 3847 | 3932 |
| Freddie Mac Pool #SD8453 5.50% 8/1/2054 <sup>(a)</sup> |  | 906 | 919 |
| Freddie Mac Pool #RJ2210 6.00% 8/1/2054 <sup>(a)</sup> |  | 2900 | 2985 |
| Freddie Mac Pool #RJ2216 6.00% 8/1/2054 <sup>(a)</sup> |  | 1336 | 1377 |
| Freddie Mac Pool #SD6029 6.00% 8/1/2054 <sup>(a)</sup> |  | 137 | 141 |
| Freddie Mac Pool #SD8454 6.00% 8/1/2054 <sup>(a)</sup> |  | 76 | 78 |
| Freddie Mac Pool #QJ3296 6.00% 8/1/2054 <sup>(a)</sup> |  | 51 | 53 |
| Freddie Mac Pool #SD8455 6.50% 8/1/2054 <sup>(a)</sup> |  | 4317 | 4487 |
| Freddie Mac Pool #RJ2222 6.50% 8/1/2054 <sup>(a)</sup> |  | 3489 | 3652 |
| Freddie Mac Pool #QJ4811 5.50% 9/1/2054 <sup>(a)</sup> |  | 673 | 683 |
| Freddie Mac Pool #RJ2314 6.00% 9/1/2054 <sup>(a)</sup> |  | 470 | 485 |
| Freddie Mac Pool #RJ2312 6.00% 9/1/2054 <sup>(a)</sup> |  | 245 | 253 |
| Freddie Mac Pool #RJ2308 6.00% 9/1/2054 <sup>(a)</sup> |  | 232 | 242 |
| Freddie Mac Pool #RJ2306 6.00% 9/1/2054 <sup>(a)</sup> |  | 225 | 235 |
| Freddie Mac Pool #RJ2309 6.00% 9/1/2054 <sup>(a)</sup> |  | 138 | 142 |
| Freddie Mac Pool #SD6288 6.50% 9/1/2054 <sup>(a)</sup> |  | 4396 | 4620 |
| Freddie Mac Pool #SD8464 6.50% 9/1/2054 <sup>(a)</sup> |  | 1520 | 1580 |
| Freddie Mac Pool #SL2445 6.50% 9/1/2054 <sup>(a)</sup> |  | 1245 | 1301 |
| Freddie Mac Pool #SD8469 5.50% 10/1/2054 <sup>(a)</sup> |  | 3 | 3 |
| Freddie Mac Pool #SD8475 5.50% 11/1/2054 <sup>(a)</sup> |  | 379 | 384 |
| Freddie Mac Pool #SD8493 5.50% 12/1/2054 <sup>(a)</sup> |  | 3 | 3 |
| Freddie Mac Pool #RJ3240 6.00% 1/1/2055 <sup>(a)</sup> |  | 3591 | 3719 |
| Freddie Mac Pool #SD8496 6.00% 1/1/2055 <sup>(a)</sup> |  | 3112 | 3197 |
| Freddie Mac Pool #RJ3301 6.00% 1/1/2055 <sup>(a)</sup> |  | 1422 | 1480 |
| Freddie Mac Pool #RJ3305 6.00% 1/1/2055 <sup>(a)</sup> |  | 1033 | 1071 |
| Freddie Mac Pool #SL2928 7.00% 1/1/2055 <sup>(a)</sup> |  | 1444 | 1520 |
| Freddie Mac Pool #SD8507 6.00% 2/1/2055 <sup>(a)</sup> |  | 2201 | 2261 |
| Freddie Mac Pool #SD8515 5.50% 3/1/2055 <sup>(a)</sup> |  | 5 | 6 |
| Freddie Mac Pool #SD8516 6.00% 3/1/2055 <sup>(a)</sup> |  | 1301 | 1336 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **266** |

---

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Freddie Mac Pool #SL0673 6.50% 3/1/2055 <sup>(a)</sup> | USD | 4423 | $4646 |
| Freddie Mac Pool #SD8517 6.50% 3/1/2055 <sup>(a)</sup> |  | 1003 | 1042 |
| Freddie Mac Pool #QY0582 4.00% 4/1/2055 <sup>(a)</sup> |  | 808 | 767 |
| Freddie Mac Pool #SD8524 5.50% 4/1/2055 <sup>(a)</sup> |  | 213 | 216 |
| Freddie Mac Pool #SD8525 6.00% 4/1/2055 <sup>(a)</sup> |  | 378 | 388 |
| Freddie Mac Pool #QY1898 7.00% 4/1/2055 <sup>(a)</sup> |  | 622 | 661 |
| Freddie Mac Pool #SD8534 6.00% 5/1/2055 <sup>(a)</sup> |  | 348 | 357 |
| Freddie Mac Pool #RQ0012 5.00% 6/1/2055 <sup>(a)</sup> |  | 649 | 648 |
| Freddie Mac Pool #RQ0015 6.50% 6/1/2055 <sup>(a)</sup> |  | 8713 | 9057 |
| Freddie Mac Pool #RQ0027 5.50% 7/1/2055 <sup>(a)</sup> |  | 2767 | 2807 |
| Freddie Mac Pool #RQ0028 6.00% 7/1/2055 <sup>(a)</sup> |  | 1223 | 1257 |
| Freddie Mac Pool #SL2625 6.50% 7/1/2055 <sup>(a)</sup> |  | 4638 | 4821 |
| Freddie Mac Pool #RQ0041 6.00% 8/1/2055 <sup>(a)</sup> |  | 631 | 648 |
| Freddie Mac Pool #SL2781 6.50% 9/1/2055 <sup>(a)</sup> |  | 2776 | 2914 |
| Freddie Mac Pool #SL2647 6.50% 9/1/2055 <sup>(a)</sup> |  | 1752 | 1841 |
| Freddie Mac Pool #QZ5542 3.50% 10/1/2055 <sup>(a)</sup> |  | 526 | 488 |
| Freddie Mac, Series K751, Class A2, Multi Family, 4.412% 3/25/2030 <sup>(a)</sup> |  | 3875 | 3932 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/2056 <sup>(a)</sup> |  | 3332 | 3184 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class MT, 3.00% 7/25/2056 <sup>(a)</sup> |  | 704 | 622 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/2056 <sup>(a)</sup> |  | 283 | 255 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/2056 <sup>(a)</sup> |  | 3410 | 3239 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/2056 <sup>(a)(d)</sup> |  | 3022 | 2885 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/2057 <sup>(a)</sup> |  | 764 | 664 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/2057 <sup>(a)(d)</sup> |  | 1062 | 971 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/2057 <sup>(a)(d)</sup> |  | 324 | 318 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/2057 <sup>(a)</sup> |  | 3378 | 3042 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/2058 <sup>(a)</sup> |  | 386 | 377 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/25/2058 <sup>(a)</sup> |  | 590 | 529 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/26/2058 <sup>(a)</sup> |  | 1453 | 1417 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/2058 <sup>(a)</sup> |  | 316 | 284 |
| Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/2059 <sup>(a)</sup> |  | 1257 | 1185 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/2028 <sup>(a)</sup> |  | 12897 | 12705 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/2029 <sup>(a)</sup> |  | 3267 | 3108 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A1D, 2.00% 7/25/2030 <sup>(a)</sup> |  | 933 | 868 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A2D, 2.00% 7/25/2030 <sup>(a)</sup> |  | 435 | 392 |
| Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/2032 <sup>(a)</sup> |  | 3198 | 3120 |
| Government National Mortgage Assn. 5.00% 1/1/2056 <sup>(a)(e)</sup> |  | 5 | 5 |
| Government National Mortgage Assn. Pool #782365 6.00% 7/15/2038 <sup>(a)</sup> |  | 55 | 58 |
| Government National Mortgage Assn. Pool #700778 5.50% 10/15/2038 <sup>(a)</sup> |  | 11 | 11 |
| Government National Mortgage Assn. Pool #004269 6.50% 10/20/2038 <sup>(a)</sup> |  | 113 | 122 |
| Government National Mortgage Assn. Pool #698668 5.50% 11/15/2038 <sup>(a)</sup> |  | 25 | 26 |
| Government National Mortgage Assn. Pool #698406 5.00% 7/15/2039 <sup>(a)</sup> |  | 113 | 117 |
| Government National Mortgage Assn. Pool #783690 6.00% 9/20/2039 <sup>(a)</sup> |  | 60 | 64 |
| Government National Mortgage Assn. Pool #783689 5.50% 2/20/2040 <sup>(a)</sup> |  | 1653 | 1712 |
| Government National Mortgage Assn. Pool #783688 5.00% 6/20/2041 <sup>(a)</sup> |  | 602 | 615 |
| Government National Mortgage Assn. Pool #783687 4.50% 12/20/2041 <sup>(a)</sup> |  | 392 | 388 |
| Government National Mortgage Assn. Pool #MA0533 3.00% 11/20/2042 <sup>(a)</sup> |  | 14 | 13 |
| Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/2050 <sup>(a)</sup> |  | 734 | 609 |
| Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/2050 <sup>(a)</sup> |  | 643 | 533 |
| Government National Mortgage Assn. Pool #785575 2.50% 8/20/2051 <sup>(a)</sup> |  | 4304 | 3676 |
| Government National Mortgage Assn. Pool #MA7534 2.50% 8/20/2051 <sup>(a)</sup> |  | 1863 | 1609 |
| Government National Mortgage Assn. Pool #785659 2.50% 10/20/2051 <sup>(a)</sup> |  | 593 | 508 |
| Government National Mortgage Assn. Pool #786706 2.50% 12/20/2051 <sup>(a)</sup> |  | 3352 | 2857 |
| Government National Mortgage Assn. Pool #MA7827 2.50% 1/20/2052 <sup>(a)</sup> |  | 78 | 67 |
| Government National Mortgage Assn. Pool #786502 2.50% 2/20/2052 <sup>(a)</sup> |  | 2855 | 2459 |
| Government National Mortgage Assn. Pool #786647 2.50% 3/20/2052 <sup>(a)</sup> |  | 1472 | 1273 |
| Government National Mortgage Assn. Pool #786701 2.50% 3/20/2052 <sup>(a)</sup> |  | 896 | 774 |
| Government National Mortgage Assn. Pool #785998 2.50% 3/20/2052 <sup>(a)</sup> |  | 707 | 606 |
| Government National Mortgage Assn. Pool #MA7937 3.00% 3/20/2052 <sup>(a)</sup> |  | 224 | 202 |
| Government National Mortgage Assn. Pool #MA7987 2.50% 4/20/2052 <sup>(a)</sup> |  | 827 | 714 |

---

---

| | |
|:---|:---|
| **267** | American Funds Insurance Series |

---

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **Mortgage-backed obligations (continued)** |  |  |  |
| **Federal agency mortgage-backed obligations (continued)** |  |  |  |
| Government National Mortgage Assn. Pool #MA7988 3.00% 4/20/2052 <sup>(a)</sup> | USD | 176 | $158 |
| Government National Mortgage Assn. Pool #MA8044 3.50% 5/20/2052 <sup>(a)</sup> |  | 2004 | 1847 |
| Government National Mortgage Assn. Pool #MA8199 3.50% 8/20/2052 <sup>(a)</sup> |  | 620 | 568 |
| Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/2052 <sup>(a)</sup> |  | 3811 | 3522 |
| Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/2052 <sup>(a)</sup> |  | 291 | 277 |
| Government National Mortgage Assn. Pool #MA8567 4.00% 1/20/2053 <sup>(a)</sup> |  | 401 | 382 |
| Government National Mortgage Assn. Pool #MA8723 4.00% 3/20/2053 <sup>(a)</sup> |  | 199 | 190 |
| Government National Mortgage Assn. Pool #MA8947 5.00% 6/20/2053 <sup>(a)</sup> |  | 50 | 50 |
| Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/2053 <sup>(a)</sup> |  | 4091 | 4008 |
| Government National Mortgage Assn. Pool #MA9104 4.50% 8/20/2053 <sup>(a)</sup> |  | 2634 | 2581 |
| Government National Mortgage Assn. Pool #MA9169 4.50% 9/20/2053 <sup>(a)</sup> |  | 1116 | 1091 |
| Government National Mortgage Assn. Pool #MA9776 4.00% 7/20/2054 <sup>(a)</sup> |  | 4323 | 4109 |
| Government National Mortgage Assn. Pool #MB0024 4.50% 11/20/2054 <sup>(a)</sup> |  | 1352 | 1319 |
| Government National Mortgage Assn. Pool #MB0205 5.50% 2/20/2055 <sup>(a)</sup> |  | 484 | 490 |
| Government National Mortgage Assn. Pool #MB0424 5.50% 6/20/2055 <sup>(a)</sup> |  | 989 | 999 |
| Government National Mortgage Assn. Pool #MB0485 5.50% 7/20/2055 <sup>(a)</sup> |  | 343 | 346 |
| Government National Mortgage Assn. Pool #MB0742 3.50% 11/20/2055 <sup>(a)</sup> |  | 928 | 845 |
| Government National Mortgage Assn. Pool #MB0810 3.50% 12/20/2055 <sup>(a)</sup> |  | 484 | 440 |
| Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/2063 <sup>(a)</sup> |  | 418 | 312 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2041 <sup>(a)(e)</sup> |  | 1115 | 1033 |
| Uniform Mortgage-Backed Security 4.00% 1/1/2041 <sup>(a)(e)</sup> |  | 920 | 908 |
| Uniform Mortgage-Backed Security 5.00% 1/1/2041 <sup>(a)(e)</sup> |  | 780 | 790 |
| Uniform Mortgage-Backed Security 2.00% 1/1/2056 <sup>(a)(e)</sup> |  | 16198 | 13097 |
| Uniform Mortgage-Backed Security 3.50% 1/1/2056 <sup>(a)(e)</sup> |  | 119 | 110 |
| Uniform Mortgage-Backed Security 4.50% 1/1/2056 <sup>(a)(e)</sup> |  | 1999 | 1951 |
| Uniform Mortgage-Backed Security 5.50% 1/1/2056 <sup>(a)(e)</sup> |  | 6284 | 6373 |
| Uniform Mortgage-Backed Security 6.00% 1/1/2056 <sup>(a)(e)</sup> |  | 18724 | 19228 |
| Uniform Mortgage-Backed Security 6.50% 1/1/2056 <sup>(a)(e)</sup> |  | 6031 | 6268 |
| Uniform Mortgage-Backed Security 3.50% 2/1/2056 <sup>(a)(e)</sup> |  | 7168 | 6605 |
| **Total mortgage-backed obligations** |  |  | 816712 |
| **U.S. Treasury bonds & notes 40.76%** |  |  |  |
| **U.S. Treasury 36.84%** |  |  |  |
| U.S. Treasury 4.25% 1/31/2026 |  | 5535 | 5536 |
| U.S. Treasury 4.625% 2/28/2026 |  | 9375 | 9388 |
| U.S. Treasury 4.625% 3/15/2026 |  | 11050 | 11072 |
| U.S. Treasury 4.50% 3/31/2026 |  | 1435 | 1438 |
| U.S. Treasury 4.875% 4/30/2026 |  | 35525 | 35676 |
| U.S. Treasury 0.875% 6/30/2026 |  | 2065 | 2038 |
| U.S. Treasury 4.50% 7/15/2026 |  | 10366 | 10422 |
| U.S. Treasury 4.375% 7/31/2026 |  | 25795 | 25919 |
| U.S. Treasury 4.625% 9/15/2026 |  | 10209 | 10285 |
| U.S. Treasury 3.50% 9/30/2026 |  | 11100 | 11094 |
| U.S. Treasury 3.875% 3/31/2027 |  | 23000 | 23100 |
| U.S. Treasury 4.50% 4/15/2027 |  | 30000 | 30371 |
| U.S. Treasury 0.50% 4/30/2027 |  | 1250 | 1202 |
| U.S. Treasury 2.625% 5/31/2027 |  | 2290 | 2263 |
| U.S. Treasury 3.75% 6/30/2027 |  | 33220 | 33348 |
| U.S. Treasury 3.875% 7/31/2027 |  | 10000 | 10059 |
| U.S. Treasury 3.75% 8/15/2027 |  | 5043 | 5064 |
| U.S. Treasury 3.625% 8/31/2027 |  | 2945 | 2951 |
| U.S. Treasury 3.375% 11/30/2027 |  | 600 | 599 |
| U.S. Treasury 4.25% 2/15/2028 <sup>(f)</sup> |  | 48655 | 49404 |
| U.S. Treasury 3.625% 5/31/2028 |  | 14850 | 14890 |
| U.S. Treasury 1.25% 6/30/2028 |  | 3325 | 3147 |
| U.S. Treasury 4.00% 6/30/2028 |  | 6907 | 6988 |
| U.S. Treasury 1.00% 7/31/2028 |  | 970 | 910 |
| U.S. Treasury 4.125% 7/31/2028 |  | 17685 | 17950 |
| U.S. Treasury 3.50% 11/15/2028 |  | 410 | 410 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **268** |

---

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount<br> (000) | Principal amount<br> (000) | Value<br> (000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |  |
| **U.S. Treasury (continued)** |  |  |  |
| U.S. Treasury 2.625% 2/15/2029 | USD | 3270 | $3180 |
| U.S. Treasury 4.50% 5/31/2029 |  | 825 | 849 |
| U.S. Treasury 2.625% 7/31/2029 |  | 9309 | 9006 |
| U.S. Treasury 4.00% 7/31/2029 |  | 15070 | 15268 |
| U.S. Treasury 4.125% 10/31/2029 |  | 4800 | 4883 |
| U.S. Treasury 4.125% 11/30/2029 |  | 10200 | 10377 |
| U.S. Treasury 4.375% 12/31/2029 |  | 23475 | 24106 |
| U.S. Treasury 4.00% 2/28/2030 |  | 11270 | 11415 |
| U.S. Treasury 4.00% 3/31/2030 |  | 15000 | 15193 |
| U.S. Treasury 3.75% 6/30/2030 |  | 17030 | 17075 |
| U.S. Treasury 3.875% 6/30/2030 |  | 6000 | 6046 |
| U.S. Treasury 4.00% 7/31/2030 |  | 1185 | 1200 |
| U.S. Treasury 4.625% 9/30/2030 |  | 1290 | 1341 |
| U.S. Treasury 4.875% 10/31/2030 |  | 625 | 657 |
| U.S. Treasury 3.50% 11/30/2030 |  | 505 | 500 |
| U.S. Treasury 4.25% 6/30/2031 |  | 9625 | 9847 |
| U.S. Treasury 4.125% 11/30/2031 |  | 3240 | 3290 |
| U.S. Treasury 4.125% 2/29/2032 |  | 9305 | 9440 |
| U.S. Treasury 4.125% 3/31/2032 |  | 3000 | 3043 |
| U.S. Treasury 4.125% 5/31/2032 |  | 10295 | 10435 |
| U.S. Treasury 4.00% 6/30/2032 |  | 16910 | 17018 |
| U.S. Treasury 2.75% 8/15/2032 |  | 8095 | 7550 |
| U.S. Treasury 3.75% 11/30/2032 |  | 4075 | 4030 |
| U.S. Treasury 3.875% 8/15/2033 |  | 3180 | 3156 |
| U.S. Treasury 4.375% 5/15/2034 |  | 1687 | 1726 |
| U.S. Treasury 3.875% 8/15/2034 |  | 1970 | 1941 |
| U.S. Treasury 4.25% 11/15/2034 |  | 1790 | 1810 |
| U.S. Treasury 4.625% 2/15/2035 |  | 5000 | 5194 |
| U.S. Treasury 4.25% 5/15/2035 |  | 1800 | 1816 |
| U.S. Treasury 4.25% 8/15/2035 |  | 5315 | 5357 |
| U.S. Treasury 4.00% 11/15/2035 |  | 285 | 281 |
| U.S. Treasury 4.50% 8/15/2039 |  | 13655 | 13699 |
| U.S. Treasury 4.625% 2/15/2040 |  | 90 | 91 |
| U.S. Treasury, interest only, 0% 11/15/2040 |  | 1110 | 545 |
| U.S. Treasury 1.375% 11/15/2040 |  | 1945 | 1265 |
| U.S. Treasury 3.875% 5/15/2043 |  | 820 | 737 |
| U.S. Treasury 4.375% 8/15/2043 |  | 40 | 38 |
| U.S. Treasury 4.50% 2/15/2044 |  | 3780 | 3663 |
| U.S. Treasury 4.125% 8/15/2044 |  | 11760 | 10810 |
| U.S. Treasury 2.50% 2/15/2045 |  | 4850 | 3441 |
| U.S. Treasury 5.00% 5/15/2045 |  | 8955 | 9207 |
| U.S. Treasury 4.625% 11/15/2045 |  | 180 | 176 |
| U.S. Treasury 2.50% 2/15/2046 |  | 3900 | 2720 |
| U.S. Treasury 2.50% 5/15/2046 |  | 1585 | 1101 |
| U.S. Treasury 2.875% 11/15/2046 |  | 2700 | 1997 |
| U.S. Treasury 3.00% 8/15/2048 |  | 750 | 556 |
| U.S. Treasury 2.375% 11/15/2049 |  | 1435 | 924 |
| U.S. Treasury 1.25% 5/15/2050 |  | 14825 | 7117 |
| U.S. Treasury 1.375% 8/15/2050 |  | 4330 | 2135 |
| U.S. Treasury 1.625% 11/15/2050 |  | 35205 | 18533 |
| U.S. Treasury 1.875% 2/15/2051 |  | 5892 | 3301 |
| U.S. Treasury 2.375% 5/15/2051 |  | 6280 | 3968 |
| U.S. Treasury 2.00% 8/15/2051 |  | 5226 | 3001 |
| U.S. Treasury 1.875% 11/15/2051 |  | 3164 | 1754 |
| U.S. Treasury 3.00% 8/15/2052 |  | 895 | 643 |
| U.S. Treasury 4.00% 11/15/2052 |  | 1849 | 1607 |
| U.S. Treasury 4.75% 11/15/2053 |  | 205 | 202 |
| U.S. Treasury 4.25% 2/15/2054 |  | 11130 | 10086 |
| U.S. Treasury 4.625% 5/15/2054 |  | 3165 | 3054 |
| U.S. Treasury 4.25% 8/15/2054 |  | 50 | 45 |

---

---

| | |
|:---|:---|
| **269** | American Funds Insurance Series |

---

U.S. Government Securities Fund (continued)

---

| | | | |
|:---|:---|:---|:---|
| Bonds, notes & other debt instruments (continued) | Principal amount <br> (000) | Principal amount <br> (000) | Value<br> (000) |
| **U.S. Treasury bonds & notes (continued)** |  |  |  |
| **U.S. Treasury (continued)** |  |  |  |
| U.S. Treasury 4.625% 2/15/2055 | USD | 7370 | $7115 |
| U.S. Treasury 4.75% 8/15/2055 <sup>(f)</sup> |  | 27230 | 26830 |
| U.S. Treasury 4.625% 11/15/2055 |  | 19425 | 18754 |
|  |  |  | 691669 |
| **U.S. Treasury inflation-protected securities 3.92%** |  |  |  |
| U.S. Treasury Inflation-Protected Security 0.125% 10/15/2026 <sup>(g)</sup> |  | 9620 | 9533 |
| U.S. Treasury Inflation-Protected Security 0.125% 4/15/2027 <sup>(g)</sup> |  | 2960 | 2907 |
| U.S. Treasury Inflation-Protected Security 1.625% 10/15/2029 <sup>(g)</sup> |  | 37322 | 37704 |
| U.S. Treasury Inflation-Protected Security 0.125% 7/15/2031 <sup>(g)</sup> |  | 1093 | 1014 |
| U.S. Treasury Inflation-Protected Security 0.125% 1/15/2032 <sup>(g)</sup> |  | 3399 | 3107 |
| U.S. Treasury Inflation-Protected Security 1.875% 7/15/2034 <sup>(g)</sup> |  | 7377 | 7411 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2041 <sup>(g)</sup> |  | 141 | 138 |
| U.S. Treasury Inflation-Protected Security 0.75% 2/15/2042 <sup>(g)</sup> |  | 1506 | 1173 |
| U.S. Treasury Inflation-Protected Security 0.625% 2/15/2043 <sup>(g)</sup> |  | 1756 | 1308 |
| U.S. Treasury Inflation-Protected Security 1.00% 2/15/2049 <sup>(g)</sup> |  | 323 | 233 |
| U.S. Treasury Inflation-Protected Security 0.25% 2/15/2050 <sup>(g)</sup> |  | 368 | 212 |
| U.S. Treasury Inflation-Protected Security 0.125% 2/15/2051 <sup>(g)</sup> |  | 144 | 78 |
| U.S. Treasury Inflation-Protected Security 2.125% 2/15/2054 <sup>(g)</sup> |  | 456 | 410 |
| U.S. Treasury Inflation-Protected Security 2.375% 2/15/2055 <sup>(g)</sup> |  | 8752 | 8308 |
|  |  |  | 73536 |
| **Total U.S. Treasury bonds & notes** |  |  | 765205 |
| **Federal agency bonds & notes 2.60%** |  |  |  |
| Export-Import Bank of the United States-Guaranteed, Ethiopian Leasing 2012, LLC 2.646% 5/12/2026 |  | 46 | 46 |
| Federal Home Loan Bank 3.25% 11/16/2028 |  | 6500 | 6462 |
| Federal Home Loan Bank 5.50% 7/15/2036 |  | 300 | 329 |
| Federal National Mortgage Association 7.125% 1/15/2030 |  | 2000 | 2258 |
| Private Export Funding Corp. 1.40% 7/15/2028 |  | 3000 | 2840 |
| Tennessee Valley Authority 2.875% 2/1/2027 |  | 5000 | 4966 |
| Tennessee Valley Authority 4.875% 5/15/2035 |  | 2445 | 2525 |
| Tennessee Valley Authority 4.65% 6/15/2035 |  | 1780 | 1811 |
| Tennessee Valley Authority 5.88% 4/1/2036 |  | 875 | 980 |
| Tennessee Valley Authority, Series A, 4.625% 9/15/2060 |  | 250 | 223 |
| Tennessee Valley Authority, Southaven Combined Cycle Generation, LLC, 3.846% 8/15/2033 |  | 660 | 639 |
| U.S. Agency for International Development, Morocco (Kingdom of) 7.55% 7/15/2026 |  | 645 | 657 |
| U.S. Department of Housing and Urban Development, Series 2015-A-12, 3.10% 8/1/2026 |  | 2200 | 2188 |
| U.S. Department of Housing and Urban Development, Series 2015-A-13, 3.15% 8/1/2027 |  | 10250 | 10131 |
| U.S. Department of Housing and Urban Development, Series 2015-A-14, 3.25% 8/1/2028 |  | 3064 | 3029 |
| U.S. Department of Housing and Urban Development, Series 2015-A-15, 3.35% 8/1/2029 |  | 2020 | 1987 |
| U.S. Department of Housing and Urban Development, Series 2015-A-16, 3.50% 8/1/2030 |  | 1773 | 1726 |
| U.S. Department of Housing and Urban Development, Series 2015-A-17, 3.55% 8/1/2031 |  | 2074 | 1998 |
| U.S. Department of Housing and Urban Development, Series 2015-A-18, 3.60% 8/1/2032 |  | 2167 | 2056 |
| U.S. Department of Housing and Urban Development, Series 2015-A-19, 3.65% 8/1/2033 |  | 1639 | 1545 |
| U.S. Department of Housing and Urban Development, Series 2015-A-20, 3.70% 8/1/2034 |  | 330 | 308 |
|  |  |  | 48704 |
| **Total bonds, notes & other debt instruments (cost: $1,653,043,000)** |  |  | 1630621 |

---

---

| | | | |
|:---|:---|:---|:---|
| Short-term securities 15.36% | Weighted<br> average yield<br> at acquisition |  |  |
| **Commercial paper 8.81%** |  |  |  |
| Apple, Inc. 1/15/2026 <sup>(c)</sup> | 3.650% | 15000 | 14977 |
| CAFCO, LLC 1/14/2026 <sup>(c)</sup> | 4.040 | 10000 | 9985 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **270** |

---

U.S. Government Securities Fund (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Short-term securities (continued) | Weighted<br> average yield<br> at acquisition | Principal amount <br> (000) | Principal amount <br> (000) | Value<br> (000) |
| **Commercial paper (continued)** |  |  |  |  |
| Chevron Corp. 2/3/2026 <sup>(c)</sup> | 3.760% | USD | 12300 | $12258 |
| Desjardins Group 2/27/2026 <sup>(c)</sup> | 3.750 |  | 12500 | 12425 |
| Exxon Asset Management Co. 3/31/2026 | 3.820 |  | 19510 | 19332 |
| Linde, Inc. 1/20/2026 | 3.660 |  | 9400 | 9381 |
| Novartis Finance Corp. 1/2/2026 <sup>(c)</sup> | 3.660 |  | 10000 | 9998 |
| Oversea-Chinese Banking Corp., Ltd. 1/26/2026 <sup>(c)</sup> | 3.740 |  | 7000 | 6981 |
| Procter & Gamble Co. 1/23/2026 <sup>(c)</sup> | 3.900 |  | 10000 | 9977 |
| Procter & Gamble Co. 3/4/2026 <sup>(c)</sup> | 3.750 |  | 10000 | 9936 |
| Prudential Funding, LLC 1/9/2026 | 3.700 |  | 20000 | 19982 |
| TOTAL Holdings USA, Inc. 1/5/2026 <sup>(c)</sup> | 3.715 |  | 15000 | 14992 |
| Wal-Mart Stores, Inc. 1/14/2026 <sup>(c)</sup> | 3.630 |  | 15200 | 15178 |
|  |  |  |  | 165402 |
| **Bonds & notes of governments & government agencies outside the U.S. 2.58%** |  |  |  |  |
| Alberta (Province of) 2/12/2026 <sup>(c)</sup> | 3.770 |  | 10100 | 10056 |
| KfW 1/7/2026 <sup>(c)</sup> | 3.700 |  | 13000 | 12991 |
| Ontario (Province of) 2/6/2026 | 3.770 |  | 25600 | 25501 |
|  |  |  |  | 48548 |
| **Federal agency bills & notes 3.97%** |  |  |  |  |
| Federal Farm Credit Banks 2/20/2026 | 3.580 |  | 30500 | 30353 |
| Federal Home Loan Bank 1/2/2026 | 3.500 |  | 14364 | 14364 |
| Federal Home Loan Bank 1/23/2026 | 3.842 |  | 11960 | 11935 |
| Federal Home Loan Bank 2/25/2026 | 3.725 |  | 17900 | 17805 |
| **Total short-term securities** (cost: $288,397,000) |  |  |  | 288407 |

---

---

| | |
|:---|:---|
| Options purchased (equity style) 0.01% |  |
| Options purchased (equity style)\* | 242 |
| **Total options purchased (equity style) (cost: $330,000)** | 242 |
| **Total investment securities 102.23% (cost: $1,941,770,000)** | 1919270 |
| **Total options written (equity style) <sup>†</sup> 0.00%** (premium received: $102,000)** | (81) |
| Other assets less liabilities (2.23)% | (41841) |
| **Net assets 100.00%** | $1877348 |

---

**\*Options purchased (equity style)**

**Options on futures**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of<br> contracts | Expiration<br> date | Exercise<br> price | Exercise<br> price | Notional<br> amount<br> (000) | Notional<br> amount<br> (000) | Value at <br> 12/31/2025<br> (000) |
| **Call** |  |  |  |  |  |  |  |
| 3 Month SOFR Futures Option | 2426 | 3/13/2026 | USD | 96.63 | USD | 606500 | $242 |

---

---

| | |
|:---|:---|
| **271** | American Funds Insurance Series |

---

U.S. Government Securities Fund (continued)

**<sup>†</sup>Options written (equity style)**

**Options on futures**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of<br> contracts | Expiration<br> date | Exercise<br> price | Exercise<br> price | Notional<br> amount<br> (000) | Notional<br> amount<br> (000) | Value at<br> 12/31/2025<br> (000) |
| **Call** |  |  |  |  |  |  |  |
| 3 Month SOFR Futures Option | 1444 | 3/13/2026 | USD | 96.81 | USD | (361000) | $(81) |

---

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of<br> contracts | Expiration<br> date | Notional<br> amount<br> (000) | Notional<br> amount<br> (000) | Value and<br> unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| 30 Day Federal Funds Futures | Long | 18 | 2/2/2026 | USD | 7228 | $1 |
| 30 Day Federal Funds Futures | Long | 443 | 3/2/2026 |  | 177962 | (25) |
| 3 Month SOFR Futures | Long | 3 | 6/17/2026 |  | 724 | (4) |
| 3 Month SOFR Futures | Long | 26 | 9/16/2026 |  | 6285 | (6) |
| 2 Year U.S. Treasury Note Futures | Long | 5852 | 4/6/2026 |  | 1221834 | (293) |
| 5 Year U.S. Treasury Note Futures | Long | 2936 | 4/6/2026 |  | 320918 | (856) |
| 10 Year Ultra U.S. Treasury Note Futures | Short | 253 | 3/31/2026 |  | (29099) | 169 |
| 10 Year U.S. Treasury Note Futures | Short | 1099 | 3/31/2026 |  | (123569) | 907 |
| 20 Year U.S. Treasury Bond Futures | Long | 186 | 3/31/2026 |  | 21500 | (257) |
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 447 | 3/31/2026 |  | 52746 | (850) |
|  |  |  |  |  |  | $(1214) |

---

**Swap contracts**

**Interest rate swaps**

**Centrally cleared interest rate swaps**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay |  | Notional | Notional | Value at | Upfront <br> premium<br> paid | Unrealized<br> appreciation<br> (depreciation) |
| Rate | Payment<br> frequency | Rate | Payment<br> frequency | Expiration<br> date | Amount<br> (000) | Amount<br> (000) | 12/31/2025 <br> (000) | (received) <br> (000) | at 12/31/2025<br> (000) |
| 4.184% | Annual | SOFR | Annual | 1/10/2026 | USD | 11198 | $1 | $— | $1 |
| 4.2035% | Annual | SOFR | Annual | 1/10/2026 | USD | 11197 | 1 |  | 1 |
| 4.2045% | Annual | SOFR | Annual | 1/10/2026 | USD | 1020 | — <sup>(b)</sup> |  | — <sup>(b)</sup> |
| 4.27% | Annual | SOFR | Annual | 2/16/2026 | USD | 9621 | 6 |  | 6 |
| 4.265% | Annual | SOFR | Annual | 2/16/2026 | USD | 4777 | 3 |  | 3 |
| 4.3035% | Annual | SOFR | Annual | 2/17/2026 | USD | 2874 | 2 |  | 2 |
| 4.2515% | Annual | SOFR | Annual | 2/17/2026 | USD | 2847 | 2 |  | 2 |
| 4.2675% | Annual | SOFR | Annual | 2/17/2026 | USD | 2771 | 2 |  | 2 |
| 4.3005% | Annual | SOFR | Annual | 2/17/2026 | USD | 1989 | 1 |  | 1 |
| 4.288% | Annual | SOFR | Annual | 2/17/2026 | USD | 2021 | 1 |  | 1 |
| 4.568% | Annual | SOFR | Annual | 3/1/2026 | USD | 27000 | 34 |  | 34 |
| 4.56% | Annual | SOFR | Annual | 3/1/2026 | USD | 27400 | 34 |  | 34 |
| 4.6275% | Annual | SOFR | Annual | 3/20/2026 | USD | 49370 | 89 |  | 89 |
| 4.9005% | Annual | SOFR | Annual | 4/17/2026 | USD | 14100 | 46 |  | 46 |
| 4.815% | Annual | SOFR | Annual | 5/6/2026 | USD | 31500 | 116 |  | 116 |
| 4.723% | Annual | SOFR | Annual | 5/7/2026 | USD | 30490 | 103 |  | 103 |
| 4.659% | Annual | SOFR | Annual | 5/17/2026 | USD | 45400 | 159 |  | 159 |
| SOFR | Annual | 4.528% | Annual | 6/18/2026 | USD | 2700 | (10) |  | (10) |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **272** |

---

U.S. Government Securities Fund (continued)

**Swap contracts** (continued)

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay |  | Notional | Notional | Value at | Upfront <br> premium<br> paid | Unrealized<br> appreciation<br> (depreciation) |
| Rate | Payment<br> frequency | Rate | Payment<br> frequency | Expiration<br> date | Amount<br> (000) | Amount<br> (000) | 12/31/2025 <br> (000) | (received) <br> (000) | at 12/31/2025<br> (000) |
| U.S. Urban CPI | At maturity | 2.12% | At maturity | 12/22/2026 | USD | 5735 | $8 | $— | $8 |
| 3.535% | Annual | SOFR | Annual | 1/23/2027 | USD | 13000 | 16 |  | 16 |
| 3.5405% | Annual | SOFR | Annual | 1/23/2027 | USD | 12100 | 15 |  | 15 |
| 3.53% | Annual | SOFR | Annual | 1/23/2027 | USD | 7300 | 8 |  | 8 |
| SOFR | Annual | 4.186% | Annual | 2/18/2027 | USD | 54150 | (467) |  | (467) |
| 3.7645% | Annual | SOFR | Annual | 2/20/2027 | USD | 23600 | 95 |  | 95 |
| 3.761% | Annual | SOFR | Annual | 2/20/2027 | USD | 11800 | 47 |  | 47 |
| 4.5895% | Annual | SOFR | Annual | 5/6/2027 | USD | 22710 | 361 |  | 361 |
| SOFR | Annual | 3.2465% | Annual | 9/15/2027 | USD | 16600 | 19 |  | 19 |
| SOFR | Annual | 3.249% | Annual | 9/15/2027 | USD | 16690 | 19 |  | 19 |
| 3.45% | Annual | SOFR | Annual | 2/1/2028 | USD | 12500 | 36 |  | 36 |
| 3.47% | Annual | SOFR | Annual | 2/2/2028 | USD | 11600 | 38 |  | 38 |
| 3.6475% | Annual | SOFR | Annual | 2/27/2028 | USD | 19700 | 143 |  | 143 |
| SOFR | Annual | 3.528% | Annual | 1/29/2030 | USD | 4000 | (19) |  | (19) |
| SOFR | Annual | 3.529% | Annual | 1/29/2030 | USD | 4800 | (23) |  | (23) |
| SOFR | Annual | 3.5485% | Annual | 1/29/2030 | USD | 5200 | (29) |  | (29) |
| U.S. EFFR | Annual | 0.5385% | Annual | 3/26/2030 | USD | 49000 | 5455 |  | 5455 |
| 3.18% | Annual | SOFR | Annual | 4/17/2030 | USD | 2600 | (25) |  | (25) |
| 3.275% | Annual | SOFR | Annual | 4/18/2030 | USD | 2600 | (15) |  | (15) |
| 3.353% | Annual | SOFR | Annual | 4/19/2030 | USD | 2600 | (7) |  | (7) |
| 3.342% | Annual | SOFR | Annual | 4/19/2030 | USD | 2600 | (8) |  | (8) |
| 3.344% | Annual | SOFR | Annual | 4/20/2030 | USD | 2600 | (8) |  | (8) |
| 3.128% | Annual | SOFR | Annual | 4/28/2030 | USD | 2600 | (31) |  | (31) |
| 3.285% | Annual | SOFR | Annual | 5/1/2030 | USD | 2500 | (14) |  | (14) |
| 3.259% | Annual | SOFR | Annual | 5/1/2030 | USD | 2600 | (17) |  | (17) |
| 3.186% | Annual | SOFR | Annual | 5/9/2030 | USD | 2600 | (25) |  | (25) |
| 3.215% | Annual | SOFR | Annual | 5/10/2030 | USD | 2500 | (21) |  | (21) |
| 3.29% | Annual | SOFR | Annual | 5/19/2030 | USD | 3100 | (17) |  | (17) |
| SOFR | Annual | 3.3615% | Annual | 5/31/2030 | USD | 15320 | 38 |  | 38 |
| 3.31% | Annual | SOFR | Annual | 6/9/2030 | USD | 26800 | (132) |  | (132) |
| U.S. EFFR | Annual | 0.666% | Annual | 11/19/2030 | USD | 15500 | 1909 |  | 1909 |
| 3.488% | Annual | SOFR | Annual | 6/17/2031 | USD | 6316 | 1 |  | 1 |
| 3.43574% | Annual | SOFR | Annual | 6/17/2031 | USD | 7364 | (16) |  | (16) |
| SOFR | Annual | 3.326% | Annual | 9/19/2032 | USD | 10880 | 172 |  | 172 |
| SOFR | Annual | 3.4225% | Annual | 9/22/2032 | USD | 10938 | 110 |  | 110 |
| SOFR | Annual | 4.1615% | Annual | 5/15/2033 | USD | 330 | (11) |  | (11) |
| SOFR | Annual | 4.15% | Annual | 5/15/2033 | USD | 880 | (29) |  | (29) |
| 4.0135% | Annual | SOFR | Annual | 8/21/2033 | USD | 1185 | 28 |  | 28 |
| SOFR | Annual | 3.6025% | Annual | 1/8/2034 | USD | 4655 | 24 |  | 24 |
| SOFR | Annual | 3.7175% | Annual | 8/8/2035 | USD | 1180 | 6 |  | 6 |
| SOFR | Annual | 3.6965% | Annual | 11/5/2035 | USD | 2870 | 23 |  | 23 |
| SOFR | Annual | 3.79168% | Annual | 6/17/2036 | USD | 8076 | 33 |  | 33 |
| SOFR | Annual | 3.801% | Annual | 6/17/2036 | USD | 6989 | 23 |  | 23 |
| SOFR | Annual | 3.175% | Annual | 2/1/2038 | USD | 16000 | 1118 |  | 1118 |
| 3.065% | Annual | SOFR | Annual | 4/7/2040 | USD | 12300 | (1298) |  | (1298) |
| 3.616% | Annual | SOFR | Annual | 8/5/2044 | USD | 5600 | (393) |  | (393) |
| 3.561% | Annual | SOFR | Annual | 8/9/2044 | USD | 4800 | (372) |  | (372) |
| SOFR | Annual | 3.9815% | Annual | 11/6/2044 | USD | 10330 | 236 |  | 236 |
| SOFR | Annual | 3.045% | Annual | 7/27/2050 | USD | 3600 | 640 |  | 640 |
| SOFR | Annual | 2.85282% | Annual | 12/6/2052 | USD | 540 | 117 |  | 117 |
| SOFR | Annual | 2.93542% | Annual | 12/6/2052 | USD | 550 | 112 |  | 112 |
| SOFR | Annual | 3.01413% | Annual | 1/12/2053 | USD | 1402 | 268 |  | 268 |
| SOFR | Annual | 3.02% | Annual | 1/12/2053 | USD | 1400 | 266 |  | 266 |

---

---

| | |
|:---|:---|
| **273** | American Funds Insurance Series |

---

U.S. Government Securities Fund (continued)

**Swap contracts** (continued)

**Interest rate swaps** (continued)

**Centrally cleared interest rate swaps** (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Receive | Receive | Pay | Pay |  | Notional | Notional | Value at | Upfront <br> premium<br> paid | Unrealized<br> appreciation<br> (depreciation) |
| Rate | Payment<br> frequency | Rate | Payment<br> frequency | Expiration<br> date | Amount<br> (000) | Amount<br> (000) | 12/31/2025 <br> (000) | (received) <br> (000) | at 12/31/2025<br> (000) |
| SOFR | Annual | 2.974% | Annual | 4/17/2053 | USD | 800 | $159 | $— | $159 |
| SOFR | Annual | 3.044% | Annual | 4/18/2053 | USD | 800 | 150 |  | 150 |
| SOFR | Annual | 3.0875% | Annual | 4/19/2053 | USD | 800 | 144 |  | 144 |
| SOFR | Annual | 3.1035% | Annual | 4/19/2053 | USD | 800 | 142 |  | 142 |
| SOFR | Annual | 3.0895% | Annual | 4/20/2053 | USD | 800 | 144 |  | 144 |
| SOFR | Annual | 2.9405% | Annual | 4/28/2053 | USD | 800 | 163 |  | 163 |
| SOFR | Annual | 3.0535% | Annual | 5/1/2053 | USD | 1600 | 297 |  | 297 |
| SOFR | Annual | 3.085% | Annual | 5/9/2053 | USD | 900 | 162 |  | 162 |
| SOFR | Annual | 3.1135% | Annual | 5/10/2053 | USD | 800 | 141 |  | 141 |
| SOFR | Annual | 3.1605% | Annual | 5/19/2053 | USD | 1000 | 168 |  | 168 |
| SOFR | Annual | 3.6765% | Annual | 2/20/2054 | USD | 2019 | 169 |  | 169 |
| SOFR | Annual | 3.6815% | Annual | 2/20/2054 | USD | 1510 | 125 |  | 125 |
| SOFR | Annual | 3.7205% | Annual | 2/21/2054 | USD | 520 | 40 |  | 40 |
| SOFR | Annual | 3.47875% | Annual | 8/5/2054 | USD | 4200 | 492 |  | 492 |
| SOFR | Annual | 3.415% | Annual | 8/9/2054 | USD | 3700 | 473 |  | 473 |
| 4.13862% | Annual | SOFR | Annual | 6/17/2056 | USD | 1957 | (12) |  | (12) |
| 4.097% | Annual | SOFR | Annual | 6/17/2056 | USD | 1702 | (23) |  | (23) |
|  |  |  |  |  |  |  | $11931 | $— | $11931 |

---

<sup>(a)</sup> Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

<sup>(b)</sup> Amount less than one thousand.

<sup>(c)</sup> Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $140,672,000, which represented 7.49% of the net assets of the fund.

<sup>(d)</sup> Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

<sup>(e)</sup> Represents securities transacted on a TBA basis.

<sup>(f)</sup> All or a portion of this security was pledged as collateral. The total value of pledged collateral was $16,083,000, which represented 0.86% of the net assets of the fund.

<sup>(g)</sup> Index-linked bond whose principal amount moves with a government price index.

**Key to abbreviation(s)**

Assn. = Association

CPI = Consumer Price Index

EFFR = Effective Federal Funds Rate

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **274** |

---

Managed Risk Growth Fund

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Growth funds 84.99% | Shares | Value (000) |
| American Funds Insurance Series – Growth Fund, Class 1 | 3046065 | $429678 |
| **Total growth funds (cost: $297,224,000)** |  | 429678 |
| Fixed income funds 10.02% |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1 | 5324267 | 50687 |
| **Total fixed income funds (cost: $50,772,000)** |  | 50687 |
| Short-term securities 4.63% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup> | 23417711 | 23418 |
| **Total short-term securities (cost: $23,418,000)** |  | 23418 |
| Options purchased (equity style) 0.27% |  |  |
| Options purchased (equity style)\* |  | 1328 |
| **Total options purchased (cost: $4,348,000)** |  | 1328 |
| **Total investment securities 99.91% (cost: $375,762,000)** |  | 505111 |
| Other assets less liabilities 0.09% |  | 468 |
| **Net assets 100.00%** |  | $505579 |

---

**\*Options purchased (equity style)**

**Equity index options**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of<br> contracts | Notional<br> amount<br> (000) | Notional<br> amount<br> (000) | Exercise<br> price | Exercise<br> price | Expiration<br> date | Value at<br> 12/31/2025<br> (000) |
| **Put** |  |  |  |  |  |  |  |
| S&P 500 Index | 90 | USD | 61610 | USD | 4250.00 | 3/20/2026 | $31 |
| S&P 500 Index | 415 |  | 284088 |  | 4275.00 | 3/20/2026 | 146 |
| S&P 500 Index | 10 |  | 6846 |  | 4375.00 | 3/20/2026 | 4 |
| S&P 500 Index | 25 |  | 17114 |  | 4500.00 | 3/20/2026 | 11 |
| S&P 500 Index | 25 |  | 17114 |  | 4650.00 | 3/20/2026 | 14 |
| S&P 500 Index | 15 |  | 10268 |  | 4750.00 | 3/20/2026 | 9 |
| S&P 500 Index | 10 |  | 6846 |  | 4775.00 | 3/20/2026 | 6 |
| S&P 500 Index | 20 |  | 13691 |  | 4825.00 | 3/20/2026 | 13 |
| S&P 500 Index | 25 |  | 17114 |  | 4850.00 | 3/20/2026 | 17 |
| S&P 500 Index | 20 |  | 13691 |  | 4900.00 | 3/20/2026 | 14 |
| S&P 500 Index | 10 |  | 6846 |  | 4625.00 | 6/18/2026 | 22 |
| S&P 500 Index | 325 |  | 222479 |  | 4700.00 | 6/18/2026 | 715 |
| S&P 500 Index | 10 |  | 6846 |  | 4750.00 | 6/18/2026 | 24 |
| S&P 500 Index | 75 |  | 51341 |  | 4825.00 | 6/18/2026 | 181 |
| S&P 500 Index | 20 |  | 13691 |  | 4850.00 | 6/18/2026 | 49 |
| S&P 500 Index | 10 |  | 6846 |  | 5000.00 | 6/18/2026 | 29 |
| S&P 500 Index | 10 |  | 6846 |  | 4775.00 | 9/18/2026 | 43 |
|  |  |  |  |  |  |  | $1328 |

---

---

| | |
|:---|:---|
| **275** | American Funds Insurance Series |

---

Managed Risk Growth Fund (continued)

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of<br> contracts | Expiration<br> date | Notional<br> amount<br> (000) | Notional<br> amount<br> (000) | Value and <br> unrealized <br> appreciation <br> (depreciation)<br> at 12/31/2025<br> (000) |
| S&P 500 E-mini Index Futures | Long | 46 | 3/20/2026 | USD | 15853 | $8 |

---

**Investments in affiliates <sup>(b)</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value at<br> 1/1/2025<br> (000) | Additions <br>(000) | Reductions <br>(000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000) | Value at<br> 12/31/2025<br> (000) | Dividend<br> income<br> (000) | Capital gain<br> distributions<br> received<br> (000) |
| **Growth funds 84.99%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – Growth Fund, Class 1 | $445562 | $116262 | $180830 | $70206 | $(21522) | $429678 | $1046 | $34295 |
| **Fixed income funds 10.02%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – The Bond Fund of America, Class 1 | 52786 | 41135 | 44622 | 15 | 1373 | 50687 | 2246 |  |
| &nbsp;&nbsp;**Total 95.01%** |  |  |  | $70221 | $(20149) | $480365 | $3292 | $34295 |

---

<sup>(a)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

**Key to abbreviation(s)**

USD = U.S. dollars

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **276** |

---

Managed Risk International Fund

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Growth funds 85.00% | Shares | Value<br> (000) |
| American Funds Insurance Series – International Fund, Class 1 | 4316673 | $96391 |
| **Total growth funds (cost: $68,990,000)** |  | 96391 |
| Fixed income funds 9.99% |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1 | 1190669 | 11335 |
| **Total fixed income funds (cost: $11,379,000)** |  | 11335 |
| Short-term securities 4.79% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup> | 5428105 | 5428 |
| **Total short-term securities (cost: $5,428,000)** |  | 5428 |
| Options purchased (equity style) 0.23% |  |  |
| Options purchased (equity style)\* |  | 267 |
| **Total options purchased (cost: $774,000)** |  | 267 |
| **Total investment securities 100.01% (cost: $86,571,000)** |  | 113421 |
| Other assets less liabilities (0.01)% |  | (17) |
| **Net assets 100.00%** |  | $113404 |

---

**\*Options purchased (equity style)**

**Equity index options**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of<br> contracts | Notional<br> amount<br> (000) | Notional<br> amount<br> (000) | Exercise<br> price | Exercise<br> price | Expiration<br> date | Value at<br> 12/31/2025<br> (000) |
| **Put** |  |  |  |  |  |  |  |
| iShares MSCI EAFE ETF | 250 | USD | 2401 | USD | 65.00 | 3/20/2026 | $2 |
| iShares MSCI EAFE ETF | 4900 |  | 47055 |  | 70.00 | 3/20/2026 | 47 |
| iShares MSCI EAFE ETF | 2600 |  | 24968 |  | 72.00 | 3/20/2026 | 51 |
| iShares MSCI EAFE ETF | 125 |  | 1200 |  | 74.00 | 3/20/2026 | 2 |
| iShares MSCI EAFE ETF | 300 |  | 2881 |  | 75.00 | 3/20/2026 | 4 |
| iShares MSCI EAFE ETF | 200 |  | 1921 |  | 76.00 | 3/20/2026 | 3 |
| iShares MSCI EAFE ETF | 2425 |  | 23287 |  | 70.00 | 6/18/2026 | 137 |
| iShares MSCI EAFE ETF | 450 |  | 4321 |  | 75.00 | 6/18/2026 | 21 |
|  |  |  |  |  |  |  | $267 |

---

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of<br> contracts | Expiration<br> date | Notional<br> amount<br> (000) | Notional<br> amount<br> (000) | Value and<br> unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| MSCI EAFE Index Futures | Long | 21 | 3/20/2026 | USD | 3047 | $13 |

---

---

| | |
|:---|:---|
| **277** | American Funds Insurance Series |

---

Managed Risk International Fund (continued)

**Investments in affiliates <sup>(b)</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value at<br> 1/1/2025 <br>(000) | Additions <br>(000) | Reductions <br>(000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000) | Value at<br> 12/31/2025<br> (000) | Dividend<br> income<br> (000) | Capital gain<br> distributions<br> received<br> (000) |
| **Growth funds 85.00%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series –International Fund, Class 1 | $96701 | $11326 | $33601 | $6644 | $15321 | $96391 | $1416 | $— |
| **Fixed income funds 9.99%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series –The Bond Fund of America, Class 1 | 11472 | 6653 | 7132 | 89 | 253 | 11335 | 495 |  |
| &nbsp;&nbsp;&nbsp;**Total 94.99%** |  |  |  | $6733 | $15574 | $107726 | $1911 | $— |

---

<sup>(a)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

**Key to abbreviation(s)**

USD = U.S. dollars

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **278** |

---

Managed Risk Washington Mutual Investors Fund

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Growth-and-income funds 85.06% | Shares | Value<br> (000) |
| American Funds Insurance Series – Washington Mutual Investors Fund, Class 1 | 14745796 | $268079 |
| **Total growth-and-income funds (cost: $198,932,000)** |  | 268079 |
| Fixed income funds 10.01% |  |  |
| American Funds Insurance Series – U.S. Government Securities Fund, Class 1 | 3186969 | 31551 |
| **Total fixed income funds (cost: $31,563,000)** |  | 31551 |
| Short-term securities 4.67% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup> | 14703653 | 14704 |
| **Total short-term securities (cost: $14,704,000)** |  | 14704 |
| Options purchased (equity style) 0.20% |  |  |
| Options purchased (equity style)\* |  | 647 |
| **Total options purchased (cost: $2,471,000)** |  | 647 |
| **Total investment securities 99.94% (cost: $247,670,000)** |  | 314981 |
| Other assets less liabilities 0.06% |  | 191 |
| **Net assets 100.00%** |  | $315172 |

---

**\*Options purchased (equity style)**

**Equity index options**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of<br> contracts | Notional<br> amount<br> (000) | Notional<br> amount<br> (000) | Exercise<br> price | Exercise<br> price | Expiration<br> date | Value at<br> 12/31/2025<br> (000) |
| **Put** |  |  |  |  |  |  |  |
| S&P 500 Index | 15 | USD | 10268 | USD | 4175.00 | 3/20/2026 | $5 |
| S&P 500 Index | 125 |  | 85569 |  | 4275.00 | 3/20/2026 | 44 |
| S&P 500 Index | 15 |  | 10268 |  | 4375.00 | 3/20/2026 | 6 |
| S&P 500 Index | 20 |  | 13691 |  | 4500.00 | 3/20/2026 | 9 |
| S&P 500 Index | 270 |  | 184828 |  | 4625.00 | 3/20/2026 | 135 |
| S&P 500 Index | 15 |  | 10268 |  | 4650.00 | 3/20/2026 | 8 |
| S&P 500 Index | 15 |  | 10268 |  | 4850.00 | 3/20/2026 | 10 |
| S&P 500 Index | 10 |  | 6846 |  | 4900.00 | 3/20/2026 | 7 |
| S&P 500 Index | 10 |  | 6846 |  | 4650.00 | 6/18/2026 | 22 |
| S&P 500 Index | 100 |  | 68455 |  | 4700.00 | 6/18/2026 | 220 |
| S&P 500 Index | 35 |  | 23959 |  | 4825.00 | 6/18/2026 | 85 |
| S&P 500 Index | 10 |  | 6846 |  | 4850.00 | 6/18/2026 | 24 |
| S&P 500 Index | 10 |  | 6846 |  | 5000.00 | 6/18/2026 | 29 |
| S&P 500 Index | 10 |  | 6846 |  | 4775.00 | 9/18/2026 | 43 |
|  |  |  |  |  |  |  | $647 |

---

---

| | |
|:---|:---|
| **279** | American Funds Insurance Series |

---

Managed Risk Washington Mutual Investors Fund (continued)

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of<br> contracts | Expiration<br> date | Notional<br> amount<br> (000) | Notional<br> amount<br> (000) | Value and<br> unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| S&P 500 E-mini Index Futures | Long | 24 | 3/20/2026 | USD | 8271 | $1 |

---

**Investments in affiliates <sup>(b)</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value at<br> 1/1/2025 <br>(000) | Additions <br>(000) | Reductions <br>(000) | Net<br> realized <br>gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000) | Value at<br> 12/31/2025<br> (000) | Dividend<br> income<br> (000) | Capital gain<br> distributions<br> received<br> (000) |
| **Growth-and-income funds 85.06%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – Washington Mutual Investors Fund, Class 1 | $273106 | $49141 | $75666 | $17364 | $4134 | $268079 | $4236 | $17905 |
| **Fixed income funds 10.01%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – U.S. Government Securities Fund, Class 1 | 32524 | 16239 | 18298 | (161) | 1247 | 31551 | 1405 |  |
| &nbsp;&nbsp;&nbsp;**Total 95.07%** |  |  |  | $17203 | $5381 | $299630 | $5641 | $17905 |

---

<sup>(a)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

**Key to abbreviation(s)**

USD = U.S. dollars

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **280** |

---

Managed Risk Growth-Income Fund

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Growth-and-income funds 79.67% | Shares | Value<br> (000) |
| American Funds Insurance Series – Growth-Income Fund, Class 1 | 24608461 | $1666731 |
| **Total growth-and-income funds (cost: $1,348,887,000)** |  | 1666731 |
| Fixed income funds 14.99% |  |  |
| American Funds Insurance Series – The Bond Fund of America, Class 1 | 32944468 | 313631 |
| **Total fixed income funds (cost: $313,629,000)** |  | 313631 |
| Short-term securities 4.82% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup> | 100972696 | 100973 |
| **Total short-term securities (cost: $100,973,000)** |  | 100973 |
| Options purchased (equity style) 0.34% |  |  |
| Options purchased (equity style)\* |  | 7071 |
| **Total options purchased (cost: $27,268,000)** |  | 7071 |
| **Total investment securities 99.82% (cost: $1,790,757,000)** |  | 2088406 |
| Other assets less liabilities 0.18% |  | 3734 |
| **Net assets 100.00%** |  | $2092140 |

---

**\*Options purchased (equity style)**

**Equity index options**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of<br> contracts | Notional<br> amount<br> (000) | Notional<br> amount<br> (000) | Exercise<br> price | Exercise<br> price | Expiration<br> date | Value at<br> 12/31/2025<br> (000) |
| **Put** |  |  |  |  |  |  |  |
| S&P 500 Index | 80 | USD | 54764 | USD | 4175.00 | 3/20/2026 | $27 |
| S&P 500 Index | 1830 |  | 1252727 |  | 4275.00 | 3/20/2026 | 646 |
| S&P 500 Index | 205 |  | 140333 |  | 4375.00 | 3/20/2026 | 86 |
| S&P 500 Index | 40 |  | 27382 |  | 4425.00 | 3/20/2026 | 17 |
| S&P 500 Index | 95 |  | 65032 |  | 4500.00 | 3/20/2026 | 42 |
| S&P 500 Index | 50 |  | 34228 |  | 4525.00 | 3/20/2026 | 25 |
| S&P 500 Index | 2480 |  | 1697684 |  | 4625.00 | 3/20/2026 | 1240 |
| S&P 500 Index | 165 |  | 112951 |  | 4650.00 | 3/20/2026 | 91 |
| S&P 500 Index | 40 |  | 27382 |  | 4825.00 | 3/20/2026 | 26 |
| S&P 500 Index | 150 |  | 102683 |  | 4850.00 | 3/20/2026 | 103 |
| S&P 500 Index | 95 |  | 65032 |  | 4900.00 | 3/20/2026 | 65 |
| S&P 500 Index | 90 |  | 61610 |  | 4625.00 | 6/18/2026 | 193 |
| S&P 500 Index | 85 |  | 58187 |  | 4650.00 | 6/18/2026 | 187 |
| S&P 500 Index | 1110 |  | 759851 |  | 4700.00 | 6/18/2026 | 2442 |
| S&P 500 Index | 65 |  | 44496 |  | 4750.00 | 6/18/2026 | 155 |
| S&P 500 Index | 390 |  | 266975 |  | 4825.00 | 6/18/2026 | 944 |
| S&P 500 Index | 140 |  | 95837 |  | 4850.00 | 6/18/2026 | 343 |
| S&P 500 Index | 40 |  | 27382 |  | 5000.00 | 6/18/2026 | 118 |
| S&P 500 Index | 75 |  | 51341 |  | 4775.00 | 9/18/2026 | 321 |
|  |  |  |  |  |  |  | $7071 |

---

---

| | |
|:---|:---|
| **281** | American Funds Insurance Series |

---

Managed Risk Growth-Income Fund (continued)

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of<br> contracts | Expiration<br> date | Notional<br> amount<br> (000) | Notional<br> amount<br> (000) | Value and<br> unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| S&P 500 E-mini Index Futures | Long | 255 | 3/20/2026 | USD | 87879 | $46 |

---

**Investments in affiliates <sup>(b)</sup>**

****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value at<br> 1/1/2025 <br>(000) | Additions <br>(000) | Reductions <br>(000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> unrealized<br> appreciation<br> (depreciation)<br> (000) | Value at<br> 12/31/2025<br> (000) | Dividend<br> income<br> (000) | Capital gain<br> distributions<br> received<br> (000) |
| **Growth-and-income funds 79.67%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – Growth-Income Fund, Class 1 | $1736906 | $440767 | $500363 | $102594 | $(113173) | $1666731 | $18415 | $278792 |
| **Fixed income funds 14.99%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – The Bond Fund of America, Class 1 | 325683 | 143011 | 164543 | 624 | 8856 | 313631 | 13851 |  |
| &nbsp;&nbsp;&nbsp;**Total 94.66%** |  |  |  | $103218 | $(104317) | $1980362 | $32266 | $278792 |

---

<sup>(a)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

**Key to abbreviation(s)**

USD = U.S. dollars

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **282** |

---

Managed Risk Asset Allocation Fund

**Investment portfolio** December 31, 2025

---

| | | |
|:---|:---|:---|
| Asset allocation funds 95.20% | Shares | Value<br> (000) |
| American Funds Insurance Series – Asset Allocation Fund, Class 1 | 51064459 | $1404783 |
| **Total asset allocation funds (cost: $1,177,798,000)** |  | 1404783 |
| Short-term securities 4.77% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class 3.74% <sup>(a)</sup> | 70445349 | 70445 |
| **Total short-term securities (cost: $70,445,000)** |  | 70445 |
| Options purchased (equity style) 0.08% |  |  |
| Options purchased (equity style)\* |  | 1217 |
| **Total options purchased (cost: $3,674,000)** |  | 1217 |
| **Total investment securities 100.05% (cost: $1,251,917,000)** |  | 1476445 |
| Other assets less liabilities (0.05)% |  | (743) |
| **Net assets 100.00%** |  | $1475702 |

---

**\*Options purchased (equity style)**

**Equity index options**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of<br> contracts | Notional<br> amount<br> (000) | Notional<br> amount<br> (000) | Exercise<br> price | Exercise<br> price | Expiration<br> date | Value at<br> 12/31/2025<br> (000) |
| **Put** |  |  |  |  |  |  |  |
| S&P 500 Index | 385 | USD | 263552 | USD | 4275.00 | 3/20/2026 | $136 |
| S&P 500 Index | 40 |  | 27382 |  | 4375.00 | 3/20/2026 | 17 |
| S&P 500 Index | 15 |  | 10268 |  | 4850.00 | 3/20/2026 | 10 |
| S&P 500 Index | 20 |  | 13691 |  | 4900.00 | 3/20/2026 | 14 |
| S&P 500 Index | 45 |  | 30805 |  | 4650.00 | 6/18/2026 | 99 |
| S&P 500 Index | 340 |  | 232747 |  | 4700.00 | 6/18/2026 | 748 |
| S&P 500 Index | 20 |  | 13691 |  | 4750.00 | 6/18/2026 | 48 |
| S&P 500 Index | 60 |  | 41073 |  | 4825.00 | 6/18/2026 | 145 |
|  |  |  |  |  |  |  | $1217 |

---

**Futures contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Contracts | Type | Number of<br> contracts | Expiration<br> date | Notional<br> amount<br> (000) | Notional<br> amount<br> (000) | Value and<br> unrealized<br> appreciation<br> (depreciation)<br> at 12/31/2025<br> (000) |
| S&P 500 E-mini Index Futures | Long | 41 | 3/20/2026 | USD | 14130 | $8 |

---

---

| | |
|:---|:---|
| **283** | American Funds Insurance Series |

---

Managed Risk Asset Allocation Fund (continued)

**Investments in affiliates <sup>(b)</sup>**

****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value at <br>1/1/2025 <br>(000) | Additions <br>(000) | Reductions <br>(000) | Net<br> realized<br> gain (loss)<br> (000) | Net<br> Unrealized<br> appreciation<br> (depreciation)<br> (000) | Value at<br> 12/31/2025<br> (000) | Dividend<br> income<br> (000) | Capital gain <br>distributions <br>received <br>(000) |
| **Asset allocation funds 95.20%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;American Funds Insurance Series – Asset Allocation Fund, Class 1 | $1923478 | $267997 | $889458 | $39013 | $63753 | $1404783 | $32501 | $127660 |

---

<sup>(a)</sup> Rate represents the seven-day yield at 12/31/2025.

<sup>(b)</sup> Affiliate of the fund or part of the same "group of investment companies" as the fund, as defined under the Investment Company Act of 1940, as amended.

**Key to abbreviation(s)**

USD = U.S. dollars

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **284** |

---

Financial statements

---

| | |
|:---|:---|
| **Statements of assets and liabilities** at December 31, 2025 | (dollars in thousands) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |<br>**Global**<br>**Growth**<br>**Fund** | **Global**<br>**Small**<br>**Capitalization**<br>**Fund** |<br>**Growth**<br>**Fund** |<br>**International**<br>**Fund** |<br>**New**<br>**World**<br>**Fund** |
| **Assets:** |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | $8852855 | $2958933 | $53450984 | $7375128 | $4007822 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers | 288884 | 99500 | 1303602 | 122775 | 60900 |
| Cash | 567 | 60 | 709 | 35 | 673 |
| Cash collateral received for securities on loan | 1 | 7659 | 2331 | 2919 | 660 |
| Cash collateral pledged for futures contracts |  |  |  |  |  |
| Cash collateral pledged for swap contracts |  |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars | 524 | 493 | 485 | 1008 | 364 |
| Unrealized appreciation on open forward currency contracts |  |  |  |  | 80 |
| Bilateral swaps, at value |  |  |  |  |  |
| Unrealized appreciation on unfunded commitments\* |  |  |  |  |  |
| Receivables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales of investments |  | 369 |  | 2909 | 2947 |
| &nbsp;&nbsp;&nbsp;Sales of fund's shares | 1608 | 193 | 20679 | 1289 | 1335 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 11224 | 3053 | 17315 | 17842 | 8768 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts |  |  |  |  | 5 |
| &nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Variation margin on options (futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities lending income | 12 | 119 | 55 | 37 | 1 |
| &nbsp;&nbsp;&nbsp;Other | 476 | 869 | 65 | 1967 | 1037 |
|  | 9156151 | 3071248 | 54796225 | 7525909 | 4084592 |
| **Liabilities:** |  |  |  |  |  |
| Collateral for securities on loan | 1099 | 76585 | 29093 | 29195 | 6603 |
| Unrealized depreciation on open forward currency contracts |  |  |  |  | 78 |
| Bilateral swaps, at value |  |  |  |  |  |
| Options written, at value |  |  |  |  |  |
| Payables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of investments | 1119 | 20443 | 6814 | 631 | 4143 |
| &nbsp;&nbsp;&nbsp;Repurchases of fund's shares | 12524 | 2529 | 54104 | 12427 | 4600 |
| &nbsp;&nbsp;&nbsp;Investment advisory services | 2898 | 1513 | 13966 | 3010 | 1721 |
| &nbsp;&nbsp;&nbsp;Insurance administrative fees | 783 | 255 | 4640 | 360 | 616 |
| &nbsp;&nbsp;&nbsp;Services provided by related parties | 1269 | 541 | 7457 | 1050 | 496 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation | 140 | 73 | 784 | 206 | 64 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts |  |  |  |  | 4 |
| &nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes | 4865 |  | 487 | 26882 |  |
| &nbsp;&nbsp;&nbsp;Other | 108 | 15506 | 98 | 168 | 18899 |
|  | 24805 | 117445 | 117443 | 73929 | 37224 |
| Commitments and contingencies\* |  |  |  |  |  |
| **Net assets at December 31, 2025** | $9131346 | $2953803 | $54678782 | $7451980 | $4047368 |
| **Net assets consist of:** |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | $4669963 | $1914050 | $18377552 | $4482586 | $2226544 |
| Total distributable earnings (accumulated loss) | 4461383 | 1039753 | 36301230 | 2969394 | 1820824 |
| **Net assets at December 31, 2025** | $9131346 | $2953803 | $54678782 | $7451980 | $4047368 |
| Investment securities on loan, at value | $4 | $77998 | $22741 | $32814 | $8183 |
| Investment securities, at cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | 5567435 | 2237741 | 21947122 | 4929779 | 2464149 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers | 288846 | 99493 | 1303348 | 122756 | 60891 |
| Cash denominated in currencies other than U.S. dollars, at cost | 524 | 493 | 485 | 1004 | 364 |
| Premiums received on options written |  |  |  |  |  |

---

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **285** | American Funds Insurance Series |

---

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of assets and liabilities** at December 31, 2025 (continued) | (dollars in thousands) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Washington**<br>**Mutual**<br>**Investors**<br>**Fund** | **U.S. Small and**<br>**Mid**<br>**Cap Equity**<br>**Fund** | **Capital**<br>**World Growth**<br>**and Income**<br>**Fund** |<br>**Growth-**<br>**Income**<br>**Fund** | **International**<br>**Growth**<br>**and Income**<br>**Fund** |
| **Assets:** | | | | | |
| Investment securities, at value: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | $11684406 | $97802 | $2056244 | $42116707 | $398386 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers | 272530 | 2963 | 26204 | 1493802 | 5441 |
| Cash | 865 | 75 | 332 | 289 | 57 |
| Cash collateral received for securities on loan | 86 | 94 | 101 |  | 85 |
| Cash collateral pledged for futures contracts |  |  |  |  |  |
| Cash collateral pledged for swap contracts |  |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars | 4 |  | 268 | 1525 | 81 |
| Unrealized appreciation on open forward currency contracts |  |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |  |
| Unrealized appreciation on unfunded commitments\* |  |  |  |  |  |
| Receivables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales of investments | 14157 | 139 | 4104 | 39606 | 1066 |
| &nbsp;&nbsp;&nbsp;Sales of fund's shares | 4976 | 15 | 505 | 7670 | 270 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 15199 | 67 | 4247 | 38254 | 1344 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Variation margin on options (futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities lending income | 2 | 1 | 2 | 63 | 1 |
| &nbsp;&nbsp;&nbsp;Other | 1 |  | 218 | 284 | 50 |
|  | 11992226 | 101156 | 2092225 | 43698200 | 406781 |
| **Liabilities:** |  |  |  |  |  |
| Collateral for securities on loan | 863 | 940 | 1007 |  | 848 |
| Unrealized depreciation on open forward currency contracts |  |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |  |
| Options written, at value |  |  |  |  |  |
| Payables for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of investments | 2561 | 445 | 346 | 18633 | 56 |
| &nbsp;&nbsp;&nbsp;Repurchases of fund's shares | 9217 | 93 | 2063 | 34095 | 577 |
| &nbsp;&nbsp;&nbsp;Investment advisory services | 2288 | 39 | 664 | 9209 | 163 |
| &nbsp;&nbsp;&nbsp;Insurance administrative fees | 1448 | 4 | 226 | 2056 | 125 |
| &nbsp;&nbsp;&nbsp;Services provided by related parties | 1458 | 9 | 360 | 4862 | 86 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation | 176 |  | 37 | 782 | 15 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes |  |  |  | 1192 | 286 |
| &nbsp;&nbsp;&nbsp;Other | 159 |  | 813 | 60 | 10 |
|  | 18170 | 1530 | 5516 | 70889 | 2166 |
| Commitments and contingencies\* |  |  |  |  |  |
| **Net assets at December 31, 2025** | $11974056 | $99626 | $2086709 | $43627311 | $404615 |
| **Net assets consist of:** |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | $6329907 | $96908 | $1027159 | $19543567 | $280952 |
| Total distributable earnings (accumulated loss) | 5644149 | 2718 | 1059550 | 24083744 | 123663 |
| **Net assets at December 31, 2025** | $11974056 | $99626 | $2086709 | $43627311 | $404615 |
| Investment securities on loan, at value | $842 | $914 | $987 | $— | $893 |
| Investment securities, at cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | 7123077 | 94143 | 1176146 | 21385651 | 268828 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers | 272473 | 2962 | 26199 | 1435195 | 5440 |
| Cash denominated in currencies other than U.S. dollars, at cost | 4 |  | 268 | 1525 | 81 |
| Premiums received on options written |  |  |  |  |  |

---

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **286** |

---

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of assets and liabilities** at December 31, 2025 (continued) | (dollars in thousands) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |<br>**Capital**<br>**Income**<br>**Builder** |<br>**Asset**<br>**Allocation**<br>**Fund** | **American**<br>**Funds**<br>**Global**<br>**Balanced**<br>**Fund** | |<br>**The Bond**<br>**Fund**<br>**of America** |<br>**Capital**<br>**World Bond**<br>**Fund** |
| **Assets:** | | | |  | | |
| Investment securities, at value: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | $1550384 | $25894359 | $419047 |  | $10789267 | $1345676 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers | 119513 | 1851572 | 32007 |  | 624236 | 136894 |
| Cash | 338 | 3883 | 241 |  | 1674 | 425 |
| Cash collateral received for securities on loan | 1157 | 2069 |  |  |  |  |
| Cash collateral pledged for futures contracts |  |  |  |  |  |  |
| Cash collateral pledged for swap contracts |  |  |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars | 175 | 2 | 92 |  | 3 | 9 |
| Unrealized appreciation on open forward currency contracts |  |  | 229 |  | 386 | 2812 |
| Bilateral swaps, at value |  |  | 38 |  | 2015 | 136 |
| Unrealized appreciation on unfunded commitments\* |  | 3 |  |  |  |  |
| Receivables for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales of investments | 2897 | 251377 | 1442 |  | 55805 | 9996 |
| &nbsp;&nbsp;&nbsp;Sales of fund's shares | 582 | 3662 | 129 |  | 5946 | 534 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 5640 | 79619 | 2033 |  | 83388 | 15248 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 12 | 347 | 14 |  | 507 | 219 |
| &nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts | 17 | 1189 | 18 |  | 1920 | 301 |
| &nbsp;&nbsp;&nbsp;Variation margin on options (futures style) |  |  | 1 |  |  | 7 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 8 | 78 |  | <sup>†</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Other | 137 | 808 | 36 |  | 22 | 141 |
|  | 1680860 | 28088968 | 455327 |  | 11565169 | 1512398 |
| **Liabilities:** |  |  |  |  |  |  |
| Collateral for securities on loan | 11565 | 20974 |  |  |  |  |
| Unrealized depreciation on open forward currency contracts |  |  | 281 |  | 420 | 1842 |
| Bilateral swaps, at value |  |  | 44 |  | 3943 | 2695 |
| Options written, at value |  |  |  |  |  |  |
| Payables for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of investments | 5451 | 345093 | 3655 |  | 184956 | 25455 |
| &nbsp;&nbsp;&nbsp;Repurchases of fund's shares | 1782 | 30592 | 278 |  | 11524 | 1109 |
| &nbsp;&nbsp;&nbsp;Investment advisory services | 319 | 6211 | 163 |  | 1951 | 541 |
| &nbsp;&nbsp;&nbsp;Insurance administrative fees | 488 | 4502 | 126 |  | 1059 | 68 |
| &nbsp;&nbsp;&nbsp;Services provided by related parties | 208 | 3158 | 84 |  | 1171 | 218 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation | 18 | 482 | 7 |  | 199 | 34 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 101 | 2093 | 28 |  | 3584 | 382 |
| &nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts | 1 | 48 | 5 |  | 350 | 154 |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes | 539 |  | 185 |  |  | 68 |
| &nbsp;&nbsp;&nbsp;Other | 12 | 775 | 4 |  | (14 | 62 |
|  | 20484 | 413928 | 4860 |  | 209143 | 32628 |
| Commitments and contingencies\* |  |  |  |  |  |  |
| **Net assets at December 31, 2025** | $1660376 | $27675040 | $450467 |  | $11356026 | $1479770 |
| **Net assets consist of:** |  |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | $1167067 | $16736971 | $339716 |  | $12855120 | $1705259 |
| Total distributable earnings (accumulated loss) | 493309 | 10938069 | 110751 |  | (1499094 | (225489) |
| **Net assets at December 31, 2025** | $1660376 | $27675040 | $450467 |  | $11356026 | $1479770 |
| Investment securities on loan, at value | $11011 | $19953 | $— |  | $— | $— |
| Investment securities, at cost |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | 1124145 | 17944427 | 335829 |  | 10859512 | 1379551 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers | 122247 | 1869376 | 31719 |  | 624125 | 135130 |
| Cash denominated in currencies other than U.S. dollars, at cost | 175 | 2 | 91 |  | 1 | 9 |
| Premiums received on options written |  |  |  |  |  |  |

---

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **287** | American Funds Insurance Series |

---

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of assets and liabilities** at December 31, 2025 (continued) | (dollars in thousands) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |<br>**American**<br>**High-Income**<br>**Trust** | **American**<br>**Funds**<br>**Mortgage**<br>**Fund** |<br>**Ultra-Short**<br>**Bond Fund** | | **U.S.**<br>**Government**<br>**Securities**<br>**Fund** | **Managed**<br>**Risk**<br>**Growth**<br>**Fund** |
| **Assets:** |  |  |  |  |  |  |
| Investment securities, at value: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | $988979 | $133040 | $308498 |  | $1919270 | $24746 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers | 35092 |  |  |  |  | 480365 |
| Cash | 846 | 152 | 101 |  | 2915 |  |
| Cash collateral received for securities on loan |  |  |  |  |  |  |
| Cash collateral pledged for futures contracts | 220 |  |  |  |  | 1030 |
| Cash collateral pledged for swap contracts | 1311 |  |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars |  |  |  |  |  |  |
| Unrealized appreciation on open forward currency contracts |  |  |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |  |  |
| Unrealized appreciation on unfunded commitments\* | 1 |  |  |  |  |  |
| Receivables for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales of investments | 104 | 7819 |  |  | 40517 | 993 |
| &nbsp;&nbsp;&nbsp;Sales of fund's shares | 433 | 167 | 89 |  | 2376 |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 16339 | 474 |  |  | 10972 | 82 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 4 | 4 |  |  | 271 | 207 |
| &nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts | 13 | 8 |  |  | 562 |  |
| &nbsp;&nbsp;&nbsp;Variation margin on options (futures style) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities lending income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other | 3 |  |  |  |  |  |
|  | 1043345 | 141664 | 308688 |  | 1976883 | 507423 |
| **Liabilities:** |  |  |  |  |  |  |
| Collateral for securities on loan |  |  |  |  |  |  |
| Unrealized depreciation on open forward currency contracts |  |  |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |  |  |
| Options written, at value |  |  |  |  | 81 |  |
| Payables for: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of investments | 2414 | 15929 |  |  | 94081 |  |
| &nbsp;&nbsp;&nbsp;Repurchases of fund's shares | 1678 | 16 | 930 |  | 3012 | 1044 |
| &nbsp;&nbsp;&nbsp;Investment advisory services | 250 | 24 | 68 |  | 342 | 43 |
| &nbsp;&nbsp;&nbsp;Insurance administrative fees | 147 | 41 | 35 |  | 341 | 321 |
| &nbsp;&nbsp;&nbsp;Services provided by related parties | 191 | 25 | 66 |  | 328 | 103 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation | 34 | 4 | 12 |  | 51 | 7 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 15 | 58 |  |  | 978 | 326 |
| &nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts | 6 |  |  |  | 320 |  |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other | 1 |  |  | <sup>†</sup> | 1 |  |
|  | 4736 | 16097 | 1111 |  | 99535 | 1844 |
| Commitments and contingencies\* |  |  |  |  |  |  |
| **Net assets at December 31, 2025** | $1038609 | $125567 | $307577 |  | $1877348 | $505579 |
| **Net assets consist of:** |  |  |  |  |  |  |
| Capital paid in on shares of beneficial interest | $1332439 | $136386 | $305626 |  | $2132934 | $389009 |
| Total distributable earnings (accumulated loss) | (293830) | (10819 | 1951 |  | (255586) | 116570 |
| **Net assets at December 31, 2025** | $1038609 | $125567 | $307577 |  | $1877348 | $505579 |
| Investment securities on loan, at value | $— | $— | $— |  | $— | $— |
| Investment securities, at cost |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | 962603 | 132611 | 308476 |  | 1941770 | 27766 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers | 35085 |  |  |  |  | 347996 |
| Cash denominated in currencies other than U.S. dollars, at cost |  |  |  |  |  |  |
| Premiums received on options written |  |  |  |  | 102 |  |

---

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **288** |

---

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of assets and liabilities** at December 31, 2025 (continued) | (dollars in thousands) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| |<br>**Managed**<br>**Risk**<br>**International**<br>**Fund** | **Managed Risk**<br>**Washington**<br>**Mutual**<br>**Investors**<br>**Fund** | **Managed**<br>**Risk**<br>**Growth-**<br>**Income**<br>**Fund** | **Managed**<br>**Risk**<br>**Asset**<br>**Allocation**<br>**Fund** |
| **Assets:** |  |  |  |  |
| Investment securities, at value: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | $5695 | $15351 | $108044 | $71662 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers | 107726 | 299630 | 1980362 | 1404783 |
| Cash |  |  |  |  |
| Cash collateral received for securities on loan |  |  |  |  |
| Cash collateral pledged for futures contracts | 92 | 537 | 5713 | 918 |
| Cash collateral pledged for swap contracts |  |  |  |  |
| Cash denominated in currencies other than U.S. dollars |  |  |  |  |
| Unrealized appreciation on open forward currency contracts |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |
| Unrealized appreciation on unfunded commitments\* |  |  |  |  |
| Receivables for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales of investments | 79 | 760 | 1611 | 4751 |
| &nbsp;&nbsp;&nbsp;Sales of fund's shares |  | 5 | 139 | 227 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 19 | 52 | 353 | 250 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 231 |  |  |  |
| &nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Variation margin on options (futures style) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities lending income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other |  |  |  |  |
|  | 113842 | 316335 | 2096222 | 1482591 |
| **Liabilities:** |  |  |  |  |
| Collateral for securities on loan |  |  |  |  |
| Unrealized depreciation on open forward currency contracts |  |  |  |  |
| Bilateral swaps, at value |  |  |  |  |
| Options written, at value |  |  |  |  |
| Payables for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchases of fund's shares | 83 | 805 | 1835 | 5228 |
| &nbsp;&nbsp;&nbsp;Investment advisory services | 9 | 27 | 179 | 126 |
| &nbsp;&nbsp;&nbsp;Insurance administrative fees | 72 | 199 | 1324 | 1074 |
| &nbsp;&nbsp;&nbsp;Services provided by related parties | 24 | 65 | 54 | 314 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation | 2 | 5 | 30 | 41 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 248 | 62 | 660 | 106 |
| &nbsp;&nbsp;&nbsp;Variation margin on centrally cleared swap contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-U.S. taxes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other |  |  |  |  |
|  | 438 | 1163 | 4082 | 6889 |
| Commitments and contingencies\* |  |  |  |  |
| **Net assets at December 31, 2025** | $113404 | $315172 | $2092140 | $1475702 |
| **Net assets consist of:** |  |  |  |  |
| Capital paid in on shares of beneficial interest | $126483 | $268118 | $1532154 | $1152802 |
| Total distributable earnings (accumulated loss) | (13079) | 47054 | 559986 | 322900 |
| **Net assets at December 31, 2025** | $113404 | $315172 | $2092140 | $1475702 |
| Investment securities on loan, at value | $— | $— | $— | $— |
| Investment securities, at cost |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | 6202 | 17175 | 128241 | 74119 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers | 80369 | 230495 | 1662516 | 1177798 |
| Cash denominated in currencies other than U.S. dollars, at cost |  |  |  |  |
| Premiums received on options written |  |  |  |  |

---

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **289** | American Funds Insurance Series |

---

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of assets and liabilities** at December 31, 2025 (continued) | (dollars and shares in thousands, except per-share amounts) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | |<br>**Global**<br>**Growth**<br>**Fund** | **Global**<br>**Small**<br>**Capitalization**<br>**Fund** |<br>**Growth**<br>**Fund** |<br>**International**<br>**Fund** |<br>**New**<br>**World**<br>**Fund** |
| Shares of beneficial interest issued and outstanding | Shares of beneficial interest issued and outstanding |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(no stated par value) — unlimited shares authorized | &nbsp;&nbsp;&nbsp;(no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $4114734 | $784210 | $25167887 | $3364413 | $2103702 |
|  | Shares outstanding | 106085 | 38604 | 178424 | 150645 | 64791 |
|  | Net asset value per share | $38.79 | $20.31 | $141.06 | $22.33 | $32.47 |
| **Class 1A:** | Net assets | $65911 | $6412 | $458187 | $16600 | $31750 |
|  | Shares outstanding | 1713 | 321 | 3292 | 748 | 984 |
|  | Net asset value per share | $38.47 | $19.99 | $139.18 | $22.20 | $32.25 |
| **Class 2:** | Net assets | $3725188 | $1756619 | $21575396 | $3480776 | $940783 |
|  | Shares outstanding | 97736 | 92263 | 155446 | 156678 | 29375 |
|  | Net asset value per share | $38.11 | $19.04 | $138.80 | $22.22 | $32.03 |
| **Class 3:** | Net assets |  |  | $293095 | $16386 |  |
|  | Shares outstanding | Not applicable | Not applicable | 2055 | 731 | Not applicable |
|  | Net asset value per share |  |  | $142.60 | $22.41 |  |
| **Class 4:** | Net assets | $1225513 | $406562 | $7184217 | $573805 | $971133 |
|  | Shares outstanding | 32637 | 21428 | 53458 | 26284 | 30626 |
|  | Net asset value per share | $37.55 | $18.97 | $134.39 | $21.83 | $31.71 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Washington**<br>**Mutual**<br>**Investors**<br>**Fund** | **U.S. Small and**<br>**Mid**<br>**Cap Equity**<br>**Fund** | **Capital**<br>**World Growth**<br>**and Income**<br>**Fund** |<br>**Growth-**<br>**Income**<br>**Fund** | **International**<br>**Growth**<br>**and Income**<br>**Fund** |
| Shares of beneficial interest issued and outstanding | Shares of beneficial interest issued and outstanding |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(no stated par value) — unlimited shares authorized | &nbsp;&nbsp;&nbsp;(no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $6434903 | $88135 | $621489 | $25779841 | $34897 |
|  | Shares outstanding | 353902 | 7861 | 33710 | 380653 | 2587 |
|  | Net asset value per share | $18.18 | $11.21 | $18.44 | $67.73 | $13.49 |
| **Class 1A:** | Net assets | $37706 | $11 | $11968 | $54369 | $9107 |
|  | Shares outstanding | 2085 | 1 | 654 | 810 | 696 |
|  | Net asset value per share | $18.09 | $11.21 | $18.31 | $67.11 | $13.09 |
| **Class 2:** | Net assets | $3148146 | $11 | $1090396 | $14357484 | $171727 |
|  | Shares outstanding | 176947 | 1 | 59340 | 216610 | 13110 |
|  | Net asset value per share | $17.79 | $11.21 | $18.38 | $66.28 | $13.10 |
| **Class 3:** | Net assets |  |  |  | $162563 |  |
|  | Shares outstanding | Not applicable | Not applicable | Not applicable | 2394 | Not applicable |
|  | Net asset value per share |  |  |  | $67.91 |  |
| **Class 4:** | Net assets | $2353301 | $11469 | $362856 | $3273054 | $188884 |
|  | Shares outstanding | 134090 | 1022 | 20329 | 50535 | 14678 |
|  | Net asset value per share | $17.55 | $11.22 | $17.85 | $64.77 | $12.87 |

---

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **290** |

---

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of assets and liabilities** at December 31, 2025 (continued) | (dollars and shares in thousands, except per-share amounts) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | |<br>**Capital**<br>**Income**<br>**Builder** |<br>**Asset**<br>**Allocation**<br>**Fund** | **American**<br>**Funds**<br>**Global**<br>**Balanced**<br>**Fund** |<br>**The Bond**<br>**Fund**<br>**of America** |<br>**Capital**<br>**World Bond**<br>**Fund** |
| Shares of beneficial interest issued and outstanding | Shares of beneficial interest issued and outstanding |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(no stated par value) — unlimited shares authorized | &nbsp;&nbsp;&nbsp;(no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $840977 | $15918554 | $96748 | $6909118 | $610786 |
|  | Shares outstanding | 58024 | 578698 | 6712 | 725503 | 59749 |
|  | Net asset value per share | $14.49 | $27.51 | $14.41 | $9.52 | $10.22 |
| **Class 1A:** | Net assets | $15288 | $55856 | $4557 | $296525 | $29723 |
|  | Shares outstanding | 1056 | 2045 | 318 | 31383 | 2935 |
|  | Net asset value per share | $14.48 | $27.31 | $14.31 | $9.45 | $10.13 |
| **Class 2:** | Net assets | $22737 | $4401467 | $147446 | $2723868 | $758385 |
|  | Shares outstanding | 1570 | 162734 | 10287 | 290775 | 75051 |
|  | Net asset value per share | $14.48 | $27.05 | $14.33 | $9.37 | $10.10 |
| **Class 3:** | Net assets |  | $35405 |  |  |  |
|  | Shares outstanding | Not applicable | 1285 | Not applicable | Not applicable | Not applicable |
|  | Net asset value per share |  | $27.55 |  |  |  |
| **Class 4:** | Net assets | $781374 | $7263758 | $201716 | $1426515 | $80876 |
|  | Shares outstanding | 54053 | 271330 | 14349 | 153303 | 8144 |
|  | Net asset value per share | $14.46 | $26.77 | $14.06 | $9.31 | $9.93 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | |<br>**American**<br>**High-Income**<br>**Trust** | **American**<br>**Funds**<br>**Mortgage**<br>**Fund** |<br>**Ultra-Short**<br>**Bond Fund** | **U.S.**<br>**Government**<br>**Securities**<br>**Fund** | **Managed**<br>**Risk**<br>**Growth**<br>**Fund** |
| Shares of beneficial interest issued and outstanding | Shares of beneficial interest issued and outstanding |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(no stated par value) — unlimited shares authorized | &nbsp;&nbsp;&nbsp;(no stated par value) — unlimited shares authorized |  |  |  |  |  |
| **Class 1:** | Net assets | $254585 | $18615 | $35747 | $261446 |  |
|  | Shares outstanding | 27282 | 1968 | 3170 | 26415 | Not applicable |
|  | Net asset value per share | $9.33 | $9.46 | $11.28 | $9.90 |  |
| **Class 1A:** | Net assets | $7747 | $3305 | $130 | $299685 |  |
|  | Shares outstanding | 835 | 355 | 11 | 30461 | Not applicable |
|  | Net asset value per share | $9.27 | $9.32 | $11.28 | $9.84 |  |
| **Class 2:** | Net assets | $533026 | $40771 | $214848 | $1056315 |  |
|  | Shares outstanding | 58703 | 4360 | 19752 | 108255 | Not applicable |
|  | Net asset value per share | $9.08 | $9.35 | $10.88 | $9.76 |  |
| **Class 3:** | Net assets | $7898 |  | $3534 | $4943 |  |
|  | Shares outstanding | 841 | Not applicable | 320 | 498 | Not applicable |
|  | Net asset value per share | $9.39 |  | $11.03 | $9.93 |  |
| **Class 4:** | Net assets | $235353 | $62876 | $53318 | $254959 |  |
|  | Shares outstanding | 22906 | 6824 | 4866 | 26181 | Not applicable |
|  | Net asset value per share | $10.27 | $9.21 | $10.96 | $9.74 |  |
| **Class P1:** | Net assets |  |  |  |  | $14278 |
|  | Shares outstanding | Not applicable | Not applicable | Not applicable | Not applicable | 1001 |
|  | Net asset value per share |  |  |  |  | $14.26 |
| **Class P2:** | Net assets |  |  |  |  | $491301 |
|  | Shares outstanding | Not applicable | Not applicable | Not applicable | Not applicable | 34806 |
|  | Net asset value per share |  |  |  |  | $14.12 |

---

Refer to the end of the statements of assets and liabilities for footnote(s).

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **291** | American Funds Insurance Series |

---

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of assets and liabilities** at December 31, 2025 (continued) | (dollars and shares in thousands, except per-share amounts) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | |<br>**Managed**<br>**Risk**<br>**International**<br>**Fund** | **Managed Risk**<br>**Washington**<br>**Mutual**<br>**Investors**<br>**Fund** | **Managed**<br>**Risk**<br>**Growth-**<br>**Income**<br>**Fund** | **Managed**<br>**Risk**<br>**Asset**<br>**Allocation**<br>**Fund** |
| Shares of beneficial interest issued and outstanding | Shares of beneficial interest issued and outstanding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(no stated par value) — unlimited shares authorized | &nbsp;&nbsp;&nbsp;(no stated par value) — unlimited shares authorized |  |  |  |  |
| **Class P1:** | Net assets | $2047 | $2840 | $1834093 | $12565 |
|  | Shares outstanding | 219 | 222 | 122227 | 934 |
|  | Net asset value per share | $9.34 | $12.77 | $15.01 | $13.46 |
| **Class P2:** | Net assets | $111356 | $312332 | $258047 | $1463137 |
|  | Shares outstanding | 11989 | 24621 | 17322 | 112531 |
|  | Net asset value per share | $9.29 | $12.69 | $14.90 | $13.00 |

---

\* Refer to Note 5 for further information on unfunded commitments.

---

| | |
|:---|:---|
| <sup>†</sup> | Amount less than one thousand. |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **292** |

---

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of operations** for the year ended December 31, 2025 | (dollars in thousands) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |<br>**Global**<br>**Growth**<br>**Fund** | **Global**<br>**Small**<br>**Capitalization**<br>**Fund** |<br>**Growth**<br>**Fund** |<br>**International**<br>**Fund** |<br>**New**<br>**World**<br>**Fund** |
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes\*): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $121415 | $38161 | $254446 | $152648 | $65878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 12461 | 4646 | 51607 | 11400 | 5504 |
|  | 133876 | 42807 | 306053 | 164048 | 71382 |
| &nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers | 668 | 435 | 63 | 912 | 10731 |
| &nbsp;&nbsp;&nbsp;Securities lending income (net of fees) | 72 | 516 | 588 | 99 | 54 |
|  | 134616 | 43758 | 306704 | 165059 | 82167 |
| Fees and expenses\*: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory services | 40161 | 19042 | 152106 | 34101 | 21211 |
| &nbsp;&nbsp;&nbsp;Distribution services | 11631 | 5205 | 67395 | 9726 | 4307 |
| &nbsp;&nbsp;&nbsp;Insurance administrative services | 2751 | 902 | 16193 | 1291 | 2255 |
| &nbsp;&nbsp;&nbsp;Transfer agent services | 2 | 1 | 11 | 2 | 1 |
| &nbsp;&nbsp;&nbsp;Administrative services | 2537 | 883 | 15100 | 2140 | 1103 |
| &nbsp;&nbsp;&nbsp;Accounting and administrative services |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reports to shareholders | 86 | 51 | 478 | 63 | 27 |
| &nbsp;&nbsp;&nbsp;Registration statement and prospectus | 43 | 26 | 278 | 53 | 20 |
| &nbsp;&nbsp;&nbsp;Trustees' compensation | 42 | 15 | 249 | 35 | 18 |
| &nbsp;&nbsp;&nbsp;Auditing and legal | 113 | 145 | 123 | 157 | 143 |
| &nbsp;&nbsp;&nbsp;Custodian | 851 | 399 | 738 | 1018 | 1231 |
| &nbsp;&nbsp;&nbsp;Other | 5 | 35 | 28 | 5 | 42 |
| Total fees and expenses before waivers and/or reimbursements | 58222 | 26704 | 252699 | 48591 | 30358 |
| &nbsp;&nbsp;&nbsp;Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services waivers | 8716 | 1377 | 1 |  | 2573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous fee reimbursement |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total waivers and/or reimbursements of fees and expenses | 8716 | 1377 | 1 |  | 2573 |
| Total fees and expenses after waivers and/or reimbursements | 49506 | 25327 | 252698 | 48591 | 27785 |
| Net investment income | 85110 | 18431 | 54006 | 116468 | 54382 |
| **Net realized gain (loss) and unrealized appreciation (depreciation):** |  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 1235883 | 353523 | 4845744 | 747952 | 300988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | (82) | 2186 | 66 | (57) | 11 |
| &nbsp;&nbsp;&nbsp;Options purchased (futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Options written |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts |  |  |  |  | 177 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |  | (497) |
| &nbsp;&nbsp;&nbsp;Swap contracts |  |  |  |  | (88) |
| &nbsp;&nbsp;&nbsp;Currency transactions | (1518) | 42 | 219 | 3403 | (403) |
| Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 1234283 | 355751 | 4846029 | 751298 | 300188 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 365551 | 48245 | 4566279 | 841691 | 562176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | (14) | (12785) | 56 | (26) | (8) |
| &nbsp;&nbsp;&nbsp;Options purchased (futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Options written |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts |  |  |  |  | (4) |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |  | (78) |
| &nbsp;&nbsp;&nbsp;Swap contracts |  |  |  |  | 104 |
| &nbsp;&nbsp;&nbsp;Currency translations | 554 | 893 | 111 | 2323 | 1194 |
|  | 366091 | 36353 | 4566446 | 843988 | 563384 |
| Net realized gain (loss) and unrealized appreciation (depreciation) | 1600374 | 392104 | 9412475 | 1595286 | 863572 |
| **Net increase (decrease) in net assets resulting from operations** | $1685484 | $410535 | $9466481 | $1711754 | $917954 |

---

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **293** | American Funds Insurance Series |

---

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of operations** for the year ended December 31, 2025 (continued) | (dollars in thousands) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Washington**<br>**Mutual**<br>**Investors**<br>**Fund** | **U.S. Small**<br>**and Mid**<br>**Cap Equity**<br>**Fund** | **Capital**<br>**World Growth**<br>**and Income**<br>**Fund** |<br>**Growth-**<br>**Income**<br>**Fund** | **International**<br>**Growth**<br>**and Income**<br>**Fund** |
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes\*): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $207376 | $586 | $38665 | $541729 | $11690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 13883 | 60 | 2805 | 66629 | 489 |
|  | 221259 | 646 | 41470 | 608358 | 12179 |
| &nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers | 22 | 2 | 164 | 148 | 111 |
| &nbsp;&nbsp;&nbsp;Securities lending income (net of fees) | 151 | 6 | 17 | 137 | 9 |
|  | 221432 | 654 | 41651 | 608643 | 12299 |
| Fees and expenses\*: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory services | 43009 | 216 | 9356 | 104279 | 1811 |
| &nbsp;&nbsp;&nbsp;Distribution services | 12726 | 9 | 3383 | 42505 | 860 |
| &nbsp;&nbsp;&nbsp;Insurance administrative services | 5166 | 8 | 801 | 7505 | 475 |
| &nbsp;&nbsp;&nbsp;Transfer agent services | 3 |  |  | 9 |  |
| &nbsp;&nbsp;&nbsp;Administrative services | 3450 | 15 | 591 | 12580 | 114 |
| &nbsp;&nbsp;&nbsp;Accounting and administrative services |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reports to shareholders | 52 | 4 | 14 | 390 | 9 |
| &nbsp;&nbsp;&nbsp;Registration statement and prospectus | 38 | 3 | 10 | 217 | 5 |
| &nbsp;&nbsp;&nbsp;Trustees' compensation | 57 |  | 10 | 207 | 2 |
| &nbsp;&nbsp;&nbsp;Auditing and legal | 77 | 59 | 82 | 109 | 105 |
| &nbsp;&nbsp;&nbsp;Custodian | 248 |  | 161 | 349 | 86 |
| &nbsp;&nbsp;&nbsp;Other | 6 |  | 2 | 25 | 1 |
| Total fees and expenses before waivers and/or reimbursements | 64832 | 314 | 14410 | 168175 | 3468 |
| &nbsp;&nbsp;&nbsp;Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services waivers | 16888 |  | 1970 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous fee reimbursement |  | 38 |  |  |  |
| &nbsp;&nbsp;&nbsp;Total waivers and/or reimbursements of fees and expenses | 16888 | 38 | 1970 |  |  |
| Total fees and expenses after waivers and/or reimbursements | 47944 | 276 | 12440 | 168175 | 3468 |
| Net investment income | 173488 | 378 | 29211 | 440468 | 8831 |
| **Net realized gain (loss) and unrealized appreciation (depreciation):** |  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 1056433 | (942) | 183640 | 3158953 | 21094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | (10) |  | 5 | 6384 | 1 |
| &nbsp;&nbsp;&nbsp;Options purchased (futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Options written |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |  | (18) |
| &nbsp;&nbsp;&nbsp;Swap contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency transactions | (19) |  | 162 | (1431) | (12) |
| Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 1056404 | (942 | 183807 | 3163906 | 21065 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 614865 | 4098 | 226913 | 3625006 | 82799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | (30) |  | (4) | (128689) | (3) |
| &nbsp;&nbsp;&nbsp;Options purchased (futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Options written |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |  | (10) |
| &nbsp;&nbsp;&nbsp;Swap contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency translations | 8 |  | 206 | 541 | 94 |
|  | 614843 | 4098 | 227115 | 3496858 | 82880 |
| Net realized gain (loss) and unrealized appreciation (depreciation) | 1671247 | 3156 | 410922 | 6660764 | 103945 |
| **Net increase (decrease) in net assets resulting from operations** | $1844735 | $3534 | $440133 | $7101232 | $112776 |

---

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **294** |

---

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of operations** for the year ended December 31, 2025 (continued) | (dollars in thousands) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |<br>**Capital**<br>**Income**<br>**Builder** |<br>**Asset**<br>**Allocation**<br>**Fund** | **American**<br>**Funds**<br>**Global**<br>**Balanced**<br>**Fund** |<br>**The Bond**<br>**Fund**<br>**of America** |<br>**Capital**<br>**World Bond**<br>**Fund** |
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes\*): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $38765 | $218666 | $6265 | $4 | $89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 5736 | 108867 | 1353 | 32185 | 4626 |
|  | 44501 | 327533 | 7618 | 32189 | 4715 |
| &nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers | 9967 | 362329 | 5490 | 502412 | 62140 |
| &nbsp;&nbsp;&nbsp;Securities lending income (net of fees) | 41 | 290 | 3 |  |  |
|  | 54509 | 690152 | 13111 | 534601 | 66855 |
| Fees and expenses\*: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory services | 5458 | 72026 | 1870 | 39384 | 6326 |
| &nbsp;&nbsp;&nbsp;Distribution services | 1836 | 28081 | 799 | 10077 | 2069 |
| &nbsp;&nbsp;&nbsp;Insurance administrative services | 1820 | 17303 | 438 | 3890 | 257 |
| &nbsp;&nbsp;&nbsp;Transfer agent services |  | 6 |  | 2 |  |
| &nbsp;&nbsp;&nbsp;Administrative services | 458 | 8176 | 126 | 3357 | 440 |
| &nbsp;&nbsp;&nbsp;Accounting and administrative services |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reports to shareholders | 11 | 150 | 9 | 101 | 16 |
| &nbsp;&nbsp;&nbsp;Registration statement and prospectus | 11 | 121 | 5 | 88 | 10 |
| &nbsp;&nbsp;&nbsp;Trustees' compensation | 8 | 134 | 2 | 54 | 7 |
| &nbsp;&nbsp;&nbsp;Auditing and legal | 104 | 111 | 85 | 66 | 72 |
| &nbsp;&nbsp;&nbsp;Custodian | 104 | 224 | 107 | 141 | 236 |
| &nbsp;&nbsp;&nbsp;Other | 1 | 19 |  | 7 | 2 |
| Total fees and expenses before waivers and/or reimbursements | 9811 | 126351 | 3441 | 57167 | 9435 |
| &nbsp;&nbsp;&nbsp;Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services waivers | 1987 |  | 71 | 16783 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous fee reimbursement |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total waivers and/or reimbursements of fees and expenses | 1987 |  | 71 | 16783 |  |
| Total fees and expenses after waivers and/or reimbursements | 7824 | 126351 | 3370 | 40384 | 9435 |
| Net investment income | 46685 | 563801 | 9741 | 494217 | 57420 |
| **Net realized gain (loss) and unrealized appreciation (depreciation):** |  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 62600 | 3027901 | 26945 | 17102 | (13024) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 16 | (136545) | (2) | 284 | (6) |
| &nbsp;&nbsp;&nbsp;Options purchased (futures style) |  |  | (67) |  | (586) |
| &nbsp;&nbsp;&nbsp;Options written |  |  | 41 |  | 423 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 1420 | 28857 | 469 | 21847 | 7420 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts | 13 |  | (3684) | (9144) | (2268) |
| &nbsp;&nbsp;&nbsp;Swap contracts | 147 | (1718) | (169) | 143 | (828) |
| &nbsp;&nbsp;&nbsp;Currency transactions | (86) | (392) | (50) | 49 | (96) |
| Capital gain distributions received from affiliated issuers |  |  |  |  |  |
|  | 64110 | 2918103 | 23483 | 30281 | (8965 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 169327 | 396525 | 31781 | 242048 | 74949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 789 | 154231 | 104 | (182) | 561 |
| &nbsp;&nbsp;&nbsp;Options purchased (futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Options written |  |  | 4 |  | 88 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 699 | (1220) | 224 | 21668 | 1912 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  | 130 | (1861) | 1027 |
| &nbsp;&nbsp;&nbsp;Swap contracts | (213) | 3084 | 389 | 9256 | 3722 |
| &nbsp;&nbsp;&nbsp;Currency translations | 141 | 379 | 71 | 93 | 429 |
|  | 170743 | 552999 | 32703 | 271022 | 82688 |
| Net realized gain (loss) and unrealized appreciation (depreciation) | 234853 | 3471102 | 56186 | 301303 | 73723 |
| **Net increase (decrease) in net assets resulting from operations** | $281538 | $4034903 | $65927 | $795520 | $131143 |

---

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **295** | American Funds Insurance Series |

---

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of operations** for the year ended December 31, 2025 (continued) | (dollars in thousands) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |<br>**American**<br>**High-Income**<br>**Trust** | **American**<br>**Funds**<br>**Mortgage**<br>**Fund** |<br>**Ultra-Short**<br>**Bond Fund** | **U.S.**<br>**Government**<br>**Securities**<br>**Fund** | **Managed**<br>**Risk**<br>**Growth**<br>**Fund** |
| **Investment income:** |  |  |  |  |  |
| Income (net of non-U.S. taxes\*): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $1002 | $— | $— | $— | $918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 1878 |  |  |  | 3292 |
|  | 2880 |  |  |  | 4210 |
| &nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers | 67851 | 6102 | 14226 | 84744 |  |
| &nbsp;&nbsp;&nbsp;Securities lending income (net of fees) |  |  |  |  |  |
|  | 70731 | 6102 | 14226 | 84744 | 4210 |
| Fees and expenses\*: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory services | 4001 | 349 | 846 | 5429 | 594 |
| &nbsp;&nbsp;&nbsp;Distribution services | 1850 | 244 | 732 | 3216 | 1243 |
| &nbsp;&nbsp;&nbsp;Insurance administrative services | 508 | 148 | 156 | 1312 | 1277 |
| &nbsp;&nbsp;&nbsp;Transfer agent services |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Administrative services | 297 | 36 | 99 | 552 |  |
| &nbsp;&nbsp;&nbsp;Accounting and administrative services |  |  |  |  | 65 |
| &nbsp;&nbsp;&nbsp;Reports to shareholders | 12 | 8 | 9 | 16 |  |
| &nbsp;&nbsp;&nbsp;Registration statement and prospectus | 8 | 1 | 2 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;Trustees' compensation | 4 |  | 2 | 9 | 3 |
| &nbsp;&nbsp;&nbsp;Auditing and legal | 89 | 52 | 50 | 56 | 9 |
| &nbsp;&nbsp;&nbsp;Custodian | 21 | 15 | 1 | 34 | 6 |
| &nbsp;&nbsp;&nbsp;Other | 14 |  |  | 1 |  |
| Total fees and expenses before waivers and/or reimbursements | 6804 | 853 | 1897 | 10635 | 3207 |
| &nbsp;&nbsp;&nbsp;Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services waivers | 1188 | 87 |  | 1412 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous fee reimbursement |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total waivers and/or reimbursements of fees and expenses | 1188 | 87 |  | 1412 | 83 |
| Total fees and expenses after waivers and/or reimbursements | 5616 | 766 | 1897 | 9223 | 3124 |
| Net investment income | 65115 | 5336 | 12329 | 75521 | 1086 |
| **Net realized gain (loss) and unrealized appreciation (depreciation):** |  |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | (831) | 421 |  | 2163 | (4185) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers |  |  |  |  | 70221 |
| &nbsp;&nbsp;&nbsp;Options purchased (futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Options written |  | 1 |  | 27 |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | 293 | 1057 |  | 18297 | (13362) |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap contracts | (917) | 27 |  | 4094 |  |
| &nbsp;&nbsp;&nbsp;Currency transactions | 5 |  |  |  | 154 |
| Capital gain distributions received from affiliated issuers |  |  |  |  | 34295 |
|  | (1450 | 1506 |  | 24581 | 87123 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 15779 | 2481 | (2) | 32939 | (2333) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 3 |  |  |  | (20149) |
| &nbsp;&nbsp;&nbsp;Options purchased (futures style) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Options written |  |  |  | 21 |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | 62 | 209 |  | 5703 | (455) |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap contracts | (207) | (15) |  | (1861) |  |
| &nbsp;&nbsp;&nbsp;Currency translations |  |  |  |  |  |
|  | 15637 | 2675 | (2 | 36802 | (22937 |
| Net realized gain (loss) and unrealized appreciation (depreciation) | 14187 | 4181 | (2 | 61383 | 64186 |
| **Net increase (decrease) in net assets resulting from operations** | $79302 | $9517 | $12327 | $136904 | $65272 |

---

Refer to the end of the statements of operations for footnote(s).

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **296** |

---

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of operations** for the year ended December 31, 2025 (continued) | (dollars in thousands) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| |<br>**Managed**<br>**Risk**<br>**International**<br>**Fund** | **Managed Risk**<br>**Washington**<br>**Mutual**<br>**Investors**<br>**Fund** | **Managed**<br>**Risk**<br>**Growth-**<br>**Income**<br>**Fund** | **Managed**<br>**Risk**<br>**Asset**<br>**Allocation**<br>**Fund** |
| **Investment income:** |  |  |  |  |
| Income (net of non-U.S. taxes\*): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $213 | $587 | $3944 | $3676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 1911 | 5641 | 32266 | 32501 |
|  | 2124 | 6228 | 36210 | 36177 |
| &nbsp;&nbsp;&nbsp;Interest from unaffiliated issuers |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities lending income (net of fees) |  |  |  |  |
|  | 2124 | 6228 | 36210 | 36177 |
| **Fees and expenses\*:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory services | 133 | 369 | 2463 | 2210 |
| &nbsp;&nbsp;&nbsp;Distribution services | 280 | 786 | 662 | 4685 |
| &nbsp;&nbsp;&nbsp;Insurance administrative services | 285 | 792 | 5286 | 4715 |
| &nbsp;&nbsp;&nbsp;Transfer agent services |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Administrative services |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounting and administrative services | 57 | 61 | 98 | 95 |
| &nbsp;&nbsp;&nbsp;Reports to shareholders |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registration statement and prospectus | 8 | 9 | 19 | 22 |
| &nbsp;&nbsp;&nbsp;Trustees' compensation | 1 | 2 | 10 | 9 |
| &nbsp;&nbsp;&nbsp;Auditing and legal | 2 | 6 | 38 | 35 |
| &nbsp;&nbsp;&nbsp;Custodian | 6 | 6 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;Other |  |  | 2 | 1 |
| Total fees and expenses before waivers and/or reimbursements | 772 | 2031 | 8585 | 11779 |
| &nbsp;&nbsp;&nbsp;Less waivers and/or reimbursements of fees and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory services waivers | 19 | 52 | 348 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous fee reimbursement | 39 |  |  |  |
| &nbsp;&nbsp;&nbsp;Total waivers and/or reimbursements of fees and expenses | 58 | 52 | 348 | 324 |
| Total fees and expenses after waivers and/or reimbursements | 714 | 1979 | 8237 | 11455 |
| Net investment income | 1410 | 4249 | 27973 | 24722 |
| **Net realized gain (loss) and unrealized appreciation (depreciation):** |  |  |  |  |
| Net realized gain (loss)\* on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | (997) | (2786) | (28619) | (3827) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 6733 | 17203 | 103218 | 39013 |
| &nbsp;&nbsp;&nbsp;Options purchased (futures style) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Options written |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | (6090) | (8845) | (37033) | (47196) |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency transactions | 39 | 61 | 367 | 201 |
| Capital gain distributions received from affiliated issuers |  | 17905 | 278792 | 127660 |
|  | (315 | 23538 | 316725 | 115851 |
| Net unrealized appreciation (depreciation)\* on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | (422) | (1184) | (13505) | (1962) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers | 15574 | 5381 | (104317) | 63753 |
| &nbsp;&nbsp;&nbsp;Options purchased (futures style) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Options written |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | (88) | 75 | 1063 | 731 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Swap contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Currency translations |  |  |  |  |
|  | 15064 | 4272 | (116759 | 62522 |
| Net realized gain (loss) and unrealized appreciation (depreciation) | 14749 | 27810 | 199966 | 178373 |
| **Net increase (decrease) in net assets resulting from operations** | $16159 | $32059 | $227939 | $203095 |

---

\* Additional information related to non-U.S. taxes and class-specific fees and expenses is included in the notes to financial statements.

---

| | |
|:---|:---|
| <sup>†</sup> | Amount less than one thousand. |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **297** | American Funds Insurance Series |

---

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of changes in net assets** | (dollars in thousands) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Global Small** | **Global Small** | | |
| | **Global Growth Fund** | **Global Growth Fund** | **Capitalization Fund** | **Capitalization Fund** | **Growth Fund** | **Growth Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $85110 | $83934 | $18431 | $14439 | $54006 | $123765 |
| Net realized gain (loss) | 1234283 | 1058571 | 355751 | 67213 | 4846029 | 3989653 |
| Net unrealized appreciation (depreciation) | 366091 | (106961) | 36353 | (6037) | 4566446 | 7880200 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1685484 | 1035544 | 410535 | 75615 | 9466481 | 11993618 |
| **Distributions paid to shareholders** | (1167286) | (362247) | (76359) | (145595) | (4046623) | (1183768) |
| **Net capital share transactions** | 554825 | (305156) | (370832) | (124117) | 1555981 | (2405717) |
| **Total increase (decrease) in net assets** | 1073023 | 368141 | (36656) | (194097) | 6975839 | 8404133 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 8058323 | 7690182 | 2990459 | 3184556 | 47702943 | 39298810 |
| End of year | $9131346 | $8058323 | $2953803 | $2990459 | $54678782 | $47702943 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **Washington Mutual** | **Washington Mutual** |
| | **International Fund** | **International Fund** | **New World Fund** | **New World Fund** | **Investors Fund** | **Investors Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $116468 | $80016 | $54382 | $49823 | $173488 | $178541 |
| Net realized gain (loss) | 751298 | 335500 | 300188 | 148263 | 1056404 | 784826 |
| Net unrealized appreciation (depreciation) | 843988 | (158907) | 563384 | 26354 | 614843 | 937617 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1711754 | 256609 | 917954 | 224440 | 1844735 | 1900984 |
| **Distributions paid to shareholders** | (99689) | (91320) | (192985) | (66666) | (947281) | (270276) |
| **Net capital share transactions** | (946603) | (557783) | (89200) | (124462) | 10588 | (851035) |
| **Total increase (decrease) in net assets** | 665462 | (392494) | 635769 | 33312 | 908042 | 779673 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 6786518 | 7179012 | 3411599 | 3378287 | 11066014 | 10286341 |
| End of year | $7451980 | $6786518 | $4047368 | $3411599 | $11974056 | $11066014 |

---

Refer to the end of the statements of changes in net assets for footnote(s).

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **298** |

---

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of changes in net assets** (continued) | (dollars in thousands) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Capital** | **Capital** | | |
|  | **U.S. Small and Mid** | **U.S. Small and Mid** | **World Growth** | **World Growth** | | |
| | **Cap Equity Fund** | **Cap Equity Fund** | **and Income Fund** | **and Income Fund** | **Growth-Income Fund** | **Growth-Income Fund** |
|  | | | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | Year ended<br>December 31,<br>2025 | Period ended<br>December 31,<br>2024\* | 2025 | 2024 | 2025 | 2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $378 | $13 | $29211 | $29625 | $440468 | $464425 |
| Net realized gain (loss) | (942) | 4 | 183807 | 142599 | 3163906 | 6999624 |
| Net unrealized appreciation (depreciation) | 4098 | (438) | 227115 | 78887 | 3496858 | 1206283 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 3534 | (421) | 440133 | 251111 | 7101232 | 8670332 |
| **Distributions paid to shareholders** | (397) | (13) | (99132) | (32476) | (7414912) | (2264497) |
| **Net capital share transactions** | 81910 | 15013 | (142611) | (191651) | 2685997 | (2602817) |
| **Total increase (decrease) in net assets** | 85047 | 14579 | 198390 | 26984 | 2372317 | 3803018 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 14579 |  | 1888319 | 1861335 | 41254994 | 37451976 |
| End of year | $99626 | $14579 | $2086709 | $1888319 | $43627311 | $41254994 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Growth** | **International Growth** | | | | |
| | **and Income Fund** | **and Income Fund** | **Capital Income Builder** | **Capital Income Builder** | **Asset Allocation Fund** | **Asset Allocation Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $8831 | $7648 | $46685 | $42544 | $563801 | $590761 |
| Net realized gain (loss) | 21065 | (1592) | 64110 | 24024 | 2918103 | 1925378 |
| Net unrealized appreciation (depreciation) | 82880 | 5162 | 170743 | 61325 | 552999 | 1576776 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 112776 | 11218 | 281538 | 127893 | 4034903 | 4092915 |
| **Distributions paid to shareholders** | (9200) | (8098) | (46016) | (45676) | (2469833) | (1743267) |
| **Net capital share transactions** | (21614) | (9047) | 56186 | 35182 | (975710) | (949298) |
| **Total increase (decrease) in net assets** | 81962 | (5927) | 291708 | 117399 | 589360 | 1400350 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 322653 | 328580 | 1368668 | 1251269 | 27085680 | 25685330 |
| End of year | $404615 | $322653 | $1660376 | $1368668 | $27675040 | $27085680 |

---

Refer to the end of the statements of changes in net assets for footnote(s).

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **299** | American Funds Insurance Series |

---

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of changes in net assets** (continued) | (dollars in thousands) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American Funds** | **American Funds** | **The Bond Fund** | **The Bond Fund** | | |
| | **Global Balanced Fund** | **Global Balanced Fund** | **of America** | **of America** | **Capital World Bond Fund** | **Capital World Bond Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $9741 | $9318 | $494217 | $501464 | $57420 | $61225 |
| Net realized gain (loss) | 23483 | 16800 | 30281 | (134500) | (8965) | (22949) |
| Net unrealized appreciation (depreciation) | 32703 | (1065) | 271022 | (207188) | 82688 | (80072) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 65927 | 25053 | 795520 | 159776 | 131143 | (41796) |
| **Distributions paid to shareholders** | (21425) | (7048) | (486650) | (475626) | (44306) | (33915) |
| **Net capital share transactions** | 13683 | (14487) | (119742) | 474834 | (55304) | (16393) |
| **Total increase (decrease) in net assets** | 58185 | 3518 | 189128 | 158984 | 31533 | (92104) |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 392282 | 388764 | 11166898 | 11007914 | 1448237 | 1540341 |
| End of year | $450467 | $392282 | $11356026 | $11166898 | $1479770 | $1448237 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American** | **American** | **American Funds** | **American Funds** | | |
| | **High-Income Trust** | **High-Income Trust** | **Mortgage Fund** | **Mortgage Fund** | **Ultra-Short Bond Fund** | **Ultra-Short Bond Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $65115 | $60672 | $5336 | $5237 | $12329 | $16889 |
| Net realized gain (loss) | (1450) | 3094 | 1506 | (1054) |  |  |
| Net unrealized appreciation (depreciation) | 15637 | 19028 | 2675 | (3372) | (2 | 130 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 79302 | 82794 | 9517 | 811 | 12327 | 17019 |
| **Distributions paid to shareholders** | (64338) | (59402) | (5115) | (5001) | (12940) | (17633) |
| **Net capital share transactions** | 91682 | 34726 | 10334 | 7230 | (30488 | (33462 |
| **Total increase (decrease) in net assets** | 106646 | 58118 | 14736 | 3040 | (31101) | (34076) |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 931963 | 873845 | 110831 | 107791 | 338678 | 372754 |
| End of year | $1038609 | $931963 | $125567 | $110831 | $307577 | $338678 |

---

Refer to the end of the statements of changes in net assets for footnote(s).

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| American Funds Insurance Series | **300** |

---

Financial statements (continued)

---

| | |
|:---|:---|
| **Statements of changes in net assets** (continued) | (dollars in thousands) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Government** | **U.S. Government** | **Managed Risk** | **Managed Risk** | **Managed Risk** | **Managed Risk** |
| | **Securities Fund** | **Securities Fund** | **Growth Fund** | **Growth Fund** | **International Fund** | **International Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $75521 | $72049 | $1086 | $2764 | $1410 | $1470 |
| Net realized gain (loss) | 24581 | (1294) | 87123 | 37612 | (315) | (2539) |
| Net unrealized appreciation (depreciation) | 36802 | (55237) | (22937) | 69526 | 15064 | 1155 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 136904 | 15518 | 65272 | 109902 | 16159 | 86 |
| **Distributions paid to shareholders** | (79096) | (73267) | (28627) | (2419) | (1480) | (1561) |
| **Net capital share transactions** | (487) | 353747 | (57328) | (88856) | (15583) | (8399) |
| **Total increase (decrease) in net assets** | 57321 | 295998 | (20683) | 18627 | (904) | (9874) |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 1820027 | 1524029 | 526262 | 507635 | 114308 | 124182 |
| End of year | $1877348 | $1820027 | $505579 | $526262 | $113404 | $114308 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Managed Risk** | **Managed Risk** | | | | |
|  | **Washington Mutual** | **Washington Mutual** | **Managed Risk** | **Managed Risk** | **Managed Risk** | **Managed Risk** |
| | **Investors Fund** | **Investors Fund** | **Growth-Income Fund** | **Growth-Income Fund** | **Asset Allocation Fund** | **Asset Allocation Fund** |
|  | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, | Year ended December 31, |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| **Operations:** |  |  |  |  |  |  |
| Net investment income (loss) | $4249 | $4979 | $27973 | $33950 | $24722 | $37923 |
| Net realized gain (loss) | 23538 | (4225) | 316725 | 73326 | 115851 | 123915 |
| Net unrealized appreciation (depreciation) | 4272 | 42170 | (116759) | 261435 | 62522 | 124394 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 32059 | 42924 | 227939 | 368711 | 203095 | 286232 |
| **Distributions paid to shareholders** | (5960) | (5475) | (128115) | (65908) | (168266) | (69126) |
| **Net capital share transactions** | (33133) | (39434) | (184550) | (313193) | (584977) | (294452) |
| **Total increase (decrease) in net assets** | (7034) | (1985) | (84726) | (10390) | (550148) | (77346) |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of year | 322206 | 324191 | 2176866 | 2187256 | 2025850 | 2103196 |
| End of year | $315172 | $322206 | $2092140 | $2176866 | $1475702 | $2025850 |

---

\* For the period November 15, 2024, commencement of operations, through December 31, 2024.

---

| | |
|:---|:---|
| <sup>†</sup> | Amount less than one thousand. |

---

Refer to the notes to financial statements.

---

| | |
|:---|:---|
| **301** | American Funds Insurance Series |

---

Notes to financial statements

**1. Organization**

American Funds Insurance Series (the "series") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company with 42 different funds ("the funds"), including 24 funds in the series covered in this report. The series consists of 41 diversified funds and one nondiversified fund: U.S. Small and Mid Cap Equity Fund. The other 18 funds in the series are covered in separate reports. Thirteen funds in the series are covered in the American Funds Insurance Series - Target Date Series report and five funds in the series are covered in the American Funds Insurance Series - Portfolio Series report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company ("CRMC") is the series' investment adviser. Milliman Financial Risk Management LLC ("Milliman FRM") is the subadviser for the risk management strategy for eight of the funds (the "managed risk funds"), five of which are covered in this report.

The managed risk funds covered in this report are Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund. The managed risk funds invest in other funds within the series (the "underlying funds") and employ Milliman FRM to implement the risk management strategy, which consists of using hedging instruments — primarily exchange-traded options and futures contracts — to attempt to stabilize the volatility of the funds around target volatility levels and reduce the downside exposure of the funds during periods of significant market declines.

Shareholders approved a proposal to reorganize the series from a Massachusetts business trust to a Delaware statutory trust. The series reserved the right to delay implementing the reorganization and has elected to do so.

The investment objective(s) for each fund covered in this report are as follows:

**Global Growth Fund** — To provide long-term growth of capital.

**Global Small Capitalization Fund** — To provide long-term growth of capital.

**Growth Fund** — To provide growth of capital.

**International Fund** — To provide long-term growth of capital.

**New World Fund** — To provide long-term capital appreciation.

**Washington Mutual Investors Fund** — To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing.

**U.S. Small and Mid Cap Equity Fund** — To provide capital appreciation.

**Capital World Growth and Income Fund** — To provide long-term growth of capital while providing current income.

**Growth-Income Fund** — To achieve long-term growth of capital and income.

**International Growth and Income Fund** — To provide long-term growth of capital while providing current income.

**Capital Income Builder** — The two primary objectives are (1) to provide a level of current income that exceeds the average yield on U.S. stocks generally and (2) to provide a growing stream of income over the years. The secondary objective is to provide growth of capital.

**Asset Allocation Fund** — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term.

**American Funds Global Balanced Fund** — Seeks the balanced accomplishment of three objectives: long-term growth of capital, conservation of principal and current income.

**The Bond Fund of America** — To provide as high a level of current income as is consistent with the preservation of capital.

---

| | |
|:---|:---|
| American Funds Insurance Series | **302** |

---

**Capital World Bond Fund** — To provide, over the long term, a high level of total return consistent with prudent investment management. Total return comprises the income generated by the fund and the changes in the market value of the fund's investments.

**American High-Income Trust** — The primary objective is to provide a high level of current income. The secondary objective is capital appreciation.

**American Funds Mortgage Fund** — To provide current income and preservation of capital.

**Ultra-Short Bond Fund** — To provide current income, consistent with the maturity and quality standards applicable to the fund, and preservation of capital and liquidity.

**U.S. Government Securities Fund** — To provide a high level of current income consistent with prudent investment risk and preservation of capital.

**Managed Risk Growth Fund** — To provide growth of capital while seeking to manage volatility and provide downside protection.

**Managed Risk International Fund** — To provide long-term growth of capital while seeking to manage volatility and provide downside protection.

**Managed Risk Washington Mutual Investors Fund** — To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing, in each case while seeking to manage volatility and provide downside protection.

**Managed Risk Growth-Income Fund** — To achieve long-term growth of capital and income while seeking to manage volatility and provide downside protection.

**Managed Risk Asset Allocation Fund** — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection.

Each fund in the series, except the managed risk funds, offers either four or five share classes (Classes 1, 1A, 2, 3 or 4); the managed risk funds offer two share classes (Classes P1 and P2). Holders of all share classes of each fund have equal pro rata rights to assets, dividends and liquidation proceeds of each fund held. Each share class of each fund has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses ("class-specific fees and expenses"), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.

**2. Significant accounting policies**

Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board ("FASB"). Each fund's financial statements have been prepared to comply with U.S. generally accepted accounting principles ("U.S. GAAP"). These principles require the series' investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

**Operating segments** — Each fund represents a single operating segment as the operating results of each fund are monitored as a whole and its long-term asset allocation is determined in accordance with the terms of its prospectus, based on defined investment objectives that are executed by the fund's portfolio management team. A senior executive team comprised of the funds' Principal Executive Officer and Principal Financial Officer, serves as the funds' chief operating decision maker ("CODM"), who act in accordance with Board of Trustee reviews and approvals. The CODM uses financial information, such as changes in net assets from operations, changes in net assets from fund share transactions, and income and expense ratios, consistent with that presented within the accompanying financial statements and financial highlights to assess each fund's profits and losses and to make resource allocation decisions. Segment assets are reflected in the statement of assets and liabilities as net assets, which consists primarily of investment securities, at value, and significant segment expenses are listed in the accompanying statement of operations.

---

| | |
|:---|:---|
| **303** | American Funds Insurance Series |

---

**Security transactions and related investment income** — Security transactions are recorded by each fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, each fund will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

**Fees and expenses** — The fees and expenses of the underlying funds held by the managed risk funds are not included in the fees and expenses reported for each of the managed risk funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables.

**Class allocations** — Income, fees and expenses (other than class-specific fees and expenses), realized gains and losses and unrealized appreciation and depreciation are allocated daily among the various share classes of each fund based on their relative net assets. Class-specific fees and expenses, such as distribution expenses, are accrued daily and charged directly to the respective share class of each fund.

**Distributions paid to shareholders** — Income dividends are declared daily after and determination of the fund's net investment income and are paid to shareholders monthly. Capital gain distributions are recorded on the ex-dividend date. The fund may deem a portion of the income dividends and/or capital gain distributions are a return of capital for tax purposes.

**Currency translation** — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the funds' statements of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

**3. Valuation**

CRMC, the series' investment adviser, values the funds' investments at fair value as defined by U.S. GAAP. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

**Methods and inputs** — The series' investment adviser uses the following methods and inputs to establish the fair value of each fund's assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

Equity securities, including depositary receipts, are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades. The value of an underlying fund is based on its reported net asset value.

---

| | |
|:---|:---|
| American Funds Insurance Series | **304** |

---

Fixed-income securities, including short-term securities, are generally valued at evaluated prices obtained from third-party pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the funds are authorized to invest. However, these classifications are not exclusive and any of the inputs may be used to value any other class of fixed-income security.

---

| | |
|:---|:---|
| Fixed-income class | Examples of standard inputs |
| All | Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as "standard inputs") |
| Corporate bonds, notes & loans; convertible securities | Standard inputs and underlying equity of the issuer |
| Bonds & notes of governments & government agencies | Standard inputs and interest rate volatilities |
| Mortgage-backed; asset-backed obligations | Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information |
| Municipal securities | Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts |

---

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the series' investment adviser. The Capital Group Central Corporate Bond Fund ("CCBF"), a fund within the Capital Group Central Fund Series II, and Capital Group Central Cash Fund ("CCF"), a fund within the Capital Group Central Fund Series (collectively the "Central Funds"), are each valued based upon a floating net asset value, which fluctuates with changes in the value of each fund's portfolio securities. The underlying securities are valued based on the policies and procedures in the Central Funds' statements of additional information. The State Street Institutional U.S. Government Money Market Fund held by the managed risk funds is managed to maintain a $1.00 net asset value per share. The net asset value of each share class of each managed risk fund is calculated based on the reported net asset values of the underlying funds in which each fund invests.

Exchange-traded options and futures are generally valued at the official closing price for options and official settlement price for futures on the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued. Forward currency contracts are valued based on the spot and forward exchange rates obtained from a third-party pricing vendor. Swaps and over-the-counter (OTC) options are generally valued using evaluated prices obtained from third-party pricing vendors who calculate these values based on market inputs that may include the yields of the indices referenced in the instrument and the relevant curve, dealer quotes, default probabilities and recovery rates, exchange rates, implied option volatilites, and terms of the contract.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the series' investment adviser are fair valued as determined in good faith under fair value guidelines adopted by the series' investment adviser and approved by the board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities and futures that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of each fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

---

| | |
|:---|:---|
| **305** | American Funds Insurance Series |

---

**Processes and structure** — The series' board of trustees has designated the series' investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the "Committee") to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser's valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser's global risk management group. The Committee reports changes to the fair valuation guidelines to the board of trustees. The series' board and audit committee also regularly review reports that describe fair value determinations and methods.

**Classifications** — The series' investment adviser classifies the funds' assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities.

The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The funds' valuation levels as of December 31, 2025, were as follows (dollars in thousands):

**Global Growth Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | $1677360 | $1004158 | $— | $2681518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 814793 | 803211 |  | 1618004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 624592 | 643004 |  | 1267596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 599727 | 664790 |  | 1264517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 522458 | 184815 |  | 707273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 333006 | 159304 |  | 492310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 142724 | 161843 |  | 304567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 138904 | 87575 |  | 226479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 63628 | 58552 |  | 122180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 31223 | 81724 |  | 112947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 39385 | 14981 |  | 54366 |
| &nbsp;&nbsp;&nbsp;Short-term securities | 289982 |  |  | 289982 |
| Total | $5277782 | $3863957 | $— | $9141739 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **306** |

---

**Global Small Capitalization Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | $260831 | $365281 | $— | $626112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 222052 | 263645 |  | 485697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | 296229 | 132470 | 265 | 428964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 191624 | 153882 |  | 345506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 201747 | 110388 |  | 312135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 116183 | 112638 |  | 228821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 48497 | 68762 |  | 117259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 42102 | 54064 |  | 96166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 69622 | 8949 |  | 78571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 7877 | 63370 |  | 71247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 34021 | 13548 |  | 47569 |
| &nbsp;&nbsp;&nbsp;Preferred securities | 7200 |  | 12088 | 19288 |
| &nbsp;&nbsp;&nbsp;Rights & warrants |  | 12 |  | 12 |
| &nbsp;&nbsp;&nbsp;Convertible bonds & notes |  | 1581 |  | 1581 |
| &nbsp;&nbsp;&nbsp;Bonds, notes & other debt instruments |  | 945 |  | 945 |
| &nbsp;&nbsp;&nbsp;Short-term securities | 154617 | 43943 |  | 198560 |
| Total | $1652602 | $1393478 | $12353 | $3058433 |

---

**Growth Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | $15453954 | $942978 | $24211 | $16421143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 9313134 | 27790 |  | 9340924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 8285145 | 294980 |  | 8580125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 5922020 | 72405 | 8789 | 6003214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 4852390 | 170495 | 4230 | 5027115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 3974058 | 100498 |  | 4074556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 1017667 |  | 4743 | 1022410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 949496 | 28695 |  | 978191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 846476 |  |  | 846476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 405935 |  |  | 405935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 365298 |  |  | 365298 |
| &nbsp;&nbsp;&nbsp;Preferred securities |  |  | 315115 | 315115 |
| &nbsp;&nbsp;&nbsp;Rights & warrants |  |  | —<sup>1</sup> | —<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;Convertible stocks | 7644 |  | 36076 | 43720 |
| &nbsp;&nbsp;&nbsp;Short-term securities | 1330364 |  |  | 1330364 |
| Total | $52723581 | $1637841 | $393164 | $54754586 |

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<sup>1</sup> Amount less than one thousand.

The following table reconciles the valuation of the fund's Level 3 investment securities and related transactions for the year ended December 31, 2025 (dollars in thousands):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Beginning**<br>**value at**<br>**1/1/2025** | **Transfers**<br>**into**<br>**Level 3<sup>2</sup>** |<br>**Purchases** |<br>**Sales** | **Net**<br>**realized**<br>**gain (loss)<sup>3</sup>** | **Unrealized**<br>**appreciation**<br>**(depreciation)<sup>3</sup>** | **Transfers**<br>**out of**<br>**Level 3<sup>2</sup>** | **Ending**<br>**value at**<br>**12/31/2025** |
| Investment securities | $173935 | $— | $122218 | $(13741) | $— | $110752 | $— | $393164 |
| Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | $110752 |

---

<sup>2</sup> Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.

<sup>3</sup> Net realized gain (loss) and unrealized appreciation (depreciation) are included in the related amounts on investments in the fund's statement of operations.

---

| | |
|:---|:---|
| **307** | American Funds Insurance Series |

---

**Unobservable inputs** — Valuation of the fund's Level 3 securities is based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities. The following table provides additional information used by the fund's investment adviser to fair value the fund's Level 3 securities (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Value at**<br> **12/31/2025** | **Valuation**<br> **techniques** | **Unobservable**<br> **inputs** | **Range**<br> **(if applicable)** | **Weighted**<br> **average<sup>1</sup>** | **Impact to valuation from**<br> **an increase in input<sup>2</sup>** |
|  |  |  | Transaction price | Not applicable | Not applicable | Not applicable |
| Common stocks | $41973 | Transaction | Discount for uncertainty | 15% - 50% | 26% | Decrease |
|  |  |  | Premium to transaction price | 11% | 11% | Increase |
|  |  | Transaction | Transaction price | Not applicable | Not applicable | Not applicable |
|  |  | Transaction | Discount for uncertainty | 5% - 50% | 6% | Decrease |
| Preferred securities | $315115 |  | EV/Gross Profit multiple | 11.9x | 11.9x | Increase |
|  |  | Market comparables | Premium to EV/Gross Profit multiple | 50% | 50% | Increase |
|  |  | Market comparables | DLOM | 10% | 10% | Decrease |
| Rights & warrants | $—<sup>3</sup> | Estimated recovery value | De minimis | Not applicable | Not applicable | Not applicable |
|  |  |  | Transaction price | Not applicable | Not applicable | Not applicable |
| Convertible stocks | $36076 | Transaction | Discount to transaction price | 5% | 5% | Decrease |
|  |  |  | Premium to transaction price | 11% | 11% | Increase |
|  | $393164 |  |  |  |  |  |

---

<sup>1</sup> Weighted average is by relative fair value.

<sup>2</sup> This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

<sup>3</sup> Amount less than one thousand.

**Key to abbreviations**

DLOM = Discount for lack of marketability

EV = Enterprise value

**International Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | $132411 | $1126206 | $— | $1258617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 11113 | 1201308 |  | 1212421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | 53833 | 1063830 | 7933 | 1125596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 631675 | 291367 |  | 923042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 14900 | 697226 |  | 712126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 127415 | 546112 |  | 673527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care |  | 447622 |  | 447622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 186352 | 230194 |  | 416546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples |  | 335793 |  | 335793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities |  | 209483 |  | 209483 |
| &nbsp;&nbsp;&nbsp;Preferred securities |  | 33353 | 726 | 34079 |
| &nbsp;&nbsp;&nbsp;Rights & warrants |  |  | — \* | — \* |
| &nbsp;&nbsp;&nbsp;Short-term securities | 149051 |  |  | 149051 |
| Total | $1306750 | $6182494 | $8659 | $7497903 |

---

\* Amount less than one thousand.

---

| | |
|:---|:---|
| American Funds Insurance Series | **308** |

---

**New World Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Investment securities** | **Investment securities** | |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | $292708 | $622707 | $634 | $916049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 150731 | 554211 | — \* | 704942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 190649 | 322157 |  | 512806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 111250 | 379009 |  | 490259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 146817 | 246709 |  | 393526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 126958 | 131900 | — \* | 258858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 64194 | 145778 |  | 209972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 37995 | 142731 |  | 180726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 27489 | 61632 | — \* | 89121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 450 | 55019 |  | 55469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 1071 | 45485 |  | 46556 |
| &nbsp;&nbsp;&nbsp;Preferred securities | 9540 | 11707 | 8293 | 29540 |
| &nbsp;&nbsp;&nbsp;Bonds, notes & other debt instruments |  | 113791 |  | 113791 |
| &nbsp;&nbsp;&nbsp;Short-term securities | 66843 | 264 |  | 67107 |
| Total | $1226695 | $2833100 | $8927 | $4068722 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $24 | $— | $— | $24 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on open forward currency contracts |  | 80 |  | 80 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (17) |  |  | (17) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on open forward currency contracts |  | (78) |  | (78) |
| Total | $7 | $2 | $— | $9 |

---

\* Amount less than one thousand.

<sup>†</sup> Futures contracts and forward currency contracts are not included in the fund's investment portfolio.

**Washington Mutual Investors Fund**

As of December 31, 2025, all of the fund's investment securities were classified as Level 1.

**U.S. Small and Mid Cap Equity Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | $23464 | $228 | $— | $23692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 19657 |  |  | 19657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 15537 |  |  | 15537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | 11031 | 370 |  | 11401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 8602 |  |  | 8602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 7106 |  |  | 7106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 2486 |  |  | 2486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 2419 |  |  | 2419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 2280 |  |  | 2280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 1892 |  |  | 1892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 1884 |  |  | 1884 |
| &nbsp;&nbsp;&nbsp;Short-term securities | 3809 |  |  | 3809 |
| Total | $100167 | $598 | $— | $100765 |

---

---

| | |
|:---|:---|
| **309** | American Funds Insurance Series |

---

**Capital World Growth and Income Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | $355139 | $145088 | $— | $500227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 148399 | 190693 |  | 339092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 157537 | 146549 | — \* | 304086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 125382 | 66163 |  | 191545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 113749 | 59921 |  | 173670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 132454 | 39630 |  | 172084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 76631 | 49420 |  | 126051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 53201 | 47392 |  | 100593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 56523 | 21036 |  | 77559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 19661 | 25980 |  | 45641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 9862 | 7705 |  | 17567 |
| &nbsp;&nbsp;&nbsp;Preferred securities | 3844 | 2367 |  | 6211 |
| &nbsp;&nbsp;&nbsp;Bonds, notes & other debt instruments |  | 1012 |  | 1012 |
| &nbsp;&nbsp;&nbsp;Short-term securities | 27110 |  |  | 27110 |
| Total | $1279492 | $802956 | $— \* | $2082448 |

---

\* Amount less than one thousand.

**Growth-Income Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | $13428880 | $231230 | $— | $13660110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 5464629 | 445806 |  | 5910435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 5113646 | 117059 |  | 5230705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 4380271 |  |  | 4380271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 4300242 | 76915 |  | 4377157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 3324828 | 182155 |  | 3506983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 1728094 |  |  | 1728094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 565554 | 678297 |  | 1243851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 1011738 |  |  | 1011738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 899740 |  |  | 899740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 537861 |  |  | 537861 |
| &nbsp;&nbsp;&nbsp;Bonds, notes & other debt instruments |  | 828 |  | 828 |
| &nbsp;&nbsp;&nbsp;Short-term securities | 1122736 |  |  | 1122736 |
| Total | $41878219 | $1732290 | $— | $43610509 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **310** |

---

**International Growth and Income Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | $5556 | $88187 | $— \* | $93743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 10956 | 47158 |  | 58114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | 2848 | 51607 |  | 54455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 4607 | 32456 |  | 37063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 5133 | 27490 |  | 32623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 12674 | 17182 | — \* | 29856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 1046 | 28653 |  | 29699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 1407 | 26447 |  | 27854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 9053 | 7510 | — \* | 16563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 625 | 10796 |  | 11421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 770 | 5261 |  | 6031 |
| &nbsp;&nbsp;&nbsp;Preferred securities |  | 201 |  | 201 |
| &nbsp;&nbsp;&nbsp;Short-term securities | 6204 |  |  | 6204 |
| Total | $60879 | $342948 | $— \* | $403827 |

---

\* Amount less than one thousand.

**Capital Income Builder**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | $131640 | $135397 | $— \* | $267037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | 122940 | 52651 |  | 175591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 104021 | 44144 |  | 148165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 67519 | 80079 |  | 147598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 75761 | 57263 |  | 133024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 46892 | 47327 |  | 94219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 40107 | 45388 |  | 85495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 63017 | 15198 |  | 78215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 31425 | 27538 |  | 58963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 23727 | 34637 |  | 58364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 38351 | 7444 |  | 45795 |
| &nbsp;&nbsp;&nbsp;Convertible stocks | 4813 |  |  | 4813 |
| &nbsp;&nbsp;&nbsp;Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury bonds & notes |  | 98331 |  | 98331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed obligations |  | 83564 | 100 | 83664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds and notes |  | 47200 |  | 47200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other bonds & notes |  | 13281 | 220 | 13501 |
| &nbsp;&nbsp;&nbsp;Investment funds | 38098 |  |  | 38098 |
| &nbsp;&nbsp;&nbsp;Short-term securities | 91824 |  |  | 91824 |
| Total | $880135 | $789442 | $320 | $1669897 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **311** | American Funds Insurance Series |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $36 | $— | $— | $36 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared interest rate swaps |  | 261 |  | 261 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (315) |  |  | (315) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared interest rate swaps |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared credit default swaps |  | (2) |  | (2) |
| Total | $(279) | $258 | $— | $(21) |

---

\* Amount less than one thousand.

<sup>†</sup> Futures contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

**Asset Allocation Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | $4829446 | $116467 | $— | $4945913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 2902743 |  | — \* | 2902743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 2527277 | 162101 |  | 2689378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 1911575 | 3565 | 12663 | 1927803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 1511658 | 74864 | 793 | 1587315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 1278083 | 24636 |  | 1302719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 1135802 |  | — \* | 1135802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 901988 | 61331 |  | 963319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 278367 |  |  | 278367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 253456 | 897 | 655 | 255008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | 57144 |  |  | 57144 |
| &nbsp;&nbsp;&nbsp;Preferred securities |  |  | 755 | 755 |
| &nbsp;&nbsp;&nbsp;Rights & warrants | 119 |  | — \* | 119 |
| &nbsp;&nbsp;&nbsp;Convertible stocks | 33030 |  |  | 33030 |
| &nbsp;&nbsp;&nbsp;Convertible bonds & notes |  | 27731 |  | 27731 |
| &nbsp;&nbsp;&nbsp;Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed obligations |  | 2828459 |  | 2828459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury bonds & notes |  | 2280626 |  | 2280626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds and notes |  | 1978114 | 420 | 1978534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed obligations |  | 529161 |  | 529161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds & notes of governments & government agencies outside the U.S. |  | 88970 |  | 88970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans |  | 31871 | 7860 | 39731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipals |  | 22827 |  | 22827 |
| &nbsp;&nbsp;&nbsp;Investment funds | 846762 |  |  | 846762 |
| &nbsp;&nbsp;&nbsp;Short-term securities | 1023715 |  |  | 1023715 |
| Total | $19491165 | $8231620 | $23146 | $27745931 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** | **Other investments<sup>†</sup>** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $1925 | $— | $— | $1925 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared interest rate swaps |  | 3543 |  | 3543 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (6069) |  |  | (6069) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared credit default swaps |  | (435) |  | (435) |
| Total | $(4144) | $3108 | $— | $(1036) |

---

\* Amount less than one thousand.

<sup>†</sup> Futures contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

---

| | |
|:---|:---|
| American Funds Insurance Series | **312** |

---

**American Funds Global Balanced Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information technology | $42224 | $10455 | $— | $52679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | 17553 | 27727 |  | 45280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 23532 | 19831 |  | 43363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health care | 28226 | 6598 |  | 34824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | 11679 | 9383 |  | 21062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | 12657 | 6825 |  | 19482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication services | 17646 | 1167 |  | 18813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 12793 | 5213 |  | 18006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | 5420 | 9798 |  | 15218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 10753 | 1687 |  | 12440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate |  | 2599 |  | 2599 |
| &nbsp;&nbsp;&nbsp;Convertible stocks | 2921 |  |  | 2921 |
| &nbsp;&nbsp;&nbsp;Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds & notes of governments & government agencies outside the U.S. |  | 57330 |  | 57330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury bonds & notes |  | 24907 |  | 24907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed obligations |  | 24474 |  | 24474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds and notes |  | 22758 |  | 22758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other bonds & notes |  | 2889 |  | 2889 |
| &nbsp;&nbsp;&nbsp;Investment funds | 4250 |  |  | 4250 |
| &nbsp;&nbsp;&nbsp;Short-term securities | 27757 |  |  | 27757 |
| &nbsp;&nbsp;&nbsp;Options purchased on foreign currencies (equity style) |  | 2 |  | 2 |
| Total | $217411 | $233643 | $— | $451054 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on options written (futures style) | $4 | $— | $— | $4 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | 118 |  |  | 118 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on open forward currency contracts |  | 229 |  | 229 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared interest rate swaps |  | 96 |  | 96 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on bilateral interest rate swaps |  | 38 |  | 38 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared credit default swaps |  |  |  |  |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on options purchased (futures style) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (132) |  |  | (132) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on open forward currency contracts |  | (281) |  | (281) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared interest rate swaps |  | (28) |  | (28) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on bilateral interest rate swaps |  | (44) |  | (44) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared credit default swaps |  | (3 |  | (3 |
| Total | $(10 | $7 | $— | $(3 |

---

\* Options purchased (futures style), options written, futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

---

| | |
|:---|:---|
| <sup>†</sup> | Amount less than one thousand. |

---

---

| | |
|:---|:---|
| **313** | American Funds Insurance Series |

---

**The Bond Fund of America**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed obligations | $— | $3635346 | $1368 | $3636714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds and notes |  | 3430212 |  | 3430212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury bonds & notes |  | 2836319 |  | 2836319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed obligations |  | 499168 |  | 499168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds & notes of governments & government agencies outside the U.S. |  | 202127 |  | 202127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipals |  | 166499 |  | 166499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal agency bonds & notes |  | 11855 |  | 11855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans |  |  | 6359 | 6359 |
| &nbsp;&nbsp;&nbsp;Common stocks |  | 14 |  | 14 |
| &nbsp;&nbsp;&nbsp;Short-term securities | 624236 |  |  | 624236 |
| Total | $624236 | $10781540 | $7727 | $11413503 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Other investments\*** | **Other investments\*** | |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $1242 | $— | $— | $1242 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on open forward currency contracts |  | 386 |  | 386 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared interest rate swaps |  | 8064 |  | 8064 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on bilateral interest rate swaps |  | 2015 |  | 2015 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (9824) |  |  | (9824) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on open forward currency contracts |  | (420) |  | (420) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on bilateral interest rate swaps |  | (3943) |  | (3943) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared interest rate swaps |  | (3263) |  | (3263) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared credit default swaps |  | (182) |  | (182) |
| Total | $(8582) | $2657 | $— | $(5925) |

---

\* Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

---

| | |
|:---|:---|
| American Funds Insurance Series | **314** |

---

**Capital World Bond Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Euros | $— | $303335 | $— | $303335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japanese yen |  | 106583 |  | 106583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British pounds |  | 65433 |  | 65433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazilian reais |  | 34010 |  | 34010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korean won |  | 26746 |  | 26746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chinese yuan renminbi |  | 26106 |  | 26106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australian dollars |  | 23355 |  | 23355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indian rupees |  | 19121 |  | 19121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian dollars |  | 18610 |  | 18610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malaysian ringgits |  | 18045 |  | 18045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungarian forints |  | 16359 |  | 16359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesian rupiah |  | 7755 |  | 7755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexican pesos |  | 6454 |  | 6454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danish kroner |  | 6328 |  | 6328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombian pesos |  | 4371 |  | 4371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South African rand |  | 4221 |  | 4221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chilean pesos |  | 4074 |  | 4074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Polish zloty |  | 4060 |  | 4060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Zealand dollars |  | 2940 |  | 2940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkish lira |  | 1845 |  | 1845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philippine pesos |  | 1260 |  | 1260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Czech korunas |  | 857 |  | 857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. dollars |  | 643061 | 579 | 643640 |
| &nbsp;&nbsp;&nbsp;Preferred securities |  |  | 80 | 80 |
| &nbsp;&nbsp;&nbsp;Common stocks | 5 |  | 59 | 64 |
| &nbsp;&nbsp;&nbsp;Rights & warrants | 8 |  |  | 8 |
| &nbsp;&nbsp;&nbsp;Investment funds | 22734 |  |  | 22734 |
| &nbsp;&nbsp;&nbsp;Short-term securities | 114160 |  |  | 114160 |
| &nbsp;&nbsp;&nbsp;Options purchased on foreign currencies (equity style) |  | 16 |  | 16 |
| Total | $136907 | $1344945 | $718 | $1482570 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on options written (futures style) | $28 | $— | $— | $28 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | 1615 |  |  | 1615 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on open forward currency contracts |  | 2812 |  | 2812 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared interest rate swaps |  | 1403 |  | 1403 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on bilateral interest rate swaps |  | 136 |  | 136 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared credit default swaps |  | 24 |  | 24 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on options purchased (futures style) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (1631) |  |  | (1631) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on open forward currency contracts |  | (1842) |  | (1842) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared interest rate swaps |  | (1055) |  | (1055) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on bilateral interest rate swaps |  | (2695) |  | (2695) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared credit default swaps |  | (201) |  | (201 |
| Total | $12 | $(1418) | $— | $(1406 |

---

\* Options purchased (futures style), options written, futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund's investment portfolio.

---

| | |
|:---|:---|
| <sup>†</sup> | Amount less than one thousand. |

---

---

| | |
|:---|:---|
| **315** | American Funds Insurance Series |

---

**American High-Income Trust**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds and notes | $— | $878262 | $148 | $878410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other |  | 38405 | 3278 | 41683 |
| &nbsp;&nbsp;&nbsp;Convertible bonds & notes |  | 1265 |  | 1265 |
| &nbsp;&nbsp;&nbsp;Common stocks | 34700 | 10356 | 20680 | 65736 |
| &nbsp;&nbsp;&nbsp;Preferred securities |  |  | 1713 | 1713 |
| &nbsp;&nbsp;&nbsp;Rights & warrants | 45 | 127 |  | 172 |
| &nbsp;&nbsp;&nbsp;Short-term securities | 35092 |  |  | 35092 |
| Total | $69837 | $928415 | $25819 | $1024071 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments<sup>1</sup>** | **Other investments<sup>1</sup>** | **Other investments<sup>1</sup>** | **Other investments<sup>1</sup>** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $15 | $— | $— | $15 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (29) |  |  | (29) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared credit default swaps |  | (163) |  | (163) |
| Total | $(14) | $(163) | $— | $(177) |

---

<sup>1</sup> Futures contracts and credit default swaps are not included in the investment portfolio.

The following table reconciles the valuation of the fund's Level 3 investment securities and related transactions for the year ended December 31, 2025 (dollars in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Beginning**<br>**value at**<br>**1/1/2025** | **Transfers**<br>**into**<br>**Level 3<sup>2</sup>** |<br>**Purchases** |<br>**Sales** | **Net**<br>**realized**<br>**gain (loss)<sup>3</sup>** | **Unrealized**<br>**appreciation**<br>**(depreciation)<sup>3</sup>** | **Transfers**<br>**out of**<br>**Level 3<sup>2</sup>** | **Ending**<br>**value at**<br>**12/31/2025** |
| Investment securities | $36440 | $1868 | $7442 | $(4555) | $(2928) | $(7757) | $(4691) | $25819 |
| Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | Net unrealized appreciation (depreciation) during the period on Level 3 investment securities held at December 31, 2025 | $(8134) |

---

<sup>2</sup> Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.

<sup>3</sup> Net realized gain (loss) and unrealized appreciation (depreciation) are included in the related amounts on investments in the fund's statement of operations.

---

| | |
|:---|:---|
| American Funds Insurance Series | **316** |

---

**Unobservable inputs** — Valuation of the fund's Level 3 securities is based on significant unobservable inputs that reflect the investment adviser's determination of assumptions that market participants might reasonably use in valuing the securities. The following table provides additional information used by the fund's investment adviser to fair value the fund's Level 3 securities (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Value at <br> 12/31/2025** | **Valuation <br> techniques** | **Unobservable <br> inputs** | **Range (if applicable)** | **Weighted average\*** | **Impact to valuation from an increase in input<sup>†</sup>** |
| Bonds, notes & other debt instruments | $3426 | Estimated recovery value | Expected proceeds | Not applicable | Not applicable | Not applicable |
| Bonds, notes & other debt instruments | $3426 | Estimated recovery value | De minimis | Not applicable | Not applicable | Not applicable |
| Bonds, notes & other debt instruments | $3426 | Transaction | Transaction price | Not applicable | Not applicable | Not applicable |
| Bonds, notes & other debt instruments | $3426 | Indicative market quotation | Broker quote | Not applicable | Not applicable | Not applicable |
| Common stocks | 20680 | Estimated recovery value | Expected proceeds | Not applicable | Not applicable | Not applicable |
| Common stocks | 20680 | Estimated recovery value | Discount for uncertainty | 10% - 15% | 13% | Decrease |
| Common stocks | 20680 | Estimated recovery value | De minimis | Not applicable | Not applicable | Not applicable |
| Common stocks | 20680 | Market comparables | EV/EBITDA multiple | 5.9x - 10.0x | 8.2x | Increase |
| Common stocks | 20680 | Market comparables | EV/EBITDA-CAPEX multiple | 11.0x | 11.0x | Increase |
| Common stocks | 20680 | Market comparables | DLOM | 7% | 7% | Decrease |
| Preferred securities | 1713 | Market comparables | EV/EBITDA multiple | 4.8x | 4.8x | Increase |
| Preferred securities | 1713 | Market comparables | DLOM | 15% | 15% | Decrease |
|  | $25819 |  |  |  |  |  |

---

\* Weighted average is by relative fair value.

---

| | |
|:---|:---|
| <sup>†</sup> | This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements. |

---

**Key to abbreviations**

CAPEX = Capital expenditures

DLOM = Discount for lack of marketability

EBITDA = Earnings before interest, taxes, depreciation and amortization

EV = Enterprise value

**American Funds Mortgage Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed obligations | $— | $99553 | $— | $99553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury bonds & notes |  | 7811 |  | 7811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed obligations |  | 1295 |  | 1295 |
| &nbsp;&nbsp;&nbsp;Short-term securities |  | 24381 |  | 24381 |
| Total | $— | $133040 | $— | $133040 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $18 | $— | $— | $18 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared interest rate swaps |  | 127 |  | 127 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (150) |  |  | (150) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared interest rate swaps |  | (1) |  | (1) |
| Total | $(132) | $126 | $— | $(6) |

---

\* Futures contracts and interest rate swaps are not included in the fund's investment portfolio.

**Ultra-Short Bond Fund**

As of December 31, 2025, all of the fund's investment securities were classified as Level 2.

---

| | |
|:---|:---|
| **317** | American Funds Insurance Series |

---

**U.S. Government Securities Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment securities** | **Investment securities** | **Investment securities** | **Investment securities** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds, notes & other debt instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed obligations | $— | $816712 | $— | $816712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury bonds & notes |  | 765205 |  | 765205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal agency bonds & notes |  | 48704 |  | 48704 |
| &nbsp;&nbsp;&nbsp;Short-term securities |  | 288407 |  | 288407 |
| &nbsp;&nbsp;&nbsp;Options purchased on futures (equity style) | 242 |  |  | 242 |
| Total | $242 | $1919028 | $— | $1919270 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other investments\*** | **Other investments\*** | **Other investments\*** | **Other investments\*** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts | $1077 | $— | $— | $1077 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared interest rate swaps |  | 14953 |  | 14953 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Value of options written (equity style) | (81) |  |  | (81) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts | (2291) |  |  | (2291) |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared interest rate swaps |  | (3022) |  | (3022) |
| Total | $(1295) | $11931 | $— | $10636 |

---

\* Options written, futures contracts and interest rate swaps are not included in the fund's investment portfolio.

**Managed Risk Growth Fund**

As of December 31, 2025, all of the fund's investments were classified as Level 1.

**Managed Risk International Fund**

As of December 31, 2025, all of the fund's investments were classified as Level 1.

**Managed Risk Washington Mutual Investors Fund**

As of December 31, 2025, all of the fund's investments were classified as Level 1.

**Managed Risk Growth-Income Fund**

As of December 31, 2025, all of the fund's investments were classified as Level 1.

**Managed Risk Asset Allocation Fund**

As of December 31, 2025, all of the fund's investments were classified as Level 1.

**4. Risk factors**

Investing in the funds may involve certain risks including, but not limited to, those described below.

**Market conditions** — The prices of, and the income generated by, the common stocks, bonds and other securities held by a fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; levels of public debt and deficits; changes in inflation rates; and currency exchange rate, interest rate and commodity price fluctuations. These risks may be heightened in the case of smaller capitalization stocks.

---

| | |
|:---|:---|
| American Funds Insurance Series | **318** |

---

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease), bank failures and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not a fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of a fund's investments may be negatively affected by developments in other countries and regions.

**Issuer risks** — The prices of, and the income generated by, securities held by a fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer's goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer's financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

**Investing in income-oriented stocks** — The value of a fund's securities and income provided by a fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which a fund invests.

**Investing in growth-oriented stocks** — Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments. These risks may be even greater in the case of smaller capitalization stocks.

**Investing in small and mid-capitalization companies** — Investing in small and mid-capitalization companies may pose additional risks. For example, it is often more difficult to value or dispose of smaller company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.

**Investing outside the U.S.** — Securities of issuers domiciled outside the U.S. or with significant operations or revenues outside the U.S., and securities tied economically to countries outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers are domiciled, operate or generate revenue or to which the securities are tied economically. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund, which could impact the liquidity of the fund's portfolio. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

---

| | |
|:---|:---|
| **319** | American Funds Insurance Series |

---

**Investing in developing countries** — Investing in countries with developing economies and/or markets may involve risks in addition to and greater than those generally associated with investing in developed countries. For instance, developing countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in developing countries may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in developed countries are subject. A fund's rights with respect to its investments in developing countries, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, more vulnerable to market manipulation, and more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund's net asset value. Additionally, developing countries are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

**Investing in emerging markets** — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. A fund's rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, more vulnerable to market manipulation, and more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund's net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

**Investing in debt instruments** — The prices of, and the income generated by, bonds and other debt securities held by a fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities that may be prepaid at any time, such as mortgage- or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from a fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in a fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

---

| | |
|:---|:---|
| American Funds Insurance Series | **320** |

---

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of a fund's securities could cause the value of a fund's shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which a fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund's investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

**Investing in lower rated debt instruments** — Lower rated bonds and other lower rated debt securities, rated Ba1/BB+ or below by Nationally Recognized Statistical Rating Organizations, generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer's creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.

**Investing in derivatives** — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause a fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for a fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. A fund's use of derivatives may result in losses to a fund, and investing in derivatives may reduce a fund's returns and increase a fund's price volatility. A fund's counterparty to a derivative transaction (including, if applicable, a fund's clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, a fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).

**Currency** — The prices of, and the income generated by, many debt securities held by a fund may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of a fund's securities denominated in such currencies would generally fall and vice versa.

**Investing in mortgage-related and other asset-backed securities** — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as residential mortgage loans, home equity loans, mortgages on commercial buildings, consumer loans or receivables and equipment leases. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and a fund's net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in a fund having to reinvest the proceeds in lower yielding securities, effectively reducing a fund's income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing a fund's cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks, as well as additional risks associated with the assets underlying those securities.

**Investments in future delivery contracts** — A fund may enter into transactions involving future delivery contracts, such as to-be-announced (TBA) contracts and mortgage dollar rolls. These contracts involve the purchase or sale of mortgage-backed securities for settlement at a future date and predetermined price. When a fund enters into a TBA commitment for the sale of mortgage-backed securities (which may be referred to as having a short position in such TBA securities), a fund may or may not hold the types of mortgage-backed securities required to be delivered. A fund may choose to roll these transactions in lieu of settling them.

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| | |
|:---|:---|
| **321** | American Funds Insurance Series |

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When a fund rolls the purchase of these types of future delivery transactions, a fund simultaneously sells the mortgage-backed securities for delivery in the current month and repurchases substantially similar securities for delivery at a future date at a predeter-mined price. When a fund rolls the sale of these transactions rather than settling them, a fund simultaneously purchases the mortgage-backed securities for delivery in the current month and sells substantially similar securities for delivery at a future date at a predetermined price. Such roll transactions can increase the turnover rate of a fund and may increase the risk that market prices may move unfavorably between the original and new contracts, potentially resulting in losses or reduced returns for a fund.

**Investing in inflation-linked bonds** — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security's inflation measure.

Investing in inflation-linked bonds may also reduce a fund's distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to the fund.

**Investing in securities backed by the U.S. government** — U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent or delay the payment of interest or principal on these securities, which could adversely affect their value and cause the fund to suffer losses. Such an event could lead to significant disruptions in U.S. and global markets.

Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government.

**Investing in repurchase agreements** — Upon entering into a repurchase agreement, a fund purchases a security from a bank or broker-dealer, which simultaneously commits to repurchase the security within a specified time at the fund's cost with interest. The security purchased by the fund constitutes collateral for the seller's repurchase obligation. If the party agreeing to repurchase should default, the fund may seek to sell the security it holds as collateral. The fund may incur a loss if the value of the collateral securing the repurchase obligation falls below the repurchase price. The fund may also incur disposition costs and encounter procedural delays in connection with liquidating the collateral.

**Interest rate risk** — The values and liquidity of the securities held by a fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. A fund may invest in variable and floating rate securities. When a fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of a fund's shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, a fund may not be able to maintain a positive yield or total return and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.

**Credit and liquidity support** — Changes in the credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by a fund could cause the values of these securities to decline.

**Asset allocation** — A fund's percentage allocation to equity securities, debt securities and money market instruments could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives.

**Leverage risk** — Certain transactions of a fund may give rise to leverage. These transactions may include, among others, derivatives, future delivery contracts and when-issued, delayed delivery or forward commitment transactions. As a result, increases and decreases in the value of a fund's portfolio may be magnified, and a fund may be exposed to a heightened risk of loss and increased costs.

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| | |
|:---|:---|
| American Funds Insurance Series | **322** |

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**Liquidity risk** — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and a fund may be unable to sell such holdings when necessary to meet its liquidity needs or to try to limit losses, or may be forced to sell at a loss.

**Nondiversification** — As a nondiversified fund, the fund may invest a greater percentage of its assets in fewer issuers than a diversified fund. A fund that invests in a relatively smaller number of issuers is more susceptible to risks associated with a single economic, political, geographic or regulatory occurrence than a diversified fund might be. In addition, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The value of the fund's shares can be expected to fluctuate more than might be the case if the fund were more broadly diversified.

**Management** — The investment adviser to the funds actively manages the funds' investments. Consequently, the funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

Investing in the managed risk funds may involve additional risks including, but not limited to, those described below.

**Fund structure** — The managed risk funds invest in underlying funds and incur expenses related to those underlying funds. In addition, investors in the managed risk funds will incur fees to pay for certain expenses related to the operations of the managed risk funds. An investor holding the underlying fund directly would incur lower overall expenses but would not receive the benefit of the managed risk strategy. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund's investment adviser does not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when determining the overall asset allocation of the fund or choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.

**Management** — The managed risk funds are subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. This could cause the managed risk funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

**Underlying fund risks** — Because the managed risk fund's investments consist of investments in underlying funds, the managed risk fund's risks are directly related to the risks of the respective underlying fund in which each managed risk fund invests. For this reason, it is important to understand the risks associated with investing both in the managed risk fund and in each of the underlying funds.

**Investing in options and futures contracts** — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which a fund transacts. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, the fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If a fund is unable to close out a position on an options or futures contract, a fund would remain subject to the risk of adverse price movements until a fund is able to close out the position in question. The ability of a fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund's investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, a fund could suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.

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| | |
|:---|:---|
| **323** | American Funds Insurance Series |

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**Hedging** — There may be imperfect or even negative correlation between the prices of the options and futures contracts in which a fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund's investment in exchange-traded options and futures and their resulting costs could limit the fund's gains in rising markets relative to those of the underlying funds, or to those of unhedged funds in general.

**Short positions** — The fund may suffer losses from short positions in futures contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time.

**5. Certain investment techniques**

**Securities lending** — Some of the funds have entered into securities lending transactions in which the funds earn income by lending investment securities to brokers, dealers or other institutions. Each transaction involves three parties: the fund, acting as the lender of the securities, a borrower, and a lending agent that acts as an intermediary.

Securities lending transactions are entered into by the fund under the securities lending agreement with the lending agent. The lending agent facilitates the exchange of securities between the lender and the borrower, generally provides protection from borrower default, marks to market the value of collateral daily, secures additional collateral from the borrower if it falls below preset terms, and may reinvest the collateral on behalf of the fund according to agreed parameters. The lending agent has indemnified the fund against losses resulting from borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a potential loss of income or value if the borrower fails to return the securities, collateral investments decline in value or the lending agent fails to perform.

The borrower is required to post highly liquid assets, such as cash or U.S. government securities, as collateral for the loan in an amount at least equal to the value of the securities loaned. Investments made with cash collateral are recognized as assets in the fund's investment portfolio. The same amount is recorded as a liability in the fund's statement of assets and liabilities. While securities are on loan, the fund will continue to receive the equivalent of the interest, dividends or other distributions paid by the issuer, as well as a portion of the interest on the investment of the collateral. Additionally, although the fund does not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a right to recall loaned securities to vote on proposals affecting them. The borrower is obligated to return the loaned security at the conclusion of the loan or, during the pendency of the loan, on demand from the fund.

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| | |
|:---|:---|
| American Funds Insurance Series | **324** |

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The following table presents the value of the securities on loan, the type and value of collateral received and the value of the investment securities purchased, if any, from the cash collateral received by each fund (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **Collateral received** | **Collateral received** | |
| <br>**Funds** |<br>**Value of**<br> **investment**<br> **securities**<br> **on loan** | **Cash** | **U.S. government**<br> **securities** |<br>**Value of**<br> **investment**<br> **securities**<br> **purchased** |
| Global Growth Fund | $4 | $1099 | $— | $1098 |
| Global Small Capitalization Fund | 77998 | 76585 | 3923 | 68926 |
| Growth Fund | 22741 | 29093 |  | 26762 |
| International Fund | 32814 | 29195 | 4491 | 26276 |
| New World Fund | 8183 | 6603 | 1991 | 5943 |
| Washington Mutual Investors Fund | 842 | 863 |  | 777 |
| U.S. Small and Mid Cap Equity Fund | 914 | 940 |  | 846 |
| Capital World Growth and Income Fund | 987 | 1007 |  | 906 |
| International Growth and Income Fund | 893 | 848 | 95 | 763 |
| Capital Income Builder | 11011 | 11565 |  | 10408 |
| Asset Allocation Fund | 19953 | 20974 |  | 18905 |

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Investment securities purchased from cash collateral are disclosed in the investment portfolio as short-term securities. Securities received as collateral, if any, are not recognized as fund assets. The contractual maturity of collateral received under the securities lending agreement is classified as overnight and continuous.

**Index-linked bonds** — Some of the funds have invested in index-linked bonds, which are fixed-income securities whose principal value is periodically adjusted to a government price index. Over the life of an index-linked bond, interest is paid on the adjusted principal value. Increases or decreases in the principal value of index-linked bonds are recorded as interest income in the fund's statement of operations.

**Mortgage dollar rolls** — Some of the funds have entered into mortgage dollar roll transactions of TBA securities in which the fund sells a TBA mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar TBA security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions and may result in an increase to the fund's portfolio turnover rate. Portfolio turnover rates excluding and including mortgage dollar rolls are presented at the end of the financial highlights tables.

**Loan transactions** — Some of the funds have entered into loan transactions in which the fund acquires a loan either through an agent, by assignment from another holder, or as a participation interest in another holder's portion of a loan. The loan is often administered by a financial institution that acts as agent for the holders of the loan, and the fund may be required to receive approval from the agent and/or borrower prior to the sale of the investment. The loan's interest rate and maturity date may change based on the terms of the loan, including potential early payments of principal.

**Short-term securities** — The managed risk funds hold shares of State Street Institutional U.S. Government Money Market Fund, a cash management vehicle offered and managed by State Street Bank and Trust Company.

**Unfunded commitments** — Asset Allocation Fund and American High-Income Trust have participated in transactions that involve unfunded commitments, which may obligate each fund to purchase new or additional bonds and/or purchase additional shares of the applicable issuer if certain contingencies are met. As of December 31, 2025, the maximum exposure from these unfunded commit-ments for Asset Allocation Fund and American High-Income Trust was $204,000 and $94,000, respectively, which would represent less than 0.01% for Asset Allocation Fund and American High-Income Trust, respectively, of the net assets of each fund should such commitments become due. Unrealized appreciation on these unfunded commitments was $3,000 for Asset Allocation Fund and $1,000 for American High-Income Trust, and is disclosed as unrealized appreciation on unfunded commitments in each fund's statement of assets and liabilities. Unrealized appreciation is included in net unrealized appreciation (depreciation) on investments in unaffiliated issuers in each fund's statement of operations.

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| | |
|:---|:---|
| **325** | American Funds Insurance Series |

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**Option contracts** — Some of the funds have entered into option contracts, which give the purchaser of the option, in return for a premium payment, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the reference instrument underlying the option (or the cash value of the instrument or index underlying the option) at a specified exercise price. The writer of an option has the obligation, upon exercise of the option, to cash settle or deliver the underlying instrument or index upon payment of the exercise price (in the case of a call) or to cash settle or take delivery of the underlying instrument or index and pay the exercise price (in the case of a put).

By purchasing a put option, the fund obtains the right (but not the obligation) to sell the instrument underlying the option (or to deliver the cash value of the instrument or index underlying the option) at a specified exercise price. In return for this right, the fund pays the current market price, or the option premium, for the option. The fund may terminate its position in a put option by allowing the option to expire or by exercising the option. If the option is allowed to expire, the fund will lose the entire amount of the premium paid. If the option is exercised, the fund completes the sale of the underlying instrument (or delivers the cash value of the index underlying the option) at the exercise price. The fund may also terminate a put option position by entering into opposing close-out transactions in advance of the option expiration date.

The features of call options are essentially the same as those of put options, except that the purchaser of a call option obtains the right (but not the obligation) to purchase, rather than sell, the underlying instrument (or the cash value of the index underlying the option) at the specified exercise price. The buyer of a call option typically attempts to participate in potential price increases of the underlying instrument or index with risk limited to the cost of the option if the price of the underlying instrument or index falls. At the same time, the call option buyer can expect to suffer a loss if the price of the underlying instrument or index does not rise sufficiently to offset the cost of the option.

The writer of a put or call option takes the opposite side of the transaction from the option purchaser. In return for receipt of the option premium, the writer assumes the obligation to pay or receive the exercise price for the option's underlying instrument or index if the other party to the option chooses to exercise it. The writer may seek to terminate a position in a put option before exercise by entering into opposing close-out transactions in advance of the option expiration date. If the market for the relevant put option is not liquid, however, the writer must be prepared to pay the exercise price while the option is outstanding, regardless of price changes. Writing a call option obligates the writer to, upon exercise of the option, deliver the option's underlying instrument in return for the exercise price or to make a net cash settlement payment, as applicable. The characteristics of writing call options are similar to those of writing put options, except that writing call options is generally a profitable strategy if prices remain the same or fall. The potential gain for the option seller in such a transaction would be capped at the premium received.

Option contracts can be either equity style (premium is paid in full when the option is opened) or futures style (premium moves as part of variation margin over the life of the option, and is paid in full when the option is closed). For equity style options, premiums paid on options purchased, as well as the daily fluctuation in market value, are included in investment securities from unaffiliated issuers in each fund's statement of asset and liabilities, and premiums received on options written, as well as the daily fluctuation in market value, are included in options written at value in each fund's statement of assets and liabilities. The net realized gains or losses and net unrealized appreciation or depreciation from equity style options are recorded in investments for purchased options and in options written for written options in the fund's statement of operations and statement of changes in net assets.

For futures style options, on a daily basis for both purchased and written options, the fund pays or receives variation margin based on the premium paid and the daily fluctuation in market value, and records variation margin in the statement of assets and liabilities. Realized gains or losses are recorded at the time the option contract is closed or expires. The net realized gains or losses and net unrealized appreciation or depreciation from futures style options are recorded in options purchased (futures style) in the fund's statement of operations and statement of changes in net assets.

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| | |
|:---|:---|
| American Funds Insurance Series | **326** |

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Option contracts can take different forms. Some of the funds have entered into the following types of options contracts:

**Options on equity indexes** — As part of their managed risk strategy, the managed risk funds will at times purchase put options on equity indexes in standardized contracts traded on foreign or domestic securities exchanges, boards of trade, or similar entities.

**Options on futures** — One of the funds has entered into options on future contracts to seek to manage the fund's interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund's portfolio. An option on a futures contract gives the purchaser of the option the right to buy or sell a position in a futures contract from or to the writer of the option, at a specified price on or before the specified expiration date.

**Options on foreign currencies** —The fund has entered into options on foreign currencies to seek to protect against changes in currency exchange rates, to increase exposure to a particular foreign currency, to shift exposure to currency fluctuations from one currency to another or to seek to increase returns. An option on a foreign currency gives the holder of the option the right to buy or sell a foreign currency from or to the writer of the option, at a specified price on or before the specified expiration date.

**Futures contracts** — Some of the funds have entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage the fund's interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund's portfolio. For the managed risk funds, futures contracts are used to strategically manage portfolio volatility and downside equity risk.

Upon entering into futures contracts, and to maintain the fund's open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant ("FCM"), in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.

On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in each fund's statement of assets and liabilities. Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund's statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in each fund's statement of operations.

**Forward currency contracts** — Some of the funds have entered into forward currency contracts, which represent agreements to exchange currencies on specific future dates at predetermined rates. The series' investment adviser uses forward currency contracts to manage the fund's exposure to changes in exchange rates. Upon entering into these contracts, risks may arise from the potential inability of counterparties to meet the terms of their contracts and from possible movements in exchange rates.

On a daily basis, the series' investment adviser values forward currency contracts based on the applicable exchange rates and records unrealized appreciation or depreciation for open forward currency contracts in each fund's statement of assets and liabilities. Realized gains or losses are recorded at the time the forward contract is closed or offset by another contract with the same broker for the same settlement date and currency. Closed forward currency contracts that have not reached their settlement date are included in the respective receivables or payables for closed forward currency contracts in each fund's statement of assets and liabilities. Net realized gains or losses from closed forward currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in each fund's statement of operations.

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| | |
|:---|:---|
| **327** | American Funds Insurance Series |

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**Swap contracts** — Some of the funds have entered into swap agreements, which are two-party contracts entered into primarily by institutional investors for a specified time period. In a typical swap transaction, two parties agree to exchange the returns earned or realized from one or more underlying assets or rates of return. Swap agreements can be traded on a swap execution facility (SEF) and cleared through a central clearinghouse (cleared), traded over-the-counter (OTC) and cleared, or traded bilaterally and not cleared. Because clearing interposes a central clearinghouse as the ultimate counterparty to each participant's swap, and margin is required to be exchanged under the rules of the clearinghouse, central clearing is intended to decrease (but not eliminate) counterparty risk relative to uncleared bilateral swaps. To the extent the funds enter into bilaterally negotiated swap transactions, the funds will enter into swap agreements only with counterparties that meet certain credit standards and subject to agreed collateralized procedures. The term of a swap can be days, months or years and certain swaps may be less liquid than others.

Upon entering into a centrally cleared swap contract, the funds are required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.

On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in the funds' statement of assets and liabilities for centrally cleared swaps and as unrealized appreciation or depreciation in the funds' statement of assets and liabilities for bilateral swaps. For centrally cleared swaps, the fund also pays or receives a variation margin based on the increase or decrease in the value of the swaps, including accrued interest as applicable, and records variation margin in the statement of assets and liabilities. The funds record realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from swaps are recorded in the funds' statement of operations.

Swap agreements can take different forms. Some of the funds have entered into the following types of swap agreements:

**Interest rate swaps** — Some of the funds have entered into interest rate swaps, which seek to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the funds or a portion of the funds' portfolio. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in an interest rate or rates. Typically, one interest rate is fixed and the other is variable based on a designated short-term interest rate such as the Secured Overnight Financing Rate (SOFR), prime rate or other benchmark. In other types of interest rate swaps, known as basis swaps, the parties agree to swap variable interest rates based on different designated short-term interest rates. Interest rate swaps generally do not involve the delivery of securities or other principal amounts. Rather, cash payments are exchanged by the parties based on the application of the designated interest rates to a notional amount, which is the predetermined dollar principal of the trade upon which payment obligations are computed. Accordingly, the funds' current obligation or right under the swap agreement is generally equal to the net amount to be paid or received under the swap agreement based on the relative value of the position held by each party.

**Credit default swap indices** — Some of the funds have entered into centrally cleared credit default swap indices, including CDX and iTraxx indices (collectively referred to as "CDSIs"), in order to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks. A CDSI is based on a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. In a typical CDSI transaction, one party (the protection buyer) is obligated to pay the other party (the protection seller) a stream of periodic payments over the term of the contract. If a credit event, such as a default or restructuring, occurs with respect to any of the underlying reference obligations, the protection seller must pay the protection buyer the loss on those credits.

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| | |
|:---|:---|
| American Funds Insurance Series | **328** |

---

The funds may enter into a CDSI transaction as either protection buyer or protection seller. If the funds are protection buyers, they would pay the counterparty a periodic stream of payments over the term of the contract and would not recover any of those payments if no credit events were to occur with respect to any of the underlying reference obligations. However, if a credit event did occur, the funds, as protection buyers, would have the right to deliver the referenced debt obligations or a specified amount of cash, depending on the terms of the applicable agreement, and to receive the par value of such debt obligations from the counterparty protection seller. As protection sellers, the funds would receive fixed payments throughout the term of the contract if no credit events were to occur with respect to any of the underlying reference obligations. If a credit event were to occur, however, the value of any deliverable obligation received by the funds, coupled with the periodic payments previously received by the funds, may be less than the full notional value that the funds, as a protection seller, pays to the counterparty protection buyer, effectively resulting in a loss of value to the funds. Furthermore, as protection sellers, the funds would effectively add leverage to their portfolio because it would have investment exposure to the notional amount of the swap transaction.

The following table presents the average month-end notional amounts of options on futures, options on foreign currencies, futures contracts, forward currency contracts, interest rate swaps and credit default swaps while held for each fund (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Options**<br>**on**<br>**futures** | **Options**<br>**on**<br>**foreign currencies** |<br>**Futures**<br>**contracts** | **Forward**<br>**currency**<br>**contracts** | **Interest**<br>**rate**<br>**swaps** | **Credit**<br>**default**<br>**swaps** |
| New World Fund | Not applicable | Not applicable | $7466 | $19861 | $513 \* | Not applicable |
| International Growth and Income Fund | Not applicable | Not applicable | Not applicable | 641 \* | Not applicable | Not applicable |
| Capital Income Builder | Not applicable | Not applicable | 156652 | 393 \* | 7878 | 5062 |
| Asset Allocation Fund | Not applicable | Not applicable | 2772351 | Not applicable | 360170 | 61194 |
| American Funds Global Balanced Fund | $10369 | $2000 | 65213 | 87154 | 21599 | 4642 |
| The Bond Fund of America | Not applicable | Not applicable | 5555115 | 233285 | 863621 | 190139 |
| Capital World Bond Fund | 56460 | 19365 | 817202 | 522298 | 376182 | 69538 |
| American High-Income Trust | Not applicable | Not applicable | 31856 | Not applicable | Not applicable | 18973 |
| American Funds Mortgage Fund | 32136 | Not applicable | 96592 | Not applicable | 1975 | Not applicable |
| U.S. Government Securities Fund | 1099058 | Not applicable | 1984739 | Not applicable | 813610 | Not applicable |
| Managed Risk Growth Fund | 620857 | Not applicable | 1115 | Not applicable | Not applicable | Not applicable |
| Managed Risk International Fund | 99717 | Not applicable | 172 | Not applicable | Not applicable | Not applicable |
| Managed Risk Washington Mutual Investors Fund | 369929 | Not applicable | 2897 | Not applicable | Not applicable | Not applicable |
| Managed Risk Growth-Income Fund | 3972877 | Not applicable | 57285 | Not applicable | Not applicable | Not applicable |
| Managed Risk Asset Allocation | 537228 | Not applicable | 16791 | Not applicable | Not applicable | Not applicable |

---

\* No contracts were held at the end of the reporting period; amount represents the average month-end notional amount of contracts while they were held.

---

| | |
|:---|:---|
| **329** | American Funds Insurance Series |

---

The following tables identify the location and fair value amounts on each fund's statement of assets and liabilities and/or the effect on each fund's statement of operations resulting from each fund's use of options contracts, futures contracts, forward currency contracts, interest rate swaps and/or credit default swaps as of, or for the year ended, December 31, 2025 (dollars in thousands):

**New World Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of assets and liabilities** | **Value** | **Location on statement of assets and liabilities** | **Value** |
| Futures | Interest | Unrealized appreciation<sup>1</sup> | $24 | Unrealized depreciation<sup>1</sup> | $17 |
| Forward currency | Currency | Unrealized appreciation on open forward currency contracts | 80 | Unrealized depreciation on open forward currency contracts | 78 |
|  |  |  | $104 |  | $95 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of operations** | **Value** | **Location on statement of operations** | **Value** |
| Futures | Interest | Net realized gain (loss) on futures contracts | $177 | Net unrealized appreciation (depreciation) on futures contracts | $(4) |
| Forward currency | Currency | Net realized gain (loss) on forward currency contracts | (497) | Net unrealized appreciation (depreciation) on forward currency contracts | (78) |
| Swap | Interest | Net realized gain (loss) on swap contracts | (88) | Net unrealized appreciation (depreciation) on swap contracts | 104 |
|  |  |  | $(408) |  | $22 |

---

**International Growth and Income Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of operations** | **Value** | **Location on statement of operations** | **Value** |
| Forward currency | Currency | Net realized gain (loss) on forward currency contracts | $(18) | Net unrealized appreciation (depreciation) on forward currency contracts | $(10) |

---

**Capital Income Builder**

---

| | | | |
|:---|:---|:---|:---|
| | | **Assets** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | **Value** | **Value** |
| Futures | Interest Unrealized appreciation<sup>1</sup> | $36 Unrealized depreciation<sup>1</sup> | $315 |
| Swap (centrally cleared) | Interest Unrealized appreciation<sup>1</sup> | 261 Unrealized depreciation<sup>1</sup> | 1 |
| Swap (centrally cleared) | Credit Unrealized appreciation<sup>1</sup> | — Unrealized depreciation<sup>1</sup> | 2 |
|  |  | $297 | $318 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **330** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of operations** | **Value** | **Location on statement of operations** | **Value** |
| Futures | Interest | Net realized gain (loss) on futures contracts | $1420 | Net unrealized appreciation (depreciation) on futures contracts | $699 |
| Forward currency | Currency | Net realized gain (loss) on forward currency contracts | 13 | Net unrealized appreciation (depreciation) on forward currency contracts |  |
| Swap | Interest | Net realized gain (loss) on swap contracts | 97 | Net unrealized appreciation (depreciation) on swap contracts | (211) |
| Swap | Credit | Net realized gain (loss) on swap contracts | 50 | Net unrealized appreciation (depreciation) on swap contracts | (2) |
|  |  |  | $1580 |  | $486 |

---

**Asset Allocation Fund**

---

| | | | |
|:---|:---|:---|:---|
| | | **Assets** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | **Value** | **Value** |
| Futures | Interest Unrealized appreciation<sup>1</sup> | $1925 Unrealized depreciation<sup>1</sup> | $6069 |
| Swap (centrally cleared) | Interest Unrealized appreciation<sup>1</sup> | 3543 Unrealized depreciation<sup>1</sup> |  |
| Swap (centrally cleared) | Credit Unrealized appreciation<sup>1</sup> | — Unrealized depreciation<sup>1</sup> | 435 |
|  |  | $5468 | $6504 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of operations** | **Value** | **Location on statement of operations** | **Value** |
| Futures | Interest | Net realized gain (loss) on futures contracts | $28857 | Net unrealized appreciation (depreciation) on futures contracts | $(1220) |
| Swap | Interest | Net realized gain (loss) on swap contracts | 5 | Net unrealized appreciation (depreciation) on swap contracts | 3662 |
| Swap | Credit | Net realized gain (loss) on swap contracts | (1723) | Net unrealized appreciation (depreciation) on swap contracts | (578) |
|  |  |  | $27139 |  | $1864 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **331** | American Funds Insurance Series |

---

**American Funds Global Balanced Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of assets and liabilities** | **Value** | **Location on statement of assets and liabilities** | **Value** |
| Options purchased (equity style) | Currency | Investment securities | $2 | Investment securities | $— |
| Options purchased (futures style) | Interest | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | —<sup>2</sup> |
| Options written (futures style) | Interest | Unrealized appreciation<sup>1</sup> | 4 | Unrealized depreciation<sup>1</sup> |  |
| Futures | Interest | Unrealized appreciation<sup>1</sup> | 118 | Unrealized depreciation<sup>1</sup> | 132 |
| Forward currency | Currency | Unrealized appreciation on open forward currency contracts | 229 | Unrealized depreciation on open forward currency contracts | 281 |
| Swap (centrally cleared) | Interest | Unrealized appreciation<sup>1</sup> | 96 | Unrealized depreciation<sup>1</sup> | 28 |
| Swap (bilateral) | Interest | Bilateral swaps, at value | 38 | Bilateral swaps, at value | 44 |
| Swap (centrally cleared) | Credit | Unrealized appreciation<sup>1</sup> | —<sup>2</sup> | Unrealized depreciation<sup>1</sup> | 3 |
|  |  |  | $487 |  | $488 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of operations** | **Value** | **Location on statement of operations** | **Value** |
| Options purchased (equity style) | Currency | Net realized gain (loss) on investments | $— | Net unrealized appreciation (depreciation) on investments | $(8) |
| Options purchased (futures style) | Interest | Net realized gain (loss) on options purchased (futures style) | (67) | Net unrealized appreciation (depreciation) on options purchased (futures style) | —<sup>2</sup> |
| Options written (futures style) | Interest | Net realized gain (loss) on options written | 41 | Net unrealized appreciation (depreciation) on options written | 4 |
| Futures | Interest | Net realized gain (loss) on futures contracts | 469 | Net unrealized appreciation (depreciation) on futures contracts | 224 |
| Forward currency | Currency | Net realized gain (loss) on forward currency contracts | (3684) | Net unrealized appreciation (depreciation) on forward currency contracts | 130 |
| Swap | Interest | Net realized gain (loss) on swap contracts | (136) | Net unrealized appreciation (depreciation) on swap contracts | 388 |
| Swap | Credit | Net realized gain (loss) on swap contracts | (33) | Net unrealized appreciation (depreciation) on swap contracts | 1 |
|  |  |  | $(3410) |  | $739 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **332** |

---

**The Bond Fund of America**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of assets and liabilities** | **Value** | **Location on statement of assets and liabilities** | **Value** |
| Futures | Interest | Unrealized appreciation<sup>1</sup> | $1242 | Unrealized depreciation<sup>1</sup> | $9824 |
| Forward currency | Currency | Unrealized appreciation on open forward currency contracts | 386 | Unrealized depreciation on open forward currency contracts | 420 |
| Swap (centrally cleared) | Interest | Unrealized appreciation<sup>1</sup> | 8064 | Unrealized depreciation<sup>1</sup> | 3263 |
| Swap (bilateral) | Interest | Bilateral swaps, at value | 2015 | Bilateral swaps, at value | 3943 |
| Swap (centrally cleared) | Credit | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | 182 |
|  |  |  | $11707 |  | $17632 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of operations** | **Value** | **Location on statement of operations** | **Value** |
| Futures | Interest | Net realized gain (loss) on futures contracts | $21847 | Net unrealized appreciation (depreciation) on futures contracts | $21668 |
| Forward currency | Currency | Net realized gain (loss) on forward currency contracts | (9144) | Net unrealized appreciation (depreciation) on forward currency contracts | (1861) |
| Swap | Interest | Net realized gain (loss) on swap contracts | 5030 | Net unrealized appreciation (depreciation) on swap contracts | 9452 |
| Swap | Credit | Net realized gain (loss) on swap contracts | (4887) | Net unrealized appreciation (depreciation) on swap contracts | (196 |
|  |  |  | $12846 |  | $29063 |

---

**Capital World Bond Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of assets and liabilities** | **Value** | **Location on statement of assets and liabilities** | **Value** |
| Options purchased (equity style) | Currency | Investment securities | $16 | Investment securities | $— |
| Options purchased (futures style) | Interest | Unrealized appreciation<sup>1</sup> |  | Unrealized depreciation<sup>1</sup> | —<sup>2</sup> |
| Options written (futures style) | Interest | Unrealized appreciation<sup>1</sup> | 28 | Unrealized depreciation<sup>1</sup> |  |
| Futures | Interest | Unrealized appreciation<sup>1</sup> | 1615 | Unrealized depreciation<sup>1</sup> | 1631 |
| Forward currency | Currency | Unrealized appreciation on open forward currency contracts | 2812 | Unrealized depreciation on open forward currency contracts | 1842 |
| Swap (centrally cleared) | Interest | Unrealized appreciation<sup>1</sup> | 1403 | Unrealized depreciation<sup>1</sup> | 1055 |
| Swap (bilateral) | Interest | Bilateral swaps, at value | 136 | Bilateral swaps, at value | 2695 |
| Swap (centrally cleared) | Credit | Unrealized appreciation<sup>1</sup> | 24 | Unrealized depreciation<sup>1</sup> | 201 |
|  |  |  | $6034 |  | $7424 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **333** | American Funds Insurance Series |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of operations** | **Value** | **Location on statement of operations** | **Value** |
| Options purchased (equity style) | Interest | Net realized gain (loss) on investments | $(46) | Net unrealized appreciation (depreciation) on investments | $1 |
| Options purchased (equity style) | Currency | Net realized gain (loss) on investments | 159 | Net unrealized appreciation (depreciation) on investments | (48) |
| Options written (equity style) | Currency | Net realized gain (loss) on options written | 58 | Net unrealized appreciation (depreciation) on options written | 60 |
| Options purchased (futures style) | Interest | Net realized gain (loss) on options purchased (futures style) | (586) | Net unrealized appreciation (depreciation) on options purchased (futures style) | —<sup>2</sup> |
| Options written (futures style) | Interest | Net realized gain (loss) on options written | 365 | Net unrealized appreciation (depreciation) on options written | 28 |
| Futures | Interest | Net realized gain (loss) on futures contracts | 7420 | Net unrealized appreciation (depreciation) on futures contracts | 1912 |
| Forward currency | Currency | Net realized gain (loss) on forward currency contracts | (2268) | Net unrealized appreciation (depreciation) on forward currency contracts | 1027 |
| Swap | Interest | Net realized gain (loss) on swap contracts | (387) | Net unrealized appreciation (depreciation) on swap contracts | 3786 |
| Swap | Credit | Net realized gain (loss) on swap contracts | (441) | Net unrealized appreciation (depreciation) on swap contracts | (64) |
|  |  |  | $4274 |  | $6702 |

---

**American High-Income Trust**

---

| | | | |
|:---|:---|:---|:---|
| | | **Assets** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | **Value** | **Value** |
| Futures | Interest Unrealized appreciation<sup>1</sup> | $15 Unrealized depreciation<sup>1</sup> | $29 |
| Swap (centrally cleared) | Credit Unrealized appreciation<sup>1</sup> | — Unrealized depreciation<sup>1</sup> | 163 |
|  |  | $15 | $192 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of operations** | **Value** | **Location on statement of operations** | **Value** |
| Futures | Interest | Net realized gain (loss) on futures contracts | $293 | Net unrealized appreciation (depreciation) on futures contracts | $62 |
| Swap | Credit | Net realized gain (loss) on swap contracts | (917) | Net unrealized appreciation (depreciation) on swap contracts | (207) |
|  |  |  | $(624) |  | $(145) |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **334** |

---

**American Funds Mortgage Fund**

---

| | | | |
|:---|:---|:---|:---|
| | | **Assets** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | **Value** | **Value** |
| Futures | Interest Unrealized appreciation<sup>1</sup> | $18 Unrealized depreciation<sup>1</sup> | $150 |
| Swap (centrally cleared) | Interest Unrealized appreciation<sup>1</sup> | 127 Unrealized depreciation<sup>1</sup> | 1 |
|  |  | $145 | $151 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of operations** | **Value** | **Location on statement of operations** | **Value** |
| Options purchased (equity style) | Interest | Net realized gain (loss) on investments | $(31) | Net unrealized appreciation (depreciation) on investments | $— |
| Options written (equity style) | Interest | Net realized gain (loss) on options written | 1 | Net unrealized appreciation (depreciation) on options written |  |
| Futures | Interest | Net realized gain (loss) on futures contracts | 1057 | Net unrealized appreciation (depreciation) on futures contracts | 209 |
| Swap | Interest | Net realized gain (loss) on swap contracts | 27 | Net unrealized appreciation (depreciation) on swap contracts | (15) |
|  |  |  | $1054 |  | $194 |

---

**U.S. Government Securities Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of assets and liabilities** | **Value** | **Location on statement of assets and liabilities** | **Value** |
| Options purchased (equity style) | Interest | Investment securities | $242 | Investment securities | $— |
| Options written (equity style) | Interest | Options written, at value |  | Options written, at value | 81 |
| Futures | Interest | Unrealized appreciation<sup>1</sup> | 1077 | Unrealized depreciation<sup>1</sup> | 2291 |
| Swap (centrally cleared) | Interest | Unrealized appreciation<sup>1</sup> | 14953 | Unrealized depreciation<sup>1</sup> | 3022 |
|  |  |  | $16272 |  | $5394 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of operations** | **Value** | **Location on statement of operations** | **Value** |
| Options purchased (equity style) | Interest | Net realized gain (loss) on investments | $(1087) | Net unrealized appreciation (depreciation) on investments | $36 |
| Options written (equity style) | Interest | Net realized gain (loss) on options written | 27 | Net unrealized appreciation (depreciation) on options written | 21 |
| Futures | Interest | Net realized gain (loss) on futures contracts | 18297 | Net unrealized appreciation (depreciation) on futures contracts | 5703 |
| Swap | Interest | Net realized gain (loss) on swap contracts | 4094 | Net unrealized appreciation (depreciation) on swap contracts | (1861) |
|  |  |  | $21331 |  | $3899 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **335** | American Funds Insurance Series |

---

**Managed Risk Growth Fund**

---

| | | | |
|:---|:---|:---|:---|
| | | **Assets** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | **Value** | **Value** |
| Options purchased (equity style) | Equity Investment securities from unaffiliated issuers<sup>3</sup> | $1328 Investment securities from unaffiliated issuers<sup>3</sup> | $— |
| Futures | Equity Unrealized appreciation<sup>1</sup> | 8 Unrealized appreciation<sup>1</sup> |  |
|  |  | $1336 | $— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of operations** | **Value** | **Location on statement of operations** | **Value** |
| Options purchased (equity style) | Equity | Net realized gain (loss) on investments in unaffiliated issuers | $(4185) | Net unrealized appreciation (depreciation) on investments in unaffiliated issuers | $(2333) |
| Futures | Currency | Net realized gain (loss) on futures contracts | (357) | Net unrealized appreciation (depreciation) on futures contracts | (4) |
| Futures | Equity | Net realized gain (loss) on futures contracts | (13013) | Net unrealized appreciation (depreciation) on futures contracts | (455) |
| Futures | Interest | Net realized gain (loss) on futures contracts | 8 | Net unrealized appreciation (depreciation) on futures contracts | 4 |
|  |  |  | $(17547) |  | $(2788) |

---

**Managed Risk International Fund**

---

| | | | |
|:---|:---|:---|:---|
| | | **Assets** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | **Value** | **Value** |
| Options purchased (equity style) | Equity Investment securities from unaffiliated issuers<sup>3</sup> | $267 Investment securities from unaffiliated issuers<sup>3</sup> | $— |
| Futures | Equity Unrealized appreciation<sup>1</sup> | 13 Unrealized depreciation<sup>1</sup> |  |
|  |  | $280 | $— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of operations** | **Value** | **Location on statement of operations** | **Value** |
| Options purchased (equity style) | Equity | Net realized gain (loss) on investments in unaffiliated issuers | $(997) | Net unrealized appreciation (depreciation) on investments in unaffiliated issuers | $(422) |
| Futures | Equity | Net realized gain (loss) on futures contracts | (6096) | Net unrealized appreciation (depreciation) on futures contracts | (91) |
| Futures | Interest | Net realized gain (loss) on futures contracts | 6 | Net unrealized appreciation (depreciation) on futures contracts | 3 |
|  |  |  | $(7087) |  | $(510) |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **336** |

---

**Managed Risk Washington Mutual Investors Fund**

---

| | | | |
|:---|:---|:---|:---|
| | | **Assets** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | **Value** | **Value** |
| Options purchased (equity style) | Equity Investment securities from unaffiliated issuers<sup>3</sup> | $647 Investment securities from unaffiliated issuers<sup>3</sup> | $— |
| Futures | Equity Unrealized appreciation<sup>1</sup> | 1 Unrealized depreciation<sup>1</sup> |  |
|  |  | $648 | $— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of operations** | **Value** | **Location on statement of operations** | **Value** |
| Options purchased (equity style) | Equity | Net realized gain (loss) on investments in unaffiliated issuers | $(2786) | Net unrealized appreciation (depreciation) on investments in unaffiliated issuers | $(1184) |
| Futures | Currency | Net realized gain (loss) on futures contracts | (185) | Net unrealized appreciation (depreciation) on futures contracts |  |
| Futures | Equity | Net realized gain (loss) on futures contracts | (8674) | Net unrealized appreciation (depreciation) on futures contracts | 67 |
| Futures | Interest | Net realized gain (loss) on futures contracts | 14 | Net unrealized appreciation (depreciation) on futures contracts | 8 |
|  |  |  | $(11631) |  | $(1109) |

---

**Managed Risk Growth-Income Fund**

---

| | | | |
|:---|:---|:---|:---|
| | | **Assets** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | **Value** | **Value** |
| Options purchased (equity style) | Equity Investment securities from unaffiliated issuers<sup>3</sup> | $7071 Investment securities from unaffiliated issuers<sup>3</sup> | $— |
| Futures | Equity Unrealized appreciation<sup>1</sup> | 46 Unrealized depreciation<sup>1</sup> |  |
|  |  | $7117 | $— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of operations** | **Value** | **Location on statement of operations** | **Value** |
| Options purchased (equity style) | Equity | Net realized gain (loss) on investments in unaffiliated issuers | $(28619) | Net unrealized appreciation (depreciation) on investments in unaffiliated issuers | $(13505) |
| Futures | Currency | Net realized gain (loss) on futures contracts | (1347) | Net unrealized appreciation (depreciation) on futures contracts |  |
| Futures | Equity | Net realized gain (loss) on futures contracts | (35731) | Net unrealized appreciation (depreciation) on futures contracts | 1038 |
| Futures | Interest | Net realized gain (loss) on futures contracts | 45 | Net unrealized appreciation (depreciation) on futures contracts | 25 |
|  |  |  | $(65652) |  | $(12442) |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **337** | American Funds Insurance Series |

---

**Managed Risk Asset Allocation Fund**

---

| | | | |
|:---|:---|:---|:---|
| | | **Assets** | **Liabilities** |
| <br>**Contracts** | <br>**Risk type** | **Value** | **Value** |
| Options purchased (equity style) | Equity Investment securities from unaffiliated issuers<sup>3</sup> | $1217 Investment securities from unaffiliated issuers<sup>3</sup> | $— |
| Futures | Equity Unrealized appreciation<sup>1</sup> | 8 Unrealized depreciation<sup>1</sup> |  |
|  |  | $1225 | $— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Net realized gain (loss)** | **Net realized gain (loss)** | **Net unrealized appreciation (depreciation)** | **Net unrealized appreciation (depreciation)** |
| <br>**Contracts** | <br>**Risk type** | **Location on statement of operations** | **Value** | **Location on statement of operations** | **Value** |
| Options purchased (equity style) | Equity | Net realized gain (loss) on investments in unaffiliated issuers | $(3827) | Net unrealized appreciation (depreciation) on investments in unaffiliated issuers | $(1962) |
| Futures | Currency | Net realized gain (loss) on futures contracts | (513) | Net unrealized appreciation (depreciation) on futures contracts |  |
| Futures | Equity | Net realized gain (loss) on futures contracts | (47392) | Net unrealized appreciation (depreciation) on futures contracts | 417 |
| Futures | Interest | Net realized gain (loss) on futures contracts | 709 | Net unrealized appreciation (depreciation) on futures contracts | 314 |
|  |  |  | $(51023) |  | $(1231) |

---

 

<sup>1</sup> Includes cumulative appreciation/depreciation on future style options, futures contracts, centrally cleared interest rate swaps and/or centrally cleared credit default swaps as reported in the applicable table following each fund's investment portfolio. Only current day's variation margin is reported within each fund's statement of assets and liabilities.

<sup>2</sup> Amount less than one thousand.

<sup>3</sup> Includes options purchased as reported in each fund's investment portfolio.

---

| | |
|:---|:---|
| American Funds Insurance Series | **338** |

---

**Collateral** — Some funds either receive or pledge highly liquid assets, such as cash or U.S. government securities, as collateral due to securities lending and/or their use of option contracts, futures contracts, forward currency contracts, interest rate swaps, credit default swaps and/or future delivery contracts. For securities lending, each participating fund receives collateral in exchange for lending investment securities. The lending agent may reinvest collateral from securities lending transactions according to agreed parameters. For options on equity indexes, options on futures, futures contracts, centrally cleared interest rate swaps and centrally cleared credit default swaps, the program calls for each participating fund to pledge collateral for initial and variation margin by contract. For options on foreign currencies, forward currency contracts and bilateral swaps, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by counterparty. For future delivery contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by certain counterparties. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligation. Non-cash collateral pledged by each participating fund, if any, is disclosed in each fund's investment portfolio, and cash collateral pledged by each participating fund, if any, is held in a segregated account with the fund's custodian, which is reflected as cash collateral pledged in each fund's statement of assets and liabilities.

**Rights of offset** — Funds that hold forward currency contracts, options on foreign currencies and bilateral swaps have enforceable master netting agreements with certain counterparties, where amounts payable by each party to the other in the same currency (with the same settlement date and with the same counterparty) are settled net of each party's payment obligation. If an early termination date occurs under these agreements following an event of default or termination event, all obligations of each party to its counterparty are settled net through a single payment in a single currency ("close-out netting"). For financial reporting purposes, the funds do not offset financial assets and financial liabilities that are subject to these master netting arrangements in the statements of assets and liabilities.

The following tables present each fund's forward currency contracts, options on foreign currencies and bilateral swaps by counterparty that are subject to master netting agreements but that are not offset in the funds' statements of assets and liabilities. The net amount column shows the impact of offsetting on the funds' statement of assets and liabilities as of December 31, 2025, if close-out netting was exercised (dollars in thousands):

**New World Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Gross amounts not offset in the**<br> **statement of assets and liabilities and**<br> **subject to a master netting agreement** | **Gross amounts not offset in the**<br> **statement of assets and liabilities and**<br> **subject to a master netting agreement** | **Gross amounts not offset in the**<br> **statement of assets and liabilities and**<br> **subject to a master netting agreement** | |
| <br>**Counterparty** | **Gross amounts <br> recognized in the**<br>**statement of assets <br> and liabilities** | **Available**<br> **to offset** | **Non-cash**<br> **collateral\*** | **Cash**<br> **collateral\*** |<br>**Net amount** |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon | $22 | $— | $— | $— | $22 |
| &nbsp;&nbsp;&nbsp;BNP Paribas | 1 |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;Citibank | 39 | (27) |  |  | 12 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs | 1 | (1) |  |  |  |
| &nbsp;&nbsp;&nbsp;HSBC Bank | 1 |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;UBS AG | 15 |  |  |  | 15 |
| Total | $79 | $(28) | $— | $— | $51 |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America | $22 | $— | $— | $— | $22 |
| &nbsp;&nbsp;&nbsp;Citibank | 27 | (27) |  |  |  |
| &nbsp;&nbsp;&nbsp;Goldman Sachs | 1 | (1) |  |  |  |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 27 |  |  |  | 27 |
| Total | $77 | $(28) | $— | $— | $49 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **339** | American Funds Insurance Series |

---

**American Funds Global Balanced Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | |  | **Gross amounts not offset in the**<br> **statement of assets and liabilities and**<br> **subject to a master netting agreement** | **Gross amounts not offset in the**<br> **statement of assets and liabilities and**<br> **subject to a master netting agreement** | **Gross amounts not offset in the**<br> **statement of assets and liabilities and**<br> **subject to a master netting agreement** | |
| <br>**Counterparty** | **Gross amounts**<br> **recognized in the**<br>**statement of assets**<br> **and liabilities** | | **Available**<br> **to offset** | **Non-cash**<br> **collateral\*** | **Cash**<br> **collateral\*** |<br>**Net**<br> **amount** |
| Assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America | $8 |  | $(8) | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;Barclays Bank PLC | 27 |  | (27) |  |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas |  | <sup>†</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Citibank | 79 |  | (79) |  |  |  |
| &nbsp;&nbsp;&nbsp;Goldman Sachs | 116 |  | (67) |  |  | 49 |
| &nbsp;&nbsp;&nbsp;HSBC Bank | 29 |  | (12) |  |  | 17 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 2 |  | (2) |  |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 4 |  | (4) |  |  |  |
| &nbsp;&nbsp;&nbsp;UBS AG | 2 |  | (2 |  |  |  |
| Total | $267 |  | $(201 | $— | $— | $66 |
| Liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America | $26 |  | $(8) | $(18) | $— | $— |
| &nbsp;&nbsp;&nbsp;Barclays Bank PLC | 38 |  | (27) |  |  | 11 |
| &nbsp;&nbsp;&nbsp;BNP Paribas | 8 |  |  |  |  | 8 |
| &nbsp;&nbsp;&nbsp;Citibank | 109 |  | (79) |  |  | 30 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs | 67 |  | (67) |  |  |  |
| &nbsp;&nbsp;&nbsp;HSBC Bank | 12 |  | (12) |  |  |  |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 19 |  | (2) |  |  | 17 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 46 |  | (4) |  |  | 42 |
| &nbsp;&nbsp;&nbsp;Standard Chartered Bank | 3 |  |  |  |  | 3 |
| &nbsp;&nbsp;&nbsp;UBS AG | 5 |  | (2 |  |  | 3 |
| Total | $333 |  | $(201 | $(18) | $— | $114 |

---

**The Bond Fund of America**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Gross amounts not offset in the**<br> **statement of assets and liabilities and**<br> **subject to a master netting agreement** | **Gross amounts not offset in the**<br> **statement of assets and liabilities and**<br> **subject to a master netting agreement** | **Gross amounts not offset in the**<br> **statement of assets and liabilities and**<br> **subject to a master netting agreement** | |
| <br>**Counterparty** | **Gross amounts<br> recognized in the**<br>**statement of assets <br> and liabilities** | **Available**<br> **to offset** | **Non-cash**<br> **collateral\*** | **Cash**<br> **collateral\*** |<br>**Net amount** |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America | $490 | $(242) | $(248) | $— | $— |
| &nbsp;&nbsp;&nbsp;Barclays Bank PLC | 578 | (578) |  |  |  |
| &nbsp;&nbsp;&nbsp;Goldman Sachs | 1285 | (1203) |  |  | 82 |
| &nbsp;&nbsp;&nbsp;HSBC Bank | 48 |  |  |  | 48 |
| Total | $2401 | $(2023) | $(248) | $— | $130 |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America | $242 | $(242) | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;Barclays Bank PLC | 1146 | (578) | (568) |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas | 1352 |  | (1353) |  |  |
| &nbsp;&nbsp;&nbsp;Citibank | 255 |  | (254) |  |  |
| &nbsp;&nbsp;&nbsp;Goldman Sachs | 1203 | (1203) |  |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 165 |  |  |  | 165 |
| Total | $4363 | $(2023) | $(2175) | $— | $165 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **340** |

---

**Capital World Bond Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Gross amounts not offset in the** <br> **statement of assets and liabilities** <br> **and subject to a master netting agreement** | **Gross amounts not offset in the** <br> **statement of assets and liabilities** <br> **and subject to a master netting agreement** | **Gross amounts not offset in the** <br> **statement of assets and liabilities** <br> **and subject to a master netting agreement** | |
| <br>**Counterparty** | **Gross amounts <br> recognized in the** <br>**statement of assets<br> and liabilities** | **Available**<br> **to offset** | **Non-cash**<br> **collateral\*** | **Cash**<br> **collateral\*** |<br>**Net amount** |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America | $147 | $(147) | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon | 34 |  |  |  | 34 |
| &nbsp;&nbsp;&nbsp;Barclays Bank PLC | 450 | (450) |  |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas | 19 | (19) |  |  |  |
| &nbsp;&nbsp;&nbsp;Citibank | 608 | (608) |  |  |  |
| &nbsp;&nbsp;&nbsp;Goldman Sachs | 381 | (381) |  |  |  |
| &nbsp;&nbsp;&nbsp;HSBC Bank | 188 | (102) |  | (86) |  |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 44 | (24) |  |  | 20 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 19 | (19) |  |  |  |
| &nbsp;&nbsp;&nbsp;Standard Chartered Bank | 1035 | (59) | (330) | (290) | 356 |
| &nbsp;&nbsp;&nbsp;UBS AG | 23 | (16) |  |  | 7 |
| Total | $2948 | $(1825) | $(330) | $(376) | $417 |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America | $1107 | $(147) | $(948) | $— | $12 |
| &nbsp;&nbsp;&nbsp;Barclays Bank PLC | 627 | (450) | (177) |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas | 65 | (19) |  |  | 46 |
| &nbsp;&nbsp;&nbsp;Citibank | 897 | (608) |  |  | 289 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs | 1448 | (381) | (1017) |  | 50 |
| &nbsp;&nbsp;&nbsp;HSBC Bank | 102 | (102) |  |  |  |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 24 | (24) |  |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 257 | (19) | (238) |  |  |
| &nbsp;&nbsp;&nbsp;Standard Chartered Bank | 59 | (59) |  |  |  |
| &nbsp;&nbsp;&nbsp;UBS AG | 16 | (16) |  |  |  |
| Total | $4602 | $(1825) | $(2380) | $— | $397 |

---

\* Collateral is shown on a settlement basis.

---

| | |
|:---|:---|
| <sup>†</sup> | Amount less than one thousand. |

---

---

| | |
|:---|:---|
| **341** | American Funds Insurance Series |

---

**6. Taxation and distributions**

**Federal income taxation** — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the year ended December 31, 2025, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the year, none of the funds incurred any significant interest or penalties.

Each fund's tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction's statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.

**Non-U.S. taxation** — Dividend and interest income, if any, are recorded net of non-U.S. taxes paid. The funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the funds may file for additional reclaims related to prior years ("EU reclaims"). These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. During the year ended December 31, 2025, some of the funds recognized reclaims (net of fees and the effect of realized gain or loss from currency translations) and interest related to European court rulings as follows (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Reclaims** | **Fees** | **Interest** |
| Global Growth Fund | $587 | $51 | $597 |
| Global Small Capitalization Fund | 45 | 1 | 1 |
| International Fund | 2072 | 111 | 887 |
| New World Fund | 231 | 24 | 11 |
| Capital Income Builder | 18 |  | — \* |
| International Growth and Income Fund | 430 | 5 | 107 |

---

\* Amount less than one thousand.

The reclaims and interest are included in dividend income and interest income, respectively, in each fund's statements of operations. Gains realized by the funds on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. The funds generally record an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

**Distributions** — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; unrealized appreciation of certain investments in securities outside the U.S.; deferred expenses; cost of investments sold; paydowns on fixed-income securities; net capital losses; non-U.S. taxes on capital gains; amortization of premiums and discounts and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes.

---

| | |
|:---|:---|
| American Funds Insurance Series | **342** |

---

Additional tax basis disclosures for each fund as of December 31, 2025, were as follows (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Global Growth Fund** | **Global Small Capitalization Fund** | **Growth Fund** | **International Fund** | **New World Fund** | **Washington Mutual Investors Fund** |
| Undistributed ordinary income | $58118 | $52615 | $328671 | $164687 | $41259 | $40991 |
| Undistributed long-term capital gains | 1202418 | 330342 | 4562299 | 532733 | 281284 | 1064187 |
| Capital loss carryforward utilized |  |  |  | 206867 |  |  |
| Gross unrealized appreciation on investments | 3491592 | 789376 | 32066603 | 2385110 | 1575330 | 4698662 |
| Gross unrealized depreciation on investments | (287030) | (116954) | (655627) | (88696) | (59715) | (159517) |
| Net unrealized appreciation (depreciation) on investments | 3204562 | 672422 | 31410976 | 2296414 | 1515615 | 4539145 |
| Cost of investments | 5937177 | 2386011 | 23343610 | 5201489 | 2553117 | 7417791 |
| Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest |  | (1) |  | 2 | (1) |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **U.S. Small and Mid Cap Equity Fund** | **Capital World Growth and Income Fund** | **Growth- Income Fund** | **International Growth and Income Fund** | **Capital Income Builder** | **Asset Allocation Fund** |
| Undistributed ordinary income | $— | $16020 | $702034 | $2910 | $15728 | $217220 |
| Undistributed long-term capital gains |  | 179378 | 2604901 |  | 58769 | 2837208 |
| Capital loss carryforward<sup>1</sup> | (592) |  |  | (4662) |  |  |
| Capital loss carryforward utilized |  |  |  | 21009 | 6862 |  |
| Gross unrealized appreciation on investments | 9350 | 910098 | 21146735 | 135582 | 454550 | 8582220 |
| Gross unrealized depreciation on investments | (6040) | (45447) | (369429) | (9951) | (35422) | (691994) |
| Net unrealized appreciation (depreciation) on investments | 3310 | 864651 | 20777306 | 125631 | 419128 | 7890226 |
| Cost of investments | 97455 | 1217797 | 22833203 | 278196 | 1250632 | 19857297 |
| Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest | (14) | 1 | 3 | (1) |  | (1) |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **343** | American Funds Insurance Series |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **American Funds Global Balanced Fund** | **The Bond Fund of America** | **Capital World Bond Fund** | **American High-Income Trust** | **American Funds Mortgage Fund** | **Ultra-Short Bond Fund** |
| Undistributed ordinary income | $3091 | $81931 | $10845 | $12190 | $953 | $1944 |
| Undistributed long-term capital gains | 25777 |  |  |  |  |  |
| Capital loss carryforward<sup>1</sup> |  | (1511983) | (198979) | (329593) | (12321) | (1) |
| Capital loss carryforward utilized |  | 72789 | 1003 |  | 1889 |  |
| Gross unrealized appreciation on investments | 94991 | 158694 | 43122 | 64529 | 1677 | 32 |
| Gross unrealized depreciation on investments | (12752) | (227608) | (77373) | (39750) | (1122) | (10) |
| Net unrealized appreciation (depreciation) on investments | 82239 | (68914) | (34251) | 24779 | 555 | 22 |
| Cost of investments | 368808 | 11488814 | 1516353 | 1000940 | 132479 | 308476 |
| Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest |  |  |  |  | 1 |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **U.S. Government Securities Fund** | **Managed Risk Growth Fund** | **Managed Risk International Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk GrowthIncome Fund** | **Managed Risk Asset Allocation Fund** |
| Undistributed ordinary income | $13856 | $1773 | $1429 | $4281 | $25464 | $23428 |
| Undistributed long-term capital gains |  | 31113 |  |  | 284557 | 112392 |
| Capital loss carryforward<sup>1</sup> | (257785) |  | (21682) | (1893) |  |  |
| Capital loss carryforward utilized | 27799 |  |  | 20459 |  |  |
| Gross unrealized appreciation on investments | 32667 | 132454 | 27401 | 69146 | 317848 | 226986 |
| Gross unrealized depreciation on investments | (47954) | (48770) | (20227) | (24480) | (67881) | (39913) |
| Net unrealized appreciation (depreciation) on investments | (15287) | 83684 | 7174 | 44666 | 249967 | 187073 |
| Cost of investments | 1936415 | 421427 | 106247 | 270315 | 1838439 | 1289372 |

---

 

<sup>1</sup> Each fund's capital loss carryforward will be used to offset any capital gains realized by the fund in future years. Funds with a capital loss carryforward will not make distributions from capital gains while a capital loss carryforward remains.

Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):

**Global Growth Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| <br>**Share class** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** |
| Class 1 | $66139 | $455982 | $522121 | $65173 | $99126 | $164299 |
| Class 1A | 749 | 2766 | 3515 | 319 | 536 | 855 |
| Class 2 | 53132 | 443236 | 496368 | 57169 | 103301 | 160470 |
| Class 4 | 14879 | 130403 | 145282 | 12745 | 23878 | 36623 |
| Total | $134899 | $1032387 | $1167286 | $135406 | $226841 | $362247 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **344** |

---

**Global Small Capitalization Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| <br>**Share class** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** |
| Class 1 | $3919 | $19199 | $23118 | $24044 | $21820 | $45864 |
| Class 1A | 20 | 126 | 146 | 120 | 119 | 239 |
| Class 2 | 5919 | 39094 | 45013 | 42943 | 43051 | 85994 |
| Class 4 | 766 | 7316 | 8082 | 6428 | 7070 | 13498 |
| Total | $10624 | $65735 | $76359 | $73535 | $72060 | $145595 |

---

**Growth Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| <br>**Share class** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** |
| Class 1 | $283031 | $1543000 | $1826031 | $121696 | $433019 | $554715 |
| Class 1A | 4439 | 26100 | 30539 | 1328 | 7268 | 8596 |
| Class 2 | 243730 | 1433339 | 1677069 | 72492 | 433759 | 506251 |
| Class 3 | 3240 | 18878 | 22118 | 1123 | 5725 | 6848 |
| Class 4 | 69855 | 421011 | 490866 | 9370 | 97988 | 107358 |
| Total | $604295 | $3442328 | $4046623 | $206009 | $977759 | $1183768 |

---

**International Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| <br>**Share class** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** |
| Class 1 | $49061 | $— | $49061 | $46267 | $— | $46267 |
| Class 1A | 205 |  | 205 | 157 |  | 157 |
| Class 2 | 44060 |  | 44060 | 40220 |  | 40220 |
| Class 3 | 210 |  | 210 | 191 |  | 191 |
| Class 4 | 6153 |  | 6153 | 4485 |  | 4485 |
| Total | $99689 | $— | $99689 | $91320 | $— | $91320 |

---

**New World Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| <br>**Share class** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** |
| Class 1 | $32320 | $71532 | $103852 | $29713 | $8227 | $37940 |
| Class 1A | 369 | 453 | 822 | 167 | 49 | 216 |
| Class 2 | 11967 | 31619 | 43586 | 11293 | 3828 | 15121 |
| Class 4 | 11031 | 33694 | 44725 | 9604 | 3785 | 13389 |
| Total | $55687 | $137298 | $192985 | $50777 | $15889 | $66666 |

---

---

| | |
|:---|:---|
| **345** | American Funds Insurance Series |

---

**Washington Mutual Investors Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| <br>**Share class** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** |
| Class 1 | $131443 | $397175 | $528618 | $111395 | $50394 | $161789 |
| Class 1A | 661 | 2103 | 2764 | 426 | 202 | 628 |
| Class 2 | 57467 | 193815 | 251282 | 46990 | 24567 | 71557 |
| Class 4 | 36815 | 127802 | 164617 | 23694 | 12608 | 36302 |
| Total | $226386 | $720895 | $947281 | $182505 | $87771 | $270276 |

---

**U.S. Small and Mid Cap Equity Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **For the period November 15, 2024<sup>2</sup> to December 31, 2024** | **For the period November 15, 2024<sup>2</sup> to December 31, 2024** | **For the period November 15, 2024<sup>2</sup> to December 31, 2024** |
| <br>**Share class** | **Ordinary income** | **Long-term capital gains** | | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** |
| Class 1 | $364 | $—<sup>3</sup> | $364 | $—<sup>3</sup> | $— | $—<sup>3</sup> |
| Class 1A | —<sup>3</sup> | —<sup>3</sup> | —<sup>3</sup> | —<sup>3</sup> |  | —<sup>3</sup> |
| Class 2 | —<sup>3</sup> | —<sup>3</sup> | —<sup>3</sup> | —<sup>3</sup> |  | —<sup>3</sup> |
| Class 4 | 33 | —<sup>3</sup> | 33 | 13 |  | 13 |
| Total | $397 | $— | $397 | $13 | $— | $13 |

---

**Capital World Growth and Income Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| <br>**Share class** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** |
| Class 1 | $9542 | $21740 | $31282 | $11350 | $— | $11350 |
| Class 1A | 157 | 363 | 520 | 144 |  | 144 |
| Class 2 | 14202 | 37773 | 51975 | 17039 |  | 17039 |
| Class 4 | 4099 | 11256 | 15355 | 3943 |  | 3943 |
| Total | $28000 | $71132 | $99132 | $32476 | $— | $32476 |

---

**Growth-Income Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| <br>**Share class** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** |
| Class 1 | $512210 | $3878399 | $4390609 | $338365 | $1023186 | $1361551 |
| Class 1A | 901 | 7252 | 8153 | 495 | 1702 | 2197 |
| Class 2 | 257694 | 2211126 | 2468820 | 163135 | 597677 | 760812 |
| Class 3 | 2899 | 23742 | 26641 | 1879 | 6513 | 8392 |
| Class 4 | 50309 | 470380 | 520689 | 26050 | 105495 | 131545 |
| Total | $824013 | $6590899 | $7414912 | $529924 | $1734573 | $2264497 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **346** |

---

**International Growth and Income Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| <br>**Share class** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** |
| Class 1 | $835 | $— | $835 | $461 | $— | $461 |
| Class 1A | 211 |  | 211 | 156 |  | 156 |
| Class 2 | 4052 |  | 4052 | 3897 |  | 3897 |
| Class 4 | 4102 |  | 4102 | 3584 |  | 3584 |
| Total | $9200 | $— | $9200 | $8098 | $— | $8098 |

---

**Capital Income Builder**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| <br>**Share class** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** |
| Class 1 | $25206 | $— | $25206 | $25390 | $— | $25390 |
| Class 1A | 416 |  | 416 | 397 |  | 397 |
| Class 2 | 618 |  | 618 | 575 |  | 575 |
| Class 4 | 19776 |  | 19776 | 19314 |  | 19314 |
| Total | $46016 | $— | $46016 | $45676 | $— | $45676 |

---

**Asset Allocation Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| <br>**Share class** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** |
| Class 1 | $438651 | $1019238 | $1457889 | $374078 | $678739 | $1052817 |
| Class 1A | 1307 | 2795 | 4102 | 848 | 1422 | 2270 |
| Class 2 | 111878 | 280960 | 392838 | 92429 | 187595 | 280024 |
| Class 3 | 884 | 2081 | 2965 | 693 | 1326 | 2019 |
| Class 4 | 166513 | 445526 | 612039 | 127247 | 278890 | 406137 |
| Total | $719233 | $1750600 | $2469833 | $595295 | $1147972 | $1743267 |

---

**American Funds Global Balanced Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| <br>**Share class** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** | **Ordinary income** | **Long-term capital gains** | **Tota distributions paid** |
| Class 1 | $1498 | $3585 | $5083 | $1963 | $— | $1963 |
| Class 1A | 60 | 152 | 212 | 64 |  | 64 |
| Class 2 | 1941 | 5617 | 7558 | 2714 |  | 2714 |
| Class 4 | 2293 | 6279 | 8572 | 2307 |  | 2307 |
| Total | $5792 | $15633 | $21425 | $7048 | $— | $7048 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **347** | American Funds Insurance Series |

---

**The Bond Fund of America**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| <br>**Share class** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** |
| Class 1 | $302949 | $— | $302949 | $305561 | $— | $305561 |
| Class 1A | 12103 |  | 12103 | 8909 |  | 8909 |
| Class 2 | 115204 |  | 115204 | 115243 |  | 115243 |
| Class 4 | 56394 |  | 56394 | 45913 |  | 45913 |
| Total | $486650 | $— | $486650 | $475626 | $— | $475626 |

---

**Capital World Bond Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| <br>**Share class** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** |
| Class 1 | $19172 | $— | $19172 | $15387 | $— | $15387 |
| Class 1A | 837 |  | 837 | 983 |  | 983 |
| Class 2 | 22086 |  | 22086 | 16410 |  | 16410 |
| Class 4 | 2211 |  | 2211 | 1135 |  | 1135 |
| Total | $44306 | $— | $44306 | $33915 | $— | $33915 |

---

**American High-Income Trust**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| <br>**Share class** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** |
| Class 1 | $16430 | $— | $16430 | $15191 | $— | $15191 |
| Class 1A | 438 |  | 438 | 199 |  | 199 |
| Class 2 | 34271 |  | 34271 | 35147 |  | 35147 |
| Class 3 | 495 |  | 495 | 529 |  | 529 |
| Class 4 | 12704 |  | 12704 | 8336 |  | 8336 |
| Total | $64338 | $— | $64338 | $59402 | $— | $59402 |

---

**American Funds Mortgage Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| <br>**Share class** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** |
| Class 1 | $803 | $— | $803 | $804 | $— | $804 |
| Class 1A | 136 |  | 136 | 121 |  | 121 |
| Class 2 | 1703 |  | 1703 | 1928 |  | 1928 |
| Class 4 | 2473 |  | 2473 | 2148 |  | 2148 |
| Total | $5115 | $— | $5115 | $5001 | $— | $5001 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **348** |

---

**Ultra-Short Bond Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| <br>**Share class** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** |
| Class 1 | $1510 | $— | $1510 | $1996 | $— | $1996 |
| Class 1A | 5 |  | 5 | 6 |  | 6 |
| Class 2 | 9131 |  | 9131 | 12857 |  | 12857 |
| Class 3 | 156 |  | 156 | 205 |  | 205 |
| Class 4 | 2138 |  | 2138 | 2569 |  | 2569 |
| Total | $12940 | $— | $12940 | $17633 | $— | $17633 |

---

**U.S. Government Securities Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| <br>**Share class** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** |
| Class 1 | $11629 | $— | $11629 | $11248 | $— | $11248 |
| Class 1A | 12377 |  | 12377 | 11344 |  | 11344 |
| Class 2 | 44749 |  | 44749 | 42551 |  | 42551 |
| Class 3 | 212 |  | 212 | 204 |  | 204 |
| Class 4 | 10129 |  | 10129 | 7920 |  | 7920 |
| Total | $79096 | $— | $79096 | $73267 | $— | $73267 |

---

**Managed Risk Growth Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| <br>**Share class** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** |
| Class P1 | $248 | $558 | $806 | $93 | $— | $93 |
| Class P2 | 6657 | 21164 | 27821 | 2326 |  | 2326 |
| Total | $6905 | $21722 | $28627 | $2419 | $— | $2419 |

---

**Managed Risk International Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| <br>**Share class** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** |
| Class P1 | $30 | $— | $30 | $29 | $— | $29 |
| Class P2 | 1450 |  | 1450 | 1532 |  | 1532 |
| Total | $1480 | $— | $1480 | $1561 | $— | $1561 |

---

**Managed Risk Washington Mutual Investors Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| <br>**Share class** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** |
| Class P1 | $58 | $— | $58 | $53 | $— | $53 |
| Class P2 | 5902 |  | 5902 | 5422 |  | 5422 |
| Total | $5960 | $— | $5960 | $5475 | $— | $5475 |

---

Refer to the end of the table(s) for footnote(s)

---

| | |
|:---|:---|
| **349** | American Funds Insurance Series |

---

**Managed Risk Growth-Income Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| <br>**Share class** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** |
| Class P1 | $42231 | $70237 | $112468 | $33022 | $25142 | $58164 |
| Class P2 | 5433 | 10214 | 15647 | 4085 | 3659 | 7744 |
| Total | $47664 | $80451 | $128115 | $37107 | $28801 | $65908 |

---

**Managed Risk Asset Allocation Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
| <br>**Share class** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** | **Ordinary income** | **Long-term capital gains** | **Total distributions paid** |
| Class P1 | $348 | $722 | $1070 | $226 | $138 | $364 |
| Class P2 | 46064 | 121132 | 167196 | 39976 | 28786 | 68762 |
| Total | $46412 | $121854 | $168266 | $40202 | $28924 | $69126 |

---

 

<sup>2</sup> Commencement of operations.

<sup>3</sup> Amount less than one thousand.

**7. Fees and transactions**

CRMC, the series' investment adviser, is the parent company of Capital Client Group, Inc. ("CCG"), the distributor of the series' shares, and American Funds Service Company<sup>®</sup> ("AFS"), the series' transfer agent. CRMC, CCG and AFS are considered related parties to the series.

**Investment advisory services** — The series has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on annual rates that generally decrease as net asset levels increase. CRMC receives investment advisory fees from the underlying funds held by the managed risk funds, which are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables. Subadvisory fees for the managed risk funds are paid by CRMC to Milliman FRM. The managed risk funds are not responsible for paying any subadvisory fees.

**Investment advisory services waivers** — CRMC is waiving a portion of its investment advisory services fees for some of the funds. For the year ended December 31, 2025, total investment advisory services fees waived by CRMC were $53,879,000. CRMC does not intend to recoup these waivers. Investment advisory fees in each fund's statement of operations are presented gross of any waivers from CRMC.

---

| | |
|:---|:---|
| American Funds Insurance Series | **350** |

---

The range of rates, net asset levels and the current annualized rates of average daily net assets for each fund before and after any investment advisory services waivers, if applicable, are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Rates** | **Rates** | **Net asset level (in billions)** | **Net asset level (in billions)** | | |
| <br>**Fund** | **Beginning with** | **Ending with** | **Up to** | **In excess of** | **For the year ended December 31, 2025,**<br>**before waiver** | **For the year ended December 31, 2025,**<br>**after waiver** |
| Global Growth Fund | .475% | .435% | $15.0 | $15.0 | .475% | .372% |
| Global Small Capitalization Fund | .647 | .615 | 15.0 | 15.0 | .647 | .600 |
| Growth Fund | .500 | .275 | .6 | 44.0 | .302 | .302 |
| International Fund | .478 | .430 | 15.0 | 21.0 | .478 | .478 |
| New World Fund | .577 | .510 | 15.0 | 15.0 | .577 | .507 |
| Washington Mutual Investors Fund | .374 | .350 | 15.0 | 15.0 | .374 | .227 |
| U.S. Small and Mid Cap Equity Fund | .450 |  | all |  | .450 | .450 |
| Capital World Growth and Income Fund | .475 | .435 | 15.0 | 15.0 | .475 | .375 |
| Growth-Income Fund | .500 | .217 | .6 | 44.0 | .249 | .249 |
| International Growth and Income Fund | .478 | .450 | 15.0 | 15.0 | .478 | .478 |
| Capital Income Builder | .357 | .330 | 15.0 | 15.0 | .357 | .227 |
| Asset Allocation Fund | .500 | .236 | .6 | 34.0 | .264 | .264 |
| American Funds Global Balanced Fund | .446 | .420 | 15.0 | 15.0 | .446 | .429 |
| The Bond Fund of America | .352 | .320 | 15.0 | 15.0 | .352 | .202 |
| Capital World Bond Fund | .431 | .360 | 15.0 | 15.0 | .431 | .431 |
| American High-Income Trust | .404 | .386 | 15.0 | 15.0 | .404 | .284 |
| American Funds Mortgage Fund | .295 | .280 | 15.0 | 15.0 | .295 | .222 |
| Ultra-Short Bond Fund | .257 | .242 | 15.0 | 15.0 | .257 | .257 |
| U.S. Government Securities Fund | .295 | .280 | 15.0 | 15.0 | .295 | .218 |
| Managed Risk Growth Fund\* | .100 |  | all |  | .150 | .100 |
| Managed Risk International Fund\* | .100 |  | all |  | .150 | .100 |
| Managed Risk Washington Mutual Investors Fund\* | .100 |  | all |  | .150 | .100 |
| Managed Risk Growth-Income Fund\* | .100 |  | all |  | .150 | .100 |
| Managed Risk Asset Allocation Fund\* | .100 |  | all |  | .150 | .100 |

---

\* For a portion of the period CRMC waived a portion of the investment advisory and services fee, such that the fee was reduced from 0.150% to 0.100%. Effective May 1, 2025, the series' board of trustees approved a revised investment advisory and services agreement for the Managed Risk Funds, removing the 0.050% fee waiver and concurrently reducing the fee for each share class from 0.150% to 0.100%.

**Class-specific fees and expenses** — Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

**Distribution services** — The series has plans of distribution for all share classes except Class 1. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments, based on an annualized percentage of average daily net assets, range from 0.18% to 0.50% as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.

---

| | | |
|:---|:---|:---|
| **Share class** | **Currently approved limits** | **Plan limits** |
| Class 1A | 0.00% | 0.25% |
| Class 2 | 0.25 | 0.25 |
| Class 3 | 0.18 | 0.18 |
| Class 4 | 0.25 | 0.25 |
| Class P1 | 0.00 | 0.25 |
| Class P2 | 0.25 | 0.50 |

---

**Insurance administrative services** — The series has an insurance administrative services plan for Class 1A, 4, P1 and P2 shares. Under the plan, these share classes pay 0.25% of each insurance company's respective average daily net assets in each share class to compensate the insurance companies for services provided to their separate accounts and contractholders for which the shares of the fund are beneficially owned as underlying investments of such contractholders' annuities. These services include, but are not limited to, maintenance, shareholder communications and transactional services. The insurance companies are not related parties to the series.

---

| | |
|:---|:---|
| **351** | American Funds Insurance Series |

---

**Transfer agent services** — The series has a shareholder services agreement with AFS under which the funds compensate AFS for providing transfer agent services to all of the funds' share classes. These services include recordkeeping, shareholder communications and transaction processing. Under this agreement, the managed risk funds also pays sub-transfer agency fees to AFS. These fees are paid by AFS to third parties for performing transfer agent services on behalf of fund shareholders.

**Administrative services** — The series has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to all of the funds' share classes except Class P1 and P2 shares. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on each fund and market developments that impact fund investments.

Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides each fund, other than the managed risk funds, the ability to charge an administrative services fee at the annual rate of 0.05% of average daily net assets attributable to each share class. Currently each fund, other than the managed-risk funds, pays CRMC an administrative services fee at the annual rate of 0.03% of average daily net assets of each share class for CRMC's provision of administrative services. For the managed risk funds, CRMC receives administrative services fees at an annual rate of 0.03% of average daily net assets from Class 1 shares of the underlying funds for administrative services provided to the series.

**Accounting and administrative services** — The managed risk funds have a subadministration agreement with Bank of New York Mellon ("BNY Mellon") under which the fund compensates BNY Mellon for providing accounting and administrative services to each of the managed risk funds' share classes. These services include, but are not limited to, fund accounting (including calculation of net asset value), financial reporting and tax services. BNY Mellon is not a related party to the managed risk funds.

Class-specific expenses under the agreements described above were as follows (dollars in thousands):

**Global Growth Fund**

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution services** | **Insurance administrative services** | **Administrative services** |
| Class 1 | Not applicable | Not applicable | $1131 |
| Class 1A | $— | $83 | 10 |
| Class 2 | 8963 | Not applicable | 1076 |
| Class 4 | 2668 | 2668 | 320 |
| Total class-specific expenses | $11631 | $2751 | $2537 |

---

**Global Small Capitalization Fund**

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution services** | **Insurance administrative services** | **Administrative services** |
| Class 1 | Not applicable | Not applicable | $257 |
| Class 1A | $— | $15 | 2 |
| Class 2 | 4317 | Not applicable | 518 |
| Class 4 | 888 | 887 | 106 |
| Total class-specific expenses | $5205 | $902 | $883 |

---

**Growth Fund**

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution services** | **Insurance administrative services** | **Administrative services** |
| Class 1 | Not applicable | Not applicable | $6865 |
| Class 1A | $— | $1029 | 123 |
| Class 2 | 51724 | Not applicable | 6207 |
| Class 3 | 507 | Not applicable | 85 |
| Class 4 | 15164 | 15164 | 1820 |
| Total class-specific expenses | $67395 | $16193 | $15100 |

---

**International Fund**

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution services** | **Insurance administrative services** | **Administrative services** |
| Class 1 | Not applicable | Not applicable | $967 |
| Class 1A | $— | $35 | 4 |
| Class 2 | 8442 | Not applicable | 1013 |
| Class 3 | 28 | Not applicable | 5 |
| Class 4 | 1256 | 1256 | 151 |
| Total class-specific expenses | $9726 | $1291 | $2140 |

---

**New World Fund**

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution services** | **Insurance administrative services** | **Administrative services** |
| Class 1 | Not applicable | Not applicable | $581 |
| Class 1A | $— | $44 | 5 |
| Class 2 | 2096 | Not applicable | 252 |
| Class 4 | 2211 | 2211 | 265 |
| Total class-specific expenses | $4307 | $2255 | $1103 |

---

**Washington Mutual Investors Fund**

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution services** | **Insurance administrative services** | **Administrative services** |
| Class 1 | Not applicable | Not applicable | $1913 |
| Class 1A | $— | $84 | 10 |
| Class 2 | 7644 | Not applicable | 917 |
| Class 4 | 5082 | 5082 | 610 |
| Total class-specific expenses | $12726 | $5166 | $3450 |

---

---

| | |
|:---|:---|
| American Funds Insurance Series | **352** |

---

**U.S. Small and Mid Cap Equity Fund**

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution services** | **Insurance administrative services** | **Administrative services** |
| Class 1 | Not applicable | Not applicable | $10 |
| Class 1A | $— | $— \* | — \* |
| Class 2 | — \* | Not applicable | — \* |
| Class 4 | 9 | 8 | 5 |
| Total class-specific expenses | $9 | $8 | $15 |

---

**Capital World Growth and Income Fund**

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution services** | **Insurance administrative services** | **Administrative services** |
| Class 1 | Not applicable | Not applicable | $182 |
| Class 1A | $— | $26 | 3 |
| Class 2 | 2607 | Not applicable | 313 |
| Class 4 | 776 | 775 | 93 |
| Total class-specific expenses | $3383 | $801 | $591 |

---

**Growth-Income Fund**

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution services** | **Insurance administrative services** | **Administrative services** |
| Class 1 | Not applicable | Not applicable | $7452 |
| Class 1A | $— | $119 | 14 |
| Class 2 | 34840 | Not applicable | 4181 |
| Class 3 | 279 | Not applicable | 47 |
| Class 4 | 7386 | 7386 | 886 |
| Total class-specific expenses | $42505 | $7505 | $12580 |

---

**International Growth and Income Fund**

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution services** | **Insurance administrative services** | **Administrative services** |
| Class 1 | Not applicable | Not applicable | $8 |
| Class 1A | $— | $19 | 2 |
| Class 2 | 404 | Not applicable | 49 |
| Class 4 | 456 | 456 | 55 |
| Total class-specific expenses | $860 | $475 | $114 |

---

**Capital Income Builder**

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution services** | **Insurance administrative services** | **Administrative services** |
| Class 1 | Not applicable | Not applicable | $234 |
| Class 1A | $— | $34 | 4 |
| Class 2 | 51 | Not applicable | 6 |
| Class 4 | 1785 | 1786 | 214 |
| Total class-specific expenses | $1836 | $1820 | $458 |

---

**Asset Allocation Fund**

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution services** | **Insurance administrative services** | **Administrative services** |
| Class 1 | Not applicable | Not applicable | $4789 |
| Class 1A | $— | $119 | 14 |
| Class 2 | 10837 | Not applicable | 1301 |
| Class 3 | 60 | Not applicable | 10 |
| Class 4 | 17184 | 17184 | 2062 |
| Total class-specific expenses | $28081 | $17303 | $8176 |

---

**American Funds Global Balanced Fund**

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution services** | **Insurance administrative services** | **Administrative services** |
| Class 1 | Not applicable | Not applicable | $29 |
| Class 1A | $— | $10 | 1 |
| Class 2 | 371 | Not applicable | 45 |
| Class 4 | 428 | 428 | 51 |
| Total class-specific expenses | $799 | $438 | $126 |

---

**The Bond Fund of America**

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution services** | **Insurance administrative services** | **Administrative services** |
| Class 1 | Not applicable | Not applicable | $2070 |
| Class 1A | $— | $643 | 77 |
| Class 2 | 6831 | Not applicable | 820 |
| Class 4 | 3246 | 3247 | 390 |
| Total class-specific expenses | $10077 | $3890 | $3357 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **353** | American Funds Insurance Series |

---

**Capital World Bond Fund**

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution services** | **Insurance administrative services** | **Administrative services** |
| Class 1 | Not applicable | Not applicable | $182 |
| Class 1A | $— | $81 | 10 |
| Class 2 | 1893 | Not applicable | 227 |
| Class 4 | 176 | 176 | 21 |
| Total class-specific expenses | $2069 | $257 | $440 |

---

**American High-Income Trust**

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution services** | **Insurance administrative services** | **Administrative services** |
| Class 1 | Not applicable | Not applicable | $73 |
| Class 1A | $— | $11 | 1 |
| Class 2 | 1338 | Not applicable | 161 |
| Class 3 | 15 | Not applicable | 2 |
| Class 4 | 497 | 497 | 60 |
| Total class-specific expenses | $1850 | $508 | $297 |

---

**American Funds Mortgage Fund**

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution services** | **Insurance administrative services** | **Administrative services** |
| Class 1 | Not applicable | Not applicable | $5 |
| Class 1A | $— | $8 | 1 |
| Class 2 | 104 | Not applicable | 13 |
| Class 4 | 140 | 140 | 17 |
| Total class-specific expenses | $244 | $148 | $36 |

---

**Ultra-Short Bond Fund**

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution services** | **Insurance administrative services** | **Administrative services** |
| Class 1 | Not applicable | Not applicable | $11 |
| Class 1A | $— | $— \* | — \* |
| Class 2 | 569 | Not applicable | 68 |
| Class 3 | 7 | Not applicable | 1 |
| Class 4 | 156 | 156 | 19 |
| Total class-specific expenses | $732 | $156 | $99 |

---

**U.S. Government Securities Fund**

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Distribution services** | **Insurance administrative services** | **Administrative services** |
| Class 1 | Not applicable | Not applicable | $79 |
| Class 1A | $— | $724 | 87 |
| Class 2 | 2619 | Not applicable | 314 |
| Class 3 | 9 | Not applicable | 1 |
| Class 4 | 588 | 588 | 71 |
| Total class-specific expenses | $3216 | $1312 | $552 |

---

**Managed Risk Growth Fund**

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution services** | **Insurance administrative services** |
| Class P1 | Not applicable | $34 |
| Class P2 | $1243 | 1243 |
| Total class-specific expenses | $1243 | $1277 |

---

**Managed Risk International Fund**

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution services** | **Insurance administrative services** |
| Class P1 | Not applicable | $5 |
| Class P2 | $280 | 280 |
| Total class-specific expenses | $280 | $285 |

---

**Managed Risk Washington Mutual Investors Fund**

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution services** | **Insurance administrative services** |
| Class P1 | Not applicable | $6 |
| Class P2 | $786 | 786 |
| Total class-specific expenses | $786 | $792 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **354** |

---

**Managed Risk Growth-Income Fund**

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution services** | **Insurance administrative services** |
| Class P1 | Not applicable | $4624 |
| Class P2 | $662 | 662 |
| Total class-specific expenses | $662 | $5286 |

---

**Managed Risk Asset Allocation Fund**

---

| | | |
|:---|:---|:---|
| **Share class** | **Distribution services** | **Insurance administrative services** |
| Class P1 | Not applicable | $30 |
| Class P2 | $4685 | 4685 |
| Total class-specific expenses | $4685 | $4715 |

---

\* Amount less than one thousand.

**Miscellaneous fee reimbursements** — CRMC reimbursed a portion of miscellaneous fees and expenses for U.S. Small and Mid Cap Equity Fund and Managed Risk International Fund. These reimbursements may be adjusted or discontinued by CRMC, subject to any restrictions in the series' prospectus. For the year ended December 31, 2025, total fees and expenses reimbursed by CRMC were $77,000. CRMC does not intend to recoup these reimbursements. Fees and expenses in each fund's statement of operations are presented gross of any reimbursements from CRMC.

**Trustees' deferred compensation** — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in one or more of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected funds. Trustees' compensation, shown on the accompanying financial statements, reflects current fees (either paid in cash or deferred) and a net increase in the value of the deferred amounts as follows (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Current fees** | **Increase (decrease)** <br> **in value of deferred amounts** | **Total trustees'** <br> **compensation** |
| Global Growth Fund | $21 | $21 | $42 |
| Global Small Capitalization Fund | 8 | 7 | 15 |
| Growth Fund | 125 | 124 | 249 |
| International Fund | 18 | 17 | 35 |
| New World Fund | 9 | 9 | 18 |
| Washington Mutual Investors Fund | 29 | 28 | 57 |
| U.S. Small and Mid Cap Equity Fund | — \* | — \* | — \* |
| Capital World Growth and Income Fund | 5 | 5 | 10 |
| Growth-Income Fund | 106 | 101 | 207 |
| International Growth and Income Fund | 1 | 1 | 2 |
| Capital Income Builder | 4 | 4 | 8 |
| Asset Allocation Fund | 69 | 65 | 134 |
| American Funds Global Balanced Fund | 1 | 1 | 2 |
| The Bond Fund of America | 28 | 26 | 54 |
| Capital World Bond Fund | 4 | 3 | 7 |
| American High-Income Trust | 2 | 2 | 4 |
| American Funds Mortgage Fund | — \* | — \* | — \* |
| Ultra-Short Bond Fund | 1 | 1 | 2 |
| U.S. Government Securities Fund | 5 | 4 | 9 |
| Managed Risk Growth Fund | 2 | 1 | 3 |
| Managed Risk International Fund | 1 | — \* | 1 |
| Managed Risk Washington Mutual Investors Fund | 1 | 1 | 2 |
| Managed Risk Growth-Income Fund | 5 | 5 | 10 |
| Managed Risk Asset Allocation Fund | 5 | 4 | 9 |

---

\* Amount less than one thousand.

**Affiliated officers and trustees** — Officers and certain trustees of the series are or may be considered to be affiliated with CRMC, CCG and AFS. No affiliated officers or trustees received any compensation directly from any fund in the series.

---

| | |
|:---|:---|
| **355** | American Funds Insurance Series |

---

**Investments in CCBF and CCF** — Some of the funds hold shares of CCBF, a corporate bond fund, and/or CCF, an institutional prime money market fund ,which are both managed by CRMC. CCBF seeks to provide maximum total return consistent with capital preservation and prudent risk management by investing primarily in corporate debt instruments. CCBF is used as an investment vehicle for some of the funds' corporate bond investments. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for some of the funds' short-term investments. Both CCBF and CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from either CCBF or CCF.

**Security transactions with related funds** — The funds may purchase from, or sell securities to, other CRMC-managed funds (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund's board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act.

The following table presents purchase and sale transactions between each fund and related funds, and net realized gain or loss from such sales, if any, as of December 31, 2025 (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **Net realized gain (loss)** |
| Global Growth Fund | $147747 | $67664 | $22487 |
| Global Small Capitalization Fund | 27498 | 11204 | 1978 |
| Growth Fund | 350283 | 350719 | 70559 |
| International Fund | 110941 | 87605 | 3851 |
| New World Fund | 24060 | 50564 | 13902 |
| Washington Mutual Investors Fund | 131489 | 156251 | 20344 |
| Capital World Growth and Income Fund | 32218 | 38497 | 8339 |
| Growth-Income Fund | 506006 | 592940 | 172397 |
| International Growth and Income Fund | 2294 | 4747 | 363 |
| Capital Income Builder | 23371 | 19211 | 4803 |
| Asset Allocation Fund | 250712 | 107065 | 54741 |
| American Funds Global Balanced Fund | 3867 | 4371 | 1147 |

---

**Interfund lending** — Pursuant to an exemptive order issued by the SEC, each fund, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. Each fund did not lend or borrow cash through the interfund lending program at any time during the year ended December 31, 2025.

**8. Indemnifications**

The series' organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the series. In the normal course of business, the series may also enter into contracts that provide general indemnifications. Each fund's maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the series. The risk of material loss from such claims is considered remote. Insurance policies are also available to the series' board members and officers.

**9. Committed line of credit**

Global Small Capitalization Fund, New World Fund and American High-Income Trust participate with other funds managed by CRMC in a $1.5 billion credit facility (the "line of credit") to be utilized for temporary purposes to fund shareholder redemptions. Each fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in each fund's statement of operations. None of the funds borrowed on this line of credit at any time during the year ended December 31, 2025.

---

| | |
|:---|:---|
| American Funds Insurance Series | **356** |

---

**10. Capital share transactions**

Capital share transactions in each fund were as follows (dollars and shares in thousands):

**Global Growth Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of distributions** | **Reinvestments of distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase (decrease)** | **Net increase (decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | | | | | | | | |
| Class 1 | $304055 | 8321 | $522119 | 15107 | $(541519) | (14564) | $284655 | 8864 |
| Class 1A | 42972 | 1157 | 3516 | 101 | (3744) | (102) | 42744 | 1156 |
| Class 2 | 35075 | 964 | 496369 | 14649 | (528583) | (14441) | 2861 | 1172 |
| Class 4 | 180514 | 5009 | 145282 | 4354 | (101231) | (2811) | 224565 | 6552 |
| Total net increase (decrease) | $562616 | 15451 | $1167286 | 34211 | $(1175077) | (31918) | $554825 | 17744 |
| **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
| Class 1 | $182743 | 4922 | $164299 | 4426 | $(478156) | (12907) | $(131114) | (3559) |
| Class 1A | 3593 | 97 | 855 | 23 | (3164) | (85) | 1284 | 35 |
| Class 2 | 64877 | 1789 | 160470 | 4397 | (544385) | (14948) | (319038) | (8762) |
| Class 4 | 187863 | 5186 | 36623 | 1016 | (80774) | (2235) | 143712 | 3967 |
| Total net increase (decrease) | $439076 | 11994 | $362247 | 9862 | $(1106479) | (30175) | $(305156) | (8319) |

---

**Global Small Capitalization Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of distributions** | **Reinvestments of distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase (decrease)** | **Net increase (decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | | | | | | | | |
| Class 1 | $66285 | 3641 | $22933 | 1232 | $(343352) | (18170) | $(254134) | (13297) |
| Class 1A | 532 | 29 | 146 | 8 | (424) | (23) | 254 | 14 |
| Class 2 | 30784 | 1809 | 45015 | 2592 | (247355) | (13805) | (171556) | (9404) |
| Class 4 | 91459 | 5277 | 8081 | 469 | (44936) | (2531) | 54604 | 3215 |
| Total net increase (decrease) | $189060 | 10756 | $76175 | 4301 | $(636067) | (34529) | $(370832) | (19472) |
| **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
| Class 1 | $82737 | 4519 | $45699 | 2557 | $(168033) | (9099) | $(39597) | (2023) |
| Class 1A | 766 | 43 | 239 | 14 | (637) | (35) | 368 | 22 |
| Class 2 | 58585 | 3367 | 85994 | 5139 | (246897) | (14207) | (102318) | (5701) |
| Class 4 | 41322 | 2398 | 13498 | 810 | (37390) | (2159) | 17430 | 1049 |
| Total net increase (decrease) | $183410 | 10327 | $145430 | 8520 | $(452957) | (25500) | $(124117) | (6653) |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **357** | American Funds Insurance Series |

---

**Growth Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of distributions** | **Reinvestments of distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase (decrease)** | **Net increase (decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025 Class 1** | $2221332 | 17180 | $1824411 | 14872 | $(2853744) | (22053) | $1191999 | 9999 |
| Class 1A | 118725 | 930 | 30539 | 252 | (115193) | (884) | 34071 | 298 |
| Class 2 | 504023 | 3932 | 1677068 | 13892 | (3177573) | (24443) | (996482) | (6619) |
| Class 3 | 1511 | 12 | 22118 | 178 | (36889) | (277) | (13260) | (87) |
| Class 4 | 1221571 | 9782 | 490866 | 4193 | (372784) | (2965) | 1339653 | 11010 |
| Total net increase (decrease) | $4067162 | 31836 | $4045002 | 33387 | $(6556183) | (50622) | $1555981 | 14601 |
| **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
| Class 1 | $1283657 | 11196 | $554066 | 4995 | $(2581742) | (22564) | $(744019) | (6373) |
| Class 1A | 43180 | 381 | 8596 | 79 | (33697) | (304) | 18079 | 156 |
| Class 2 | 414661 | 3673 | 506251 | 4690 | (3189792) | (28372) | (2268880) | (20009) |
| Class 3 | 1071 | 10 | 6848 | 62 | (32036) | (278) | (24117) | (206) |
| Class 4 | 874214 | 7971 | 107359 | 1032 | (368353) | (3358) | 613220 | 5645 |
| Total net increase (decrease) | $2616783 | 23231 | $1183120 | 10858 | $(6205620) | (54876) | $(2405717) | (20787) |

---

**International Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of distributions** | **Reinvestments of distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase (decrease)** | **Net increase (decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | | | | | | | | |
| Class 1 | $123286 | 6300 | $49061 | 2250 | $(619084) | (30505) | $(446737) | (21955) |
| Class 1A | 1909 | 93 | 205 | 10 | (1577) | (80) | 537 | 23 |
| Class 2 | 158584 | 8280 | 44060 | 2025 | (720522) | (36038) | (517878) | (25733) |
| Class 3 | 143 | 7 | 210 | 10 | (1989) | (100) | (1636) | (83) |
| Class 4 | 72454 | 3758 | 6153 | 287 | (59496) | (3027) | 19111 | 1018 |
| Total net increase (decrease) | $356376 | 18438 | $99689 | 4582 | $(1402668) | (69750) | $(946603) | (46730) |
| **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
| Class 1 | $103818 | 5617 | $46267 | 2445 | $(505047) | (27104) | $(354962) | (19042) |
| Class 1A | 2421 | 132 | 158 | 9 | (2072) | (114) | 507 | 27 |
| Class 2 | 294279 | 16201 | 40220 | 2136 | (554239) | (30168) | (219740) | (11831) |
| Class 3 | 2 | —<sup>2</sup> | 191 | 10 | (2572) | (137) | (2379) | (127) |
| Class 4 | 64019 | 3511 | 4485 | 242 | (49713) | (2726) | 18791 | 1027 |
| Total net increase (decrease) | $464539 | 25461 | $91321 | 4842 | $(1113643) | (60249) | $(557783) | (29946) |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **358** |

---

**New World Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of distributions** | **Reinvestments of distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase (decrease)** | **Net increase (decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | | | | | | | | |
| Class 1 | $158509 | 5359 | $103852 | 3572 | $(340861) | (11604) | $(78500) | (2673) |
| Class 1A | 18473 | 602 | 822 | 28 | (2946) | (103) | 16349 | 527 |
| Class 2 | 114042 | 3791 | 43585 | 1527 | (173334) | (5988) | (15707) | (670) |
| Class 4 | 92171 | 3197 | 44726 | 1588 | (148239) | (5158) | (11342) | (373) |
| Total net increase (decrease) | $383195 | 12949 | $192985 | 6715 | $(665380) | (22853) | $(89200) | (3189) |
| **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
| Class 1 | $211139 | 7770 | $37940 | 1389 | $(310526) | (11467) | $(61447) | (2308) |
| Class 1A | 2546 | 92 | 216 | 8 | (1406) | (52) | 1356 | 48 |
| Class 2 | 97709 | 3717 | 15121 | 562 | (163082) | (6131) | (50252) | (1852) |
| Class 4 | 79272 | 3006 | 13389 | 502 | (106780) | (4055) | (14119) | (547) |
| Total net increase (decrease) | $390666 | 14585 | $66666 | 2461 | $(581794) | (21705) | $(124462) | (4659) |

---

**Washington Mutual Investors Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of distributions** | **Reinvestments of distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase (decrease)** | **Net increase (decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | | | | | | | | |
| Class 1 | $140928 | 8311 | $526965 | 31376 | $(1006677) | (57564) | $(338784) | (17877) |
| Class 1A | 6301 | 363 | 2764 | 166 | (2905) | (165) | 6160 | 364 |
| Class 2 | 90385 | 5278 | 251281 | 15319 | (430673) | (25241) | (89007) | (4644) |
| Class 4 | 377965 | 22441 | 164617 | 10176 | (110363) | (6612) | 432219 | 26005 |
| Total net increase (decrease) | $615579 | 36393 | $945627 | 57037 | $(1550618) | (89582) | $10588 | 3848 |
| **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
| Class 1 | $87079 | 5408 | $161220 | 9874 | $(948618) | (58997) | $(700319) | (43715) |
| Class 1A | 4491 | 279 | 628 | 38 | (3232) | (205) | 1887 | 112 |
| Class 2 | 56060 | 3529 | 71557 | 4484 | (477590) | (30368) | (349973) | (22355) |
| Class 4 | 260219 | 16589 | 36302 | 2301 | (99151) | (6416) | 197370 | 12474 |
| Total net increase (decrease) | $407849 | 25805 | $269707 | 16697 | $(1528591) | (95986) | $(851035) | (53484) |

---

**U.S. Small and Mid Cap Equity Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of distributions** | **Reinvestments of distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase (decrease)** | **Net increase (decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | | | | | | | | |
| Class 1 | $94466 | 8554 | $364 | 32 | $(8030) | (726) | $86800 | 7860 |
| Class 1A |  |  | —<sup>2</sup> | —<sup>2</sup> |  |  | —<sup>2</sup> | —<sup>2</sup> |
| Class 2 |  |  | —<sup>2</sup> | —<sup>2</sup> |  |  | —<sup>2</sup> | —<sup>2</sup> |
| Class 4 | 14686 | 1364 | 33 | 3 | (19609) | (1843) | (4890) | (476) |
| Total net increase (decrease) | $109152 | 9918 | $397 | 35 | $(27639) | (2569) | $81910 | 7384 |
| **For the period November 15, 2024<sup>3</sup> to December 31, 2024** |  |  |  |  |  |  |  |  |
| Class 1 | $10 | 1 | $—<sup>2</sup> | —<sup>2</sup> | $— |  | $10 | 1 |
| Class 1A | 10 | 1 | —<sup>2</sup> | —<sup>2</sup> |  |  | 10 | 1 |
| Class 2 | 10 | 1 | —<sup>2</sup> | —<sup>2</sup> |  |  | 10 | 1 |
| Class 4 | 14970 | 1497 | 13 | 1 |  |  | 14983 | 1498 |
| Total net increase (decrease) | $15000 | 1500 | $13 | 1 | $— |  | $15013 | 1501 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **359** | American Funds Insurance Series |

---

**Capital World Growth and Income Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of distributions** | **Reinvestments of distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase (decrease)** | **Net increase (decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | | | | | | | | |
| Class 1 | $61144 | 3871 | $30791 | 1846 | $(173302) | (10431) | $(81367) | (4714) |
| Class 1A | 1669 | 101 | 519 | 31 | (625) | (37) | 1563 | 95 |
| Class 2 | 28763 | 1702 | 51975 | 3135 | (185399) | (11041) | (104661) | (6204) |
| Class 4 | 58603 | 3584 | 15355 | 952 | (32104) | (1961) | 41854 | 2575 |
| Total net increase (decrease) | $150179 | 9258 | $98640 | 5964 | $(391430) | (23470) | $(142611) | (8248) |
| **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
| Class 1 | $61832 | 4046 | $11187 | 709 | $(124340) | (8176) | $(51321) | (3421) |
| Class 1A | 1263 | 86 | 144 | 9 | (793) | (51) | 614 | 44 |
| Class 2 | 14751 | 970 | 17039 | 1085 | (177803) | (11812) | (146013) | (9757) |
| Class 4 | 31604 | 2138 | 3943 | 258 | (30478) | (2080) | 5069 | 316 |
| Total net increase (decrease) | $109450 | 7240 | $32313 | 2061 | $(333414) | (22119) | $(191651) | (12818) |

---

**Growth-Income Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of distributions** | **Reinvestments of distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase (decrease)** | **Net increase (decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** |  |  |  |  |  |  |  |  |
| Class 1 | $684973 | 10461 | $4387256 | 72937 | $(3619605) | (54457) | $1452624 | 28941 |
| Class 1A | 6675 | 102 | 8152 | 137 | (4519) | (68) | 10308 | 171 |
| Class 2 | 125378 | 1919 | 2468820 | 42004 | (1981266) | (30316) | 612932 | 13607 |
| Class 3 | 1554 | 24 | 26641 | 442 | (19918) | (294) | 8277 | 172 |
| Class 4 | 408921 | 6393 | 520690 | 9074 | (327755) | (5109) | 601856 | 10358 |
| Total net increase (decrease) | $1227501 | 18899 | $7411559 | 124594 | $(5953063) | (90244) | $2685997 | 53249 |
| **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
| Class 1 | $332044 | 5020 | $1360424 | 21268 | $(3357393) | (51220) | $(1664925) | (24932) |
| Class 1A | 5383 | 81 | 2198 | 35 | (5242) | (81) | 2339 | 35 |
| Class 2 | 113447 | 1761 | 760811 | 12154 | (2068284) | (32090) | (1194026) | (18175) |
| Class 3 | 313 | 5 | 8392 | 131 | (19777) | (301) | (11072) | (165) |
| Class 4 | 332452 | 5218 | 131545 | 2144 | (199130) | (3142) | 264867 | 4220 |
| Total net increase (decrease) | $783639 | 12085 | $2263370 | 35732 | $(5649826) | (86834) | $(2602817) | (39017) |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **360** |

---

**International Growth and Income Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of distributions** | **Reinvestments of distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase (decrease)** | **Net increase (decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | | | | | | | | |
| Class 1 | $21760 | 1847 | $836 | 64 | $(11542) | (986) | $11054 | 925 |
| Class 1A | 1735 | 146 | 211 | 17 | (982) | (83) | 964 | 80 |
| Class 2 | 6438 | 538 | 4052 | 319 | (32846) | (2832) | (22356) | (1975) |
| Class 4 | 40773 | 3574 | 4102 | 330 | (56151) | (4650) | (11276) | (746) |
| Total net increase (decrease) | $70706 | 6105 | $9201 | 730 | $(101521) | (8551) | $(21614) | (1716) |
| **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
| Class 1 | $3051 | 287 | $461 | 43 | $(1958) | (184) | $1554 | 146 |
| Class 1A | 950 | 92 | 156 | 15 | (1296) | (129) | (190) | (22) |
| Class 2 | 5039 | 489 | 3897 | 378 | (25957) | (2509) | (17021) | (1642) |
| Class 4 | 22262 | 2198 | 3583 | 353 | (19235) | (1887) | 6610 | 664 |
| Total net increase (decrease) | $31302 | 3066 | $8097 | 789 | $(48446) | (4709) | $(9047) | (854) |

---

**Capital Income Builder**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of distributions** | **Reinvestments of distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase (decrease)** | **Net increase (decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | | | | | | | | |
| Class 1 | $85393 | 6373 | $25206 | 1809 | $(99423) | (7387) | $11176 | 795 |
| Class 1A | 2260 | 165 | 416 | 30 | (1912) | (141) | 764 | 54 |
| Class 2 | 2677 | 195 | 618 | 44 | (1985) | (147) | 1310 | 92 |
| Class 4 | 124148 | 9183 | 19776 | 1420 | (100988) | (7397) | 42936 | 3206 |
| Total net increase (decrease) | $214478 | 15916 | $46016 | 3303 | $(204308) | (15072) | $56186 | 4147 |
| **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
| Class 1 | $55004 | 4532 | $25389 | 2057 | $(74884) | (6100) | $5509 | 489 |
| Class 1A | 1738 | 141 | 397 | 32 | (825) | (68) | 1310 | 105 |
| Class 2 | 3421 | 272 | 575 | 47 | (1546) | (126) | 2450 | 193 |
| Class 4 | 82282 | 6662 | 19315 | 1565 | (75684) | (6165) | 25913 | 2062 |
| Total net increase (decrease) | $142445 | 11607 | $45676 | 3701 | $(152939) | (12459) | $35182 | 2849 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **361** | American Funds Insurance Series |

---

**Asset Allocation Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of distributions** | **Reinvestments of distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase (decrease)** | **Net increase (decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** |  |  |  |  |  |  |  |  |
| Class 1 | $294441 | 11354 | $1457889 | 56910 | $(2784021) | (104912) | $(1031691) | (36648) |
| Class 1A | 12382 | 473 | 4101 | 161 | (5261) | (199) | 11222 | 435 |
| Class 2 | 79938 | 3065 | 392837 | 15618 | (657596) | (25193) | (184821) | (6510) |
| Class 3 | 598 | 23 | 2965 | 116 | (2207) | (84) | 1356 | 55 |
| Class 4 | 385083 | 14916 | 612040 | 24612 | (768899) | (29799) | 228224 | 9729 |
| Total net increase (decrease) | $772442 | 29831 | $2469832 | 97417 | $(4217984) | (160187) | $(975710) | (32939) |
| **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
| Class 1 | $189766 | 7473 | $1052819 | 42339 | $(2193455) | (86366) | $(950870) | (36554) |
| Class 1A | 9384 | 373 | 2270 | 91 | (5272) | (211) | 6382 | 253 |
| Class 2 | 63147 | 2538 | 280024 | 11458 | (646053) | (25867) | (302882) | (11871) |
| Class 3 | 546 | 22 | 2019 | 81 | (3219) | (128) | (654) | (25) |
| Class 4 | 595855 | 24315 | 406136 | 16791 | (703265) | (28339) | 298726 | 12767 |
| Total net increase (decrease) | $858698 | 34721 | $1743268 | 70760 | $(3551264) | (140911) | $(949298) | (35430) |

---

**American Funds Global Balanced Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of distributions** | **Reinvestments of distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase (decrease)** | **Net increase (decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | | | | | | | | |
| Class 1 | $6531 | 484 | $5082 | 376 | $(20431) | (1505) | $(8818) | (645) |
| Class 1A | 829 | 60 | 212 | 16 | (593) | (44) | 448 | 32 |
| Class 2 | 4258 | 313 | 7557 | 564 | (29048) | (2132) | (17233) | (1255) |
| Class 4 | 52129 | 3887 | 8574 | 652 | (21417) | (1605) | 39286 | 2934 |
| Total net increase (decrease) | $63747 | 4744 | $21425 | 1608 | $(71489) | (5286) | $13683 | 1066 |
| **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
| Class 1 | $5008 | 386 | $1963 | 149 | $(13832) | (1065) | $(6861) | (530) |
| Class 1A | 1071 | 82 | 64 | 5 | (316) | (25) | 819 | 62 |
| Class 2 | 5061 | 388 | 2714 | 208 | (26779) | (2070) | (19004) | (1474) |
| Class 4 | 23792 | 1863 | 2307 | 180 | (15540) | (1226) | 10559 | 817 |
| Total net increase (decrease) | $34932 | 2719 | $7048 | 542 | $(56467) | (4386) | $(14487) | (1125) |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **362** |

---

**The Bond Fund of America**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of distributions** | **Reinvestments of distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase (decrease)** | **Net increase (decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | | | | | | | | |
| Class 1 | $967884 | 101560 | $301425 | 31796 | $(1549531) | (162304) | $(280222) | (28948) |
| Class 1A | 78228 | 8287 | 12103 | 1287 | (20799) | (2206) | 69532 | 7368 |
| Class 2 | 95476 | 10155 | 115204 | 12362 | (327900) | (34938) | (117220) | (12421) |
| Class 4 | 277694 | 29681 | 56394 | 6089 | (125920) | (13500) | 208168 | 22270 |
| Total net increase (decrease) | $1419282 | 149683 | $485126 | 51534 | $(2024150) | (212948) | $(119742) | (11731) |
| **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
| Class 1 | $997057 | 104811 | $303806 | 32314 | $(1023095) | (106864) | $277768 | 30261 |
| Class 1A | 30267 | 3210 | 8908 | 955 | (69212) | (7414) | (30037) | (3249) |
| Class 2 | 118960 | 12741 | 115243 | 12454 | (268162) | (28438) | (33959) | (3243) |
| Class 4 | 297378 | 31907 | 45913 | 4990 | (82229) | (8801) | 261062 | 28096 |
| Total net increase (decrease) | $1443662 | 152669 | $473870 | 50713 | $(1442698) | (151517) | $474834 | 51865 |

---

**Capital World Bond Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of distributions** | **Reinvestments of distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase (decrease)** | **Net increase (decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | | | | | | | | |
| Class 1 | $81146 | 7964 | $19172 | 1887 | $(113554) | (11168) | $(13236) | (1317) |
| Class 1A | 6629 | 658 | 837 | 83 | (19119) | (1921) | (11653) | (1180) |
| Class 2 | 78645 | 7818 | 22086 | 2199 | (148416) | (14851) | (47685) | (4834) |
| Class 4 | 24427 | 2456 | 2211 | 224 | (9368) | (946) | 17270 | 1734 |
| Total net increase (decrease) | $190847 | 18896 | $44306 | 4393 | $(290457) | (28886) | $(55304) | (5597) |
| **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
| Class 1 | $50423 | 5049 | $15387 | 1561 | $(110677) | (11006) | $(44867) | (4396) |
| Class 1A | 39370 | 4030 | 983 | 100 | (1586) | (160) | 38767 | 3970 |
| Class 2 | 107727 | 10975 | 16410 | 1683 | (141037) | (14229) | (16900) | (1571) |
| Class 4 | 13021 | 1348 | 1135 | 119 | (7549) | (775) | 6607 | 692 |
| Total net increase (decrease) | $210541 | 21402 | $33915 | 3463 | $(260849) | (26170) | $(16393) | (1305) |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **363** | American Funds Insurance Series |

---

**American High-Income Trust**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of distributions** | **Reinvestments of distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase (decrease)** | **Net increase (decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | | | | | | | | |
| Class 1 | $34287 | 3728 | $16202 | 1746 | $(29101) | (3085) | $21388 | 2389 |
| Class 1A | 5913 | 617 | 438 | 47 | (1640) | (174) | 4711 | 490 |
| Class 2 | 34261 | 3735 | 34272 | 3796 | (79188) | (8621) | (10655) | (1090) |
| Class 3 | 292 | 31 | 495 | 53 | (1072) | (113) | (285) | (29) |
| Class 4 | 121429 | 11743 | 12704 | 1244 | (57610) | (5614) | 76523 | 7373 |
| Total net increase (decrease) | $196182 | 19854 | $64111 | 6886 | $(168611) | (17607) | $91682 | 9133 |
| **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
| Class 1 | $9340 | 1009 | $15096 | 1627 | $(25253) | (2709) | $(817) | (73) |
| Class 1A | 996 | 107 | 199 | 21 | (720) | (77) | 475 | 51 |
| Class 2 | 18069 | 1979 | 35146 | 3885 | (64581) | (7119) | (11366) | (1255) |
| Class 3 | 151 | 16 | 529 | 57 | (1201) | (130) | (521) | (57) |
| Class 4 | 93982 | 9271 | 8335 | 821 | (55362) | (5531) | 46955 | 4561 |
| Total net increase (decrease) | $122538 | 12382 | $59305 | 6411 | $(147117) | (15566) | $34726 | 3227 |

---

**American Funds Mortgage Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of distributions** | **Reinvestments of distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase (decrease)** | **Net increase (decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | | | | | | | | |
| Class 1 | $422 | 45 | $803 | 85 | $(161) | (17) | $1064 | 113 |
| Class 1A | 765 | 83 | 136 | 15 | (381) | (41) | 520 | 57 |
| Class 2 | 2443 | 262 | 1703 | 184 | (6870) | (736) | (2724) | (290) |
| Class 4 | 17888 | 1929 | 2473 | 270 | (8887) | (963) | 11474 | 1236 |
| Total net increase (decrease) | $21518 | 2319 | $5115 | 554 | $(16299) | (1757) | $10334 | 1116 |
| **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
| Class 1 | $170 | 18 | $804 | 87 | $(279) | (30) | $695 | 75 |
| Class 1A | 976 | 105 | 121 | 13 | (195) | (21) | 902 | 97 |
| Class 2 | 3228 | 349 | 1928 | 211 | (5636) | (603) | (480) | (43) |
| Class 4 | 18316 | 1981 | 2148 | 239 | (14351) | (1539) | 6113 | 681 |
| Total net increase (decrease) | $22690 | 2453 | $5001 | 550 | $(20461) | (2193) | $7230 | 810 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **364** |

---

**Ultra-Short Bond Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of distributions** | **Reinvestments of distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase (decrease)** | **Net increase (decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | | | | | | | | |
| Class 1 | $12058 | 1051 | $1510 | 134 | $(16422) | (1436) | $(2854) | (251) |
| Class 1A |  |  | 5 | —<sup>2</sup> |  |  | 5 | —<sup>2</sup> |
| Class 2 | 56142 | 5069 | 9131 | 838 | (94607) | (8552) | (29334) | (2645) |
| Class 3 | 305 | 27 | 156 | 14 | (904) | (81) | (443) | (40) |
| Class 4 | 54897 | 4953 | 2138 | 195 | (54897) | (4931) | 2138 | 217 |
| Total net increase (decrease) | $123402 | 11100 | $12940 | 1181 | $(166830) | (15000) | $(30488) | (2719) |
| **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
| Class 1 | $16477 | 1429 | $1996 | 176 | $(20160) | (1740) | $(1687) | (135) |
| Class 1A |  |  | 6 | 1 |  |  | 6 | 1 |
| Class 2 | 57235 | 5128 | 12858 | 1175 | (97431) | (8724) | (27338) | (2421) |
| Class 3 | 370 | 32 | 204 | 19 | (841) | (74) | (267) | (23) |
| Class 4 | 19303 | 1714 | 2569 | 233 | (26048) | (2325) | (4176) | (378) |
| Total net increase (decrease) | $93385 | 8303 | $17633 | 1604 | $(144480) | (12863) | $(33462) | (2956) |

---

**U.S. Government Securities Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales<sup>1</sup>** | **Sales<sup>1</sup>** | **Reinvestments of distributions** | **Reinvestments of distributions** | **Repurchases<sup>1</sup>** | **Repurchases<sup>1</sup>** | **Net increase (decrease)** | **Net increase (decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | | | | | | | | |
| Class 1 | $69757 | 7044 | $11280 | 1145 | $(96647) | (9743) | $(15610) | (1554) |
| Class 1A | 34073 | 3475 | 12377 | 1264 | (41345) | (4222) | 5105 | 517 |
| Class 2 | 118543 | 12052 | 44750 | 4609 | (191505) | (19527) | (28212) | (2866) |
| Class 3 | 420 | 42 | 212 | 22 | (877) | (88) | (245) | (24) |
| Class 4 | 114384 | 11659 | 10129 | 1045 | (86038) | (8789) | 38475 | 3915 |
| Total net increase (decrease) | $337177 | 34272 | $78748 | 8085 | $(416412) | (42369) | $(487) | (12) |
| **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
| Class 1 | $68973 | 6957 | $10757 | 1108 | $(60235) | (6083) | $19495 | 1982 |
| Class 1A | 283124 | 28940 | 11344 | 1174 | (6503) | (659) | 287965 | 29455 |
| Class 2 | 101793 | 10487 | 42550 | 4440 | (132491) | (13544) | 11852 | 1383 |
| Class 3 | 881 | 89 | 204 | 21 | (1780) | (181) | (695) | (71) |
| Class 4 | 72367 | 7407 | 7920 | 827 | (45157) | (4667) | 35130 | 3567 |
| Total net increase (decrease) | $527138 | 53880 | $72775 | 7570 | $(246166) | (25134) | $353747 | 36316 |

---

**Managed Risk Growth Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of distributions** | **Reinvestments of distributions** | **Repurchases** | **Repurchases** | **Net increase (decrease)** | **Net increase (decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | | | | | | | | |
| Class P1 | $906 | 67 | $806 | 62 | $(2055) | (151) | $(343) | (22) |
| Class P2 | 11175 | 851 | 27821 | 2164 | (95981) | (7085) | (56985) | (4070) |
| Total net increase (decrease) | $12081 | 918 | $28627 | 2226 | $(98036) | (7236) | $(57328) | (4092) |
| **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
| Class P1 | $974 | 79 | $93 | 8 | $(2663) | (220) | $(1596) | (133) |
| Class P2 | 10767 | 875 | 2326 | 197 | (100353) | (8347) | (87260) | (7275) |
| Total net increase (decrease) | $11741 | 954 | $2419 | 205 | $(103016) | (8567) | $(88856) | (7408) |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **365** | American Funds Insurance Series |

---

**Managed Risk International Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of distributions** | **Reinvestments of distributions** | **Repurchases** | **Repurchases** | **Net increase (decrease)** | **Net increase (decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | | | | | | | | |
| Class P1 | $128 | 15 | $30 | 4 | $(215) | (25) | $(57) | (6) |
| Class P2 | 3091 | 371 | 1450 | 178 | (20067) | (2311) | (15526) | (1762) |
| Total net increase (decrease) | $3219 | 386 | $1480 | 182 | $(20282) | (2336) | $(15583) | (1768) |
| **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
| Class P1 | $146 | 17 | $29 | 3 | $(232) | (27) | $(57) | (7) |
| Class P2 | 5087 | 599 | 1532 | 174 | (14961) | (1722) | (8342) | (949) |
| Total net increase (decrease) | $5233 | 616 | $1561 | 177 | $(15193) | (1749) | $(8399) | (956) |

---

**Managed Risk Washington Mutual Investors Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of distributions** | **Reinvestments of distributions** | **Repurchases** | **Repurchases** | **Net increase (decrease)** | **Net increase (decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | | | | | | | | |
| Class P1 | $169 | 14 | $58 | 5 | $(347) | (29) | $(120) | (10) |
| Class P2 | 6854 | 561 | 5902 | 497 | (45769) | (3770) | (33013) | (2712) |
| Total net increase (decrease) | $7023 | 575 | $5960 | 502 | $(46116) | (3799) | $(33133) | (2722) |
| **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
| Class P1 | $290 | 26 | $53 | 5 | $(607) | (54) | $(264) | (23) |
| Class P2 | 6900 | 617 | 5422 | 490 | (51492) | (4594) | (39170) | (3487) |
| Total net increase (decrease) | $7190 | 643 | $5475 | 495 | $(52099) | (4648) | $(39434) | (3510) |

---

**Managed Risk Growth-Income Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of distributions** | **Reinvestments of distributions** | **Repurchases** | **Repurchases** | **Net increase (decrease)** | **Net increase (decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | | | | | | | | |
| Class P1 | $28162 | 1984 | $112468 | 8142 | $(296821) | (20511) | $(156191) | (10385) |
| Class P2 | 3550 | 249 | 15647 | 1145 | (47556) | (3301) | (28359) | (1907) |
| Total net increase (decrease) | $31712 | 2233 | $128115 | 9287 | $(344377) | (23812) | $(184550) | (12292) |
| **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
| Class P1 | $16125 | 1168 | $58164 | 4309 | $(346171) | (25246) | $(271882) | (19769) |
| Class P2 | 4069 | 297 | 7744 | 582 | (53124) | (3920) | (41311) | (3041) |
| Total net increase (decrease) | $20194 | 1465 | $65908 | 4891 | $(399295) | (29166) | $(313193) | (22810) |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **366** |

---

**Managed Risk Asset Allocation Fund**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** | **Sales** | **Reinvestments of distributions** | **Reinvestments of distributions** | **Repurchases** | **Repurchases** | **Net increase (decrease)** | **Net increase (decrease)** |
| <br>**Share class** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** |
| **Year ended December 31, 2025** | | | | | | | | |
| Class P1 | $26 | 2 | $1070 | 86 | $(494) | (38) | $602 | 50 |
| Class P2 | 18388 | 1464 | 167196 | 13947 | (771163) | (60543) | (585579) | (45132) |
| Total net increase (decrease) | $18414 | 1466 | $168266 | 14033 | $(771657) | (60581) | $(584977) | (45082) |
| **Year ended December 31, 2024** |  |  |  |  |  |  |  |  |
| Class P1 | $1509 | 116 | $365 | 29 | $(1325) | (108) | $549 | 37 |
| Class P2 | 32478 | 2619 | 68762 | 5709 | (396241) | (32260) | (295001) | (23932) |
| Total net increase (decrease) | $33987 | 2735 | $69127 | 5738 | $(397566) | (32368) | $(294452) | (23895) |

---

<sup>1</sup> Includes exchanges between share classes of the fund.

<sup>2</sup> Amount less than one thousand.

<sup>3</sup> Commencement of operations.

**11. Ownership concentration**

At December 31, 2025, American Funds Insurance Series - Portfolio Series - Managed Risk Growth and Income Portfolio held 16% and 12% of the outstanding shares of American Funds Insurance Series - Capital World Growth and Income Fund and American Funds Insurance Series - Capital Income Builder, respectively. Furthermore, American Funds Insurance Series - Portfolio Series - Managed Risk Global Allocation Portfolio held 16% of the outstanding shares of American Funds Insurance Series - American Funds Global Balanced Fund.

In addition, American Funds Insurance Series - Managed Risk Growth Portfolio held aggregate ownership of 88% of the outstanding shares of American Funds Insurance Series - U.S. Small and Mid Cap Equity Fund. The ownership percentage represents the seed money invested in the fund when it began operations. American Funds Insurance Series - U.S. Small and Mid Cap Equity Fund began operations on November 15, 2024.

**12. Investment transactions and other disclosures**

The following tables present additional information for each fund for the year ended December 31, 2025 (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Global Growth Fund** | **Global Small Capitalization Fund** | **Growth Fund** | **International**<br> **Fund** | **New World Fund** | **Washington Mutual Investors Fund** |
| Purchases of investment securities\* | $3656642 | $1452423 | $13253467 | $4365483 | $1743062 | $4143311 |
| Sales of investment securities\* | 4157232 | 1904785 | 15938916 | 5008755 | 1945071 | 4942962 |
| Non-U.S. taxes paid on dividend income | 6075 | 1809 | 5326 | 13842 | 6486 | 1223 |
| Non-U.S. taxes (refunded) paid on interest income | 13 | (4) |  |  | 73 |  |
| Non-U.S. taxes refunded (paid) on realized gains | (575) | 6710 |  | 10979 | 6156 |  |
| Non-U.S. taxes provided on unrealized appreciation | 4050 | 16423 |  | 26206 | 18398 |  |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **367** | American Funds Insurance Series |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **U.S. Small and Mid Cap Equity Fund** | **Capital World Growth and Income Fund** | **GrowthIncome Fund** | **International Growth and Income Fund** | **Capital Income Builder** | **Asset**<br> **Allocation Fund** |
| Purchases of investment securities\* | $120447 | $858369 | $10813388 | $175002 | $768196 | $19856310 |
| Sales of investment securities\* | 40880 | 1049450 | 14833476 | 191476 | 769516 | 23654064 |
| Non-U.S. taxes paid on dividend income |  | 1944 | 4363 | 879 | 1935 | 4168 |
| Non-U.S. taxes (refunded) paid on interest income |  | 3 |  |  |  |  |
| Non-U.S. taxes refunded (paid) on realized gains |  | 170 |  | 27 | 150 |  |
| Non-U.S. taxes provided on unrealized appreciation |  | 679 |  | 253 | 427 |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **American Funds Global**<br> **Balanced Fund** | **The Bond Fund of America** | **Capital World Bond Fund** | **American High-Income Trust** | **American Funds Mortgage Fund** | **Ultra-Short Bond Fund** |
| Purchases of investment securities\* | $317783 | $12490283 | $1356541 | $445624 | $450360 | $— |
| Sales of investment securities\* | 335715 | 13383953 | 1521836 | 359070 | 448538 |  |
| Non-U.S. taxes paid on dividend income | 359 |  |  | (9) |  |  |
| Non-U.S. taxes (refunded) paid on interest income | 2 | 8 | 65 |  |  |  |
| Non-U.S. taxes refunded (paid) on realized gains | 163 |  | 384 |  |  |  |
| Non-U.S. taxes provided on unrealized appreciation | 166 |  | 133 |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **U.S. Government Securities Fund** | **Managed Risk Growth Fund** | **Managed Risk International Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk GrowthIncome Fund** | **Managed Risk**<br> **Asset Allocation Fund** |
| Purchases of investment securities\* | $3759879 | $157397 | $17979 | $65380 | $583778 | $267997 |
| Sales of investment securities\* | 3982540 | 225452 | 40733 | 93964 | 664906 | 889458 |

---

\* Excludes in-kind transactions, short-term securities and U.S. government obligations, if any.

---

| | |
|:---|:---|
| American Funds Insurance Series | **368** |

---

Financial highlights

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset value, beginning of year** | **Net investment income (loss)** | **Net gains (losses) on securities (both realized and unrealized)** | **Total from investment operations** | **Dividends (from net investment income)** | **Distributions (from capital gains)** | **Total dividends and distributions** |<br>**Net asset value, end of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets, end of year (in millions)** |<br>**Ratio of expenses to average net assets before waivers/ reimbursements<sup>3</sup>** |<br>**Ratio of expenses to average net assets after waivers/ reimbursements<sup>2,3</sup>** |<br>**Ratio of net income (loss) to average net assets<sup>2</sup>** |
| **Global Growth Fund** | **Global Growth Fund** | | | | | | | | | | | | |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | $36.91 | $.44 | $6.92 | $7.36 | $(.60) | $(4.88) | $(5.48) | $38.79 | 21.98% | $4115 | .52% | .42% | 1.18% |
| 12/31/2024 | 33.92 | .44 | 4.29 | 4.73 | (.67) | (1.07) | (1.74) | 36.91 | 13.94 | 3589 | .52 | .41 | 1.20 |
| 12/31/2023 | 30.18 | .36 | 6.30 | 6.66 | (.37) | (2.55) | (2.92) | 33.92 | 22.91 | 3418 | .52 | .41 | 1.13 |
| 12/31/2022 | 45.46 | .34 | (11.34) | (11.00) | (.31) | (3.97) | (4.28) | 30.18 | (24.54) | 3104 | .53 | .46 | 1.01 |
| 12/31/2021 | 41.16 | .25 | 6.48 | 6.73 | (.26) | (2.17) | (2.43) | 45.46 | 16.72 | 4270 | .55 | .54 | .56 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 36.70 | .30 | 6.90 | 7.20 | (.55) | (4.88) | (5.43) | 38.47 | 21.63 | 66 | .77 | .67 | .81 |
| 12/31/2024 | 33.74 | .35 | 4.26 | 4.61 | (.58) | (1.07) | (1.65) | 36.70 | 13.67 | 20 | .77 | .66 | .95 |
| 12/31/2023 | 30.04 | .28 | 6.26 | 6.54 | (.29) | (2.55) | (2.84) | 33.74 | 22.60 | 18 | .77 | .66 | .88 |
| 12/31/2022 | 45.28 | .26 | (11.31) | (11.05) | (.22) | (3.97) | (4.19) | 30.04 | (24.73) | 14 | .78 | .71 | .78 |
| 12/31/2021 | 41.02 | .14 | 6.46 | 6.60 | (.17) | (2.17) | (2.34) | 45.28 | 16.45 | 18 | .80 | .79 | .33 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 36.37 | .34 | 6.79 | 7.13 | (.51) | (4.88) | (5.39) | 38.11 | 21.62 | 3725 | .77 | .67 | .93 |
| 12/31/2024 | 33.44 | .35 | 4.22 | 4.57 | (.57) | (1.07) | (1.64) | 36.37 | 13.68 | 3512 | .77 | .66 | .95 |
| 12/31/2023 | 29.79 | .28 | 6.21 | 6.49 | (.29) | (2.55) | (2.84) | 33.44 | 22.60 | 3522 | .77 | .66 | .88 |
| 12/31/2022 | 44.94 | .25 | (11.21) | (10.96) | (.22) | (3.97) | (4.19) | 29.79 | (24.74) | 3234 | .78 | .71 | .76 |
| 12/31/2021 | 40.72 | .13 | 6.41 | 6.54 | (.15) | (2.17) | (2.32) | 44.94 | 16.42 | 4559 | .80 | .80 | .30 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 35.93 | .24 | 6.70 | 6.94 | (.44) | (4.88) | (5.32) | 37.55 | 21.34 | 1225 | 1.02 | .92 | .67 |
| 12/31/2024 | 33.08 | .25 | 4.18 | 4.43 | (.51) | (1.07) | (1.58) | 35.93 | 13.39 | 937 | 1.02 | .91 | .69 |
| 12/31/2023 | 29.51 | .20 | 6.14 | 6.34 | (.22) | (2.55) | (2.77) | 33.08 | 22.29 | 732 | 1.02 | .91 | .63 |
| 12/31/2022 | 44.57 | .17 | (11.12) | (10.95) | (.14) | (3.97) | (4.11) | 29.51 | (24.92) | 584 | 1.03 | .96 | .52 |
| 12/31/2021 | 40.45 | .03 | 6.35 | 6.38 | (.09) | (2.17) | (2.26) | 44.57 | 16.14 | 744 | 1.05 | 1.04 | .07 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **369** | American Funds Insurance Series |

---

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset value, beginning of year** | **Net investment income (loss)** | **Net gains (losses) on securities (both realized and unrealized)** | **Total from investment operations** | **Dividends (from net investment income)** | **Distributions (from capital gains)** | **Total dividends and distributions** |<br>**Net asset value, end of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets, end of year (in millions)** |<br>**Ratio of expenses to average net assets before waivers/ reimbursements<sup>3</sup>** |<br>**Ratio of expenses to average net assets after waivers/ reimbursements<sup>2,3</sup>** |<br>**Ratio of net income (loss) to average net assets<sup>2</sup>** |
| **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | **Global Small Capitalization Fund** | | | | | | | | | | | |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | $18.15 | $.16 | $2.50 | $2.66 | $(.10) | $(.40) | $(.50) | $20.31 | 14.89% | $784 | .70% | .65% | .84% |
| 12/31/2024 | 18.57 | .12 | .34 | .46 | (.23) | (.65) | (.88) | 18.15 | 2.59 | 942 | .70 | .67 | .66 |
| 12/31/2023 | 16.22 | .11 | 2.53 | 2.64 | (.08) | (.21) | (.29) | 18.57 | 16.45 | 1001 | .70 | .65 | .63 |
| 12/31/2022 | 34.17 | .05 | (9.50) | (9.45) |  | (8.50) | (8.50) | 16.22 | (29.37) | 916 | .72 | .69 | .24 |
| 12/31/2021 | 32.64 | (.02) | 2.32 | 2.30 |  | (.77) | (.77) | 34.17 | 6.98 | 1707 | .74 | .74 | (.07) |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 17.88 | .11 | 2.46 | 2.57 | (.06) | (.40) | (.46) | 19.99 | 14.63 | 6 | .95 | .90 | .58 |
| 12/31/2024 | 18.31 | .07 | .34 | .41 | (.19) | (.65) | (.84) | 17.88 | 2.34 | 5 | .95 | .92 | .40 |
| 12/31/2023 | 16.00 | .06 | 2.50 | 2.56 | (.04) | (.21) | (.25) | 18.31 | 16.15 | 5 | .95 | .90 | .38 |
| 12/31/2022 | 33.93 | —<sup>4</sup> | (9.43) | (9.43) |  | (8.50) | (8.50) | 16.00 | (29.54) | 4 | .97 | .94 | —<sup>5</sup> |
| 12/31/2021 | 32.49 | (.07) | 2.28 | 2.21 |  | (.77) | (.77) | 33.93 | 6.73 | 5 | .99 | .99 | (.21) |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 17.05 | .10 | 2.35 | 2.45 | (.06) | (.40) | (.46) | 19.04 | 14.64 | 1757 | .95 | .90 | .58 |
| 12/31/2024 | 17.50 | .07 | .32 | .39 | (.19) | (.65) | (.84) | 17.05 | 2.33 | 1733 | .95 | .92 | .41 |
| 12/31/2023 | 15.30 | .06 | 2.39 | 2.45 | (.04) | (.21) | (.25) | 17.50 | 16.17 | 1879 | .95 | .90 | .38 |
| 12/31/2022 | 32.94 | —<sup>4</sup> | (9.14) | (9.14) |  | (8.50) | (8.50) | 15.30 | (29.55) | 1762 | .97 | .94 | —<sup>5</sup> |
| 12/31/2021 | 31.56 | (.10) | 2.25 | 2.15 |  | (.77) | (.77) | 32.94 | 6.74 | 2521 | .99 | .99 | (.30) |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 17.01 | .05 | 2.35 | 2.40 | (.04) | (.40) | (.44) | 18.97 | 14.33 | 407 | 1.20 | 1.15 | .31 |
| 12/31/2024 | 17.46 | .03 | .32 | .35 | (.15) | (.65) | (.80) | 17.01 | 2.12 | 310 | 1.20 | 1.17 | .15 |
| 12/31/2023 | 15.28 | .02 | 2.37 | 2.39 | —<sup>4</sup> | (.21) | (.21) | 17.46 | 15.79 | 300 | 1.20 | 1.15 | .13 |
| 12/31/2022 | 32.96 | (.05) | (9.13) | (9.18) |  | (8.50) | (8.50) | 15.28 | (29.69) | 261 | 1.22 | 1.19 | (.25) |
| 12/31/2021 | 31.67 | (.18) | 2.24 | 2.06 |  | (.77) | (.77) | 32.96 | 6.43 | 344 | 1.24 | 1.24 | (.53) |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **370** |

---

Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | |
| <br>**Year ended** |<br>**Net asset value, beginning of year** | **Net investment income (loss)** | **Net gains (losses) on securities (both realized and unrealized)** | **Total from investment operations** | **Dividends (from net investment income)** | **Distributions (from capital gains)** | **Total dividends and distributions** |<br>**Net asset value, end of year** |<br>**Total return** |<br>**Net assets, end of year (in millions)** |<br>**Ratio of expenses to average net assets<sup>3</sup>** |<br>**Ratio of net income (loss) to average net assets** |
| **Growth Fund** | | | | | | | | | | | | |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | $127.47 | $.36 | $24.17 | $24.53 | $(.33) | $(10.61) | $(10.94) | $141.06 | 20.54% | $25168 | .34% | .27% |
| 12/31/2024 | 99.44 | .51 | 30.78 | 31.29 | (.67) | (2.59) | (3.26) | 127.47 | 31.96 | 21469 | .34 | .45 |
| 12/31/2023 | 76.29 | .57 | 28.16 | 28.73 | (.54) | (5.04) | (5.58) | 99.44 | 38.81 | 17382 | .35 | .65 |
| 12/31/2022 | 127.58 | .58 | (37.03) | (36.45) | (.53) | (14.31) | (14.84) | 76.29 | (29.75) | 13660 | .35 | .64 |
| 12/31/2021 | 120.22 | .46 | 24.29 | 24.75 | (.58) | (16.81) | (17.39) | 127.58 | 22.30 | 19783 | .34 | .37 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 126.11 | .03 | 23.86 | 23.89 | (.21) | (10.61) | (10.82) | 139.18 | 20.24 | 458 | .59 | .02 |
| 12/31/2024 | 98.46 | .22 | 30.43 | 30.65 | (.41) | (2.59) | (3.00) | 126.11 | 31.61 | 377 | .59 | .20 |
| 12/31/2023 | 75.61 | .35 | 27.88 | 28.23 | (.34) | (5.04) | (5.38) | 98.46 | 38.47 | 280 | .60 | .40 |
| 12/31/2022 | 126.70 | .39 | (36.79) | (36.40) | (.38) | (14.31) | (14.69) | 75.61 | (29.93) | 187 | .60 | .45 |
| 12/31/2021 | 119.59 | .16 | 24.11 | 24.27 | (.35) | (16.81) | (17.16) | 126.70 | 21.97 | 121 | .59 | .13 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 125.79 | .03 | 23.80 | 23.83 | (.21) | (10.61) | (10.82) | 138.80 | 20.24 | 21576 | .59 | .02 |
| 12/31/2024 | 98.20 | .22 | 30.34 | 30.56 | (.38) | (2.59) | (2.97) | 125.79 | 31.61 | 20386 | .59 | .20 |
| 12/31/2023 | 75.41 | .35 | 27.80 | 28.15 | (.32) | (5.04) | (5.36) | 98.20 | 38.49 | 17879 | .60 | .40 |
| 12/31/2022 | 126.28 | .35 | (36.62) | (36.27) | (.29) | (14.31) | (14.60) | 75.41 | (29.94) | 14452 | .60 | .38 |
| 12/31/2021 | 119.18 | .15 | 24.03 | 24.18 | (.27) | (16.81) | (17.08) | 126.28 | 21.97 | 21986 | .59 | .12 |
| **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 128.88 | .13 | 24.42 | 24.55 | (.22) | (10.61) | (10.83) | 142.60 | 20.32 | 293 | .52 | .09 |
| 12/31/2024 | 100.54 | .30 | 31.09 | 31.39 | (.46) | (2.59) | (3.05) | 128.88 | 31.70 | 276 | .52 | .27 |
| 12/31/2023 | 77.09 | .42 | 28.45 | 28.87 | (.38) | (5.04) | (5.42) | 100.54 | 38.56 | 236 | .53 | .47 |
| 12/31/2022 | 128.68 | .42 | (37.35) | (36.93) | (.35) | (14.31) | (14.66) | 77.09 | (29.89) | 188 | .53 | .45 |
| 12/31/2021 | 121.13 | .24 | 24.47 | 24.71 | (.35) | (16.81) | (17.16) | 128.68 | 22.07 | 302 | .52 | .19 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 122.38 | (.29) | 23.08 | 22.79 | (.17) | (10.61) | (10.78) | 134.39 | 19.93 | 7184 | .84 | (.23) |
| 12/31/2024 | 95.70 | (.06) | 29.52 | 29.46 | (.19) | (2.59) | (2.78) | 122.38 | 31.29 | 5195 | .84 | (.06) |
| 12/31/2023 | 73.64 | .13 | 27.12 | 27.25 | (.15) | (5.04) | (5.19) | 95.70 | 38.13 | 3522 | .85 | .15 |
| 12/31/2022 | 123.79 | .12 | (35.87) | (35.75) | (.09) | (14.31) | (14.40) | 73.64 | (30.11) | 2409 | .85 | .14 |
| 12/31/2021 | 117.24 | (.15) | 23.59 | 23.44 | (.08) | (16.81) | (16.89) | 123.79 | 21.69 | 3214 | .84 | (.13) |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **371** | American Funds Insurance Series |

---

Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | |
| <br>**Year ended** |<br>**Net asset value, beginning of year** | **Net investment income (loss)** | **Net gains (losses) on securities (both realized and unrealized)** | **Total from investment operations** | **Dividends (from net investment income)** | **Distributions (from capital gains)** | **Total dividends and distributions** |<br>**Net asset value, end of year** |<br>**Total return** |<br>**Net assets, end of year (in millions)** |<br>**Ratio of expenses to average net assets<sup>3</sup>** |<br>**Ratio of net income (loss) to average net assets** |
| **International Fund** | **International Fund** | | | | | | | | | | | |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | $17.84 | $.35 | $4.47 | $4.82 | $(.33) | $— | $(.33) | $22.33 | 27.04% | $3364 | .53% | 1.79% |
| 12/31/2024 | 17.50 | .23 | .38 | .61 | (.27) |  | (.27) | 17.84 | 3.40 | 3080 | .52 | 1.26 |
| 12/31/2023 | 15.31 | .25 | 2.20 | 2.45 | (.26) |  | (.26) | 17.50 | 16.12 | 3353 | .53 | 1.50 |
| 12/31/2022 | 22.70 | .34 | (4.79) | (4.45) | (.34) | (2.60) | (2.94) | 15.31 | (20.57) | 3157 | .54 | 1.95 |
| 12/31/2021 | 23.64 | .38 | (.67) | (.29) | (.65) |  | (.65) | 22.70 | (1.23) | 4747 | .55 | 1.57 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 17.75 | .30 | 4.43 | 4.73 | (.28) |  | (.28) | 22.20 | 26.68 | 17 | .78 | 1.50 |
| 12/31/2024 | 17.41 | .18 | .38 | .56 | (.22) |  | (.22) | 17.75 | 3.17 | 13 | .77 | .99 |
| 12/31/2023 | 15.23 | .21 | 2.19 | 2.40 | (.22) |  | (.22) | 17.41 | 15.85 | 12 | .78 | 1.24 |
| 12/31/2022 | 22.61 | .30 | (4.78) | (4.48) | (.30) | (2.60) | (2.90) | 15.23 | (20.80) | 10 | .79 | 1.73 |
| 12/31/2021 | 23.55 | .33 | (.67) | (.34) | (.60) |  | (.60) | 22.61 | (1.47) | 12 | .80 | 1.39 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 17.75 | .30 | 4.44 | 4.74 | (.27) |  | (.27) | 22.22 | 26.77 | 3481 | .78 | 1.54 |
| 12/31/2024 | 17.41 | .19 | .37 | .56 | (.22) |  | (.22) | 17.75 | 3.16 | 3238 | .77 | 1.00 |
| 12/31/2023 | 15.23 | .21 | 2.19 | 2.40 | (.22) |  | (.22) | 17.41 | 15.84 | 3382 | .78 | 1.24 |
| 12/31/2022 | 22.60 | .29 | (4.76) | (4.47) | (.30) | (2.60) | (2.90) | 15.23 | (20.79) | 3164 | .79 | 1.71 |
| 12/31/2021 | 23.54 | .33 | (.68) | (.35) | (.59) |  | (.59) | 22.60 | (1.49) | 4190 | .80 | 1.35 |
| **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 17.90 | .32 | 4.48 | 4.80 | (.29) |  | (.29) | 22.41 | 26.85 | 16 | .71 | 1.61 |
| 12/31/2024 | 17.56 | .20 | .37 | .57 | (.23) |  | (.23) | 17.90 | 3.19 | 15 | .70 | 1.08 |
| 12/31/2023 | 15.35 | .22 | 2.22 | 2.44 | (.23) |  | (.23) | 17.56 | 15.99 | 17 | .71 | 1.32 |
| 12/31/2022 | 22.76 | .31 | (4.81) | (4.50) | (.31) | (2.60) | (2.91) | 15.35 | (20.76) | 16 | .72 | 1.78 |
| 12/31/2021 | 23.69 | .34 | (.67) | (.33) | (.60) |  | (.60) | 22.76 | (1.39) | 21 | .73 | 1.41 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 17.46 | .25 | 4.36 | 4.61 | (.24) |  | (.24) | 21.83 | 26.41 | 574 | 1.03 | 1.26 |
| 12/31/2024 | 17.13 | .14 | .37 | .51 | (.18) |  | (.18) | 17.46 | 2.93 | 441 | 1.02 | .74 |
| 12/31/2023 | 14.99 | .16 | 2.16 | 2.32 | (.18) |  | (.18) | 17.13 | 15.56 | 415 | 1.03 | .99 |
| 12/31/2022 | 22.31 | .25 | (4.71) | (4.46) | (.26) | (2.60) | (2.86) | 14.99 | (21.02) | 373 | 1.04 | 1.47 |
| 12/31/2021 | 23.25 | .27 | (.67) | (.40) | (.54) |  | (.54) | 22.31 | (1.71) | 459 | 1.05 | 1.13 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **372** |

---

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset value, beginning of year** | **Net investment income (loss)** | **Net gains (losses) on securities (both realized and unrealized)** | **Total from investment operations** | **Dividends (from net investment income)** | **Distributions (from capital gains)** | **Total dividends and distributions** |<br>**Net asset value, end of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets, end of year (in millions)** |<br>**Ratio of expenses to average net assets before waivers/ reimbursements<sup>3</sup>** |<br>**Ratio of expenses to average net assets after waivers/ reimbursements<sup>2,3</sup>** |<br>**Ratio of net income (loss) to average net assets<sup>2</sup>** |
| **New World Fund** | **New World Fund** | **New World Fund** |  |  |  |  |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | $26.67 | $.49 | $6.93 | $7.42 | $(.41) | $(1.21) | $(1.62) | $32.47 | 28.60% | $2103 | .65% | .58% | 1.66% |
| 12/31/2024 | 25.48 | .43 | 1.32 | 1.75 | (.44) | (.12) | (.56) | 26.67 | 6.86 | 1800 | .64 | .57 | 1.60 |
| 12/31/2023 | 22.30 | .40 | 3.19 | 3.59 | (.41) |  | (.41) | 25.48 | 16.22 | 1778 | .64 | .57 | 1.64 |
| 12/31/2022 | 31.83 | .37 | (7.17) | (6.80) | (.39) | (2.34) | (2.73) | 22.30 | (21.86) | 1610 | .68 | .57 | 1.48 |
| 12/31/2021 | 31.59 | .29 | 1.38 | 1.67 | (.36) | (1.07) | (1.43) | 31.83 | 5.16 | 2443 | .74 | .56 | .88 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 26.53 | .37 | 6.93 | 7.30 | (.37) | (1.21) | (1.58) | 32.25 | 28.27 | 32 | .90 | .83 | 1.25 |
| 12/31/2024 | 25.36 | .36 | 1.31 | 1.67 | (.38) | (.12) | (.50) | 26.53 | 6.58 | 12 | .89 | .82 | 1.33 |
| 12/31/2023 | 22.19 | .33 | 3.20 | 3.53 | (.36) |  | (.36) | 25.36 | 15.98 | 10 | .89 | .82 | 1.38 |
| 12/31/2022 | 31.70 | .30 | (7.15) | (6.85) | (.32) | (2.34) | (2.66) | 22.19 | (22.09) | 9 | .93 | .82 | 1.24 |
| 12/31/2021 | 31.43 | .17 | 1.41 | 1.58 | (.24) | (1.07) | (1.31) | 31.70 | 4.90 | 12 | .99 | .81 | .54 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 26.33 | .41 | 6.84 | 7.25 | (.34) | (1.21) | (1.55) | 32.03 | 28.29 | 941 | .90 | .83 | 1.41 |
| 12/31/2024 | 25.17 | .36 | 1.30 | 1.66 | (.38) | (.12) | (.50) | 26.33 | 6.55 | 791 | .89 | .82 | 1.36 |
| 12/31/2023 | 22.02 | .33 | 3.17 | 3.50 | (.35) |  | (.35) | 25.17 | 15.99 | 803 | .89 | .82 | 1.39 |
| 12/31/2022 | 31.48 | .30 | (7.10) | (6.80) | (.32) | (2.34) | (2.66) | 22.02 | (22.10) | 764 | .93 | .82 | 1.24 |
| 12/31/2021 | 31.25 | .20 | 1.38 | 1.58 | (.28) | (1.07) | (1.35) | 31.48 | 4.92 | 1086 | .99 | .81 | .63 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 26.09 | .33 | 6.77 | 7.10 | (.27) | (1.21) | (1.48) | 31.71 | 27.92 | 971 | 1.15 | 1.08 | 1.16 |
| 12/31/2024 | 24.95 | .29 | 1.28 | 1.57 | (.31) | (.12) | (.43) | 26.09 | 6.33 | 809 | 1.14 | 1.07 | 1.10 |
| 12/31/2023 | 21.84 | .27 | 3.14 | 3.41 | (.30) |  | (.30) | 24.95 | 15.67 | 787 | 1.14 | 1.07 | 1.14 |
| 12/31/2022 | 31.24 | .24 | (7.03) | (6.79) | (.27) | (2.34) | (2.61) | 21.84 | (22.25) | 701 | 1.18 | 1.07 | .99 |
| 12/31/2021 | 31.04 | .12 | 1.36 | 1.48 | (.21) | (1.07) | (1.28) | 31.24 | 4.63 | 906 | 1.24 | 1.06 | .38 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **373** | American Funds Insurance Series |

---

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset value, beginning of year** | **Net investment income (loss)** | **Net gains (losses) on securities (both realized and unrealized)** | **Total from investment operations** | **Dividends (from net investment income)** | **Distributions (from capital gains)** | **Total dividends and distributions** |<br>**Net asset value, end of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets, end of year (in millions)** |<br>**Ratio of expenses to average net assets before waivers/ reimbursements<sup>3</sup>** |<br>**Ratio of expenses to average net assets after waivers/ reimbursements<sup>2,3</sup>** |<br>**Ratio of net income (loss) to average net assets<sup>3</sup>** |
| **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** | **Washington Mutual Investors Fund** |  |  |  |  |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | $16.86 | $.29 | $2.52 | $2.81 | $(.29) | $(1.20) | $(1.49) | $18.18 | 17.50% | $6435 | .41% | .26% | 1.66% |
| 12/31/2024 | 14.49 | .29 | 2.51 | 2.80 | (.30) | (.13) | (.43) | 16.86 | 19.40 | 6269 | .41 | .26 | 1.78 |
| 12/31/2023 | 12.69 | .28 | 1.92 | 2.20 | (.28) | (.12) | (.40) | 14.49 | 17.66 | 6020 | .41 | .27 | 2.07 |
| 12/31/2022 | 18.09 | .31 | (1.69) | (1.38) | (.30) | (3.72) | (4.02) | 12.69 | (8.28) | 5507 | .41 | .26 | 2.13 |
| 12/31/2021 | 14.35 | .29 | 3.73 | 4.02 | (.28) |  | (.28) | 18.09 | 28.12 | 6766 | .42 | .31 | 1.79 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 16.79 | .24 | 2.51 | 2.75 | (.25) | (1.20) | (1.45) | 18.09 | 17.21 | 38 | .66 | .51 | 1.41 |
| 12/31/2024 | 14.43 | .25 | 2.50 | 2.75 | (.26) | (.13) | (.39) | 16.79 | 19.15 | 29 | .66 | .51 | 1.53 |
| 12/31/2023 | 12.61 | .23 | 1.92 | 2.15 | (.21) | (.12) | (.33) | 14.43 | 17.29 | 23 | .66 | .52 | 1.77 |
| 12/31/2022 | 17.96 | .27 | (1.67) | (1.40) | (.23) | (3.72) | (3.95) | 12.61 | (8.45) | 64 | .66 | .51 | 1.76 |
| 12/31/2021 | 14.28 | .27 | 3.67 | 3.94 | (.26) |  | (.26) | 17.96 | 27.70 | 169 | .67 | .53 | 1.62 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 16.53 | .24 | 2.46 | 2.70 | (.24) | (1.20) | (1.44) | 17.79 | 17.21 | 3148 | .66 | .51 | 1.41 |
| 12/31/2024 | 14.21 | .24 | 2.47 | 2.71 | (.26) | (.13) | (.39) | 16.53 | 19.14 | 3002 | .66 | .51 | 1.53 |
| 12/31/2023 | 12.46 | .24 | 1.88 | 2.12 | (.25) | (.12) | (.37) | 14.21 | 17.29 | 2899 | .66 | .52 | 1.82 |
| 12/31/2022 | 17.83 | .26 | (1.65) | (1.39) | (.26) | (3.72) | (3.98) | 12.46 | (8.45) | 2775 | .66 | .51 | 1.88 |
| 12/31/2021 | 14.15 | .25 | 3.67 | 3.92 | (.24) |  | (.24) | 17.83 | 27.78 | 3426 | .67 | .56 | 1.54 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 16.34 | .20 | 2.42 | 2.62 | (.21) | (1.20) | (1.41) | 17.55 | 16.90 | 2353 | .91 | .76 | 1.16 |
| 12/31/2024 | 14.06 | .20 | 2.44 | 2.64 | (.23) | (.13) | (.36) | 16.34 | 18.85 | 1766 | .91 | .76 | 1.28 |
| 12/31/2023 | 12.34 | .20 | 1.86 | 2.06 | (.22) | (.12) | (.34) | 14.06 | 16.97 | 1344 | .91 | .77 | 1.58 |
| 12/31/2022 | 17.71 | .23 | (1.64) | (1.41) | (.24) | (3.72) | (3.96) | 12.34 | (8.69) | 1098 | .91 | .77 | 1.64 |
| 12/31/2021 | 14.06 | .21 | 3.65 | 3.86 | (.21) |  | (.21) | 17.71 | 27.51 | 1104 | .92 | .81 | 1.30 |

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Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **374** |

---

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset value, beginning of year** | **Net investment income (loss)** | **Net gains (losses) on securities (both realized and unrealized)** | **Total from investment operations** | **Dividends (from net investment income)** | **Distributions (from capital gains)** | **Total dividends and distributions** |<br>**Net asset value, end of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets, end of year (in millions)** |<br>**Ratio of expenses to average net assets before waivers/ reimbursements<sup>3</sup>** |<br>**Ratio of expenses to average net assets after waivers/ reimbursements<sup>2,3</sup>** |<br>**Ratio of net income (loss) to average net assets<sup>2</sup>** |
| **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | **U.S. Small and Mid Cap Equity Fund** | | | | | | | | | | |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | $9.71 | $.10 | $1.45 | $1.55 | $(.05) | $—<sup>4</sup> | $(.05) | $11.21 | 15.95% | $88 | .59% | .54% | .87% |
| 12/31/2024<sup>6,7</sup> | 10.00 | .01 | (.29) | (.28) | (.01) |  | (.01) | 9.71 | (2.81)<sup>8</sup> | —<sup>9</sup> | .59<sup>10</sup> | .54<sup>10</sup> | .72<sup>10</sup> |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9.71 | .08 | 1.46 | 1.54 | (.04) | —<sup>4</sup> | (.04) | 11.21 | 15.93<sup>11</sup> | —<sup>9</sup> | .68<sup>11</sup> | .54<sup>11</sup> | .74<sup>11</sup> |
| 12/31/2024<sup>6,7</sup> | 10.00 | .01 | (.29) | (.28) | (.01) |  | (.01) | 9.71 | (2.81)<sup>8,11</sup> | —<sup>9</sup> | .59<sup>10,11</sup> | .54<sup>10,11</sup> | .72<sup>10,11</sup> |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9.71 | .08 | 1.46 | 1.54 | (.04) | —<sup>4</sup> | (.04) | 11.21 | 15.93<sup>11</sup> | —<sup>9</sup> | .68<sup>11</sup> | .54<sup>11</sup> | .74<sup>11</sup> |
| 12/31/2024<sup>6,7</sup> | 10.00 | .01 | (.29) | (.28) | (.01) |  | (.01) | 9.71 | (2.81)<sup>8,11</sup> | —<sup>9</sup> | .59<sup>10,11</sup> | .54<sup>10,11</sup> | .72<sup>10,11</sup> |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9.71 | .07 | 1.47 | 1.54 | (.03) | —<sup>4</sup> | (.03) | 11.22 | 15.88 | 12 | .77 | .63 | .64 |
| 12/31/2024<sup>6,7</sup> | 10.00 | .01 | (.29) | (.28) | (.01) |  | (.01) | 9.71 | (2.82)<sup>8,11</sup> | 15 | .59<sup>10,11</sup> | .55<sup>10,11</sup> | .71<sup>10,11</sup> |

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Refer to the end of the table(s) for footnote(s).

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| | |
|:---|:---|
| **375** | American Funds Insurance Series |

---

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset value, beginning of year** | **Net investment income (loss)** | **Net gains (losses) on securities (both realized and unrealized)** | **Total from investment operations** | **Dividends (from net investment income)** | **Distributions (from capital gains)** | **Total dividends and distributions** |<br>**Net asset value, end of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets, end of year (in millions)** |<br>**Ratio of expenses to average net assets before waivers/ reimbursements<sup>3</sup>** |<br>**Ratio of expenses to average net assets after waivers/ reimbursements<sup>2,3</sup>** |<br>**Ratio of net income (loss) to average net assets<sup>2</sup>** |
| **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | **Capital World Growth and Income Fund** | | | | | | | | | | |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | $15.53 | $.29 | $3.51 | $3.80 | $(.28) | $(.61) | $(.89) | $18.44 | 25.16% | $622 | .52% | .42% | 1.70% |
| 12/31/2024 | 13.85 | .27 | 1.71 | 1.98 | (.30) |  | (.30) | 15.53 | 14.24 | 597 | .52 | .42 | 1.75 |
| 12/31/2023 | 11.67 | .27 | 2.19 | 2.46 | (.28) |  | (.28) | 13.85 | 21.22 | 579 | .52 | .41 | 2.08 |
| 12/31/2022 | 18.42 | .32 | (3.28) | (2.96) | (.34) | (3.45) | (3.79) | 11.67 | (17.13) | 548 | .57 | .41 | 2.36 |
| 12/31/2021 | 16.67 | .38 | 2.10 | 2.48 | (.33) | (.40) | (.73) | 18.42 | 15.03 | 812 | .63 | .47 | 2.14 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 15.44 | .24 | 3.48 | 3.72 | (.24) | (.61) | (.85) | 18.31 | 24.79 | 12 | .77 | .67 | 1.43 |
| 12/31/2024 | 13.77 | .23 | 1.70 | 1.93 | (.26) |  | (.26) | 15.44 | 14.00 | 8 | .77 | .67 | 1.50 |
| 12/31/2023 | 11.61 | .23 | 2.18 | 2.41 | (.25) |  | (.25) | 13.77 | 20.87 | 7 | .77 | .66 | 1.83 |
| 12/31/2022 | 18.34 | .28 | (3.25) | (2.97) | (.31) | (3.45) | (3.76) | 11.61 | (17.29) | 6 | .82 | .66 | 2.13 |
| 12/31/2021 | 16.62 | .37 | 2.06 | 2.43 | (.31) | (.40) | (.71) | 18.34 | 14.71 | 7 | .88 | .70 | 2.08 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 15.49 | .24 | 3.50 | 3.74 | (.24) | (.61) | (.85) | 18.38 | 24.80 | 1090 | .77 | .67 | 1.45 |
| 12/31/2024 | 13.81 | .23 | 1.71 | 1.94 | (.26) |  | (.26) | 15.49 | 14.00 | 1015 | .77 | .67 | 1.51 |
| 12/31/2023 | 11.64 | .23 | 2.18 | 2.41 | (.24) |  | (.24) | 13.81 | 20.88 | 1040 | .77 | .66 | 1.83 |
| 12/31/2022 | 18.38 | .28 | (3.26) | (2.98) | (.31) | (3.45) | (3.76) | 11.64 | (17.33) | 983 | .82 | .66 | 2.11 |
| 12/31/2021 | 16.63 | .33 | 2.11 | 2.44 | (.29) | (.40) | (.69) | 18.38 | 14.78 | 1340 | .88 | .73 | 1.85 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 15.08 | .19 | 3.40 | 3.59 | (.21) | (.61) | (.82) | 17.85 | 24.46 | 363 | 1.02 | .92 | 1.18 |
| 12/31/2024 | 13.46 | .18 | 1.67 | 1.85 | (.23) |  | (.23) | 15.08 | 13.70 | 268 | 1.02 | .92 | 1.25 |
| 12/31/2023 | 11.35 | .19 | 2.14 | 2.33 | (.22) |  | (.22) | 13.46 | 20.65 | 235 | 1.02 | .91 | 1.57 |
| 12/31/2022 | 18.04 | .24 | (3.20) | (2.96) | (.28) | (3.45) | (3.73) | 11.35 | (17.57) | 188 | 1.07 | .91 | 1.86 |
| 12/31/2021 | 16.35 | .29 | 2.06 | 2.35 | (.26) | (.40) | (.66) | 18.04 | 14.46 | 225 | 1.13 | .97 | 1.65 |

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Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **376** |

---

Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | |
| <br>**Year ended** |<br>**Net asset value, beginning of year** | **Net investment income (loss)** | **Net gains (losses) on securities (both realized and unrealized)** | **Total from investment operations** | **Dividends (from net investment income)** | **Distributions (from capital gains)** | **Total dividends and distributions** |<br>**Net asset value, end of year** |<br>**Total return** |<br>**Net assets, end of year (in millions)** |<br>**Ratio of expenses to average net assets<sup>3</sup>** |<br>**Ratio of net income (loss) to average net assets** |
| **Growth-Income Fund** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | $69.59 | $.78 | $10.25 | $11.03 | $(.76) | $(12.13) | $(12.89) | $67.73 | 18.37% | $25780 | .28% | 1.17% |
| 12/31/2024 | 59.26 | .84 | 13.33 | 14.17 | (.89) | (2.95) | (3.84) | 69.59 | 24.55 | 24476 | .28 | 1.28 |
| 12/31/2023 | 50.21 | .86 | 11.96 | 12.82 | (.88) | (2.89) | (3.77) | 59.26 | 26.47 | 22319 | .29 | 1.60 |
| 12/31/2022 | 67.35 | .85 | (11.50) | (10.65) | (.83) | (5.66) | (6.49) | 50.21 | (16.28) | 19692 | .29 | 1.54 |
| 12/31/2021 | 55.38 | .79 | 12.64 | 13.43 | (.86) | (.60) | (1.46) | 67.35 | 24.42 | 25507 | .29 | 1.28 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 69.10 | .61 | 10.14 | 10.75 | (.61) | (12.13) | (12.74) | 67.11 | 18.06 | 54 | .53 | .92 |
| 12/31/2024 | 58.88 | .67 | 13.24 | 13.91 | (.74) | (2.95) | (3.69) | 69.10 | 24.25 | 44 | .53 | 1.02 |
| 12/31/2023 | 49.93 | .72 | 11.87 | 12.59 | (.75) | (2.89) | (3.64) | 58.88 | 26.12 | 35 | .54 | 1.35 |
| 12/31/2022 | 67.02 | .71 | (11.44) | (10.73) | (.70) | (5.66) | (6.36) | 49.93 | (16.48) | 28 | .54 | 1.30 |
| 12/31/2021 | 55.16 | .65 | 12.55 | 13.20 | (.74) | (.60) | (1.34) | 67.02 | 24.08 | 32 | .53 | 1.04 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 68.38 | .60 | 10.03 | 10.63 | (.60) | (12.13) | (12.73) | 66.28 | 18.06 | 14357 | .53 | .92 |
| 12/31/2024 | 58.30 | .66 | 13.10 | 13.76 | (.73) | (2.95) | (3.68) | 68.38 | 24.23 | 13882 | .53 | 1.03 |
| 12/31/2023 | 49.46 | .72 | 11.75 | 12.47 | (.74) | (2.89) | (3.63) | 58.30 | 26.14 | 12894 | .54 | 1.35 |
| 12/31/2022 | 66.44 | .70 | (11.33) | (10.63) | (.69) | (5.66) | (6.35) | 49.46 | (16.50) | 11508 | .54 | 1.29 |
| 12/31/2021 | 54.66 | .63 | 12.45 | 13.08 | (.70) | (.60) | (1.30) | 66.44 | 24.10 | 15319 | .54 | 1.03 |
| **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 69.76 | .66 | 10.26 | 10.92 | (.64) | (12.13) | (12.77) | 67.91 | 18.13 | 163 | .46 | .99 |
| 12/31/2024 | 59.40 | .72 | 13.36 | 14.08 | (.77) | (2.95) | (3.72) | 69.76 | 24.32 | 155 | .46 | 1.10 |
| 12/31/2023 | 50.33 | .77 | 11.97 | 12.74 | (.78) | (2.89) | (3.67) | 59.40 | 26.23 | 142 | .47 | 1.42 |
| 12/31/2022 | 67.48 | .75 | (11.51) | (10.76) | (.73) | (5.66) | (6.39) | 50.33 | (16.43) | 125 | .47 | 1.36 |
| 12/31/2021 | 55.49 | .68 | 12.65 | 13.33 | (.74) | (.60) | (1.34) | 67.48 | 24.18 | 166 | .47 | 1.10 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 67.14 | .43 | 9.80 | 10.23 | (.47) | (12.13) | (12.60) | 64.77 | 17.77 | 3273 | .78 | .67 |
| 12/31/2024 | 57.34 | .49 | 12.86 | 13.35 | (.60) | (2.95) | (3.55) | 67.14 | 23.93 | 2698 | .78 | .78 |
| 12/31/2023 | 48.72 | .57 | 11.57 | 12.14 | (.63) | (2.89) | (3.52) | 57.34 | 25.82 | 2062 | .79 | 1.10 |
| 12/31/2022 | 65.57 | .56 | (11.18) | (10.62) | (.57) | (5.66) | (6.23) | 48.72 | (16.70) | 1630 | .79 | 1.05 |
| 12/31/2021 | 53.99 | .48 | 12.28 | 12.76 | (.58) | (.60) | (1.18) | 65.57 | 23.80 | 1928 | .79 | .79 |

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Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **377** | American Funds Insurance Series |

---

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset value, beginning of year** | **Net investment income (loss)** | **Net gains (losses) on securities (both realized and unrealized)** | **Total from investment operations** | **Dividends (from net investment income)** | **Distributions (from capital gains)** | **Total dividends and distributions** |<br>**Net asset value, end of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets, end of year (in millions)** |<br>**Ratio of expenses to average net assets before waivers/ reimbursements<sup>3</sup>** |<br>**Ratio of expenses to average net assets after waivers/ reimbursements<sup>2,3</sup>** |<br>**Ratio of net income (loss) to average net assets<sup>2</sup>** |
| **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | **International Growth and Income Fund** | | | | | | | | | | |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | $10.19 | $.33 | $3.31 | $3.64 | $(.34) | $— | $(.34) | $13.49 | 35.83% | $35 | .57% | .57% | 2.68% |
| 12/31/2024 | 10.10 | .28 | .10 | .38 | (.29) |  | (.29) | 10.19 | 3.64 | 17 | .57 | .57 | 2.62 |
| 12/31/2023 | 8.94 | .27 | 1.15 | 1.42 | (.26) |  | (.26) | 10.10 | 16.08 | 15 | .56 | .55 | 2.82 |
| 12/31/2022 | 19.62 | .39 | (3.09) | (2.70) | (.28) | (7.70) | (7.98) | 8.94 | (15.00) | 13 | .64 | .54 | 3.29 |
| 12/31/2021 | 19.01 | .54 | .53 | 1.07 | (.46) |  | (.46) | 19.62 | 5.64 | 30 | .67 | .67 | 2.70 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9.91 | .28 | 3.21 | 3.49 | (.31) |  | (.31) | 13.09 | 35.35 | 9 | .81 | .81 | 2.40 |
| 12/31/2024 | 9.83 | .24 | .10 | .34 | (.26) |  | (.26) | 9.91 | 3.39 | 6 | .82 | .82 | 2.34 |
| 12/31/2023 | 8.70 | .24 | 1.13 | 1.37 | (.24) |  | (.24) | 9.83 | 15.92 | 6 | .81 | .80 | 2.54 |
| 12/31/2022 | 19.39 | .35 | (3.05) | (2.70) | (.29) | (7.70) | (7.99) | 8.70 | (15.31) | 5 | .88 | .79 | 3.15 |
| 12/31/2021 | 18.97 | .50 | .52 | 1.02 | (.60) |  | (.60) | 19.39 | 5.39 | 6 | .94 | .92 | 2.50 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9.91 | .28 | 3.22 | 3.50 | (.31) |  | (.31) | 13.10 | 35.41 | 172 | .81 | .81 | 2.44 |
| 12/31/2024 | 9.82 | .25 | .10 | .35 | (.26) |  | (.26) | 9.91 | 3.48 | 150 | .82 | .82 | 2.40 |
| 12/31/2023 | 8.70 | .24 | 1.12 | 1.36 | (.24) |  | (.24) | 9.82 | 15.76 | 165 | .81 | .80 | 2.54 |
| 12/31/2022 | 19.38 | .36 | (3.05) | (2.69) | (.29) | (7.70) | (7.99) | 8.70 | (15.25) | 162 | .88 | .78 | 3.24 |
| 12/31/2021 | 18.95 | .48 | .53 | 1.01 | (.58) |  | (.58) | 19.38 | 5.37 | 211 | .93 | .92 | 2.44 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9.74 | .25 | 3.16 | 3.41 | (.28) |  | (.28) | 12.87 | 35.09 | 189 | 1.06 | 1.06 | 2.18 |
| 12/31/2024 | 9.67 | .22 | .09 | .31 | (.24) |  | (.24) | 9.74 | 3.11 | 150 | 1.07 | 1.07 | 2.13 |
| 12/31/2023 | 8.56 | .21 | 1.12 | 1.33 | (.22) |  | (.22) | 9.67 | 15.66 | 143 | 1.06 | 1.05 | 2.29 |
| 12/31/2022 | 19.23 | .33 | (3.04) | (2.71) | (.26) | (7.70) | (7.96) | 8.56 | (15.52) | 121 | 1.13 | 1.04 | 3.01 |
| 12/31/2021 | 18.82 | .44 | .51 | .95 | (.54) |  | (.54) | 19.23 | 5.09 | 132 | 1.18 | 1.17 | 2.21 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **378** |

---

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset value, beginning of year** | **Net investment income (loss)** | **Net gains (losses) on securities (both realized and unrealized)** | **Total from investment operations** | **Dividends (from net investment income)** | **Distributions (from capital gains)** | **Total dividends and distributions** |<br>**Net asset value, end of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets, end of year (in millions)** |<br>**Ratio of expenses to average net assets before waivers/ reimbursements<sup>3</sup>** |<br>**Ratio of expenses to average net assets after waivers/ reimbursements<sup>2,3</sup>** |<br>**Ratio of net income (loss) to average net assets<sup>2</sup>** |
| **Capital Income Builder** | **Capital Income Builder** | | | | | | | | | | | | |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | $12.39 | $.45 | $2.09 | $2.54 | $(.44) | $— | $(.44) | $14.49 | 20.69% | $841 | .40% | .27% | 3.29% |
| 12/31/2024 | 11.63 | .42 | .79 | 1.21 | (.45) |  | (.45) | 12.39 | 10.45 | 709 | .40 | .27 | 3.44 |
| 12/31/2023 | 10.99 | .41 | .59 | 1.00 | (.36) |  | (.36) | 11.63 | 9.28 | 660 | .40 | .26 | 3.68 |
| 12/31/2022 | 12.17 | .37 | (1.21) | (.84) | (.34) |  | (.34) | 10.99 | (6.90) | 586 | .44 | .26 | 3.31 |
| 12/31/2021 | 10.87 | .37 | 1.28 | 1.65 | (.35) |  | (.35) | 12.17 | 15.31 | 563 | .53 | .27 | 3.19 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 12.38 | .41 | 2.10 | 2.51 | (.41) |  | (.41) | 14.48 | 20.42 | 15 | .65 | .52 | 3.04 |
| 12/31/2024 | 11.62 | .39 | .79 | 1.18 | (.42) |  | (.42) | 12.38 | 10.19 | 13 | .65 | .52 | 3.17 |
| 12/31/2023 | 10.98 | .38 | .59 | .97 | (.33) |  | (.33) | 11.62 | 9.01 | 10 | .65 | .51 | 3.42 |
| 12/31/2022 | 12.15 | .34 | (1.19) | (.85) | (.32) |  | (.32) | 10.98 | (7.06) | 10 | .69 | .52 | 3.06 |
| 12/31/2021 | 10.86 | .34 | 1.27 | 1.61 | (.32) |  | (.32) | 12.15 | 14.95 | 10 | .78 | .52 | 2.94 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 12.38 | .41 | 2.10 | 2.51 | (.41) |  | (.41) | 14.48 | 20.41 | 23 | .65 | .52 | 3.04 |
| 12/31/2024 | 11.62 | .39 | .79 | 1.18 | (.42) |  | (.42) | 12.38 | 10.19 | 18 | .65 | .52 | 3.18 |
| 12/31/2023 | 10.98 | .38 | .59 | .97 | (.33) |  | (.33) | 11.62 | 9.01 | 15 | .65 | .51 | 3.43 |
| 12/31/2022 | 12.16 | .34 | (1.20) | (.86) | (.32) |  | (.32) | 10.98 | (7.13) | 13 | .69 | .51 | 3.06 |
| 12/31/2021 | 10.87 | .34 | 1.27 | 1.61 | (.32) |  | (.32) | 12.16 | 14.94 | 13 | .78 | .52 | 2.93 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 12.36 | .38 | 2.09 | 2.47 | (.37) |  | (.37) | 14.46 | 20.16 | 781 | .90 | .77 | 2.79 |
| 12/31/2024 | 11.60 | .36 | .79 | 1.15 | (.39) |  | (.39) | 12.36 | 9.93 | 629 | .90 | .77 | 2.93 |
| 12/31/2023 | 10.96 | .35 | .59 | .94 | (.30) |  | (.30) | 11.60 | 8.75 | 566 | .90 | .76 | 3.18 |
| 12/31/2022 | 12.14 | .31 | (1.20) | (.89) | (.29) |  | (.29) | 10.96 | (7.37) | 530 | .94 | .76 | 2.81 |
| 12/31/2021 | 10.85 | .31 | 1.27 | 1.58 | (.29) |  | (.29) | 12.14 | 14.68 | 559 | 1.03 | .77 | 2.69 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **379** | American Funds Insurance Series |

---

Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup> Net gains** | **Income (loss) from investment operations<sup>1</sup> Net gains** | **Income (loss) from investment operations<sup>1</sup> Net gains** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | |
| <br>**Year ended** |<br>**Net asset value, beginning of year** | **Net investment income (loss)** | **(losses) on securities (both realized and unrealized)** | **Total from investment operations** | **Dividends (from net investment income)** | **Distributions (from capital gains)** | **Total dividends and distributions** |<br>**Net asset value, end of year** |<br>**Total return** |<br>**Net assets, end of year (in millions)** |<br>**Ratio of expenses to average net assets<sup>3</sup>** |<br>**Ratio of net income (loss) to average net assets** |
| **Asset Allocation Fund** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | $26.04 | $.59 | $3.39 | $3.98 | $(.60) | $(1.91) | $(2.51) | $27.51 | 16.16% | $15919 | .30% | 2.24% |
| 12/31/2024 | 23.86 | .60 | 3.29 | 3.89 | (.61) | (1.10) | (1.71) | 26.04 | 16.73 | 16023 | .30 | 2.36 |
| 12/31/2023 | 22.20 | .57 | 2.54 | 3.11 | (.56) | (.89) | (1.45) | 23.86 | 14.55 | 15555 | .30 | 2.49 |
| 12/31/2022 | 29.08 | .52 | (4.24) | (3.72) | (.51) | (2.65) | (3.16) | 22.20 | (13.19) | 15138 | .30 | 2.15 |
| 12/31/2021 | 26.50 | .48 | 3.54 | 4.02 | (.50) | (.94) | (1.44) | 29.08 | 15.40 | 18836 | .30 | 1.71 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 25.88 | .52 | 3.36 | 3.88 | (.54) | (1.91) | (2.45) | 27.31 | 15.86 | 56 | .55 | 1.98 |
| 12/31/2024 | 23.74 | .54 | 3.26 | 3.80 | (.56) | (1.10) | (1.66) | 25.88 | 16.41 | 42 | .55 | 2.12 |
| 12/31/2023 | 22.10 | .51 | 2.53 | 3.04 | (.51) | (.89) | (1.40) | 23.74 | 14.32 | 32 | .55 | 2.25 |
| 12/31/2022 | 28.97 | .46 | (4.22) | (3.76) | (.46) | (2.65) | (3.11) | 22.10 | (13.43) | 27 | .55 | 1.95 |
| 12/31/2021 | 26.42 | .42 | 3.52 | 3.94 | (.45) | (.94) | (1.39) | 28.97 | 15.13 | 24 | .55 | 1.49 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 25.65 | .52 | 3.32 | 3.84 | (.53) | (1.91) | (2.44) | 27.05 | 15.85 | 4401 | .55 | 1.99 |
| 12/31/2024 | 23.53 | .53 | 3.24 | 3.77 | (.55) | (1.10) | (1.65) | 25.65 | 16.44 | 4340 | .55 | 2.11 |
| 12/31/2023 | 21.91 | .50 | 2.52 | 3.02 | (.51) | (.89) | (1.40) | 23.53 | 14.27 | 4261 | .55 | 2.24 |
| 12/31/2022 | 28.74 | .46 | (4.19) | (3.73) | (.45) | (2.65) | (3.10) | 21.91 | (13.41) | 4228 | .55 | 1.90 |
| 12/31/2021 | 26.21 | .41 | 3.49 | 3.90 | (.43) | (.94) | (1.37) | 28.74 | 15.10 | 5473 | .55 | 1.46 |
| **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 26.08 | .55 | 3.38 | 3.93 | (.55) | (1.91) | (2.46) | 27.55 | 15.94 | 35 | .48 | 2.06 |
| 12/31/2024 | 23.90 | .56 | 3.29 | 3.85 | (.57) | (1.10) | (1.67) | 26.08 | 16.52 | 32 | .48 | 2.18 |
| 12/31/2023 | 22.23 | .53 | 2.55 | 3.08 | (.52) | (.89) | (1.41) | 23.90 | 14.37 | 30 | .48 | 2.31 |
| 12/31/2022 | 29.12 | .48 | (4.25) | (3.77) | (.47) | (2.65) | (3.12) | 22.23 | (13.37) | 28 | .48 | 1.97 |
| 12/31/2021 | 26.53 | .43 | 3.55 | 3.98 | (.45) | (.94) | (1.39) | 29.12 | 15.22 | 36 | .48 | 1.53 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 25.41 | .45 | 3.29 | 3.74 | (.47) | (1.91) | (2.38) | 26.77 | 15.59 | 7264 | .80 | 1.74 |
| 12/31/2024 | 23.34 | .46 | 3.20 | 3.66 | (.49) | (1.10) | (1.59) | 25.41 | 16.11 | 6649 | .80 | 1.87 |
| 12/31/2023 | 21.75 | .44 | 2.49 | 2.93 | (.45) | (.89) | (1.34) | 23.34 | 14.02 | 5807 | .80 | 1.99 |
| 12/31/2022 | 28.56 | .39 | (4.16) | (3.77) | (.39) | (2.65) | (3.04) | 21.75 | (13.66) | 5380 | .80 | 1.66 |
| 12/31/2021 | 26.06 | .34 | 3.47 | 3.81 | (.37) | (.94) | (1.31) | 28.56 | 14.84 | 6337 | .80 | 1.22 |

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Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **380** |

---

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset value, beginning of year** | **Net investment income (loss)** | **Net gains (losses) on securities (both realized and unrealized)** | **Total from investment operations** | **Dividends (from net investment income)** | **Distributions (from capital gains)** | **Total dividends and distributions** |<br>**Net asset value, end of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets, end of year (in millions)** |<br>**Ratio of expenses to average net assets before waivers/ reimbursements<sup>3</sup>** |<br>**Ratio of expenses to average net assets after waivers/ reimbursements<sup>2,3</sup>** |<br>**Ratio of net income (loss) to average net assets<sup>2</sup>** |
| **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | **American Funds Global Balanced Fund** | | | | | | | | | | |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | $12.96 | $.36 | $1.84 | $2.20 | $(.22) | $(.53) | $(.75) | $14.41 | 17.42% | $97 | .52% | .51% | 2.63% |
| 12/31/2024 | 12.37 | .34 | .52 | .86 | (.27) |  | (.27) | 12.96 | 6.90 | 95 | .52 | .51 | 2.63 |
| 12/31/2023 | 12.55 | .33 | 1.29 | 1.62 | (.23) | (1.57) | (1.80) | 12.37 | 14.05 | 98 | .53 | .52 | 2.67 |
| 12/31/2022 | 14.73 | .26 | (2.37) | (2.11) |  | (.07) | (.07) | 12.55 | (14.33) | 96 | .59 | .58 | 1.99 |
| 12/31/2021 | 14.19 | .18 | 1.37 | 1.55 | (.19) | (.82) | (1.01) | 14.73 | 11.05 | 120 | .73 | .73 | 1.24 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 12.87 | .32 | 1.84 | 2.16 | (.19) | (.53) | (.72) | 14.31 | 17.21 | 4 | .78 | .76 | 2.36 |
| 12/31/2024 | 12.30 | .30 | .51 | .81 | (.24) |  | (.24) | 12.87 | 6.57 | 4 | .78 | .77 | 2.35 |
| 12/31/2023 | 12.49 | .29 | 1.30 | 1.59 | (.21) | (1.57) | (1.78) | 12.30 | 13.77 | 3 | .78 | .77 | 2.42 |
| 12/31/2022 | 14.70 | .22 | (2.36) | (2.14) |  | (.07) | (.07) | 12.49 | (14.56) | 3 | .84 | .84 | 1.71 |
| 12/31/2021 | 14.16 | .15 | 1.36 | 1.51 | (.15) | (.82) | (.97) | 14.70 | 10.83 | 4 | .98 | .98 | 1.02 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 12.89 | .32 | 1.84 | 2.16 | (.19) | (.53) | (.72) | 14.33 | 17.14 | 147 | .77 | .76 | 2.38 |
| 12/31/2024 | 12.31 | .31 | .50 | .81 | (.23) |  | (.23) | 12.89 | 6.58 | 149 | .77 | .76 | 2.38 |
| 12/31/2023 | 12.49 | .30 | 1.29 | 1.59 | (.20) | (1.57) | (1.77) | 12.31 | 13.83 | 160 | .78 | .77 | 2.42 |
| 12/31/2022 | 14.70 | .22 | (2.36) | (2.14) |  | (.07) | (.07) | 12.49 | (14.56) | 158 | .84 | .83 | 1.73 |
| 12/31/2021 | 14.16 | .15 | 1.36 | 1.51 | (.15) | (.82) | (.97) | 14.70 | 10.79 | 208 | .98 | .98 | 1.01 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 12.66 | .28 | 1.82 | 2.10 | (.17) | (.53) | (.70) | 14.06 | 16.96 | 202 | 1.03 | 1.01 | 2.10 |
| 12/31/2024 | 12.10 | .27 | .50 | .77 | (.21) |  | (.21) | 12.66 | 6.32 | 144 | 1.02 | 1.01 | 2.12 |
| 12/31/2023 | 12.32 | .26 | 1.27 | 1.53 | (.18) | (1.57) | (1.75) | 12.10 | 13.45 | 128 | 1.03 | 1.02 | 2.17 |
| 12/31/2022 | 14.53 | .19 | (2.33) | (2.14) |  | (.07) | (.07) | 12.32 | (14.73) | 111 | 1.09 | 1.08 | 1.49 |
| 12/31/2021 | 14.02 | .11 | 1.34 | 1.45 | (.12) | (.82) | (.94) | 14.53 | 10.46 | 135 | 1.23 | 1.23 | .77 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **381** | American Funds Insurance Series |

---

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset value, beginning of year** | **Net investment income (loss)** | **Net gains (losses) on securities (both realized and unrealized)** | **Total from investment operations** | **Dividends (from net investment income)** | **Distributions (from capital gains)** | **Total dividends and distributions** |<br>**Net asset value, end of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets, end of year (in millions)** |<br>**Ratio of expenses to average net assets before waivers/ reimbursements<sup>3</sup>** |<br>**Ratio of expenses to average net assets after waivers/ reimbursements<sup>2,3</sup>** |<br>**Ratio of net income (loss) to average net assets<sup>2</sup>** |
| **The Bond Fund of America** | **The Bond Fund of America** | | | | | | | | | | | | |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | $9.27 | $.43 | $.25 | $.68 | $(.43) | $— | $(.43) | $9.52 | 7.40% | $6909 | .39% | .24% | 4.54% |
| 12/31/2024 | 9.54 | .44 | (.29) | .15 | (.42) |  | (.42) | 9.27 | 1.50 | 6992 | .39 | .24 | 4.60 |
| 12/31/2023 | 9.41 | .39 | .09 | .48 | (.35) |  | (.35) | 9.54 | 5.21 | 6908 | .39 | .20 | 4.15 |
| 12/31/2022 | 11.21 | .31 | (1.67) | (1.36) | (.32) | (.12) | (.44) | 9.41 | (12.26) | 6370 | .39 | .20 | 3.09 |
| 12/31/2021 | 11.89 | .21 | (.23) | (.02) | (.19) | (.47) | (.66) | 11.21 | (.14) | 8555 | .39 | .26 | 1.84 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9.20 | .41 | .25 | .66 | (.41) |  | (.41) | 9.45 | 7.24 | 297 | .64 | .49 | 4.28 |
| 12/31/2024 | 9.47 | .41 | (.29) | .12 | (.39) |  | (.39) | 9.20 | 1.23 | 221 | .64 | .49 | 4.35 |
| 12/31/2023 | 9.35 | .37 | .08 | .45 | (.33) |  | (.33) | 9.47 | 4.89 | 258 | .64 | .45 | 3.90 |
| 12/31/2022 | 11.16 | .31 | (1.69) | (1.38) | (.31) | (.12) | (.43) | 9.35 | (12.49) | 220 | .64 | .45 | 3.15 |
| 12/31/2021 | 11.84 | .18 | (.23) | (.05) | (.16) | (.47) | (.63) | 11.16 | (.36) | 12 | .64 | .51 | 1.59 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9.12 | .40 | .26 | .66 | (.41) |  | (.41) | 9.37 | 7.26 | 2724 | .64 | .49 | 4.29 |
| 12/31/2024 | 9.40 | .41 | (.30) | .11 | (.39) |  | (.39) | 9.12 | 1.16 | 2766 | .64 | .49 | 4.35 |
| 12/31/2023 | 9.27 | .36 | .10 | .46 | (.33) |  | (.33) | 9.40 | 5.02 | 2879 | .64 | .45 | 3.89 |
| 12/31/2022 | 11.06 | .28 | (1.66) | (1.38) | (.29) | (.12) | (.41) | 9.27 | (12.58) | 2844 | .64 | .45 | 2.84 |
| 12/31/2021 | 11.73 | .18 | (.22) | (.04) | (.16) | (.47) | (.63) | 11.06 | (.31) | 3729 | .64 | .52 | 1.57 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9.07 | .38 | .25 | .63 | (.39) |  | (.39) | 9.31 | 6.98 | 1426 | .89 | .74 | 4.04 |
| 12/31/2024 | 9.35 | .38 | (.29) | .09 | (.37) |  | (.37) | 9.07 | .98 | 1188 | .89 | .74 | 4.10 |
| 12/31/2023 | 9.23 | .34 | .09 | .43 | (.31) |  | (.31) | 9.35 | 4.72 | 963 | .89 | .70 | 3.66 |
| 12/31/2022 | 11.01 | .26 | (1.65) | (1.39) | (.27) | (.12) | (.39) | 9.23 | (12.75) | 787 | .89 | .70 | 2.61 |
| 12/31/2021 | 11.69 | .15 | (.22) | (.07) | (.14) | (.47) | (.61) | 11.01 | (.59) | 891 | .89 | .76 | 1.34 |

---

Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **382** |

---

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset value, beginning of year** | **Net investment income (loss)** | **Net gains (losses) on securities (both realized and unrealized)** | **Total from investment operations** | **Dividends (from net investment income)** | **Distributions (from capital gains)** | **Total dividends and distributions** |<br>**Net asset value, end of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets, end of year (in millions)** |<br>**Ratio of expenses to average net assets before waivers/ reimbursements<sup>3</sup>** |<br>**Ratio of expenses to average net assets after waivers/ reimbursements<sup>2,3</sup>** |<br>**Ratio of net income (loss) to average net assets<sup>2</sup>** |
| **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | **Capital World Bond Fund** | | | | | | | | | | |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | $9.63 | $.41 | $.51 | $.92 | $(.33) | $— | $(.33) | $10.22 | 9.55% | $611 | .48% | .48% | 4.07% |
| 12/31/2024 | 10.16 | .42 | (.70) | (.28) | (.25) |  | (.25) | 9.63 | (2.76) | 588 | .48 | .48 | 4.20 |
| 12/31/2023 | 9.55 | .32 | .29 | .61 |  |  |  | 10.16 | 6.39 | 665 | .48 | .48 | 3.33 |
| 12/31/2022 | 11.79 | .25 | (2.30) | (2.05) | (.03) | (.16) | (.19) | 9.55 | (17.43) | 663 | .51 | .48 | 2.43 |
| 12/31/2021 | 12.94 | .25 | (.85) | (.60) | (.24) | (.31) | (.55) | 11.79 | (4.73) | 988 | .60 | .50 | 2.06 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9.54 | .39 | .50 | .89 | (.30) |  | (.30) | 10.13 | 9.31 | 30 | .73 | .73 | 3.84 |
| 12/31/2024 | 10.08 | .40 | (.69) | (.29) | (.25) |  | (.25) | 9.54 | (2.97) | 39 | .74 | .74 | 4.05 |
| 12/31/2023 | 9.50 | .30 | .28 | .58 |  |  |  | 10.08 | 6.11 | 1 | .73 | .73 | 3.08 |
| 12/31/2022 | 11.76 | .22 | (2.30) | (2.08) | (.02) | (.16) | (.18) | 9.50 | (17.69) | 1 | .76 | .73 | 2.19 |
| 12/31/2021 | 12.91 | .23 | (.85) | (.62) | (.22) | (.31) | (.53) | 11.76 | (4.88) | 1 | .85 | .75 | 1.85 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9.52 | .38 | .50 | .88 | (.30) |  | (.30) | 10.10 | 9.39 | 758 | .73 | .73 | 3.82 |
| 12/31/2024 | 10.03 | .39 | (.69) | (.30) | (.21) |  | (.21) | 9.52 | (3.04) | 761 | .73 | .73 | 3.95 |
| 12/31/2023 | 9.45 | .29 | .29 | .58 |  |  |  | 10.03 | 6.14 | 817 | .73 | .73 | 3.08 |
| 12/31/2022 | 11.70 | .22 | (2.29) | (2.07) | (.02) | (.16) | (.18) | 9.45 | (17.70) | 765 | .76 | .73 | 2.18 |
| 12/31/2021 | 12.84 | .22 | (.84) | (.62) | (.21) | (.31) | (.52) | 11.70 | (4.92) | 1030 | .85 | .75 | 1.82 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9.37 | .35 | .49 | .84 | (.28) |  | (.28) | 9.93 | 9.03 | 81 | .98 | .98 | 3.56 |
| 12/31/2024 | 9.88 | .36 | (.68) | (.32) | (.19) |  | (.19) | 9.37 | (3.32) | 60 | .98 | .98 | 3.70 |
| 12/31/2023 | 9.33 | .27 | .28 | .55 |  |  |  | 9.88 | 5.89 | 57 | .98 | .98 | 2.84 |
| 12/31/2022 | 11.57 | .19 | (2.25) | (2.06) | (.02) | (.16) | (.18) | 9.33 | (17.84) | 53 | 1.01 | .98 | 1.94 |
| 12/31/2021 | 12.71 | .19 | (.84) | (.65) | (.18) | (.31) | (.49) | 11.57 | (5.18) | 66 | 1.10 | 1.00 | 1.57 |

---

Refer to the end of the table(s) for footnote(s).

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| | |
|:---|:---|
| **383** | American Funds Insurance Series |

---

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset value, beginning of year** | **Net investment income (loss)** | **Net gains (losses) on securities (both realized and unrealized)** | **Total from investment operations** | **Dividends (from net investment income)** | **Distributions (from capital gains)** | **Total dividends and distributions** |<br>**Net asset value, end of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets, end of year (in millions)** |<br>**Ratio of expenses to average net assets before waivers/ reimbursements<sup>3</sup>** |<br>**Ratio of expenses to average net assets after waivers/ reimbursements<sup>2,3</sup>** |<br>**Ratio of net income (loss) to average net assets<sup>2</sup>** |
| **American High-Income Trust** | **American High-Income Trust** | **American High-Income Trust** | | | | | | | | | | | |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | $9.19 | $.64 | $.13 | $.77 | $(.63) | $— | $(.63) | $9.33 | 8.52% | $255 | .45% | .33% | 6.81% |
| 12/31/2024 | 8.94 | .65 | .24 | .89 | (.64) |  | (.64) | 9.19 | 9.92 | 229 | .45 | .32 | 6.96 |
| 12/31/2023 | 8.53 | .63 | .43 | 1.06 | (.65) |  | (.65) | 8.94 | 12.69 | 223 | .45 | .31 | 7.10 |
| 12/31/2022 | 10.19 | .56 | (1.47) | (.91) | (.75) |  | (.75) | 8.53 | (9.01) | 224 | .47 | .32 | 5.95 |
| 12/31/2021 | 9.80 | .51 | .34 | .85 | (.46) |  | (.46) | 10.19 | 8.74 | 278 | .53 | .37 | 4.95 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9.15 | .61 | .13 | .74 | (.62) |  | (.62) | 9.27 | 8.19 | 8 | .70 | .58 | 6.50 |
| 12/31/2024 | 8.90 | .62 | .25 | .87 | (.62) |  | (.62) | 9.15 | 9.73 | 3 | .70 | .57 | 6.71 |
| 12/31/2023 | 8.51 | .61 | .41 | 1.02 | (.63) |  | (.63) | 8.90 | 12.40 | 3 | .70 | .56 | 6.90 |
| 12/31/2022 | 10.16 | .53 | (1.46) | (.93) | (.72) |  | (.72) | 8.51 | (9.29) | 1 | .72 | .57 | 5.70 |
| 12/31/2021 | 9.78 | .49 | .33 | .82 | (.44) |  | (.44) | 10.16 | 8.42 | 1 | .78 | .64 | 4.75 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 8.96 | .60 | .13 | .73 | (.61) |  | (.61) | 9.08 | 8.24 | 533 | .70 | .58 | 6.57 |
| 12/31/2024 | 8.73 | .61 | .23 | .84 | (.61) |  | (.61) | 8.96 | 9.67 | 536 | .70 | .57 | 6.70 |
| 12/31/2023 | 8.35 | .59 | .41 | 1.00 | (.62) |  | (.62) | 8.73 | 12.45 | 533 | .70 | .56 | 6.85 |
| 12/31/2022 | 9.98 | .52 | (1.43) | (.91) | (.72) |  | (.72) | 8.35 | (9.26) | 521 | .72 | .57 | 5.68 |
| 12/31/2021 | 9.61 | .48 | .33 | .81 | (.44) |  | (.44) | 9.98 | 8.42 | 673 | .78 | .65 | 4.80 |
| **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9.25 | .63 | .13 | .76 | (.62) |  | (.62) | 9.39 | 8.26 | 8 | .63 | .51 | 6.64 |
| 12/31/2024 | 8.99 | .63 | .25 | .88 | (.62) |  | (.62) | 9.25 | 9.79 | 8 | .63 | .50 | 6.77 |
| 12/31/2023 | 8.58 | .61 | .43 | 1.04 | (.63) |  | (.63) | 8.99 | 12.54 | 8 | .63 | .49 | 6.91 |
| 12/31/2022 | 10.24 | .54 | (1.47) | (.93) | (.73) |  | (.73) | 8.58 | (9.25) | 9 | .65 | .50 | 5.76 |
| 12/31/2021 | 9.84 | .50 | .34 | .84 | (.44) |  | (.44) | 10.24 | 8.60 | 10 | .71 | .58 | 4.86 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 10.07 | .65 | .14 | .79 | (.59) |  | (.59) | 10.27 | 7.93 | 235 | .95 | .83 | 6.29 |
| 12/31/2024 | 9.75 | .65 | .27 | .92 | (.60) |  | (.60) | 10.07 | 9.39 | 156 | .95 | .82 | 6.45 |
| 12/31/2023 | 9.26 | .63 | .46 | 1.09 | (.60) |  | (.60) | 9.75 | 12.18 | 107 | .95 | .81 | 6.62 |
| 12/31/2022 | 10.99 | .55 | (1.58) | (1.03) | (.70) |  | (.70) | 9.26 | (9.53) | 77 | .97 | .82 | 5.44 |
| 12/31/2021 | 10.54 | .50 | .36 | .86 | (.41) |  | (.41) | 10.99 | 8.18 | 90 | 1.03 | .89 | 4.52 |

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Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **384** |

---

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset value, beginning of year** | **Net investment income (loss)** | **Net gains (losses) on securities (both realized and unrealized)** | **Total from investment operations** | **Dividends (from net investment income)** | **Distributions (from capital gains)** | **Total dividends and distributions** |<br>**Net asset value, end of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets, end of year (in millions)** |<br>**Ratio of expenses to average net assets before waivers/ reimbursements** |<br>**Ratio of expenses to average net assets after waivers/ reimbursements<sup>2</sup>** |<br>**Ratio of net income (loss) to average net assets<sup>2</sup>** |
| **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | **American Funds Mortgage Fund** | | | | | | | | | | | |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | $9.08 | $.46 | $.34 | $.80 | $(.42) | $— | $(.42) | $9.46 | 8.92% | $19 | .39% | .32% | 4.84% |
| 12/31/2024 | 9.44 | .47 | (.38) | .09 | (.45) |  | (.45) | 9.08 | .93 | 17 | .39 | .31 | 5.04 |
| 12/31/2023 | 9.45 | .45 | (.08) | .37 | (.38) |  | (.38) | 9.44 | 4.03 | 17 | .41 | .29 | 4.76 |
| 12/31/2022 | 10.63 | .07 | (1.10) | (1.03) | (.15) |  | (.15) | 9.45 | (9.76) | 1 | .45 | .25 | .70 |
| 12/31/2021 | 11.11 | .06 | (.09) | (.03) | (.08) | (.37) | (.45) | 10.63 | (.32) | 231 | .49 | .29 | .58 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 8.96 | .43 | .33 | .76 | (.40) |  | (.40) | 9.32 | 8.57 | 3 | .64 | .57 | 4.59 |
| 12/31/2024 | 9.32 | .44 | (.37) | .07 | (.43) |  | (.43) | 8.96 | .74 | 3 | .64 | .56 | 4.78 |
| 12/31/2023 | 9.34 | .41 | (.07) | .34 | (.36) |  | (.36) | 9.32 | 3.72 | 2 | .65 | .53 | 4.38 |
| 12/31/2022 | 10.59 | .19 | (1.24) | (1.05) | (.20) |  | (.20) | 9.34 | (10.03) | 2 | .69 | .54 | 1.91 |
| 12/31/2021 | 11.08 | .04 | (.10) | (.06) | (.06) | (.37) | (.43) | 10.59 | (.47) | 2 | .74 | .54 | .33 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 8.98 | .43 | .34 | .77 | (.40) |  | (.40) | 9.35 | 8.63 | 41 | .64 | .56 | 4.60 |
| 12/31/2024 | 9.34 | .45 | (.38) | .07 | (.43) |  | (.43) | 8.98 | .68 | 42 | .64 | .56 | 4.79 |
| 12/31/2023 | 9.36 | .41 | (.07) | .34 | (.36) |  | (.36) | 9.34 | 3.68 | 44 | .64 | .52 | 4.35 |
| 12/31/2022 | 10.61 | .18 | (1.23) | (1.05) | (.20) |  | (.20) | 9.36 | (9.94) | 46 | .69 | .54 | 1.87 |
| 12/31/2021 | 11.09 | .04 | (.10) | (.06) | (.05) | (.37) | (.42) | 10.61 | (.57) | 58 | .74 | .54 | .33 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 8.86 | .40 | .33 | .73 | (.38) |  | (.38) | 9.21 | 8.32 | 63 | .89 | .82 | 4.33 |
| 12/31/2024 | 9.23 | .42 | (.38) | .04 | (.41) |  | (.41) | 8.86 | .35 | 49 | .89 | .82 | 4.53 |
| 12/31/2023 | 9.25 | .38 | (.06) | .32 | (.34) |  | (.34) | 9.23 | 3.51 | 45 | .90 | .78 | 4.12 |
| 12/31/2022 | 10.49 | .16 | (1.22) | (1.06) | (.18) |  | (.18) | 9.25 | (10.16) | 40 | .94 | .79 | 1.66 |
| 12/31/2021 | 10.97 | .01 | (.09) | (.08) | (.03) | (.37) | (.40) | 10.49 | (.78) | 43 | .99 | .79 | .08 |

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Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **385** | American Funds Insurance Series |

---

Financial highlights (continued)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup> Net gains** | **Income (loss) from investment operations<sup>1</sup> Net gains** | **Income (loss) from investment operations<sup>1</sup> Net gains** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | |
| <br>**Year ended** |<br>**Net asset value, beginning of year** | **Net investment income (loss)** | **(losses) on securities (both realized and unrealized)** | **Total from investment operations** | **Dividends (from net investment income)** | **Distributions (from capital gains)** | **Total dividends and distributions** |<br>**Net asset value, end of year** |<br>**Total return** |<br>**Net assets, end of year (in millions)** |<br>**Ratio of expenses to average net assets** |<br>**Ratio of net income (loss) to average net assets** |
| **Ultra-Short Bond Fund** | | | | | | | | | | | | |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | $11.31 | $.46 | $.01 | $.47 | $(.50) | $— | $(.50) | $11.28 | 4.15% | $36 | .31% | 4.01% |
| 12/31/2024 | 11.35 | .58 | (.01) | .57 | (.61) |  | (.61) | 11.31 | 5.08 | 39 | .30 | 4.98 |
| 12/31/2023 | 11.35 | .55 | .01 | .56 | (.56) |  | (.56) | 11.35 | 4.94 | 40 | .30 | 4.81 |
| 12/31/2022 | 11.27 | .17 | (.01) | .16 | (.08) |  | (.08) | 11.35 | 1.42 | 51 | .32 | 1.48 |
| 12/31/2021 | 11.31 | (.03) | (.01) | (.04) |  |  |  | 11.27 | (.35) | 37 | .37 | (.28) |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 11.31 | .43 | .01 | .44 | (.47) |  | (.47) | 11.28 | 3.92 | —<sup>9</sup> | .53 | 3.78 |
| 12/31/2024 | 11.35 | .55 | —<sup>4</sup> | .55 | (.59) |  | (.59) | 11.31 | 4.86 | —<sup>9</sup> | .53 | 4.74 |
| 12/31/2023 | 11.35 | .54 |  | .54 | (.54) |  | (.54) | 11.35 | 4.79 | —<sup>9</sup> | .53 | 4.69 |
| 12/31/2022 | 11.28 | .16 | (.01) | .15 | (.08) |  | (.08) | 11.35 | 1.32 | —<sup>9</sup> | .31 | 1.40 |
| 12/31/2021 | 11.31 | (.03) | —<sup>4</sup> | (.03) |  |  |  | 11.28 | (.27) | —<sup>9</sup> | .36 | (.28) |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 10.93 | .42 | —<sup>4</sup> | .42 | (.47) |  | (.47) | 10.88 | 3.83 | 215 | .56 | 3.77 |
| 12/31/2024 | 10.98 | .53 | —<sup>4</sup> | .53 | (.58) |  | (.58) | 10.93 | 4.89 | 245 | .55 | 4.73 |
| 12/31/2023 | 11.00 | .51 | —<sup>4</sup> | .51 | (.53) |  | (.53) | 10.98 | 4.64 | 273 | .55 | 4.56 |
| 12/31/2022 | 10.93 | .13 | —<sup>4</sup> | .13 | (.06) |  | (.06) | 11.00 | 1.17 | 297 | .57 | 1.23 |
| 12/31/2021 | 10.99 | (.06) | —<sup>4</sup> | (.06) |  |  |  | 10.93 | (.55) | 245 | .62 | (.53) |
| **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 11.08 | .43 | —<sup>4</sup> | .43 | (.48) |  | (.48) | 11.03 | 3.86 | 4 | .49 | 3.84 |
| 12/31/2024 | 11.13 | .54 | —<sup>4</sup> | .54 | (.59) |  | (.59) | 11.08 | 4.91 | 4 | .48 | 4.79 |
| 12/31/2023 | 11.14 | .52 | .01 | .53 | (.54) |  | (.54) | 11.13 | 4.75 | 4 | .48 | 4.64 |
| 12/31/2022 | 11.07 | .13 | —<sup>4</sup> | .13 | (.06) |  | (.06) | 11.14 | 1.19 | 4 | .50 | 1.19 |
| 12/31/2021 | 11.12 | (.05) | —<sup>4</sup> | (.05) |  |  |  | 11.07 | (.45) | 5 | .55 | (.46) |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 11.00 | .39 | —<sup>4</sup> | .39 | (.43) |  | (.43) | 10.96 | 3.59 | 53 | .81 | 3.52 |
| 12/31/2024 | 11.05 | .50 | .01 | .51 | (.56) |  | (.56) | 11.00 | 4.62 | 51 | .80 | 4.47 |
| 12/31/2023 | 11.05 | .48 | .01 | .49 | (.49) |  | (.49) | 11.05 | 4.44 | 56 | .80 | 4.28 |
| 12/31/2022 | 11.00 | .12 | (.03) | .09 | (.04) |  | (.04) | 11.05 | .83 | 80 | .82 | 1.05 |
| 12/31/2021 | 11.08 | (.09) | .01 | (.08) |  |  |  | 11.00 | (.72) | 46 | .87 | (.79) |

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Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| American Funds Insurance Series | **386** |

---

Financial highlights (continued)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | |
| <br>**Year ended** |<br>**Net asset value, beginning of year** | **Net investment income (loss)** | **Net gains (losses) on securities (both realized and unrealized)** | **Total from investment operations** | **Dividends (from net investment income)** | **Distributions (from capital gains)** | **Total dividends and distributions** |<br>**Net asset value, end of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets, end of year (in millions)** |<br>**Ratio of expenses to average net assets before waivers/ reimbursements** |<br>**Ratio of expenses to average net assets after waivers/ reimbursements<sup>2</sup>** |<br>**Ratio of net income (loss) to average net assets<sup>2</sup>** |
| **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | **U.S. Government Securities Fund** | | | | | | | | | | | |
| **Class 1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | $9.59 | $.43 | $.33 | $.76 | $(.45) | $— | $(.45) | $9.90 | 8.01% | $261 | .33% | .26% | 4.35% |
| 12/31/2024 | 9.91 | .45 | (.35) | .10 | (.42) |  | (.42) | 9.59 | .99 | 268 | .33 | .27 | 4.53 |
| 12/31/2023 | 9.99 | .40 | (.09) | .31 | (.39) |  | (.39) | 9.91 | 3.21 | 257 | .33 | .21 | 4.05 |
| 12/31/2022 | 11.67 | .32 | (1.56) | (1.24) | (.44) |  | (.44) | 9.99 | (10.75) | 242 | .36 | .22 | 2.90 |
| 12/31/2021 | 13.04 | .18 | (.26) | (.08) | (.18) | (1.11) | (1.29) | 11.67 | (.44) | 522 | .39 | .29 | 1.50 |
| **Class 1A:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9.53 | .41 | .33 | .74 | (.43) |  | (.43) | 9.84 | 7.80 | 300 | .58 | .51 | 4.10 |
| 12/31/2024 | 9.87 | .42 | (.35) | .07 | (.41) |  | (.41) | 9.53 | .70 | 286 | .58 | .51 | 4.23 |
| 12/31/2023 | 9.96 | .38 | (.10) | .28 | (.37) |  | (.37) | 9.87 | 2.88 | 5 | .58 | .46 | 3.83 |
| 12/31/2022 | 11.63 | .29 | (1.55) | (1.26) | (.41) |  | (.41) | 9.96 | (10.93) | 4 | .60 | .47 | 2.70 |
| 12/31/2021 | 13.00 | .16 | (.26) | (.10) | (.16) | (1.11) | (1.27) | 11.63 | (.65) | 5 | .64 | .53 | 1.28 |
| **Class 2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9.46 | .40 | .33 | .73 | (.43) |  | (.43) | 9.76 | 7.75 | 1056 | .58 | .51 | 4.10 |
| 12/31/2024 | 9.78 | .42 | (.34) | .08 | (.40) |  | (.40) | 9.46 | .75 | 1051 | .58 | .52 | 4.28 |
| 12/31/2023 | 9.87 | .37 | (.09) | .28 | (.37) |  | (.37) | 9.78 | 2.89 | 1073 | .58 | .46 | 3.80 |
| 12/31/2022 | 11.53 | .29 | (1.54) | (1.25) | (.41) |  | (.41) | 9.87 | (10.95) | 1059 | .61 | .47 | 2.69 |
| 12/31/2021 | 12.89 | .15 | (.25) | (.10) | (.15) | (1.11) | (1.26) | 11.53 | (.62) | 1391 | .64 | .54 | 1.24 |
| **Class 3:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9.62 | .42 | .32 | .74 | (.43) |  | (.43) | 9.93 | 7.78 | 5 | .51 | .44 | 4.17 |
| 12/31/2024 | 9.94 | .43 | (.35) | .08 | (.40) |  | (.40) | 9.62 | .79 | 5 | .51 | .44 | 4.35 |
| 12/31/2023 | 10.02 | .39 | (.10) | .29 | (.37) |  | (.37) | 9.94 | 3.00 | 6 | .51 | .39 | 3.85 |
| 12/31/2022 | 11.70 | .30 | (1.57) | (1.27) | (.41) |  | (.41) | 10.02 | (10.90) | 6 | .54 | .40 | 2.76 |
| 12/31/2021 | 13.07 | .16 | (.26) | (.10) | (.16) | (1.11) | (1.27) | 11.70 | (.62) | 9 | .57 | .47 | 1.31 |
| **Class 4:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 9.44 | .38 | .33 | .71 | (.41) |  | (.41) | 9.74 | 7.54 | 255 | .83 | .76 | 3.85 |
| 12/31/2024 | 9.77 | .39 | (.34) | .05 | (.38) |  | (.38) | 9.44 | .44 | 210 | .83 | .77 | 4.02 |
| 12/31/2023 | 9.86 | .35 | (.10) | .25 | (.34) |  | (.34) | 9.77 | 2.62 | 183 | .83 | .71 | 3.54 |
| 12/31/2022 | 11.52 | .26 | (1.54) | (1.28) | (.38) |  | (.38) | 9.86 | (11.19) | 190 | .85 | .72 | 2.45 |
| 12/31/2021 | 12.88 | .12 | (.25) | (.13) | (.12) | (1.11) | (1.23) | 11.52 | (.88) | 238 | .89 | .79 | .98 |

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Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **387** | American Funds Insurance Series |

---

Financial highlights (continued)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | | |
| <br>**Year ended** |<br>**Net asset value, beginning of year** | **Net investment income (loss)** | **Net gains (losses) on securities (both realized and unrealized)** | **Total from investment operations** | **Dividends (from net investment income)** | **Distributions (from capital gains)** | **Total dividends and distributions** |<br>**Net asset value, end of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets, end of year (in millions)** |<br>**Ratio of expenses to average net assets before waivers/ reimbursements<sup>12</sup>** |<br>**Ratio of expenses to average net assets after waivers/ reimbursements<sup>2,12</sup>** |<br>**Net effective expense ratio<sup>2,13,14</sup>** |<br>**Ratio of net income (loss) to average net assets<sup>2</sup>** |
| **Managed Risk Growth Fund** | **Managed Risk Growth Fund** | **Managed Risk Growth Fund** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class P1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | $13.35 | $.06 | $1.67 | $1.73 | $(.25) | $(.57) | $(.82) | $14.26 | 13.63% | $14 | .38% | .36% | .67% | .47% |
| 12/31/2024 | 10.86 | .10 | 2.48 | 2.58 | (.09) |  | (.09) | 13.35 | 23.82 | 14 | .42 | .37 | .69 | .81 |
| 12/31/2023 | 11.37 | .08 | 2.28 | 2.36 | (.08) | (2.79) | (2.87) | 10.86 | 23.77 | 13 | .42 | .37 | .70 | .77 |
| 12/31/2022 | 18.53 | .06 | (4.46) | (4.40) | (.22) | (2.54) | (2.76) | 11.37 | (24.62) | 9 | .41 | .36 | .68 | .47 |
| 12/31/2021 | 17.25 | .04 | 2.16 | 2.20 | (.18) | (.74) | (.92) | 18.53 | 13.08 | 13 | .41 | .36 | .69 | .19 |
| **Class P2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 13.19 | .03 | 1.66 | 1.69 | (.19) | (.57) | (.76) | 14.12 | 13.41 | 491 | .63 | .62 | .93 | .21 |
| 12/31/2024 | 10.73 | .06 | 2.46 | 2.52 | (.06) |  | (.06) | 13.19 | 23.50 | 513 | .67 | .62 | .94 | .52 |
| 12/31/2023 | 11.28 | .05 | 2.26 | 2.31 | (.07) | (2.79) | (2.86) | 10.73 | 23.50 | 495 | .67 | .62 | .95 | .43 |
| 12/31/2022 | 18.42 | .03 | (4.45) | (4.42) | (.18) | (2.54) | (2.72) | 11.28 | (24.88) | 445 | .67 | .62 | .94 | .20 |
| 12/31/2021 | 17.11 | (.01) | 2.16 | 2.15 | (.10) | (.74) | (.84) | 18.42 | 12.89 | 584 | .67 | .62 | .95 | (.07) |
| **Managed Risk International Fund** | **Managed Risk International Fund** | **Managed Risk International Fund** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class P1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | $8.23 | $.14 | $1.10 | $1.24 | $(.13) | $— | $(.13) | $9.34 | 15.33% | $2 | .41% | .36% | .83% | 1.58% |
| 12/31/2024 | 8.36 | .13 | (.12) | .01 | (.14) |  | (.14) | 8.23 | (.05) | 2 | .46 | .37 | .84 | 1.50 |
| 12/31/2023 | 8.61 | .13 | .41 | .54 | (.15) | (.64) | (.79) | 8.36 | 6.36 | 2 | .46 | .36 | .84 | 1.60 |
| 12/31/2022 | 10.55 | .15 | (1.75) | (1.60) | (.34) |  | (.34) | 8.61 | (15.27) | 2 | .44 | .37 | .85 | 1.70 |
| 12/31/2021 | 11.07 | .24 | (.67) | (.43) | (.09) |  | (.09) | 10.55 | (3.92) | 2 | .44 | .36 | .86 | 2.12 |
| **Class P2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 8.18 | .10 | 1.12 | 1.22 | (.11) |  | (.11) | 9.29 | 15.09 | 111 | .68 | .63 | 1.10 | 1.23 |
| 12/31/2024 | 8.32 | .10 | (.13) | (.03) | (.11) |  | (.11) | 8.18 | (.45) | 112 | .72 | .63 | 1.10 | 1.19 |
| 12/31/2023 | 8.58 | .10 | .42 | .52 | (.14) | (.64) | (.78) | 8.32 | 6.22 | 122 | .73 | .63 | 1.11 | 1.21 |
| 12/31/2022 | 10.48 | .12 | (1.74) | (1.62) | (.28) |  | (.28) | 8.58 | (15.54) | 124 | .70 | .63 | 1.11 | 1.36 |
| 12/31/2021 | 10.99 | .20 | (.65) | (.45) | (.06) |  | (.06) | 10.48 | (4.13) | 160 | .71 | .63 | 1.13 | 1.79 |
| **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** | **Managed Risk Washington Mutual Investors Fund** |  |  |  |  |  |  |  |  |  |  |  |
| **Class P1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | $11.76 | $.20 | $1.07 | $1.27 | $(.26) | $— | $(.26) | $12.77 | 10.95% | $3 | .37% | .36% | .61% | 1.64% |
| 12/31/2024 | 10.50 | .20 | 1.28 | 1.48 | (.22) |  | (.22) | 11.76 | 14.20 | 3 | .41 | .36 | .61 | 1.80 |
| 12/31/2023 | 11.24 | .20 | .79 | .99 | (.24) | (1.49) | (1.73) | 10.50 | 10.04 | 3 | .42 | .37 | .63 | 1.91 |
| 12/31/2022 | 12.95 | .23 | (1.38) | (1.15) | (.56) |  | (.56) | 11.24 | (8.92) | 3 | .41 | .36 | .60 | 1.96 |
| 12/31/2021 | 11.24 | .16 | 1.79 | 1.95 | (.24) |  | (.24) | 12.95 | 17.46 | 2 | .41 | .36 | .66 | 1.33 |
| **Class P2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 11.69 | .16 | 1.07 | 1.23 | (.23) |  | (.23) | 12.69 | 10.65 | 312 | .64 | .63 | .88 | 1.34 |
| 12/31/2024 | 10.43 | .17 | 1.28 | 1.45 | (.19) |  | (.19) | 11.69 | 13.99 | 319 | .68 | .63 | .88 | 1.51 |
| 12/31/2023 | 11.18 | .18 | .77 | .95 | (.21) | (1.49) | (1.70) | 10.43 | 9.73 | 322 | .68 | .63 | .89 | 1.71 |
| 12/31/2022 | 12.88 | .19 | (1.37) | (1.18) | (.52) |  | (.52) | 11.18 | (9.16) | 321 | .67 | .62 | .86 | 1.62 |
| 12/31/2021 | 11.18 | .11 | 1.79 | 1.90 | (.20) |  | (.20) | 12.88 | 17.11 | 371 | .68 | .62 | .92 | .91 |

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Refer to the end of the table(s) for footnote(s).

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| | |
|:---|:---|
| American Funds Insurance Series | **388** |

---

Financial highlights (continued)

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Income (loss) from investment operations<sup>1</sup>** | **Dividends and distributions** | **Dividends and distributions** | **Dividends and distributions** | | | | | | | |
| <br>**Year ended** |<br>**Net asset value, beginning of year** | **Net investment income (loss)** | **Net gains (losses) on securities (both realized and unrealized)** | **Total from investment operations** | **Dividends (from net investment income)** | **Distributions (from capital gains)** | **Total dividends and distributions** |<br>**Net asset value, end of year** |<br>**Total return<sup>2</sup>** |<br>**Net assets, end of year (in millions)** |<br>**Ratio of expenses to average net assets before waivers/ reimbursements<sup>12</sup>** |<br>**Ratio of expenses to average net assets after waivers/ reimbursements<sup>2,12</sup>** |<br>**Net effective expense ratio<sup>2,13,14</sup>** |<br>**Ratio of net income (loss) to average net assets<sup>2</sup>** |
| **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** | **Managed Risk Growth-Income Fund** |  |  |  |  |  |  |  |  |  |
| **Class P1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | $14.35 | $.20 | $1.36 | $1.56 | $(.34) | $(.56) | $(.90) | $15.01 | 11.45% | $1834 | .37% | .36% | .63% | 1.35% |
| 12/31/2024 | 12.53 | .21 | 2.02 | 2.23 | (.23) | (.18) | (.41) | 14.35 | 18.03 | 1903 | .41 | .36 | .63 | 1.55 |
| 12/31/2023 | 12.51 | .20 | 1.65 | 1.85 | (.21) | (1.62) | (1.83) | 12.53 | 16.17 | 1910 | .41 | .36 | .63 | 1.64 |
| 12/31/2022 | 15.73 | .18 | (2.79) | (2.61) | (.30) | (.31) | (.61) | 12.51 | (16.74) | 1833 | .41 | .36 | .62 | 1.33 |
| 12/31/2021 | 14.01 | .14 | 1.99 | 2.13 | (.21) | (.20) | (.41) | 15.73 | 15.32 | 2328 | .41 | .36 | .64 | .96 |
| **Class P2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 14.25 | .16 | 1.35 | 1.51 | (.30) | (.56) | (.86) | 14.90 | 11.17 | 258 | .62 | .61 | .88 | 1.10 |
| 12/31/2024 | 12.45 | .17 | 2.01 | 2.18 | (.20) | (.18) | (.38) | 14.25 | 17.69 | 274 | .66 | .61 | .88 | 1.29 |
| 12/31/2023 | 12.44 | .17 | 1.64 | 1.81 | (.18) | (1.62) | (1.80) | 12.45 | 15.90 | 277 | .66 | .61 | .88 | 1.39 |
| 12/31/2022 | 15.64 | .15 | (2.78) | (2.63) | (.26) | (.31) | (.57) | 12.44 | (16.93) | 268 | .66 | .61 | .87 | 1.10 |
| 12/31/2021 | 13.93 | .10 | 1.98 | 2.08 | (.17) | (.20) | (.37) | 15.64 | 15.05 | 340 | .66 | .61 | .89 | .70 |
| **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** | **Managed Risk Asset Allocation Fund** |  |  |  |  |  |  |  |  |  |
| **Class P1:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | $13.20 | $.26 | $1.22 | $1.48 | $(.39) | $(.83) | $(1.22) | $13.46 | 12.01% | $13 | .38% | .36% | .65% | 1.96% |
| 12/31/2024 | 11.90 | .29 | 1.45 | 1.74 | (.27) | (.17) | (.44) | 13.20 | 14.90 | 12 | .41 | .36 | .65 | 2.28 |
| 12/31/2023 | 12.43 | .31 | .87 | 1.18 | (.26) | (1.45) | (1.71) | 11.90 | 10.51 | 10 | .41 | .36 | .66 | 2.61 |
| 12/31/2022 | 15.33 | .24 | (2.34) | (2.10) | (.32) | (.48) | (.80) | 12.43 | (13.75) | 7 | .41 | .36 | .65 | 1.80 |
| 12/31/2021 | 13.84 | .21 | 1.55 | 1.76 | (.27) |  | (.27) | 15.33 | 12.82 | 7 | .41 | .36 | .66 | 1.43 |
| **Class P2:** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 12/31/2025 | 12.78 | .17 | 1.22 | 1.39 | (.34) | (.83) | (1.17) | 13.00 | 11.67 | 1463 | .63 | .61 | .90 | 1.30 |
| 12/31/2024 | 11.53 | .22 | 1.44 | 1.66 | (.24) | (.17) | (.41) | 12.78 | 14.63 | 2014 | .66 | .61 | .90 | 1.81 |
| 12/31/2023 | 12.09 | .21 | .90 | 1.11 | (.22) | (1.45) | (1.67) | 11.53 | 10.23 | 2093 | .66 | .61 | .91 | 1.86 |
| 12/31/2022 | 14.93 | .18 | (2.25) | (2.07) | (.29) | (.48) | (.77) | 12.09 | (13.97) | 2182 | .66 | .61 | .90 | 1.40 |
| 12/31/2021 | 13.45 | .15 | 1.53 | 1.68 | (.20) |  | (.20) | 14.93 | 12.50 | 2812 | .66 | .61 | .91 | 1.03 |

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Refer to the end of the table(s) for footnote(s).

---

| | |
|:---|:---|
| **389** | American Funds Insurance Series |

---

Financial highlights (continued)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| <br>**Portfolio turnover rate for all share classes excluding mortgage dollar roll transactions<sup>15,16</sup>** | **2025<sup>17</sup>** | **2024** | **2023** | **2022** | **2021** |
| Capital Income Builder | 72% | 49% | 59% | 48% | 60% |
| Asset Allocation Fund | 72 | 43 | 54 | 42 | 45 |
| American Funds Global Balanced Fund | 57 | 55 | 43 | 111 | 36 |
| The Bond Fund of America | 159 | 102 | 129 | 77 | 87 |
| Capital World Bond Fund | 59 | 54 | 110 | 114 | 64 |
| American Funds Mortgage Fund | 65 | 52 | 85 | 56 | 38 |
| U.S. Government Securities Fund | 44 | 43 | 113 | 77 | 126 |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | |
| <br>**Portfolio turnover rate for all share classes including mortgage dollar roll transactions, if any<sup>15,16</sup>** | **2025<sup>17</sup>** | **2024** | **2023** | **2022** | **2021** |
| Global Growth Fund | 45% | 41% | 29% | 29% | 18% |
| Global Small Capitalization Fund | 51 | 47 | 36 | 40 | 29 |
| Growth Fund | 27 | 23 | 23 | 29 | 25 |
| International Fund | 63 | 35 | 28 | 42 | 44 |
| New World Fund | 49 | 55 | 36 | 40 | 43 |
| Washington Mutual Investors Fund | 37 | 31 | 29 | 30 | 90 |
| Capital World Growth and Income Fund | 45 | 34 | 29 | 42 | 85 |
| Growth-Income Fund | 27 | 45 | 26 | 25 | 24 |
| International Growth and Income Fund | 48 | 39 | 38 | 48 | 41 |
| Capital Income Builder | 87 | 107 | 149 | 126 | 93 |
| Asset Allocation Fund | 115 | 129 | 159 | 118 | 124 |
| American Funds Global Balanced Fund | 86 | 141 | 103 | 126 | 39 |
| The Bond Fund of America | 247 | 398 | 545 | 415 | 456 |
| Capital World Bond Fund | 106 | 269 | 286 | 188 | 91 |
| American High-Income Trust | 39 | 45 | 40 | 34 | 56 |
| American Funds Mortgage Fund | 421 | 644 | 1053 | 1141 | 975 |
| U.S. Government Securities Fund | 253 | 398 | 744 | 695 | 433 |
| Ultra-Short Bond Fund | —<sup>18</sup> | —<sup>18</sup> | —<sup>18</sup> | —<sup>18</sup> | —<sup>18</sup> |
| U.S. Small and Mid Cap Equity Fund | 82 | 4<sup>6,7,8</sup> |  |  |  |
| Managed Risk Growth Fund | 32 | 14 | 39 | 97 | 32 |
| Managed Risk International Fund | 17 | 11 | 27 | 82 | 24 |
| Managed Risk Washington Mutual Investors Fund | 22 | 8 | 19 | 70 | 16 |
| Managed Risk Growth-Income Fund | 29 | 13 | 21 | 67 | 13 |
| Managed Risk Asset Allocation Fund | 15 | 7 | 13 | 48 | 5 |

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<sup>1</sup> Based on average shares outstanding.

<sup>2</sup> This column reflects the impact of certain waivers and/or reimbursements from CRMC and/or AFS, if any.

<sup>3</sup> Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds, if applicable.

<sup>4</sup> Amount less than $.01.

<sup>5</sup> Amount less than .01%.

<sup>6</sup> Based on operations for a period that is less than a full year.

<sup>7</sup> For the period November 15, 2024, commencement of operations, through December 31, 2024.

<sup>8</sup> Not annualized.

<sup>9</sup> Amount less than $1 million.

<sup>10</sup> Annualized.

<sup>11</sup> All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Fees for distribution services and/or insurance administrative services, as applicable, are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.

<sup>12</sup> This column does not include expenses of the underlying funds in which each fund invests.

<sup>13</sup> This column reflects the net effective expense ratios for each fund and class, which include each class's expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented.

<sup>14</sup> Unaudited.

<sup>15</sup> Refer to Note 5 for further information on mortgage dollar rolls.

<sup>16</sup> Rates do not include the fund's portfolio activity with respect to any Central Funds, if applicable.

<sup>17</sup> Rates exclude in-kind transactions, if any.

<sup>18</sup> Amount is either less than 1% or there is no turnover.

Refer to the notes to financial statements.

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| | |
|:---|:---|
| American Funds Insurance Series | **390** |

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Funds Insurance Series and Shareholders of Global Growth Fund, Global Small Capitalization Fund, Growth Fund, International Fund, New World Fund, Washington Mutual Investors Fund, U.S. Small and Mid Cap Equity Fund, Capital World Growth and Income Fund, Growth-Income Fund, International Growth and Income Fund, Capital Income Builder, Asset Allocation Fund, American Funds Global Balanced Fund, The Bond Fund of America, Capital World Bond Fund, American High-Income Trust, American Funds Mortgage Fund, Ultra-Short Bond Fund, U.S. Government Securities Fund, Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the investment portfolios, of each of the funds listed in the table below (twenty-four of the funds constituting American Funds Insurance Series, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of December 31, 2025, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Statements of operations** | **Statements of changes in net assets** | **Financial highlights** |
| Global Growth Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022 and 2021 |
| Global Small Capitalization Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022 and 2021 |
| Growth Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022 and 2021 |
| International Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022 and 2021 |
| New World Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022 and 2021 |
| Washington Mutual Investors Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022 and 2021 |
| Capital World Growth and Income Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022 and 2021 |
| Growth-Income Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022 and 2021 |
| International Growth and Income Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022 and 2021 |
| Capital Income Builder | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022 and 2021 |
| Asset Allocation Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022 and 2021 |
| American Funds Global Balanced Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022 and 2021 |
| The Bond Fund of America | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022 and 2021 |
| Capital World Bond Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022 and 2021 |
| American High-Income Trust | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022 and 2021 |
| American Funds Mortgage Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022 and 2021 |
| Ultra-Short Bond Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022 and 2021 |
| U.S. Government Securities Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022 and 2021 |
| Managed Risk Growth Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022 and 2021 |
| Managed Risk International Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022 and 2021 |
| Managed Risk Washington Mutual Investors Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022 and 2021 |
| Managed Risk Growth-Income Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022 and 2021 |
| Managed Risk Asset Allocation Fund | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022 and 2021 |
| U.S. Small and Mid Cap Equity Fund | For the year ended December 31, 2025 | For the year ended December 31, 2025 and the period November 15, 2024 (commencement of operations) through December 31, 2024 | For the year ended December 31, 2025 and the period November 15, 2024 (commencement of operations) through December 31, 2024 |

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Report of Independent Registered Public Accounting Firm

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| | |
|:---|:---|
| **391** | American Funds Insurance Series |

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Report of Independent Registered Public Accounting Firm

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Los Angeles, California

February 13, 2026

We have served as the auditor of one or more investment companies in The Capital Group group of investment companies since 1934.

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| | |
|:---|:---|
| American Funds Insurance Series | **392** |

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Changes in and disagreements with accountants

On December 10, 2025, PricewaterhouseCoopers LLP ("PwC") was dismissed and Deloitte & Touche LLP ("D&T") was appointed as the independent registered public accounting firm for the funds constituting the American Funds Insurance Series (hereafter referred to as the "series") for the fiscal year ending December 31, 2026 audit. The change in the series' independent registered public accounting firm was approved by the series' board of trustees, including a majority of the independent trustees, upon recommendation of the audit committee, as part of a broader effort to update board oversight and fund operations. The dismissal does not affect PwC's previous engagement to audit the series' financial statements for the fiscal year ended December 31, 2025.

PwC's reports on the series' financial statements as of and for the fiscal years ended December 31, 2024 and December 31, 2025 did not contain an adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. At no point during the series' fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 13, 2026, (i) were there any disagreements between management and PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of PwC, would have caused them to make reference to the subject matter of the disagreements in connection with their reports on the series' financial statements for such periods, and (ii) there were no "reportable events" of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended. The series requested that PwC furnish it with a letter addressed to the U.S. Securities and Exchange Commission stating whether or not it agrees with the above statements. A copy of such letter is filed as an exhibit to the series' Form N-CSR.

During the series' fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through February 13, 2026, neither the series, nor anyone on its behalf, consulted with D&T on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the series' financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

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| | |
|:---|:---|
| **393** | American Funds Insurance Series |

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Matters submitted for shareholder vote

**Results of special meeting of shareholders**

Held November 25, 2025

Shares outstanding (all classes) on August 28, 2025 (record date):

6,453,899,830

Total shares voting on November 25, 2025:

5,466,407,300 (84.7% of shares outstanding)

The proposal: To elect board members

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| | | | | |
|:---|:---|:---|:---|:---|
| **Board member** | **Votes for** | **Percent**<br> **of shares**<br> **voting for** | **Votes withheld** | **Percent**<br> **of shares**<br> **withheld** |
| Christopher D. Buchbinder | 5306101397 | 97.1% | 160305903 | 2.9% |
| Vanessa C. L. Chang | 5284613703 | 96.7% | 181793597 | 3.3% |
| Francisco G. Cigarroa | 5286720803 | 96.7% | 179686497 | 3.3% |
| Nariman Farvardin | 5280935681 | 96.6% | 185471619 | 3.4% |
| Jennifer C. Feikin | 5301887966 | 97.0% | 164519334 | 3.0% |
| John G. Freund | 5294548932 | 96.9% | 171858368 | 3.1% |
| Leslie Stone Heisz | 5298606338 | 96.9% | 167800962 | 3.1% |
| Sharon I. Meers | 5301554248 | 97.0% | 164853052 | 3.0% |
| William L. Robbins | 5308925891 | 97.1% | 157481409 | 2.9% |
| Kenneth M. Simril | 5304791425 | 97.0% | 161615875 | 3.0% |
| Margaret Spellings | 5296599626 | 96.9% | 169807674 | 3.1% |
| Christopher E. Stone | 5297067517 | 96.9% | 169339783 | 3.1% |
| Alexandra Trower | 5307205561 | 97.1% | 159201739 | 2.9% |
| Paul S. Williams | 5302164262 | 97.0% | 164243038 | 3.0% |

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Remuneration paid to directors, officers and others

Refer to the trustees' deferred compensation disclosure in the notes to financial statements.

Approval of Investment Advisory and Service Agreement

Not applicable for the current reporting period due to the timing of the board's approval of this agreement.

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| | |
|:---|:---|
| American Funds Insurance Series | **394** |

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**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not Applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not Applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Included under Item 7 of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

**NVIT Bond Index Fund** 

**NVIT International Index Fund**

**NVIT Mid Cap Index Fund** 

**NVIT S&P 500 Index Fund** 

**NVIT Small Cap Index Fund** 

**Continuation of Advisory (and Sub-Advisory) Agreements**

The Trust's investment advisory agreements with its Investment Adviser (the "Adviser") and its Sub-Advisers (each, a "Sub-Adviser") (together, the "Advisory Agreements") must be approved for each series of the Trust (individually, a "Fund" and collectively, the "Funds") for an initial term no longer than two years, and may continue in effect thereafter only if such continuation is approved at least annually, (i) by the vote of the Trustees or by a vote of the shareholders of the Fund in question, and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreements or "interested persons" of any party thereto (the "Independent Trustees"), cast in person at a meeting called for the purpose of voting on such approval.

The Board of Trustees (the "Board") has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreements. The Board and its standing committees consider, at each meeting, factors that are relevant to the annual continuation of each Fund's Advisory Agreements, including investment performance, Sub-Adviser updates and reviews, reports with respect to compliance monitoring, and the services and support provided to the Fund and its shareholders.

Although the Board considers the renewal of the Advisory Agreements for all of the Nationwide mutual funds at the same meetings, the Board considers each Fund's investment advisory and sub-advisory relationships separately.

In preparation for the Board's meetings in 2025 to consider the continuation of the Advisory Agreements, the Trustees requested and were furnished with a wide range of information to assist in their deliberations. These materials included:

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A summary report for each Fund that sets out a variety of information regarding the Fund, including average net assets, performance, expense, and profitability information for the past three years.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information regarding voluntary or contractual expense limitations or reductions and the relationship of expenses to any expense limitation.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information provided by the Adviser as to the Adviser's profitability in providing services under the Advisory Agreements. The Trustees recognized that the use of different reasonable methodologies, including among other things calculation and allocation of related expenses, can give rise to different measures of reported profit and loss. For Sub-Advisers not affiliated with the Adviser, the Trustees did not consider profitability data or information as to the fees a Sub-Adviser charges to other clients to be a determinative factor.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information from the Adviser regarding economies of scale and breakpoints, including information provided by the Adviser as to the circumstances under which specific actions intended to share the benefits of economies of scale might be appropriate.

The Adviser may not have been able to, or might have opted not to, provide information in response to certain information requests, in which case the Trustees conducted their evaluation based on information that was provided. In such cases, the Trustees determined that the omission of any such information was not material to its considerations.

The Trustees met with representatives of the Adviser at the Trustees' regular quarterly meetings in September and December 2025 and at its meeting in October to discuss matters related to the continuation of the Advisory Agreements. In addition, the Trustees met separately with independent legal counsel to the Independent Trustees ("Independent Legal Counsel") in October, November and December to review information and materials provided to them and to prepare any supplemental information requests for the Adviser. At the Trustees' regular quarterly meeting in December 2025, the Trustees met to give final consideration to information bearing on the continuation of the Advisory Agreements.

The Trustees considered, among other things, information provided by the Adviser in response to their previous information requests. The Trustees engaged in discussion and consideration among themselves, and with the Adviser, Trust counsel, and Independent Legal Counsel regarding the various factors that may contribute to the determination of whether the continuation of the Advisory Agreements should be approved.

In considering this information with respect to each of the Funds, the Trustees took into account, among other things, the nature, extent, and quality of services provided by the Adviser and relevant Sub-Adviser. In evaluating the Advisory Agreements for the Funds, the Trustees also reviewed information provided by the Adviser concerning the following, among other things:

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The terms of the Advisory Agreements and a summary of the services performed by the Adviser and Sub-Advisers.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The activities of the Adviser in selecting, overseeing, and evaluating each Sub-Adviser; reporting by the Adviser to the Trustees regarding the Sub-Advisers; and steps taken by the Adviser, where appropriate, to identify replacement Sub-Advisers and to put those Sub-Advisers in place.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The investment advisory and oversight capabilities of the Adviser, including, among other things, its expertise in investment, economic, and financial analysis.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Adviser's and Sub-Advisers' personnel and methods; changes in the Adviser's senior management personnel; the number of the Adviser's advisory and analytical personnel; general information about the compensation of the Adviser's advisory personnel; the Adviser's and Sub-Advisers' investment processes; the Adviser's risk assessment and risk management capabilities; and the Adviser's valuation and valuation oversight capabilities.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The financial condition and stability of the Adviser and the Adviser's assessment of the financial condition and stability of the Sub-Advisers.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Potential ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for the Funds, including, among other things, information on fees inuring to the Adviser's affiliates for serving as the Trust's administrator, fund accountant, and transfer agent; fees or other payments relating to shareholder servicing or sub-transfer agency services provided by or through the Adviser or its affiliates; and enhanced relationships with large financial concerns that serve, or whose affiliates serve, as sub-advisers or other service providers to one or more of the Funds.

Based on information provided by Broadridge and the Adviser, the Trustees reviewed expense information for each of the Funds and the total return investment performance of each of the Funds, as well as the expenses and performance of the Funds' peer groups over various time periods.

**Fund Expense and Performance** 

The Trustees considered that each Fund was shown to pay actual management fees and to have total expense ratios (including 12b-1/non-12b-1 fees) at levels lower than or equal to their peer group medians or with respect to NVIT S&P 500 Index Fund, a total expense ratio (including 12b-1/non-12b-1 fees) within what the Trustees considered a generally acceptable range of the Fund's peer group median in the third quintile of its peer group. The Trustees determined that the expense information of each of the foregoing Funds was consistent with the continuation of the Fund's Advisory Agreement.

In considering the performance of each of the Funds, the Trustees considered principally the gross investment performance of the Funds, which should reflect the success of the Fund in tracking the return of its benchmark index without taking into account the effect of the Fund's expenses and without taking into account any of the Fund's earnings from securities lending activities. The Trustees noted that the three-year gross investment performance of for each of NVIT Bond Index Fund and NVIT International Index Fund less securities lending income met or exceeded the performance of the Fund's benchmark index (or with respect to NVIT S&P 500 Index Fund, NVIT Mid Cap Index Fund and NVIT Small Cap Index, within what the Trustees considered a generally acceptable range of the Fund's benchmark index, within three or less basis points). The Trustees considered that those returns were consistent with a conclusion that each Fund's investment advisory arrangements were appropriately designed to provide a return approximating that of the Fund's benchmark index. The Trustees determined that the performance information of each Fund was consistent with the continuation of the Fund's Advisory Agreement.

**Economies of Scale** 

The Trustees considered whether each of the Funds may benefit from any economies of scale realized by the Adviser in the event of growth in assets of the Fund. The Trustees noted that each Fund's advisory fee rate schedule is subject to contractual advisory fee breakpoints that reflect economies of scale by reducing the Fund's advisory fee rate if the assets of the Fund increase over certain thresholds. The Board also considered the extent to which economies of scale realized by the Adviser or the relevant Sub-Advisers could be shared with a Fund through fee waivers, expense reimbursements, or other expense reductions.

Based on all relevant information and factors, the Trustees unanimously approved the continuation of the Advisory Agreements at their meeting in December 2025.

**NVIT Allspring Discovery Fund** 

**NVIT BlackRock Equity Dividend Fund** 

**NVIT BlackRock Managed Global Allocation Fund** 

**NVIT BNY Mellon Dynamic U.S. Core Fund** 

**NVIT BNY Mellon Dynamic U.S. Equity Income Fund** 

**NVIT DoubleLine Total Return Tactical Fund** 

**NVIT Fidelity Institutional AM Emerging Markets Fund** (formerly, NVIT Emerging Markets Fund)

**NVIT GQG US Quality Equity Fund** (formerly, NVIT Calvert Equity Fund)

**NVIT Government Bond Fund**

**NVIT Government Money Market Fund**

**NVIT GS Emerging Markets Equity Insights Fund**

**NVIT GS International Equity Insights Fund** 

**NVIT GS Large Cap Equity Fund**

**NVIT GS Small Cap Equity Insights Fund**

**NVIT International Equity Fund**

**NVIT iShares<sup>®</sup> Fixed Income ETF Fund**

**NVIT iShares<sup>®</sup> Global Equity ETF Fund**

**NVIT Invesco Small Cap Growth Fund** 

**NVIT J.P. Morgan Digital Evolution Strategy Fund**

**NVIT J.P. Morgan Equity and Options Total Return Fund** (formerly, NVIT AQR Large Cap Defensive Style Fund)

**NVIT J.P. Morgan Innovators Fund** 

**NVIT J.P. Morgan Large Cap Growth Fund**

**NVIT J.P. Morgan U.S. Equity Fund** 

**NVIT J.P. Morgan US Technology Leaders Fund**

**NVIT Jacobs Levy Large Cap Core Fund** 

**NVIT Jacobs Levy Large Cap Growth Fund**

**NVIT Loomis Core Bond Fund** (formerly, NVIT Core Bond Fund)

**NVIT Loomis Short Term Bond Fund** 

**NVIT Loomis Short Term High Yield Fund** (formerly, NVIT Federated High Income Bond Fund)

**NVIT Managed American Funds Asset Allocation Fund**

**NVIT Managed American Funds Growth-Income Fund**

**NVIT Putnam International Value Fund** (formerly, NVIT Columbia Overseas Value Fund)

**NVIT Real Estate Fund**

**NVIT Strategic Income Fund** (formerly, NVIT Amundi Multi Sector Bond Fund)

**NVIT U.S. 130/30 Equity Fund**

**NVIT Victory Mid Cap Value Fund**

**Continuation of Advisory (and Sub-Advisory) Agreements**

The Trust's investment advisory agreements with its Investment Adviser (the "Adviser") and its Sub-Advisers (each, a "Sub-Adviser") (together, the "Advisory Agreements") must be approved for each series of the Trust (individually, a "Fund" and collectively, the "Funds") for an initial term no longer than two years, and may continue in effect thereafter only if such continuation is approved at least annually, (i) by the vote of the Trustees or by a vote of the shareholders of the Fund in question, and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreements or "interested persons" of any party thereto (the "Independent Trustees"), cast in person at a meeting called for the purpose of voting on such approval.

The Board of Trustees (the "Board") has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreements. The Board and its standing committees consider, at each meeting, factors that are relevant to the annual continuation of each Fund's Advisory Agreements, including investment performance, Sub-Adviser updates and reviews, reports with respect to compliance monitoring, and the services and support provided to the Fund and its shareholders.

Although the Board considers the renewal of the Advisory Agreements for all of the Nationwide mutual funds at the same meetings, the Board considers each Fund's investment advisory and sub-advisory relationships separately.

In preparation for the Board's meetings in 2025 to consider the continuation of the Advisory Agreements, the Trustees requested and were furnished with a wide range of information to assist in their deliberations. These materials included:

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A summary report for each Fund that sets out a variety of information regarding the Fund, including average net assets, performance, expense, and profitability information for the past three years.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information regarding voluntary or contractual expense limitations or reductions and the relationship of expenses to any expense limitation.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information provided by the Adviser as to the Adviser's profitability in providing services under the Advisory Agreements. The Trustees recognized that the use of different reasonable methodologies, including among other things calculation and allocation of related expenses, can give rise to different measures of reported profit and loss. For Sub-Advisers not affiliated with the Adviser, the Trustees did not consider profitability data or information as to the fees a Sub-Adviser charges to other clients to be a determinative factor.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information from the Adviser regarding economies of scale and breakpoints, including information provided by the Adviser as to the circumstances under which specific actions intended to share the benefits of economies of scale might be appropriate.

The Adviser may not have been able to, or might have opted not to, provide information in response to certain information requests, in which case the Trustees conducted their evaluation based on information that was provided. In such cases, the Trustees determined that the omission of any such information was not material to its considerations.

The Trustees met with representatives of the Adviser at the Trustees' regular quarterly meetings in September and December 2025 and at its meeting in October 2025 to discuss matters related to the continuation of the Advisory Agreements. In addition, the Trustees met separately with independent legal counsel to the Independent Trustees ("Independent Legal Counsel") in October, November, and December to review information and materials provided to them and to prepare any supplemental information requests for the Adviser. At the Trustees' regular quarterly meeting in December 2025, the Trustees met to give final consideration to information bearing on the continuation of the Advisory Agreements.

The Trustees considered, among other things, information provided by the Adviser in response to their previous information requests. The Trustees engaged in discussion and consideration among themselves, and with the Adviser, Trust counsel, and Independent Legal Counsel regarding the various factors that may contribute to the determination of whether the continuation of the Advisory Agreements should be approved.

In considering this information with respect to each of the Funds, the Trustees took into account, among other things, the nature, extent, and quality of services provided by the Adviser and relevant Sub-Adviser. In evaluating the Advisory Agreements for the Funds, the Trustees also reviewed information provided by the Adviser concerning the following, among other things:

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The terms of the Advisory Agreements and a summary of the services performed by the Adviser and Sub-Advisers.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The activities of the Adviser in selecting, overseeing, and evaluating each Sub-Adviser; reporting by the Adviser to the Trustees regarding the Sub-Advisers; and steps taken by the Adviser, where appropriate, to identify replacement Sub-Advisers and to put those Sub-Advisers in place.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The investment advisory and oversight capabilities of the Adviser, including, among other things, its expertise in investment, economic, and financial analysis.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Adviser's and Sub-Advisers' personnel and methods; changes in the Adviser's senior management personnel; the number of the Adviser's advisory and analytical personnel; general information about the compensation of the Adviser's advisory personnel; the Adviser's and Sub-Advisers' investment processes; the Adviser's risk assessment and risk management capabilities; and the Adviser's valuation and valuation oversight capabilities.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The financial condition and stability of the Adviser and the Adviser's assessment of the financial condition and stability of the Sub-Advisers.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Potential ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for the Funds, including, among other things, information on fees inuring to the Adviser's affiliates for serving as the Trust's administrator, fund accountant, and transfer agent; fees or other payments relating to shareholder servicing or sub-transfer agency services provided by or through the Adviser or its affiliates; and enhanced relationships with large financial concerns that serve, or whose affiliates serve, as sub-advisers or other service providers to one or more of the Funds.

Based on information provided by Broadridge and the Adviser, the Trustees reviewed expense information for each of the Funds and the total return investment performance of each of the Funds, as well as the expenses and performance of the Funds' peer groups over various time periods.

**Fund Expense and Performance** 

*(NVIT Allspring Discovery Fund, NVIT BNY Mellon Dynamic U.S. Core Fund, NVIT BNY Mellon Dynamic U.S. Equity Income Fund, NVIT DoubleLine Total Return Tactical Fund, NVIT Government Money Market Fund, NVIT GS Large Cap Equity Fund, NVIT International Equity Fund, NVIT iShares<sup>®</sup> Fixed Income ETF Fund, NVIT iShares<sup>®</sup> Global Equity ETF Fund, NVIT J.P. Morgan Digital Evolution Strategy Fund, NVIT J.P. Morgan Innovators Fund, NVIT J.P. Morgan Large Cap Growth Fund, NVIT J.P. Morgan U.S. Equity Fund, NVIT J.P. Morgan US Technology Leaders Fund, NVIT Jacobs Levy Large Cap Growth Fund, NVIT Loomis Core Bond Fund, NVIT Loomis Short Term Bond Fund, NVIT Real Estate Fund, and NVIT Victory Mid Cap Value Fund)*

For the Funds above, the Trustees considered that each Fund was shown to pay actual management fees and to have total expense ratios (including 12b-1/non-12b-1 fees) at levels equal to or lower than their peer group medians. The Trustees determined that the expense information of each of the foregoing Funds was consistent with the continuation of the Fund's Advisory Agreement.

For the Funds above, the Trustees also considered each Fund's investment performance. They noted that, with the exception of the Funds referred to in the next five paragraphs, each of the Funds was shown to have experienced three-year performance at or above its performance universe median, or with respect to NVIT Allspring Discovery Fund and NVIT J.P. Morgan Large Cap Growth Fund, below the median but within the third quintile of its peer universe median.

With respect to NVIT iShares<sup>®</sup> Fixed Income ETF Fund, the Trustees noted that the Fund had experienced three-year performance in the fourth quintile of its performance universe and considered the Adviser's statements regarding the negative impact of the Fund's exposure to longer-duration U.S. treasuries on performance.

With respect to NVIT iShares<sup>®</sup> Global Equity ETF Fund, the Trustees noted that the Fund had experienced three-year performance in the fourth quintile of its performance universe and considered the Adviser's statements regarding the expected performance of the Fund's strategy in certain market environments and considered the Adviser's statements that it was considering investment and product options for the Fund.

With respect to NVIT J.P. Morgan Innovators Fund, the Trustees noted that the Fund had experienced three-year performance in the fifth quintile of its performance universe and considered the Adviser's statements regarding the expected performance of the Fund's strategy in certain market environments and that the Fund has been designated to be subject to heightened review by the Trustees in the coming year in light of its investment performance.

With respect to NVIT Loomis Core Bond Fund, the Trustees noted that the Fund had experienced three-year performance in the fourth quintile of its performance universe and considered the Adviser's statements that the underperformance was primarily attributable to the Fund's prior sub-adviser that was replaced in December 2024.

With respect to NVIT Victory Mid Cap Value Fund, the Trustees noted that the Fund had experienced three-year performance in the fifth quintile of its performance universe and considered the Adviser's statements that the underperformance was primarily attributable to two of the Fund's three sub-advisers that were removed from the Fund in February 2024 and that performance of the Fund's remaining sole subadviser for the three-year period ended June 30, 2025 was above the median of the performance universe.

The Trustees determined that the performance information of each of the foregoing Funds was consistent with the continuation of the Fund's Advisory Agreement.

*(NVIT GQG US Quality Equity Fund, NVIT Government Bond Fund, NVIT GS Emerging Markets Equity Insights Fund, NVIT GS International Equity Insights Fund, NVIT GS Small Cap Equity Insights Fund, NVIT Invesco Small Cap Growth Fund, NVIT Jacobs Levy Large Cap Core Fund, NVIT J.P. Morgan Equity and Options Total Return Fund, NVIT Loomis Short Term High Yield Fund, NVIT Managed American Funds Asset Allocation Fund, NVIT Putnam International Value Fund, and NVIT Strategic Income Fund)*

For the Funds above, the Trustees considered that, although each Fund was shown to pay actual management fees at a level higher than its peer group median, its total expense ratio (including 12b-1/non-12b-1 fees) was at a level equal to or lower than the Fund's peer group median (or in the case of NVIT GS International Equity Insights Fund and NVIT Putnam International Value Fund, within what the Trustees considered a generally acceptable range of the Fund's peer group median) and the level of the Fund's actual management fee was not so high, in the Trustees' judgment, as to be inconsistent with continuation of its Advisory Agreements. The Trustees determined that each Fund had overall acceptable expense arrangements consistent with the continuation of the Fund's Advisory Agreement. The Trustees also considered each Fund's investment performance. They noted that, with the exception of the Funds referred to in the next paragraph, each of the Funds was shown to have experienced three-year performance at or above its performance universe median.

With respect to NVIT GQG US Quality Equity Fund, NVIT J.P. Morgan Equity and Options Total Return Fund, and NVIT Loomis Short Term High Yield Fund, the Trustees noted that each Fund had experienced three-year performance in the fifth quintile of its performance universe and considered the Adviser's statements that the underperformance was primarily attributable to the Fund's prior sub-adviser that was replaced in June 2025, September 2025, and April 2025, respectively. The Trustees determined that the performance information of each Fund was consistent with the continuation of the Fund's Advisory Agreement.

*(NVIT BlackRock Equity Dividend Fund)*

With respect to NVIT BlackRock Equity Dividend Fund, the Trustees noted that although the Fund was shown to have a total expense ratio (including 12b-1/non-12b-1 fees) above its peer group median, it was shown to pay actual management fees within what the Trustees considered a generally acceptable range of the Fund's peer group median, ranking in the third quintile. The Trustees also considered the administrative services fees paid by Class II shares of the Fund to insurance companies or their affiliates who provide administrative support services to variable insurance contract holders on behalf of the Fund and their effect on the Fund's expenses, as compared to its peer group. With respect to the Fund's performance, the Trustees noted that the Fund was shown to have experienced three-year performance above its performance universe median. The Trustees determined on the basis of all of the information presented to them that the expense and performance information of the Fund, and other factors considered by them, were consistent with the continuation of the Fund's Advisory Agreement.

*(NVIT BlackRock Managed Global Allocation Fund and NVIT Managed American Funds Growth-Income Fund)*

With respect to NVIT BlackRock Managed Global Allocation Fund, the Trustees noted that the Fund was shown to have a total expense ratio (including 12b-1/non-12b-1 fees) and to pay actual management fees at a level above its peer group median. With respect to NVIT Managed American Funds Growth-Income Fund, the Trustees noted that although the Fund was shown to have a total expense ratio (including 12b-1/non-12b-1 fees) above its peer group median, it was shown to pay actual management fees at a level equal to its peer group median. The Trustees considered the Adviser's statements that mutual funds with a volatility overlay generally have higher expenses compared to mutual funds without a volatility overlay and each Fund's peer group was comprised of a mixture of funds, including peers without a volatility overlay. With respect to each Fund's performance, the Trustees noted that the NVIT BlackRock Managed Global Allocation Fund had experienced three-year performance in the fifth quintile of its performance universe and the NVIT Managed American Funds Growth-Income Fund had experienced three-year performance in the fourth quintile of its performance universe. The Trustees considered the Adviser's statement that the volatility overlay that is part of each Fund's investment strategy may have the effect of causing the Fund to underperform its performance universe under various market conditions including market conditions experienced by the Fund in recent years, but that the overlay is performing as intended. The Trustees further considered that the Adviser has undertaken to evaluate the Funds' structure and purpose. The Trustees determined on the basis of all of the information presented to them that the expense and performance information of each Fund, and other factors considered by them, were consistent with the continuation of the Fund's Advisory Agreement.

*(NVIT Fidelity Institutional AM Emerging Markets Fund)*

With respect to NVIT Fidelity Institutional AM Emerging Markets Fund, the Trustees noted that the Fund was shown to pay actual management fees at a level higher than its peer group median, its total expense ratio (including 12b-1/non-12b-1 fees) was within what the Trustees considered a generally acceptable range of the Fund's peer group median. The Trustees also considered that at the Board's June 2025 meeting, the Board approved an amendment to the Fund's expense limitation agreement to reduce the Fund's expense cap. With respect to the Fund's performance, the Trustees noted that the Fund had experienced three-year performance in the fifth quintile of its performance universe and considered the Adviser's statements that the underperformance was primarily attributable to the Fund's prior sub-adviser that was replaced in March 2025. The Trustees determined on the basis of all of the information presented to them that the expense and performance information of the Fund, and other factors considered by them, were consistent with the continuation of the Fund's Advisory Agreement.

*(NVIT U.S. 130/30 Equity Fund)*

With respect to NVIT U.S. 130/30 Equity Fund, the Trustees noted that although the Fund was shown to have a total expense ratio (including 12b-1/non-12b-1 fees) and to pay actual management fees at levels above its peer group median, each ranked in the third quintile of its peer group. The Trustees determined that the Fund had overall acceptable expense arrangements consistent with the continuation of the Fund's Advisory Agreement, particularly in light of the Fund's three-year investment performance. With respect to the Fund's performance, the Trustees noted that the Fund had experienced three-year performance in the first percentile of its performance universe. The Trustees determined on the basis of all of the information presented to them that the expense and performance information of the Fund, and other factors considered by them, were consistent with the continuation of the Fund's Advisory Agreement.

**Economies of Scale**

The Trustees considered whether each of the Funds may benefit from any economies of scale realized by the Adviser in the event of growth in assets of the Fund. The Trustees noted that each Fund's advisory fee rate schedule, with the exception of NVIT BlackRock Managed Global Allocation Fund, NVIT J.P. Morgan US Equity Fund, NVIT iShares Global Equity ETF Fund, and NVIT iShares Fixed Income ETF Fund, is subject to contractual advisory fee breakpoints that reflect economies of scale by reducing the Fund's advisory fee rate if the assets of the Fund increase over certain thresholds. The Trustees determined to continue to monitor the fees paid by the Funds without breakpoints to determine whether breakpoints might in the future become appropriate, as their assets grow. The Board also considered the extent to which economies of scale realized by the Adviser, or the relevant Sub-Advisers, could be shared with a Fund through fee waivers, expense reimbursements, or other expense reductions.

Based on all relevant information and factors, the Trustees unanimously approved the continuation of the Advisory Agreements at their meeting in December 2025.

**NVIT Multi-Manager Small Cap Value Fund**

**NVIT Multi-Manager Small Company Fund** 

**Continuation of Advisory (and Sub-Advisory) Agreements** 

The Trust's investment advisory agreements with its Investment Adviser (the "Adviser") and its Sub-Advisers (each, a "Sub-Adviser") (together, the "Advisory Agreements") must be approved for each series of the Trust (individually, a "Fund" and collectively, the "Funds") for an initial term no longer than two years, and may continue in effect thereafter only if such continuation is approved at least annually, (i) by the vote of the Trustees or by a vote of the shareholders of the Fund in question, and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreements or "interested persons" of any party thereto (the "Independent Trustees"), cast in person at a meeting called for the purpose of voting on such approval.

The Board of Trustees (the "Board") has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreements. The Board and its standing committees consider, at each meeting, factors that are relevant to the annual continuation of each Fund's Advisory Agreements, including investment performance, Sub-Adviser updates and reviews, reports with respect to compliance monitoring, and the services and support provided to the Fund and its shareholders.

Although the Board considers the renewal of the Advisory Agreements for all of the Nationwide mutual funds at the same meetings, the Board considers each Fund's investment advisory and sub-advisory relationships separately.

In preparation for the Board's meetings in 2025 to consider the continuation of the Advisory Agreements, the Trustees requested and were furnished with a wide range of information to assist in their deliberations. These materials included:

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A summary report for each Fund that sets out a variety of information regarding the Fund, including average net assets, performance, expense, and profitability information for the past three years.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information regarding voluntary or contractual expense limitations or reductions and the relationship of expenses to any expense limitation.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information provided by the Adviser as to the Adviser's profitability in providing services under the Advisory Agreements. The Trustees recognized that the use of different reasonable methodologies, including among other things calculation and allocation of related expenses, can give rise to different measures of reported profit and loss. For Sub-Advisers not affiliated with the Adviser, the Trustees did not consider profitability data or information as to the fees a Sub-Adviser charges to other clients to be a determinative factor.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information from the Adviser regarding economies of scale and breakpoints, including information provided by the Adviser as to the circumstances under which specific actions intended to share the benefits of economies of scale might be appropriate.

The Adviser may not have been able to, or might have opted not to, provide information in response to certain information requests, in which case the Trustees conducted their evaluation based on information that was provided. In such cases, the Trustees determined that the omission of any such information was not material to its considerations.

The Trustees met with representatives of the Adviser at the Trustees' regular quarterly meetings in September and December 2025 and at its meeting in October to discuss matters related to the continuation of the Advisory Agreements. In addition, the Trustees met separately with independent legal counsel to the Independent Trustees ("Independent Legal Counsel") in October, November and December to review information and materials provided to them and to prepare any supplemental information requests for the Adviser. At the Trustees' regular quarterly meeting in December 2025, the Trustees met to give final consideration to information bearing on the continuation of the Advisory Agreements.

The Trustees considered, among other things, information provided by the Adviser in response to their previous information requests. The Trustees engaged in discussion and consideration among themselves, and with the Adviser, Trust counsel, and Independent Legal Counsel regarding the various factors that may contribute to the determination of whether the continuation of the Advisory Agreements should be approved.

In considering this information with respect to each of the Funds, the Trustees took into account, among other things, the nature, extent, and quality of services provided by the Adviser and relevant Sub-Adviser. In evaluating the Advisory Agreements for the Funds, the Trustees also reviewed information provided by the Adviser concerning the following, among other things:

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The terms of the Advisory Agreements and a summary of the services performed by the Adviser and Sub-Advisers.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The activities of the Adviser in selecting, overseeing, and evaluating each Sub-Adviser; reporting by the Adviser to the Trustees regarding the Sub-Advisers; and steps taken by the Adviser, where appropriate, to identify replacement Sub-Advisers and to put those Sub-Advisers in place.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The investment advisory and oversight capabilities of the Adviser, including, among other things, its expertise in investment, economic, and financial analysis.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Adviser's and Sub-Advisers' personnel and methods; changes in the Adviser's senior management personnel; the number of the Adviser's advisory and analytical personnel; general information about the compensation of the Adviser's advisory personnel; the Adviser's and Sub-Advisers' investment processes; the Adviser's risk assessment and risk management capabilities; and the Adviser's valuation and valuation oversight capabilities.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The financial condition and stability of the Adviser and the Adviser's assessment of the financial condition and stability of the Sub-Advisers.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Potential ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for the Funds, including, among other things, information on fees inuring to the Adviser's affiliates for serving as the Trust's administrator, fund accountant, and transfer agent; fees or other payments relating to shareholder servicing or sub-transfer agency services provided by or through the Adviser or its affiliates; and enhanced relationships with large financial concerns that serve, or whose affiliates serve, as sub-advisers or other service providers to one or more of the Funds.

Based on information provided by Broadridge and the Adviser, the Trustees reviewed expense information for each of the Funds and the total return investment performance of each of the Funds, as well as the expenses and performance of the Funds' peer groups over various time periods.

**Fund Expense and Performance** 

The Trustees considered that, although each Fund was shown to pay actual management fees at a level higher than its peer group median, the total expense ratio (including 12b-1/non-12b-1 fees) for NVIT Multi-Manager Small Company Fund was equal to the Fund's peer group median and, with respect to NVIT Multi-Manager Small Cap Value Fund, within what the Trustees considered a generally acceptable range of the Fund's peer group median and the level of each Fund's actual management fee was not so high, in the Trustees' judgment, as to be inconsistent with continuation of its Advisory Agreements.

The Trustees also considered each Fund's investment performance. With respect NVIT Multi-Manager Small Company Fund, the Trustees considered that the Fund was shown to have experienced three-year performance above its performance universe median. With respect to NVIT Multi-Manager Small Cap Value Fund, the Trustees noted that the Fund had experienced three-year performance in the fifth quintile of its performance universe and considered that at its December 2025 meeting, the Board approved the termination of one of the Fund's two sub-advisers to be effective in the first quarter of 2026 based on the Adviser's statements that the Fund's underperformance was primarily attributable to the terminated sub-adviser.

The Trustees determined on the basis of all of the information presented to them that the expense and performance information of each of the Funds, and the other factors considered by them, were consistent with the continuation of the Fund's Advisory Agreements.

**Economies of Scale** 

The Trustees considered whether each of the Funds may benefit from any economies of scale realized by the Adviser in the event of growth in assets of the Fund. The Trustees noted that each Fund's advisory fee rate schedule is subject to contractual advisory fee breakpoints that reflect economies of scale by reducing a Fund's advisory fee rate if the assets of the Fund increase over certain thresholds. The Board also considered the extent to which economies of scale realized by the Adviser or the relevant Sub-Advisers could be shared with a Fund through fee waivers, expense reimbursements, or other expense reductions.

Based on all relevant information and factors, the Trustees unanimously approved the continuation of the Advisory Agreements at their meeting in December 2025.

**NVIT Blueprint Aggressive Fund** 

**NVIT Blueprint Balanced Fund**

**NVIT Blueprint Capital Appreciation Fund**

**NVIT Blueprint Conservative Fund**

**NVIT Blueprint Managed Growth Fund**

**NVIT Blueprint Managed Growth & Income Fund**

**NVIT Blueprint Moderate Fund**

**NVIT Blueprint Moderately Aggressive Fund**

**NVIT Blueprint Moderately Conservative Fund**

**Continuation of Advisory (and Sub-Advisory) Agreements**

The Trust's investment advisory agreements with its Investment Adviser (the "Adviser") and its Sub-Advisers, if applicable (each, a "Sub-Adviser") (together, the "Advisory Agreements") must be approved for each series of the Trust (individually, a "Fund" and collectively, the "Funds") for an initial term no longer than two years, and may continue in effect thereafter only if such continuation is approved at least annually, (i) by the vote of the Trustees or by a vote of the shareholders of the Fund in question, and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreements or "interested persons" of any party thereto (the "Independent Trustees"), cast in person at a meeting called for the purpose of voting on such approval.

The Board of Trustees (the "Board") has five regularly scheduled meetings each year and takes into account throughout the year matters bearing on the Advisory Agreements. The Board and its standing committees consider, at each meeting, factors that are relevant to the annual continuation of each Fund's Advisory Agreements, including investment performance, Sub-Adviser updates and reviews, reports with respect to compliance monitoring, and the services and support provided to the Fund and its shareholders.

Although the Board considers the renewal of the Advisory Agreements for all of the Nationwide mutual funds at the same meetings, the Board considers each Fund's investment advisory and sub-advisory relationships separately.

In preparation for the Board's meetings in 2025 to consider the continuation of the Advisory Agreements, the Trustees requested and were furnished with a wide range of information to assist in their deliberations. These materials included:

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A summary report for each Fund that sets out a variety of information regarding the Fund, including average net assets, performance, expense, and profitability information for the past three years.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information regarding voluntary or contractual expense limitations or reductions and the relationship of expenses to any expense limitation.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information provided by the Adviser as to the Adviser's profitability in providing services under the Advisory Agreements. The Trustees recognized that the use of different reasonable methodologies, including among other things calculation and allocation of related expenses, can give rise to different measures of reported profit and loss. For Sub-Advisers not affiliated with the Adviser, the Trustees did not consider profitability data or information as to the fees a Sub-Adviser charges to other clients to be a determinative factor.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information from the Adviser regarding economies of scale and breakpoints, including information provided by the Adviser as to the circumstances under which specific actions intended to share the benefits of economies of scale might be appropriate.

The Adviser may not have been able to, or might have opted not to, provide information in response to certain information requests, in which case the Trustees conducted their evaluation based on information that was provided. In such cases, the Trustees determined that the omission of any such information was not material to its considerations.

The Trustees met with representatives of the Adviser at the Trustees' regular quarterly meetings in September and December 2025 and at its meeting in October to discuss matters related to the continuation of the Advisory Agreements. In addition, the Trustees met separately with independent legal counsel to the Independent Trustees ("Independent Legal Counsel") in October, November and December to review information and materials provided to them and to prepare any supplemental information requests for the Adviser. At the Trustees' regular quarterly meeting in December 2025, the Trustees met to give final consideration to information bearing on the continuation of the Advisory Agreements.

The Trustees considered, among other things, information provided by the Adviser in response to their previous information requests. The Trustees engaged in discussion and consideration among themselves, and with the Adviser, Trust counsel, and Independent Legal Counsel regarding the various factors that may contribute to the determination of whether the continuation of the Advisory Agreements should be approved.

In considering this information with respect to each of the Funds, the Trustees took into account, among other things, the nature, extent, and quality of services provided by the Adviser and relevant Sub-Adviser. In evaluating the Advisory Agreements for the Funds, the Trustees also reviewed information provided by the Adviser concerning the following, among other things:

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The terms of the Advisory Agreements and a summary of the services performed by the Adviser and Sub-Advisers.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The activities of the Adviser in selecting, overseeing, and evaluating each Sub-Adviser; reporting by the Adviser to the Trustees regarding the Sub-Advisers; and steps taken by the Adviser, where appropriate, to identify replacement Sub-Advisers and to put those Sub-Advisers in place.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The investment advisory and oversight capabilities of the Adviser, including, among other things, its expertise in investment, economic, and financial analysis.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Adviser's and Sub-Advisers' personnel and methods; changes in the Adviser's senior management personnel; the number of the Adviser's advisory and analytical personnel; general information about the compensation of the Adviser's advisory personnel; the Adviser's and Sub-Advisers' investment processes; the Adviser's risk assessment and risk management capabilities; and the Adviser's valuation and valuation oversight capabilities.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The financial condition and stability of the Adviser and the Adviser's assessment of the financial condition and stability of the Sub-Advisers.

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Potential ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for the Funds, including, among other things, information on fees inuring to the Adviser's affiliates for serving as the Trust's administrator, fund accountant, and transfer agent; fees or other payments relating to shareholder servicing or sub-transfer agency services provided by or through the Adviser or its affiliates; and enhanced relationships with large financial concerns that serve, or whose affiliates serve, as sub-advisers or other service providers to one or more of the Funds.

Based on information provided by Broadridge and the Adviser, the Trustees reviewed expense information for each of the Funds and the total return investment performance of each of the Funds, as well as the expenses and performance of the Funds' peer groups over various time periods.

**Fund Expense and Performance** 

*(NVIT Blueprint Aggressive Fund, NVIT Blueprint Balanced Fund, NVIT Blueprint Capital Appreciation Fund, NVIT Blueprint Conservative Fund, NVIT Blueprint Moderate Fund, NVIT Blueprint Moderately Aggressive Fund, and NVIT Blueprint Moderately Conservative Fund)*

For the Funds above, the Trustees considered that, although each Fund was shown to pay actual management fees at a level higher than its peer group median, its total expense ratio (including 12b-1/non-12b-1 fees) was, for each of NVIT Blueprint Conservative Fund, NVIT Blueprint Moderately Aggressive Fund, and NVIT Blueprint Moderately Conservative Fund, at a level equal to or lower than the Fund's peer group median, and for NVIT Blueprint Aggressive Fund, NVIT Blueprint Balanced Fund, NVIT Blueprint Capital Appreciation Fund, and NVIT Blueprint Moderate Fund, within what the Trustees considered a generally acceptable range of the Fund's peer group median. For each of the Funds, the Trustees considered that the level of the Fund's actual management fee was not so high, in the Trustees' judgment, as to be inconsistent with continuation of its Advisory Agreements. The Trustees also considered the administrative services fees paid by Class II shares of each Fund to insurance companies or their affiliates who provide administrative support services to variable insurance contract holders on behalf of the Fund and their effect on the Fund's expenses, as compared to its peer group. The Trustees determined that each Fund had overall acceptable expense arrangements consistent with the continuation of the Fund's Advisory Agreement.

For the Funds above, the Trustees also considered each Fund's investment performance. They noted that each Fund other than NVIT Blueprint Conservative Fund was shown to have experienced three-year performance above its performance universe median (or with respect to NVIT Blueprint Balanced Fund, below the median but within the third quintile of its peer universe median). The Trustees determined that the performance information of each Fund was consistent with the continuation of the Fund's Advisory Agreement. With respect to NVIT Blueprint Conservative Fund, the Trustees noted that the Fund was shown to have experienced three-year performance below its performance universe median within the fourth quintile of its peer universe and considered the Adviser's statements that the Fund's lower overall equity positioning versus its peer universe and the significant outperformance of equities versus fixed income over the period were the key drivers of underperformance. The Trustees determined that the performance information of each Fund was consistent with the continuation of the Fund's Advisory Agreement.

*(NVIT Blueprint Managed Growth Fund and NVIT Blueprint Managed Growth & Income Fund)*

With respect to NVIT Blueprint Managed Growth Fund and NVIT Blueprint Managed Growth & Income Fund, the Trustees noted that each Fund was shown to pay actual management fees at a level lower than its peer group median. With respect to NVIT Blueprint Managed Growth & Income Fund, the Trustees noted its total expense ratio (including 12b-1/non-12b-1 fees) was also lower than its peer group median. With respect to NVIT Blueprint Managed Growth Fund, the Trustees noted its total expense ratio (including 12b-1/non-12b-1 fees) was within what the Trustees considered a generally acceptable range of the Fund's peer group median. The Trustees also considered the administrative services fees paid by Class II shares of each Fund to insurance companies or their affiliates who provide administrative support services to variable insurance contract holders on behalf of the Fund and their effect on the Fund's expenses, as compared to its peer group. The Trustees determined that each Fund had overall acceptable expense arrangements consistent with the continuation of the Fund's Advisory Agreement.

For the Funds above, the Trustees also considered each Fund's investment performance. They noted that each Fund had experienced three-year performance in the fifth quintile of its performance universe. The Trustees considered the Adviser's statement that the volatility overlay that is part of each Fund's investment strategy may have the effect of causing the Fund to underperform its performance universe under various market conditions including market conditions experienced by the Fund in recent years, but that the overlay is performing as intended. The Trustees further considered that the Adviser has undertaken to evaluate the Funds' structure and purpose. The Trustees determined on the basis of all of the information presented to them that the expense and performance information of each Fund, and other factors considered by them, were consistent with the continuation of the Fund's Advisory Agreement.

**Economies of Scale**

The Trustees considered whether each of the Funds may benefit from any economies of scale realized by the Adviser in the event of growth in assets of the Fund. The Trustees noted that the advisory fee rate schedule for each of the Funds is subject to contractual breakpoints reducing the Fund's advisory fee rate if the assets of the Fund increase over certain thresholds, and that the advisory fee rate schedules for the underlying funds in which each Fund invests are generally subject to contractual advisory fee breakpoints if the assets of those underlying funds increase over certain thresholds.

Based on all relevant information and factors, the Trustees unanimously approved the continuation of the Advisory Agreements at their meeting in December 2025.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not Applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not Applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not Applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.** 

Not Applicable.

**Item 16. Controls and Procedures.**

16(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant's disclosure controls and procedures as conducted within ninety (90) days of the filing date of this report, that these disclosure controls and procedures, as most-recently amended and restated as of June 10, 2025 are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is: (i) accumulated and communicated to the investment company's management, including the investment company's certifying officers, to allow timely decisions regarding required disclosure; and (ii) recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

16(b) There were no changes in the registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not Applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.** 

Not Applicable.

**Item 19. Exhibits.**

19(a)(1) The code of ethics that is the subject of the disclosure required by Item 2 is attached hereto.

[coe](coe.htm)

19(a)(2) Certifications pursuant to Rule 30a-2(a) are attached hereto.

[section302](section302.htm)

19(b) Certifications pursuant to Rule 30a-2(b) are furnished herewith.

[section906](section906.htm)

## SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NATIONWIDE VARIABLE INSURANCE TRUST

By (Signature and Title)\* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ___/s/ David Majewski __________

Name: David Majewski

Title: &nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Officer

Date:&nbsp;&nbsp;&nbsp;&nbsp; February 25, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NATIONWIDE VARIABLE INSURANCE TRUST

By (Signature and Title)\* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ___ s/ Joseph N. Aniano _______

Name: Joseph N. Aniano

Title: &nbsp;&nbsp;&nbsp;&nbsp; Principal Executive Officer

Date:&nbsp;&nbsp;&nbsp;&nbsp; February 25, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

By (Signature and Title)\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ___/s/ David Majewski ________

Name: David Majewski

Title: &nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Officer

Date:&nbsp;&nbsp;&nbsp;&nbsp; February 25, 2026

\* Print the name and title of each signing officer under his or her signature.

## ** 

## Ex-99.Code

**NATIONWIDE MUTUAL FUNDS**

**&**

**NATIONWIDE VARIABLE INSURANCE TRUST**

**CODE OF ETHICS**

**FOR**

**PRINCIPAL Executive and FINANCIAL OFFICERS**

**(*As Amended and Restated as of May 1, 2007;***

***As Most-Recently Revised as of June 15, 2011*)**

**I. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** **<u>Introduction</u>**

***<u>Section 406 of the Sarbanes-Oxley Act of 2002</u>.*** The Board of Trustees of each of Nationwide Mutual Funds ("NMF") and Nationwide Variable Insurance Trust ("NVIT") (NMF and NVIT hereinafter referred to collectively as the "Company") has adopted this code of ethics (this "Code") to comply with Item 2 of Form N-CSR,[\[1\]](#_ftn1) which implements Section 406 of the Sarbanes-Oxley Act of 2002 (the "2002 Act"). Section 406 of the 2002 Act requires disclosure by management investment companies that are registered with the Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), concerning a code of ethics for principal executive and financial officers of these investment companies.

***<u>Covered Persons Under the Code</u>.*** This Code of the Company is applicable to the Company's chief executive officer (the "CEO") and the Company's senior financial officers (*e.g.*, the Company's treasurer and assistant treasurers) (said CEO and senior financial officers hereinafter referred to collectively as the "Covered Officers"). *See* Exhibit A to this Code.

This Code is intended to promote:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; full, fair, accurate, timely, and understandable disclosure in reports and documents that the Company files with, or submits to, the SEC and in other public communications made by the Company;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; compliance with applicable governmental laws, rules and regulations;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; accountability for adherence to the Code.

***<u>Designated Persons Under the Code</u>.*** As set forth in greater detail below, the Covered Officers shall report to either: (i) one of the officers of the Company set forth in Exhibit B (each hereinafter referred to as a "Nationwide Designated Person"); and/or (ii) a member of the Audit Committee of the Board of Trustees of the Company (each hereinafter referred to as an "Audit Committee Designated Person") (the "Nationwide Designated Person" and the "Audit Committee Designated Person" hereinafter referred to collectively as the "Designated Persons," and singly as the "Designated Person," as appropriate). *See* Exhibit B to this Code.

***<u>Roles and Responsibilities of the Designated Persons and the Independent Trustees</u>.*** As discussed in greater detail below, given the seniority of the Covered Officers:

i. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Nationwide Designated Person shall be responsible for conducting investigations of potential violations of the Code by Covered Officers (other than the CEO of the Company) brought to the attention of the Nationwide Designated Person, and:

a. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; with respect to such conduct or activity, shall be responsible for making a preliminary determination whether or not such conduct or activity will violate or has violated this Code;

b. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shall be responsible for making a preliminary determination whether or not to grant a waiver[\[2\]](#_ftn2) to the Covered Officer for such conduct or activity or, in the case if past conduct or activity, whether or not to sanction the Covered Officer for such activity;

ii. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Nationwide Designated Person promptly shall *report* to the Trustees of the Company who are not "interested persons" of the Company, as that term is defined in Section 2(a)(19) of the 1940 Act (hereinafter, the "Independent Trustees"):

a. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; his or her preliminary determination whether or not any such conduct or activity has violated or will violate this Code; and

b. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; his or her preliminary determination whether or not any such conduct or activity should be the subject of a waiver or, in the case of past conduct, a sanction;

iii.&nbsp;&nbsp;&nbsp;&nbsp; the Audit Committee Designated Person shall be responsible for conducting investigations of potential violations of the Code by the CEO of the Company brought to the attention of the Audit Committee Designated Person, and:

a. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; with respect to such conduct or activity, shall be responsible for making a preliminary determination whether or not such conduct or activity will violate or has violated this Code; and

b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; with respect to such conduct or activity, also shall be responsible for making a preliminary determination whether or not to grant a waiver to the CEO for such conduct or activity or, in the case of past conduct or activity, whether or not to sanction the CEO for such conduct or activity;

iv. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Audit Committee Designated Person promptly shall report to the Independent Trustees:

a. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; his or her preliminary determination whether or not any such conduct or activity has violated or will violate this Code; and

b. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; his or her preliminary determination whether or not any such conduct or activity should be the subject of a waiver or, in the case of past conduct, a sanction;

v.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Independent Trustees shall be solely responsible for promptly determining whether or not: (a) to accept the preliminary determinations made by the Designated Person with respect to potential violations of the Code; and (b) to grant waivers under this Code -- and these determinations of the Independent Trustees shall be final;

vi.&nbsp;&nbsp;&nbsp;&nbsp; the Independent Trustees further shall be solely responsible for taking all necessary and appropriate disciplinary or preventive action(s) (necessary and appropriate disciplinary or preventive action(s) may include a letter of censure, suspension, dismissal, or, in the event of criminal or other serious violations of law, notification to the SEC and/or appropriate law enforcement authorities) in regard to any existing, actual, or potential violation of this Code by any Covered Officer; and

vii.&nbsp;&nbsp;&nbsp;&nbsp; all determinations made by the Designated Persons and Independent Trustees shall be in writing.

**II. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** **<u>Covered Officers Should Act Honestly and Candidly</u>**

Each Covered Officer owes a duty to the Company to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Covered Officer must:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Company's policies;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; observe applicable governmental laws, rules and regulations, accounting standards, and Company policies;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; adhere to a high standard of business ethics; <u>and</u>

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; place the interests of the Company before the Covered Officer's own personal interests.

All activities of Covered Officers should be guided by and adhere to these standards.

**III. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** **Covered Officers Should Handle Ethically <u>Actual and Apparent Conflicts of Interest</u>**

***<u>General Principle</u>.*** The 1940 Act is designed, in part, to address inherent conflicts of interest that exist in the management of an investment company's assets by a third party (*i.e.*, the investment company's investment adviser). The principles set forth in this section relating to conflicts of interest reflect the fact that investment companies already are subject to prohibitions on certain activities, including self-dealing, and substantial limitations regarding conflicts of interest by the 1940 Act and the SEC rules promulgated thereunder. In light of the existing structural, statutory, and regulatory environment for registered investment companies, a code of ethics broader than necessary to meet the new 2002 Act code of ethics requirement may be unnecessary. This Code, however, is intended to require the Covered Officers to adhere to the general principle that those persons responsible for managing other people's money should be held to the highest standards of integrity.

***<u>Guiding Principles</u>.***&nbsp;&nbsp;&nbsp;&nbsp; A "conflict of interest" occurs when an individual's private interest interferes with the interests of, or his/her service to, the Company and the shareholders of the Company. A conflict of interest can arise when a Covered Officer has interests that may make it difficult to perform that Covered Officer's Company work objectively. For example, a conflict of interest would arise if a Covered Officer, or a member of the Covered Officer's family, receives improper personal benefits as a result of the Covered Officer's position in the Company. In addition, investment companies also should be sensitive to situations that create apparent conflicts of interest. Service to the Company should never be subordinated to personal gain and advantage.

Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Company that already are subject to conflict of interest provisions in the 1940 Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of the status of Covered Officers as "affiliated persons" of the Company, as that term is defined at Section 2(a)(3) of the 1940 Act. The Company's compliance programs and procedures are designed to prevent, and identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and these conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between, the Company and the investment adviser(s) of which the Covered Officers also are officers or employees. As a result, this Code recognizes that the Covered Officers, in the normal course of their duties (whether formally for the Company or for the adviser, or for both), shall be involved in establishing policies and implementing decisions which will have different effects on the investment adviser and the Company. The participation of the Covered Officers in these activities is inherent in the contractual relationship between the Company and the investment adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if these activities are performed by the Covered Officer in conformity with the provisions of the 1940 Act, the activity will be deemed to have been handled ethically. In addition, it is recognized by the Board of Trustees of the Company that the Covered Officers also may be officers or employees of other investment companies advised by the same adviser and, accordingly, the principles of this paragraph shall further apply to the Covered Officers acting in these capacities as well.

***<u>Responsibilities of Covered Officers</u>.*** In accordance with these principles, each Covered Officer must:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; avoid conflicts of interest wherever possible;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; handle any actual or apparent conflict of interest ethically;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; not use the Covered Officer's personal influence or personal relationships to influence investment decisions or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; not cause the Company to take action, or fail to take action, for the personal benefit of the Covered Officer rather than for the benefit of said Company;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; not use material non-public knowledge of portfolio transactions made or contemplated for the Company to profit or cause others to profit, by the market effect of these transactions;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as described in more detail below, discuss with the appropriate Designated Person any material transaction or relationship that could reasonably be expected to give rise to a conflict of interest; <u>and</u>

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; report at least annually to the Company on the Company's "Trustees & Officers Questionnaire" any and all material transactions, affiliations, or relationships that could reasonably be expected to give rise to, or be related to, a conflict of interest.

***<u>Conflict of Interest Situations</u>:*** Certain conflict of interest situations that always should be discussed by a Covered Officer with the appropriate Designated Person include the following:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any outside business activity that detracts from an individual's ability to devote appropriate time and attention to his or her responsibilities with the Company;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; service as a director on the board of any public or private company;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the receipt of any non-nominal or non-de minimis gifts (*i.e.*, gifts in excess of $500.00) from any company with which the Company has current or prospective business dealings;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the receipt of any entertainment from any company with which the Company has current or prospective business dealings, unless said entertainment is business related, reasonable in cost (not greater than $500), appropriate as to time and place, <u>and</u> not so frequent as to raise any question of impropriety;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; being in the position of supervising, reviewing, or having any influence on the job evaluation, pay, or benefit of any immediate family member;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any ownership interest in, or any consulting or employment relationship with, any of the Company's service providers, other than the Company's investment adviser or administrator or any of the Company's other affiliates; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a direct or indirect financial interest in commissions, transaction charges, or spreads paid by the Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

In addition, any activity or relationship that would present a conflict of interest for a Covered Officer also likely would present a conflict for the Covered Officer if a member of the Covered Officer's family engages in such an activity or has such a relationship.

**IV. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** **<u>Disclosure</u>**

Each Covered Officer must:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; familiarize himself or herself with the disclosure requirements applicable to the Company as well as with the business and financial operations of the Company;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including, among others, the Company's auditors, directors, and governmental regulators and self-regulatory organizations;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Company and the Company's adviser or sub-adviser and administrator with the goal of promoting full, fair, accurate, timely, and understandable disclosure in the reports and documents the Company files with, or submits to, the SEC and in other public communications made by the company; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; it is the responsibility of each Covered Person to promote compliance with the standards and restrictions imposed by applicable laws, rules, and regulations.

**V. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** **<u>Compliance</u>**

It is the Company's policy to comply with all applicable governmental laws, rules and regulations, including, among others, those laws, rules, and regulations relating to affiliated transactions, accounting, and auditing matters. It is the personal responsibility of each Covered Officer to adhere to the standards and restrictions imposed by these laws, rules, and regulations.

**VI. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** **<u>Accountability, Reporting, and Enforcement Responsibilities Under the Code</u>**

***<u>Responsibilities of the Covered Officers</u>:*** Each Covered Officer must:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; upon becoming a Covered Officer, sign and submit to the appropriate Designated Person an acknowledgment stating that the Covered Officer has received, has read, and understands the Code (*see* Exhibit C to this Code);

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; annually thereafter, submit a form to the appropriate Designated Person confirming that the Covered Officer has received, has read, and understands the Code and has complied with the requirements of the Code (*see* Exhibit D to this Code);

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; not retaliate against any employee, Designated Person, Covered Officer, or their affiliated persons, for reports of potential violations that are made in good faith; <u>and</u>

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; notify the appropriate Designated Person promptly if the Covered Officer becomes aware of any existing or potential violation of this Code (failure to notify the appropriate Designated Person under these circumstances is itself a violation of this Code).

***<u>General Responsibilities of the Designated Persons</u>:*** Except as otherwise described herein, the Designated Person: (i) shall be responsible for applying this Code to specific situations in which questions are presented to the Designated Person; and (ii) has the authority to interpret this Code in any particular situation. The Designated Person shall take all actions that the Designated Person considers necessary and appropriate to investigate any existing, actual, or potential violations reported to the Designated Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***<u>Specific Accountability & Reporting Responsibilities</u>:*** The Designated Person shall report, in writing, quarterly to the Independent Trustees all determinations with respect to potential violations of the Code, if any, made during the previous quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Independent Trustees shall report, in writing, quarterly to the full Board of Trustees all actions taken under this Code with respect to the previous quarter.

***<u>Authorized Consulting Persons</u>:*** In addition, a Designated Person, as appropriate, is authorized to consult with the following persons (hereinafter referred to as the "Authorized Consulting Persons"), and is encouraged to do so: (i) any other Designated Person; (ii) the chairperson of the Nominating and Fund Governance Committee of the Board of Trustees of the Company; (iii) the Independent Trustees of the Company; (iv) the Board of Trustees of the Company; (v) counsel to the Company; and/or (vi) counsel to the Independent Trustees.

**VII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** **<u>Other Policies and Procedures</u>**

This Code is not adopted under, nor intended to serve as a basis for complying with the requirements of, Rule 17j-1 under the 1940 Act (in regard to the reporting, disclosure, and preclearance of personal securities transactions and personal securities holdings, and to other related matters covered by Rule 17j-1 under the 1940 Act).

The codes of ethics adopted by the Company, the Company's investment advisers and principal underwriter pursuant to Rule 17j-1 under the 1940 Act set forth more detailed policies and procedures that are separate requirements which apply to the Covered Officers and other persons and are not part of this Code.

**VIII. <u>Amendments</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Code may not be amended except in written form, and such amendments must be approved by a majority vote of the Company's Board of Trustees, including a majority of the Independent Trustees.

**IX.&nbsp;&nbsp;&nbsp;&nbsp; <u>Confidentiality</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, these matters shall not be disclosed to anyone other than Designated Persons and Authorized Consulting Persons.

**X. &nbsp;&nbsp;&nbsp;&nbsp; <u>Internal Use</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Code is intended solely for the internal use by the Company and does not constitute an admission, by or on behalf of the Company, as to any fact, circumstance, or legal conclusion.

**EXHIBIT A:**

**<u>"Covered Officers" Under This Code of Ethics</u>**

*(Code of Ethics as Amended and Restated as of June 15, 2011;*

*Exhibit A as Most-Recently Updated as of December 10, 2025)*

 

Joe Aniano&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President, Chief Executive Officer & Principal Executive Officer of NMF and NVIT

David Majewski&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasurer & Principal Financial Officer of

NMF and NVIT

Haze Saputra &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assistant Treasurer and Assistant Secretary

of NMF and NVIT

**EXHIBIT B:**

**<u>"Designated Persons" Under This Code of Ethics</u>** <sup>1</sup>

*(Code of Ethics as Amended and Restated as of June 15, 2011;*

*Exhibit B as Most-Recently Revised as of December 10, 2025)*

 

**"Nationwide Designated Person"**

Each of:

Stephen Rimes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secretary, NMF and NVIT

(Mr. Rimes currently also serves as a Senior Vice President and General Counsel for NMF and NVIT)

Nicholas Graham&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer, NMF and NVIT

**"Audit Committee Designated Person"**

Each member of the Audit Committee

of the Board of Trustees of NMF and NVIT

shall be deemed to be an

"Audit Committee Designated Person."

[1]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Securities and Exchange Commission has indicated that any Designated Person of the Company "should have sufficient status within the company to engender respect for the code and the authority to adequately deal with the persons subject to the code regardless of their stature in the company."

**EXHIBIT C:**

**<u>INITIAL CERTIFICATION</u>**

*(Code of Ethics as Amended and Restated as of June 15, 2011;*

*Exhibit C as Most-Recently Revised as of December 10, 2025)*

**NATIONWIDE MUTUAL FUNDS AND** 

**NATIONWIDE VARIABLE INSURANCE TRUST**

**CODE OF ETHICS FOR SENIOR FINANCIAL OFFICERS**

To:&nbsp;&nbsp;&nbsp;&nbsp; Stephen Rimes, Secretary, NMF and NVIT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicholas Graham, Chief Compliance Officer, NMF and NVIT

1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I hereby acknowledge receipt of the Nationwide Mutual Fund and Nationwide Variable Insurance Trust Code of Ethics for Senior Financial Officers (the "Code").

2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have read and understand the Code, and I recognize that I am subject thereto in the capacity of a "Covered Officer."

3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I shall comply with the requirements of the Code and shall disclose/report all violations or potential violations of the Code as required thereunder.

4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of the date indicated below, I am not aware of any violations or potential violations of the Code.

Signature:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Title:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Date Report Submitted:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

**Exhibit D:**

**<u>ANNUAL CERTIFICATION</u>**

*(Code of Ethics as Amended and Restated as of June 15, 2011;*

*Exhibit D as Most-Recently Revised as of December 8, 2021)*

**NATIONWIDE MUTUAL FUNDS AND** 

**NATIONWIDE VARIABLE INSURANCE TRUST**

**CODE OF ETHICS FOR SENIOR FINANCIAL OFFICERS**

To:&nbsp;&nbsp;&nbsp;&nbsp; Stephen Rimes, Secretary, NMF and NVIT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicholas Graham, Chief Compliance Officer, NMF and NVIT

1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have read and understand the Nationwide Mutual Fund and Nationwide Variable Insurance Trust Code of Ethics for Senior Financial Officers (the "Code"), and I recognize that I am subject thereto in the capacity of a "Covered Officer".

2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I hereby certify that, during the year ended December 31, 20____, I have complied with the requirements of the Code and have reported all violations or potential violations required to be reported pursuant to the Code.

Signature:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Title:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Date Report Submitted:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

------

[\[1\]](#_ftnref1)&nbsp;&nbsp;&nbsp;&nbsp; Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, that company has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer, or controller, or persons performing similar functions. If the registrant has not adopted such a code of ethics, the registrant must explain why the registrant has not done so. Under Item 2, the registrant also must: (1) file with the Securities and Exchange Commission a copy of the code as an exhibit to the registrant's annual report; (2) post the text of the code on the registrant's Internet website and disclose, in the registrant's annual report, the registrant's Internet address, and the fact that the registrant has posted the code on the registrant's Internet website; *or* (3) undertake in the registrant's most recently filed semi-annual report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which this request may be made. Disclosure also is required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on the registrant's website. If the registrant intends to satisfy the disclosure requirement by posting this information on the registrant's website, the registrant will be required to disclose the registrant's Internet address and this intention. *Investment companies must make the disclosure discussed in this footnote regardless of whether these officers are employed by the registrant or a third party.*

[\[2\]](#_ftnref2)&nbsp;&nbsp;&nbsp;&nbsp; Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which also must be disclosed in the Form N-CSR, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. *See also* Rule 3b-7 under the Securities Exchange At of 1934, as amended (17 C.F.R. § 240.3b-7).

## Ex-99.Cert

**<u>SARBANES-OXLEY ACT SECTION 302 CERTIFICATIONS</u>**

I, Joseph N. Aniano, certify that:

1. &nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR, for the period ended December 31, 2025, of Nationwide Variable Insurance Trust (the "registrant");

2. &nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. &nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. &nbsp;&nbsp;&nbsp;&nbsp; The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) for the registrant and have:

a. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. &nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within ninety (90) days prior to the filing date of this report based on such evaluation; and

d. &nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. &nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b. &nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>February 25, 2026</u><u>&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp; /s/ Joseph N. Aniano&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</u> <br> Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joseph N. Aniano&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Executive Officer

**<u>SARBANES-OXLEY ACT SECTION 302 CERTIFICATIONS</u>**

I, David Majewski, certify that:

1. &nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR, for the period ended December 31, 2025, of Nationwide Variable Insurance Trust (the "registrant");

2. &nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. &nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. &nbsp;&nbsp;&nbsp;&nbsp; The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) for the registrant and have:

a. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. &nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within ninety (90) days prior to the filing date of this report based on such evaluation; and

d. &nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. &nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b. &nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>February 25, 2026</u><u>&nbsp;&nbsp;&nbsp;&nbsp;</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp; /s/ David Majewski&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</u>

Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; David Majewski&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Officer

## Exhibit 99.906

**<u>SARBANES-OXLEY ACT SECTION 906 CERTIFICATIONS</u>**

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR, for the period ended December 31, 2025, of Nationwide Variable Insurance Trust (the "Registrant").

I, Joseph N. Aniano, the Principal Executive Officer of the Registrant, certify, to the best of my knowledge, that:

1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

the report on Form N-CSR fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. § 78m(a) and § 78o(d)); and

2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

the information contained in the report on Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 <u>February 25, 2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Date

___/s/ Joseph N. Aniano _____

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joseph N. Aniano

##### Principal Executive Officer
Nationwide Variable Insurance Trust

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the "Commission") or the Commission's staff upon request.

**<u>SARBANES-OXLEY ACT SECTION 906 CERTIFICATIONS</u>**

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR, for the period ended December 31, 2025, of Nationwide Variable Insurance Trust (the "Registrant").

I, David Majewski, the Principal Financial Officer of the Registrant, certify, to the best of my knowledge, that:

1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

the report on Form N-CSR fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. § 78m(a) and § 78o(d)); and

2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

the information contained in the report on Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 <u>February 25, 2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Date

__/s/ David Majewski ______

##### David Majewski

##### Principal Financial Officer
Nationwide Variable Insurance Trust

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the "Commission") or the Commission's staff upon request.