# EDGAR Filing Document

**Accession Number:** 0001048702
**File Stem:** 0001680359-23-000089
**Filing Date:** 2023-3
**Character Count:** 186097
**Document Hash:** 5268f156666f00799de9d4e7ffa60204
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001680359-23-000089.hdr.sgml**: 20230316

**ACCESSION NUMBER**: 0001680359-23-000089

**CONFORMED SUBMISSION TYPE**: POS AMI

**PUBLIC DOCUMENT COUNT**: 8

**FILED AS OF DATE**: 20230316

**DATE AS OF CHANGE**: 20230316

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NATIONWIDE MUTUAL FUNDS
- **CENTRAL INDEX KEY:** 0001048702
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** POS AMI
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08495
- **FILM NUMBER:** 23737473

**BUSINESS ADDRESS:**
- **STREET 1:** ONE NATIONWIDE PLAZA
- **STREET 2:** MAIL CODE 05-02-210
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43215
- **BUSINESS PHONE:** 614-435-5749

**MAIL ADDRESS:**
- **STREET 1:** ONE NATIONWIDE PLAZA
- **STREET 2:** MAIL CODE 05-02-210
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43215

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GARTMORE MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 20020125

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NATIONWIDE MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 19991015

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NATIONWIDE INVESTING FOUNDATION III
- **DATE OF NAME CHANGE:** 19971029

## Series and Classes Contracts Data

### Nationwide Multi-Cap Portfolio (Series ID: S000064382)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000208247 | Class R6     |  |

### Nationwide Bond Portfolio (Series ID: S000071835)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000227359 | Class R6     |  |

### Nationwide U.S. 130/30 Equity Portfolio (Series ID: S000077872)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000238472 | Class R6     |  |

---

| | |
|:---|:---|
| 1940 Act File No. 811-08495 | 1940 Act File No. 811-08495 |
| AS FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ON MARCH 16, 2023 | AS FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ON MARCH 16, 2023 |
| U.S. SECURITIES AND EXCHANGE COMMISSION | U.S. SECURITIES AND EXCHANGE COMMISSION |
| Washington, D.C. 20549 | Washington, D.C. 20549 |
| FORM N-1A | FORM N-1A |
| REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 |
| Amendment No. 298 | Amendment No. 298 |
| (Check appropriate box or boxes) | (Check appropriate box or boxes) |
| **NATIONWIDE MUTUAL FUNDS** | **NATIONWIDE MUTUAL FUNDS** |
| (Exact Name of Registrant as Specified In Its Charter) | (Exact Name of Registrant as Specified In Its Charter) |
| One Nationwide Plaza<br> Mail Code 05-02-210 | One Nationwide Plaza<br> Mail Code 05-02-210 |
| Columbus, Ohio 43215 | Columbus, Ohio 43215 |
| (Address of Principal Executive Office) (Zip Code) | (Address of Principal Executive Office) (Zip Code) |
| **Registrant's Telephone Number, including Area Code: (614) 435-5787** | **Registrant's Telephone Number, including Area Code: (614) 435-5787** |
| Send Copies of Communications to: | Send Copies of Communications to: |
| ALLAN J. OSTER, ESQ. | PRUFESH R. MODHERA, ESQ. |
| 10 WEST NATIONWIDE BOULEVARD | STRADLEY RONON STEVENS & YOUNG, LLP |
| COLUMBUS, OH 43215 | 2000 K STREET, N.W., SUITE 700 |
| (Name and Address of Agent for Service) | WASHINGTON, DC 20006 |

---

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#### EXPLANATORY NOTE
This Amendment No. 298 (the "Amendment") to the Registration Statement of Nationwide Mutual Funds (the "Registrant") on Form N-1A is being filed under the Investment Company Act of 1940 (the "1940 Act"), as amended, to amend and supplement Amendment No. 297 to the Registrant's Registration Statement on Form N-1A, filed with the U.S. Securities and Exchange Commission (the "Commission") on February 27, 2023 under the 1940 Act (Accession No. 0001193125-23-050465) ("Amendment No. 297") as pertaining to Part B of the Nationwide Multi-Cap Portfolio, Nationwide Bond Portfolio, and Nationwide U.S. 130/30 Equity Portfolio (each a "Fund," and together the "Funds"), each a series of the Registrant.

[Part A and Part B of the Nationwide Multi-Cap Portfolio, Nationwide Bond Portfolio, and Nationwide U.S. 130/30 Equity Portfolio as filed in Amendment No. 297, are incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312523050465/d460293dposami.htm)

The shares of beneficial interest ("Shares") of the series of the Registrant are not registered under the Securities Act of 1933, as amended (the "Securities Act"), because each series of the Registrant issues its shares only in private placement transactions that do not involve a public offering within the meaning of Section 4(a)(2) of the Securities Act.

Shares of the series of the Registrant may be purchased only by "accredited investors," as defined in Regulation D under the Securities Act. This Amendment is not offering to sell, or soliciting any offer to buy, any security to the public within the meaning of the Securities Act.

The unaudited [Financial Statement](https://www.sec.gov/Archives/edgar/data/1048702/000183967322000023/primary-document.htm) of the Funds for the period ended April 30, 2022, as filed with the Commission on June 21, 2022 (Accession No. 0001839673-22-000023) contained in the Semi-Annual Report of the Registrant, dated April 30, 2022, is incorporated herein by reference. Additionally, the audited [Financial Statement and the Report of Independent Registered Public Accounting Firm](https://www.sec.gov/Archives/edgar/data/1048702/000183967323000004/primary-document.htm) of the Fund for the fiscal year ended October 31, 2022, as filed with the Commission on January 20, 2023 (Accession No. 0001839673-23-000004) contained in the Annual Report of the Registrant, dated October 31, 2022, is incorporated herein by reference.<br>

This Registration Statement relates only to the Funds and does not affect or incorporate by reference the currently effective Part A and Part B for the Registrant's other series.

------

#### NATIONWIDE MUTUAL FUNDS
Nationwide Bond Portfolio

Nationwide Multi-Cap Portfolio

Nationwide U.S. 130/30 Equity Portfolio

#### Amendment dated March 16, 2023

#### to the Statement of Additional Information ("SAI") dated February 27, 2023

*Capitalized terms and certain other terms used in this amendment, unless otherwise defined in this amendment, have the meanings assigned to them in the SAI.*

&nbsp;&nbsp;&nbsp;&nbsp;1. Effective immediately, the SAI is amended as follows:

<br> a. The following replaces the table and accompanying footnotes under the heading "Officers of the Trust" beginning on page 52 of the SAI:

---

| | |
|:---|:---|
| **Kevin T. Jestice** | **Kevin T. Jestice** |
| **Year of Birth** | **Positions Held with Funds and Length of Time Served** |
| 1980 | President, Chief Executive Officer and Principal Executive Officer since March 2023 |
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Jestice is President and Chief Executive Officer of Nationwide Funds Group and is a Senior Vice President of Nationwide Mutual Insurance Company.<sup>1</sup> He previously served as Vice President of Internal Sales and Service (ISS) and Institutional Investments Distribution (IID) for Nationwide Financial Services, Inc. Prior to joining Nationwide in 2020, Mr. Jestice served as Principal, Head of Enterprise Advice and as Principal, Head of Institutional Investor Services at The Vanguard Group, Inc. for more than 13 years. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Jestice is President and Chief Executive Officer of Nationwide Funds Group and is a Senior Vice President of Nationwide Mutual Insurance Company.<sup>1</sup> He previously served as Vice President of Internal Sales and Service (ISS) and Institutional Investments Distribution (IID) for Nationwide Financial Services, Inc. Prior to joining Nationwide in 2020, Mr. Jestice served as Principal, Head of Enterprise Advice and as Principal, Head of Institutional Investor Services at The Vanguard Group, Inc. for more than 13 years. |
| **Lee T. Cummings** | **Lee T. Cummings** |
| **Year of Birth** | **Positions Held with Funds and Length of Time Served** |
| 1963 | Senior Vice President and Head of Fund Operations since December 2015 |
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Cummings is Senior Vice President and Head of Fund Operations of Nationwide Funds Group, and is a Vice President of Nationwide Mutual Insurance Company.<sup>1</sup> He previously served as the Trust's Treasurer and Principal Financial Officer, and served temporarily as the Trust's President, Chief Executive Officer and Principal Executive Officer from September 2022 until March 2023. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Cummings is Senior Vice President and Head of Fund Operations of Nationwide Funds Group, and is a Vice President of Nationwide Mutual Insurance Company.<sup>1</sup> He previously served as the Trust's Treasurer and Principal Financial Officer, and served temporarily as the Trust's President, Chief Executive Officer and Principal Executive Officer from September 2022 until March 2023. |
| **David Majewski** | **David Majewski** |
| **Year of Birth** | **Positions Held with Funds and Length of Time Served** |
| 1976 | Treasurer and Principal Financial Officer since September 2022 |
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Majewski previously served as the Trust's Assistant Secretary and Assistant Treasurer. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Majewski previously served as the Trust's Assistant Secretary and Assistant Treasurer. |
| **Kevin Grether** | **Kevin Grether** |
| **Year of Birth** | **Positions Held with Funds and Length of Time Served** |
| 1970 | Senior Vice President and Chief Compliance Officer since December 2021 |
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Grether is Senior Vice President of NFA and Chief Compliance Officer of NFA and the Trust. He is also a Vice President of Nationwide Mutual Insurance Company.<sup>1</sup> He previously served as the VP, Chief Compliance Officer for the Nationwide Office of Investments and its registered investment adviser, Nationwide Asset Management. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Grether is Senior Vice President of NFA and Chief Compliance Officer of NFA and the Trust. He is also a Vice President of Nationwide Mutual Insurance Company.<sup>1</sup> He previously served as the VP, Chief Compliance Officer for the Nationwide Office of Investments and its registered investment adviser, Nationwide Asset Management. |
| **Stephen R. Rimes** | **Stephen R. Rimes** |
| **Year of Birth** | **Positions Held with Funds and Length of Time Served** |
| 1970 | Secretary, Senior Vice President and General Counsel since December 2019 |
| **Principal Occupation(s) During the Past Five Years (or Longer)** | **Principal Occupation(s) During the Past Five Years (or Longer)** |

---

------

---

| | |
|:---|:---|
| Mr. Rimes is Vice President, Associate General Counsel and Secretary for Nationwide Funds Group, and Vice President of Nationwide Mutual Insurance Company.<sup>1</sup> He previously served as Assistant General Counsel for Invesco from 2000-2019. | Mr. Rimes is Vice President, Associate General Counsel and Secretary for Nationwide Funds Group, and Vice President of Nationwide Mutual Insurance Company.<sup>1</sup> He previously served as Assistant General Counsel for Invesco from 2000-2019. |
| **Steven D. Pierce** | **Steven D. Pierce** |
| **Year of Birth** | **Positions Held with Funds and Length of Time Served** |
| 1965 | Senior Vice President, Head of Business and Product Development since March 2020. |
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Pierce is Senior Vice President, Head of Business and Product Development for Nationwide Funds Group, and is a Vice President of Nationwide Mutual Insurance Company.<sup>1</sup> | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Pierce is Senior Vice President, Head of Business and Product Development for Nationwide Funds Group, and is a Vice President of Nationwide Mutual Insurance Company.<sup>1</sup> |
| **Christopher C. Graham** | **Christopher C. Graham** |
| **Year of Birth** | **Positions Held with Funds and Length of Time Served** |
| 1971 | Senior Vice President, Head of Investment Strategies, Chief Investment Officer<br> and Portfolio Manager since September 2016 |
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Graham is Senior Vice President, Head of Investment Strategies and Portfolio Manager for the Nationwide Funds Group, and is a Vice President of Nationwide Mutual Insurance Company.<sup>1</sup> | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> Mr. Graham is Senior Vice President, Head of Investment Strategies and Portfolio Manager for the Nationwide Funds Group, and is a Vice President of Nationwide Mutual Insurance Company.<sup>1</sup> |

---

<sup>1</sup> These positions are held with an affiliated person or principal underwriter of the Funds.

<br> b. The list of entities or people that are affiliates of both the Trust and Nationwide Fund Distributors LLC under the heading "Distributor" beginning on page 62 of the SAI is deleted in its entirety and replaced with the following:

Nationwide Fund Advisors

Nationwide Fund Management LLC

Nationwide Life Insurance Company

Nationwide Life and Annuity Insurance Company

Jefferson National Life Insurance Company

Jefferson National Life Insurance Company of New York

Nationwide Financial Services, Inc.

Nationwide Corporation

Nationwide Mutual Insurance Company

Christopher Graham

Kevin Grether

M. Diane Koken

Kevin T. Jestice

Lee T. Cummings

Steven D. Pierce

Stephen R. Rimes

David Majewski

#### PLEASE RETAIN THIS AMENDMENT FOR FUTURE REFERENCE

------

PART C

OTHER INFORMATION

#### ITEM 28. EXHIBITS

(a) [Second Amended and Restated Agreement and Declaration of Trust, dated June 17, 2009 (the "Amended Declaration"), of the Registrant, Nationwide Mutual Funds (the "Trust"), a Delaware Statutory Trust, previously filed as Exhibit EX-28.a with the Trust's registration statement on November 17, 2009, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000095012309063496/w76297aexv99w28wa.htm)

(b) [Third Amended and Restated Bylaws, dated August 28, 2020 (the "Amended Bylaws"), of the Trust, previously filed as Exhibit EX-28.b with the Trust's registration statement on September 17, 2020, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312520247776/d34464dex9928b.htm)

(c) Certificates for shares are not issued. Articles III, V, and VI of the Amended Declaration and Article VII of the Amended Bylaws, incorporated by reference to Exhibit (a) and (b) hereto, define
 rights of holders of shares.

(d) Investment Advisory Agreements

(1) [Investment Advisory Agreement, dated May 1, 2007, between the Trust and Nationwide Fund Advisors, pertaining to certain series of the Trust, previously filed as Exhibit EX-23.d.2 with the Trust's registration statement on June 14, 2007, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000113542807000203/ex-d2.txt)

(a) [Exhibit A to the Investment Advisory Agreement, amended March 11, 2021, previously filed as Exhibit EX-28.d.1.a with the Trust's registration statement on August 8, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928d1a.htm)

(2) [Investment Advisory Agreement, dated August 28, 2007, between the Trust and Nationwide Fund Advisors, pertaining to the Target Destination Funds of the Trust, previously filed as Exhibit EX-23.d.2 with the Trust's registration statement on August 27, 2007, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000113542807000304/ex-d2.txt)

(a) [Exhibit A to the Investment Advisory Agreement, amended January 15, 2020, previously filed as Exhibit EX-28.d.2.a. with the Trust's registration statement on January 15, 2020, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312520007868/d843811dex9928d2a.htm)

(3) [Investment Advisory Agreement, dated September 18, 2015, between the Trust and Nationwide Fund Advisors, pertaining to certain series of the Trust, previously filed as Exhibit EX-28.d.3 with the Trust's registration statement on October 13, 2015, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312515342551/d880918dex9928d3.htm)

(a) [Exhibit A to the Investment Advisory Agreement, amended July 18, 2022, previously filed as Exhibit EX-28.d.3.a with the Trust's registration statement on August 8, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928d3a.htm)

(4) Subadvisory Agreements

(a) [Amended Subadvisory Agreement among the Trust, Nationwide Fund Advisors and BlackRock Investment Management, LLC, dated May 1, 2007, as amended June 16, 2010, previously filed as Exhibit EX-28.d.3.a with the Trust's registration statement on September 14, 2010, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000095012310086007/w79638aexv99w28wdw3wa.htm)

(1) [Exhibit A to the Amended Subadvisory Agreement, amended February 1, 2012, previously filed as Exhibit EX-28.d.3.a.1 with the Trust's registration statement on February 24, 2012, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312512077879/d274534dex9928d3a1.htm)

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(b) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Nationwide Asset Management, LLC, dated January 1, 2008, previously filed as Exhibit EX-23.d.3.h with the Trust's registration statement on December 19, 2008, is hereby incorporated by reference](https://www.sec.gov/Archives/edgar/data/1048702/000089322008003224/w67455exv23wxdyx3yxhy.htm) .

(1) [Exhibit A to the Subadvisory Agreement, amended May 1, 2013, previously filed as Exhibit EX-28.d.3.c.1 with the Trust's registration statement on April 3, 2014, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312514129742/d686383dex99d3c1.htm)

(c) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Brown Capital Management, LLC, dated August 26, 2011, previously filed as Exhibit EX-28.d.3.j with the Trust's registration statement on September 16, 2011, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312511250239/d225407dex9928d3j.htm)

(d) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and UBS Global Asset Management (Americas) Inc. (formerly, UBS Global Asset Management (Americas) Inc.), dated July 19, 2011, previously filed as Exhibit EX-28.d.3.k with the Trust's registration statement on July 1, 2011, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312511180107/dex9928d3k.htm)

(1) [Exhibit A to the Subadvisory Agreement, amended October 1, 2022, previously filed as Exhibit EX-28.d.4.d.1 with the Trust's registration statement on October 11, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000113743922000941/ex28d4d1.htm)

(e) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Bailard, Inc., dated June 4, 2013, previously filed as Exhibit EX-28.d.3.k with the Trust's registration statement on October 17, 2013, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312513402025/d567830dex9928d3k.htm)

(1) [Exhibit A to the Subadvisory Agreement, amended March 31, 2014, previously filed as Exhibit EX-28.d.3.j.1 with the Trust's registration statement on April 3, 2014, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312514129742/d686383dex9928d3j1.htm)

(f) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Geneva Capital Management LLC, dated March 16, 2020, previously filed as Exhibit EX-16.6.d.ix with the Trust's registration statement on Form N-14 on July 22, 2020, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000168035920000397/nmfgenevasubadvagrmnt.htm)

(1) [<u>Exhibit A to the Subadvisory Agreement, amended March 11, 2021, previously filed as Exhibit</u> <u>EX-28.d.4.f.1 with the Trust's registration statement on February 18, 2022, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1048702/000119312522046344/d270228dex9928d4f1.htm)

(g) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Amundi Pioneer Institutional Asset Management, Inc. (formerly, Amundi Smith Breeden LLC, now known as Amundi Asset Management US, Inc.), dated September 25, 2015, previously filed as Exhibit EX-28.d.4.s with the Trust's registration statement on October 14, 2015, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312515343476/d16556dex9928d4s.htm)

(1) [Exhibit A to the Subadvisory Agreement, amended January 14, 2019, previously filed as Exhibit EX-28.d.4.l.1 with the Trust's registration statement on February 19, 2019, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312519044091/d706711dex9928d4l1.htm)

(h) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Wellington Management Company LLP, dated December 14, 2016, previously filed as Exhibit EX-28.d.4.t with the Trust's registration statement on December 14, 2016, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312516792615/d231232dex9928d4t.htm)

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(1) [Exhibit A to the Subadvisory Agreement, amended June 1, 2022, previously filed as Exhibit EX-28.d.4.i.1 with the Trust's registration statement on August 8, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928d4i1.htm)

(i) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Wellington Management Company LLP, dated November 13, 2017, previously filed as Exhibit EX-28.d.4.o with the Trust's registration statement on November 22, 2017, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312517350343/d477353dex9928d4o.htm)

(j) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Loomis, Sayles & Company, L.P., dated May 5, 2017, previously filed as Exhibit EX-28.d.4.q with the Trust's registration statement on May 5, 2017, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312517160122/d503674dex9928d4q.htm)

(1) [Exhibit A to the Subadvisory Agreement, amended June 1, 2022, previously filed as Exhibit EX-28.d.4.k.1 with the Trust's registration statement on August 8, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928d4k1.htm)

(k) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Loomis, Sayles & Company, L.P., dated November 13, 2017, previously filed as Exhibit EX-28.d.4.q with the Trust's registration statement on November 22, 2017, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312517350343/d477353dex9928d4q.htm)

(1) [Exhibit A to the Subadvisory Agreement, amended March 20, 2023, is filed herewith as Exhibit EX-28.d.4.k.1.](ex28d4k1.htm)

(l) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and WCM Investment Management, dated November 13, 2017, previously filed as Exhibit EX-28.d.4.t with the Trust's registration statement on November 22, 2017, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312517350343/d477353dex9928d4t.htm)

(m) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Mellon Investments Corporation (formerly, BNY Mellon Asset Management North America Corporation), dated July 13, 2018, as amended August 5, 2019, previously filed as Exhibit EX-16.6.d.xx with the Trust's registration statement on Form N-14 on September 27, 2019, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000168035919000562/subadvisoryagreement.htm)

(1) [<u>Exhibit A to the Subadvisory Agreement, amended March 12, 2020, previously filed as Exhibit</u> <u>EX-16.6.d.xx.1 with the Trust's registration statement on Form N-14 on July 22, 2020, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1048702/000168035920000397/amndmnttomellonsubadvagrmnt.htm)

(n) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Western Asset Management Co., effective July 31, 2020, previously filed as Exhibit EX-28.d.4.t with the Trust's registration statement on September 17, 2020, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312520247776/d34464dex9928d4t.htm)

(o) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and BlackRock Investment Management, LLC, dated September 13, 2018, previously filed as Exhibit EX-28.d.4.w with the Trust's registration statement on November 2, 2018, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312518316535/d633053dex9928d4w.htm)

(1) [Exhibit A to the Subadvisory Agreement, amended January 1, 2021, previously filed as Exhibit EX-28.d.4.r.1 with the Trust's registration statement on February 18, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312521047532/d119950dex99d4r1.htm)

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(p) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Dreyfus Cash Investment Strategies, a division of BNY Mellon Investment Adviser, Inc., dated March 12, 2020, previously filed as Exhibit EX-16.6.d.xxiv with the Trust's registration statement on Form N-14 on July 22, 2020, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000168035920000397/nmfdreyfussubadvagrmnt.htm)

(q) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and GQG Partners LLC, effective January 7, 2021, previously filed as Exhibit EX-28.d.4.u with the Trust's registration statement on February 18, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312521047532/d119950dex9928d4u.htm)

(r) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Janus Henderson Investors US LLC (formerly, Janus Capital Management LLC), effective January 13, 2021, previously filed as Exhibit EX-28.d.4.v with the Trust's registration statement on February 18, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312521047532/d119950dex9928d4v.htm)

(1) [Exhibit A to the Subadvisory Agreement, effective July 18, 2022, previously filed as Exhibit EX-28.d.4.u.1 with the Trust's registration statement on August 8, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928d4u1.htm)

(s) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Newton Investment Management North America, LLC, effective August 31, 2021, previously filed as Exhibit EX-28.d.4.w with the Trust's registration statement on Form N-1A on September 22, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000113743921000921/exhibitd4w.htm)

(t) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Goldman Sachs Asset Management, L.P., effective September 23, 2021, previously filed as Exhibit EX-28.d.4.x with the Trust's registration statement on December 10, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312521353450/d437041dex9928d4.htm)

(1) [<u>Exhibit A to the Subadvisory Agreement, amended September 14, 2022, previously filed as Exhibit EX-28.d.4.t</u> <u>with the Trust's registration statement on February 27, 2023, is hereby incorproated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1048702/000119312523050465/d460293dex9928d4t.htm)

(u) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Insight North America LLC, effective February 2, 2022, previously filed as Exhibit EX-28.d.4.x with the Trust's registration statement on February 18, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312522046344/d270228dex9928d4x.htm)

(v) [Subadvisory Agreement among the Trust, Nationwide Fund Advisors and Jacobs Levy Equity Management, Inc., effective July 21, 2022, previously filed as Exhibit EX-28.d.4.y with the Trust's registration statement on August 8, 2022, is hereby incorporated by refence.](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928d4y.htm)

(e) (1) [Underwriting Agreement, dated May 1, 2007, between the Trust and Nationwide Fund Distributors, LLC, previously filed as Exhibit EX-23.e.1 with the Trust's registration statement on June 14, 2007, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000113542807000203/ex-e1.txt)

(a) [Schedule A to the Underwriting Agreement, amended July 18, 2022, previously filed as Exhibit EX-28.e.1.a with the Trust's registration statement on August 8, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928e1a.htm)

(2) [Form of Dealer Agreement, dated 2008, previously filed as Exhibit EX-23.e.2 with the Trust's registration statement on February 27, 2008, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000113542808000086/ex-e2.txt)

(f) Not applicable.

(g) Custodian Agreement

------

(1) [Global Custody Agreement, Investment Company Rider, Global Proxy Service Rider and Special Terms and Conditions Rider, dated April 4, 2003, between the Trust and JPMorgan Chase Bank, previously filed as Exhibit EX-23.g.1 with the Trust's registration statement on February 28, 2005, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000095011605000789/ex99-g1.txt)

(a) [Amendment to Global Custody Agreement, dated December 2, 2009, previously filed as Exhibit EX-28.g.1.a with the Trust's registration statement on February 26, 2010, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000095012310018203/w76297bexv99w28wgw1wa.htm)

(b) [Amendment to Global Custody Agreement, dated December 9, 2015, previously filed as Exhibit EX-28.g.1.e with the Trust's registration statement on September 30, 2016, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312516727668/d249015dex9928g1e.htm)

(c) [Amendment to Global Custody Agreement, dated February 1, 2022, previously filed as Exhibit EX-28.g.1.e with the Trust's registration statement on August 8, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928g1e.htm)

(d) [Amendment to Global Custody Agreement, dated April 4, 2003, previously filed as Exhibit EX-28.g.1.f with the Trust's registration statement on August 8, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928g1f.htm)

(e) [Amendment to Global Custody Agreement, effective August 31, 2022, previously filed as Exhibit EX-28.g.1.e with the Trust's registration statement on September 15, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000113743922000878/ex28g1e.htm)

(2) [Waiver to Global Custody Agreement, dated February 28, 2005, between the Trust and JPMorgan Chase Bank, previously filed as Exhibit EX-23.g.1.a with the Trust's registration statement on February 28, 2006, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000113542806000080/ex-g1a.txt)

(3) [Cash Trade Execution Rider to Global Custody Agreement, dated April 4, 2003, previously filed as Exhibit EX-23.g.1.b with the Trust's registration statement on February 28, 2006, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000113542806000080/ex-g1b.txt)

(4) [Concentration Accounts Agreement, dated December 2, 2009, between the Trust and JPMorgan Chase Bank, previously filed as Exhibit EX-28.g.4 with the Trust's registration statement on February 26, 2010, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000095012310018203/w76297bexv99w28wgw4.htm)

(5) [Securities Lending Rider to Global Custody Agreement, dated March 28, 2014, previously filed as Exhibit EX-28.g.5 with the Trust's registration statement on September 30, 2016, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312516727668/d249015dex9928g5.htm)

(6) [Addendum to Fee Schedule to Securities Lending Rider to Global Custody Agreement, dated March 28, 2014, previously filed as Exhibit EX-28.g.6 with the Trust's registration statement on September 30, 2016, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312516727668/d249015dex9928g6.htm)

(7) [Joinder and Sixth Amendment to Securities Lending Agreement, dated February 4, 2022, previously filed as Exhibit EX-28.g.7 with the Trust's registration statement on February 18, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312522046344/d270228dex9928g7.htm)

(h) (1) [Joint Fund Administration and Transfer Agency Agreement, dated May 1, 2010, between the Trust, Nationwide Variable Insurance Trust and Nationwide Fund Management LLC, previously filed as Exhibit EX-28.h.1 with the Trust's registration statement on September 14, 2010, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000095012310086007/w79638aexv99w28whw1.htm)

(a) [Schedule C to the Joint Fund Administration and Transfer Agency Agreement, amended September 1, 2012, previously filed as Exhibit EX-28.h.1.a with the Trust's registration statement on August 8, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928h1a.htm)

(2) [Administrative Services Plan, amended January 1, 2021, previously filed as Exhibit EX-28.h.2 with the Trust's registration statement on January 15, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312521009867/d70113dex9928h2.htm)

(a) [Form of Servicing Agreement to Administrative Services Plan, dated January 2007, previously filed as Exhibit EX-23.h.2.b with the Trust's registration statement on February 28, 2007, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000113542807000066/ex99h2b.txt)

------

(3) [Form of Operational Service Agreement, dated 2007, previously filed as Exhibit EX-23.h.3 with the Trust's registration statement on August 27, 2007, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000113542807000304/ex-h3.txt)

(4) [Expense Limitation Agreement between the Trust and Nationwide Fund Advisors, amended January 9, 2008, previously filed as Exhibit EX-23.h.4 with the Trust's registration statement on February 27, 2008, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000113542808000086/ex-h4.txt)

(a) [Amendment to Expense Limitation Agreement, dated March 1, 2017, previously filed as Exhibit EX-28.h.4.a with the Trust's registration statement on May 5, 2017, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312517160122/d503674dex9928h4a.htm)

(b) [Amendment No. 2 to Expense Limitation Agreement, dated July 1, 2018, previously filed as Exhibit EX-28.h.4.b with the Trust's registration statement on September 24, 2018, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312518281193/d619444dex9928h4b.htm)

(c) [<u>Exhibit A to the Expense Limitation Agreement, amended October 1, 2022, previously filed as Exhibit</u> <u>EX-28.h.4.c with the Trust's registration statement on February 21, 2023, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1048702/000119312523043501/d459282dex9928h4c.htm)

(5) [Assignment and Assumption Agreement between Gartmore Mutual Funds, an Ohio Business Trust ("OBT"), and the Trust, dated February 28, 2005, assigning to the Trust OBT's title, rights, interests, benefits and privileges in and to certain contracts listed in the Agreement, previously filed as Exhibit EX-23.h.11 with the Trust's registration statement on February 28, 2006, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000113542806000080/ex-h11.txt)

(6) [<u>Administrative Services Fee Waiver Agreement between the Trust and Nationwide Financial Services, Inc., on behalf of the Nationwide Government Money Market Fund, dated March 1, 2023, previously filed as Exhibit</u> <u>EX-28.h.6 with the Trust's registration statement on February 21, 2023, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1048702/000119312523043501/d459282dex9928h6.htm)

(7) [Rule 12b-1 Fee Waiver Agreement between the Trust and Nationwide Fund Distributors LLC, on behalf of the Nationwide Government Money Market Fund, dated March 1, 2023, previously filed as Exhibit EX-28.h.7 with the Trust's registration statement on February 21, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312523043501/d459282dex9928h7.htm)

(8) [Amended and Restated Fee Waiver Agreement between the Trust and Nationwide Fund Advisers, on behalf of the Nationwide BNY Mellon Core Plus Bond ESG Fund, Nationwide Fund, Nationwide Government Money Market Fund, Nationwide Loomis Short Term Bond Fund, Nationwide Mid Cap Market Index Fund, and Nationwide Small Cap Index Fund, effective March 1, 2023, previously filed as Exhibit EX-28.h.8 with the Trust's registration statement on February 21, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312523043501/d459282dex9928h8.htm)

(9) [Investment Advisory Fee Waiver Agreement between the Trust and Nationwide Fund Advisers, dated March 1, 2023, relating to the Nationwide Government Money Market Fund, previously filed as Exhibit EX-28.h.9 with the Trust's registration statement on February 21, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312523043501/d459282dex9928h9.htm)

(10) [Fee Waiver Agreement between the Trust and Nationwide Fund Advisors, on behalf of the Nationwide Multi-Cap Portfolio, effective June 1, 2022, previously filed as Exhibit EX-28.h.10 with the Trust's registration statement on September 15, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000113743922000878/ex28h10.htm)

(11) [Administrative Services Fee Waiver Agreement between the Trust and Nationwide Financial Services, Inc., on behalf of the Nationwide GQG US Quality Equity Fund, dated January 23, 2023, previously filed as Exhibit EX-28.h.11 with the Trust's registration statement on February 27, 2023, is hereby incorproated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312523050465/d460293dex9928h11.htm)

(i) Not applicable.

(j) Not applicable.

------

(k) Not applicable.

(l) Not applicable.

(m) [Distribution Plan under Rule 12b-1, amended January 1, 2021, previously filed as Exhibit EX-28.m with the Trust's registration statement on January 15, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312521009867/d70113dex9928m.htm)

(n) [Rule 18f-3 Plan, effective March 2, 2009, amended July 18, 2022, previously filed as Exhibit EX-28.n with the Trust's registration statement on August 8, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928n.htm)

(o) Not applicable.

(p) (1) [Code of Ethics for Nationwide Fund Advisors, the Trust and Nationwide Variable Insurance Trust, dated November 2020, previously filed as Exhibit EX-28.p.1 with the Trust's registration statement on February 18, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312521047532/d119950dex992891.htm)

(2) [<u>Code of Business Conduct and Ethics for BlackRock Investment Management, LLC, dated December 7, 2021, previously filed as</u> <u>Exhibit EX-28.p.2 with the Trust's registration statement on February 21, 2023, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1048702/000119312523043501/d459282dex9928p02.htm)

(3) [Code of Ethics for Nationwide Fund Distributors, LLC, dated April 1, 2022, previously filed as Exhibit EX-28.p.3 with the Trust's registration statement on February 21, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312523043501/d459282dex9928p03.htm)

(4) [Code of Ethics for Brown Capital Management, LLC, dated September 30, 2018, previously filed as Exhibit EX-28.p.6 with the Trust's registration statement on February 19, 2020, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312520041614/d880706dex9928p6.htm)

(5) [<u>Code of Ethics for UBS Asset Management (Americas) Inc., dated September 2021, previously filed as Exhibit</u> <u>EX-28.p.5 with the Trust's registration statement on February 18, 2022, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1048702/000119312522046344/d270228dex9928p5.htm)

(6) [Code of Ethics and Business Conduct for Bailard, Inc., dated November 2022, previously filed as Exhibit EX-28.p.6 with the Trust's registration statement on February 21, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312523043501/d459282dex9928p06.htm)

(7) [<u>Code of Ethics for Geneva Capital Management LLC, dated May 21, 2021, previously filed as Exhibit</u> <u>EX-28.p.7 with the Trust's registration statement on February 21, 2023, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1048702/000119312523043501/d459282dex9928p07.htm)

(8) [<u>Code of Ethics for Amundi Asset Management US, Inc., revised November 2022, previously filed as Exhibit</u> <u>EX-28.p.8 with the Trust's registration statement on February 21, 2023, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1048702/000119312523043501/d459282dex9928p08.htm)

(9) [<u>Code of Ethics for Wellington Management Company LLP, dated August 2, 2021, previously filed as Exhibit</u> <u>EX-28.p.10 with the Trust's registration statement on February 18, 2022, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1048702/000119312522046344/d270228dex9928p10.htm)

(10) [<u>Code of Ethics for Loomis, Sayles & Company, L.P., amended May 25, 2022, previously filed as Exhibit</u> <u>EX-28.p.10 with the Trust's registration statement on February 21, 2023, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1048702/000119312523043501/d459282dex9928p10.htm)

(11) [<u>Code of Ethics for WCM Investment Management, dated May 31, 2022, previously filed as Exhibit</u> <u>EX-28.p.11 with the Trust's registration statement on February 21, 2023, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1048702/000119312523043501/d459282dex9928p11.htm)

(12) [<u>Code of Ethics for Nationwide Asset Management, LLC, dated February 24, 2022, previously filed as Exhibit</u> <u>EX-28.p.12 with the Trust's registration statement on February 21, 2023, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1048702/000119312523043501/d459282dex9928p12.htm)

(13) [<u>Code of Conduct for Mellon Investments Corporation, dated October 2022, previously filed as Exhibit</u> <u>EX-28.p.13 with the Trust's registration statement on February 21, 2023, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1048702/000119312523043501/d459282dex9928p13.htm)

(14) [Code of Ethics for Western Asset Management Company, LLC, dated December 1, 2022, is filed herewith as Exhibit EX-28.p.14.](ex28p14.htm)

------

(15) [Code of Ethics for GQG Partners LLC, dated January 4, 2023, is filed herewith as Exhibit EX-28.p.15.](ex28p15.htm)

(16) [<u>Personal Code of Ethics for Janus Henderson Investors, effective January 1, 2022, previously filed as exhibit</u> <u>EX-28.p.16 with the Trust's registration statement on February 21, 2023, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1048702/000119312523043501/d459282dex9928p16.htm)

(17) [Personal Securities Trading Policy for Newton Investment Management North America, LLC, dated October 2022, previously filed as Exhibit EX-28.p.17 with the Trust's registration statement on February 21, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312523043501/d459282dex9928p17.htm)

(18) [<u>Code of Conduct for Dreyfus Cash Investment Strategies, a division of BNY Mellon Investment Adviser, Inc., dated October 2022, previously filed as</u> <u>Exhibit</u> <u>EX-28.p.18 with the Trust's registration statement on February 21, 2023, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1048702/000119312523043501/d459282dex9928p18.htm)

(19) [<u>Code of Conduct for Insight North America LLC, dated October 2022, previously filed as Exhibit</u> <u>EX-28.p.19 with the Trust's registration statement on February 21, 2023, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/1048702/000119312523043501/d459282dex9928p19.htm)

(20) [Code of Ethics for Goldman Sachs Asset Management, L.P., effective August 29, 2019, previously filed as Exhibit EX-28.p.23 with the Trust's registration statement on August 8, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928p23.htm)

(21) [Code of Ethics for Jacobs Levy Equity Management, Inc., revised January 2016, previously filed as Exhibit EX-28.p.24 with the Trust's registration statement on August 8, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312522214351/d379661dex9928p24.htm)

(q) (1) [Power of Attorney with respect to the Trust for Charles E. Allen, dated June 14, 2017, previously filed as Exhibit EX-28.q.1 with the Trust's registration statement on August 24, 2017, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312517266421/d387215dex9928q1.htm)

(2) [Power of Attorney with respect to the Trust for Douglas F. Kridler, dated June 14, 2017, previously filed as Exhibit EX-28.q.5 with the Trust's registration statement on August 24, 2017, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312517266421/d387215dex9928q5.htm)

(3) [Power of Attorney with respect to the Trust for Keith F. Karlawish, dated June 14, 2017, previously filed as Exhibit EX-28.q.7 with the Trust's registration statement on August 24, 2017, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312517266421/d387215dex9928q7.htm)

(4) [Power of Attorney with respect to the Trust for Carol A. Kosel, dated June 14, 2017, previously filed as Exhibit EX-28.q.9 with the Trust's registration statement on August 24, 2017, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312517266421/d387215dex9928q9.htm)

(5) [Power of Attorney with respect to the Trust for M. Diane Koken, dated March 6, 2019, previously filed as Exhibit EX-28.q.11 with the Trust's registration statement on June 14, 2019, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312519173437/d754732dex9928q11.htm)

(6) [Power of Attorney with respect to the Trust for Kevin T. Jestice, dated March 15, 2023, is filed herewith as Exhibit EX-28.q.6.](ex28q6.htm)

(7) [Power of Attorney with respect to the Trust for Lorn C. Davis, dated January 1, 2021, previously filed as Exhibit EX-28.q.10 with the Trust's registration statement on January 15, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312521009867/d70113dex9928q10.htm)

(8) [Power of Attorney with respect to the Trust for David E. Wezdenko, dated January 1, 2021, previously filed as Exhibit EX-28.q.11 with the Trust's registration statement on January 15, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312521009867/d70113dex9928q11.htm)

(9) [Power of Attorney with respect to the Trust for David Majewski, dated September 28, 2022, previously filed as Exhibit EX-28.q.12 with the Trust's registration statement on October 11, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000113743922000941/ex28q12.htm)

------

(10) [Power of Attorney with respect to the Trust for Charlotte Petersen, dated January 1, 2023, previously filed as Exhibit EX-28.q.11 with the Trust's registration statement on February 21, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312523043501/d459282dex9928q11.htm)

(11) [Power of Attorney with respect to the Trust for Kristina Bradshaw, dated January 1, 2023, previously filed as Exhibit EX-28.q.12 with the Trust's registration statement on February 21, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1048702/000119312523043501/d459282dex9928q12.htm)

#### ITEM 29. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT

#### <br>
No person is presently controlled by or under common control with Registrant.

#### ITEM 30. INDEMNIFICATION

#### <br>
Indemnification provisions for officers, directors and employees of the Registrant are set forth in Article VII, Section 2 of the Amended Declaration. See Item 28(a) above.

The Trust has entered into indemnification agreements with each of the trustees and certain of its officers. The indemnification agreements provide that the Trust will indemnify the indemnitee for and against any and all judgments, penalties, fines, and amounts paid in settlement, and all expenses actually and reasonably incurred by indemnitee in connection with a proceeding that the indemnitee is a party to or is threatened to be made a party to (other than certain exceptions specified in the agreements), to the maximum extent not expressly prohibited by Delaware law or applicable federal securities law and regulations (including, without limitation, Section 17(h) of the Investment Company Act of 1940 and the rules and regulations issued with respect thereto by the U.S. Securities and Exchange Commission). The Trust also will indemnify indemnitee for and against all expenses actually and reasonably incurred by indemnitee in connection with any proceeding to which indemnitee is or is threatened to be made a witness but not a party. See Item 23(h)(4) above.

Insofar as indemnification for liability arising under the Securities Act of 1933 (the "Act") may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the U.S. Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

#### ITEM 31. BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER

#### <br>
&nbsp;&nbsp;&nbsp;&nbsp;(a) Nationwide Fund Advisors ("NFA"), the investment adviser to the Trust, also serves as investment adviser to Nationwide Variable Insurance Trust. To the knowledge of the Registrant,
 the directors and officers of NFA have not been engaged in any other business or profession of a substantial nature during the past two fiscal years other than in their capacities as a director or officer of NFA or its affiliates.

Each of the following persons serves in the same or similar capacity with one or more affiliates of Nationwide Fund Advisors. The address for the persons listed below, except as otherwise noted, is One Nationwide Plaza, Columbus, OH 43215.

---

| | | | |
|:---|:---|:---|:---|
| Name and Address | Principal Occupation | Position with NFA | Position with Funds |
| Kevin T. Jestice | President and Chief Executive Officer of Nationwide Funds Group; Senior Vice President of Nationwide Mutual Insurance Company | President and Director | President, Chief Executive Officer and Principal Executive Officer |
| Lee T. Cummings | Senior Vice President and Head of Fund Operations of Nationwide Funds Group; Vice President of Nationwide Mutual | Senior Vice President | Senior Vice President and Head of Fund Operations |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | Insurance Company | | |
| Kevin D. Grether | Senior Vice President of NFA and Chief Compliance Officer of NFA and the Trust; Vice President of Nationwide Mutual Insurance Company | Senior Vice President and Chief Compliance Officer | Senior Vice President and Chief Compliance Officer |
| Pamela A. Biesecker | Senior Vice President and Head of Taxation of Nationwide Mutual Insurance Company | Senior Vice President and Head of Taxation | N/A |
| Denise L. Skingle | Senior Vice President and Chief Counsel of Nationwide Mutual Insurance Company | Senior Vice President and Secretary | N/A |
| Steve A. Ginnan | Senior Vice President, Director and Chief Financial Officer of Nationwide Financial Services, Inc. | Director | N/A |
| Stephen R. Rimes | Vice President, Associate General Counsel and Secretary for Nationwide Funds Group; Vice President of Nationwide Mutual Insurance Company | Vice President, Associate General Counsel and Assistant Secretary | Secretary, Senior Vice President and Associate General Counsel |
| Gayle L. Donato | Associate Vice President and Assistant Treasurer of Nationwide Mutual Insurance Company | Associate Vice President and Assistant Treasurer | N/A |
| Hope C. Hacker | Associate Vice President and Assistant Treasurer of Nationwide Mutual Insurance Company | Associate Vice President and Assistant Treasurer | N/A |
| Timothy J. Dwyer | Vice President and Assistant Treasurer of Nationwide Mutual Insurance Company | Vice President and Assistant Treasurer | N/A |
| David A. Garman | Vice President-Enterprise Governance & Finance Legal of Nationwide Mutual Insurance Company | Vice President and Assistant Secretary | N/A |
| Mark E. Hartman | Associate Vice President and Assistant Secretary of Nationwide Mutual Insurance Company | Assistant Secretary | N/A |
| David Dokko | Assistant Secretary of Nationwide Mutual Insurance Company | Assistant Secretary | N/A |
| John L. Carter | President and Chief Operating Officer of Nationwide Financial Services, Inc. | Director | N/A |
| Steve Hall | Senior Investment Associate | Vice President-Derivatives Risk Manager | N/A |

---

------

<u> Tonya G. Walker </u> <u> Associate Vice President and Assistant Treasurer of </u> <u> Nationwide Mutual Insurance Company </u> <u> N/A </u>

&nbsp;&nbsp;&nbsp;&nbsp;(b) BlackRock Investment Management, LLC ("BlackRock") acts as subadviser to the Nationwide S&P 500 Index Fund, Nationwide Small Cap Index Fund, Nationwide Mid Cap Market Index Fund,
 Nationwide Bond Index Fund, Nationwide International Index Fund, Nationwide Multi-Cap Portfolio and Nationwide Bond Portfolio. To the knowledge of the Registrant, the directors and officers of BlackRock have not been engaged in any other
 business or profession of a substantial nature during the past two fiscal years other than in their capacities as a director or officer of affiliated entities.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Nationwide Asset Management, LLC ("NWAM") acts as subadviser to the Nationwide Bond Fund and Nationwide Inflation-Protected Securities Fund. To the knowledge of the Registrant, the
 directors and officers of NWAM have not been engaged in any other business or profession of a substantial nature during the past two fiscal years other than in their capacities as a director or officer of affiliated entities.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Dreyfus Cash Investment Strategies, a division of BNY Mellon Investment Adviser, Inc. ("BNYMIA"), acts as subadviser to the Nationwide Government Money Market Fund. BNYMIA also acts
 as an investment adviser or subadviser to other investment companies. To the knowledge of the Registrant, the directors and officers of BNYMIA have not been engaged in any other business or profession of a substantial nature during the past
 two fiscal years other than in their capacities as a director or officer of affiliated entities with the exception that Bushra Mannon, a Vice President of BNYMIA, served as an Executive Director of J.P. Morgan Asset Management from September
 2013 until November 2021.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Mellon Investments Corporation ("Mellon") acts as subadviser to the Nationwide NYSE Arca Tech 100 Index Fund. To the knowledge of the Registrant, the directors and officers of Mellon
 have not been engaged in any other business or profession of a substantial nature during the past two fiscal years other than in their capacities as a director or officer of affiliated entities.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Brown Capital Management, LLC ("Brown Capital") acts as subadviser to the Nationwide Small Company Growth Fund. To the knowledge of the Registrant, the directors and officers of Brown
 Capital have not been engaged in any other business or profession of a substantial nature during the past two fiscal years other than in their capacities as a director, officer, employee, partner, or trustee of affiliated entities.

&nbsp;&nbsp;&nbsp;&nbsp;(g) UBS Asset Management (Americas) Inc. ("UBS AM") acts as subadviser to the Nationwide Global Sustainable Equity Fund. To the knowledge of the Registrant, the directors and officers of
 UBS AM have not been engaged in any other business or profession of a substantial nature during the past two fiscal years other than in their capacities as a director or officer of affiliated entities.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Bailard, Inc. ("Bailard") acts as subadviser to the Nationwide Bailard Cognitive Value Fund, Nationwide Bailard Technology & Science Fund and Nationwide Bailard International
 Equities Fund. To the knowledge of the Registrant, the directors and officers of Bailard have not been engaged in any other business or profession of a substantial nature during the past two fiscal years other than in their capacities as a
 director or officer of affiliated entities. Bailard provides real estate services (such as identifying and recommending potential property acquisitions and dispositions, supervising day-to-day property management and providing real estate
 research) to a client that is an affiliated private real estate investment trust.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Geneva Capital Management LLC ("Geneva") acts as subadviser to the Nationwide Geneva Mid Cap Growth Fund and Nationwide Geneva Small Cap Growth Fund. To the knowledge of the
 Registrant, the directors and officers of Geneva have not been engaged in any other business or profession of a substantial nature during the past two fiscal years other than in their capacities as a director or officer of affiliated
 entities.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Amundi Asset Management US, Inc. ("Amundi US") acts as subadviser to the Nationwide Amundi Global High Yield Fund and Nationwide Amundi Strategic Income Fund. Except as noted below,
 the directors and officers of Amundi US have not been engaged in any other business or profession of a substantial nature during the past two fiscal years other than in their capacities as a director or officer of affiliated entities.

<u> Name and Position with Amundi US </u> <u> Other Company </u> Position with Other Company <br> <u> Lisa Jones<br> CEO </u> <u> The Investment Company Institute </u> Member- Board of Governors

------

---

| | | |
|:---|:---|:---|
| | MIT Sloan Finance Group Advisory Board | Member |
| | Clearwater Analytics Holdings, Inc | Independent Director (Member of the Board of Directors) |
| Ken Taubes<br> CIO | Kerem Shalom | Member of Finance Committee |
| | Suffolk University MSF Advisory Board | Board Member |

---

&nbsp;&nbsp;&nbsp;&nbsp;(k) Wellington Management Company LLP ("Wellington Management") acts as subadviser to the Nationwide International Small Cap Fund and Nationwide Fund. Wellington Management is an
 investment adviser registered under the Investment Advisers Act of 1940. During the past two fiscal years, no partner of Wellington Management has engaged in any other business, profession, vocation or employment of a substantial nature other
 than that of the business of investment management.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Loomis, Sayles & Company, L.P. ("Loomis Sayles") acts as subadviser to the Nationwide Loomis All Cap Growth Fund, Nationwide Loomis Core Bond Fund and Nationwide Loomis Short Term
 Bond Fund. The address of Loomis Sayles is One Financial Center, Boston, MA 02111. Loomis Sayles is an investment adviser registered under the Investment Advisers Act of 1940. Except as noted below, the directors and officers of Loomis
 Sayles have not been engaged in any other business or profession of a substantial nature during the past fiscal years, other than in their capacities as a director or officer of affiliated entities.

---

| | | |
|:---|:---|:---|
| Name and Position with Loomis Sayles | Name and Principal Business Address of Other Company | Connection with Other Company |
| Kevin P. Charleston<br> Chairman, Chief Executive Officer, President and Director | Loomis Sayles Funds I<br> 888 Boylston Street, Boston, MA 02199 | Trustee, President and Chief Executive Officer |
|  | Loomis Sayles Funds II<br> 888 Boylston Street, Boston, MA 02199 | Trustee |
|  | Natixis Funds Trust I<br> 888 Boylston Street, Boston, MA 02199 | Trustee |
|  | Natixis Funds Trust II<br> 888 Boylston Street, Boston, MA 02199 | Trustee |
|  | Natixis Funds Trust IV<br> 888 Boylston Street, Boston, MA 02199 | Trustee |
|  | Natixis ETF Trust<br> 888 Boylston Street, Boston, MA 02199 | Trustee |
|  | Natixis ETF Trust II<br> 888 Boylston Street, Boston, MA 02199 | Trustee |
|  | Gateway Trust<br> 888 Boylston Street, Boston, MA 02199 | Trustee |
|  | Loomis Sayles Distributors, Inc.<br> One Financial Center, Boston, MA<br> 02111 | Director |

---

------

---

| | | |
|:---|:---|:---|
|  | Loomis Sayles Investments Limited<br> The Economist Plaza, 25 St. James's Street, London, England SW1A 1 HA | Executive Vice President |
|  | Loomis Sayles Trust Company, LLC<br> One Financial Center, Boston, MA 02111 | Manager and President |
|  | Loomis Sayles Investments Asia Pte. Ltd.<br> 10 Collyer Quay #14-06, Ocean Financial Centre, Singapore 049315 | Director |
|  | Loomis Sayles Operating Services, LLC<br> One Financial Center, Boston, MA 02111 (dissolved 12/20/22) | Chairman and President (2020 -2022) |
| | NIM-os, LLC<br> One Financial Center, Boston, MA 02111 | Director, Chairman and President |
| Matthew J. Eagan<br> Executive Vice President and Director |  |  |
| Daniel J. Fuss<br> Vice Chairman, Executive Vice President and Director | Loomis Sayles Funds I<br> 888 Boylston Street, Boston, MA 02199 | Executive Vice President (2003 to 2021) |
|  | Loomis Sayles Funds II<br> 888 Boylston Street, Boston, MA 02199 | Executive Vice President (2003 to 2021) |
| John R. Gidman<br> Executive Vice President, Chief Operating Officer and Director | Loomis Sayles Operating Services, LLC, One Financial Center, Boston, MA 02111 (dissolved 12/20/22) | Director and Chief Executive Officer (2020 - 2022) |
|  | NIM-os, LLC<br> One Financial Center, Boston, MA 02111 | Director and Chief Executive Officer |
| David L. Giunta<br> Director | Natixis Investment Managers<br> 888 Boylston Street, Boston, MA 02199 | President and Chief Executive Officer, US |
|  | Natixis Advisors, LLC<br> 888 Boylston Street, Boston, MA 02199 | President and Chief Executive Officer |
|  | Compliance, Risk and Internal Control Committee (formerly Natixis Distribution Corporation)<br> 888 Boylston Street, Boston, MA 02199 | Chairman, President and Chief Executive Officer |
|  | Natixis Distribution, LLC<br> 888 Boylston Street, Boston, MA 02199 | President and Chief Executive Officer |
|  | Loomis Sayles Funds I<br> 888 Boylston Street, Boston, MA 02199 | Trustee and Executive Vice President |
|  | Loomis Sayles Funds II<br> 888 Boylston Street, Boston, MA 02199 | Trustee, President and Chief Executive Officer |

---

------

---

| | | |
|:---|:---|:---|
|  | Natixis Funds Trust I<br> 888 Boylston Street, Boston, MA 02199 | Trustee, President and Chief Executive Officer |
|  | Natixis Funds Trust II<br> 888 Boylston Street, Boston, MA 02199 | Trustee, President and Chief Executive Officer |
|  | Natixis Funds Trust IV<br> 888 Boylston Street, Boston, MA 02199 | Trustee, President and Chief Executive Officer |
|  | Natixis ETF Trust<br> 888 Boylston Street, Boston, MA 02199 | Trustee, President and Chief Executive Officer |
|  | Natixis ETF Trust II<br> 888 Boylston Street,<br> Boston, MA 02199 | Trustee, President and Chief Executive Officer |
|  | Gateway Trust<br> 888 Boylston Street, Boston, MA 02199 | Trustee, President and Chief Executive Officer |
| Aziz V. Hamzaogullari<br> Executive Vice President, Chief Investment Officer of the Growth Equity Strategies and Director |  |  |
| Kinji Kato<br> Director 6/17/22 to present) | Natixis Investment Managers Japan<br> Ark Hills South Tower 8F<br> 4-5, Roppongi 1-chome, Minato-ku<br> Tokyo 106-0032<br> Japan | Honorary Chairman |
| Maurice Leger<br> Director of Global Institutional Services,<br> Executive Vice President and Director | Loomis Sayles Trust Company, LLC<br> One Financial Center, Boston, MA 02111 | Manager |
| Rebecca O'Brien Radford<br> Executive Vice President, General Counsel, Secretary and Director (1/1/2023 to present) | Loomis Sayles Distributors, Inc.<br> One Financial Center, Boston, MA 02111 | Director |
|  | Loomis Sayles Investments Limited<br> The Economist Plaza, 25 St. James's Street, London, England SW1A 1 HA | General Counsel and Secretary |
|  | Loomis Sayles Trust Company, LLC<br> One Financial Center, Boston, MA 02111 | Manager and Secretary |
|  | Loomis Sayles Operating Services, LLC, One Financial Center, Boston, MA 02111 (dissolved 12/20/22) | Director and Secretary (2020 - 2022) |
|  | NIM-os, LLC<br> One Financial Center, Boston, MA 02111 | Director, General Counsel and Secretary |
| Richard G. Raczkowski |  |  |

---

------

---

| | | |
|:---|:---|:---|
| Executive Vice President and Director |  |  |
| John F. Russell<br> Executive Vice President and Director |  |  |
| Susan L. Sieker<br> Executive Vice President, Chief Financial Officer and Director (2021-present) | Loomis Sayles Investments Limited<br> The Economist Plaza, 25 St. James's Street, London, England SW1A 1 HA | Chief Financial Officer |
|  | Loomis Sayles Trust Company, LLC<br> One Financial Center, Boston, MA 02111 | Manager and Chief Financial Officer |
|  | NIM-os, LLC<br> One Financial Center, Boston, MA 02111 | Director |
| Elaine M. Stokes<br> Executive Vice President and Director |  |  |
| David L. Waldman<br> Executive Vice President, Deputy Chief Investment Officer (2013-2021), Chief Investment Officer (2021-present) and Director |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(m) WCM Investment Management ("WCMIM") acts as subadviser to the Nationwide WCM Focused Small Cap Fund. WCMIM is an investment adviser registered under the Investment Advisers Act of
 1940. To the knowledge of the Registrant, the directors and officers of WCMIM have not been engaged in any other business or profession of a substantial nature during the past two fiscal years other than in their capacities as a director or
 officer of affiliated entities.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Western Asset Management Company, LLC ("Western Asset") acts as subadviser to the Nationwide Multi-Cap Portfolio. Western Asset is a direct wholly-owned subsidiary of Legg Mason, Inc.
 ("Legg Mason") and an indirect wholly-owned subsidiary of Franklin Resources, Inc. ("Resources") and is registered as an investment adviser under the Advisers Act. During the past two fiscal years, the directors and officers of Western Asset
 have not been engaged in any business, profession, vocation or employment of a substantial nature other than as directors or officers of Legg Mason and/or Resources, other Legg Mason and/or Resources subsidiaries, and/or other Legg Mason
 and/or Resources sponsored investment companies. The names and titles of the officers and directors of Western Asset are listed in Schedules A and D of Form ADV filed by Western Asset pursuant to the Advisers Act, the text of which Schedules
 are incorporated herein by reference (SEC File No. 801-8162). Western Asset is located at 385 E. Colorado Blvd, Pasadena, CA 91101.

---

| | | |
|:---|:---|:---|
| **Name** | **Position(s) at Western Asset** | **Other Position(s) held** |
| James W. Hirschmann III | President and Chief Executive Officer, Western Asset (Chairman) | Director, Western Asset Mortgage Capital Corporation |
| Jennifer Johnson | Non-Employee Director | None |
| Matthew Nicholls | Non-Employee Director | None |
| Andrew J. Bowden | Chief Operating Officer, Western Asset (Executive Director) | None |
| Jed A. Plafker | Non-Employee Director | None |
| Marzo Bernardi | Director of Client Services and Marketing | None |

---

------

---

| | | |
|:---|:---|:---|
| Dennis McNamara | Director of Global Portfolio Operations | None |
| Courtney Hoffman | Secretary and General Counsel | Director, Western Asset Holdings (Australia) Pty Ltd |
|  |  | Director, Western Asset Management Company Pty Ltd |
|  |  | Director, Western Asset Management Company Ltd |
|  |  | Director, Western Asset Management Company Pte. Ltd |
|  |  | Director, Western Asset Management Company Limited |
| Daniel E. Giddings | Assistant Secretary | None |
| David I. Hugh | Global Head of Finance | None |
| Arthur T. Spalding | Treasurer and Controller | None |

---

&nbsp;&nbsp;&nbsp;&nbsp;(o) GQG Partners LLC ("GQG") acts as subadvisor to the Nationwide GQG US Quality Equity Fund. Except as noted below, during past two fiscal years the directors and officers of GQG have
 not been engaged in any other business or profession of a substantial nature for his or her own account or in the capacity of director, officer, employee partner or trustee.

---

| | | |
|:---|:---|:---|
| Name and Position with<br> Investment Adviser | Name and Principal Business<br> Address of Other Company | Connection with Other Company |
| Rajiv Jain, Chairman, Chief Investment Officer and Manager | GQG Partners Community Empowerment Foundation\*<br> 450 East Las Olas Blvd, Suite 750<br> Fort Lauderdale, FL 33301 | Sole Member; Director (August 2018 - April 2021) |
| Rajiv Jain, Chairman, Chief Investment Officer and Manager | GQG Partners Inc.\*<br> 450 East Las Olas Blvd, Suite 750<br> Fort Lauderdale, FL 33301 | Executive Chairman, Chief Investment Officer |
| Tim Carver, Chief Executive Officer and Manager | GQG Partners Community Empowerment Foundation\*<br> 450 East Las Olas Blvd, Suite 750<br> Fort Lauderdale, FL 33301 | Director (August 2018 -- April 2021) |
| Tim Carver, Chief Executive Officer and Manager | GQG Partners Inc.\*<br> 450 East Las Olas Blvd, Suite 750<br> Fort Lauderdale, FL 33301 | Chief Executive Officer, Executive Director |
| Melodie Zakaluk,<br> Chief Financial Officer and Manager | GQG Global UCITS ICAV<br> 2nd Floor, 5 Earlsfort Terrace<br> Dublin D2<br> Ireland | Director |
| Melodie Zakaluk,<br> Chief Financial Officer and Manager | GQG Partners Inc.\*<br> 450 East Las Olas Blvd, Suite 750<br> Fort Lauderdale, FL 33301 | Chief Financial Officer |
| Melodie Zakaluk,<br> Chief Financial Officer and Manager | GQG Partners (Australia) Pty Ltd\* | Director |

---

------

---

| | | |
|:---|:---|:---|
| | Level 10, 68 Pitt Street<br> Sydney NSW 2000 | |
| Charles Falck<br> Chief Operating Officer | Vontobel Asset Management AG<br> Genferstrasse 27, 8002<br> Zurich<br> Switzerland | Global Chief Operating Officer (employment prior to joining GQG in August 2021) |
| Charles Falck<br> Chief Operating Officer | GQG Partners Inc.\*<br> 450 East Las Olas Blvd, Suite 750<br> Fort Lauderdale, FL 33301 | Chief Operating Officer |
| Sal DiGangi, Global Chief Compliance Officer | GQG Partners Inc.\*<br> 450 East Las Olas Blvd, Suite 750<br> Fort Lauderdale, FL 33301 | Global Chief Compliance Officer |
| Frederick H. Sherley, General Counsel and Secretary | GQG Partners Inc.\*<br> 450 East Las Olas Blvd, Suite 750<br> Fort Lauderdale, FL 33301 | General Counsel and Corporate Secretary |

---

\* Affiliated entity

&nbsp;&nbsp;&nbsp;&nbsp;(p) Newton Investment Management North America, LLC ("Newton US") acts as a subadvisor to the Nationwide BNY Mellon Disciplined Value Fund and Nationwide BNY Mellon Dynamic U.S. Core
 Fund. The directors and officers of Newton US have not been engaged in any other business or profession of substantial nature during the past two fiscal years.

&nbsp;&nbsp;&nbsp;&nbsp;(q) Janus Henderson Investors US LLC ("Janus") acts as a subadviser to the Nationwide Multi-Cap Portfolio and Nationwide Janus Henderson Overseas Fund. Janus is an investment adviser
 registered under the Investment Advisers Act of 1940. To the knowledge of the Registrant, the officers of Janus have not been engaged in any other business or profession of a substantial nature during the past two fiscal years other than in
 their capacities as a director or officer or other employee of affiliated entities, including sponsor funds.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Goldman Sachs Asset Management, L.P. ("GSAM") is an indirect wholly owned subsidiary of The Goldman Sachs Group, Inc. and serves as a subadviser the the Nationwide Multi-Cap
 Portfolio. GSAM is engaged in the investment advisory business. GSAM is part of The Goldman Sachs Group, Inc., a public company that is a bank holding company, financial holding company and a world-wide, full-service financial services
 organization. GSAM Holdings LLC is the general partner and principal owner of GSAM. To the knowledge of the Registrant, the directors and officers of GSAM have not been engaged in any other business or profession of a substantial nature
 during the past two fiscal years other than in their capacities as a director or officer of affiliated entities.

&nbsp;&nbsp;&nbsp;&nbsp;(s) Insight North America LLC ("Insight") acts as a subadvisor to the Nationwide BNY Mellon Core Plus Bond ESG Fund. The directors and officers of Insight have not been engaged in any
 other business or profession of a substantial nature during the past two fiscal years.

&nbsp;&nbsp;&nbsp;&nbsp;(t) Jacobs Levy Equity Management, Inc. ("Jacobs Levy") acts as subadviser to the Nationwide U.S. 130/30 Equity Portfolio. To the knowledge of the Registrant, the directors and officers
 of Jacobs Levy have not been engaged in any other business or profession of a substantial nature during the past two fiscal years other than in their capacities as a director or officer of affiliated entities.

#### ITEM 32. PRINCIPAL UNDERWRITERS

#### <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Nationwide Fund Distributors LLC, the principal underwriter of the Trust, also acts as principal underwriter for Nationwide Variable Insurance Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Herewith is the information required by the following table with respect to each director, officer or partner of NFD. The address for the persons listed below, except where otherwise
 noted, is One Nationwide Plaza, Columbus, OH 43215.

------

---

| | | |
|:---|:---|:---|
| Name: | Position with NFD: | Position with Registrant: |
| Holly A. Butson | Chief Compliance Officer | N/A |
| Lee T. Cummings | President | Senior Vice President and Head of Fund Operations |
| Ewan T. Roswell | Associate Vice President and Assistant Treasurer | N/A |
| Denise L. Skingle | Senior Vice President and Secretary | N/A |
| Jennifer L. Monnin | Chief Marketing Officer | N/A |
| John L. Carter | Manager | N/A |
| Steven A. Ginnan | Manager | N/A |
| Kevin T. Jestice | Manager | President, Chief Executive Officer and Principal Executive Officer |

---

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

#### ITEM 33. LOCATION OF ACCOUNTS AND RECORDS

#### <br>
J.P. Morgan Investor Services Co.<br> 1 Beacon Street<br> Boston, Massachusetts 02108-3002

Nationwide Funds Group<br> One Nationwide Plaza<br> Columbus, OH 43215<br>

#### ITEM 34. MANAGEMENT SERVICES

#### <br>
Not applicable.

#### ITEM 35. UNDERTAKINGS

Not applicable.

------

#### SIGNATURES
Pursuant to the requirements of the Investment Company Act of 1940, as amended, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Columbus, and State of Ohio, on this 16<sup>th</sup> day of March, 2023.

---

| | |
|:---|:---|
| NATIONWIDE MUTUAL FUNDS | NATIONWIDE MUTUAL FUNDS |
| BY: | /s/ Allan J. Oster |
|  | Allan J. Oster, Attorney-In-Fact for Registrant |

---

## Exhibit 99.28

EX-28.d.4.k.1

#### EXHIBIT A

#### SUBADVISORY AGREEMENT

#### AMONG

#### NATIONWIDE MUTUAL FUNDS,

#### NATIONWIDE FUND ADVISORS

#### AND LOOMIS, SAYLES & COMPANY, L.P.

Effective November 13, 2017

*As amended March 20, 2023\**

---

| | |
|:---|:---|
| **Funds of the Trust** | **Subadvisory Fees** |
| Nationwide Loomis Core Bond Fund | 0.15% on Subadviser Assets up to $250 million;<br> 0.125% on Subadviser Assets of $250 million and more but less than $1 billion; and<br> 0.10% on Subadviser Assets of $1 billion and more<br>|
| Nationwide Loomis Short Term Bond Fund | 0.08% on all Aggregate Subadviser Assets† |

---

Subadviser Assets will be calculated separately for the Nationwide Loomis Bond Fund.

**†** The term "Aggregate Subadviser Assets" shall mean the aggregate amount resulting from the combination of Subadviser Assets of the Nationwide Loomis Short Term Bond Fund together with the Subadviser Assets (as defined in a Subadvisory Agreement among Nationwide Variable Insurance Trust, Nationwide Fund Advisors and Loomis, Sayles & Company, L.P., dated June 30, 2021, as amended) of the NVIT Loomis Short Term Bond Fund *(formerly, NVIT Short Term Bond Fund)*, a series of Nationwide Variable Insurance Trust.

\* As approved at the Board of Trustees Meeting held on December 6-7, 2022.

[The remainder of this page is intentionally left blank.]

------

IN WITNESS WHEREOF, the parties hereto have executed this Exhibit A on the effective date set forth above.

---

| | |
|:---|:---|
| TRUST | TRUST |
| NATIONWIDE MUTUAL FUNDS | NATIONWIDE MUTUAL FUNDS |
| By: | /s/ Christopher Graham |
| Name: | Christopher Graham |
| Title: | VP, Chief Investment Officer |
| ADVISER | ADVISER |
| NATIONWIDE FUND ADVISORS | NATIONWIDE FUND ADVISORS |
| By: | /s/ Christopher Graham |
| Name: | Christopher Graham |
| Title: | VP, Chief Investment Officer |
| SUBADVISER | SUBADVISER |
| LOOMIS, SAYLES & COMPANY, L.P. | LOOMIS, SAYLES & COMPANY, L.P. |
| By: | /s/ Lauren B. Pitalis |
| Name: | Lauren B. Pitalis |
| Title: | Vice President |

---

## Exhibit 99.28

EX-28.p.14

### CODE OF ETHICS

#### Western Asset Investment Grade Income Fund, Inc.

#### Western Asset Management Company, LLC

#### Western Asset Management Company Limited

#### Western Asset Management Company Pte. Ltd.

#### Western Asset Funds, Inc.

#### Western Asset Premier Bond Fund

#### Western Asset Inflation-Linked Income Fund

#### Western Asset Inflation-Linked Opportunities & Income Fund

December 1, 2022

------

### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| &nbsp;&nbsp; What are the Objectives and Spirit of the Code? | 3 |
| &nbsp;&nbsp; Who is Subject to the Code? | 5 |
| &nbsp;&nbsp; Who Administers the Code? | 7 |
| &nbsp;&nbsp; Fiduciary Duty to Clients and Funds | 9 |
| &nbsp;&nbsp; Reporting of Personal Trading | 11 |
| &nbsp;&nbsp; Preclearance Process for Personal Trading | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• What Trades Must Be Precleared? | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• What Trades are Not Required to be Precleared? | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• How does the Preclearance Process Work? | 19 |
| &nbsp;&nbsp; Personal Trading Restrictions | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holding Periods | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Blackout Periods | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preclearance Sought in Good Faith | 22 |
| &nbsp;&nbsp; Requirements for Fund Directors | 23 |

---

------

### WHAT ARE THE OBJECTIVES AND SPIRIT OF THE CODE?

**Adoption of Code of Ethics by Western Asset and the Funds.** Western Asset Management Company, Western Asset Management Company Pte. Ltd. and Western Asset Management Company Limited (referred to generally as "Western Asset") act as fiduciaries and, as such, are entrusted to act in the best interests of all clients, including investment companies. Accordingly, Western Asset has adopted this Code of Ethics in order to ensure that employees uphold their fiduciary obligations and to place the interests of clients, including the Funds, before their own.

In addition, Western Asset Investment Grade Income Fund, Western Asset Premier Bond Fund, Western Asset Funds, Inc., Western Asset Inflation-Linked Securities & Income Fund and Western Asset Inflation- Linked Income Fund (referred to generally as the "Funds") have also adopted this Code of Ethics in order to ensure that persons associated with the Funds, including Directors/Trustees ("Directors"), honor their fiduciary commitment to place the interests of the Funds before their own.

**Regulatory Requirement.** The Investment Company Act of 1940 requires each investment company (*i.e.,* the Funds), as well as its investment adviser and principal underwriter, to adopt a code of ethics. In addition, the Investment Advisers Act of 1940 requires each investment adviser (*i.e.,* Western Asset) to adopt a code of ethics. Both Acts also require that records be kept relating to the administration of the Code of Ethics. This Code of Ethics shall be read and interpreted in a manner consistent with these Acts and their related rules.

**Compliance with Applicable Law.** All persons associated with Western Asset are obligated to understand and comply with their obligations under applicable law. Among other things, laws and regulations make clear that it is illegal to defraud clients and Funds in any manner, mislead clients or Funds by affirmative statement or by omitting a material fact that should be disclosed, or to engage in any manipulative conduct with respect to clients, Funds, or the trading of securities.

**Confidential Information.** All persons associated with Western Asset and the Funds may be in a position to know about client identities, investment objectives, funding levels, and future plans as well as information about the transactions that Western Asset executes on their behalf and the securities holdings in their accounts. All this information is considered confidential and must not be shared unless otherwise permitted.

**Avoiding Conflicts of Interest.** Neither Western Asset employees nor Fund Directors may take advantage of their knowledge or position to place their interests ahead of Western Asset clients or the Funds, as the case may be. Different obligations may apply to different persons under this Code of Ethics, but this duty includes an obligation not to improperly trade in personal investment accounts, as well as an obligation to maintain complete objectivity and independence in making decisions that impact the management of client assets, including the Funds. Western Asset employees and Fund Directors must disclose all material facts concerning any potential conflict of interest that may arise to the Funds' Chief Compliance Officer or the Western Asset Chief Compliance Officer, as appropriate.

**Upholding the Spirit of the Code of Ethics.** The Code of Ethics sets forth principles and standards of conduct, but it does not and cannot cover every possible scenario or circumstance. Each person is expected to act in accordance with the spirit of the Code of Ethics and their fiduciary duty. Technical compliance with

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the Code of Ethics is not sufficient if a particular action or series of actions would violate the spirit of the Code of Ethics.

**Western Asset Compliance Policies and Procedures.** In addition to the Code of Ethics, Western Asset has established policies and procedures that are designed to address compliance requirements and conflicts and potential conflicts of interest not related to personal trading. Employees have an obligation to follow Western Asset's compliance policies and procedures.

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### WHO IS SUBJECT TO THE CODE?

While the spirit and objectives of the Code generally are the same for each person covered by the Code of Ethics, different specific requirements may apply to different categories of people. Western Asset and the Funds have both adopted the Code of Ethics, and the requirements for Western Asset employees differ from those for Fund Directors. You must understand what category or categories apply to you in order to understand which requirements you are subject to.

**Western Asset Employees, Officers and Directors.** As a condition of employment, all Western Asset employees, officers and directors (generally referred to as "Western Asset employees") must read, understand and agree to comply with the Code of Ethics. You have an obligation to seek guidance or take any other appropriate steps to make sure you understand your obligations under the Code of Ethics. On an annual basis, you are required to certify that you have read and understand the Code of Ethics and agree to comply.

**Western Asset Independent Contractors.** Independent contractors may be subject to the Code of Ethics depending on the length of time with Western Asset, the nature of the engagement and the access to information. If designated, you are required to comply with the Code of Ethics and make all the required certifications. All independent contractors are still obliged to observe obligations of confidentiality and other terms of their engagements.

**Directors of the Funds.** The Code of Ethics applies to interested Directors of the Funds who are also Western Asset employees or otherwise interested persons because of their business affiliations with Western Asset. Interested Directors who are also employees or are otherwise interested persons because of their business affiliations with Franklin Templeton Investments are subject to the Franklin Templeton Investments Code of Ethics.

<br> • What are the "Funds"?

<br> o Western Asset Funds, Inc.

<br> o Western Asset Investment Grade Income Fund, Inc.

<br> o Western Asset Premier Bond Fund

<br> o Western Asset Inflation-Linked Income Fund

<br> o Western Asset Inflation-Linked Opportunities & Income Fund.

<br> • If a Director is considered to be an "interested person" of a Fund, its investment adviser or principal underwriter within the meaning of Section 2(a) (19) of the Investment Company Act of 1940, then he or she is considered an Interested Director.

<br> • If a Director is not considered to be an "interested person," then he or she is considered to be a Disinterested Director.

<br> • If you are both a Fund Director and an employee of Western Asset, you are subject to the requirements that apply to you as an employee of Western Asset, as applicable.

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<br> • Western Asset Interested Directors are subject to those requirements forth in the Section below titled "Requirements for Fund Directors."

**Access Persons.** Western Asset employees and Fund Officers and Directors are considered "Access Persons" because they may have access to information regarding investment decisions, transactions and holdings. Other people may also be considered to be "Access Persons" and subject to the same requirements as Western Asset employees including the following:

• Any natural person that has the power to exercise a controlling influence over the management and policies of Western Asset or the Funds and who obtains information concerning recommendations made to a client account, including a Fund, with regard to the purchase or sale of a security.

<br> • Any person who provides advice on behalf of Western Asset and is subject to Western Asset's supervision and control.

<br> • Any other such person as the Chief Compliance Officer of Western Asset or the Funds designate.

**Investment Persons.** If you are a Western Asset employee and you also make recommendations or investment decisions on behalf of Western Asset as part of your regular functions or duties, or you make or participate in making recommendations regarding the purchase or sale of securities for a Western Asset client or account, you are considered an "Investment Person." Investment Persons are subject to all the requirements of Western Asset employees, but also must comply with additional restrictions due to their knowledge and involvement with investment decisions Western Asset is considering or planning for the future.

**Other Codes of Ethics.** If you are an Access Person under this Code, but you are employed principally by affiliates of Western Asset and you are subject to a Code of Ethics that complies with applicable law, you are subject to the relevant provisions of the Code of Ethics of your principal employer and not subject to this Code. The principal application of this is for those subject to codes of Franklin Resources, Inc. and related subsidiaries (collectively, "Franklin Templeton Investments.")

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### WHO ADMINISTERS THE CODE?

<u>Western Asset Pasadena Management Committee:</u>

• **Responsibilities.** The Western Asset Pasadena Management Committee has ultimate responsibility for the Code of Ethics. The Management Committee shall review and approve or deny any changes or proposed changes to the Code of Ethics. The Management Committee shall also receive periodic reports from the Legal and Compliance Department regarding violations of the Code of Ethics. The Management Committee shall determine the appropriate policy with respect to sanctions for Code of Ethics violations. The Management Committee may delegate the administration of this Code of Ethics to other individuals or departments, including the power to impose sanctions for particular violations according to the framework approved by the Committee.

• **Interpretation:** The Management Committee is the final arbiter of questions of interpretation under this Code of Ethics.

<u>Western Asset Chief Compliance Officer:</u>

• **Receipt of Violations.** The Chief Compliance Officer (known as the "CCO") for Western Asset is the person designated to receive all violations of the Code of Ethics. If a Western Asset employee becomes aware of a violation of this Code of Ethics or a violation of applicable law, they have an obligation to report the matter promptly to the CCO.

• **Review of Violations.** The Western Asset CCO must review all violations of the Code of Ethics and oversee any appropriate investigation and subsequent response with respect to Western Asset.

<u>Chief Compliance Officer for the Funds:</u>

• **Responsibilities.** The Chief Compliance Officer for the Funds is responsible for overseeing the administration of the Funds' compliance policies and procedures.

• **Reporting of Violations.** All violations of the Funds' Code of Ethics must be reported to the Funds' Chief Compliance Officer. To the extent that a violation involves a Fund Director, the Funds' CCO shall oversee any appropriate investigation and subsequent response with respect to the Funds.

<u>Sanctions for Violations of the Code of Ethics:</u>

<br> • If you violate the Code of Ethics, you may be subject to sanctions. Violations may take a variety of forms, depending on the facts and circumstances and should reflect the nature of the violation, the risk to clients and other similar factors.

• In evaluating a violation, a variety of factors may be considered including any evidence of a violation of the law, potential or actual harm to client interests, evidence of fraud, neglect or indifference to the Code of Ethics, frequency of violations, prior violations, and cooperation or mitigation efforts of the employee.

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<br> • Sanctions may include any of the following types of sanctions or such other sanctions as may be deemed appropriate:

<br> o Verbal or written warnings

<br> o Written warnings with copies to the employee's supervisor and/or personnel file

<br> o Limits on personal trading activities, such as limits on the ability to trade or open new positions

<br> o Requirements to disgorge profits and/or reverse trades

<br> o Referrals to Human Resources for disciplinary action

<br> o Terminations

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### FIDUCIARY DUTY TO CLIENTS AND FUNDS

**Comply with Applicable Law.** A variety of securities laws, including those described in this Code of Ethics, apply to the operation of Western Asset and the Funds. It is your responsibility to understand your obligations under these laws and to comply with those requirements. You have an obligation to seek assistance from the Legal and Compliance Department if you are unsure of what your obligations are under this Code of Ethics.

**Fiduciary Duty.** As a fiduciary for Western Asset clients, including the Funds, you have an obligation to act in clients' best interests. You must scrupulously avoid serving your personal interests ahead of the interests of clients and the Funds. That includes making sure that client interests come first and that you avoid any potential or actual conflicts of interest. That fiduciary duty extends to all aspects of the business. Conflicts and potential conflicts can arise in a variety of situations. You may have information regarding clients, their investment strategies, strategic plans, assets, holdings, transactions, personnel matters and other information. This information may not be communicated in any manner to benefit yourself or other persons. This obligation extends to avoiding potential conflicts between client accounts as well. You may not inappropriately favor the interests of one client over another.

**Compliance with the Code of Ethics.** All new staff are provided with a copy of this Code of Ethics upon joining the Firm and the current version is posted on the Firm's intranet. From time to time, the Firm may revise the Code of Ethics and you will be provided with a copy of any such amendments to the Code. On an annual basis and when the Code of Ethics is amended, you will be required to acknowledge in writing that you have received, understand and agree to comply with the Code of Ethics.

**Personal Interests.** As a general matter, you may not improperly take personal advantage of your knowledge of recent, pending or intended securities activities for clients, including the Funds. In addition, you may not improperly take advantage of your position to personally gain at the expense of the interests of Western Asset, clients, or the Funds.

**Maintaining the Best Interests of Clients.** The provisions of this Code of Ethics address some of the ways in which you are expected to uphold the fiduciary duty to clients and the Funds. It is not an exclusive list.

**Confidentiality.** Unless otherwise permitted, information regarding clients or their accounts may not be shared with persons outside of the Firm, such as vendors, family members, or market participants. In particular, information regarding the trading intentions of clients or Western Asset on behalf of its clients may not be shared.

#### Personal trading:

<br> • A potential conflict exists between the interests of clients (including the Funds) and your personal investment activities. This conflict may take shape in a variety of ways, including the particular trades you execute and the volume of trading you do.

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<br> • You may not engage in an excessive volume of trading in your personal accounts. High volumes of personal trading may raise concerns that your energies and interests are not aligned with client interests.

<br> • Depending on the particular security that you choose to buy, a holding period may also apply that requires you to hold that security for a minimum period of time.

<br> • At all times, you have an obligation to refrain from personally trading to manipulate the prices of securities and trading on material non-public information.

• Given the potential conflict that exists between client transactions, holdings and intentions and your personal trading activity, the Code of Ethics contains detailed requirements regarding your personal conduct and the monitoring of your personal trading activity. The remaining sections of the Code of Ethics provide guidance on the requirements that must be followed in connection with your personal trading activity.

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### REPORTING OF PERSONAL TRADING

You must provide information regarding your personal investment accounts as required under this Code of Ethics. Reporting obligations take effect at the inception of your involvement with Western Asset or a Fund, and continue on a monthly, quarterly and annual basis. As with other provisions of the Code of Ethics, you are expected to understand and comply with the obligations that apply to you. (Applicable provisions for Western Asset Interested Directors are described more fully below in the Section titled "Requirements for Fund Directors.")

In order to monitor potential conflicts of interest and your compliance with the Code, Western Asset employees and Interested Directors must identify investment accounts and provide information on particular securities transactions in those accounts.

Western Asset Management Company employees (*i.e.,* those located in the Pasadena and New York offices) must maintain personal brokerage accounts only with brokers approved by the Firm. New hires must transfer their accounts within 90-days of hire. The criterion for broker approval is whether a broker is willing and able to provide electronic feeds to Western Asset for purposes of monitoring and administration of the Code of Ethics and Western Asset's systems can effectively accommodate the electronic feeds. A list of approved brokers shall be published by the Legal and Compliance Department for reference by employees. Limited exceptions may be granted by the General Counsel or Chief Compliance Officer in such cases as may be necessary or prudent on a case by case basis (such as for accounts of family members of employees).

#### Which investment accounts do Western Asset employees and Western Asset Interested Directors need to report?

<u>Report any of the following investment accounts:</u>

• Any investment account with a broker-dealer or bank in which you have a direct or indirect interest, including accounts that are yours or that you share jointly with another person. This includes joint accounts, spousal accounts, UTMA accounts, partnerships, trusts and controlling interests in corporations.

<br> o This requirement generally will cover any type of brokerage account opened with a broker- dealer or bank.

<br> o You must also report any Individual Retirement Account ("IRA") held with a broker-dealer or bank.

• Any investment account with a broker-dealer or bank over which you have investment decision- making authority (including accounts you are named on, such as being a guardian, executor or trustee, as well as accounts you are not named on, such as an account owned by another person for which you have been granted trading authority).

<br> • Any investment account with a broker-dealer or bank established by partnership, corporation, or other entity in which you have a direct or indirect interest through any formal or informal understanding or agreement.

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<br> • Any college savings account in which you hold securities issued under Section 529 of the Internal Revenue Code and in which you have a direct or indirect interest.

<br> • Any account established to hold shares in a Franklin Resources, Inc. Employee Stock Investment Plan (ESIP) or similar plan.

<br> • Any other account that the Western Asset Management Committee or its delegate deems appropriate in light of your interest or involvement.

• You are presumed to have investment decision-making authority for, and therefore must report, any investment account of a member of your immediate family if they live in the same household as you. (Immediate family includes a spouse, child, grandchild, stepchild, parent, grandparent, sibling, mother or father-in-law, son or daughter in-law, or brother or sister in-law.) You may rebut this presumption if you are able to provide Western Asset with satisfactory assurances that you have no material interest in the account and exercise no control over investment decisions made regarding the account. Consult with the Legal and Compliance Department for guidance regarding this process.

<u>Do not report any of the following accounts:</u>

<br> • Do not report investment accounts that are not held at a broker-dealer or bank that permit investments <u>only</u> in shares of open-end investment companies or funds:

<br> o Do not report such an investment account if the account holds <u>only</u> shares in money market funds.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;o | Do not report such an investment account if you <u>only</u> invest in open-end funds not advised or sub-advised by Western Asset or a Franklin Templeton Investments affiliate. If you begin investing in open-end funds advised or sub-advised by Western Asset or an affiliate, you must report the investment account. |

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• Do not report any 401(k), 403(b) or other company sponsored retirement accounts unless there is trading activity in funds advised or sub-advised by Western Asset or an affiliate. The list is available from the Legal and Compliance Department. Note: If you have a Western Asset 401(k) account, no additional reporting is required, but you are subject to the holding period requirements described in the Section below titled "Personal Trading Restrictions."

#### What reports are Western Asset employees and Western Asset Interested Directors required to provide?

<u>At hire:</u> What information is required when you are hired or become a Western Asset employee or a Western Asset Interested Director of a Fund?

<br> • You must report all of your investment accounts. (See information above for more detail on which accounts must be reported.)

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• The report must either include copies of statements or the name of the broker, dealer or bank, title on the account, security names, exchange ticker and CUSIP as applicable, and the number of shares and principal amount of all holdings.

<br> • There is no requirement to report holdings of digital tokens, altcoins, crypto currencies or similar assets. This obligation may be revised based on further regulatory guidance, particularly if such instruments are deemed to be "securities."

<br> • You must sign and date all initial reports.

<br> • You must report required information within 10 calendar days from the date of hire or the date on which you become a Western Asset employee or Western Asset Interested Director.

<br> • All the information that you report must be no more than 45 days old.

<br> • The Legal and Compliance Department will attempt to arrange with your brokerage firm to receive duplicate confirmations and statements to enable the firm to monitor your trading activities, but your assistance may be required.

<u>Electronic Confirmations and Statements: T</u>he Western Asset Legal and Compliance Department will attempt to arrange to receive duplicate copies of transaction confirmations and account statements for each investment account directly from each financial institution with whom you have reported having an investment account. To the extent that Western Asset is able to directly obtain such information, you will not be required to separately provide the information described below for quarterly or annual transaction reports. You may be asked to confirm Western Asset's records in lieu of providing your own holdings or transaction reports. Your assistance may be required for information Western Asset does not have or is not able to obtain otherwise, which may include providing statements to Western Asset yourself or coordinating with your financial institution to send confirmations and statements to Western Asset.

<u>Quarterly Transaction Reports:</u> What information is required on a quarterly basis?

• You must report all transactions in covered securities in which you have a direct or indirect beneficial interest during a quarter to the Legal and Compliance Department within 30 days after quarter end, regardless of whether the account is required to be reported as described above.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;o | What are "covered securities"? "Covered securities" are any security as defined by the Investment Advisers Act of 1940, Investment Company Act of 1940, any financial instrument related to a security, including fixed income securities, any equity securities, any derivatives on fixed income or equity securities, ETFs, closed-end mutual funds, and any open-end mutual funds managed, advised or sub-advised by Western Asset or an affiliate. "Covered securities" does not include digital tokens, altcoins, crypto currencies or similar assets. This obligation may be revised based on further regulatory guidance, particularly if such instruments are deemed to be "securities." |

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<br> o "Covered securities" does not include obligations of the US government, bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt

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<br>instruments such as repurchase agreements and other instruments as described below in the Section titled "What Trades are Not Required to be Precleared?"

• The report shall state the title and number of shares, the principal amount of the security involved, the interest rate and maturity date if applicable, the date and nature of the transaction, the price at which the transaction was effected and the name of the broker, dealer or bank with or through whom the transaction was effected.

<br> • The report must also include the date it was submitted.

• You may not be required to file a quarterly report if the Legal and Compliance Department received duplicate copies of your broker confirmations and statements within the 30-day time period. From time to time, however, the Legal and Compliance Department may not receive all duplicate statements from brokers or may not receive them on a timely basis. In those cases, you will be notified by the Legal and Compliance Department and you have an obligation to provide copies of the statements or report all transactions you execute during the quarter in some other form.

<br> • If you have no investment accounts or executed no transactions in covered securities, you may be asked to confirm that you had no investment activity (either independent of an account or in a newly opened account).

<u>Annual Holdings Reports:</u> What information is required on an annual basis?

• You must provide a list of all covered securities in which you have a direct or indirect interest, including those not held in an account at a broker-dealer or bank. The list must include the title, the exchange ticker or CUSIP number as applicable, number of shares and principal amount of each covered security. Copies of investment account statements containing such information are sufficient. Holdings are not required to include digital tokens, altcoins, crypto currencies or similar assets unless they are held in a securities account at a broker-dealer or bank.

<br> • You must report the account number, account name and financial institution for each investment account with a broker-dealer of bank for which you are required to report.

• While the Western Asset Legal and Compliance Department may be receiving duplicate statements and confirmations for your investment accounts, this annual reporting requirement is intended to serve as a check to make sure that all of Western Asset's information is accurate and current.

<br> • The information in the annual report must be current as of a date no more than 45 days before the report is submitted and the annual report must include the date it was submitted to the Western Asset Legal and Compliance Department.

<br> • You also must certify annually that you have complied with the requirements of this Code of Ethics and that you have disclosed or reported all transactions and holdings required to be disclosed or reported pursuant to the requirements of this Code.

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<u>New Investment Accounts:</u> When do I need to report new investment accounts that are required to be reported under the Code of Ethics?

<br> • After you open an account or after you assume a role or obtain an interest in an account that requires reporting (as discussed in the Section titled "Reporting of Personal Trading"), you have 30 calendar days after the end of the quarter to report the account.

<br> • You must report the title of the account, the name of the financial institution for the account, the date the account was established (or the date on which you gained an interest or authority that requires the account to be reported) and the date reported.

<u>Additional Reporting for Certain Persons.</u> What additional reporting obligations exist for Directors and Officers of Closed-End Investment Companies, officers or Western Asset, or designated members of the Western Asset Investment Strategy Group?

• Section 16 of the Securities Exchange Act of 1934 requires Directors and Officers of any closed-end investment company to report to the Securities and Exchange Commission changes in their personal ownership of that closed-end investment company's stock. Note that reporting is not required for all close-end investment companies, but only the shares of those closed-end funds for which a person serves as a director or officer.

• In addition, Section 16 requires Western Asset officers and designated members of the Western Asset Investment Strategy Group to forfeit to the Fund any profit realized from any purchase and sale, or any sale and purchase, of Fund shares within any period of less than six months. Under Section 16, holding periods operate on a "last in, first out" methodology, so the six-month holding period for all holdings re-sets with each new purchase. Such persons should consult the Western Asset Legal and Compliance Department for further guidance regarding specific provisions of the law, including applicable reporting requirements

.

<br> • If provided with the necessary information, the Western Asset Legal and Compliance Department will assist and make the filings with the Securities and Exchange Commission on your behalf.

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### PRECLEARANCE PROCESS FOR PERSONAL TRADING

Before you execute a personal trade, the trade may need to be precleared to ensure that there is no conflict with Western Asset's current trading activities on behalf of its clients (including the Funds). All Western Asset employees are required to preclear trades in securities except as provided below.

#### WHAT TRADES MUST BE PRECLEARED?

**Any Security (unless excluded below).** You must preclear trades in any security, which means any bond, stock, debenture, certificate of interest or participation in any profit sharing venture, warrant, right and generally anything that meets the definition of "security" under the Investment Advisers Act of 1940 and the Investment Company Act of 1940. Except for money market instruments, G-7 government direct obligations and government direct obligations of Singapore and Australia, all fixed income securities must be precleared.

**Restricted List.** Subject to the caveat below for common stock, you are required to preclear the securities of any issuer that are listed on the Western Asset restricted list.

**Common Stocks.** You are only required to preclear publicly traded common stocks if the issuer of the common stock is listed on the Western Asset restricted list. In cases where the common stock is on the restricted list, designated as being eligible for trading, and the issuer has USD$10 billion or more in market capitalization, pre-clearance is only required if your trade is over USD$100,000 in value. Restrictions also apply to investments in private placements (including private funds) or initial public offerings (see discussion below). Preclearance is not required, however, for trading in stocks issued by Franklin Resources, Inc. as long as all other restrictions such as restricted periods are followed.

**Stocks of Brazilian Issuers.** You must preclear all Brazilian equity trades except trades of a *de minimis* amount (*i.e.,* trades of 500 shares or less per day for any issuer with a market capitalization in excess of USD$10 billion). This preclearance requirement includes both common and preferred shares as well as local shares and GDR/ADR securities.

**Derivatives.** Trades in any financial instrument related to a security that is required to be pre-cleared, including options on securities, futures contracts, single stock futures, options on futures contracts and any other derivative must be precleared.

**Shares in any Affiliated Open or Closed-end Mutual Fund or REIT**. Preclearance is required if you purchase or sell shares of open-end or closed-end funds and/or REITs advised or sub-advised by Western Asset outside of your Western Asset 401(k) participant account. This includes preclearance for such purchases or sales in a spouse's retirement account. You are not required to preclear trades in your Western Asset 401(k) participant account. *Note:* No preclearance is required for investments in any money market funds.

**Systematic Investment Plans.** Preclearance is required when executing an initial instruction for any purchases or sales that are made pursuant to a systematic investment or withdrawal plan involving a security that requires preclearance. For example, a systematic investment plan that regularly purchases

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shares of a Western Asset Fund would need to be precleared when the initial instruction was made, but not for each specific subsequent purchase. A systematic investment or withdrawal plan is one pursuant to which a prescribed purchase or sale will be automatically made on a regular, predetermined basis without affirmative action by the Access Person. As such, only the initial investment instruction (and any subsequent changes to the instruction) requires preclearance.

**Private Placement Securities.** All Western Asset employees must preclear any trades in private placement securities (*i.e.,* any offering that is exempt from registration under the Securities Act of 1933 pursuant to section 4(2) or 4(6) or pursuant to rule 504, rule 505, or rule 506 under the Securities Act of 1933) whether or not fixed income related. This requirement includes all private investment partnerships or funds such as hedge funds and private real estate holding partnerships.

**Initial Public Offerings.** Investment Persons are prohibited from participating in Initial Public Offerings (other than closed-end fund offerings where Western Asset is an adviser or sub-adviser). Special Purpose Acquisition Company (SPAC) offerings are considered Initial Public Offerings.

**529 College Savings Plans.** Any transaction in units of a college savings plan established under Section 529 of the Internal Revenue Code where the underlying investments are open-end funds advised or sub- advised by Western Asset or an affiliate. A list of such funds is available from the Legal and Compliance Department.

**Transactions in Retirement Accounts and Deferred Compensation Plans.** All purchases or sales of investment companies or funds advised or sub-advised by Western Asset in any retirement account <u>other</u> than your Western Asset 401(k) participant account or Deferred Compensation Plan must be precleared. *Note:* Trades in investment companies or funds in your Western Asset 401(k) account are not required to be precleared, but are subject to a 60-day holding period if they are advised or sub-advised by Western Asset. Trades in the brokerage portion of your Western Asset 401(k) such as those in individual tickers or CUSIPs are subject to the same personal trading pre-clear rules as if they were purchased outside of the 401(k) account.

**Shares of Preferred Stock.** You are required to preclear all transactions in shares of preferred stock.

#### WHAT TRADES ARE NOT REQUIRED TO BE PRECLEARED?

**Common Stocks.** As long as the issuer of the securities is not listed on the Western Asset restricted list, you are not required to preclear publicly traded common stocks. All Western Asset employees are also required to preclear an equity security in the case of a private placement or an initial public offering (see discussion above).

**Government Securities.** Trades in any direct obligations of the U.S. Government or any G7 government are not required to be precleared.

**High Quality Short-term Debt Instruments.** High quality short-term debt instruments including bankers' acceptances, bank certificates of deposit, commercial paper, variable-rate demand notes, repurchase agreements and other high quality short-term debt instruments (meaning any instrument that has a maturity at issuance of less than 366 days and that is rated in one of the two highest rating categories

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by a nationally recognized statistical rating organization, such as S&P or Moody's) are not required to be precleared.

**Money Market Funds.** Trades in any investment company or fund that is a money market fund are not required to be precleared.

**Open-End Mutual Funds.** Trades in open-end mutual funds that are not advised or sub-advised by Western Asset are not required to be precleared.

**Closed-End Mutual Funds, Exchange Traded Funds ("ETFs") and Real Estate Investment Trusts ("REITs").** Transactions of closed end mutual funds, ETFs and REITs are not required to be precleared unless they are advised by Western Asset.

**Transactions Retirement Accounts and Deferred Compensation Plans.** Purchases or sales of investment companies or funds in your Western Asset 401(k) participant account or Deferred Compensation Plan are not required to be precleared. Note: Trades in your Western Asset 401(k) account are not required to be precleared, but are subject to a holding period requirement if they are advised or sub-advised by Western Asset. Trades in the brokerage portion of your Western Asset 401(k) such as those in individual tickers or CUSIPs are subject to the same personal trading pre-clear rules as if they were purchased outside of the 401(k) account.

**Employee Savings Investment Plans.** Purchases, sales of Franklin Resources, Inc. stock in Employee Savings Investment Plans or similar are not required to be pre-cleared. Elections to participate or stop participating or changes to participation levels are not required to be pre-cleared.

**Systematic Investment Plans.** Any purchases or sales that are made pursuant to a systematic investment or withdrawal plan that has previously been approved by a Preclearance Officer. A systematic investment plan is any plan where a sale or purchase will be automatically made on a regular, predetermined basis without your authorization for each transaction. The first instruction must be precleared, but each subsequent purchase is not required to be precleared unless changes are made to the terms of the standing order.

**No Knowledge.** Securities transactions where you have no knowledge of the transaction before it is completed (for example, a transaction effected by a Trustee of a blind trust or discretionary trades involving an investment partnership or investment club, when you are neither consulted nor advised of the trade before it is executed) are not required to be precleared.

**Certain Corporate Actions.** Any acquisition of securities through stock dividends, dividend reinvestments, stock splits, reverse stock splits, mergers, consolidations, spin-offs, exercise of rights or other similar corporate reorganizations or distributions generally applicable to all holders of the same class of securities is not required to be precleared.

**Options-Related Activity.** Any acquisition or disposition of a security in connection with an option- related transaction that has been previously approved. For example, if you receive approval to write a covered call, and the call is later exercised, you are not required to obtain preclearance in order to exercise the call. Preclearance of a derivative of a security is required only if the underlying security requires preclearance.

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**Commodities, Futures and Options on Futures.** Any transaction involving commodities, futures (including currency futures and futures on securities comprising part of a broad-based, publicly traded market based index of stocks) and options on futures. Preclearance is required for any single issuer derivatives, such as single stock futures.

**529 College Savings Plans.** Any transaction in units of a college savings plan established under Section 529 of the Internal Revenue Code, unless the underlying investment includes open-end funds advised or sub-advised by Western Asset or an affiliate.

**Digital Assets.** Digital tokens, altcoins, crypto currencies or similar assets Crypto currency is treated the same as any other currency and is not a security, so it does not require pre-clearance. This obligation may be revised based on further regulatory guidance.

**Miscellaneous.** Any transaction in any other securities as the Western Asset Chief Compliance Officer may designate on the grounds that the risk of abuse is minimal or non-existent.

#### HOW DOES THE PRECLEARANCE PROCESS WORK?

**Understand the Preclearance requirements.** Review the Section above titled "Preclearance Process for Personal Trading" to determine if the security requires preclearance.

**Trading Authorization Form.** Obtain and complete a Trading Authorization Form or access the on-line personal trading system (if available to you).

**Submission for approval.** Submit the request for approval to a Preclearance Officer for a determination of approval or denial. The Chief Compliance Officer shall designate Preclearance Officers to consider requests for approval or denials.

**Approval or Denial.** The Preclearance Officer shall determine whether approval of the proposed trade would place the individual's interests ahead of the interests of Western Asset clients (including the Funds). To be valid, a Preclearance Officer must sign the Trading Authorization Form or otherwise evidence approval.

**Expiration of Trading Permission.** Trade authorizations expire at the end of the trading day during which authorization is granted. Trade authorizations also expire if they are revoked or if you learn that the information provided in the Trade Authorization request is not accurate. If the authorization expires, a new authorization must be obtained before the trade order may be placed. If an order is placed but has not been executed before the authorization expires (*e.g.,* a limit order), no new authorization is necessary unless the order is amended in any way.

**Transactions of a Preclearance Officer.** A Preclearance Officer may not approve his or her own Trading Authorization Form.

**Proxies.** You may designate a representative to complete and submit a Trade Authorization Form if you are unable to complete the form on your behalf in order to obtain proper authorization.

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### PERSONAL TRADING RESTRICTIONS

In addition to reporting and preclearance obligations, you are also subject to restrictions regarding the manner in which you trade and hold securities in any personal investment accounts for which you report transactions. (The Section above titled "Reporting of Personal Trading" describes which accounts must be reported.)

<u>For all Western Asset employees:</u>

• **Market Manipulation.** You shall not execute any securities transactions with the intent to raise, lower, or maintain the price of any security or to falsely create the appearance of trading activity.

• **Spread Betting.** Spread Betting is a speculative transaction that involves taking a bet on the price movement of a security, index or other financial product via a spread betting company. Spread betting on financial products is not permitted and employees may not use spread betting accounts to circumvent the Code of Ethics. Spread betting on non-financial products, such as sporting events, is not covered by the Code of Ethics.

• **Trading on Inside Information.** You shall not purchase or sell any security if you have material nonpublic information about the security or the issuer of the security. You are also subject to Western Asset's policy on insider trading. This policy applies both to personal transactions and to transactions executed by Western Asset personnel on behalf of client accounts.

• **Excessive Personal Trading.** Excessive personal trading is not permitted. Whether personal trading is "excessive" will be based on facts and circumstances; however, employees are discouraged from effecting more than 75 transactions in a calendar quarter in normal market conditions. This guideline may be modified with the approval of the Chief Compliance Officer during unusual market conditions or at the request of an employee. Transactions are defined as executions - therefore, a buy and a sell of the same security are considered as two transactions and multiple fills for limit orders are each considered a transaction unless brokers provide information to permit independent confirmation that multiple confirmations originated from a single order. This does not apply to accounts held by family members where you do not have any trading authority, fully managed accounts where you have given permission to another party to manage your account, and rebalancing of investments in a 401(k), 403(b) or any other company sponsored retirement accounts. Single expressions of investment intent with multiple executions are counted as a single trade (*i.e.,* multiple fills on a limit or a block trade across multiple family accounts). Corporate actions or options exercises are not counted. Quant-type strategies declared in advance and done with the approval of the Chief Compliance Officer may be exempted if the individual exercises no discretion over when or if orders are executed.

• **Initial Public Offerings for Investment Persons:** Investment Persons may not purchase any securities through an initial public offering (other than closed-end funds for which Western Asset is an adviser or sub-adviser).

Regardless of whether a transaction is specifically prohibited in this Code of Ethics, you may not engage in any personal securities transactions that (i) impact your ability to carry out your assigned duties or (ii) increase the possibility of an actual or apparent conflict of interest.

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<u>Holding Periods for securities in personal accounts for all Western Asset employees:</u>

• After making a purchase, you must hold that security for at least 30 calendar days unless specified otherwise below. Holding periods are measured on a first-in-first-out basis unless otherwise specified below. The holding period applies if investment exposure takes the form of single stock futures, options or other similar instruments.

• Holding periods apply for all securities except transactions in money market funds, government/sovereign securities issued by G-7 countries and derivatives on such securities, high quality short-term debt instruments, ETFs or other index securities, options on broad-based indices, currencies, and open-end mutual funds not advised by Western Asset.

<br> • A 60-day holding period applies for all mutual funds, investment companies, unit trusts, REITs, or other commingled vehicles for which Western Asset serves as adviser or sub-adviser.

• This limitation applies to any purchases or sales in your individual retirement account, 401(k), deferred compensation plan, or any similar retirement plan or investment account for you or your immediate family. There is no holding period for purchases or sales done through a systematic investment or withdrawal plan.

• There is no holding period for accounts held by family members where you do not have any trading authority or fully managed accounts where you have given permission to another party to manage your account. You may not direct or recommend trades or take any other action that serves to circumvent the provisions of the Code of Ethics.

<br> • The holding period may be deemed inapplicable in circumstances such as stop-loss orders declared in advance or extreme market volatility if prudent and consistent with the Firm's overarching fiduciary duties to clients and regulatory obligations.

<u>Blackout Periods:</u>

<br> • One Day Blackout period for all Western Asset employees:

<br> o You may not purchase or sell a fixed-income security (or any security convertible into a fixed income security) of an issuer on the same day in which Western Asset is purchasing or selling a fixed-income security from that same issuer.

<br> o Contemporaneous trading activity will be the basis for a denial of a request for trading preclearance.

<br> • Seven Day Blackout period for Investment Persons:

<br> o You may not purchase or sell a fixed income security (or any security convertible into a fixed income security) if Western Asset purchases or sells securities of the same issuer within seven calendar days before or after the date of your purchase or sale.

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<u>Preclearance Sought and Obtained in Good Faith:</u>

• The blackout period restriction may be deemed inapplicable if, consistent with the overarching duty to put client interests ahead of personal or Firm interests, an Access Person making a personal transaction has sought and received preclearance. This determination will take into account such factors as the degree of involvement in or access to the persons or teams making the investment decision.

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### REQUIREMENTS FOR FUND DIRECTORS

<u>Interested Directors of the Funds that are also Western Asset employees</u>

• If you are an Interested Director and also a Western Asset or Franklin Templeton Investments employee, you are subject to all the Code of Ethics requirements that apply to you as a Western Asset or Franklin Templeton Investments employee. Accordingly, if you are a Western Asset employee, you are required to comply with all provisions of this Code of Ethics. If you are a Franklin Templeton Investments employee, you are not subject to the provision of this Code of Ethics, but you are required to comply with the Franklin Templeton Investments Code of Ethics.

<br> • You are also subject to the requirements under Section 16 of the Securities and Exchange Act of 1934. For Interested Directors who are also Western Asset employees, this obligation is addressed in the Section above titled "Reporting of Personal Trading."

<u>Interested Directors of the Funds that are not Western Asset employees</u>

• **Applicable Provisions of the Code of Ethics.** For an Interested Director that is not a Western Asset employee, only the requirements as set forth in the following Sections of the Code of Ethics shall apply:

<br> o Objectives and Spirit of the Code

<br> o Persons Subject to the Code

<br> o Persons Who Administer the Code

<br> o Reporting of Personal Trading

<br> o Requirements for Fund Directors

These sections may also incorporate other parts of the Code of Ethics by reference.

• **Rule 17j-1 Requirements with Respect to Reporting of Personal Trading.** The requirements described above in the Section titled "Reporting of Personal Trading" shall only apply to the extent required by Rule 17j-1. In particular, no reporting of any open-end mutual funds is required.

• **Section 16 Reporting.** Section 16 of the Securities and Exchange Act of 1934 requires all Directors of closed-end investment companies to report changes in your personal ownership of shares of investment companies for which you a Director. If provided with the necessary information, the Legal and Compliance Department will assist and make filings with the Securities and Exchange Commission on your behalf.

• **Section 16 Personal Trading Restrictions.** Section 16 of the Securities and Exchange Act requires a Director to forfeit to the Fund any profit realized from any purchase and sale, or any sale and purchase, of Fund shares within any period of less than six months. Under Section 16, holding periods operate on a "last in, first out" methodology, so the six-month holding period for all holdings re-sets with each new purchase.

## Exhibit 99.28

EX-28.p.15

### GQG Partners LLC

### Investment Advisory Compliance Manual
![](image00002.jpg)

#### January 4, 2023

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---

| | | |
|:---|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** | **TABLE OF CONTENTS** |
| I. | **Introduction** | **1** |
| II. | **Definitions** | **4** |
| III. | **Trading** | **6** |
| IV. | **Liquidity Policy** | **21** |
| V. | **Safeguarding Personal Information and Disposal of Consumer Reports.** | **26** |
| VI. | **Disclosures and Filings** | **29** |
| VII. | **Books and Records** | **34** |
| VIII. | **Valuation** | **36** |
| IX. | **Custody** | **38** |
| X. | **Marketing and Advertising** | **42** |
| XI. | **Private Placement of Funds** | **52** |
| XII. | **Environmental, Social and Governance Policy** | **55** |
| XIII. | **Proxy Voting** | **55** |
| XIV. | **Class Action Participation** | **58** |
| XV. | **Client Complaints** | **59** |
| XVI. | **Advisory Agreements** | **60** |
| XVII. | **ERISA** | **61** |
| XVIII. | **Business Continuity and Disaster Recovery Plan** | **67** |
| XIX. | **Political and Charitable Contributions** | **68** |
| XX. | **Fraud Policy** | **71** |
| XXI. | **U.S. Foreign Corrupt Practices Act Policy** | **72** |
| XXII. | **Litigations; Investigations; Inquiries** | **74** |
| XXIII. | **Disciplinary Matters** | **75** |
| XXIV. | **Electronic Communication and Social Media Policy** | **76** |
| XXV. | **Identity Theft & Red Flag Rules** | **81** |
| XXVI. | **Administration of Compliance Manual** | **82** |
| **Exhibit 1 – Book and Records Required under Rule 204-2 of the Advisers Act** | **Exhibit 1 – Book and Records Required under Rule 204-2 of the Advisers Act** | **83** |
| **Exhibit 2 – Conflict of Interest Policy** | **Exhibit 2 – Conflict of Interest Policy** | **95** |
| **Exhibit 3 – Marketing Rule Requirements** | **Exhibit 3 – Marketing Rule Requirements** | **97** |
| **Exhibit 4 – Pricing Policy** | **Exhibit 4 – Pricing Policy** | **106** |
| **Exhibit 5 – Anti-Money Laundering (AML) & Customer Identification Program (CIP)** | **Exhibit 5 – Anti-Money Laundering (AML) & Customer Identification Program (CIP)** | **108** |
| **Exhibit 6 – Sample Supervised Person Initial and Annual Acknowledgement** | **Exhibit 6 – Sample Supervised Person Initial and Annual Acknowledgement** | **113** |
| **Appendix A – Data Protection Policy** | **Appendix A – Data Protection Policy** | **119** |
| **Appendix B – Code of Ethics** | **Appendix B – Code of Ethics** | **129** |
| **Appendix C – Expert Networks** | **Appendix C – Expert Networks** | **143** |
| **Appendix D – Whistleblower Policy** | **Appendix D – Whistleblower Policy** | **146** |

---

II

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#### Appendix B – Code of Ethics
**I. <u>PROFESSIONAL STANDARDS</u>**

Employees, officers, and directors (excluding independent directors) are deemed to be GQG "Supervised Persons"<sup>16</sup>, as well as any other person determined by the Chief Compliance Officer ("CCO") in the CCO's sole discretion, and thus are subject to the policies and procedures contained within this Code of Ethics. Supervised Persons may include temporary employees, contract workers, consultants or other third-parties. Supervised Persons must act in an ethical and professional manner. GQG has adopted this Code of Ethics to specify and prohibit certain types of transactions deemed to create conflicts of interest (or at least the potential for or the appearance of such a conflict), and to establish reporting requirements and enforcement procedures relating to personal trading by Supervised Persons.

A. All Supervised Persons must at all times reflect the professional standards expected of persons in the investment advisory business. These standards require all Supervised Persons to be judicious, accurate, objective and reasonable in dealing with both clients and other parties.

<br> B. All Supervised Persons must act within the spirit and the letter of the federal, state and local laws and regulations pertaining to investment advisers and the general conduct of business.

C. At all times, the interests of GQG's Clients are paramount, and all Supervised Persons will place the interests of GQG's Clients ahead of any personal interests or the Firm's, except as may otherwise be approved or disclosed to Clients. Accordingly, personal transactions in securities by Supervised Persons must be accomplished so as to avoid even the appearance of a conflict of interest on the part of such personnel with the interests of GQG's Clients. Since a conflict of interest cannot be avoided in all cases that may arise over time, in the event of an identified conflict of interest or appearance of one, the Compliance Department will work with the Supervised Person to eliminate, address (including through client disclosure and consent as appropriate), or mitigate any such conflict. Likewise, Supervised Persons must avoid actions or activities that allow (or appear to allow) a person to profit or benefit from his or her position with GQG at the expense of Clients, or that otherwise bring into question the person's independence or judgment.

D. GQG has adopted Insider Trader Policies, which set parameters for the establishment, maintenance and enforcement of policies and procedures to detect and prevent the misuse of material non-public information by Supervised Persons. The Insider Trading Policies are a part of this Code of Ethics.

E. GQG has adopted Personal Trading Policies which set parameters for the establishment, maintenance and enforcement of policies and procedures to detect and prevent Supervised Persons from taking advantage of, or even appearing to take advantage of, their fiduciary relationship with our Clients. The Personal Trading Policies are a part of this Code of Ethics.

F. GQG has adopted an FCPA Policy to ensure compliance by Supervised Persons with the Foreign Corrupt Practices Act (the "FCPA"), and maintenance of the highest level of professional and ethical standards in the conduct of the Firm's business affairs. The FCPA policy is an additional document that employees must review and acknowledge.

<br> G. Supervised Persons will not accept compensation for services from outside sources without the specific

<sup>16</sup> All Supervised Persons are considered Access Persons. "Access Persons" are any Supervised Persons who have access to non-public information regarding client transactions or reportable fund holdings, make securities recommendations to clients or have access to such recommendations that are non-public, and, for most advisers, all officers, directors and partners.

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<br>permission of GQG's CCO or designee.

H. When any Supervised Persons face a conflict between their personal interest and the interests of Clients, they will report the conflict to GQG's CCO for instruction regarding how to proceed.

I. The recommendations and actions of GQG are confidential and private matters. Accordingly, it is GQG's policy to prohibit, prior to general public release, the transmission, distribution or communication of any information regarding securities transactions of Client accounts to third parties, except when the Firm has a legitimate business purpose for doing so, and the recipients are subject to a duty of confidentiality. Further, the Firm will only make such disclosures if, in GQG's opinion, it is in the best interest of the Firm's Clients.

J. In addition, no information obtained during employment regarding particular securities (including internal reports and recommendations) may be transmitted, distributed, or communicated to anyone who is not affiliated with GQG, without the prior written approval of the CCO or designee.

<br> K. The policies and guidelines set forth in this Code of Ethics must be strictly adhered to by all Supervised Persons. Severe disciplinary actions, including dismissal, may be imposed for violations of this Code of Ethics.

**II. <u>INSIDER TRADING & MATERIAL NON-PUBLIC INFORMATION</u>**

**<u>A.</u>** **<u>Overview and Purpose</u>**

The purpose of the policies and procedures in this Section II (the "Insider Trading Policies") is to detect and prevent "insider trading" by any person associated with GQG. The term "insider trading" is not defined in the securities laws, but generally refers to the use of material, non-public information ("MNPI") to trade in securities or the communication of MNPI information to others.

**<u>B.</u>** **<u>General Policy</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** <u>Prohibited Activities</u>

All Supervised Persons are prohibited from the following activities:

<br> a. trading or recommending trading in securities for any account (personal or Client) while in possession of MNPI about the issuer of the securities; or

<br> b. communicating MNPI about any issuer of securities to any other person.

The activities described above are not only violations of these Insider Trading Policies, but also may be violations of applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** <u>Identification of Material, Non-Public Information</u>

 

<br> GQG will conduct monitoring or periodic testing in an effort to identify any MNPI of which the firm becomes aware. Monitoring includes written electronic communications surveillance and may include targeted reviews of candidates seeking a role who may provide writing samples.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** <u>Reporting of MNPI</u>

Any Supervised Person who possesses or believes that she/he may possess MNPI about any issuer of securities (other than GQG Partners Inc.) must:

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a. report the matter immediately to the CCO or designee who will review the matter and provide further instructions regarding appropriate handling of the information to the reporting individual;

<br> b. refrain from trading the securities of or derivatives related to any company about which the reporting individual may possess MNPI;

<br> c. refrain from discussing any potentially MNPI with anyone, including colleagues, except as directed by the CCO or General Counsel; and

<br> d. refrain from conducting research, trading, or other investment activities regarding a security for which the Supervised Person may have MNPI until the CCO dictates an appropriate course of action.

&nbsp;&nbsp;&nbsp;&nbsp;**<u>C.</u>** &nbsp;&nbsp;&nbsp;&nbsp; **<u>Material Information, Non-Public Information, Insider Trading and Insiders</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** <u>Material Information</u>**.** "Material information" generally includes:

<br> a. any information that a reasonable investor would likely consider important in making an investment decision; or

b. any information that is reasonably certain to have a substantial effect on the price of a company's securities. Examples of material information include the following: dividend changes, earnings estimates, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems and extraordinary management developments.

2. <u>Non-Public Information</u>. Information is "non-public" until it has been effectively communicated to the market and the market has had time to "absorb" the information. For example, information found in a report filed with the Securities and Exchange Commission, or appearing in Dow Jones, Reuters Economic Services, The Wall Street Journal, or other publications of general circulation, including the online versions would be considered public.

3. <u>Insider Trading</u>. While the law concerning "insider trading" is not static and varies from country to country, in the United States, it generally prohibits: (1) trading by an insider while in possession of MNPI; (2) trading by non-insiders while in possession of MNPI, where the information was either disclosed to the non-insider in violation of an insider's duty to keep it confidential or was misappropriated; and (3) communicating MNPI to others. In other countries, insider trading laws may prohibit any trading on MNPI, no matter how obtained. GQG may be subject to those other laws in the normal course of its business, so it is best not to trade when in possession of MNPI, unless the CCO explicitly permits the activity.

4. **<u>Insiders</u>**<u>.</u> The concept of "insider" is broad and includes all employees of a company. In addition, any person may be a temporary insider if she/he enters into a special, confidential relationship with a company in the conduct of a company's affairs and as a result has access to information solely for the company's purposes. Any person associated with GQG may become a temporary insider for a company it advises or for which it performs other services. Temporary insiders may also include the following: a company's attorneys, accountants, consultants, bank lending officers and the employees of such organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>D.</u>**  **<u>Penalties for Insider Trading</u>** 

The legal consequences for trading on or communicating MNPI are severe, both for individuals involved in such unlawful conduct and their employers. A person can be subject to some or all of the penalties below even if he/she does not personally benefit from the violation. Penalties may include: civil injunctions, jail sentences, revocation of applicable securities-related registrations and licenses, fines for the person who committed the violation of up to three times the profit gained or loss avoided, whether

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or not the person actually benefited; and fines for the employee or other controlling person of up to the greater of US$1,000,000 or three times the amount of the profit gained or loss avoided. In addition, GQG's management will impose serious sanctions on any person who violates the Insider Trading Policies. These sanctions may include suspension or dismissal of the person or persons involved.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>E.</u>**  **<u>T</u> <u>rading Restricted List</u>** 

Based on the facts and circumstances, the CCO, generally in consultation with General Counsel, may determine that knowing a company's potential inside information requires the Firm to restrict trading activity in securities issued by the company for a period of time. The company name will be placed on the restricted list and the trade order management platform to prevent trading in the name. The name will be removed from the list at such time that MNPI is announced by the company, otherwise in the public domain or sufficient time has passed (e.g., after a subsequent earnings announcement that does not mention the MNPI).

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**III. <u>GENERAL PERSONAL TRADING POLICIES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>A.</u> <u>GENERAL PRINCIPLES</u>**

The pre-clearance procedures, trading restrictions and reporting requirements in this Section III (the "Personal Trading Policies") have been approved by the management of GQG. Securities transactions by Supervised Persons in covered accounts, as each of these terms is defined below, must be conducted in accordance with the Personal Trading Policies. In the conduct of any and all personal securities transactions, all Supervised Persons must act in accordance with the following general principles:

<br> 1. the interests of Clients must be placed before personal interests at all times;

<br> 2. no Supervised Person may take inappropriate advantage of his or her position; and

<br> 3. the Personal Trading Policies shall be followed in such a manner as to avoid any actual or potential conflict of interest or any abuse of a Supervised Person's position of trust and responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>B.</u> <u>DEFINITIONS</u>**

**1.** **SUPERVISED PERSONS** All directors (excluding the independent director), officers and employees of GQG, including part-time employees or persons designated by the CCO, are "Supervised Persons" under the Personal Trading Policies.

**2.** **COVERED ACCOUNTS** A "covered account" under the Personal Trading Policies is any account which has the ability to purchase or sell covered securities as outlined in this policy in which a Supervised Person:

<br> a. has a direct or indirect interest, including, without limitation, an account of an immediate family member living in the same household; or

<br> b. has direct or indirect control over purchase or sale of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. ADDITIONAL DEFINITIONS**

a. "Initial Public Offering" ("IPO") means any security which is being offered for the first time on a recognized stock exchange and in the United States particularly means an offering of securities registered under the Securities Act of 1933 the issuer of which, immediately before the registration, was not subject to the reporting requirements of sections 13 or 15(d) of the Securities Exchange Act of 1934.

<br> b. "Part-time employees" means employees employed on a permanent basis, but obligated to work less than a full (i.e., forty-hour) work week.

c. "Covered Security" includes stock, shares of closed-end funds, exchange traded funds ("ETFs"), and GQG advised or sub-advised funds, notes, bonds, debentures and other evidences of indebtedness (including loan participations and assignments), limited partnership interests, investment contracts, and all derivative instruments, such as options and warrants. For the avoidance of doubt, "Covered Security" includes all securities issued by GQG Partners Inc., including common and preferred stock, CHESS depository receipts ("CDIs"), notes and bonds and any derivative of the foregoing.

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&nbsp;&nbsp;&nbsp;&nbsp;**<u>C.</u> <u>RESTRICTIONS ON TRADING</u>**

Supervised Persons are prohibited from purchasing securities except as set forth below. Generally, supervised persons are not permitted to purchase publicly traded equity or fixed income securities or related derivatives. Any sale of securities in a covered account (for instance, securities acquired before the individual became a Supervised Person or before the account became a covered account or securities acquired through a gift or an inheritance) must be pre-cleared by the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Permitted Transactions Required to be Pre-cleared</u>

The following transactions by Supervised Persons are permitted, provided that the transaction has been pre-cleared by the Compliance Department in accordance with the procedures set forth in Section D., below. Limited exceptions to the pre-clearance requirements are set forth in sections C.2. – C.5., below.

<br> a. Any transaction in shares of GQG advised or sub-advised fund (e.g., a mutual fund, private fund, Australian or Canadian publicly offered fund, SICAV, UCIT, etc.). Shares of GQG advised and sub-advised funds are considered Covered Securities under Section D below.

<br> b. Any transaction in any GQG issued security. For additional information please consult the GQG Partners Inc. Securities Dealing Policy.

<br> c. As provided below, subject to pre-clearance requirements, transactions in shares of certain ETFs are permissible. Shares of such ETFs are considered Covered Securities under Section D, below.

i. Transactions in shares of ETFs that are comprised of equity securities are permissible only if the ETF is a "broad-based" ETF. For these purposes, "broad-based" means (i) an ETF that tracks an index or average that provides a substantial representation of a broad segment of the market such as an index fund (which may include leveraged ETFs) or (ii) an active ETF that has at least (50) holdings (which may include, without limitation, long/short ETFs and levered ETFs).

ii. Transactions in shares of ETFs that invest primarily in (i) securities or other investments that are not subject to pre-clearance requirements under this code (e.g., U.S. Treasury securities) or (ii) "non equity" securities or other investments that are deemed not to present conflicts with investments on behalf of GQG's clients (e.g., ETFs that invest in fixed income securities or precious metals).

d. Any transaction in shares of a closed end fund. Shares of closed end funds are considered Covered Securities under Section D below. (Note: Only transactions in shares of "broad-based" closed end funds are permitted. For these purposes, "broad-based" has the same meaning as described above for broad based ETFs).

<br> e. Any transaction in shares, units, or other interests in a privately offered, privately traded, or privately held investment, including private funds (collectively "Limited Offerings"). Such interests are considered Covered Securities under section D below.

f. Any sale transaction in a stock or fixed income security acquired prior to being identified as a Supervised Person or inherited or gifted to a Supervised Person. For the avoidance of doubt, purchasing a stock or fixed income security, excluding US Treasuries and GNMAs, is not permitted.

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<br> g. Any transaction in interests in a variable annuity product issued by an insurance company separate account if such separate account is linked to a fund that is advised or sub-advised by GQG. Such interests are considered Covered Securities under section D below.

2. <u>Transactions Not Required to be Pre-cleared</u>

All transactions involving the securities below are not subject to any of the Restrictions on Trading and do not require pre-clearance or reporting for either purchases or sales.

<br> a. Open-end mutual funds (not closed-end mutual funds) and unit investment trusts that are not advised or sub-advised by GQG.

<br> b. Variable annuities issued by an insurance company separate account if such separate account is not linked to a fund that is advised or sub-advised by GQG. .

<br> c. Australian or Canadian publicly offered funds that are not advised or sub-advised by GQG.

<br> d. UCITS funds that are not advised or sub-advised by GQG.

<br> e. United States government securities (i.e., U.S. Treasury bonds and GNMAs).

<br> f. Money market instruments (e.g., bankers' acceptances, Certificates of Deposit, and repurchase agreements).

<br> g. Any transaction in cryptocurrency (e.g., digital or virtual currency such as Bitcoin).

3. <u>Transactions in Delegated Discretion Accounts</u>

Pre-clearance is not required on trades in a covered account over which a Supervised Person has no discretion (except for acquisition of any security in an initial public offering or in a limited offering) if:

<br> a. the Supervised Person provides to the CCO or designee with evidence that investment discretion for the account has been delegated in writing to a fiduciary;

<br> b. the Supervised Person certifies in writing that she/he has not and will not direct, suggest, recommend, or consult on potential specific investment decisions with the independent fiduciary; and

<br> c. the Supervised Person complies with the Reporting Requirements outlined in Section F.

4. <u>Exemptions</u>

Because no written policy can provide for every possible contingency, the CCO may consider granting an exemption from the Restrictions on Trading on a case-by-case basis considering the facts and circumstances presented. Any request for such consideration must be submitted by the Supervised Person in writing to the CCO. An exemption will be granted only in those cases in which the CCO determines that granting the request will create no conflict of interest or where the conflict of interest is deemed immaterial. For example, an exemption may be provided for reason of financial hardship where a divestment of company stock that GQG may be trading is determined to be immaterial to the overall trading volume of the security and the divestment reasonably has no impact on the security price. Each exemption to the Restrictions on Trading

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will be documented and approved by the CCO. Documentation will include the reason the exemption was granted, including a discussion on conflicts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Electronic Broker Covered Accounts</u>

<br> a. Supervised Persons hired after June 1, 2022, will be required to maintain all covered accounts at an "Electronic Broker", approved by the CCO or designee.

<br> i. An "Electronic Broker" is a broker that transmits security transactions and holding information through an electronic data feed to the Reporting System.

<br> b. Supervised Persons hired prior to June 1, 2022, that open a new covered account after June 1, 2022, will be required to maintain the covered account at an Electronic Broker.

<br> c. Limited Offering investments are not required to be maintained at an Electronic Broker.

<br> d. Supervised Persons seeking an exception to this section must complete an Electronic Broker Exception Request Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Supervised Person's GQG Accounts</u>

To foster an alignment of Supervised Persons' financial interest with that of Clients, this Code's Restrictions on Trading do not apply to:

a. Supervised Persons' accounts managed by GQG that are (i) considered "seed" accounts for potential strategy offerings by GQG (or are otherwise approved by the CCO) or (ii) managed in a similar manner to one or more accounts following a corresponding investment strategy that GQG offers or manages for one or more other GQG clients (a "Supervised Person GQG Account"); or

b. the purchase of interests in any unregistered pooled investment vehicle for which GQG serves as investment adviser (the purchase of which, if part of a limited offering, is specifically approved for all Supervised Persons in accordance with Advisers Act Rule 204A-1(c), as presenting no potential conflicts of interest). Additionally, to prevent an incentive to favor a Supervised Person GQG Account over Client accounts, transactions for Supervised Person GQG Accounts are placed in accordance with the same trade aggregation and allocation procedures that apply to all other Client accounts.

&nbsp;&nbsp;&nbsp;&nbsp;**<u>D.</u> <u>PRE-CLEARANCE PROCEDURES.</u>**

The following pre-clearance procedures apply to proposed transactions in Covered Securities by Supervised Persons:

<br> a. The Supervised Person completes and submits a pre-clearance request via Orion or, in the event Orion is not available, then via a written request to the CCO or designee.

<br> b. The CCO or designee reviews and approves or rejects the request and communicates the decision to the Supervised Person.

<br> c. The date the approval or denial is made is recorded in Orion or in the written form.

<br> d. The Supervised Person must complete any approved trade within two (2) business days of the approval date reflected on the Pre-Clearance Request Form.

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&nbsp;&nbsp;&nbsp;&nbsp;**<u>E.</u> <u>BLACKOUT PERIODS.</u>**

Supervised Persons may not trade in a covered security on any day that a Client account or fund advised or sub-advised by GQG has a pending buy or sell order in the same covered security. In addition, a Supervised Person may not buy or sell a security during a period beginning seven calendar days before and ending seven calendar days after a GQG advised or sub-advised fund or client account transaction in that security.

The blackout period will not apply to purchases or sales which are (i) part of an automatic dividend reinvestment plan, (ii) purchases effected upon the exercise of rights issued by an issuer pro-rata to all holders of a class of its securities and sales of such rights acquired from the issuer or (iii) purchases or sales associated with a Delegated Discretionary Account.

Securities issued by GQG Inc. are subject to certain blackout periods as specified in the Securities Dealing Policy. Please consult the Compliance Department for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;**<u>F.</u> <u>REPORTING REQUIREMENTS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** <u>Initial Account and Annual Holdings Reports</u>

a. Within ten (10) calendar days of being identified and notified as a Supervised Person, each Supervised Person must provide a list of covered accounts and securities owned by the Supervised Person, the Supervised Person's immediate family members living in the same household, or any other person or entity in which the Supervised Person may have a "Beneficial Ownership" interest or derive a direct or indirect benefit. (As used in this Code of Ethics, "Beneficial Ownership" has the meaning given it in Advisers Act Rule 204A-1<sup>17</sup>

b. Each Supervised Person must submit annually thereafter a holdings report setting forth the above-specified information, which must be current as of a date no more than forty-five (45) calendar days before the report is submitted. The Supervised Person will disclose the accounts via Orion or if Orion is unavailable then via the form set forth in Appendix I to this Code.

c. The holdings report must include the title and type of security, ticker symbol or CUSIP, the number of shares or par value and the principal amount. All Supervised Persons are deemed to have authorized GQG to access all records of account holdings in GQG managed accounts for purposes of satisfying reporting and record keeping requirements associated with the Code of Ethics.

17 For purposes of this Code of Ethics, "Beneficial Ownership" is interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Exchange Act, and includes (among other things), ownership by any person who, directly or indirectly, through any contract, agreement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest in the securities. For this purpose, a pecuniary interest in securities means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the securities. It generally includes, but is not limited to, securities held by members of a person's immediate family sharing the same household; a general partner's interest in the portfolio securities held by a partnership; the right to a performance-related fee under certain circumstances; the right to dividends under certain circumstances; a person's interest in securities held by a trust under certain circumstances; and the right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable. However, a person is not deemed to have a pecuniary interest in the portfolio securities held by a corporation or similar entity in which the person owns securities if the shareholder is not a controlling shareholder of the entity and does not have or share investment control over the entity's portfolio. This interpretation of the term "beneficial ownership" may vary slightly from the definition of "beneficial ownership" used elsewhere in the GQG Compliance Manual, but in any event Supervised Persons should assume that the term applies broadly.

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**2.** <u>Immediate Trade Confirmations for Unbrokered Trades</u>

If no broker is involved in a trade by a Supervised Person, the Supervised Person shall provide a transaction report within ten (10) calendar days of the trade. Such report must include the following information:

a. The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and principal amount of each reportable security involved;

<br> b. The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

<br> c. The price of the security at which the transaction was effected;

<br> d. The name of the institution with or through which the transaction was effected; and

<br> e. The date the Supervised Person submits the report.

**3.** <u>Quarterly Transaction Reports</u>

Each Supervised Person must report to the CCO or designee no later than thirty (30) calendar days after the end of the calendar quarter, the following information:

<br> a. With respect to any transaction during the quarter in a Covered Security in which the Supervised Person had any direct or indirect Beneficial Ownership, report the following for each transaction:

i. The transaction date, the title, ticker symbol or CUSIP, the interest rate and maturity date (if applicable), the number of shares or par value and the principal amount;

<br> ii.. The nature of the transaction (*i.e.,* purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The price at which the transaction was effected;

iv.. The name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. The date that the report is submitted by the Supervised Person.

The foregoing reporting obligation includes securities acquired via a gift or inheritance.

Reporting required under Item (i) is satisfied by either (1) a direct broker feed for the account is delivered to GQG's personal trading system, currently Orion, for the entire reporting period (or from when the account was established during the reporting period) OR (2) the Supervised Person uploads the account statement(s) covering the reporting period to Orion. On an exception basis, statements may be delivered to the CCO or designee.

<br> b. With respect to any account established by the Supervised Person in which any Covered Securities were held during the quarter for the direct or indirect benefit of the Supervised Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The name of the broker, dealer or bank where the account was established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The date that the report is submitted by the Supervised Person.

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c. If a Supervised Person instructs each entity where a covered account is established to provide duplicate account statements required under the above section to the CCO or designee within the time period required for a Quarterly Transaction Report (*i.e.*, within thirty (30) calendar days after the end of the applicable calendar quarter) and provides the information required in part ii. above, then such Supervised Person need only represent on the Quarterly Transaction Report:

<br> i. that he/she has directed each entity where a covered account is established to send duplicate confirmations and account statements to the CCO;

<br> ii. the form of such confirmations, account statements or records provided to GQG contains all the information required in a Quarterly Transaction Report; and

<br> iii. with respect to any account established during the applicable quarter in which the Supervised Person has Beneficial Ownership in Covered Securities, the information provided in accordance with part ii. is true and accurate.

It is the obligation of each Supervised Person relying on part iii to ensure compliance with its requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** <u>Exception to Reporting Requirements:</u>

A person need not make a report to the CCO under the Reporting Section above with respect to transactions effected for, and Covered Securities held in, any account over which the person has no direct or indirect influence or control and/or direct financial interest or for any GQG managed accounts (due to the fact that GQG maintains these records within its trading records). (For example, if a Supervised Person makes an affirmative demonstration that control has been delegated to an independent third party, or that Supervised Person's ownership involves a blind trust.)

**<u>G</u><u>.</u> <u>REPORTING VIOLATIONS & PENALTIES FOR VIOLATIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Reporting Violations</u>

All Supervised Persons shall promptly report to their supervisor, the CCO or a Member of Senior Management all apparent violations of the Code without fear of retaliation. All reports will be treated confidentially and investigated promptly and appropriately. GQG will not permit any form of intimidation or retaliation against any Supervised Person who reports a violation of GQG's policies. Senior Management shall consider reports made to it hereunder and shall determine whether or not the Code has been violated and what sanctions, if any, should be imposed.

Supervisors and other Members of Senior Management shall immediately report any violations of the Code to the CCO. The CCO shall promptly report to Senior Management all material violations of the Code. When the CCO finds that a violation otherwise reportable to Senior Management could not be reasonably found to have resulted in a fraud, deceit, or a manipulative practice in violation of Section 206 of the Advisers Act, he or she may, in his or her discretion, submit a written memorandum of such finding and the reasons therefore to a reporting file created for this purpose in lieu of reporting the matter to Senior Management.

For the avoidance of doubt, nothing in this Code prohibits Supervised Persons from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the SEC, Congress, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation. Supervised Persons do not need prior authorization from their supervisor, Senior Management, the

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Board of Directors Management, the CCO, or anyone else affiliated with GQG to make any such reports or disclosures and are not required to notify GQG that they have made such reports or disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Penalties for Violations</u>

Supervised Persons who violate the Personal Trading Policies may be subject to sanctions.Determinations regarding appropriate disciplinary responses will be made and administered on a case-by-case basis by the CCO in consultation with Senior Management. Such determinations will take into consideration the severity of the violation and are expected to be in line with the following guidelines:

<br> a. Initial occurrence will include education and notification of supervisor.

<br> b. Second occurrence will include notification of supervisor and CEO and may impact the employee's year end cash incentive award.

<br> c. Third occurrence will impact the employee's year-end cash incentive award and may result in a termination of the employee.

If a violation results in a financial gain to an employee, he/or she may be required to donate the resulting gain to charity.

**IV. <u>OUTSIDE ACTIVITIES OF SUPERVISED PERSONS</u>**

From time to time Supervised Persons may be asked to serve as Directors, Advisory Directors, Trustees or officers of various corporations, charitable organizations, foundations, and the like. Sometimes these are non-paid positions and sometimes they are compensated. Sometimes the corporations are public or are thinking of becoming public and sometimes they are closely held corporations never expected to be publicly traded. Some of the activities may involve participation in, or knowledge of, proposed financial investments by the group involved. This section will briefly address the issues raised by these activities.

There is no absolute prohibition on any Supervised Persons participating in outside activities. As a practical matter, however, there may be circumstances in which it would not be in GQG's best interest to allow Supervised Persons to participate in outside activities. The first consideration must be whether the activity will take so much of the Supervised Person's time that it will affect his or her performance. As important, however, is whether the activity will subject the Supervised Persons to conflicts of interest that will reflect poorly on both him or her and GQG.

Any Supervised Persons wishing to accept (or, if a new Supervised Person, to continue) a position with a corporation (public or private), charitable organization, foundation or similar group must seek prior approval by submitting Request for Approval of Outside Activity Request (attached as Code of Ethics Appendix IV) to the CCO or designee . The information will state the compensation or benefits to be received, direct or indirect.

These types of requests will be treated on a case-by-case basis with the interests of clients being paramount, and will require the approval of the CCO or designee.

No Supervised Person may use GQG property, services, employees, or other resources, for his or her personal benefit or the benefit of another person or entity, without approval of the CCO. For this purpose, "property" means both tangible and intangible property, including funds, premises, equipment, supplies, information, business plans, business opportunities, confidential research, intellectual property, proprietary processes, and ideas for new research or services.

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**V. <u>GIFTS AND ENTERTAINMENT</u>**

The purpose of this provision is to prevent Supervised Persons from receiving business through improper influence, or accepting gifts or entertainment that could influence decision making and result in an actual or perceived conflict of interest.

It is expected that all Supervised Persons must exercise good judgment in considering the value, frequency, and intent of gifts and entertainment. Supervised Persons may not accept any gift or entertainment that might influence their investment decisions or that might make the Supervised Person feel beholden to any person or firm. No Supervised Person may give or accept cash or cash equivalents (Visa and Amex Gift cards), stocks, bonds, notes, loans, or any other evidence of ownership or obligation. In addition, Supervised Persons must not accept entertainment, gifts or other gratuities from individuals seeking to conduct business with GQG, or on behalf of an advisory client, unless in compliance with the Gift & Entertainment Restrictions discussed below. If there is a question regarding gifts and entertainment, it should be reviewed by the CCO or designee. The CCO or designee may make exceptions to this provision (including in consultation with outside legal counsel if he or she deems advisable), but should not be expected to, and no decision not to provide for an exception shall be escalated, retaliated against in any way, or otherwise be the subject of a formal or informal complaint.

Normal business entertainment is not generally considered a gift under this policy. This entertainment would include occasional meals, tickets to theatrical performances, sporting events and other events at which representatives of both the giver and recipient are in attendance, and which meet the guidelines below. Gifts or entertainment will not be so frequent or extensive as to raise any questions in regards to GQG's ethical conduct or performance of fiduciary obligations, whether or not it is within the limits of the following policies or applicable law. For an activity to qualify as entertainment a GQG Supervised Person as well as the person providing the Entertainment must be in attendance.

**•** **Entertainment – General Rule:** No Supervised Person should accept any entertainment other than normal business entertainment. Types of entertainment which may be considered outside of normal business entertainment would be tickets to exclusive events (e.g. Superbowl, World Series, World Cup or other events of this nature).

**•** **Receiving Gifts & Entertainment from Securities Brokers, Commodities Brokers and Transaction Counterparties:** No Supervised Person shall accept any gift from any securities broker, commodities broker or transaction counterparty. No Supervised person shall accept any entertainment from any securities broker, commodities broker or transaction counterparty other than normal business meals without the approval of his/her manager and the CCO or designee.

**•** **Receiving Gifts :** No Supervised Person shall knowingly directly or indirectly accept in any one year any gift(s) with a total value (in the aggregate) in excess of US$100 from anyone having a business and/or professional relationship with GQG or any of its affiliates without disclosure to and approval by the CCO or designee. <u>Note</u>: Some entertainment, discounts or special deals may be considered gifts within the meaning of this policy. All questions regarding the policy should be directed to the CCO or designee.

**•** **Giving Gifts & Entertainment:** No Supervised Person shall knowingly directly or indirectly give in any one year any gift(s) with a total value (in the aggregate) in excess of US$100 to any person, or the principal, proprietor, employee, agent or representative of another person ("Other Person"), if the person or the Other Person (as the case may be) has a business or professional relationship with GQG or any of its affiliates without disclosure to and approval by the CCO or designee.

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| | |
|:---|:---|
|  | No Supervised Person shall knowingly provide business entertainment other than normal business entertainment as described above. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Union officials, ERISA plan fiduciaries and government officials:** No Supervised Person shall provide any gift or
 entertainment to any union officials, ERISA plan fiduciaries or any government officials or government employees without the *<u>prior</u>* written consent of the CCO. Any gifts and entertainment provided to union officials, ERISA plan fiduciaries, government officials or government employees, regardless of value, must be reported to the CCO (even if pre-approved) in order to
 facilitate compliance with various federal, state and municipal requirements and with Department of Labor Form LM-10 requirements, pursuant to the Labor-Management Reporting and Disclosure Act of 1959 (LMRDA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Foreign Corrupt Practices Act of 1977("FCPA")**: GQG has implemented a policy regarding the FCPA. Supervised
 Persons must comply at all times with the FCPA. The FCPA anti-bribery section prohibits payments, offers, or gifts of money or anything of value, with corrupt intent, to a foreign official in order to obtain or retain business or to secure an
 improper advantage anywhere in the world. The prohibition applies whether an item would benefit the official directly or another person, such as a family member, friend or business associate. Supervised Persons are required to comply with
 GQG's FCPA Policy. Facilitation payments are prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Valuation of Gifts:** The valuation of a gift is either the market price or its face value, whichever is higher.
 In the event a gift valued at more than US$100 is received by a Supervised Person, the gift should be promptly returned unless the gift is perishable in nature, than the contents maybe shared with the office location for which it was
 delivered. The valuation of a gift may exclude tax and shipping costs.

#### Reporting Requirements
**•** Reporting of Gifts: Supervised Persons must report all gifts given or received which are not considered nominal value in nature. Examples of nominal gifts not subject to disclosure are branded items, such as stress balls, mugs, etc.

**•** Reporting of Entertainment: Supervised Persons must report all entertainment given or received which has a value of greater than $100.

## Exhibit 99.28

EX.28.q.6

#### POWER OF ATTORNEY

WHEREAS, NATIONWIDE MUTUAL FUNDS, a Delaware statutory trust (the "Trust"), has filed or will file with the U.S. Securities and Exchange Commission (the "SEC") under the provisions of the Securities Act of 1933, as amended (the "Securities Act"), and the Investment Company Act of 1940, as amended (the "Investment Company Act"), various Registration Statements and amendments thereto for the registration under said Acts of the Trust; and

WHEREAS, the undersigned is an Officer of the Trust, as indicated beside his name;

NOW, THEREFORE, the undersigned hereby constitutes and appoints STEPHEN R. RIMES, ALLAN J. OSTER and KATHERINE D. GIBSON, and each of them with power to act without the others, his attorney, with full power of substitution and re-substitution, for and in his name, place and stead, in any and all capacities, to approve and sign such Registration Statements and any and all amendments thereto, with power to affix the corporate seal of said Trust thereto and to attest said seal and to file the same, with all exhibits thereto and other documents in connection therewith, with the SEC, hereby granting unto said attorneys, and each of them, full power and authority to do and perform all and every act and thing requisite to all intents and purposes as he might or could do in person, hereby ratifying and confirming that which said attorneys, or any of them, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has herewith set his name as of this 15<sup>th</sup> day of March 2023.

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| |
|:---|
| /s/ Kevin T. Jestice |
| Kevin T. Jestice, President, Chief |
| Executive Officer & Principal Executive Officer |

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