# EDGAR Filing Document

**Accession Number:** 0000353905
**File Stem:** 0001193125-25-324450
**Filing Date:** 2025-12
**Character Count:** 13186
**Document Hash:** 66c52d3c24d0f7382bd3c7830b4829e9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-324450.hdr.sgml**: 20251218

**ACCESSION NUMBER**: 0001193125-25-324450

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 13

**FILED AS OF DATE**: 20251218

**DATE AS OF CHANGE**: 20251218

**EFFECTIVENESS DATE**: 20251218

**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:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-73024
- **FILM NUMBER:** 251582776

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

---

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

---

## Series and Classes Contracts Data

### 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     |  |

?xml version='1.0' encoding='ASCII'? NVIT Multi-Manager Small Cap Value Fund

------

#### NATIONWIDE VARIABLE INSURANCE TRUST
NVIT Allspring Discovery Fund

NVIT BlackRock Equity Dividend Fund

NVIT BNY Mellon Dynamic U.S. Core Fund

NVIT BNY Mellon Dynamic U.S. Equity Income Fund

NVIT Fidelity Institutional AM**<sup>®</sup>** Emerging Markets Fund *(formerly, NVIT Emerging Markets Fund)* 

NVIT GQG US Quality Equity Fund (*formerly, NVIT Calvert Equity Fund*)

NVIT International Equity Fund

NVIT Invesco Small Cap Growth Fund

NVIT Jacobs Levy Large Cap Core Fund

NVIT Jacobs Levy Large Cap Growth Fund

NVIT J.P. Morgan Equity and Options Total Return Fund (*formerly, NVIT AQR Large Cap Defensive Style Fund*)

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

NVIT Multi-Manager Small Cap Value Fund

NVIT Multi-Manager Small Company Fund

NVIT Putnam International Value Fund *(formerly, NVIT Columbia Overseas Value Fund)* 

NVIT Real Estate Fund

NVIT Victory Mid Cap Value Fund

#### Supplement dated December 18, 2025

#### to the Prospectus dated April 30, 2025
*Capitalized terms and certain other terms used in this supplement, unless otherwise defined in this supplement, have the meanings assigned to them in the Prospectus.* 

#### NVIT Multi-Manager Small Cap Value Fund
1. At a meeting of the Board of Trustees (the "Board") of Nationwide Variable Insurance Trust held on December 10, 2025, the Board approved the termination of WCM Investment Management, LLC ("WCM") as a subadviser to the NVIT Multi-Manager Small Cap Value Fund (the "Fund"), effective on or about March 2, 2026 (the "Effective Date"). Accordingly, all references to, and information regarding, WCM are deleted in their entirety. Jacobs Levy Equity Management, Inc. ("Jacobs Levy"), will continue to serve as the Fund's sole subadviser.

2. As of the Effective Date, the Prospectus is amended as follows:

a. The Fund is renamed the "NVIT Small Cap Value Fund." All references to the Fund's former name in the Prospectus are replaced accordingly.

b. The information under the heading "Principal Investment Strategies" on page 56 of the Prospectus is deleted in its entirety and replaced with the following:

Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities (primarily common stocks) issued by small-cap companies. The Fund invests primarily in value stocks, which are stocks that may be trading at prices that do not reflect a company's intrinsic value, based on such factors as a company's stock price relative to its book value, earnings and cash flow. The Fund may invest in real estate securities, including real estate investment trusts ("REITs"), and may invest up to 20% of its total assets in equity securities of foreign companies.

The subadviser invests in stocks using a dynamic, multidimensional investment process that combines human insight and intuition, finance and behavioral theory, and quantitative and statistical techniques. The subadviser's security evaluation process focuses on modeling a large number of stocks and proprietary factors, using financial statements, security analyst forecasts, corporate management signals, economic releases, and security prices. This investment approach is intended to seek diversification across market inefficiencies, securities, industries, and sectors, while managing known risk exposures relative to the Russell 2000 Value Index. The range of models is designed to allow the portfolio to be diversified across

------

exposures to numerous potential opportunities. Nevertheless, the Fund may invest in any economic sector and, at times, emphasize one or more particular industries or sectors.

The subadviser generally considers selling a stock when the return prediction generated by its models, adjusted for risk and expected transaction costs, is notably surpassed by another stock's return prediction. Partial sales may occur when the subadviser's investment process determines that these transactions could benefit portfolio performance or when, as a result of market action, a position has grown to a size that impinges on portfolio risk or liquidity limitations. Sales may also occur under special circumstances; for example, if a company agrees to be acquired, and trades as a merger arbitrage situation, its stock may be sold. Sales can be triggered when necessary valuation data are no longer available; for example, if all security analysts drop coverage of a stock, the position may be sold.

c. The information under the heading "Principal Risks" beginning on page 56 of the Prospectus is modified as follows:

i. "Initial public offering risk," "Multi-manager risk" and "Special situation companies risk" are deleted in their entirety.

ii. "Selection risk" is deleted in its entirety and replaced with the following: "Selection risk – the risk that the securities selected by the Fund's subadviser will underperform the markets, the relevant indexes or the securities selected by other funds with similar investment objectives and investment strategies.

iii. The first sentence of "Model and data risk" is deleted and replaced with the following: "The Fund's subadviser relies heavily on quantitative models and information and data supplied or made available by third parties ("Models and Data").

d. The information under the heading "Portfolio Management – Subadvisers" on page 58 of the Prospectus is deleted in its entirety and replaced with the following:

Jacobs Levy Equity Management, Inc. ("Jacobs Levy")

e. The table under the heading "Portfolio Management – Portfolio Managers" on page 59 of the Prospectus is deleted in its entirety and replaced with the following:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Portfolio Manager** | **Title** | **Length of Service with**<br> **Fund** |
| &nbsp;&nbsp;&nbsp;Bruce I. Jacobs, Ph.D. | Principal, Co-Chief Investment Officer, Portfolio Manager and Co-Director of Research | Since 2019 |
| &nbsp;&nbsp;&nbsp;Kenneth N. Levy, CFA | Principal, Co-Chief Investment Officer, Portfolio Manager and Co-Director of Research | Since 2019 |

---

f. The information under the heading "How the Funds Invest – Principal Investment Strategies" on page 97 of the Prospectus is deleted in its entirety and replaced with the following:

Under normal circumstances, the Fund invests at least 80% of its net assets in **equity securities** (primarily common stocks) issued by **small-cap companies**. The Fund invests primarily in **value stocks**, which are stocks that may be trading at prices that do not reflect a company's intrinsic value, based on such factors as a company's stock price relative to its book value, earnings and cash flow. The Fund may invest in real estate securities, including real estate investment trusts ("**REITs**"), and may invest up to 20% of its total assets in equity securities of foreign companies.

The subadviser invests in stocks using a dynamic, multidimensional investment process that combines human insight and intuition, finance and behavioral theory, and **quantitative** and statistical techniques. The

------

subadviser's security evaluation process focuses on modeling a large number of stocks and proprietary factors, using financial statements, security analyst forecasts, corporate management signals, economic releases, and security prices. This investment approach is intended to seek diversification across market inefficiencies, securities, industries, and sectors, while managing known risk exposures relative to the Russell 2000 Value Index. The range of models is designed to allow the portfolio to be diversified across exposures to numerous potential opportunities. Nevertheless, the Fund may invest in any economic sector and, at times, emphasize one or more particular industries or sectors.

The subadviser generally considers selling a stock when the return prediction generated by its models, adjusted for risk and expected transaction costs, is notably surpassed by another stock's return prediction. Partial sales may occur when the subadviser's investment process determines that these transactions could benefit portfolio performance or when, as a result of market action, a position has grown to a size that impinges on portfolio risk or liquidity limitations. Sales may also occur under special circumstances; for example, if a company agrees to be acquired, and trades as a merger arbitrage situation, its stock may be sold. Sales can be triggered when necessary valuation data are no longer available; for example, if all security analysts drop coverage of a stock, the position may be sold. The Fund may engage in active and frequent trading of portfolio securities.

g. The information under the heading "How the Funds Invest – Key Terms" beginning on page 97 of the Prospectus is modified as follows:

i. "Bottom-up approach" is deleted in its entirety.

ii. "Value style" is deleted and replaced with the following: **"Value stocks"** – equity securities that may be trading at prices that do not reflect a company's intrinsic value, based on such factors as a company's stock price relative to its book value, earnings and cash flow. Companies issuing such securities may be currently out of favor, undervalued due to market declines, or experiencing poor operating conditions that may be temporary.

h. Under the heading "How the Funds Invest – Principal Risks" on page 98 of the Prospectus, the references to Initial Public Offering Risk, Multi-Manager Risk and Special Situation Companies Risk are deleted.

i. The information under the heading "Risks of Investing in the Funds" that begins on page 106 of the Prospectus is modified as follows:

i. "Special situation companies risk" is deleted in its entirety.

j. The information regarding Jacobs Levy Equity Management, Inc. ("Jacobs Levy") under the heading "Fund Management – Subadvisers" on page 119 is modified as follows:

**JACOBS LEVY EQUITY MANAGEMENT, INC. ("JACOBS LEVY"),** located at 100 Campus Drive, Florham Park, NJ 07932, is the subadviser to the NVIT Jacobs Levy Large Cap Core Fund, NVIT Jacobs Levy Large Cap Growth Fund, NVIT Small Cap Value Fund and a portion of the NVIT Multi-Manager Small Company Fund. Jacobs Levy was established in 1986 as a New Jersey corporation. Jacobs Levy is an independent investment advisory firm focusing exclusively on the management of equity portfolios in a variety of strategies.

k. The information regarding NVIT Multi-Manager Small Cap Value Fund under the heading "Fund Management – Portfolio Management" beginning on page 122 is deleted in its entirety and replaced with the following:

#### NVIT Small Cap Value Fund
The portfolio managers for the Fund are Dr. Bruce I. Jacobs and Kenneth N. Levy, CFA. Dr. Jacobs and Mr. Levy are jointly responsible for the day-to-day portfolio management of the Fund.

------

Dr. Jacobs is a Principal and Co-Founder of Jacobs Levy and has been with the firm since 1986. He is Co-Chief Investment Officer, Portfolio Manager, and Co-Director of Research of Jacobs Levy.

Mr. Levy is a Principal and Co-Founder of Jacobs Levy and has been with the firm since 1986. He is Co-Chief Investment Officer, Portfolio Manager, and Co-Director of Research of Jacobs Levy.

#### PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE