# EDGAR Filing Document

**Accession Number:** 0000353905
**File Stem:** 0001680359-23-000091
**Filing Date:** 2023-3
**Character Count:** 234562
**Document Hash:** 7c6a8cff9e76180c7e78e7a49a1448cf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001680359-23-000091.hdr.sgml**: 20230316

**ACCESSION NUMBER**: 0001680359-23-000091

**CONFORMED SUBMISSION TYPE**: POS AMI

**PUBLIC DOCUMENT COUNT**: 7

**FILED AS OF DATE**: 20230316

**DATE AS OF CHANGE**: 20230316

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NATIONWIDE VARIABLE INSURANCE TRUST
- **CENTRAL INDEX KEY:** 0000353905
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** POS AMI
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03213
- **FILM NUMBER:** 23737491

**BUSINESS ADDRESS:**
- **STREET 1:** ONE NATIONWIDE PLAZA
- **STREET 2:** MAIL CODE 5-02-210
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43215
- **BUSINESS PHONE:** 614-435-5749

**MAIL ADDRESS:**
- **STREET 1:** ONE NATIONWIDE PLAZA
- **STREET 2:** MAIL CODE 5-02-210
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43215

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GARTMORE VARIABLE INSURANCE TRUST
- **DATE OF NAME CHANGE:** 20020125

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NATIONWIDE SEPARATE ACCOUNT TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NATIONWIDE SEPARATE ACCOUNT MONEY MARKET TRUST
- **DATE OF NAME CHANGE:** 19860226

## Series and Classes Contracts Data

### NVIT GS Emerging Markets Equity Insights Fund (Series ID: S000066679)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000214896 | Class Y      |  |

### NVIT GS International Equity Insights Fund (Series ID: S000066680)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000214897 | Class Y      |  |

### NVIT GS Large Cap Equity Insights Fund (Series ID: S000066681)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000214898 | Class Y      |  |

### NVIT GS Small Cap Equity Insights Fund (Series ID: S000066682)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000214899 | Class Y      |  |

### NVIT U.S. 130/30 Equity Fund (Series ID: S000067312)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000216457 | Class Y      |  |

---

| | |
|:---|:---|
| 1940 Act File No. 811-03213 | 1940 Act File No. 811-03213 |
| 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. 262 | Amendment No. 262 |
| (Check appropriate box or boxes) | (Check appropriate box or boxes) |
| **NATIONWIDE VARIABLE INSURANCE TRUST** | **NATIONWIDE VARIABLE INSURANCE TRUST** |
| (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 |

---

------

#### EXPLANATORY NOTE

This Amendment No. 262 (the "Amendment") to the Registration Statement of Nationwide Variable Insurance Trust (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. 258 to the Registrant's Registration Statement on Form N-1A, filed with the U.S. Securities and Exchange Commission (the "Commission") on April 28, 2022 under the 1940 Act (Accession No. 0001193125-22-127484) ("Amendment No. 258"), as pertaining to Part B of the NVIT GS Emerging Markets Equity Insights Fund, NVIT GS International Equity Insights Fund, NVIT GS Large Cap Equity Insights Fund, NVIT GS Small Cap Equity Insights Fund and NVIT U.S. 130/30 Equity Fund (each a "Fund" and together, the "Funds"), each a series of the Registrant.

[Part A and Part B of the Funds, as filed in Amendment No. 258, are incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312522127484/d318324dposami.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/353905/000183967322000029/primarydocument.htm) of the Funds for the period ended June 30, 2022, as filed with the Commission on August 22, 2022 (Accession No. 0001839673-22-000023) contained in the Semi-Annual Report of the Registrant, dated June 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/353905/000183967323000006/primary-document-combined.htm) of the Funds for the fiscal year ended December 31, 2022, as filed with the Commission on February 24, 2023 (Accession No. 0001839673-23-000006) contained in the Annual Report of the Registrant, dated December 31, 2022, is incorporated herein by reference.

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

------

#### NATIONWIDE VARIABLE INSURANCE TRUST
NVIT GS Emerging Markets Equity Insights Fund

NVIT GS International Equity Insights Fund

NVIT GS Large Cap Equity Insights Fund

NVIT GS Small Cap Equity Insights Fund

#### Amendment dated March 16, 2023

#### to the Statement of Additional Information ("SAI") dated April 28, 2022

*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 38 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)**<br> 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. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The list of entities or people that are affiliates of both the Trust and Nationwide Fund Distributors LLC under the heading "Distributor" on page 47 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<br> Kevin T. Jestice

Lee T. Cummings

Steven D. Pierce

Stephen R. Rimes

David Majewski

#### PLEASE RETAIN THIS AMENDMENT FOR FUTURE REFERENCE

------

#### NATIONWIDE VARIABLE INSURANCE TRUST
NVIT U.S. 130/30 Equity Fund

#### Amendment dated March 16, 2023

#### to the Statement of Additional Information ("SAI") dated April 28, 2022

*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" on page 38 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" on page 46 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) [<u>Second Amended and Restated Agreement and Declaration of Trust, dated as of June 17, 2009 (the "Amended Declaration"), of the Registrant, Nationwide Variable Insurance Trust, a Delaware Statutory Trust (the "Trust" or "NVIT"), previously filed</u> <u>as Exhibit EX-23.a with the Trust's registration statement on August 26, 2009, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000095012309038165/b74313exv23wa.htm)

(b) [Third Amended and Restated Bylaws, dated as of August 28, 2020 (the "Amended Bylaws"), of the Trust, previously filed as Exhibit EX-28.b with the Trust's registration statement on September 15, 2020, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312520246037/d60428dex9928b.htm)

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

(d) Investment Advisory Agreements

(1) [Investment Advisory Agreement among the Trust and Nationwide Fund Advisors ("NFA"), dated May 1, 2007, previously filed as Exhibit EX-99.d.1 with the Trust's registration statement on April 30, 2007, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000113542807000150/ex-d1.txt)

(a) [Exhibit A to the Investment Advisory Agreement, amended July 18, 2022, previously filed as EX-28.d.1.a with the Trust's registration statement on October 11, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000113743922000963/ex28d1a.htm)

(2) [<u>Investment Advisory Agreement among the Trust and NFA, dated October 16, 2017, previously filed as Exhibit EX-28.d</u> <u>.2 with the Trust's registration statement on October 16, 2017, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312517310601/d445755dex9928d2.htm)

(a) [<u>Exhibit A to the Investment Advisory Agreement, amended March 9, 2022, previously filed</u> <u>as Exhibit</u> <u>EX-28.d.2.a with the Trust's registration statement on April 19, 2022, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312522109207/d285920dex9928d2a.htm)

(3) Subadvisory Agreements

(a) [<u>Amended and Restated Subadvisory Agreement among the Trust, NFA and Federated Investment</u> <u>Management Company, effective May 1, 2007, as amended and restated April 2, 2009, previously filed as Exhibit EX-23.d.2.d with the Trust's registration statement on April 24, 2009, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000089322009000891/e73057exv23wxdyx2yxdy.htm)

(i) [<u>Exhibit A to the Subadvisory Agreement, amended March 9, 2017, previously filed as Exhibit EX-28.d.2.a.i with the Trust's registration statement on April 1</u> <u>9, 2017, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312517128704/d337983dex9928d2ai.htm)

(b) [<u>Amended Subadvisory Agreement among the Trust, NFA and BlackRock Investment Manag</u> <u>ement, LLC, dated May 1, 2007, as amended June 16, 2010, previously filed as Exhibit EX-28.d.2.g with the Trust's registration statement on September 14, 2010, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000095012310086013/w79637aexv99w28wdw2wg.htm)

(i) [<u>Exhibit A to the Amended Subadvisory Agreement, amended January 10, 2017, previously filed as Exhibit EX-28.d.2.d.i with the Trust's registration statement on February 3, 20</u> <u>17, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312517030377/d229802dex9928d2di.htm)

(c) [Subadvisory Agreement among the Trust, NFA and Insight North America LLC, dated September 6, 2021, previously filed as Exhibit EX-28.d.3.d with the Trust's registration statement on January 12, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312522007490/d277565dex9928d3d.htm)

(i) [Exhibit A to the Subadvisory Agreement, amended February 2, 2022, previously filed as Exhibit EX-28.d.3.d.i with the Trust's registration statement on October 11, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000113743922000963/ex28d3di.htm)

(d) [<u>Subadvisory Agreem</u> <u>ent among the Trust, NFA and American Century Investment Management, Inc., dated March 11, 2010, previously filed as Exhibit EX-28.d.2.q with the Trust's registration statement on April 23, 2010, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000095012310037565/b77153bexv99w28wdw2wq.htm)

(i) [<u>Exhibit A to the</u> <u>Subadvisory Agreement, amended June 19, 2019, previously filed as Exhibit EX-28.d.3.h.i with the Trust's registration statement on July 16, 2019, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312519194690/d35415dex9928d3hi.htm)

------

(e) [Subadvisory Agreement among the Trust, NFA and Thompson, Siegel & Walmsley LLC, dated July 22, 2021, previously filed as Exhibit EX-28.d.3.g with the Trust's registration statement on January 12, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312522007490/d277565dex9928d3g.htm)

(f) [<u>Subadvisory Agreement among the Trust, NFA and Wellington Management Company, L</u> <u>LP, dated March 24, 2008, previously filed as Exhibit EX-23.d.2.aa with the Trust's registration statement on March 27, 2008, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000089322008000868/q52178bexv23wxdyx2yxaay.htm)

(i) [<u>Exhibit A to the Subadvisory Agreement, amended September 19, 2017, previousl</u> <u>y filed as Exhibit EX-28.d.3.l.i with the Trust's registration statement on October 16, 2017, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312517310601/d445755dex9928d31i.htm)

(g) [<u>Subadvisory Agreement among the Trust, NFA and Lazard Asset Management LLC, dated June 17, 2013,</u> <u>previously filed as Exhibit EX-28.d.2.aa with the Trust's registration statement on January 7, 2014, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000113743914000024/lazardsubadvisoryagmt.htm)

(i) [<u>Exhibit A to the Subadvisory Agreement, effective December 10, 2015, previously filed as Exhibit EX-16.6.b.xxiv.1 with the Trust's registration</u> <u>statement on Form N-14 on December 22, 2015, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000158281615000439/exalazardsubadvisoryagmt.htm)

(ii) [<u>Amendment to Exhibit A to the Subadvisory Agreement, as amended January 1, 2023, previously filed as Exhibit</u> <u>EX-28.d.3.h.ii with the Trust's registration statement on January 3, 2023, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000113743923000010/ex28d3hii.htm)

(h) [<u>Subadvisory Agreement among the Trust, NFA and Nationwide Asset Management, LLC, dated Septe</u> <u>mber 3, 2014, previously filed as Exhibit EX-28.2.aa with the Trust's registration statement on February 12, 2015, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312515046325/d851102dex99282aa.htm)

(i) [<u>Exhibits A and B to the Subadvisory Agreement, amended May 1, 2015, previously filed a</u> <u>s Exhibit EX-28.2.bb.i with the Trust's registration statement on April 21, 2015, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312515139948/d889311dex99282bbi.htm)

(i) [<u>Subadvisory Agreement among the Trust, NFA and Jacobs Levy Equity Management, Inc., dated December 10, 2015, previously filed as Exhibit EX-16.6.b.xxvii with th</u> <u>e Trust's registration statement on Form N-14 on December 22, 2015, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000158281615000439/jacobslevysubadvisoryagmt.htm)

(j) [<u>Subadvisory Agreement among the Trust, NFA and Nationwide Asset Management, LLC, dated January 1, 2008, previously filed as Exhibit</u> <u>EX-23.d.2.v with the Trust's registration statement on February 8, 2008, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000089322008000255/w47911aexv23wxdyx2yxvy.htm)

(i) [<u>Exhibit A to the Subadvisory Agreement, amended May 1, 2013, previously filed as Exhibit</u> <u>EX-28.d.2.k.i with the Trust's registration statement on January 17, 2014, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312514014315/d647433dex9928d2ki.htm)

(k) [<u>Subadvisory Agreement among the Trust, NFA and DoubleLine Capital LP, dated October 16, 201</u> <u>7, previously filed as Exhibit EX-28.d.3.cc with the Trust's registration statement on October 16, 2017, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312517310601/d445755dex9928d3cc.htm)

(l) [<u>Subadvisory Agreement among th</u> <u>e Trust, NFA and AQR Capital Management, LLC, dated November 13, 2017, previously filed as Exhibit EX-28.d.3.bb with the Trust's registration statement on April 19, 2018, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312518122325/d510689dex9928d3bb.htm)

(m) [<u>Subadvisory Agreement among the Trust, NFA and BlackRock Investment Management, LLC, dated July 2, 2018, previously filed as Exhibit EX-28.d.3.cc with the Trust's registration statement on September 24, 2018, is hereby incorporated b</u> <u>y reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312518281201/d624477dex9928d3cc.htm)

(n) [<u>S</u> <u>ubadvisory Agreement among the Trust, NFA and WCM Investment Management, LLC,</u> <u>dated October 8, 2018, previously filed as Exhibit EX-28.d.3.cc with the Trust's registration statement on January 7, 2019, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312519003435/d675436dex9928d3cc.htm)

(i) [<u>Exhibit A to</u> <u>the Subadvisory Agreement, amended September 13, 2019, previously filed as Exhibit EX-28.d.3.bb.i with the Trust's registration statement on October 4, 2019.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312519262393/d809092dex9928d3bbi.htm)

(o) [<u>Subadvisory Agreement among the Trust, NFA and Amundi Asset Management US, Inc. (formerly, Amundi Pioneer Institutional Ass</u> <u>et Management, Inc., dated January 14, 2019, previously filed as Exhibit EX-28.d.3.dd with the Trust's registration statement on January 7, 2019, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312519003435/d675436dex9928d3dd.htm)

------

(p) [<u>Subadvisory Agreement a</u> <u>mong the Trust, NFA and Invesco Advisers, Inc., dated May 24, 2019, previously filed as Exhibit EX-28.d.3.dd with the Trust's registration statement on July 16, 2019, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312519194690/d35415dex9928d3dd.htm)

(q) [<u>Subadvisory Agreement</u> <u>among the Trust, NFA and Goldman Sachs Asset Management, L.P., dated June 13, 2019, previously filed as Exhibit EX-28.d.3.ee with the Trust's registration statement on October 4, 2019, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312519262393/d809092dex9928d3ee.htm)

(r) [<u>Subadvisory Agreement among the Trust, NFA and J.P. Morgan Investment Management Inc., dated June 13, 2019, previously filed as Exhibit EX-28.d.3.ff with the Trust's registration statement</u> <u>on July 26, 2019, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312519203767/d767005dex9928d3ff.htm)

(i) [<u>Amendment to Subadvisory Agreement, dated March 10, 2021, previously filed as Exhibit EX-</u> <u>28.d.3.z.i with the Trust's registration statement on March 24, 2021, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312521092057/d46667dex9928d3zi.htm)

(ii) [<u>Amendment to Subadvisory Agreement, dated June 15, 2022, previously filed as Exhibit</u> <u>EX-28.d.3.s.ii with the Trust's registration statement on October 11, 2022, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000113743922000963/ex28d3sii.htm)

(s) [<u>Subadvisory Agreement among the Trust, NFA and Jacobs Levy Equity Management, Inc., dated Septemb</u> <u>er 13, 2019, previously filed as Exhibit EX-28.d.3.gg with the Trust's registration statement on October 4, 2019, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312519262393/d809092dex9928d3gg.htm)

(i) [<u>Exhibit A to the Subadvisory Agreement, amended February 21, 2023, previously filed as Exhibit</u> <u>EX-28.d.3.t.i with the Trust's registration statement on January 18, 2023, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312523009996/d443858dex9928d3ti.htm)

(t) [<u>Subadvisory Agreement among the Trust, NFA and Columbia Management Investment Advisers, LLC, dated March 12, 2020, previously filed as Exhibit</u> <u>EX-28.d.3.cc with the Trust's registration statement on April 16, 2020, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312520109162/d847403dex9928dcc.htm)

(u) [Subadvisory Agreement among the Trust, NFA and Dreyfus Cash Investment Strategies, a division of BNY Mellon Investment Adviser, Inc., dated March 12, 2020, previously filed as Exhibit EX-28.d.3.ee with the Trust's registration statement on April 16, 2020, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312520109162/d847403dex9928d3ee.htm)

(v) [Subadvisory Agreement among the Trust, NFA and Newton Investment Management North America, LLC, effective August 31, 2021, previously filed as Exhibit EX-28.d.3.aa with the Trust's registration statement on January 12, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312522007490/d277565dex9928d3aa.htm)

(w) [<u>Subadvisory Agreement among the Trust, NFA and Allspring Global Investments, LLC, effective November 1, 2021, previously filed as Exhibit</u> <u>EX-28.d.3.bb with the Trust's registration statement on January 12, 2022, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312522007490/d277565dex9928d3bb.htm)

(x) [Subadvisory Agreement among the Trust, NFA and Loomis, Sayles & Company, L.P., effective June 30, 2021, previously filed as Exhibit EX-28.d.3.z with the Trust's registration statement on October 11, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000113743922000963/ex28d3z.htm)

(i) [Exhibit A to the Subadvisory Agreement, amended March 20, 2023, is filed herewith as Exhibit EX-28.d.3.x.i.](ex28d3xi.htm)

(y) [Subadvisory Agreement among the Trust, NFA and NS Partners LTD, effective June 30, 2021, previously filed as Exhibit EX-28.d.3.aa with the Trust's registration statement on October 11, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000113743922000963/ex28d3aa.htm)

(i) [Exhibit A to the Subadvisory Agreement, amended July 18, 2022, previously filed as Exhibit EX-28.d.3.aa.i with the Trust's registration statement on October 11, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000113743922000963/ex28d3aai.htm)

(z) [Subadvisory Agreement among the Trust, NFA and Victory Capital Management Inc., effective December 9, 2021, previously filed as Exhibit EX-28.d.3.bb with the Trust's registration statement on October 11, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000113743922000963/ex28d3bb.htm)

(aa) [Subadvisory Agreement among the Trust, NFA and Atlanta Capital Management Company, L.L.C., effective January 27, 2023, is filed herewith as Exhibit EX-28.d.3.aa.](ex28d3aa.htm)

(4) Fund of Funds Investment Agreements

(a) [<u>Fund of Funds Investment Agreement among the Trust, NFA and American Funds Insurance Series, effective January 19, 2022, previously filed as Exhibit</u> <u>EX-28.d.4.a with the Trust's registration statement on January 12, 2022, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312522007490/d277565dex9928d4a.htm)

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(b) [<u>Fund of Funds Investment Agreement among the Trust, BlackRock Variable Series Funds, Inc. and BlackRock Advisors, LLC, effective January 19, 2022, previously filed as Exhibit</u> <u>EX-28.d.4.b with the Trust's registration statement on January 12, 2022, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312522007490/d277565dex9928d4b.htm)

(c) [<u>Fund of Funds Investment Agreement among the Trust, Nationwide Mutual Funds, BlackRock ETF Trust, BlackRock ETF Trust II, iShares Trust, iShares, Inc. and iShares U.S. ETF Trust, effective January 19, 2022, previously filed as Exhibit</u> <u>EX-28.d.4.c with the Trust's registration statement on January 12, 2022, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312522007490/d277565dex9928d4c.htm)

(e) (1) [<u>Underwriting Agreement between the Trust and Nationwide Fund Distributors, LLC ("NFD"), dated May 1, 2007, previously filed as Exhibit EX-99.e with the Trust's registration statement on April 30, 2007, is hereb</u> <u>y incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000113542807000150/ex-e.txt)

(a) [<u>Schedule A to the Underwriting Agreement, amended March 9, 2022, previously filed as Exhibit</u> <u>EX-</u> <u>28.e.1.a with the Trust's registration statement on April 19, 2022, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312522109207/d285920dex9928e1a.htm)

(f) Not applicable.

(g) (1) [<u>Global Custody Agreement between the Trust and JPMorgan Chase National Association (formerly, JPMorgan Chase Bank), dated April 4, 2003, previously filed as Exhibit EX-23.g.2 with th</u> <u>e Trust's registration statement on April 28, 2003, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000093632903000076/doc3.txt)

(a) [<u>Waiver to Global Custody Agreement, dated May 2, 2005, previously filed as Exhibit EX-23.g.</u> <u>1.b with</u> <u>the Tr</u> <u>ust's registration statement on April 28, 2005, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000113542805000213/ex-23g1b.txt)

(b) [<u>Rider to Global Custody Agreement Cash Trade Execution Product, dated April 4, 2003, previously filed as Exh</u> <u>ibit EX-23.g.1.d with the Trust's registration statement on January 17, 2006, is hereby inc</u> <u>orporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000113542806000015/exh99-23g1d.txt)

(c) [<u>Concentration Accounts Agreement, dated December 2, 2009, previously filed as Exhib</u> <u>it EX-28.g.1.e with the Trust's registration statement on April 23, 2010, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000095012310037565/b77153bexv99w28wgw1we.htm)

(d) [<u>Amendment to Global Custody Agreement, dated December 2, 2009, previously filed as Exhibit</u> <u>EX-16.9.a.iv with the Trust's registration statement on Form N-1A on October 28, 2020, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000168035920000530/amndmenttoglbalcustodyagrmnt.htm)

(e) [Amendment to Global Custody Agreement, dated March 8, 2012, previously filed as Exhibit EX-28.g.1.a with the Trust's registration statement on September 15, 2020, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312520246037/d60428dex9928g1a.htm)

(f) [<u>Amendment to Global Custody Agreement, dated December 9, 2015, previously filed as Exhibit EX</u> <u>-16.9.a.iii with the Trust's reg</u> <u>istration statement on Form N-14 on Dece</u> <u>mber 22, 2015, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000158281615000439/amendgcagmt.htm)

(g) [Amendment to Global Custody Agreement, effective February 1, 2022, previously filed as Exhibit EX-28.g.1.g with the Trust's registration statement on April 19, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312522109207/d285920dex9928g1g.htm)

(h) [Amendment to Exhibit I of the Global Custody Agreement, dated March 14, 2022, previously filed as Exhibit EX-28.g.1.h with the Trust's registration statement on April 19, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312522109207/d285920dex9928g1h.htm)

(h) (1) [<u>Joint Fund Administration and Transfer Agency Agreement between the Trust, Nationwide Mutual Funds and Nationwide Fund Management LLC ("NFM"), dated May 1, 2010, previously fil</u> <u>ed as Exhibit EX-28.h.1 with the Trust's registration statement on September 14, 2010, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000095012310086013/w79637aexv99w28whw1.htm)

(a) [Schedule C of 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 October 11, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000113743922000963/ex28h1a.htm)

(2) [Administrative Services Plan, dated May 1, 2007, amended March 10, 2021, previously filed as Exhibit EX-28.h.2 with the Trust's registration statement on March 24, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312521092057/d46667dex9928h2.htm)

(3) [<u>Expense Limitation Agreement between the Trust and NFA, dated May 1, 2007, previously filed as Exhibit EX-23.h.3 with the Trust's registration statement on April 14, 2008, is hereby incorporated b</u> <u>y reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000089322008001065/n48420exv23wxhyx3y.htm)

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(a) [Exhibit A to the Expense Limitation Agreement, amended as of January 1, 2023, previously filed as Exhibit EX-28.h.3.a with the Trust's registration statement on January 3, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000113743923000010/ex28h3a.htm)

(4) [<u>Assignment and Assumption Agreement between NVIT-Massachusetts ("NVIT-MA") and the Trust, dated May 2, 2005, assigning NVIT-MA's title, rights, interests, benefits and privileges in and to certain contracts in the Agreement, previously filed as Exhibit EX-23.h.7 with the Trust</u> <u>'s registration statement on January 17, 2006, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000113542806000015/exh99-23h7.txt)

(5) [<u>Fund Par</u> <u>ticipation Agreement among NFM, Nationwide Financial Services, Inc. ("NFS"), American Funds Insurance Series and Capital Research and Management Company, dated May 1, 2007, previously filed as Exhibit EX-23.h.6 with the Trust's registration statement on September 25, 2008, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000089322008002614/n66778exv23wxhyx6y.htm)

(6) [<u>Master-Feeder Services Agreement between the Trust and NFM, dated May 1, 2007, for the American Fund</u> <u>s NVIT Growth Fund, American Funds NVIT Global Growth Fund, American Funds NVIT Asset Allocation Fund, American Funds NVIT Bond Fund and American Funds NVIT Growth-Income Fund (collectively, the "Feeder Funds"), previously filed as Exhibit EX-23.h.7 with the Trust's registration statement on April 30, 2007, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000113542807000150/ex-h7.txt)

(7) [<u>Amended and Restated Fee Waiver Agreement between the Trust and NFM, dated May 1, 2021, relating to the NVIT American Funds Asset Allocation Fund, NVIT American Funds Bond Fund, NVIT American Funds Global Growth Fund, NVIT American Funds Growth Fund, and NVIT American Funds Growth-Income Fund, previously f</u> <u>iled as Exhibit EX-28.h.7 with the Trust's registration statement on April 15, 2021, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312521117479/d335504dex9928h7.htm)

(8) [<u>12b-1 Fee Waiver Agreement between the Trust and NFD, dated May 1, 2022, relating to the NVIT BlackRock Managed Global Allocation Fund, NVIT DoubleLine Total Return Tactical Fund, NVIT Blueprint</u> <sup><u>SM</u></sup> <u>Aggressive Fund, NVIT Blueprint</u> <sup><u>SM</u></sup> <u>Moderately Aggressive Fund, NVIT Blueprint</u> <sup><u>SM</u></sup> <u>Capital Appreciation Fund, NVIT Blueprint</u> <sup><u>SM</u></sup> <u>Moderate Fund, NVIT Blueprint</u> <sup><u>SM</u></sup> <u>Balanced Fund, NVIT Blueprint</u> <sup><u>SM</u></sup> <u>Moderately Conservative Fund, NVIT Blueprint</u> <sup><u>SM</u></sup> <u>Conservative Fund, NVIT Blueprint Managed Growth & Income Fund, NVIT Blueprint Managed Growth Fund, NVIT BNY Mellon Sustainable U.S. Equity Fund, and NVIT BNY Mellon Dynamic U.S. Equity Fund, previously filed as Exhibit</u> <u>EX-28.h.8 with the Trust's registration statement on April 19, 2022, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312522109207/d285920dex9928h8.htm)

(9) [<u>Fund Participation Agreement among NFA, NFD, and</u> <u>NFS, dated May 2, 2005, previously filed as Exhibit EX-28.h.22 with the Trust's registration statement on April 22, 2013, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312513164736/d521377dex9928h22.htm)

(i) [<u>Form of Amendment to the Fund Participation Agreement by and among NFA, NFD, and NFS, dat</u> <u>ed May 1, 2013, relating to certain series of the Trust, previously filed as Exhibit EX-28.h.22.i with the Trust's registration statement on April 22, 2013, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312513164736/d521377dex9928h22i.htm)

(10) [<u>Participation Agreement among the Trust, iShares Trust, iShares U.S. ETF Trust, iShares, Inc., iShares U.S. ETF Company, Inc. and iShares Sovereign Screened Global Bond Fund, Inc., relating to certain series of the Trust, dated Septem</u> <u>ber 10, 2014, previously filed as Exhibit EX-28.h.24 with the Trust's registration statement on February 12, 2015, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312515046325/d851102dex9928h24.htm)

(11) [<u>Fund of Funds Participation Agreement among the Trust, NFA, WisdomTree Trust and WisdomTree</u> <u>Asset Management, Inc., dated September 10, 2014, relating to certain series of the Trust, previously filed as Exhibit EX-28.h.25 with the Trust's registration statement on February 12, 2015, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312515046325/d851102dex9928h25.htm)

(12) [<u>Purchasing Fund</u> <u>Agreement among the Trust, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust, relating to certain series of the Trust, dated September 10, 2014, previously filed as Exhibit EX-28.h.26 with the Trust's registration statement on February 12, 2015, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312515046325/d851102dex9928h26.htm)

(13) [<u>Investing Fund Agreement between the Trust and Market Vectors EFT Trust, dated September 10, 2014, relating to certain</u> <u>series of the Trust, previously filed as Exhibit EX-28.h.27 with the Trust's registration statement on February 12, 2015, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312515046325/d851102dex9928h27.htm)

(14) [<u>12(d)(1) Investing Agreement between the Trust and Vanguard Trusts, dated October 31, 2014, relating to certain series of the Trust, previously filed as Exhibit EX</u> <u>-28.h.28 with the Trust's registration statement on February 12, 2015, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312515046325/d851102dex9928h28.htm)

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(15) [<u>Investing Fund Agreement between the Trust, First Trust Exchange-Traded Fund, First Trust Exchange-Traded Fund II, First Trust Exchange-Traded Fund III, First Trust Exchange-Traded Fund IV, First Trust Exchange-Traded Fund V, First Trust Exchange-Traded Fund VI, First Trust Exchange-Traded Fund VII, Fi</u> <u>rst Trust Exchange-Traded AlphaDEX® Fund and First Trust Exchange-Traded AlphaDEX® Fund II, relating to certain series of the Trust, previously filed as Exhibit EX-28.h.29 with the Trust's registration statement on February 12, 2015, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312515046325/d851102dex9928h29.htm)

(16) [<u>Expense Limitation Agreement between the Trust and NFA, dated May 1, 2017, relating to the BlackRock NVIT Man</u> <u>aged Global Allocation Fund, previously filed as Exhibit EX-28.h.21 with the Trust's registration statement on April 19, 2017, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312517128704/d337983dex9928h21.htm)

(a) [<u>Amendment to Expense Limitation Agreement, dated July 1, 2018, previously filed as Exhibit EX-28.h.21.a with the Trust's registration statement on Se</u> <u>ptember 24, 2018, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312518281201/d624477dex9928h21a.htm)

(17) [<u>Fee Waiver Agreement between the Trust and NFA, dated May 1, 2022, relating to the NVIT BlackRock Managed Global Allocation Fund, previously filed as Exhibit</u> <u>EX-28.h.17 with the Trust's registration statement on April 19, 2022, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312522109207/d285920dex9928h17.htm)

(18) [<u>Form of Fund of Funds Participation Agreement among the Trust, on behalf of the BlackRock NVIT Managed Global Allocation Fund, NFA, BlackRock Variable Series Funds, Inc., on behalf</u> <u>of certain series of its trust, and BlackRock Advisors, LLC, previously filed as Exhibit EX-28.h.24 with the Trust's registration statement on April 28, 2015, is hereby in</u> <u>corporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312515152267/d851102dex9928h24.htm)

(19) [<u>Fee Waiver Agreement between the Trust and NFA, dated May 1, 2022, relating to the NVIT Blueprint</u> <sup><u>SM</u></sup> <u>Aggressive Fund, NVIT Blueprint</u> <sup><u>SM</u></sup> <u>Moderately Aggressive Fund, NVIT Blueprint</u> <sup><u>SM</u></sup> <u>Capital Appreciation Fund, NVIT Blueprint</u> <sup><u>SM</u></sup> <u>Moderate Fund, NVIT Blueprint</u> <sup><u>SM</u></sup> <u>Balanced Fund, NVIT Blueprint</u> <sup><u>SM</u></sup> <u>Moderately Conservative Fund and NVIT Blueprint</u> <sup><u>SM</u></sup> <u>Conservative Fund, previously filed as Exhibit</u> <u>EX-28.h.19 with the Trust's registration statement on April 19, 2022, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312522109207/d285920dex9928h19.htm)

(20) [<u>Administrative Services Fee Waiver Agreement between the Trust and NFS, dated May 1, 2022, relating t</u> <u>o the NVIT Government Money Market Fund, previously filed as Exhibit EX-28.h.20 with the Trust's registration statement on April 19, 2022, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312522109207/d285920dex9928h20.htm)

(21) [<u>Fee Waiver Agreement between the Trust and NFA, dated May 1, 2022, relating to the NVIT Real Estate Fund, previously fi</u> <u>led as Exhibit</u> <u>EX-2</u> <u>8.h.21 with the Trust's registration statement on April 19, 2022, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312522109207/d285920dex9928h21.htm)

(22) [<u>Amended and Restated Fee Waiver Agreement between the Trust and NFA, effective January 1, 2023 relating to the NVIT Allspring Discovery Fund, NVIT BNY Mellon Core Plus Bond Fund, NVIT BNY Mellon Dynamic U.S. Core Fund, NVIT Calvert Equity Fund, NVIT Emerging Markets Fund, NVIT Government Bond Fund, NVIT Jacobs Levy Large Cap Core Fund, NVIT Loomis Short Term Bond Fund, NVIT Multi-Manager Mid Cap Value Fund, NVIT Multi-Manager Small Company Fund, NVIT NS Partners International Focused Growth Fund and NVIT Real Estate, previously filed as Exhibit</u> <u>EX-28.h.22 with the Trust's registration statement on January 3, 2023, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000113743923000010/ex28h22.htm)

(23) [Fee Waiver Agreement between the Trust and NFA, dated July 1, 2020, relating to the NVIT Government Money Market Fund, previously filed as Exhibit EX-28.h.30 with the Trust's registration statement on April 16, 2020, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312520109162/d847403dex9928h30.htm)

(24) [<u>12b-1 Fee Waiver Agreement between the Trust and NFD, dated May 1, 2022, relating to the NVIT Government Money Market Fund, previously filed as Exhibit</u> <u>EX-28.h.24 with the Trust's registration statement on April 19, 2022, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312522109207/d285920dex9928h24.htm)

(25) [<u>Investment Advisory Fee Waiver Agreement between the Trust and NFA, dated May 1, 2022, relating to the NVIT Government Money Market Fund, previously filed as Exhibit</u> <u>EX-28.h.25 with the Trust's registration statement on April 19, 2022, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312522109207/d285920dex9928h25.htm)

(26) [12b-1 Fee Waiver Agreement between the Trust and NFD, dated May 1, 2022, relating to the NVIT International Index Fund, previously filed as Exhibit EX-28.h.26 with the Trust's registration statement on April 19, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312522109207/d285920dex9928h26.htm)

(27) [Expense Limitation Agreement between the Trust and NFA, dated November 12, 2021, relating to the NVIT AllianzGI International Growth Fund, NVIT BNY Mellon Dynamic U.S. Equity Income Fund, NVIT Emerging Markets Fund, NVIT Mid Cap Index Fund, NVIT Real Estate Fund, NVIT S&P 500 Index Fund, NVIT Wells Fargo Discovery Fund, NVIT BNY Mellon Core Plus Bond Fund, and NVIT Managed American Funds Asset Allocation Fund, previously filed as Exhibit EX-28.h.27 with the Trust's registration statement on January 12, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312522007490/d277565dex9928h27.htm)

------

(28) [Expense Limitation Agreement between the Trust and NFA, dated November 12, 2021, relating to the NVIT American Funds Asset Allocation Fund and NVIT American Funds Growth Fund, previously filed as Exhibit Ex-28.h.28 with the Trust's registration statement on January 12, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312522007490/d277565dex9928h28.htm)

(i) Not applicable.

(j) Not applicable.

(k) Not applicable.

(l) Not applicable.

(m) [<u>Distribution Plan under Rule 12b-1, dated May 1, 2007, as amended March 10, 2021, previously filed as Exhibit</u> <u>EX-28.m with the Trust's registration statement on March 24, 2021, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312521092057/d46667dex9928m.htm)

(n) [<u>Rule 18f-3 Plan, dated May 1, 2007, as amended March 9, 2022, previously filed as Exhibit</u> <u>EX-28.n with the Trust's registration statement on April 19, 2022, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312522109207/d285920dex9928n.htm)

(o) Not applicable.

(p) (1) [<u>Code of Ethics for NF</u> <u>A, the Trust and Nationwide Mutual Funds, amended March 2020, previously filed as Exhibit EX-28.p.1 with the Trust's registration statement on April 15, 2021, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312521117479/d335504dex9928p1.htm)

(2) [Code of Ethics for NFD, dated April 1, 2021, previously filed as Exhibit EX-28.p.2 with the Trust's registration statement on April 15, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312521117479/d335504dex9928p2.htm)

(3) [Code of Ethics for Access Persons for Federated Investment Management Company, effective November 10, 2021, previously filed as Exhibit EX-28.p.3 with the Trust's registration statement on April 19, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312522109207/d285920dex9928p3.htm)

(4) [Code of Ethics for JPMorgan Asset Management ("JPMAM"), effective July 2, 2021, previously filed as Exhibit EX-28.p.4 with the Trust's registration statement on April 19, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312522109207/d285920dex9928p4.htm)

(5) [Code of Business Conduct and Ethics for BlackRock, Inc. (and its subsidiaries), dated April 30, 2020, previously filed as Exhibit EX-28.p.5 with the Trust's registration statement on April 15, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312521117479/d335504dex9928p5.htm)

(6) [<u>Code of Ethics for Neuberger Berman Investment Advisers LLC, revised January 26, 2021, previously filed as Exhibit</u> <u>EX-28.p.6 with the Trust's registration statement on April 15, 2021, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312521117479/d335504dex9928p6.htm)

(7) [<u>Code of Ethics for American Century Investment Management, Inc., revised January 1, 2021, previously filed as Exhibit</u> <u>EX-28.p.7 with the Trust's registration statement on April 15, 2021, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312521117479/d335504dex9928p7.htm)

(8) [<u>Code of Ethics for Capital Research and Management Company, dated April 2020, previously filed as Exhibit</u> <u>EX-28.p.8 with the Trust's registration statement on April 16, 2020, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312520109162/d847403dex9928p8.htm)

(9) [Code of Ethics for Allspring Global Investments, LLC, effective November 1, 2021, previously filed as Exhibit EX-28.p.9 with the Trust's registration statement on April 19, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312522109207/d285920dex9928p9.htm)

(10) [Code of Ethics and Personal Trading Policy for Nationwide Asset Management, LLC, effective July 2020, previously filed as Exhibit EX-28.p.10 with the Trust's registration statement on April 15, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312521117479/d335504dex9928p10.htm)

(11) [Code of Ethics for Thompson, Siegel & Walmsley LLC, dated June 18, 2021, previously filed as Exhibit EX-28.p.11 with the Trust's registration statement on April 19, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312522109207/d285920dex9928p11.htm)

(12) [<u>Code of Ethics for</u> <u>Wellington Management Company, LLP, dated August 2, 2021, previously filed as Exhibit</u> <u>EX-28.p.12 with the Trust's registration statement on April 19, 2022, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312522109207/d285920dex9928p12.htm)

(13) [<u>Code of Ethics and Person</u> <u>al Investment Policy for Lazard Asset Management LLC, dated July 2020, previously filed as Exhibit EX-28.p.14 with the Trust's registration statement on April 15, 2021, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312521117479/d335504dex9928p14.htm)

(14) [<u>Code of Ethics for Jacobs Levy Equity Management, Inc., revised January 2016, previously filed as Exhibit EX-28.p.27 with the Trust's registration statement on April 19, 2017, is hereby incorpor</u> <u>ated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312517128704/d337983dex9928p27.htm)

------

(15) [<u>Code of Ethics for DoubleLine Capital LP, effective January 1, 2021, previously filed as Exhibit</u> <u>EX-28.p.17 with the Trust's registration statement on April 15, 2021, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312521117479/d335504dex9928p17.htm)

(16) [<u>Code of Ethics for AQR Capital Management, LLC, amended September 2021, previously filed as Exhibit</u> <u>EX-28.p.16 with the Trust's registration statement on April 19, 2022, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312522109207/d285920dex9928p16.htm)

(17) [<u>Code of Ethics for Amundi Asset Management US, Inc., revised July 2021, previously filed as Exhibit</u> <u>EX-28.p.17 with the Trust's registration statement on April 19, 2022, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312522109207/d285920dex9928p17.htm)

(18) [Code of Ethics and Personal Trading Policy for Invesco Advisers, Inc., effective January 2022, previously filed as Exhibit EX-28.p.19 with the Trust's registration statement on April 19, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312522109207/d285920dex9928p19.htm)

(19) [Code of Ethics for WCM Investment Management, LLC, adopted May 1, 2021, previously filed as Exhibit EX-28.p.20 with the Trust's registration statement on January 12, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312522007490/d277565dex9928p20.htm)

(20) [Code of Ethics for Goldman Sachs Asset Management, L.P., dated August 29, 2019, previously filed as Exhibit EX-28.p.27 with the Trust's registration statement on April 16, 2020, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312520109162/d847403dex9928p27.htm)

(21) [Global Personal Account Dealing and Code of Ethics for Columbia Threadneedle Investments, dated December 2021, previously filed as Exhibit EX-28.p.22 with the Trust's registration statement on April 19, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312522109207/d285920dex9928p22.htm)

(22) [Personal Securities Trading Policy for Newton Investment Management North America, LLC, effective March 31, 2021, previously filed as Exhibit EX-28.p.23 with the Trust's registration statement on April 19, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312522109207/d285920dex9928p23.htm)

(23) [Code of Conduct for Dreyfus Cash Investment Strategies, previously filed as Exhibit EX-28.p.24 with the Trust's registration statement on April 19, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312522109207/d285920dex9928p24.htm)

(24) [<u>Personal Securities Trading Policy for Insight North America LLC, effective March 31, 2021, previously filed as Exhibit</u> <u>EX-28.p.25 with the Trust's registration statement on April 19, 2022, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312522109207/d285920dex9928p25.htm)

(25) [Code of Ethics for NS Partners Ltd, dated September 2020, previously filed as Exhibit EX-28.p.26 with the Trust's registration statement on January 12, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312522007490/d277565dex9928p26.htm)

(26) [Code of Ethics for Loomis, Sayles & Company, L.P., dated December 16, 2020, previously filed as Exhibit EX-28.p.27 with the Trust's registration statement on January 12, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312522007490/d277565dex9928p27.htm)

(27) [Code of Ethics for Victory Capital Management Inc., effective January 1, 2022, previously filed as Exhibit EX-28.q.27 with the Trust's registration statement on October 11, 2022, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000113743922000963/ex28p27.htm)

(28) [Morgan Stanley Investment Management Public Side Code of Ethics and Personal Trading Guidelines for Atlanta Capital Management Company, L.L.C., effective December 15, 2022, is filed herewith as Exhibit EX-28.p.28.](ex28p28.htm)

(q) (1) [<u>Power of Attorney with respect to the Trust for Barbara I. Jacobs, dated June 14, 2017, previously filed as Exhibit EX-28</u> <u>.q.2 with the Trust's registration statement on June 22, 2017, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312517209986/d395837dex9928q2.htm)

(2) [<u>Power of Attorney with respect to the Trust for Douglas F. Kridler, dated June 14, 2017, previously filed as Exhib</u> <u>it EX-28.q.5 with the Trust's registration statement on June 22, 2017, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312517209986/d395837dex9928q5.htm)

(3) [<u>Power of Attorney with respect to the Trust for Keith F. Karlawish, dated June 14, 2017, previously filed as</u> <u>Exhibit EX-28.q.7 with the Trust's registration statement on June 22, 2017, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312517209986/d395837dex9928q7.htm)

(4) [<u>Power of Attorney with respect to the Trust for M. Diane Koken, dated March 6, 2019, previously filed as Exhi</u> <u>bit EX-28.q.8 with the Trust's registration statement on April 18, 2019, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312519110774/d658271dex9928q8.htm)

(5) [<u>Power of Attorney with resp</u> <u>ect 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 June 22, 2017, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312517209986/d395837dex9928q9.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 March 24, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312521092057/d46667dex9928q10.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 March 24, 2021, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312521092057/d46667dex9928q11.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/353905/000113743922000963/ex28q12.htm)

(10) [<u>Power of Attorney with respect to the Trust for Kristina Bradshaw, dated January 1, 2023, previously filed as Exhibit</u> <u>EX-28.q.10 with the Trust's registration statement on January 18, 2023, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312523009996/d443858dex9928q10.htm)

(11) [<u>Power of Attorney with respect to the Trust for Charlotte Petersen, dated January 1, 2023, previously filed as Exhibit</u> <u>EX-28.q.11 with the Trust's registration statement on January 18, 2023, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312523009996/d443858dex9928q11.htm)

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

No person is presently controlled by or under common control with Registrant.

#### ITEM 30. INDEMNIFICATION

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 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.

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

(a) Nationwide Fund Advisors ("NFA"), the investment adviser to the Trust, also serves as investment adviser to Nationwide Mutual Funds. To the Registrant's knowledge, 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 NFA. The address for the persons listed below is One Nationwide Plaza, Columbus, Ohio 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 Insurance Company | Senior Vice President | Senior Vice President and Head of Fund Operations |
| 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 | Vice President and Assistant Treasurer | N/A |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | Nationwide Mutual Insurance Company | | |
| 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 |
| Tonya G. Walker | Associate Vice President and Assistant Treasurer of | Nationwide Mutual Insurance Company | N/A |

---

(b) Information for the Subadvisers

(1) American Century Investment Management, Inc. ("American Century") acts as subadviser to the NVIT Multi-Manager Mid Cap Value Fund. Except as listed below, the directors and officers of American
 Century 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.

---

| | | |
|:---|:---|:---|
| Name and Position With American Century | Other Company | Position With Other Company |
| Alex Lepinsky<br> Vice President | Deutsche Bank | Senior Portfolio Manager and Senior Trader |
| Miguel Cota | BlackRock Investments | Senior Credit Trader |
| Peter Van Gelderen | Guggenheim Partners | Co-Head of Structured Credit Group |
| John Pak | The Bank of New York Mellon | Chief Legal Officer of Investment Wealth Management |

---

(2) Amundi Asset Management US, Inc. ("Amundi AM US") acts as subadviser to the NVIT Amundi Multi Sector Bond Fund. The directors and officers of Amundi AM 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, except as noted below.

---

| | | |
|:---|:---|:---|
| Name and Position With Amundi AM US | Other Company | Position With Other Company |
| Lisa Jones,<br> CEO | The Investment Company Institute | Member – Board of Governors |
| | MIT Sloan Finance Group Advisory Board | Member |
| Ken Taubes,<br> CIO | Kerem Shalom | Member of Finance Committee |
| | Suffolk University MSF Advisory Board<br>| Board Member |
| | Suffolk University | Trustee and Member of the Investment Committee |

---

------

<u> Gregg Dooling, CFO </u> <u> Raising a Reader Massachusetts </u> Member of Finance and Audit Committee <br>   <u> Raising a Reader Massachusetts </u> Chair of Board of Trustees

(3) AQR Capital Management, LLC ("AQR") acts as subadviser for the NVIT AQR Large Cap Defensive Style Fund. Except as listed below, the directors and
 officers of AQR 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.

---

| | | |
|:---|:---|:---|
| Name and Position With AQR | Other Company | Position With Other Company |
| Lasse Pedersen, Principal | Copenhagen Business School<br> Howitzvej 60,<br> 2000 Frederiksberg, Denmark 2815 2815 | Professor (2011-present) |
| Scott Richardson, Principal | London Business School<br> 26 Sussex Pl<br> Marylebone, London, UK | Professor of Accounting (2011- present) |
| Tobias Moskowitz, Principal | Yale University School of Management Yale University<br> New Haven, CT 06511 | Dean Takahashi Professor of Finance (2016-present) |
|  | Commonfund<br> 15 Old Danbury Road, Wilton, CT 06897 | Board Member (starting in 2022) |

---

(4) BlackRock Investment Management, LLC ("BlackRock") acts as subadviser to the NVIT S&P 500 Index Fund, NVIT Small Cap Index Fund, NVIT Mid Cap Index Fund, NVIT International Index Fund, NVIT
 Bond Index Fund, NVIT BlackRock Equity Dividend Fund, NVIT iShares Fixed Income ETF Fund and NVIT iShares Global Equity ETF Fund. 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.

(5) Columbia Management Investment Advisers, LLC ("Columbia") acts as subadviser to the NVIT Columbia Overseas Value Fund. Except as set forth below, none of the directors or officers of Columbia
 are or have been, at any time during the Trust's past two fiscal years, engaged in any other business, profession, vocation or employment of a substantial nature.

(a) Columbia, a wholly-owned subsidiary of Ameriprise Financial, Inc., performs investment advisory services for the Trust and certain other clients. Information regarding the business of Columbia
 is set forth in the Prospectus and Statement of Additional Information of the Trust's series that are subadvised by Columbia and is incorporated herein by reference. Information about the business of Columbia and the directors and
 principal executive officers of Columbia is also included in the Form ADV filed by Columbia with the SEC pursuant to the Investment Advisers Act of 1940 (File No. 801-25943), which information is incorporated herein by reference. In
 addition to their position with Columbia, certain directors and officers of Columbia also hold various positions with, and engage in business for, Ameriprise Financial, Inc. or its other subsidiaries.

(6) DoubleLine Capital LP ("DoubleLine") acts as subadviser to the NVIT DoubleLine Total Return Tactical Fund. Except as noted below, no director, officer, or partner of DoubleLine have 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.

------

---

| | | |
|:---|:---|:---|
| Name and Position with DoubleLine | Other Company | Position with Other Company |
| Jeffrey E. Gundlach, Chief Executive Officer, Chief Investment Officer | DoubleLine Funds Trust | Chairman of the Board of Trustees |
| Ronald R. Redell, Executive Vice President | DoubleLine Funds Trust | President, Interested Trustee |
| | DoubleLine Opportunistic Credit Fund, DoubleLine Income Solutions Fund, DoubleLine Yield Opportunities Fund | Chairman of the Board of Trustees |
| Earl Lariscy, General Counsel | DoubleLine Funds Trust | Vice President |
| | DoubleLine Opportunistic Credit Fund, DoubleLine Income Solutions Fund, DoubleLine Yield Opportunities Fund | Vice President and Assistant Secretary |
| Jeffrey J. Sherman, Deputy Chief Investment Officer | DoubleLine Opportunistic Credit Fund, DoubleLine Income Solutions Fund, DoubleLine Yield Opportunities Fund | Vice President |
| Youse Guia, Chief Compliance Officer | DoubleLine Funds Trust, DoubleLine Opportunistic Credit Fund, DoubleLine Income Solutions Fund, DoubleLine Yield Opportunities Fund | Chief Compliance Officer |
| Cris Santa Ana, Chief Risk Officer | DoubleLine Funds Trust, DoubleLine Opportunistic Credit Fund, DoubleLine Income Solutions Fund, DoubleLine Yield Opportunities Fund | Secretary |
| Patrick Townzen, Director of Operations | DoubleLine Funds Trust, DoubleLine Opportunistic Credit Fund, DoubleLine Income Solutions Fund, DoubleLine Yield Opportunities Fund | Vice President |

---

(7) Dreyfus, a division of BNY Mellon Investment Adviser, Inc. ("BNYMIA") acts as subadviser to the NVIT 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 Executive Director of J.P. Morgan Asset Management from September 2013 until November 2021.

(8) Federated Investment Management Company ("Federated") acts as subadviser to the NVIT Federated High Income Bond Fund and is a registered investment adviser under the Investment Advisers Act of
 1940. It is a subsidiary of Federated Hermes, Inc. (formerly, Federated Investors, Inc). Federated serves as investment adviser to a number of investment companies and private accounts. Except as noted below, the directors and
 officers of Federated 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 Federated </u> <u> Other Company </u> Position with Other Company <br> <u> James Gallagher II, Trustee </u> <u> Morris James LLP<br> 500 Delaware Avenue, Suite 1500<br> Wilmington, DE 19801-1494 </u> Partner

------

---

| | |
|:---|:---|
| (9) | Goldman Sachs Asset Management, L.P. ("GSAM") is an indirect wholly owned subsidiary of The Goldman Sachs Group, Inc. and serves as subadviser to the NVIT GS Emerging Markets Equity Insights Fund, NVIT GS International Equity Insights Fund, NVIT GS Large Cap Equity Insights Fund and NVIT GS Small Cap Equity Insights Fund. 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.<br>|
| (10) | Invesco Advisers, Inc. ("Invesco") acts as subadviser to the NVIT Multi-Manager Small Cap Growth Fund and NVIT Multi-Manager Small Company Fund. Except as noted below, no director, officer, or partner of Invesco has 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. |
|  | The following table provides information with respect to the principal executive officer and the directors of Invesco.<br> Registrant's investment sub-adviser, Invesco is located at 1555 Peachtree Street, N.E., Atlanta, GA 30309. In addition to providing sub-advisory services, Invesco, through its subsidiaries, engages in the business of investment management on an international basis. The directors, officers, or partners of Invesco have held, during the past two fiscal years, the following positions of a substantial nature. |

---

---

| | |
|:---|:---|
| Name | Position |
| Gregory McGreevey | Director, Chairman, President and Chief Executive Officer |
| Andrew R. Schlossberg | Director and Sr. Vice President |
| L. Allison Dukes | Director |
| Kevin M. Carome | Director |
| Todd Kuehl | Chief Compliance Officer |
| Annette Lege | Chief Accounting Officer, CFO and Treasurer |
| Mark Gregson | Controller |
| Jeffrey H. Kupor | Senior Vice President and Secretary |
| Crissie M. Wisdom | Anti-Money Laundering Compliance Officer |

---

(11) Jacobs Levy Equity Management, Inc. ("Jacobs Levy") acts as subadviser to the NVIT Multi-Manager Small Company Fund, NVIT Multi-Manager Small Cap Value Fund, NVIT U.S. 130/30 Equity Fund, NVIT
 Jacobs Levy Large Cap Core Fund, and NVIT Jacobs Levy Large Cap Growth Fund. 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 o--r officer of affiliated entities.

(12) J.P. Morgan Investment Management, Inc. ("JPMIM"), a registered investment adviser, and a wholly owned subsidiary of J. P. Morgan & Co., acts as subadviser to the NVIT J.P. Morgan Digital
 Evolution Strategy Fund, NVIT J.P. Morgan Innovators Fund, NVIT J.P. Morgan Large Cap Growth Fund, NVIT J.P. Morgan Mozaic<sup>SM</sup> Multi-Asset Fund, NVIT J.P. Morgan U.S. Equity Fund, and NVIT J.P. Morgan US Technology Leaders
 Fund. The directors and executive officers of JPMIM 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 JPMIM or
 its affiliates.

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(13) Lazard Asset Management LLC ("Lazard") acts as subadviser to the NVIT International Equity Fund. The directors and officers of Lazard have not been engaged in any other business or profession
 of a substantial nature during the past two fiscal years.

(14) Loomis, Sayles & Company, L.P. ("Loomis Sayles") acts as subadviser to the NVIT Loomis Short Term Bond Fund and a portion of the NVIT Emerging Markets 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 | Loomis Sayles Funds I<br> 888 Boylston Street, Boston, MA 02199 |
| Kevin P. Charleston<br> Chairman, Chief Executive Officer, President and Director | Loomis Sayles Funds II<br> 888 Boylston Street, Boston, MA<br> 02199 | Trustee |
| Kevin P. Charleston<br> Chairman, Chief Executive Officer, President and Director | Natixis Funds Trust I<br> 888 Boylston Street, Boston, MA 02199 | Trustee |
| Kevin P. Charleston<br> Chairman, Chief Executive Officer, President and Director | Natixis Funds Trust II<br> 888 Boylston Street, Boston, MA 02199 | Trustee |
| Kevin P. Charleston<br> Chairman, Chief Executive Officer, President and Director | Natixis Funds Trust IV<br> 888 Boylston Street, Boston, MA 02199 | Trustee |
| Kevin P. Charleston<br> Chairman, Chief Executive Officer, President and Director | Natixis ETF Trust<br> 888 Boylston Street, Boston, MA 02199 | Trustee |
| Kevin P. Charleston<br> Chairman, Chief Executive Officer, President and Director | Natixis ETF Trust II<br> 888 Boylston Street, Boston, MA 02199 | Trustee |
| Kevin P. Charleston<br> Chairman, Chief Executive Officer, President and Director | Gateway Trust<br> 888 Boylston Street, Boston, MA 02199 | Trustee |
| Kevin P. Charleston<br> Chairman, Chief Executive Officer, President and Director | Loomis Sayles Distributors, Inc.<br> One Financial Center, Boston, MA 02111 | Director |
| Kevin P. Charleston<br> Chairman, Chief Executive Officer, President and Director | Loomis Sayles Investments Limited<br> The Economist Plaza, 25 St. James's Street, London, England SW1A 1 HA | Executive Vice President |
| Kevin P. Charleston<br> Chairman, Chief Executive Officer, President and Director | Loomis Sayles Trust Company, LLC<br> One Financial Center, Boston, MA 02111 | Manager and President |
| Kevin P. Charleston<br> Chairman, Chief Executive Officer, President and Director | Loomis Sayles Investments Asia Pte. Ltd.<br> 10 Collyer Quay #14-06, Ocean Financial Centre, Singapore 049315 | Director |
| Kevin P. Charleston<br> Chairman, Chief Executive Officer, President and Director | Loomis Sayles Operating Services, LLC, One Financial Center, Boston, MA 02111 | Director, Chairman and President |
| Kevin P. Charleston<br> Chairman, Chief Executive Officer, President and Director | NIM-os, LLC<br> One Financial Center, Boston, MA 02111 | Director, Chairman and President |
| Matthew J. Eagan<br> Executive Vice President and Director | None. | None. |

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------

---

| | | |
|:---|:---|:---|
| 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) |
| Daniel J. Fuss<br> Vice Chairman, Executive Vice President and Director | 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 Solutions, LLC<br> One Financial Center, Boston, MA 02111 | President (2003-2020) |
| John R. Gidman<br> Executive Vice President, Chief Operating Officer and Director | Loomis Sayles Operating Services, LLC, One Financial Center, Boston, MA 02111 | Director and Chief Executive Officer |
| John R. Gidman<br> Executive Vice President, Chief Operating Officer and Director | 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 |
| David L. Giunta<br> Director | Natixis Advisors, LLC<br> 888 Boylston Street, Boston, MA 02199 | President and Chief Executive Officer |
| David L. Giunta<br> Director | Compliance, Risk and Internal Control Committee (formerly known as Natixis Distribution Corporation)<br> 888 Boylston Street, Boston, MA 02199 | Chairman, President and Chief Executive Officer |
| David L. Giunta<br> Director | Natixis Distribution, LLC<br> 888 Boylston Street, Boston, MA 02199 | President and Chief Executive Officer |
| David L. Giunta<br> Director | Loomis Sayles Funds I<br> 888 Boylston Street, Boston, MA 02199 | Trustee and Executive Vice President |
| David L. Giunta<br> Director | Loomis Sayles Funds II<br> 888 Boylston Street, Boston, MA 02199 | Trustee, President and Chief Executive Officer |
| David L. Giunta<br> Director | Natixis Funds Trust I<br> 888 Boylston Street, Boston, MA 02199 | Trustee, President and Chief Executive Officer |
| David L. Giunta<br> Director | Natixis Funds Trust II<br> 888 Boylston Street, Boston, MA 02199 | Trustee, President and Chief Executive Officer |
| David L. Giunta<br> Director | Natixis Funds Trust IV<br> 888 Boylston Street, Boston, MA 02199 | Trustee, President and Chief Executive Officer |
| David L. Giunta<br> Director | Natixis ETF Trust<br> 888 Boylston Street, Boston, MA 02199 | Trustee, President and Chief Executive Officer |
| David L. Giunta<br> Director | Natixis ETF Trust II<br> 888 Boylston Street, Boston, MA 02199 | Trustee, President and Chief Executive Officer |
| David L. Giunta<br> Director | 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 | None. | None. |
| Maurice Leger<br> Executive Vice President, Director of Global Institutional Services and Director | Loomis Sayles Trust Company, LLC<br> One Financial Center, Boston, MA 02111 | Manager |

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------

---

| | | |
|:---|:---|:---|
| Jean S. Loewenberg<br> Executive Vice President, General Counsel, Secretary and Director | Loomis Sayles Distributors, Inc.<br> One Financial Center, Boston, MA 02111 | Director |
| Jean S. Loewenberg<br> Executive Vice President, General Counsel, Secretary and Director | Loomis Sayles Investments Limited<br> The Economist Plaza, 25 St. James's Street, London, England SW1A 1 HA | General Counsel and Secretary |
| Jean S. Loewenberg<br> Executive Vice President, General Counsel, Secretary and Director | Loomis Sayles Trust Company, LLC<br> One Financial Center, Boston, MA 02111 | Manager and Secretary |
| Jean S. Loewenberg<br> Executive Vice President, General Counsel, Secretary and Director | Loomis Sayles Operating Services, LLC, One Financial Center, Boston, MA 02111 | Director and General Counsel |
| Jean S. Loewenberg<br> Executive Vice President, General Counsel, Secretary and Director | NIM-os, LLC<br> One Financial Center, Boston, MA 02111 | Director and General Counsel |
| Richard G. Raczkowski<br> Executive Vice President and Director | None. | None. |
| John F. Russell,<br> Executive Vice President and Director | None. | None. |
| Susan Sieker<br> Executive Vice President, Chief Financial Officer and Director (2021) | NIM-os, LLC<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 | 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 | None. | None. |
| David L. Waldman<br> Executive Vice President, Deputy Chief Investment Officer (2013-2021), Chief Investment Officer (2021) and Director | None. | None. |

---

(15) Nationwide Asset Management, LLC ("NWAM") acts as subadviser to the NVIT Core Bond Fund, NVIT Government Bond Fund, NVIT Investor Destinations Managed Growth Fund, NVIT Investor Destinations
 Managed Growth & Income Fund, NVIT Blueprint<sup>SM</sup> Managed Growth Fund, NVIT Blueprint<sup>SM</sup> Managed Growth & Income Fund, NVIT Managed American Funds Asset Allocation Fund, NVIT Managed American Funds
 Growth-Income Fund, and NVIT BlackRock Managed Global Allocation 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.

(16) Newton Investment Management North America, LLC ("Newton US") acts as a subadvisor to the NVIT BNY Mellon Dynamic U.S. Core Fund and NVIT BNY Mellon Dynamic U.S. Equity Income 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.

(17) NS Partners Ltd ("NS Partners") acts as subadviser to the NVIT NS Partners International Focused Growth Fund and a portion of the NVIT Emerging Markets Fund. To the knowledge of the Registrant,
 the directors and officers of NS Partners 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.

------

(18) Thompson, Siegel & Walmsley LLC ("TSW") acts as subadviser to the NVIT Multi-Manager Mid Cap Value Fund. To the knowledge of the Registrant, the directors and officers of TSW 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.

(19) WCM Investment Management, LLC ("WCM") acts as subadviser to the NVIT Multi-Manager Small Cap Value Fund. To the knowledge of the Registrant, the directors and officers of WCM have not been
 engaged in any other business or profession of a substantial nature during the past two fiscal years.

(20) Wellington Management Company LLP ("Wellington Management") acts as subadviser to the NVIT Multi-Manager Small Cap Growth Fund and NVIT Real Estate Fund. Wellington Management is an investment
 adviser registered under the Investment Advisers Act of 1940. During the last 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.

(21) Allspring Global Investments, LLC ("Allspring") acts as subadviser to the NVIT Allspring Discovery Fund (formerly, NVIT Wells Fargo Discovery Fund). To the knowledge of the Registrant, no
 director, officer, or partner of Allspring has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity as director, officer, employee, partner or trustee outside of Allspring.

(22) Insight North America LLC, a subsidiary of the Bank of New York Mellon Corporation, acts as a subadvisor to the NVIT BNY Mellon Core Plus Bond Fund. The directors and officers of Insight have
 not been engaged in any other business or profession of substantial nature during the past two fiscal years.

(23) Victory Capital Management Inc. ("Victory Capital") acts as a subadviser to a portion of the NVIT Multi-Manager Mid Cap Value Fund. Victory Capital is an investment adviser registered under the
 Investment Advisers Act of 1940. To the knowledge of the Registrant, the directors and officers of Victory 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 or officer of affiliated entities.

(24) Atlanta Capital Management Company, L.L.C. ("Atlanta Capital") acts as subadviser to the NVIT Calvert Equity Fund (formerly, NVIT BNY Mellon Sustainable U.S. Equity Fund). To the knowledge of
 the Registrant, no director, officer, or partner of Atlanta Capital has engaged in any other business, profession, vocation or employment of a substantial nature in the capacity as director, officer, employee, partner or trustee outside
 of Atlanta Capital.

#### ITEM 32. PRINCIPAL UNDERWRITERS

#### <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) NFD, the principal underwriter of the Trust, also acts as principal underwriter for Nationwide Mutual Funds.

&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 is One Nationwide Plaza,
 Columbus, Ohio 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

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

Nationwide Variable Insurance Trust<br> One Nationwide Plaza<br> Columbus, Ohio 43215

#### ITEM 34. MANAGEMENT SERVICES

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 VARIABLE INSURANCE TRUST | NATIONWIDE VARIABLE INSURANCE TRUST |
| BY: | /s/ Allan J. Oster |
|  | Allan J. Oster, Attorney-In-Fact for Registrant |

---

## Exhibit 99.28

EX-28.d.3.x.i

#### EXHIBIT A

#### SUBADVISORY AGREEMENT

#### AMONG

#### NATIONWIDE VARIABLE INSURANCE TRUST,

#### NATIONWIDE FUND ADVISORS

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

Effective June 30, 2021

*As amended March 20, 2023\**

---

| | |
|:---|:---|
| **Funds of the Trust** | **Subadvisory Fees** |
| NVIT Emerging Markets Fund | 0.33% on all Subadviser Assets |
| <br> NVIT Loomis Short Term Bond Fund *(formerly, NVIT Short Term Bond Fund)* | <br> 0.08% on all Aggregate Subadviser Assets† |

---

Subadviser Assets will be calculated separately for the NVIT Emerging Markets Fund.

**†** The term "Aggregate Subadviser Assets" shall mean the aggregate amount resulting from the combination of Subadviser Assets of the NVIT Loomis Short Term Bond Fund *(formerly, NVIT Short Term Bond Fund)* together with the Subadviser Assets (as defined in a Subadvisory Agreement among Nationwide Mutual Funds, Nationwide Fund Advisors and Loomis, Sayles & Company, L.P., dated November 13, 2017, as amended) of the Nationwide Loomis Short Term Bond Fund, a series of Nationwide Mutual Funds.

\*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 VARIABLE INSURANCE TRUST | NATIONWIDE VARIABLE INSURANCE TRUST |
| 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 Pitalis |
| Name: | Lauren B. Pitalis |
| Title: | Vice President |

---

## Exhibit 99.28

EX-28.d.3.aa

#### SUBADVISORY AGREEMENT
THIS AGREEMENT is made and entered into effective the 27th day of January, 2023, by and among NATIONWIDE VARIABLE INSURANCE TRUST (the "Trust"), a Delaware statutory trust, NATIONWIDE FUND ADVISORS (the "Adviser") a Delaware business trust registered under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and ATLANTA CAPITAL MANAGEMENT COMPANY, L.L.C., a limited liability company organized under the laws of the State of Delaware (the "Subadviser"), and also registered under the Advisers Act.

W I T N E S S E T H:

WHEREAS, the Trust is registered with the U.S. Securities and Exchange Commission (the "SEC") as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Adviser has, pursuant to an Investment Advisory Agreement with the Trust dated as of the 1<sup>st</sup> day of May, 2007 (the "Advisory Agreement"), been retained to act as investment adviser for certain of the series of the Trust that are listed on Exhibit A to this Agreement (each, a "Fund");

WHEREAS, the Adviser represents that it is willing and possesses legal authority to render such services subject to the terms and conditions set forth in this Agreement;

WHEREAS, the Trust and the Adviser each represent that the Advisory Agreement permits the Adviser to delegate certain of its duties under the Advisory Agreement to other investment advisers, subject to the requirements of the 1940 Act; and

WHEREAS, the Adviser desires to retain Subadviser to assist it in the provision of a continuous investment program for that portion of each Fund's assets that the Adviser will assign to the Subadviser, and Subadviser is willing to render such services subject to the terms and conditions set forth in this Agreement,

NOW, THEREFORE, the parties do mutually agree and promise as follows with respect to each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment as Subadviser</u>. The Adviser hereby appoints the Subadviser to act as investment adviser for and to manage that portion or all of the assets of the Fund that the Adviser from time to time upon reasonable prior notice allocates to, and puts under the control of, the Subadviser (the "Subadviser Assets") subject to the supervision of the Adviser and the Board of Trustees of the Trust and subject to the terms of this Agreement. The Subadviser hereby accepts such appointment and, in such capacity, agrees to be responsible for the investment management of the Subadviser Assets. It is recognized that the Subadviser and certain of its affiliates now act, and that from time to time hereafter may act, as investment adviser to one or

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more other investment companies and to fiduciary or other managed accounts and that the Adviser and the Trust cannot object to such activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Duties of Subadviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Investments</u>. The Subadviser is hereby authorized and directed and hereby agrees, subject to the stated investment policies and restrictions of the Fund as set forth in the Fund's prospectus and statement of additional information as currently in effect and, as soon as practical after the Trust, the Fund or the Adviser notifies the Subadviser thereof, as supplemented or amended from time to time (collectively referred to hereinafter as the "Prospectus") and subject to the directions of the Adviser and the Trust's Board of Trustees, to monitor on a continuous basis the performance of the Subadviser Assets and to conduct a continuous program of investment, evaluation and, if appropriate, sale and reinvestment of the Subadviser Assets. The Adviser agrees to provide the Subadviser with such assistance as may be reasonably requested by the Subadviser in connection with the Subadviser's activities under this Agreement, including, without limitation, providing information concerning the Fund, its funds available or to become available for investment, and generally as to the conditions of the Fund's or the Trust's affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Compliance with Applicable Laws and Governing Documents</u>. In the performance of its services under this Agreement, the Subadviser shall act in conformity with the Prospectus and the Trust's Agreement and Declaration of Trust and By-Laws as currently in effect and, as soon as practical after the Trust, the Fund or the Adviser notifies the Subadviser thereof, as supplemented, amended and/or restated from time to time (referred to hereinafter as the "Declaration of Trust" and "By-Laws," respectively) and with the instructions and directions received in writing from the Adviser or the Trustees of the Trust and will conform to, and comply with, the requirements of the 1940 Act, the Internal Revenue Code of 1986, as amended (the "Code"), and all other applicable federal and state laws and regulations. Without limiting the preceding sentence, the Adviser promptly shall notify the Subadviser as to any act or omission of the Subadviser hereunder that the Adviser reasonably deems to constitute or to be the basis of any noncompliance or nonconformance with any of the Trust's Declaration of Trust and By-Laws and the Prospectus, the instructions and directions received in writing from the Adviser or the Trustees of the Trust or the 1940 Act, the Code, and all other applicable federal and state laws and regulations. Notwithstanding the foregoing, the Adviser shall remain responsible for ensuring the Fund's and the Trust's overall compliance with the 1940 Act, the Code and all other applicable federal and state laws and regulations and the Subadviser is only obligated to comply with this subsection (b) with respect to the Subadviser Assets. The Adviser timely will provide the Subadviser with any materials or information which the Subadviser may reasonably request to enable it to perform its functions under this Agreement.

Aug 2021

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The Adviser shall perform quarterly and annual tax compliance tests to ensure that the Fund is in compliance with Subchapter M and, if applicable, Section 817(h) of the Code. In connection with such compliance tests, the Adviser shall inform the Subadviser at least ten (10) business days prior to a calendar quarter end if the Subadviser Assets are out of compliance with the diversification requirements under either Subchapter M or, if applicable, Section 817(h). If the Adviser notifies the Subadviser that the Subadviser Assets are not in compliance with such requirements noted above, the Subadviser will take prompt action to bring the Subadviser Assets back into compliance within the time permitted under the Code thereunder.

The Adviser will provide the Subadviser with reasonable advance notice of any change in the Fund's investment objectives, policies and restrictions as stated in the Prospectus, and the Subadviser shall, in the performance of its duties and obligations under this Agreement, manage the Subadviser Assets consistent with such changes, provided that the Subadviser has received prompt notice of the effectiveness of such changes from the Trust or the Adviser. In addition to such notice, the Adviser shall provide to the Subadviser a copy of a modified Prospectus reflecting such changes. The Adviser acknowledges and will ensure that the Prospectus will at all times be in compliance with all disclosure requirements under all applicable federal and state laws and regulations relating to the Trust or the Fund, including, without limitation, the 1940 Act, and the rules and regulations thereunder, and that the Subadviser shall have no liability in connection therewith, except as to the accuracy of material information furnished in writing by the Subadviser to the Trust or to the Adviser specifically for inclusion in the Prospectus. The Subadviser hereby agrees to provide to the Adviser in a timely manner such information relating to the Subadviser and its relationship to, and actions for, the Trust as may be required to be contained in the Prospectus or in the Trust's Registration Statement on Form N-1A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Voting of Proxies</u>. The Adviser hereby delegates to the Subadviser the Adviser's discretionary authority to exercise voting rights with respect to the securities and other investments in the Subadviser Assets and authorizes the Subadviser to delegate further such discretionary authority to a designee. The Subadviser, including without limitation its designee (for which the Subadviser shall remain liable), shall have the power to vote, either in person or by proxy, all securities in which the Subadviser Assets may be invested from time to time, and shall not be required to seek or take instructions from, the Adviser, the Fund or the Trust or take any action with respect thereto. In voting proxies, the Subadviser may employ the proxy voting guidelines of and consult with its affiliate Calvert Research and Management. If both the Subadviser and another entity managing assets of the Fund have invested the Fund's assets in the same security, the Subadviser and such other entity will each have the power to vote its pro rata share of the Fund's security.

The Subadviser will establish a written procedure for proxy voting in compliance with current applicable rules and regulations, including but not limited to Rule 30b1-4

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under the 1940 Act. The Subadviser will provide the Adviser or its designee, a copy of such procedure and establish a process for the timely distribution of the Subadviser's voting record with respect to the Fund's securities and other information necessary for the Fund to complete information required by Form N-1A under the 1940 Act and the Securities Act of 1933, as amended (the "Securities Act"), Form N-PX under the 1940 Act, and Form N-CSR under the Sarbanes-Oxley Act of 2002, as amended, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Agent</u>. Subject to any other written instructions of the Adviser or the Trust, the Subadviser is hereby appointed the Adviser's and the Trust's agent and attorney-in-fact for the limited purposes of executing account documentation, agreements, contracts and other documents as the Subadviser shall be requested by brokers, dealers, counterparties and other persons in connection with its management of the Subadviser Assets. The Subadviser agrees to provide the Adviser and the Trust with copies of any such agreements executed on behalf of the Adviser or the Trust.

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a Subadviser Assets' investment transaction that is in excess of the amount of commission that another Broker would have charged for effecting that transaction if, but only if, the Subadviser determines in good faith that such commission was reasonable in relation to the value of the brokerage and research services provided by such Broker viewed in terms of either that particular transaction or the overall responsibility of the Subadviser with respect to the accounts as to which it exercises investment discretion.

It is recognized that the services provided by such Brokers may be useful to the Subadviser in connection with the Subadviser's services to other clients. On occasions when the Subadviser deems the purchase or sale of a security to be in the best interests of the Fund with respect to the Subadviser Assets as well as other clients of the Subadviser, the Subadviser, to the extent permitted by applicable laws and regulations, may, but shall be under no obligation to, aggregate the securities to be sold or purchased in order to obtain the most favorable price or lower brokerage commissions and efficient execution. In such event, allocation of securities so sold or purchased, as well as the expenses incurred in the transaction, will be made by the Subadviser in the manner the Subadviser considers to be the most equitable and consistent with its fiduciary obligations to each Fund and to such other clients. It is recognized that in some cases, this procedure may adversely affect the price paid or received by the Fund or the size of the position obtainable for, or disposed of by, the Fund with respect to the Subadviser Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Securities Transactions</u>. The Subadviser and any affiliated person of the Subadviser will not purchase securities or other instruments from or sell securities or other instruments to the Fund; provided, however, the Subadviser or any affiliated person of the Subadviser may purchase securities or other instruments from or sell securities or other instruments to the Fund if such transaction is permissible under applicable laws and regulations, including, without limitation, the 1940 Act and the Advisers Act and the rules and regulations promulgated thereunder.

The Subadviser, on its own behalf and with respect to its Access Persons (as defined in subsection (e) of Rule 17j-1 under the 1940 Act), agrees to observe and comply with Rule 17j-1 and its Code of Ethics (which shall comply in all material respects with Rule 17j-1), as the same may be amended from time to time. On at least an annual basis, the Subadviser will comply with the reporting requirements of Rule 17j-1, which may include either (i) certifying to the Adviser that the Subadviser and its Access Persons have complied with the Subadviser's Code of Ethics with respect to the Subadviser Assets or (ii) identifying any material violations which have occurred with respect to the Subadviser Assets. The Subadviser will have also submitted its Code of Ethics for its initial approval by the Board of Trustees no later than the date of execution of this agreement and subsequently within six months of any material change thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Books and Records</u>. The Subadviser shall maintain separate detailed records as are required by applicable laws and regulations of all matters hereunder pertaining to the Subadviser Assets (the "Fund's Records"), including, without limitation,

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brokerage and other records of all securities transactions. The Subadviser acknowledges that the Fund's Records are property of the Trust; except to the extent that the Subadviser is required to maintain the Fund's Records under the Advisers Act or other applicable law and except that the Subadviser, at its own expense, is entitled to make and keep a copy of the Fund's Records for its internal files. The Fund's Records shall be available to the Adviser or the Trust at any time upon reasonable request during normal business hours and shall be available for telecopying promptly to the Adviser during any day that the Fund is open for business as set forth in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Information Concerning Subadviser Assets and Subadviser</u>. From time to time as the Adviser or the Trust reasonably may request in good faith, the Subadviser will furnish the requesting party reports on portfolio transactions and reports on the Subadviser Assets, all in such reasonable detail as the parties may reasonably agree in good faith. Notwithstanding the foregoing, the Subadviser agrees to inform the Adviser promptly of any trade errors and to remediate any such errors as soon as reasonably practicable. The Subadviser will also inform the Adviser in a timely manner of material changes in portfolio managers responsible for Subadviser Assets, any changes in the ownership or management of the Subadviser, or of material changes in the control of the Subadviser. Upon the Trust's or the Adviser's reasonable request, the Subadviser will make available its officers and employees to meet with the Trust's Board of Trustees to review the Subadviser Assets via telephone on a quarterly basis and in person on a less frequent basis as agreed upon by the parties.

Subject to the other provisions of this Agreement, the Subadviser will also provide such information or perform such additional acts with respect to the Subadviser Assets as are reasonably required for the Trust or the Adviser to comply with their respective obligations under applicable laws and regulations, including without limitation, requirements of or pertaining to the Code, the 1940 Act, the Advisers Act, and the Securities Act, and any rule or regulation thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Custody Arrangements</u>. The Trust or the Adviser shall notify the Subadviser of the identities of its custodian banks and the custody arrangements therewith with respect to the Subadviser Assets and shall give the Subadviser written notice of any changes in such custodian banks or custody arrangements. The Subadviser shall on each business day provide the Adviser and the Trust's custodian such information as the Adviser and the Trust's custodian may reasonably request in good faith relating to all transactions concerning the Subadviser Assets. The Trust shall instruct its custodian banks to (A) carry out all investment instructions as may be directed by the Subadviser with respect to the Subadviser Assets (which instructions may be orally given if confirmed in writing); and (B) provide the Subadviser with all operational information necessary for the Subadviser to trade the Subadviser Assets on behalf of the Fund. The Subadviser shall have no liability for the acts or omissions of the authorized custodian(s), unless such act or omission is required by and taken in reliance upon instructions given to the authorized

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custodian(s) by a representative of the Subadviser properly authorized (pursuant to written instruction by the Adviser) to give such instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Valuation Assistance</u>. The Subadviser shall not be responsible for the provision of administrative, bookkeeping or accounting services to the Trust. The Adviser hereby acknowledges that the Subadviser is not responsible for pricing portfolio securities. Notwithstanding the foregoing, the Subadviser agrees that, upon request of the Adviser, it shall reasonably assist the Adviser in obtaining prices for portfolio securities and, to the extent it may lawfully do so, provide the Adviser with reasonable information, data or analyses in its possession. The Adviser and the Trust acknowledge that any such information, data or analyses may be proprietary to the Subadviser or otherwise consist of nonpublic information, agree that nothing in this Agreement shall require Subadviser to provide any information, data or analysis in contravention of applicable legal or contractual requirements, and agree to use any such information only for the purpose of pricing portfolio securities and to maintain their confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Independent Contractor</u>. In the performance of its services hereunder, the Subadviser is and shall be an independent contractor and unless otherwise expressly provided herein or otherwise authorized in writing, shall have no authority to act for or represent the Fund, the Trust or the Adviser in any way or otherwise be deemed an agent of the Fund, the Trust or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Expenses</u>. During the term of this Agreement, Subadviser will pay all expenses incurred by it in connection with its activities under this Agreement. The Subadviser shall, at its sole expense, employ or associate itself with such persons as it believes to be particularly fitted to assist it in the execution of its duties under this Agreement. The Subadviser shall not be responsible for the Trust's, the Fund's or Adviser's expenses, which shall include, but not be limited to, the cost of securities, commodities and other investments (including brokerage commissions and other transaction charges, if any) purchased for the Fund and any losses incurred in connection therewith, expenses of holding or carrying Subadviser Assets, including, without limitation, expenses of dividends on stock borrowed to cover a short sale and interest, fees or other charges incurred in connection with leverage and related borrowings with respect to the Subadviser Assets, organizational and offering expenses (which include, but are not limited to, out-of-pocket expenses, but not overhead or employee costs of the Subadviser); expenses for legal, accounting and auditing services; taxes and governmental fees; dues and expenses incurred in connection with membership in investment company organizations; costs of printing and distributing shareholder reports, proxy materials, prospectuses, stock certificates and distribution of dividends; charges of the Fund's custodians and sub-custodians, administrators and sub-administrators, registrars, transfer agents, dividend disbursing agents and dividend reinvestment plan agents; payment for portfolio pricing services to a pricing agent, if any; registration and filing fees of the SEC; expenses of registering or qualifying securities of the Fund for sale in the various states; freight and other charges in connection with the shipment of the Fund's portfolio securities; fees and expenses of non-interested Trustees; salaries of shareholder relations personnel; costs of shareholders meetings; insurance; interest; brokerage costs; and

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litigation and other extraordinary or non-recurring expenses. The Trust or the Adviser, as the case may be, shall reimburse the Subadviser for any expenses of the Fund or the Adviser as may be reasonably incurred by such Subadviser on behalf of the Fund or the Adviser. The Subadviser shall keep and supply to the Trust and the Adviser reasonable records of all such expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Compensation</u>. For the services provided pursuant to this Agreement, the Subadviser is entitled to the fee listed for the Fund on Exhibit A hereto. Such fees will be computed daily and paid no later than the seventh (7<sup>th</sup>) business day following the end of each month, from the Adviser, calculated at an annual rate based on the Subadviser Assets' average daily net assets.

The method of determining the net asset value of the Subadviser Assets for purposes hereof shall be the same as the method of determining net asset value for purposes of establishing the offering and redemption price of the shares of the Trust as described in the Fund's Prospectus. If this Agreement shall be effective for only a portion of a month with respect to the Fund, the aforesaid fee shall be prorated for the portion of such month during which this Agreement is in effect for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Representations and Warranties of Subadviser</u>. The Subadviser represents and warrants to the Adviser and the Trust as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Subadviser is registered as an investment adviser under the Advisers Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Subadviser is registered as a Commodity Trading Advisor under the Commodity Exchange Act, as amended (the "CEA"), with the Commodity Futures Trading Commission (the "CFTC"), or is not required to file such registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Subadviser is a limited liability company duly organized and properly registered and operating under the laws of the State of Delaware with the power to own and possess its assets and carry on its business as it is now being conducted and as proposed to be conducted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The execution, delivery and performance by the Subadviser of this Agreement are within the Subadviser's powers and have been duly authorized by all necessary actions of its directors or shareholders, and no action by, or in respect of, or filing with, any governmental body, agency or official is required on the part of the Subadviser for execution, delivery and performance by the Subadviser of this Agreement, and the execution, delivery and performance by the Subadviser of this Agreement do not contravene or constitute a violation of, or a material default under, (i) any provision of applicable law, rule or regulation, (ii) the Subadviser's governing instruments, or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Subadviser; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Form ADV of the Subadviser previously provided to the Adviser and the Trust is a true and complete copy of the form, including that part or parts of the Form ADV filed with the SEC, that part or parts maintained in the records of the Subadviser, and/or that part or parts provided or offered to clients, in each case as required under the Advisers Act and rules thereunder, and the information contained therein is accurate and complete in all material respects and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Representations and Warranties of Adviser</u>. The Adviser represents and warrants to the Subadviser as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser is registered as an investment adviser under the Advisers Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser has filed a notice of exemption pursuant to Rule 4.14 under the CEA with the CFTC and the National Futures Association or is not required to file such exemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser is a business trust duly organized and validly existing under the laws of the State of Delaware with the power to own and possess its assets and carry on its business as it is now being conducted and as proposed to be conducted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The execution, delivery and performance by the Adviser of this Agreement are within the Adviser's powers and have been duly authorized by all necessary action on the part of its directors, shareholders or managing unitholder, and no action by, or in respect of, or filing with, any governmental body, agency or official is required on the part of the Adviser for the execution, delivery and performance by the Adviser of this Agreement, and the execution, delivery and performance by the Adviser of this Agreement do not contravene or constitute a violation of, or a material default under, (i) any provision of applicable law, rule or regulation, (ii) the Adviser's governing instruments, or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Form ADV of the Adviser previously provided to the Subadviser and the Trust is a true and complete copy of the form, including that part or parts of the Form ADV filed with the SEC, that part or parts maintained in the records of the Adviser, and/or that part or parts provided or offered to clients, in each case as required under the Advisers Act and rules thereunder, and the information contained therein is accurate and complete in all material respects and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Adviser acknowledges that it received a copy of the Subadviser's Form ADV prior to the execution of this Agreement; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Adviser and the Trust have duly entered into the Advisory Agreement pursuant to which the Trust authorized the Adviser to delegate certain of its duties under the Advisory Agreement to other investment advisers, including without limitation, the appointment of a subadviser with respect to assets of each of the Trust's mutual fund series, including without limitation the Adviser's entering into and performing this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Representations and Warranties of the Trust</u>. The Trust represents and warrants to the Adviser and the Subadviser as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust is a statutory trust duly formed and validly existing under the laws of the State of Delaware with the power to own and possess its assets and carry on its business as it is now being conducted and as proposed to be conducted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust is registered as an investment company under the 1940 Act and has elected to qualify and has qualified, together with the Fund, as a regulated investment company under the Code, and the Fund's shares are registered under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The execution, delivery and performance by the Trust of this Agreement are within the Trust's powers and have been duly authorized by all necessary action on the part of the Trust and its Board of Trustees, and no action by, or in respect of, or filing with, any governmental body, agency or official is required on the part of the Trust for the execution, delivery and performance by the Trust of this Agreement, and the execution, delivery and performance by the Trust of this Agreement do not contravene or constitute a default under (i) any provision of applicable law, rule or regulation, (ii) the Trust's governing instruments, or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust acknowledges that it received a copy of the Subadviser's Form ADV prior to the execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Survival of Representations and Warranties; Duty to Update Information</u>. All representations and warranties made by the Subadviser, the Adviser and the Trust pursuant to the recitals above and Sections 6, 7 and 8, respectively, shall survive for the duration of this Agreement and the parties hereto shall promptly notify each other in writing upon becoming aware that any of the foregoing representations and warranties are no longer true or accurate in all material effects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Liability and Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Liability</u>. The Subadviser shall exercise its best judgment in rendering its services in accordance with the terms of this Agreement, but otherwise, in the absence of willful misfeasance, bad faith or gross negligence on the part of the Subadviser or a reckless disregard of its duties hereunder, the Subadviser, each of its affiliates and all respective partners, officers, directors and employees ("Affiliates") and each person, if

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any, who within the meaning of the Securities Act controls the Subadviser ("Controlling Persons"), if any, shall not be subject to any expenses or liability to the Adviser, any other subadviser to the Fund, the Trust or the Fund or any of the Fund's shareholders, in connection with the matters to which this Agreement relates, including without limitation for any losses that may be sustained in the purchase, holding or sale of Subadviser Assets. The Adviser shall exercise its best judgment in rendering its obligations in accordance with the terms of this Agreement, but otherwise (except as set forth in Section 10(c) below), in the absence of willful misfeasance, bad faith or gross negligence on the part of the Adviser or a reckless disregard of its duties hereunder, the Adviser, any of its Affiliates and each of the Adviser's Controlling Persons, if any, shall not be subject to any liability to the Subadviser, for any act or omission in the case of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of Subadviser Assets. Notwithstanding the foregoing, nothing herein shall relieve the Adviser and the Subadviser from any of their obligations under applicable law, including, without limitation, the federal and state securities laws and the CEA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnification</u>. The Subadviser shall indemnify the Adviser, the Trust and the Fund, and their respective Affiliates and Controlling Persons for any liability and expenses, including without limitation reasonable attorneys' fees and expenses, which the Adviser, the Trust and/or the Fund and their respective Affiliates and Controlling Persons may sustain as a result of the Subadviser's willful misfeasance, bad faith, gross negligence, reckless disregard of its duties hereunder or violation of applicable law, including, without limitation, the federal and state securities laws or the CEA. The Adviser shall indemnify the Subadviser, its Affiliates and its Controlling Persons, for any liability and expenses, including without limitation reasonable attorneys' fees and expenses, which may be sustained as a result of the Adviser's willful misfeasance, bad faith, gross negligence, reckless disregard of its duties hereunder or violation of applicable law, including, without limitation, the federal and state securities laws or the CEA.

The Trust shall indemnify the Subadviser, its Affiliates and its Controlling Persons, for any liability and expenses, including without limitation reasonable attorneys' fees and expenses, which may be sustained as a result of the Trust's willful misfeasance, bad faith, gross negligence, reckless disregard of its duties hereunder or violation of applicable law, including, without limitation, the federal and state securities laws or the CEA.

Notwithstanding anything to the contrary in this Agreement, under no circumstances shall either party be liable or obligated to indemnify for losses that are indirect, special, incidental, consequential, punitive, exemplary or enhanced or that represent lost profits, opportunity costs or diminution of value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Subadviser shall not be liable to the Adviser for (i) any acts of the Adviser or any other subadviser to the Fund with respect to the portion of the assets of the Fund not managed by Subadviser, or (ii) acts of the Subadviser which result from acts of the Adviser, including, but not limited to, a failure of the Adviser to provide accurate

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and current information with respect to any records maintained by the Adviser or any other subadviser to the Fund, which records are not also maintained by or otherwise available to the Subadviser upon reasonable request. The Adviser agrees that Subadviser shall manage the Subadviser Assets as if they were a separate operating Fund as set forth in Section 2(b) of this Agreement. The Adviser shall indemnify the Subadviser, its Affiliates and Controlling Persons from any liability arising from the conduct of the Adviser and any other subadviser with respect to the portion of the Fund's assets not allocated to the Subadviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Duration and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Duration</u>. Unless sooner terminated, this Agreement shall go into effect as to any Fund covered by this Agreement initially or at such later time as such Fund commences operations pursuant to an effective amendment to the Trust's Registration Statement and shall remain in effect for an initial period of no more than two years that terminates on the second January 1<sup>st</sup> that occurs following the date thereof, and, for any Fund subsequently added to this Agreement, an initial period of no more than two years that terminates on the second January 1<sup>st</sup> that occurs following the effective date of this Agreement with respect to such Fund, and thereafter shall continue automatically for successive annual periods with respect to each such Fund, provided such continuance is specifically approved at least annually by the Trust's Board of Trustees or vote of the lesser of (a) 67% of the shares of the Fund represented at a meeting if holders of more than 50% of the outstanding shares of the Fund are present in person or by proxy or (b) more than 50% of the outstanding shares of the Fund; provided that in either event its continuance also is approved by a majority of the Trust's Trustees who are not <sup>"</sup>interested persons" (as defined in the 1940 Act) of any party to this Agreement, by vote cast in person at a meeting called for the purpose of voting on such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination</u>. Notwithstanding whatever may be provided herein to the contrary, this Agreement may be terminated at any time with respect to the Fund, without payment of any penalty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) By vote of a majority of the Trust's Board of Trustees, or by "vote of a majority of the outstanding voting securities" of the Fund (as defined in the 1940 Act), or by the Adviser, in each case, upon not more than 60 days' written notice to the Subadviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) By any party hereto immediately upon written notice to the other parties in the event of a breach of any provision of this Agreement by either of the other parties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) By the Subadviser upon not less than 120 days' written notice to the Adviser and the Trust.

Aug 2021

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This Agreement shall not be assigned (as such term is defined in the 1940 Act) and shall terminate automatically in the event of its assignment or upon the termination of the Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Duties of the Adviser</u>. The Adviser shall continue to have responsibility for all services to be provided to the Fund pursuant to the Advisory Agreement and shall oversee and review the Subadviser's performance of its duties under this Agreement. Nothing contained in this Agreement shall obligate the Adviser to provide any funding or other support for the purpose of directly or indirectly promoting investments in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Reference to Adviser and Subadviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither the Adviser nor any Affiliate or agent of the Adviser shall make reference to or use the name of Subadviser or any of its Affiliates, or any of their clients, except references concerning the identity of and services provided by the Subadviser to the Fund, which references shall not differ in substance from those included in the Prospectus and this Agreement, in any advertising or promotional materials without the prior approval of Subadviser, which approval shall not be unreasonably withheld or delayed. The Adviser hereby agrees to make all reasonable efforts to cause the Fund and any Affiliate thereof to satisfy the foregoing obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the Subadviser nor any Affiliate or agent of it shall make reference to or use the name of the Adviser or any of its Affiliates, or any of their clients, except references concerning the identity of and services provided by the Adviser to the Fund or to the Subadviser, which references shall not differ in substance from those included in the Prospectus and this Agreement, in any advertising or promotional materials without the prior approval of Adviser, which approval shall not be unreasonably withheld or delayed. The Subadviser hereby agrees to make all reasonable efforts to cause any Affiliate of the Subadviser to satisfy the foregoing obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Amendment</u>. This Agreement may be amended by mutual consent of the parties, provided that the terms of any material amendment shall be approved by: (a) the Trust's Board of Trustees or by a vote of a majority of the outstanding voting securities of the Fund (as required by the 1940 Act), and (b) the vote of a majority of those Trustees of the Trust who are not "interested persons" of any party to this Agreement cast in person at a meeting called for the purpose of voting on such approval, if such approval is required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Confidentiality</u>. Subject to the duties of the Adviser, the Trust and the Subadviser to comply with applicable law, including any demand of any regulatory or taxing authority having jurisdiction, the parties hereto shall treat as confidential and shall not disclose any and all information pertaining to the Fund and the actions of the Subadviser, the Adviser and the Fund in respect thereof; except to the extent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Authorized</u>. The Adviser or the Trust has authorized such disclosure;

Aug 2021

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Court or Regulatory Authority</u>. Disclosure of such information is expressly required or requested by a court or other tribunal of competent jurisdiction or applicable federal or state regulatory authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Publicly Known Without Breach</u>. Such information becomes known to the general public without a breach of this Agreement or a similar confidential disclosure agreement regarding such information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Already Known</u>. Such information already was known by the party prior to the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Received From Third Party</u>. Such information was or is hereafter rightfully received by the party from a third party (expressly excluding the Fund's custodian, prime broker and administrator) without restriction on its disclosure and without breach of this Agreement or of a similar confidential disclosure agreement regarding them; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Independently Developed</u>. The party independently developed such information.

Each party will maintain and enforce safety and physical security procedures with respect to its access and maintenance of confidential information that (i) are at least equal to industry standards for such types of locations, (ii) are in accordance with reasonable policies in these regards, and (iii) provide reasonably appropriate technical and organizational safeguards against accidental or unlawful destruction, loss, alteration or unauthorized disclosure or access of confidential information under this Agreement. Without limiting the generality of the foregoing, each party will take all reasonable measures to secure and defend its location and equipment against cyber-attacks, "hackers" and others, both internal and external, who may seek, without authorization, to modify or access its systems or the information found therein. Each party will periodically test its systems for potential areas where security could be breached. Each party will report to the other party promptly any breaches of security or unauthorized access to its systems that it detects or becomes aware of that would require notification to consumers and/or regulators, as may be required by applicable federal and/or state laws. Each party will use reasonable and diligent efforts to remedy such breach of security or unauthorized access in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Notice</u>. Any notice that is required to be given by the parties to each other under the terms of this Agreement shall be in writing, delivered, or mailed postpaid to the other parties, or transmitted by facsimile with acknowledgment of receipt, to the parties at the following addresses or facsimile numbers, which may from time to time be changed by the parties by notice to the other party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If to the Subadviser:

Atlanta Capital Management Company, L.L.C.

1075 Peachtree Street NE

Aug 2021

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Suite 2100

Atlanta, GA 30309-3912

Attention: James Stafford

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If to the Adviser:

Nationwide Fund Advisors

One Nationwide Plaza

Mail Code 5-02-210R

Columbus, OH 43215

Attention: Legal Department

Facsimile: (855) 664-5336

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If to the Trust:

Nationwide Variable Insurance Trust

One Nationwide Plaza

Mail Code 5-02-210R

Columbus, OH 43215

Attention: Legal Department

Facsimile: (855) 664-5336

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Jurisdiction</u>. This Agreement shall be governed by and construed in accordance with substantive laws of the State of Delaware without reference to choice of law principles thereof and in accordance with the 1940 Act. In the case of any conflict, the 1940 Act shall control. Each of the parties hereto irrevocably and unconditionally confirms and agrees that it is and shall continue to be (i) subject to the jurisdiction of the state courts of the State of Delaware, and (ii) subject to service of process in the State of Delaware. Unless the parties consent in writing to the selection of an alternative forum, the exclusive jurisdiction for any actions, suits or proceedings arising out of or relating to this Agreement or the transactions contemplated by this Agreement shall be the state and federal courts located in the State of Delaware (the "Delaware Courts"). Each party hereto hereby irrevocably and unconditionally (a) agrees not to commence any litigation relating thereto except in the Delaware Courts and (b) waives any objection to the laying of venue of any such litigation in the Delaware Courts and agrees not to plead or claim in any Delaware Court, by way of motion, as a defense, counterclaim or otherwise, that (i) such litigation brought therein has been brought in any inconvenient forum, (ii) it is not personally subject to the jurisdiction of the above-named courts for any reason other than the failure to lawfully serve process, or (iii) this Agreement, or the subject matter hereof, may not be enforced in or by such courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, all of which shall together constitute one and the same instrument.

Aug 2021

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Certain Definitions</u>. For the purposes of this Agreement and except as otherwise provided herein, "interested person," "affiliated person," and "assignment" shall have their respective meanings as set forth in the 1940 Act, subject, however, to such exemptions as may be granted by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Captions</u>. The captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Severability</u>. If any provision of this Agreement shall be held or made invalid by a court decision or applicable law, the remainder of the Agreement shall not be affected adversely and shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Entire Agreement</u>. This Agreement, together with all exhibits, attachments and appendices, contains the entire understanding and agreement of the parties with respect to the subject matter hereof

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Nationwide Variable Insurance Trust and its Trustees</u>. The terms "Nationwide Variable Insurance Trust" and the "Trustees of Nationwide Variable Insurance Trust" refer respectively to the Trust created and the Trustees, as trustees but not individually or personally, acting from time to time under the Amended and Restated Agreement and Declaration of Trust made and dated as of October 28, 2004, as has been or may be amended and/or restated from time to time, and to which reference is hereby made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>No Third Party Beneficiaries</u>. This Agreement is for the exclusive benefit and convenience of the Trust, the Adviser and the Subadviser and there are no third-party beneficiaries of this Agreement. Nothing contained herein shall be construed as granting, vesting, creating or conferring any direct, indirect, or derivative right of action, or any other right or benefit, upon past, present or future shareholders of any Fund or upon any other third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. <u>Multi-Manager Funds</u>. In connection with securities transactions for the Fund, the Subadviser that is (or whose affiliated person is) entering into the transaction, and any other investment manager that is advising an affiliate of the Fund (or portion of the Fund) (collectively, the "Managers" for the purposes of this section) entering into the transaction are prohibited from consulting with each other concerning transactions for the Fund in securities or other assets and, if both Managers are responsible for providing investment advice to the Fund, the Manager's responsibility in providing advice is expressly limited to a discrete portion of the Fund's portfolio that it manages.

This prohibition does not apply to communications by the Adviser in connection with the Adviser's (i) overall supervisory responsibility for the general management and investment of the Fund's assets; (ii) determination of the allocation of assets among the Manager(s), if any; and (iii) investment discretion with respect to the investment of Fund assets not otherwise assigned to a Manager.

Aug 2021

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first written above.

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| | |
|:---|:---|
| TRUST | TRUST |
| NATIONWIDE VARIABLE INSURANCE TRUST | NATIONWIDE VARIABLE INSURANCE TRUST |
| 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 |
| ATLANTA CAPITAL MANAGEMENT COMPANY, L.L.C. | ATLANTA CAPITAL MANAGEMENT COMPANY, L.L.C. |
| By: | /s/ Kenneth A. Topping |
| Name: | Kenneth A. Topping |
| Title: | Vice President |

---

Aug 2021

------

#### EXHIBIT A

#### SUBADVISORY AGREEMENT

#### AMONG

#### NATIONWIDE VARIABLE INSURANCE TRUST,

#### NATIONWIDE FUND ADVISORS

#### AND ATLANTA CAPITAL MANAGEMENT COMPANY, L.L.C.

Effective January 27, 2023\*

---

| | |
|:---|:---|
| **Funds of the Trust** | **Subadvisory Fees** |
| NVIT Calvert Equity Fund *(formerly, NVIT BNY Mellon Sustainable U.S. Equity Fund)* | 0.25% on Subadviser Assets up to $500 million;<br> 0.245% on Subadviser Assets of $500 million and more but less than $1 billion; and<br> 0.24% on Subadviser Assets of $1 billion and more<br>|

---

\*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 VARIABLE INSURANCE TRUST | NATIONWIDE VARIABLE INSURANCE TRUST |
| 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 |
| ATLANTA CAPITAL MANAGEMENT COMPANY, L.L.C. | ATLANTA CAPITAL MANAGEMENT COMPANY, L.L.C. |
| By: | /s/ Kenneth A. Topping |
| Name: | Kenneth A. Topping |
| Title: | Vice President |

---

## Exhibit 99.28

EX-28.p.28

#### MORGAN STANLEY INVESTMENT MANAGEMENT PUBLIC SIDE<br> CODE OF ETHICS AND PERSONAL TRADING GUIDELINES<br> Effective Date: December 15, 2022

------

---

| | | | |
|:---|:---|:---|:---|
| **Table of Contents** | **Table of Contents** | **Table of Contents** | **Table of Contents** |
| I. | **INTRODUCTION** | **INTRODUCTION** | **3** |
|  | **A.**  | **General**  | **3**  |
|  | **B.**  | **Standards of Business Conduct**  | **3**  |
|  | **C.**  | **Overview of Code Requirements**  | **4**  |
|  | **D.**  | **Personal Conflicts**  | **5**  |
| II. | **TYPES OF ACCOUNTS/ACCOUNT OPENING REQUIREMENTS** | **TYPES OF ACCOUNTS/ACCOUNT OPENING REQUIREMENTS** | **6** |
|  | **A.**  | **Employee Securities Accounts**  | **6**  |
|  | **B.**  | **Fully Managed Account\***  | **6**  |
|  | **C.**  | **Other Morgan Stanley Accounts**  | **7**  |
|  | **D.**  | **Non-Morgan Stanley Accounts**  | **8**  |
|  | **E.**  | **Individual Savings Accounts ("ISAs") for employees of MSIM Ltd**  | **8**  |
|  | **F.**  | **Mutual Fund Accounts**  | **8**  |
|  | **G.**  | **Issuer Purchase Plans**  | **9**  |
|  | **H.**  | **Investment Clubs**  | **9**  |
|  | **I.**  | **Cryptocurrencies**  | **9**  |
| III. | **PRE-CLEARANCE REQUIREMENTS FOR PERSONAL SECURITIES TRANSACTIONS** | **PRE-CLEARANCE REQUIREMENTS FOR PERSONAL SECURITIES TRANSACTIONS** | **9** |
|  | A. | **General** | **9** |
|  | B. | **Initiating a Transaction** | **10** |
|  | C. | **Pre-Clearance Valid for One Day Only** | **10** |
|  | D. | **Restrictions and Requirements for Investment Personnel** | **10** |
|  | E. | **Restrictions and Requirements for PPA Model Personnel** | **12** |
|  | F. | **Employees Designated to be "Above the Wall"** | **12** |
|  | G. | **Transacting in Morgan Stanley Securities** | **12** |
|  | H. | **Trading Derivatives** | **13** |
|  | I. | **Other Restrictions** | **14** |
|  | J. | **Other Activities Requiring Pre-Clearance** | **15** |
|  | K. | **Additional Large Trading Clearance for Employees in Asia Pacific and Japan** | **16** |
| IV. | **HOLDING REQUIREMENTS** | **HOLDING REQUIREMENTS** | **17** |
|  | A. | **Proprietary and Sub-advised Mutual Funds** | **17** |
|  | B. | **Covered Securities** | **17** |
|  | C. | **Holding Requirements Specific to MSIMJ Employees** | **17** |
|  | D. | **Holding Requirements Specific to HK Type 9 licensed Employees** | **17** |
| V. | **REPORTING REQUIREMENTS** | **REPORTING REQUIREMENTS** | **17** |
|  | A. | **Initial Reporting and Certification** | **17** |
|  | B. | **Quarterly Reporting and Certification** | **19** |
|  | C. | **Annual Reporting and Certification** | **20** |
| VI. | **OUTSIDE BUSINESS ACTIVITIES AND PRIVATE INVESTMENTS** | **OUTSIDE BUSINESS ACTIVITIES AND PRIVATE INVESTMENTS** | **21** |
|  | A. | **Approval to Engage in an Outside Activity** | **21** |
|  | B. | **Approval to Invest in a Private Investment** | **21** |
| VII. | **CONSULTANTS AND TEMPORARY WORKERS** | **CONSULTANTS AND TEMPORARY WORKERS** | **22** |
| VIII. | **REVIEW, INTERPRETATIONS AND EXCEPTIONS** | **REVIEW, INTERPRETATIONS AND EXCEPTIONS** | **23** |
| IX. | **ENFORCEMENT AND SANCTIONS** | **ENFORCEMENT AND SANCTIONS** | **23** |
| X. | **RELATED POLICIES** | **RELATED POLICIES** | **24** |
| XI. | **RECORDKEEPING** | **RECORDKEEPING** | **24** |
| XII. | **DEFINITIONS** | **DEFINITIONS** | **25** |

---

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&nbsp;&nbsp;&nbsp;&nbsp;**I. INTRODUCTION**

**A.** **General**

The Morgan Stanley Investment Management ("MSIM") Public Side Code of Ethics (the "Code") is intended to fulfill MSIM's requirements under Rule 204A-1 of the Investment Advisers Act of 1940, as amended (the "Advisers Act") and Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Company Act"). The Code is reasonably designed to prevent legal, business and ethical conflicts, to guard against the misuse of confidential information, and to avoid even the appearance of impropriety that may arise in connection with your personal trading and Outside Business Activities as a MSIM Employee. It is very important for you to read the "Definitions" section to understand the scope of this Code, including the individuals, accounts, securities and transactions it covers. You are required to acknowledge receipt and your understanding of this Code at the start of your employment at MSIM or when you become a Covered Person, as defined below, and annually thereafter.

This Code applies to all Public Side Employees of MSIM globally and to Covered Consultants as determined by Compliance. Please note that Private Side Employees and AIP Private Markets employees should consult the IM Private Side Supplement to the<u> </u> Global Employee Trading and Investing Policy and the IM Private Side Code of Ethics.

In addition to this Code, there is a separate Morgan Stanley Funds Code of Ethics, which is applicable to the Morgan Stanley mutual funds family.

**B.** **Standards of Business Conduct**

MSIM seeks to comply with the Federal securities laws and regulations applicable to its business. The Code is designed to assist you in fulfilling your regulatory and fiduciary duties as an MSIM Employee as they relate to your personal securities transactions.

<u>Fiduciary Duties</u>

You have a duty to act in utmost good faith with respect to each Client, particularly where the interests of MSIM may be in conflict with those of a Client. MSIM has a duty to deal fairly and act in the best interests of its Clients at all times. The following fiduciary principles govern your activities and the interpretation / administration of these rules:

<br> • The interests of Clients must be placed first at all times.

<br> • All of your personal securities transactions must be conducted in compliance with the rules contained in this Code and in such manner as to avoid any actual or potential conflict of interest or any abuse of your position of trust and responsibility.

• You should never use your position with MSIM, or information acquired through your employment, in your personal trading in a manner that may create a conflict—or the appearance of a conflict—between your personal interests and the interests of MSIM and / or its Clients. If such a conflict or potential conflict arises, you must report it immediately to your local Compliance group.

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In connection with providing investment advisory services to Clients, this includes avoiding any activity which directly or indirectly:

• Defrauds a Client in any manner.

• Misleads a Client, including any statement that omits material facts.

• Operates or would operate as a fraud or deceit of a Client.

• Functions as a manipulative practice with respect to a Client.

• Functions as a manipulative practice with respect to securities.

<u>Personal Securities Transactions and Relationship to MSIM Clients</u>

MSIM prohibits you from engaging in personal trading in a manner that would distract you from your daily responsibilities. MSIM strongly encourages you to invest for the long term and discourages short-term, speculative trading. You are cautioned that short- term strategies may attract a higher level of regulatory and other scrutiny. Excessive or inappropriate trading that interferes with job performance or that compromises the duty that MSIM owes to its Clients will not be tolerated.

These standards do not identify all possible conflicts of interest, and literal compliance with each of the specific provisions of this Code will not shield you from liability for personal trading or other conduct that is designed to circumvent its restrictions or violates a fiduciary duty to Clients.

If you become aware that you or someone else may have violated any aspect of this Code, you must report the suspected violation to Compliance, or your Designated Manager immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Overview of Code Requirements** 

Compliance with the Code is a matter of understanding its basic requirements and making sure the steps you take regarding activities covered by the Code are in accordance with the letter and spirit of the Code. Generally, you have the following obligations:

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| | |
|:---|:---|
| **<u>Activity</u>** | **<u>Code Requirements</u>** |
| Employee Securities Account(s) | Pre-clearance, Reporting |
| Personal Trading Reporting | Pre-clearance, Holding Period, Reporting |
| Participating in an Outside Activity | Pre-clearance, Reporting |
| Making a Private Investment | Pre-clearance, Reporting |

---

You must examine the specific provisions of the Code for more details on each of these activities and are strongly urged to consult with Compliance if you have any questions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Personal Conflicts** 

As per the Firm's Code of Conduct,

• *Personal conflicts* can arise from your outside activities or investments, or those of your family. You must avoid any investment, activity or relationship that could, or could appear to, impair your judgment or interfere with your responsibilities to Morgan Stanley (the "Firm") and our Clients.

<br> • Examples of potential personal conflicts include, but are not limited to:

<br> o Having a personal or family interest in a transaction involving Morgan Stanley

<br> o Competing with Morgan Stanley for the purchase or sale of services

<br> o Taking advantage of outside business opportunities that arise because of your position at Morgan Stanley

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;o | Accepting special benefits offered based on your relationship with Morgan Stanley (such as discount prices, more favorable loan terms or investment opportunities), unless the terms are offered to a broad group of individuals (for example, discounted banking services offered to all Firm employees at the same location) |

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<br> o Engaging in personal financial arrangements or certain other personal relationships with other Morgan Stanley employees

If you become aware of an actual or potential conflict, you must act in accordance with applicable regulatory requirements and our policies. You also must notify your supervisor, the Conflicts Management Officer (CMO) for your business unit in your region, a member of LCD or the Firm's Global Conflicts Office (GCO) —including if an actual or potential conflict arises from an investment or activity that was previously approved through the Outside Business<u> </u> Interests (OBI) System. Consult the Conflicts of Interest InfoPage for additional information.

**II.** **TYPES OF ACCOUNTS/ACCOUNT OPENING REQUIREMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;**A. Employee Securities Accounts**

Generally, you and your Immediate Family must maintain all Employee Securities Accounts that may invest in Covered Securities at a Morgan Stanley Broker or an Approved Broker, as applicable to the respective jurisdiction.

*Requirements may vary in non-U.S. offices.* New Employees or newly designated Covered Persons must disclose their Employee Securities Account(s) and accounts of their Immediate Family within 10 calendar days, of hire, using the Initial Disclosure Form, and transfer their Employee Securities Account(s) to a Morgan Stanley Broker or an Approved Broker, as applicable in non-US jurisdictions, at their own expense, within 60 calendar days of becoming

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a Covered Person. Failure to do so may be considered a significant violation of this Code.

Within 30 calendar days of the commencement of your employment, employees are required to disclose and seek approval of all existing Employee Securities Accounts and Fully Managed Accounts not held at the Firm, and at all times thereafter, employees must obtain prior approval through the Outside Business Interest System.

*Opening a Morgan Stanley Brokerage Account.* When opening an Employee Securities Account, you must notify the Morgan Stanley Broker that you are an Employee and that the relevant account must be coded as an Employee or Employee-related account.

&nbsp;&nbsp;&nbsp;&nbsp;**B. Fully Managed Account\***

Fully Managed Accounts are generally permitted to be maintained outside of the Firm. For Fully Managed Accounts maintained outside of the Firm, Employees must provide Employee Investing and Activities Compliance ("EIAC") with a copy of the executed management agreement or equivalent documents, with the respective account numbers, which EIAC will review for the relevant provisions. For certain brokers the management agreement is not required (e.g., robo advisors). If the account is managed by a firm other than Morgan Stanley, you must submit a request in the Outside Business Interests System (the "OBI System") and arrange for duplicate copies of statements to be sent to Compliance.

With prior approval, you may open a Fully Managed Account for yourself or an Immediate Family member if the account meets the standards set forth below. In certain circumstances and with approval from Compliance, you may appoint non-Morgan Stanley managers (e.g., trust companies, banks or registered investment advisers) to manage your account.

In order to establish a Fully Managed Account, you must grant the manager complete investment discretion over your account. Pre-clearance is not required for trades in this account; however, you may not participate, directly or indirectly, in individual investment decisions or be made aware of such decisions before transactions are executed. This restriction does not preclude you from establishing investment guidelines for the manager, such as indicating industries in which you desire to invest, the types of securities you want to purchase or your overall investment objectives. However, those guidelines may not be changed so frequently as to give the appearance that you are actually directing account investments.

To the extent that you become aware of a proposed transaction by the manager in these types of accounts or have personally directed or asked another person to direct trades in these accounts, you are required to pre-clear the transaction prior to execution of the trade by the manager.

Annually, MSIM Employees and Covered Consultants will be required to attest that they have not made, directly or indirectly, any individual investment decision related to such managed account(s), nor have they directed another person to make such investments without first pre-clearing those transactions in accordance with Section III.

\*Pursuant to local regulation, Employees of MSIM Private Limited and IM Public Side

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Employees of the Global In-house Centers as listed in Schedule B are prohibited from opening Fully Managed Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;**C. Other Morgan Stanley Sponsored Accounts**

You do not have to pre-clear participation in Morgan Stanley Sponsored Accounts (e.g., Morgan Stanley 401 (k), Employee Incentive Compensation Plan, etc.) with Compliance. However, you must disclose participation in these and similar plans during the annual certification process.

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&nbsp;&nbsp;&nbsp;&nbsp;**D. Non-Morgan Stanley Accounts**

Exceptions to the requirement to maintain Employee Securities Accounts at a Morgan Stanley Broker are rare and require Compliance approval. If your request is approved, you will be required to ensure that duplicate statements are sent to Compliance or uploaded directly into the OBI system. Requirements may vary in non-U.S. offices.

If you open an account other than with a Morgan Stanley Broker (inclusive of E\*TRADE) without obtaining the required Compliance pre-approval, you must immediately disclose it to Compliance through the OBI System. You may be required to close such account.

Maintaining a non-Morgan Stanley 401(k) plan or similar account that permits you to trade Covered Securities must be approved by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;**E. Individual Savings Accounts ("ISAs") for Employees of MSIM Ltd. and EVAIL**

Fully Managed Accounts for ISAs (i.e., an independent manager makes the investment decisions) and non-discretionary ISAs (including single company ISAs) where you make investment decisions, may only be established and maintained as long as the account is pre-approved by Compliance through the OBI System. In addition, for Non-discretionary ISAs you must obtain pre-approval for each transaction you wish to undertake via the Trade Pre-Clearance ("TPC") system. Duplicate statements must be supplied to Compliance and applicable quarterly and yearly reporting requirements must be met. For the avoidance of doubt, Fully Managed Accounts for ISAs do not require pre-approval for each transaction undertaken by the independent investment manager. However, yearly reporting requirements apply.

&nbsp;&nbsp;&nbsp;&nbsp;**F. Mutual Fund Accounts**

You and your Immediate Family may open an account for the purpose of transacting in affiliated open-end Mutual Funds, including Sub-Advised and Proprietary Mutual Funds (i.e., an account directly with a fund transfer agent) without prior approval from Compliance You must report participation in these accounts initially and as part of the annual certification process. <br>

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&nbsp;&nbsp;&nbsp;&nbsp;**G. Issuer Purchase Plans**

You may open an account directly with an issuer to purchase its shares, such as a dividend reinvestment plan, or "DRIP," by submitting a pre-clearance request via the TPC system. Any future, off-scheduled, transactions (buys and sells) require pre-clearance. You must also report DRIP holdings to Compliance as part of the annual certification process. Please note that these accounts do not require OBI disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;**H. Investment Clubs**

You may not participate in or solicit transactions on behalf of investment clubs in which members pool their funds to make investments in securities or other financial products.

&nbsp;&nbsp;&nbsp;&nbsp;**I. Cryptocurrencies**

You are generally not required to disclose accounts for Cryptocurrency (wallets/accounts) as long as they do not have brokerage capability (i.e., cannot hold Covered Securities) and are not linked to an account with brokerage capability (whether or not such capability is utilized).

While trading Cryptocurrencies does not require disclosure or pre-clearance, any other type of participation (e.g., mining, staking participating in Initial Coin Offerings ("ICOs"), etc.) requires disclosure and pre-approval through the OBI system. Please note that Private Investments or Outside Business Activities related to cryptocurrency exchanges or other related ventures are generally not permitted (please see the<u> </u>Global Employee Trading,<u> </u> Investing and Outside Business Activities Policy).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **PRE-CLEARANCE REQUIREMENTS FOR PERSONAL SECURITIES TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**A. General**

You and your Immediate Family are required to pre-clear and receive prior approval for all personal securities transactions in Covered Securities unless your personal securities transaction is subject to an exemption under this Code. Should an Employee be made aware of a proposed transaction in a Fully Managed Account or have personally directed, or asked another person to direct a trade in a Fully Managed Account, the Employee is required to pre-clear that trade prior to execution. See the Securities Transaction Matrix in Schedule A for additional information regarding the requirements for pre-clearance. In keeping with the <br>

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general principles and objectives of the Code, Compliance, in its sole discretion, may refuse to grant approval of a personal securities transaction, without specifying a reason for the refusal.

Personal trade requests will be denied if there is an order for a Client in the same or related security at the time the personal trade request is submitted. Exceptions may be granted if the Covered Security is being purchased or sold for a passively-managed index fund or index portfolio.

Any transaction that is prohibited by the Code may be required to be reversed and any profits (or any differential between the sale price of the personal security transaction and the subsequent purchase or sale price by a Client during the relevant period) are subject to disgorgement. See "Enforcement and Sanctions".

Please consult with your local Compliance if you have any questions*.***

&nbsp;&nbsp;&nbsp;&nbsp;**B. Initiating a Transaction**

Prior notification must be given by completing and submitting a pre-clearance form via the TPC system. No transaction requiring preclearance may be executed prior to receiving an "Approval" e-mail from the system. Approval is obtained by entering your trade request into the <u>TPC</u> system (type "IMTPC/" into your browser). Upon completion of the necessary checks, you will receive a system generated email notification advising whether your trade request has been approved or rejected. You must wait for notification from the TPC system advising that your trade request has been approved before executing the trade.

&nbsp;&nbsp;&nbsp;&nbsp;**C. Pre-Clearance Valid for One Day Only**

All Covered Persons are required to pre-clear Covered Securities through the TPC system. If your trade request is approved, such approval is valid only for the day on which it is granted (the day on which you receive notification that your trade request was approved). Any transaction not completed (whether in whole or in part) on that day will require a new approval. This means that open orders, such as limit orders and stop-loss orders, must be pre-cleared each day until the transaction is effected. In the case of trades in international markets where the market has already closed, transactions must be executed by the next close of trading in that market.

#### Note: PPA Model Personnel; see Section III.E "Restrictions and Requirements for PPA Model Personnel" below).
&nbsp;&nbsp;&nbsp;&nbsp;**D. Restrictions and Requirements for Investment Personnel**

No purchase or sale transaction may be made in any Covered Security or a related investment (i.e., derivatives) by Investment Personnel (excluding PPA Model Personnel; see Section III.F "Restrictions and Requirements for PPA Model Personnel" below) for a period of five (5) calendar days before or five (5) calendar days after the Investment Personnel purchases or sells the security on behalf of a Client. Exceptions from the Blackout Period may be granted if the Covered Security was traded for an index fund or index portfolio.

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Investment Personnel or other Employees who have knowledge of Client trading activity are subject to the same five (5) calendar day Blackout Period. Investment Personnel must obtain approval from their Designated Manager or designee prior to obtaining pre-clearance approval by Compliance.

#### Restrictions and Requirements that apply to Eaton Vance Affiliated Entities
Where research recommendations or conclusions are involved, Investment Personnel must adhere to the following.

If within the five (5) calendar days prior to and including the day you seek pre-clearance and approval to enter into a personal securities transaction for a security:

• that security or a related financial instrument has been added to or removed from the Analyst Select Portfolio (a paper portfolio (non-cash) that enables analysts to express their opinions on their coverage sector or a specific stock within the coverage sector), or an existing position in the Analyst Select Portfolio has been increased or decreased;

• the weighted price potential ("WPP") of that security (as determined by a Research Analyst) or a related financial instrument has been changed (the amount of the change in order to trigger the restrictions set forth herein as determined from time to time) on the relevant system (e.g., Code Red/FactSet RMS); or

<br> • for purposes of CRM, that security (or its issuer) has been designated as "eligible" or "ineligible" or its designation as a "eligible" or ineligible has changed,

then you CANNOT trade the Security and your pre-clearance request will be denied.

#### Additional Requirements Pertaining to Research Analysts in the Eaton Vance Affiliated Entities
Research Analysts and their Immediate Family are subject to the requirements and restrictions listed below.

<br> • Personal Securities Transactions for Securities in Your Coverage Area. You and your Immediate Family may not enter into a personal securities transaction in any security for which you have coverage responsibility:

<br> o If you are in the process of making a new recommendation, have changed a recommendation or conclusion for the security or a related financial instrument, but have not yet communicated it to the Investment Personnel in your department;

<br> o Until the 5<sup>th</sup> calendar day after you have communicated your new or changed recommendation or research conclusion throughout the relevant investment group; or

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<br> o Until you have first determined, with the prior concurrence of local Compliance, that investment in that security or a related financial instrument is not suitable for any Client.

You may then proceed according to the requirements set forth above under sub-sections A, B and C above.

#### .Restrictions and Requirements for PPA Model Personnel
PPA Model Personnel may be temporarily restricted from all personal securities trading during significant model portfolio rebalance and index reconstitution events. PPA Model Personnel may also be temporarily restricted from transacting in specific securities during significant model portfolio rebalance or index reconstitution events. PPA Model Personnel will be notified of all such personal trading Blackout Periods and Restricted Lists in writing by local Compliance. Additionally, PPA Model Personnel are required to request approval in the TPC System for any personal securities trades for any personal securities trades one (1) calendar day prior to the intended transaction and are required to execute the trade the following business day.

Please consult your local Compliance if you have questions.

&nbsp;&nbsp;&nbsp;&nbsp;**A. Employees Designated to be "Above the Wall"**

MSIM Employees in the Legal and Compliance Division, Internal Audit Division, the Global Risk & Analysis Super Department, Tax, Global Conflicts Office and Environmental and Social Risk Management Team are designated to be "Above the Wall" ("ATW") and their personal securities transactions are subject to additional pre-clearance checks with the Control Group. Other Employees may also be subject to the ATW checks as deemed necessary by the Control Group.

&nbsp;&nbsp;&nbsp;&nbsp;**B. Transacting in Morgan Stanley Securities**

Transacting in, including the gifting of, Morgan Stanley securities is subject to the Global Employee Trading, Investing and Outside Business Activities Policy and must take place during the designated window periods. Consult MS Today for the window period announcement prior to trading.

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**H. Trading Derivatives**

#### MSIM Employees who work in the PPA business are prohibited from trading ALL Derivatives.
The following is a list of permitted options trading (for non-PPA Employees) that must be pre-cleared by your local Compliance and submitted through the TPC system:

<u>Call Options</u>

*Listed Call Options.* You may purchase a listed call option if the call option has a "period to expiration" of at least 30 calendar days from the date of purchase and you hold the call option for at least 30 calendar days prior to sale. If you choose to exercise the option, you must also hold the underlying security delivered pursuant to the exercise for 30 calendar days after the date of option exercise.

*Covered Calls*. **You may also sell (or "write") a call option only if you have held the underlying security (in the corresponding amount) for at least 30 calendar days.**

<u>Put Options</u>

*Listed Put Options.* You may purchase a listed put option if the put option has a "period to expiration" of at least 30 calendar days from the date of purchase and you hold the put option for at least 30 calendar days prior to sale. If you purchase a put option on a security you already own, you may exercise the put once you have held the underlying security for 30 calendar days. If you purchase a put on a security that you do not own, you may not exercise the put; and must sell the option prior to its expiration date.

For MSIM Employees, you may not trade futures, forward contracts, including currency forwards, physical commodities and related derivatives, over-the-counter warrants or swaps. You are prohibited from selling ("writing") a put. The prohibition on commodities trading applies to trades directly on commodities markets rather than holding the physical commodity (e.g., gold bullion).

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**I.** **Other Restrictions**

<u>Primary and Secondary Public Offerings</u>

You and your Immediate Family are generally prohibited from purchasing any equity security in an initial or secondary/follow on public offering. In addition, unless otherwise notified by Compliance, you may not purchase an equity security that is part of a primary or secondary public offering that the Firm is underwriting or selling until the distribution has been completed. This restriction does not apply to rights issuances to which Employee Securities Accounts would be entitled with regard to their existing holdings. Note that this restriction also applies to your Immediate Family, **regardless** of whether the securities are purchased into an Employee Securities Account.

Purchases of new issue debt are permitted, provided such purchases are pre-cleared by Compliance and meet other relevant requirements of the Code.

<u>Short Sales</u>

You and your Immediate Family may not engage in short selling of Covered Securities.

<u>Restricted List</u>

You and your Immediate Family may not transact in Covered Securities that appear on the Firmwide Restricted List or other such lists applicable to your business unit. You must check the Restricted List and other applicable lists prior to submitting a TPC request and executing the trade.

<u>Cross Trades</u>

MSIM Employees and their Immediate Family are not allowed to engage in cross trades or pre-arranged trades between their Employee Securities Accounts, MSIM funds and MSIM Client accounts.

<u>Changes to Normal Settlement Cycles</u>

Hong Kong Type 9 License Holders are not permitted to make changes to normal settlement cycle or delay settlement for any trades in Employee Securities Accounts.

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**J.** **Other Activities Requiring Pre-Clearance**<br> The following activities also require pre-clearance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢ Outside Business Activities

Please see Section VI "Outside Business Activities and Private Investments" of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢ Outside Brokerage Accounts

Please see Section II "Types of Accounts and Account Opening Requirements" of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢ Transactions in Private Investments

Please see Section VI "Outside Business Activities and Private Investments" of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢ Political Contributions

Please consult the Firm Policy on U.S. Political Contributions and Activities.

**K. Additional Large Trading Clearance for Employees in Asia Pacific and Japan**

Before executing a securities transaction that exceeds USD 500,000 (or its currency equivalent) or where the cumulative value of current transaction and all transactions in the same issuer within a 30-day calendar window exceeds USD 500,000 (or its currency equivalent), all MSIM Employees in Asia Pacific and Japan are required obtain additional large trade pre-clearance by completing the form in the policy link provided below and email a copy to "asialargetrades":

Additional Large Trade Clearance for Employee Trades in Asia Pacific<u> </u>Additional Large Trade Clearance for Employee Trades in Japan

Please note this approval requirement is in addition to the Trade pre-clearance requirement via the IMTPC system referred to in Section B above.

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**IV. HOLDING REQUIREMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Proprietary and Sub-advised Mutual Funds and Exchange-Traded Funds**

You may not redeem or exchange Proprietary or Sub-advised Mutual Funds or Exchange-Traded Funds until at least 30 calendar days from the purchase trade date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Covered Securities**

You may not sell a Covered Security until you have held it for at least 30 calendar days.

Employees are subject to the terms and restrictions of an open-end fund's prospectus, including restrictions such fund may impose on excessive trading. You may not engage in trading of shares of an open-end fund that is inconsistent with the prospectus of that fund. Where an advised or sub-advised fund's prospectus has a holding period that is less than 30 calendar days, Employees are required to hold shares for at least 30 calendar days before selling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Holding Requirements Specific to MSIMJ Employees**

When selling equity and equity-linked notes, Covered Persons at MSIMJ must hold such instruments for at least six months; however, Compliance may grant an exception if the instruments are held for at least 30 calendar days from the date of purchase. This includes transactions in Morgan Stanley Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Holding Requirements Specific to HK Type 9 License Holder Employees**

All personal account investments (including Exempt Securities) made by Hong Kong Type 9 License Holders are required to be held for a minimum of 30 calendar days.

#### V.REPORTING REQUIREMENTS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Initial Reporting and Certification**

When you commence employment with MSIM or otherwise become a Covered Person, you must provide an Initial Disclosure Form (the "Initial Report") to Compliance no later than 10 calendar days after you become a Covered Person. The information you provide must not be more than 45 calendar days old from the day you became a Covered Person and must include:

➢ The title and type, and, as applicable, the exchange ticker symbol or CUSIP number, number of shares and principal amount of any Covered Security;

<br> ➢ The name of any broker-dealer, bank or financial institution where you maintain an account in which any securities are held;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢ Any Outside Business Activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢ The date you submitted the Initial Report.

All new Covered Persons will receive training on the principles and procedures of the Code. As a Covered Person, you must also certify that you have read, understand and agree to abide by the terms of the Code, including but not limited to, the disclosure of outside accounts, Outside Business Activities and Private Investments that are required to be logged in the Outside Business Interest system within 30 calendar days and the transfer or closure of the account within 60 calendar days of Compliance's review. If you have any questions, contact your local Compliance group.

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**B.** **Quarterly Reporting and Certification**

You must submit a Quarterly Transaction Report to Compliance no later than 30 calendar days after the end of each calendar quarter, or in accordance with regulatory requirements applicable to your region. You do not have to submit a Quarterly Transaction Report if it would duplicate information provided in broker account statements that Compliance already receives or may access.

The Quarterly Transaction Report must contain the information set forth below.

<br> ➢ For transactions in an Employee Securities Account during the previous quarter you must provide:

• 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 any Covered Security;

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

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

<br> • The name of the broker-dealer or bank with or through which the transaction was effected; and

<br> • The date you submitted the Quarterly Transaction Report.

<br> ➢ For any new account, including accounts for your Immediate Family, established by you during the previous quarter in which any securities are held for your direct or indirect benefit, you must provide:

<br> • The name of the broker-dealer, bank or financial institution with which you established the account;

<br> • The date the account was established; and

<br> • The date you submitted the Quarterly Transaction Report.

A reminder to complete the Quarterly Transaction Report will be provided to you by Compliance.

**C.** **Annual Reporting and Certification**

You must update, as applicable, and certify to the following information on an annual basis (the "Annual Report"):

<br> ➢ A list of your current brokerage account(s), including those for your Immediate Family;

➢ A list of all securities and principal amount beneficially owned by you in these 

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<br>account(s);

<br> ➢ A list of all your approved Outside Business Activities, and Private Investments;

<br> ➢ A list of all other investments you hold outside of Morgan Stanley (such as DRIPs, other 401(k) accounts and any Covered Securities held in certificate form);

<br> ➢ A list of broker-dealers, banks or financial institutions with which you maintain an account in which any securities are held; and

<br> ➢ That you have not made, directly or indirectly, any individual investment decision related to any Fully Managed Account(s), nor have you directed another person to make such investments without first pre-clearing those transactions in accordance with Section III.

The information in the Annual Report must not be more than 45 calendar days old from the day you submit it to Compliance. You must also certify that you have read and agree to abide by the requirements of the Code and that you are in compliance with the Code.

The link to the Annual Report will be provided to you by Compliance.

Hong Kong Type 9 License Holders are required to submit their holdings annually and semi-annually in October and April each year.

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**VI. OUTSIDE BUSINESS ACTIVITIES AND PRIVATE INVESTMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Approval to Engage in an Outside Business Activity**

You may not engage in any Outside Business Activity, <u>regardless of whether or not you receive compensation</u> or are asked to engage in such activity by the Firm, without prior approval first from the Employee's Designated Manager and then from Compliance. If you receive approval, it is your responsibility to notify Compliance immediately if any conflict or potential conflict of interest arises in the course of the Outside Business Activity or if the nature of the activity changes, materially. In addition, and as part of the Annual Certification of Employees, you are required to review/edit each disclosure for completeness and accuracy.

Examples of an Outside Business Activity include providing consulting services, organizing a company, giving a formal lecture or publishing a book or article, accepting compensation from any person or organization other than the Firm, serving as an officer, employee, director, partner, member, or advisory board member of a company or organization not affiliated with the Firm, whether or not related to the financial services industry (including charitable organizations or activities for which you do not receive compensation), setting up a holding company for investments or investing in rental properties. For U.S. registered Employees only, real estate investments that generate rental income require disclosure in the OBI System, unless the property is also used by the Employee as a primary, secondary or vacation residence. Generally, Compliance will not approve any Outside Business Activity related to the securities or financial services industry other than activities that reflect the interests of the industry as a whole and that are not in competition with those of the Firm.

In the case of employees of Morgan Stanley AIP GP LP ("AIP"), where serving on an advisory board for a company in which AIP invests is part of the AIP employee's roles and responsibilities as an employee of AIP, such service shall not be considered an Outside Business Activity and approval via the OBI System is not required. The relevant senior business managers are responsible for approving Employees to serve on advisory boards, documenting such approvals, maintaining a list of such Employees, and reviewing the list in consultation with the relevant Compliance officers at least annually.

A request to serve on the board of any company, particularly the board of a public company, will be granted in very limited instances only. If you receive approval, your directorship may be subject to the implementation of information barrier procedures to isolate you from making investment decisions for Clients concerning the company in question, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Approval to Invest in a Private Investment**

You may not invest in a third-party Private Investment without prior approval from Compliance. Private Investments include investments in privately held corporations,

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limited partnerships, tax shelter programs, hedge funds and holding companies (e.g., LLC, LP, S-Corp, C-Corp, etc.). Approval is required for third-party private investments held in a Morgan Stanley account through the OBI System. Disclosure in the OBI system is not required for Morgan Stanley proprietary funds (funds structured by Morgan Stanley or its affiliates that are offered to MS Employees and/or Clients).

For Singapore-licensed Employees, it is prohibited to conduct (by way of Outside Business Activity or Private Investment) the following non-financial advisory activities:

<br> • Carrying on moneylending business;

<br> • Organizing, promoting or conducting any casino marketing arrangement;

<br> • Being involved in the real estate agency business;

<br> • Marketing any investment that is not an investment product.

**VII. CONSULTANTS AND TEMPORARY WORKERS**

Consultants and other temporary workers who fall under the definition of a Covered Person by virtue of their duties and responsibilities with MSIM must adhere to the following:

<br> ➢ Initial, quarterly and annual reporting;

<br> ➢ Provision of duplicate account statements to Compliance for transactions in any Covered Security;

<br> ➢ Prohibition against participating in any IPOs;

<br> ➢ Prohibition against participation in Investment Clubs;

<br> ➢ Pre-clearance of Outside Business Activities and Private Investments.

<br> ➢ Pre-clear all personal securities transactions in Covered Securities.

Consultants or temporary workers that are hired for positions lasting more than one year or are otherwise classified as a Covered Person by their assignment contacts/managers or Compliance may be required to transfer brokerage accounts to a Morgan Stanley Broker or Firm approved third party broker as applicable to the respective jurisdiction.

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**VIII. REVIEW, INTERPRETATIONS AND EXCEPTIONS**

Compliance is responsible for administering the Code and reviewing your Initial, Quarterly and Annual Reports. Compliance has the authority to make final decisions regarding Code policies and may grant an exception to a policy as long as it determines that no abuse or potential abuse is involved. Exceptions are granted only in rare and unusual circumstances, such as financial hardship. You must contact Compliance with any questions regarding the applicability, meaning or administration of the Code, including requests for an exception, in <u>advance</u> of any contemplated transaction. If Compliance determines that an exception would not be against the interests of any Client and is consistent with applicable laws and regulations, including Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Investment Company Act, Compliance may approve an exception and will document the exception, including the circumstances and rationale.

**IX. ENFORCEMENT AND SANCTIONS**

Violations of the Code are reported to Compliance and, as appropriate, senior management. On a quarterly basis, violations of the Code are reported to the applicable funds' board of directors. We may issue letters of warning/education or impose sanctions as appropriate, including notifying your Designated Manager, issuing a reprimand (orally or in writing), restricting your trading privileges, reducing your discretionary bonus, if any, requiring reversal of a trade made in violation of the Code or other applicable policies, or taking other disciplinary action, including, but not limited to, suspension or termination of your employment. **Violations are considered on a cumulative basis**.

The foregoing sanctions are intended to be guidelines only. Compliance, in its discretion, may recommend alternative actions if deemed warranted by the facts and circumstances of each situation. MSIM management, including the Head of MSIM Compliance, is authorized to determine the choice of actions to be taken in specific cases.

Sanctions may vary based on applicable law and regulatory requirements in your jurisdiction.

In addition, pursuant to the terms of Section 9 of the Investment Company Act of 1940, as amended, no director, officer or Employee of MSIM may become, or continue to remain, an officer, director or Employee of MSIM without an exemptive order issued by the U.S. Securities and Exchange Commission, if such director, officer or Employee:

➢ Within the past ten years has been convicted of any felony or misdemeanor (i) involving the purchase or sale of any security; or (ii) arising out of his or her conduct as an underwriter, broker, dealer, investment adviser, municipal securities dealer, government securities broker, government securities dealer, transfer agent, or entity or person required to be registered under the U.S. Commodity Exchange Act, or as an affiliated person, salesman or employee of any investment company, bank, insurance

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<br>company or entity or person required to be registered under the U.S. Commodity Exchange Act; or

➢ Is or becomes permanently or temporarily enjoined by any court from: (i) acting as an underwriter, broker, dealer, investment adviser, municipal securities dealer, government securities broker, government securities dealer, transfer agent, or entity or person required to be registered under the U.S. Commodity Exchange Act, or as an affiliated person, salesman or employee of any investment company, bank, insurance company or entity or person required to be registered under the U.S. Commodity Exchange Act; or (ii) engaging in or continuing any conduct or practice in connection with any such activity or in connection with the purchase or sale of any security.

You are obligated to immediately report any conviction or injunction described here to Compliance.

In addition to the above, you may also be subject to similar fit and proper/conduct related requirements to the extent you are employed or licensed in non-US jurisdictions. Please reach out to your local Compliance coverage if you are unclear about the requirements that apply to you.

#### . RELATED POLICIES
In addition to this Code, you are also subject to the policies and procedures documented in the Compliance Manual applicable to your region; the Global Employee Trading Investing and Outside Business Activities Policy; the Morgan Stanley Code of Conduct; <u>the</u> Global Confidential and Material Non-Public Information Policy; the<u> </u>Policy on U.S. Political Contributions and Activities; and the<u> </u>MSIM Global Gifts, Entertainment and Charitable Giving Policy (requirements may vary in non-U.S. offices).

&nbsp;&nbsp;&nbsp;&nbsp;**I. RECORDKEEPING**

&nbsp;&nbsp;&nbsp;&nbsp;A. Firm Requirements

Records are retained in accordance with the Firm's Global Information Management Policy,<u> </u>which establishes general Firm-wide standards and procedures regarding the retention, handling, and destruction of official books and records and other information of legal or operational significance.

The<u> </u>Global Information Management Policy incorporates the Firm's<u> </u>Master Retention Schedule, which lists various record classes and associated retention periods on a global basis.

&nbsp;&nbsp;&nbsp;&nbsp;B. MSIM Maintenance of Records Relevant to this Code

Compliance shall maintain records relevant to this Code as may be necessary under the provisions of this Code.

Previous versions include: August 16, 2002, February 24, 2004, June 15, 2004, December 31, 2004, December 15, 2006, May 12, 2008, August 19, 2010, September 17, 2010, February

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15, 2011, March 1, 2011, September 28, 2011, June 29, 2012, September 16, 2013, October 10, 2014, March 26, 2016, December 7, 2017, December 12, 2018, December 12, 2019, December 11, 2020, and January 1, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;**XII. DEFINITIONS**

These definitions are here to help you understand the application of the Code to various activities undertaken by you and other persons related to you who may be covered by the Code. The definitions are an integral part of the Code and a proper understanding of them is essential. Refer back to these definitions as you read the Code.

**"Access Persons**" (for purposes of transacting in Morgan Stanley securities) is defined in the Global Employee Trading, Investing and Outside Business Activities Policy and means those individuals or divisions that, as part of their job function may receive or have access to Morgan Stanley-related material non-public information that is recurring or cyclical in nature.

**"Approved Broker"** means a Firm-approved third-party broker for Employee Securities Accounts.

**"Automatic Investment Plan"** means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan (e.g., "DRIP").

**"Beneficial Interest"** generally means an interest where you or a member of your Immediate Family, directly or indirectly: (i) have investment discretion or the ability (including joint ability or discretion) to purchase or sell securities or direct the disposition of securities; (ii) have voting power over securities, or the right to direct the voting of securities; or (iii) have a direct or indirect financial interest in securities (or other benefit substantially equivalent to ownership of securities). For purposes of this Code, "beneficial ownership" shall be interpreted in the same manner as it would be under Section 16 of the Securities and Exchange Act, as amended, and the rules and regulations thereunder.

**"Blackout Period"** for purposes of this Code, means a temporary period of time as determined by Compliance during which you may be restricted from all personal securities trading or a temporary or indefinite restriction on transactions in certain specific Covered Securities based upon your job responsibilities.

"**Broad-Based Exchange-Traded Funds ("ETFs")"** for purposes of this Code, means exchanged-traded funds that the IM Compliance Department has found to be sufficiently broad-based in the scope of their investment strategy and holdings so as to not to require pre-clearance. See Schedule A for a link to the current list of Broad-Based ETFs that are exempt from pre-clearance, but are subject to disclosure and holding period requirements.

**"Chief Compliance Officer" or "CCO"** refers to the Chief Compliance Officer of the following, as relevant: Atlanta Capital Management Company LLC; Boston Research and

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Management; Calvert Research and Management; Eaton Vance Advisers International Ltd.; Eaton Vance Management; Morgan Stanley Investment Management Inc.; or Parametric Portfolio Associates LLC.

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**"Client"** means shareholders or limited partners of registered and unregistered investment companies and other investment vehicles, institutional, high net worth and retail separate account clients, employee benefit trusts and all other types of clients advised by MSIM.

**"Closed-End Fund"** means any fund with a fixed number of shares and which does not issue and redeem shares on a continuous basis. While Closed-End Funds are often listed and trade on stock exchanges, they are not "Exchange traded funds" as defined below in the Covered Securities definition.

**"Compliance"** means your applicable local Compliance group (e.g., Atlanta, Boston, Dublin, London, Minneapolis, Mumbai, New York, Seattle, Singapore, Tokyo, and Washington, D.C.).

**"Control Group"** is a team within Legal and Compliance that is responsible for maintaining the Firm's Information Barriers (often referred to as "the Wall"). The Control Group serves as a buffer between the Firm's various business units, controlling and coordinating communications between these areas, as well as conducting global surveillance to ensure that applicable laws and rules are followed.

**"Covered Consultant"** means a non-employee of MSIM who falls under the definition of a Covered Person or is designated by Compliance as a Covered Consultant.

**"Covered Persons"** means:

<br> ➢ All MSIM Employees;

<br> ➢ All directors and officers of MSIM;

➢ Any person (such as certain consultants, leased workers or temporary workers ("Covered Consultants")) who provides investment advice to clients on behalf of MSIM, is subject to the supervision and control of MSIM or who has access to nonpublic information regarding any Client's purchase or sale of securities, or portfolio holdings, or who is involved in making securities recommendations to Clients, or who has access to such recommendations that are nonpublic.

<br> ➢ Any person with responsibilities related to MSIM or who supports MSIM as a business and has frequent interaction with Covered Persons or Investment Personnel, as determined by Compliance.

➢ Any other persons falling within the definition of "Access Person" under Rule 17j-1 of the Company Act or Rule 204A-1 under the Advisers Act (such as those supervised persons who have access to nonpublic information regarding the portfolio holdings of a client fund) and such other persons that may be so deemed by Compliance from time to time.

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The definition of "Covered Person" may vary by location. Contact Compliance if you have any question as to your status as a Covered Person.

**"Covered Securities"** includes generally:

<br> ➢ All equity or debt securities (excluding high yield securities, which are prohibited), including but not limited to, derivatives of securities (such as options, warrants and American depositary receipts);

<br> ➢ Asset-backed securities;

<br> ➢ Closed-End Funds;

<br> ➢ Commodities;

<br> ➢ Corporate and municipal bonds, and similar instruments;

<br> ➢ Exchange-traded funds including single stock Exchange-traded funds and Exchange-traded Notes

<br> ➢ Futures;

<br> ➢ Initial Coin Offerings and Secondary Coin Offerings;

<br> ➢ Investments in all kinds of limited partnerships;

<br> ➢ Investments in real estate investment trusts (REITs);

<br> ➢ Investments in private investment funds, hedge funds, private equity funds, and venture capital funds;

<br> ➢ Nextshares<sup>TM</sup> ;

<br> ➢ Open-end mutual funds and Exchange Traded Funds for which MSIM or Eaton Vance Management or an Eaton Vance Affiliated Entity acts as adviser or sub-adviser (including those funds that consist of Exempt Securities as listed in Schedule A and excluding money market funds);

<br> ➢ Preferred securities;

<br> ➢ Securities indices;

<br> ➢ Unit investment trusts.

Covered Securities does not include "Exempt Securities," as defined below. Refer to Schedule A for application of the Code to various security types.

**"Cryptocurrency"** means any virtual or digital representation of value, token or other asset in which encryption techniques are used to regulate the generation of such assets and to verify the transfer of assets, which is not a security or otherwise characterized as a security under the relevant law. This includes initial coin offerings ("ICOs") and secondary coin offerings ("SCOs").

**"Derivative"** means (1) any Futures (as defined below); and (2) a forward contract, a "swap", a "cap", a "collar", a "floor" and an over-the-counter option. Questions regarding whether a particular instrument or transaction is a Derivatives for purposes of this Code should be directed to your local Compliance group. For avoidance of doubt, a Derivative on a Cryptocurrency is considered to be a "Derivative" for purposes of this.

**"Designated Manager"** means manager designated by your business unit or department to supervise your personal trading and investing activities. <br>

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**"Eaton Vance Affiliated Entity"** means each of the following: Atlanta Capital Management LLC ("ACM"); Boston Management and Research; Calvert Research and Management ("CRM"); Eaton Vance Advisers International Ltd.; Eaton Vance Management; Eaton Vance Management (International) Limited; ; Parametric Portfolio Associates LLC. ("PPA").

**"Employee"** means all MSIM employees globally on the Public Side of the Morgan Stanley Investment Management Division business and, as appropriate, their Immediate Family.

**"Employee Securities Accounts"** are any accounts in your own name <u>and</u> other accounts you could be expected to influence or control, in whole or in part, directly or indirectly, whether for securities or other financial instruments, and that are capable of holding Covered Securities, whether or not such capability is utilized. Employee Securities Accounts include:

➢ Accounts owned by you;

➢ Accounts owned by your Immediate Family (as defined below);

<br> ➢ Accounts where you obtain benefits substantially equivalent to ownership of securities;

<br> ➢ Accounts that you or the persons described above could be expected to influence or control, such as:

<br> ◾ Joint accounts;

<br> ◾ Family accounts;

<br> ◾ Retirement accounts;

<br> ◾ Corporate accounts;

<br> ◾ Trust accounts for which you act as trustee where you have the power to effect investment decisions or that you otherwise guide or influence;

<br> ◾ Arrangements similar to trust accounts that benefit you directly;

<br> ◾ Accounts for which you act as custodian; and

<br> ◾ Partnership accounts.

**"Exempt Securities"** are securities that are not subject to the pre-clearance, holding or reporting requirements. Examples of Exempt Securities include:

<br> ➢ Bankers' acceptances, bank certificates of deposit and commercial paper;

➢ Investment grade, short-term debt instruments, including repurchase agreements (which for these purposes are repurchase agreements and any instrument that has a maturity at issuance of fewer than 366 days that is rated in one of the two highest categories by a nationally recognized statistical rating organization);

<br> ➢ Direct obligations of the U.S. Government (including securities that are backed by the full faith and credit of the U.S. Government for the timely payment of principal and interest) and equivalent securities issued by non-U.S. governments, such as:

<br> • Ginnie Maes,

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<br> • U.S. savings bonds, and U.S. Treasuries; and

• Securities issued by non-U.S. governments e.g., premium bonds, indexed-linked savings certificates, fixed income savings certificates, guaranteed equity bonds, capital bonds, children's bonus bonds, fixed rate savings bonds, income bonds and pensioner's guaranteed income bonds issued and sold directly to the public through the National Savings and Investments agency of the United Kingdom's Chancellor of the Exchequer. *Note: Non-U.S. government debt securities must be rated AA or higher. Otherwise, they will be subject to pre-clearance and 30-day holding period requirement);*

<br> ➢ Shares held in money market funds;

<br> ➢ Variable insurance products that invest in funds for which MSIM does not act as adviser or sub-adviser;

<br> ➢ Open-end mutual funds or equivalent in other jurisdictions (e.g., UCITS, SICAVs, UK Authorized Unit Trusts, open-end investment companies ('OEICS") for which MSIM does not act as adviser or sub-adviser;

<br> ➢ Currencies;

<br> ➢ Holding physical commodities; and

<br> ➢ 529 Plans provided that the plan is not invested in MSIM Sub-Advised or Proprietary Funds)

Refer to Schedule A for application of the Code to various security types and additional requirements for Morgan Stanley Asia Limited Employees who hold a Hong Kong Type 9 license.

**"Firm"** means Morgan Stanley, MSIM's parent company.

**"Fully Managed Account"** means an account (including fully managed Individual Savings Accounts ("ISAs") and an account managed on a discretionary basis by a professional financial adviser or investment adviser (e.g., a robo adviser)) for which an MSIM Employee or Immediate Family has authorized a professional financial advisor or investment manager, in its sole discretion, to acquire and dispose of assets held in the account. Neither the MSIM Employee nor the Immediate Family may make, directly or indirectly, any investment decision, be made aware of any such decisions before transactions are executed by the advisor or manager, or otherwise direct the advisor or manager to effect any transactions in the account. A Fully Managed Account is not considered an Employee Securities Account.

**"Hong Kong Type 9 License Holder"** means MSIM Public Side Investment Personnel housed in Hong Kong entity Morgan Stanley Asia Limited who holds a Hong Kong Type 9 license.

**"Immediate Family"** pursuant to this Code includes a Covered Persons spouse or domestic partner, dependents and all other persons for whom the Covered Person, their spouse, or domestic partner contributes substantial financial support. This does not include an unrelated person who shares the same residence with the employee provided that the

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unrelated person and employee are financially independent of one another.

**"Initial Public Offering" ("IPO")** 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 and Exchange Act of 1934. As used in this Code, the term "Initial Public Offering" shall also mean a one-time offering of stock to the public by the issuer of such stock which is not an initial public offering.

**"Investment Personnel"** means MSIM Employees and any other Covered Persons who (i) obtain or have access to information concerning investment recommendations made to any Client; (ii) any persons designated as Investment Personnel by Compliance; (iii) who, with respect to a Client: (a) provides information or advice with respect to the purchase or sale of a financial instrument for the Client (e.g., portfolio manager, or, in some cases a Research Analyst) or (b) helps execute the investment decisions of a portfolio manager, or, where applicable, Research Analyst on behalf of a Client.

**"Morgan Stanley Broker"** means a broker-dealer affiliated with Morgan Stanley, including E\*TRADE.

**"Morgan Stanley Investment Management"** or **"MSIM"** for purposes of this Code means the companies and businesses comprising the Public Side of Morgan Stanley's Investment Management Division including, but not limited to, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Ltd. ("MSIM Ltd."), Morgan Stanley Investment Management Company ("MSIM Co."), Morgan Stanley Investment Management (Japan) Co., Ltd. ("MSIMJ"), Morgan Stanley Asia Limited ("MSAL"), Morgan Stanley Investment Management (Australia) Pty Ltd., Atlanta Capital Management Company LLC, Calvert Research and Management, Eaton Vance Management, Parametric Portfolio Associates LLC, but excluding the Private Side companies and businesses. See Schedule B for a list of those legal entities that comprise MSIM.

**"Morgan Stanley Securities"** means equity, preferred and debt securities issued by Morgan Stanley, including the Morgan Stanley Stock Fund, but excludes structured products, such as equity-linked or credit- linked notes.

**"Mutual Funds"** means (i) all open-end mutual funds; and (ii) similar pooled investment vehicles established in non-U.S. jurisdictions, such as registered investment trusts in Japan. For purposes of the Code, Mutual Fund does not include shares of open-end money market mutual funds (unless otherwise advised by Compliance).

**"Outside Business Activity"** means any organized or business activity conducted by a MSIM Employee outside of MSIM. This includes, but is not limited to, participation on a board of directors or advisory board, including that of a charitable organization, working part-time outside of MSIM, establishing a holding company for investments, establishing an LLC that invests in rental properties, or forming a limited partnership.

**"PPA Model Personnel"** means designated PPA Investment Personnel who are involved in portfolio management, trading, and research & strategy, as well as other departments who may have access to pre-execution model portfolio transaction information and may have additional pre-clearance requirements as determined by Compliance. PPA Model

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Personnel includes, but is not limited to, Employees who were Seattle Investment Personnel prior to January 1, 2022.

**"Portfolio Managers"** means MSIM Employees who are primarily responsible for the day-to-day management of a Client portfolio.

**"Private Investment"** means a securities offering that is exempt from registration under certain provisions of the U.S. securities laws and/or similar laws of non-U.S. jurisdictions. It includes investments in hedge funds, private equity funds, limited partnerships, real estate, peer to peer lending clubs and private businesses.

**"Proprietary or Sub-advised Mutual Fund"** means any open-end Mutual Fund for which MSIM acts as investment adviser or sub-adviser.

"**Proprietary or Sub-advised Exchange-Traded Funds**" means any Exchange-Traded Fund for which MSIM acts as the investment adviser or sub-adviser.

**"Public Side"** means the MSIM businesses and entities and their Employees who work in the public securities markets (e.g., equities, fixed income and money markets).

**"Research Analysts"** are MSIM Employees who (1) perform financial, qualitative and/or quantitative analysis of financial instruments or their issuers that result in a

recommendation or conclusion to Investment Personnel regarding investments for a Client; or (2) is involved in the construction or rebalancing of an index (as applicable); or (3) are assigned to make investment recommendations to, or for the benefit of, any Client portfolio; or (4) anyone deemed by Compliance to have access to investment recommendations.

**"Restricted Lists"** means any list of issuers or securities maintained by Morgan Stanley where trading in Employee Securities Accounts is restricted due to Firm policies or regulation.

## Exhibit 99.28

EX-28.q.6

#### POWER OF ATTORNEY

WHEREAS, NATIONWIDE VARIABLE INSURANCE TRUST, 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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