NATIONWIDE VARIABLE INSURANCE TRUST

Federated NVIT High Income Bond Fund

NVIT Core Bond Fund

NVIT Core Plus Bond Fund

NVIT Government Bond Fund

NVIT Money Market Fund

NVIT Multi Sector Bond Fund

NVIT Short Term Bond Fund

Supplement dated September 11, 2015

to the Prospectus dated April 30, 2015

Capitalized terms and certain other terms used in the supplement, unless otherwise defined in this supplement, have the meanings assigned to them in the Prospectus.

NVIT Money Market Fund

Effective October 14, 2016, the NVIT Money Market Fund will operate as a “Government Money Market Fund,” as defined in Rule 2a-7(a)(16) under the Investment Company Act of 1940, as amended.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE