Strategy. The Fund is a fund-of-funds that invests primarily in affiliated mutual funds representing a variety of asset classes. The Fund aims to provide diversification across major asset classesU.S. stocks, international stocks and bondsby investing primarily in mutual funds offered by Nationwide Variable Insurance Trust and unaffiliated exchange-traded funds (ETFs) (each, an Underlying Fund or collectively, Underlying Funds). Each Underlying Fund invests directly in equity or fixed-income securities (including mortgage-backed securities), as appropriate to its investment objective and strategies. Certain Underlying Funds are actively managed, and other Underlying Funds are index funds, which means they seek to match the investment returns of specified stock or bond indices before the deduction of the Underlying Funds expenses. Some Underlying Funds use futures, swaps … Show more… The Fund is a fund-of-funds that invests primarily in affiliated mutual funds representing a variety of asset classes. The Fund aims to provide diversification across major asset classesU.S. stocks, international stocks and bondsby investing primarily in mutual funds offered by Nationwide Variable Insurance Trust and unaffiliated exchange-traded funds (ETFs) (each, an Underlying Fund or collectively, Underlying Funds). Each Underlying Fund invests directly in equity or fixed-income securities (including mortgage-backed securities), as appropriate to its investment objective and strategies. Certain Underlying Funds are actively managed, and other Underlying Funds are index funds, which means they seek to match the investment returns of specified stock or bond indices before the deduction of the Underlying Funds expenses. Some Underlying Funds use futures, swaps and options, which are derivatives, either to hedge against investment risks, to obtain exposure to certain securities or groups of securities, to take short positions in certain securities, or otherwise to increase returns. Although the Fund seeks to provide diversification across major asset classes, the Fund invests a significant portion of its assets in a small number of issuers (i.e., Underlying Funds). However, the Fund may invest directly in securities and derivatives in addition to investing in Underlying Funds. Further, the Underlying Funds in which the Fund invests generally are diversified. The Fund pursues its objective for a high level of total return through investments in both equity and fixed-income securities by investing approximately equal amounts of its assets in Underlying Funds that invest in equity securities, such as common stocks of U.S. and international companies (including smaller companies), that the investment adviser believes offer opportunities for capital growth, and bonds (including mortgage-backed and asset-backed securities) in order to generate investment income. Under normal circumstances, the Balanced Fund normally invests at least 25% of its net assets in underlying funds that invest in senior fixed-income securities. Consistent with this investment strategy, as of February 27, 2025, the Fund allocated approximately 41% of its net assets in U.S. stocks, approximately 11% in international stocks and approximately 48% in bonds. The investment adviser generally sells shares of Underlying Funds in order to meet target allocations or shareholder redemption activity. The Fund is designed for investors who have a lower tolerance for risk than more aggressive investors and who are seeking both capital growth and income. The Fund is also designed for investors who are willing to accept moderate short-term price fluctuations in exchange for potential longer-term returns. Show less