NVIT DoubleLine Total Return
Tactical Fund
Summary Prospectus April 30, 2026
Class I / Class II / Class Y
Before you invest, you may want to review the Fund’s Prospectus, which contains information about the Fund and its risks. This Summary Prospectus is intended for use in connection with variable insurance contracts, and is not intended for use by other investors. The Fund’s Prospectus and Statement of Additional Information, each dated April 30, 2026 (as may be supplemented or revised), are incorporated by reference into this Summary Prospectus. For free paper or electronic copies of the Fund’s Prospectus and other information about the Fund, go to nationwide.com/mutualfundsnvit, email a request to web_help@nationwide.com or call 800-848-0920, or ask any variable insurance contract provider who offers shares of the Fund as an underlying investment option in its products.
Objective
The NVIT DoubleLine Total Return Tactical Fund seeks to maximize total return.
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund.
Sales charges and other expenses that may be imposed by variable insurance
contracts are not included. If these charges were reflected, the expenses listed below would be higher. See the variable insurance contract prospectus, which may impose sales charges and other additional contract-level
expenses.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
| |
Class I
Shares |
Class II
Shares |
Class Y
Shares |
| Management Fees |
0.58% |
0.58% |
0.58% |
| Distribution and/or Service (12b-1) Fees |
None |
0.25% |
None |
| Other Expenses |
0.44% |
0.44% |
0.19% |
| Total Annual Fund Operating Expenses |
1.02% |
1.27% |
0.77% |
| Fee Waiver/Expense Reimbursement(1),(2)
|
(0.19)% |
(0.29)% |
(0.19)% |
| Total Annual Fund Operating Expenses After Fee Waiver/Expense
Reimbursement |
0.83% |
0.98% |
0.58% |
(1)
Nationwide Variable Insurance Trust (the “Trust”) and Nationwide Fund Advisors (the “Adviser”) have entered into a written contract limiting annual fund
operating expenses to 0.58% until at
least April 30, 2027. Under the expense limitation
agreement, the level to which operating expenses are limited applies to all share classes, 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 the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the
ordinary course of the Fund’s business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser
may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser 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 is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees
or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the
Adviser is not permitted except as provided for in the expense limitation agreement.
(2)
The Trust and Nationwide Fund Distributors LLC have entered into a written contract waiving 0.10% of the Distribution and/or Service (12b-1) Fees for Class II shares until
April 30, 2027. The written contract may be changed or eliminated only with the consent of the Board of Trustees of the Trust.
Example
This Example is intended to help you to compare the cost of investing in the Fund with the cost of investing in other mutual
funds. The Example, however, does not include charges that are imposed by variable insurance contracts. If these charges were reflected, the expenses listed below would be higher.
This Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those time periods. It assumes a 5% return each year and no change in expenses, and any expense limitation or fee waivers
NSP-TRT
(4/26)
Summary Prospectus April 30, 2026
1
NVIT DoubleLine Total Return Tactical Fund
that may apply for the periods indicated above
under “Fees and Expenses.” Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| |
1 Year |
3 Years |
5 Years |
10 Years |
| Class I Shares |
$85 |
$306 |
$545 |
$1,231 |
| Class II Shares |
100 |
374 |
669 |
1,508 |
| Class Y Shares |
59 |
227 |
409 |
936 |
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or
“turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating
Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 34.94% of the average value of its
portfolio.
Principal Investment Strategies
The Fund employs a flexible investment approach, allocating across different types of fixed-income, or debt, securities.
Consistent with this approach, the Fund may invest in U.S. government securities and foreign government bonds, for example, as well as U.S. and foreign corporate bonds, asset-backed securities and mortgage-backed securities. The Fund also may invest in
corporate loans. Securities in which the Fund invests pay interest on either a fixed-rate or variable-rate basis. The Fund may invest in securities issued by foreign issuers, including those that are located in emerging market countries, although, under
normal circumstances, the Fund does not invest more than 25% of its net assets, at the time of purchase, in emerging market securities. Emerging market countries typically are developing and low- or middle-income countries, and include certain
countries located in Latin America, Asia, Africa, the Middle East and Eastern Europe. The Fund may invest without limit in foreign securities that are denominated in U.S. dollars, although the Fund may invest up to 15% of its net assets, at the time of purchase, in securities that are denominated in currencies other than the U.S. dollar.
The Fund invests in mortgage-backed securities. Mortgage-backed securities include either pass-through securities issued by
U.S. government agencies, such as Ginnie Mae, Fannie Mae or Freddie Mac, or collateralized mortgage obligations issued either by U.S. government agencies or by private issuers. The Fund may purchase many U.S. agency pass-through securities on a when-issued (also known as “to-be-announced”) basis, and it may also purchase or sell such securities for delayed delivery. When entering into such a transaction, the Fund buys or sells securities with payment and delivery scheduled to take place in the future. The Fund may invest in mortgage-backed securities—either U.S. agency or privately-issued—of any credit quality. Nevertheless, the Fund normally invests at least 20% of its net assets, at the time of purchase, in mortgage-backed securities that are rated, at the time of investment, Aa3 or higher by Moody’s Investor Service, Inc., AA- or higher by Standard & Poor’s Rating Service; the equivalent by any other nationally recognized statistical rating organization (“NRSRO”); or, if unrated by an NRSRO, determined by the subadviser to be of comparable quality.
The Fund may invest up to 25% of its net assets, at the time of purchase, in corporate high-yield bonds (i.e., “junk bonds”). Some of these debt securities may be in default or at high risk of defaulting, and may have extremely poor prospects for being able to make principal and interest payments. The Fund’s subadviser strives to allocate below investment grade securities broadly by industry and issuer in an attempt to reduce the impact of negative events on an industry or issuer. Under normal conditions, the combined total of corporate, sovereign, mortgage-backed and all other debt rated below investment grade will not exceed 40%
of the Fund’s assets.
The Fund’s subadviser actively manages the Fund’s asset class exposure using a
top-down approach based on analysis of sector fundamentals and rotates the Fund’s assets among sectors in various markets to attempt to maximize total return. The subadviser may use futures, which are derivatives, to manage the Fund’s duration and yield curve exposure.
The subadviser selects individual securities within asset classes using a bottom-up approach,
which involves the selection of securities based on their individual attributes regardless of broader national or economic factors. Under normal circumstances, the subadviser uses a controlled risk approach in managing the Fund’s investments. The techniques of this approach attempt to control the principal risk components of the fixed-income markets. The subadviser may sell a security for various reasons, such as to adjust the Fund’s average maturity or quality, to shift assets into better-yielding securities, or to alter sector exposure. The Fund may engage in active and frequent trading of portfolio securities.
The Fund is classified as a “nondiversified fund” under the Investment Company Act of 1940, which means that a relatively high percentage of the Fund’s assets may be invested in a limited number of issuers.
Summary Prospectus April 30, 2026
2
NVIT DoubleLine Total
Return Tactical Fund
Principal Risks
The Fund cannot guarantee that it will achieve its investment objective.
As
with any fund, the value of the Fund’s investments—and therefore, the value of Fund shares—may fluctuate. These changes may occur because of:
Market risk – the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. This
occurs due to numerous factors, including interest rates, the outlook for corporate profits, the health of the
national and world economies, and the fluctuation of other securities markets around the world. These risks may
be magnified if certain social, political, economic and other conditions and events (such as natural disasters,
epidemics and pandemics, terrorism, conflicts, trade disputes and social unrest or rapid technological
developments such as artificial intelligence) adversely interrupt the global economy.
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.
Interest rate risk – generally, when interest
rates go up, the value of debt securities goes down. Prices of longer-term securities generally change more in
response to interest rate changes than prices of shorter-term securities. To the extent the Fund invests a
substantial portion of its assets in debt securities with longer-term maturities, rising interest rates are
more likely to cause periods of increased volatility and redemptions, and will cause the value of the Fund's
investments to decline significantly. The Federal Reserve Board continued to lower interest rates following a
period of consistent rate increases, though it is unclear if such lowering will continue. The interest earned
on the Fund's investments in debt securities may decline when prevailing interest rates fall. Declines in
interest rates increase the likelihood that debt obligations will be pre-paid, which, in turn, increases these
risks. Very low or negative interest rates will impact the yield of the Fund's investments in debt securities
and increase the risk that, if followed by rising interest rates, the Fund's performance will be negatively
impacted. The Fund is subject to the risk that the income generated by its investments in debt securities may
not keep pace with inflation. Recent and potential future changes in government policy may affect interest
rates.
The interest rate of fixed-rate securities is fixed at the time of
purchase and does not fluctuate with general market conditions. Floating-rate securities have interest rates
that vary with changes to a specific measure, such as the Treasury bill rate. Variable-rate securities have
interest rates that change at preset times based on changes on the specific measure.
Credit risk – a bond issuer will default if it is unable to pay the interest or principal when due. If an issuer defaults, the Fund will lose money. This risk is particularly high for
high-yield bonds and other securities rated below investment grade. Changes in a bond issuer’s credit
rating or the market’s perception of an issuer’s creditworthiness also affect the market price of a
bond.
High-yield bonds risk – investing in high-yield bonds (i.e., “junk bonds”) and other lower-rated bonds is considered speculative and may subject the Fund to substantial risk of loss due
to issuer default, decline in market value due to adverse economic and business developments, sensitivity to
changing interest rates, or lack of liquidity.
Prepayment and call risk – certain bonds will be paid off by the issuer more quickly than anticipated. If this happens, the Fund may be required to invest the proceeds in securities with
lower yields.
Mortgage-backed and asset-backed securities risks – these securities generally are subject to the same types of risk that apply to other debt securities, such as interest rate risk,
credit risk, and prepayment and call risk. Mortgage-backed securities also are subject to extension risk, which
is the risk that when interest rates rise, certain mortgage-backed securities will be paid in full by the
issuer more slowly than anticipated. This can cause the market value of the security to fall because the market
may view its interest rate as low for a longer-term investment. Through its investments in mortgage-backed
securities, the Fund may have some exposure to subprime loans, as well as to the mortgage and credit markets
generally. Subprime loans, which are loans made to borrowers with weakened credit histories, generally have
higher default rates than loans that meet government underwriting requirements. 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.
Collateralized mortgage obligations risk – collateralized mortgage obligations exhibit similar risks to those of mortgage-backed securities but also present certain special risks. Collateralized mortgage obligations are created by dividing the principal and interest payments collected on a
pool of mortgages into several revenue streams (tranches) with different priority rights to portions of the
underlying mortgage payments. Collateralized mortgage obligation tranches often are specially structured in a
manner that provides a variety of investment characteristics, such as yield, effective maturity and interest
rate sensitivity. As market conditions change, however, particularly during periods of rapid or unanticipated
changes in interest rates, the ability of a collateralized mortgage obligation tranche to provide the
anticipated investment characteristics and performance may
Summary Prospectus April 30, 2026
3
NVIT DoubleLine Total
Return Tactical Fund
be significantly reduced. These changes may result
in volatility in the market value, and in some instances reduced liquidity, of the collateralized mortgage
obligation tranche.
Foreign securities
risk – foreign securities often are more volatile, harder to price and less liquid than U.S. securities.
The prices of foreign securities may be further affected by other factors, such as changes in the exchange
rates between the U.S. dollar and the currencies in which the securities are traded.
Foreign currencies – foreign securities may be denominated or quoted in currencies other than the U.S. dollar. Changes in foreign currency exchange rates affect the value of the Fund’s portfolio. Generally, when the U.S. dollar rises in
value against a foreign currency, a security denominated in that currency loses value because the currency is
worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a
security denominated in that currency gains value because the currency is worth more U.S. dollars.
Emerging markets risk – emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets are considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets. Since these markets are smaller than developed markets, they may be more likely to suffer sharp and frequent price changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few large investors. Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in developed markets, in part because the Fund will need to use brokers and counterparties
that are less well capitalized, and custody and registration of assets in some countries are unreliable
compared to developed markets. Companies in emerging market countries generally are subject to less stringent
financial reporting, accounting and auditing standards than companies in more developed countries. In addition,
information about such companies may be less available and reliable. Many emerging markets also have histories
of political instability and abrupt changes in policies, and the ability to bring and enforce actions may be
limited. Certain emerging markets also face other significant internal or external risks, including the risk of war, nationalization of assets, unexpected market closures and ethnic, religious and racial conflicts.
Sovereign debt risk – sovereign debt instruments are subject to the risk that a governmental entity will delay or refuse to pay interest or repay principal on its sovereign debt due, for example, to cash flow problems, insufficient foreign currency
reserves, political considerations, the relative size of the governmental entity’s debt position in
relation to the economy or the failure to put in place economic reforms required by the International Monetary
Fund or other multilateral agencies.
Corporate loans risk – commercial banks and other financial institutions or institutional investors make corporate loans to companies that need capital to grow or restructure.
Borrowers generally pay interest on corporate loans at rates that change in response to changes in market
interest rates or the prime rates of U.S. banks. The market for corporate loans may be subject to irregular
trading activity, wide bid/ask spreads (difference between the highest price a buyer is willing to pay for an
asset and the lowest price that a seller is willing to accept for an asset) and extended trade settlement periods. Corporate loans have speculative characteristics and high risk, and often are referred to as “junk.”
Furthermore, investments in corporate loans may not be considered “securities” for certain federal
securities laws, and therefore the Fund may not be able to rely on the antifraud protections of the federal
securities laws.
Delayed-delivery risk – the risk that the security the Fund buys will lose value prior to its delivery or that the seller will not meet its obligation. If this happens, the Fund will lose
the investment opportunity for the assets it set aside to pay for the security and any gain in the
security’s price.
To-be-announced transactions (“TBAs”) – TBAs involve the risk of loss if the securities received are less favorable than what was anticipated by the Fund when entering into the TBA,
or if the counterparty fails to deliver the securities. When the Fund enters into a short sale of a TBA
mortgage it does not own, the Fund may have to purchase deliverable mortgages to settle the short sale at a
higher price than anticipated, thereby causing a loss. As there is no limit on how much the price of mortgage
securities can increase, the Fund’s exposure is unlimited. The Fund may not always be able to purchase
mortgage securities to close out the short position at a particular time or at an acceptable price. In
addition, taking short positions results in a form of leverage, which could increase the volatility of the
Fund’s share price.
Dollar roll
transactions – dollar roll transactions occur in connection with TBAs and involve the risk that the
market value of the securities the Fund is required to purchase may decline below the agreed upon purchase
price of those securities. Dollar roll transactions add a form of leverage to the Fund’s portfolio, which
may make the Fund’s returns more volatile and increase the risk of loss. In addition, dollar roll
transactions may increase the Fund’s portfolio turnover, which may result in increased brokerage costs
and may lower the Fund’s actual return.
Derivatives risk – derivatives may be volatile and may involve significant risks. The underlying security, measure or other instrument on which a derivative is based, or the derivative
itself, may not perform as expected. Normally derivatives involve leverage, which means that their use can
magnify significantly the effect of price movements of the underlying securities or reference measures,
disproportionately increasing the Fund’s losses and reducing the Fund’s opportunities for gains.
Some derivatives have the potential for unlimited loss,
Summary Prospectus April
30, 2026
4
NVIT DoubleLine Total Return Tactical Fund
including a loss that may be greater than the
amount invested. They also present default risks if the counterparty to a derivatives contract fails to fulfill
its obligations to the Fund. Certain derivatives held by the Fund may be illiquid, making it difficult to close
out an unfavorable position. Derivatives also may be more difficult to purchase, sell or value than other
instruments.
Futures – the prices of futures contracts typically are more volatile than those of stocks and bonds. Small movements in
the values of the assets or measures of underlying futures contracts can cause disproportionately larger losses
to the Fund. While futures may be more liquid than other types of derivatives, they may experience periods when
they are less liquid than stocks, bonds or other investments.
Liquidity risk – when there is little or no active trading market for specific types of securities or instruments, it can become more difficult to sell the securities or instruments at or
near their perceived value. An inability to sell a portfolio position can adversely affect the Fund's value or
prevent the Fund from being able to take advantage of other investment opportunities. Liquidity risk also
includes the risk that the Fund will experience significant net redemptions of its shares at a time when it
cannot find willing buyers for its portfolio securities or instruments or can sell its portfolio securities or
instruments only at a material loss. To meet redemption requests, the Fund may be forced to sell other
securities or instruments that are more liquid, but at unfavorable times and conditions. Investments in foreign
securities and high-yield bonds tend to have more exposure to liquidity risk than domestic securities and
higher-rated bonds.
U.S. government
securities risk – not all obligations of the U.S. government, its agencies and instrumentalities are
backed by the full faith and credit of the United States. Some obligations are backed only by the credit of the
issuing agency or instrumentality, and in some cases there is some risk of default by the issuer. Even if a
security is backed by the U.S. Treasury or the full faith and credit of the United States, such guarantee
applies only to the timely payment of interest and principal. Neither the U.S. government nor its agencies
guarantee the market value of their securities, and interest rate changes, prepayments and other factors will
affect the value of U.S. government securities. It is possible that issuers of U.S. government securities will
not have the funds to meet their payment obligations in the future.
Nondiversified fund risk – because the Fund may
hold larger positions in fewer securities and financial instruments than diversified funds, a single
security’s or instrument's increase or decrease in value may have a greater impact on the Fund’s
value and total return.
Portfolio turnover risk – a higher portfolio turnover rate increases transaction costs and may adversely impact the Fund’s performance.
Loss of money is a risk of
investing in the Fund. An investment in the Fund is not a deposit of a bank
and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Performance
The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows the volatility or variability of the Fund’s annual total returns over time and shows that Fund performance can change from year to year. The table shows the Fund’s average annual total
returns for certain time periods compared to the returns of a broad-based securities market index. Remember, however, that past performance is not necessarily an indication of how the Fund will perform in the future. The returns shown in the bar chart and table do not include charges that will be imposed by variable insurance contracts. If these amounts were
reflected, returns would be less than those shown.
Annual Total Returns– Class I
(Years Ended December 31,)
(Years Ended December 31,)
| Highest Quarter: |
6.36% |
– |
4Q 2023 |
| Lowest Quarter: |
-5.30% |
– |
2Q 2022 |
Average Annual Total Returns
(For the Periods Ended December 31, 2025)
(For the Periods Ended December 31, 2025)
| |
1 Year |
5 Years |
Since
Fund
Inception |
Fund
Inception
Date |
| Class I Shares |
7.60% |
0.60% |
1.69% |
10/16/2017 |
| Class II Shares |
7.31% |
0.22% |
1.40% |
10/16/2017 |
| Class Y Shares |
7.69% |
0.62% |
1.79% |
10/16/2017 |
| Bloomberg U.S. Aggregate
Bond Index (reflects no
deduction for fees or
expenses) |
7.30% |
-0.36% |
1.70% |
|
Summary Prospectus April 30, 2026
5
NVIT DoubleLine Total
Return Tactical Fund
Portfolio Management
Investment Adviser
Nationwide Fund Advisors
Subadviser
DoubleLine Capital LP
Portfolio Managers
| Portfolio Manager |
Title |
Length of Service with Fund |
| Jeffrey E. Gundlach |
Chief Executive
Officer & Chief
Investment Officer |
Since 2017 |
| Jeffrey J. Sherman, CFA |
Deputy Chief
Investment Officer |
Since 2017 |
Tax Information
The dividends and distributions paid by the Fund to the insurance company separate accounts will consist of ordinary income, capital gains, or some combination of both. Because shares of the Fund must be purchased through separate accounts used to fund variable insurance contracts, such dividends and distributions will be exempt from current taxation by contract holders if left to accumulate within a separate account. Consult the variable insurance contract
prospectus for additional tax information.
Payments to Broker-Dealers and Other Financial Intermediaries
This Fund is only offered as an underlying investment option for variable insurance contracts. The Fund and its related companies may make payments to the sponsoring insurance companies (or their affiliates) for distribution and/or other services, and to broker-dealers and other financial intermediaries that distribute the variable insurance contracts. These payments may create a conflict of interest by influencing the insurance companies to include the Fund as an underlying investment option in the variable insurance contracts, and by influencing the broker-dealers and other financial intermediaries to distribute variable insurance contracts that include the Fund as an underlying investment option over other variable insurance contracts or to otherwise
recommend the selection of the Fund as an underlying investment option by contract owners instead of other
funds that also may be available investment options. The prospectus (or other offering document) for your
variable insurance contract may contain additional information about these payments.
Summary Prospectus April 30, 2026
6
NVIT DoubleLine Total Return Tactical Fund