# EDGAR Filing Document

**Accession Number:** 0000353905
**File Stem:** 0001680359-25-000555
**Filing Date:** 2025-7
**Character Count:** 158148
**Document Hash:** 8bf048d5472a70d44e2749bc904fb894
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001680359-25-000555.hdr.sgml**: 20250701

**ACCESSION NUMBER**: 0001680359-25-000555

**CONFORMED SUBMISSION TYPE**: POS AMI

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20250701

**DATE AS OF CHANGE**: 20250701

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NATIONWIDE VARIABLE INSURANCE TRUST
- **CENTRAL INDEX KEY:** 0000353905

**ORGANIZATION NAME:**
- **EIN:** 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:** 251095282

**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 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      |  |

---

| |
|:---|
| **AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JULY 1, 2025** |
| **1940 Act File No. 811-03213** |

| |
|:---|
| **SECURITIES AND EXCHANGE COMMISSION** |
| **Washington, D.C. 20549** |

| |
|:---|
| **FORM N-1A** |
| **REGISTRATION STATEMENT**<br> ***UNDER***<br> ***THE INVESTMENT COMPANY ACT OF 1940*** |
| **Amendment No. 281** |
| **(Check appropriate box or boxes)** |

---

---

| |
|:---|
| **NATIONWIDE VARIABLE INSURANCE TRUST**<br>|
| **(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)** |

---

------

---

| |
|:---|
| **ONE NATIONWIDE PLAZA** |
| **MAIL CODE 1-18-102** |
| **COLUMBUS, OHIO 43215** |
| **(ADDRESS OF PRINCIPAL EXECUTIVE OFFICE) (ZIP CODE)** |
| (614) 435-5787 |
| **Registrant's Telephone Number, including Area Code** |

---

------

---

| | |
|:---|:---|
| **Send Copies of Communications to:** | **Send Copies of Communications to:** |
| **ALLAN J. OSTER, ESQ.** | **PRUFESH R. MODHERA, ESQ.** |
| **ONE NATIONWIDE PLAZA** | **STRADLEY RONON STEVENS & YOUNG, LLP** |
| **COLUMBUS, OHIO 43215** | **2000 K STREET, N.W., SUITE 700** |
| **(NAME AND ADDRESS OF AGENT FOR SERVICE)** | **WASHINGTON, DC 20006** |

---

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#### EXPLANATORY NOTE

This Amendment No. 281 (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. 280 to the Registrant's Registration Statement on Form N-1A, filed with the U.S. Securities and Exchange Commission (the "Commission") on April 29, 2025 under the 1940 Act (Accession No. 0001193125-25-103470) ("Amendment No. 280"), as pertaining to Parts B of the NVIT U.S. 130/30 Equity Fund, NVIT GS Emerging Markets Equity Insights Fund, NVIT GS International Equity Insights Fund, NVIT GS Large Cap Equity Fund, and NVIT GS Small Cap Equity Insights Fund (together, the "Funds"), each a series of the Registrant.

[Parts A and Parts B of the Funds, as filed in Amendment No. 280, are incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312525103470/d926209dposami.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 audited Financial Statement and the Report of Independent Registered Public Account Firm of the Funds for the fiscal year ended December 31, 2024, as filed with the Commission on February 27, 2025 (Accession No. 0001398344-25-003664) contained in the Annual Report of the Registrant, dated December 31, 2024, is incorporated herein by reference.](https://www.sec.gov/ix?doc=/Archives/edgar/data/353905/000139834425003664/primary-document.htm)

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 Fund |
| NVIT GS Small Cap Equity Insights Fund |
| NVIT U.S. 130/30 Equity Fund |

---

#### Amendment dated July 1, 2025

#### to the Statement of Additional Information ("SAI") dated April 29, 2025

*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;&nbsp;&nbsp;&nbsp;&nbsp;1. On June 10, 2025, the Board of Trustees of Nationwide Variable Insurance Trust (the "Trust") approved the nomination of Tracy Bollin (the "New Trustee") to serve as a Trustee of the Trust. His
 term commenced on July 1, 2025. The New Trustee is not considered to be an "interested person" of the Trust as defined in the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Effective immediately, the SAI is amended as follows:

<br> a. The following supplements the table under the heading "Independent Trustees" beginning on page 37 of the SAI:

---

| | | |
|:---|:---|:---|
| **Tracy Bollin** | **Tracy Bollin** | **Tracy Bollin** |
| **Year of Birth** | **Positions Held with Trust and Length of Time Served<sup>1</sup>** | **Number of Portfolios Overseen in the Nationwide Fund Complex** |
| 1970 | Trustee since July 2025 | 115 |
| **Principal Occupation(s) During the Past Five Years (or Longer)**<br> From 2015 until 2021, Mr. Bollin served as Vice President and CFO of Principal Funds, Managing Director of Fund Operations for Principal Global Investors, and President of Principal Shareholder Services. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> From 2015 until 2021, Mr. Bollin served as Vice President and CFO of Principal Funds, Managing Director of Fund Operations for Principal Global Investors, and President of Principal Shareholder Services. | **Principal Occupation(s) During the Past Five Years (or Longer)**<br> From 2015 until 2021, Mr. Bollin served as Vice President and CFO of Principal Funds, Managing Director of Fund Operations for Principal Global Investors, and President of Principal Shareholder Services. |
| **Other Directorships held During the Past Five Years<sup>2</sup>**<br> Board member of On With Life since September 2024. | **Other Directorships held During the Past Five Years<sup>2</sup>**<br> Board member of On With Life since September 2024. | **Other Directorships held During the Past Five Years<sup>2</sup>**<br> Board member of On With Life since September 2024. |
| **Experience, Qualifications, Attributes, and Skills for Board Membership**<br> Mr. Bollin has held multiple roles in the financial services industry, including positions in capital markets, finance, operations, and as a board member. | **Experience, Qualifications, Attributes, and Skills for Board Membership**<br> Mr. Bollin has held multiple roles in the financial services industry, including positions in capital markets, finance, operations, and as a board member. | **Experience, Qualifications, Attributes, and Skills for Board Membership**<br> Mr. Bollin has held multiple roles in the financial services industry, including positions in capital markets, finance, operations, and as a board member. |

---

<br> b. The information under the heading "Committees of the Board" beginning on page 42 of the SAI is modified as follows:

<br> i. The last sentence in the second paragraph is deleted and replaced with the following:

"The Audit and Operations Committee met five times during the past fiscal year, and currently consists of the following Trustees: Ms. Kosel, Ms. Petersen, Mr. Kridler, Mr. Wezdenko (Chair) and Mr. Bollin, each of whom is not an interested person of the Trust, as defined in the 1940 Act.

------

<br> c. The table under the heading "Ownership of Shares of Nationwide Funds as of December 31, 2024" beginning on page 43 of the SAI is deleted in its entirety and replaced with the following:

---

| | | |
|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Equity Securities and/or Shares in the Funds<sup>1</sup>** | **Aggregate Dollar Range of Equity Securities and/or Shares in All Registered Investment Companies Overseen by Trustee in Family of Investment Companies** |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Tracy Bollin<sup>2</sup> |  |  |
| Kristina Bradshaw |  | Over $100,000 |
| Lorn C. Davis |  | Over $100,000 |
| Barbara I. Jacobs |  | Over $100,000 |
| Keith F. Karlawish |  | Over $100,000 |
| Carol A. Kosel |  | Over $100,000 |
| Douglas F. Kridler |  | Over $100,000 |
| Charlotte Petersen |  | Over $100,000 |
| David E. Wezdenko |  | Over $100,000 |

---

<sup>1</sup> Individual investors, like the Trustees, are not eligible to purchase shares of the Funds because Fund shares are sold to separate accounts of insurance companies to fund benefits payable under variable insurance contracts or to registered management investment companies advised by NFA.

<sup>2</sup> Mr. Bollin's term as an Independent Trustee commenced effective July 1, 2025.

d. The table and accompanying footnotes under the heading "Ownership in the Funds' Investment Adviser<sup>1</sup>, Subadvisers<sup>2</sup> or Distributor<sup>3</sup> as of December 31, 2024" on page 44 of the SAI are deleted in their entirety and replaced with the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Trustee** | **Name of Owners and<br> Relationships to Trustee** | **Name of Company** | **Title of Class<br> of Security** | **Value of Securities** | **Percent of Class** |
| Tracy Bollin<sup>4</sup> | N/A | N/A | N/A |  | N/A |
| Kristina Bradshaw | N/A | N/A | N/A |  | N/A |
| Lorn C. Davis | N/A | N/A | N/A |  | N/A |
| Barbara I. Jacobs | N/A | N/A | N/A |  | N/A |
| Keith F. Karlawish | N/A | N/A | N/A |  | N/A |
| Carol A. Kosel | N/A | N/A | N/A |  | N/A |
| Douglas F. Kridler | N/A | N/A | N/A |  | N/A |
| Charlotte Petersen | N/A | N/A | N/A |  | N/A |
| David E. Wezdenko | N/A | N/A | N/A |  | N/A |

---

<sup>1</sup> Nationwide Fund Advisors.<br>

<sup>2</sup> As of December 31, 2024, subadvisers to the Trust included: Allspring Global Investments, LLC; Amundi Asset Management US, Inc.; AQR Capital Management, LLC; Atlanta Capital Management Company, LLC; BlackRock Investment Management, LLC; Columbia Management Investment Advisers, LLC; DoubleLine Capital LP; Dreyfus, a division of Mellon Investments Corporation; Federated Investment Management Company; Goldman Sachs Asset Management, L.P.; Insight North America LLC; Invesco Advisers, Inc.; Jacobs Levy Equity Management, Inc.; J.P. Morgan Investment Management Inc.; Lazard Asset Management LLC; Loomis, Sayles & Company, L.P.; Nationwide Asset Management, LLC; Newton Investment Management North America, LLC; NS Partners Ltd; Victory Capital Management Inc.; WCM Investment Management, LLC; and Wellington Management Company LLP.<br>

 <sup>3</sup> Nationwide Fund Distributors LLC or any company, other than an investment company, that controls a Fund's adviser or distributor.<br><sup>4</sup> Mr. Bollin's term as an Independent Trustee commenced effective July 1, 2025.<br>

<br> e. The table under the heading "Compensation of Trustees" on page 44 of the SAI is deleted in its entirety and replaced with the following:

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Trustee** | **Aggregate<br> Compensation<br> from the Trust** | **Pension<br> Retirement<br> Benefits Accrued<br> as Part of Trust<br> Expenses** | **Estimated Annual<br> Benefits Upon<br> Retirement** | **Total Compensation<br> from the Fund<br> Complex<sup>1</sup>** |
| Tracy Bollin<sup>2</sup> | $0 | N/A | N/A | $0 |
| Kristina Bradshaw | 284688 | N/A | N/A | 385000 |
| Lorn C. Davis | 284688 | N/A | N/A | 385000 |
| Barbara I. Jacobs | 295777 | N/A | N/A | 400000 |
| Keith F. Karlawish | 366007 | N/A | N/A | 495000 |
| Carol A. Kosel | 296439 | N/A | N/A | 401000 |
| Douglas F. Kridler | 310566 | N/A | N/A | 420000 |
| Charlotte Petersen | 284721 | N/A | N/A | 385000 |
| David E. Wezdenko | 295777 | N/A | N/A | 400000 |

---

<sup>1</sup> As of December 31, 2024, the Fund Complex included two trusts comprised of 115 investment company funds or series.<br><sup>2</sup> Mr. Bollin's term as an Independent Trustee commenced effective July 1, 2025.<br>

#### PLEASE RETAIN THIS AMENDMENT FOR FUTURE REFERENCE

------

<u>PART C</u>

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 February 3, 2025, previously filed as EX-28.d.1.a with the Trust's registration statement on April 11, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312525078803/d906537dex9928d1a.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 12, 2025, previously filed</u> <u>as Exhibit</u> <u>EX-28.d.2.a with the Trust's registration statement on April 11, 2025, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312525078803/d906537dex9928d2a.htm)

(3) Subadvisory Agreements

(a) [<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)

(b) [<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)

(c) [<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>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)

------

(d) [<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)

(e) [<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)

(f) [<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)

(g) [<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)

(h) [<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)

(i) [<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)

(i) [Exhibit A to the Subadvisory Agreement, as amended March 12, 2025, previously filed as Exhibit EX-28.d.3.i.i with the Trust's registration statement on April 11, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312525078803/d906537dex9928d3ii.htm)

(j) [<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)

(k) [<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)

(l) [<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)

(m) [<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)

(iii) [Amendment to Subadvisory Agreement, as amended January 1, 2025 and March 12, 2025, previously filed as Exhibit EX-28.d.m.iii with the Trust's registration statement on April 11, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312525078803/d906537dex9928dmiii.htm)

------

(n) [<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)

(o) [Subadvisory Agreement among the Trust, NFA and Putnam Investment Management, LLC, dated February 3, 2025, previously filed as Exhibit EX-28.d.3.o with the Trust's registration statement on April 11, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312525078803/d906537dex9928d3o.htm)

(p) [Subadvisory Agreement among the Trust, NFA and Dreyfus, a division of Mellon Investments Corporation, dated September 1, 2023, previously filed as Exhibit EX-28.d.3.s with the Trust's registration statement on April 18, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312524100630/d936698dex9928d3s.htm)

(q) [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)

(i) [Exhibit A to the Subadvisory Agreement, amended October 1, 2024, previously filed as Exhibit EX-28.d.3.t.i with the Trust's registration statement on December 17, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312524280302/d905087dex9928d3ti.htm)

(r) [<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)

(s) [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 April 14, 2025, previously filed as Exhibit EX-28.d.3.s.i with the Trust's registration statement on April 11, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312525078803/d906537dex9928d3si.htm)

(t) [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 October 1, 2023, previously filed as Exhibit EX-28.d.3.w.i with the Trust's registration statement on April 18, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312524100630/d936698dex9928d3wi.htm)

(u) [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)

(i) [Exhibit A to the Subadvisory Agreement, as amended March 31, 2025, previously filed as Exhibit EX-28.d.3.u.i with the Trust's registration statement on April 11, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312525078803/d906537dex9928d3ui.htm)

(v) [Subadvisory Agreement among the Trust, NFA and GQG Partners LLC, effective March 12, 2025, is filed herewith as Exhibit EX-28.d.3.v.](gqgsubadvisoryagreement.htm)

(w) [Subadvisory Agreement among the Trust, NFA and FIAM LLC, effective January 8, 2025, previously filed as EX-28.d.3.w with the Trust's registration statement on April 11, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312525078803/d906537dex9928d3w.htm)

(i) [Exhibit A to the Subadvisory Agreement, as amended March 12, 2025, previously filed as Exhibit EX-28.d.3.w.i with the Trust's registration statement on April 11, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312525078803/d906537dex9928d3wi.htm)

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(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)

(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 12, 2025, previously filed as Exhibit</u> <u>EX-</u> <u>28.e.1.a with the Trust's registration statement on April 11, 2025, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312525078803/d906537dex9928e1a.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 Global Custody Agreement, effective as of March 12, 2025, previously filed as EX-28.g.1.h with the Trust's registration statement on April 11, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312525078803/d906537dex9928g1h.htm)

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(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 12, 2025, previously filed as Exhibit EX-28.h.2 with the Trust's registration statement on April 11, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312525078803/d906537dex9928h2.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)

(a) [Amendment to the Expense Limitation Agreement, dated December 11, 2012, previously filed as Exhibit EX-28.h.3.b with the Trust's registration statement on April 22, 2013, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312513164736/d521377dex9928h3b.htm)

(b) [Amendment to the Expense Limitation Agreement, dated May 1, 2017, previously filed as Exhibit EX-28.h.3.b with the Trust's registration statement on April 19, 2017, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312517128704/d337983dex9928h3b.htm)

(c) [Amendment to the Expense Limitation Agreement, dated July 1, 2018, previously filed as Exhibit EX-28.h.3.c with the Trust's registration statement on September 24, 2018, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312518281201/d624477dex9928h3c.htm)

(d) [Exhibit A to the Expense Limitation Agreement, amended as of April 14, 2025, previously filed as Exhibit EX-28.h.3.d with the Trust's registration statement on April 11, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312525078803/d906537dex9928h3d.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, 2024, relating to the NVIT BlackRock Managed Global Allocation Fund, NVIT DoubleLine Total Return Tactical Fund, NVIT Blueprint® Aggressive Fund, NVIT Blueprint® Moderately Aggressive Fund, NVIT Blueprint® Capital Appreciation Fund, NVIT Blueprint® Moderate Fund, NVIT Blueprint® Balanced Fund, NVIT Blueprint® Moderately Conservative Fund, NVIT Blueprint® Conservative Fund, NVIT Blueprint® Managed Growth Fund, NVIT Blueprint® Managed Growth & Income Fund, NVIT Calvert Equity Fund, NVIT BNY Mellon Dynamic U.S. Equity Income Fund, NVIT J.P. Morgan Digital Evolution Strategy Fund, NVIT J.P. Morgan Large Cap Growth Fund and NVIT J.P. Morgan US Technology Leaders Fund, previously filed as Exhibit</u> <u>EX-28.h.8 with the Trust's registration statement on April 17, 2025, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312525084374/d842813dex9928h8.htm)

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(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 ETF 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)

(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)

(b) [Amendment to Expense Limitation Agreement, dated September 13, 2023, previously filed as Exhibit EX-28.h.16.b with the Trust's registration statement on April 18, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312524100630/d936698dex9928h16b.htm)

(c) [Amendment to Expense Limitation Agreement, dated September 13, 2023, previously filed as Exhibit EX-28.h.16.c with the Trust's registration statement on April 18, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312524100630/d936698dex9928h16c.htm)

(17) [Fee Waiver Agreement between the Trust and NFA, dated May 1, 2025, relating to the NVIT BlackRock Managed Global Allocation Fund, previously filed as Exhibit EX-28.h.17 with the Trust's registration statement on April 17, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312525084374/d842813dex9928h17.htm)

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(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) [Fee Waiver Agreement between the Trust and NFA, dated May 1, 2025, relating to the NVIT Blueprint® Aggressive Fund, NVIT Blueprint® Moderately Aggressive Fund, NVIT Blueprint® Capital Appreciation Fund, NVIT Blueprint® Moderate Fund, NVIT Blueprint® Balanced Fund, NVIT Blueprint® Moderately Conservative Fund and NVIT Blueprint® Conservative Fund, previously filed as Exhibit EX-28.h.19 with the Trust's registration statement on April 17, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312525084374/d842813dex9928h19.htm)

(20) [<u>Administrative Services Fee Waiver Agreement between the Trust and NFS, dated May 1, 2025, 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 17, 2025, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312525084374/d842813dex9928h20.htm)

(21) [Fee Waiver Agreement between the Trust and NFA, dated May 1, 2025, relating to the NVIT Real Estate Fund, previously filed as Exhibit EX-28.h.21 with the Trust's registration statement on April 17, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312525084374/d842813dex9928h21.htm)

(22) [<u>Amended and Restated Fee Waiver Agreement between the Trust and NFA, effective as of April 1, 2025, relating to the NVIT Allspring Discovery Fund, NVIT BNY Mellon Dynamic U.S. Core Fund, NVIT Calvert Equity Fund, NVIT Fidelity Institutional AM</u> <sup><u>®</u></sup> <u>Emerging Markets Fund (formerly, NVIT Emerging Markets Fund), NVIT Invesco Small Cap Growth Fund, NVIT Jacobs Levy Large Cap Core Fund, NVIT Loomis Short Term Bond Fund, NVIT Victory Mid Cap Value Fund, NVIT Multi-Manager Small Company Fund, NVIT NS Partners International Focused Growth Fund and NVIT Real Estate Fund, previously filed as Exhibit</u> <u>EX-28.h.22 with the Trust's registration statement on April 11, 2025, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312525078803/d906537dex9928h22.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) [12b-1 Fee Waiver Agreement between the Trust and NFD, dated May 1, 2025, relating to the NVIT Government Money Market Fund, previously filed as Exhibit EX-28.h.24 with the Trust's registration statement on April 17, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312525084374/d842813dex9928h24.htm)

(25) [Investment Advisory Fee Waiver Agreement between the Trust and NFA, dated May 1, 2025, relating to the NVIT Government Money Market Fund, previously filed as Exhibit EX-28.h.25 with the Trust's registration statement on April 17, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312525084374/d842813dex9928h25.htm)

(26) [12b-1 Fee Waiver Agreement between the Trust and NFD, dated May 1, 2025, relating to the NVIT International Index Fund, previously filed as Exhibit EX-28.h.26 with the Trust's registration statement on April 17, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312525084374/d842813dex9928h26.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)

(29) [Expense Limitation Agreement between the Trust and NFA, dated May 24, 2024, relating to the NVIT Loomis Short Term Bond Fund, previously filed as EX-28.h.29 with the Trust's registration statement on December 17, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312524280302/d905087dex9928h29.htm)

(i) Not applicable.

(j) Not applicable.

(k) Not applicable.

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(l) Not applicable.

(m) [<u>Distribution Plan under Rule 12b-1, dated May 1, 2007, as amended March 12, 2025, previously filed as Exhibit</u> <u>EX-28.m with the Trust's registration statement on April 11, 2025, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312525078803/d906537dex9928m.htm)

(n) [Rule 18f-3 Plan, dated May 1, 2007, as amended March 12, 2025, previously filed as Exhibit EX-28.n with the Trust's registration statement on April 11, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312525078803/d906537dex9928n.htm)

(o) Not applicable.

(p) (1) [<u>Code of Ethics for NF</u> <u>A, the Trust and Nationwide Mutual Funds, amended November 2023, previously filed as Exhibit EX-28.p.1 with the Trust's registration statement on April 18, 2024, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312524100630/d936698dex9928p1.htm)

(2) [Code of Ethics for NFD, dated January 1, 2024, previously filed as Exhibit EX-28.p.2 with the Trust's registration statement on April 17, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312525084374/d842813dex9928p2.htm)

(3) [<u>Code of Ethics for JPMorgan Asset Management ("JPMAM"), effective April 26, 2023, previously filed as Exhibit</u> <u>EX-28.p.4 with the Trust's registration statement on April 18, 2024, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312524100630/d936698dex9928p4.htm)

(4) [Code of Business Conduct and Ethics for BlackRock, Inc. (and its subsidiaries), effective December 7, 2021, previously filed as Exhibit EX-28.p.5 with the Trust's registration statement on April 19, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312523106417/d493712dex9928p5.htm)

(5) [<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)

(6) [Code of Ethics for Allspring Global Investments, LLC, effective December 1, 2024, previously filed as Exhibit EX-28.p.6 with the Trust's registration statement on April 17, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312525084374/d842813dex9928p6.htm)

(7) [Code of Ethics for Nationwide Asset Management, LLC, effective June 2024, previously filed as Exhibit EX-28.p.7 with the Trust's registration statement on April 17, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312525084374/d842813dex9928p7.htm)

(8) [<u>Code of Ethics for</u> <u>Wellington Management Company, LLP, dated December 1, 2023, previously filed as Exhibit</u> <u>EX-28.p.9 with the Trust's registration statement on April 18, 2024, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312524100630/d936698dex9928p9.htm)

(9) [<u>Code of Ethics and Person</u> <u>al Investment Policy for Lazard Asset Management LLC, effective April 2022, previously filed as Exhibit EX-28.p.10 with the Trust's registration statement on April 18, 2024, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312524100630/d936698dex9928p10.htm)

(10) [<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)

(11) [<u>Code of Ethics for DoubleLine Capital LP, effective February 15, 2022, previously filed as Exhibit</u> <u>EX-28.p.14 with the Trust's registration statement on April 19, 2023, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312523106417/d493712dex9928p14.htm)

(12) [Code of Ethics for AQR Capital Management, LLC, amended March 2024, previously filed as Exhibit EX-28.p.12 with the Trust's registration statement on April 17, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312525084374/d842813dex9928p12.htm)

(13) [Code of Ethics and Personal Trading Policy for North America for Invesco Advisers, Inc., effective January 2025, previously filed as Exhibit EX-28.p.13 with the Trust's registration statement on April 17, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312525084374/d842813dex9928p13.htm)

(14) [Code of Ethics for WCM Investment Management, LLC, adopted June 30, 2024, previously filed as Exhibit EX-28.p.14 with the Trust's registration statement on April 17, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312525084374/d842813dex9928p14.htm)

------

(15) [Code of Ethics for Goldman Sachs Asset Management, L.P., dated September 17, 2024, previously filed as Exhibit EX-28.p.15 with the Trust's registration statement on April 17, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312525084374/d842813dex9928p15.htm)

(16) [<u>Code of Ethics for Personal Investing for FIAM LLC, previously filed as Exhibit</u> <u>EX-28.p.16 with the Trust's registration statement on April 11, 2025, is hereby incorporated by reference.</u>](https://www.sec.gov/Archives/edgar/data/353905/000119312525078803/d906537dex9928p16.htm)

(17) [Personal Trading Policy and Code of Conduct for Dreyfus, a division of Mellon Investments Corporation, dated March 2024, previously filed as Exhibit EX-28.p.17 with the Trust's registration statement on April 17, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312525084374/d842813dex9928p17.htm)

(18) [Code of Conduct for Newton Investment Management North America, LLC, dated 2024, previously filed as Exhibit EX-28.p.18 with the Trust's registration statement on April 17, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312525084374/d842813dex9928p18.htm)

(19) [Code of Ethics for NS Partners Ltd, dated September 2024, previously filed as Exhibit EX-28.p.19 with the Trust's registration statement on April 17, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312525084374/d842813dex9928p19.htm)

(20) [Code of Ethics for Loomis, Sayles & Company, L.P., effective January 14, 2000, as amended October 18, 2024, previously filed as Exhibit EX-28.p.20 with the Trust's registration statement on April 17, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312525084374/d842813dex9928p20.htm)

(21) [Code of Ethics for Victory Capital Management Inc., effective July 1, 2023, previously filed as Exhibit EX-28.p.24 with the Trust's registration statement on April 18, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312524100630/d936698dex9928p24.htm)

(22) [Morgan Stanley Investment Management Public Side Code of Ethics and Personal Trading Guidelines for Atlanta Capital Management Company, L.L.C., effective December 12, 2024, previously filed as Exhibit EX-28.p.22 with the Trust's registration statement on April 17, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312525084374/d842813dex9928p22.htm)

(23) [Personal Investments and Insider Trading Policy for Putnam Investment Management, LLC, revised September 9, 2024, previously filed as Exhibit EX-28.p.23 with the Trust's registration statement on April 17, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000119312525084374/d842813dex9928p23.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 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)

(5) [Power of Attorney with respect to the Trust for Kevin T. Jestice, dated March 15, 2023, previously filed as Exhibit EX-28.q.6 with the Trust's registration statement on March 16, 2023, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/353905/000168035923000091/ex28q6.htm)

(6) [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)

(7) [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)

(8) [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)

(9) [<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)

(10) [<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.

#### ITEM 31. BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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. <br> 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 Investment Management 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 Investment Management Group; Vice President of Nationwide Mutual Insurance Company | Senior Vice President | Senior Vice President and Head of Fund Operations |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Name and Address**  | **Principal Occupation**  | **Position with NFA**  | **Position with Funds**  |
| Kevin D. Grether | Vice President of NFA and Chief Compliance Officer of NFA and the Trust; Vice President of Nationwide Mutual Insurance Company | 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, Finance & Strategy Legal and Corporate Secretary 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 Investment Management Group; Vice President of Nationwide Mutual Insurance Company | Vice President, Associate General Counsel and Assistant Secretary | Secretary, Vice President and General Counsel |
| Hope C. Hacker | Associate Vice President and Assistant Treasurer of Nationwide Mutual Insurance Company | Associate Vice President and Assistant Treasurer | N/A |
| Timothy J. Dwyer | Vice President and Assistant Treasurer of Nationwide Mutual Insurance Company | Vice President and Assistant Treasurer | N/A |
| David A. Garman | Vice President-Enterprise Governance & Finance Legal of Nationwide Mutual Insurance Company | Vice President and Assistant Secretary | N/A |
| Mark E. Hartman | Sr. Counsel, Corporate Governance and Assistant Secretary of Nationwide Mutual Insurance Company | Assistant Secretary | N/A |
| David Dokko | Sr. Counsel, Corporate Governance and 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 Professional | Associate Vice President-Derivatives Risk Manager | N/A |
| Tonya G. Walker | Associate Vice President and Assistant Treasurer of Nationwide Mutual Insurance Company | Associate Vice President and Assistant Treasurer | N/A |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Information for the Subadvisers

------

<sup>(1)</sup> 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.<br>

---

| | | |
|:---|:---|:---|
| **Name and Position With AQR**  | **Other Company**  | **Position With Other Company**  |
| Lasse Pedersen,<br> Principal | Copenhagen Business School<br> Howitzvej 60,<br> 2000 Frederiksberg,<br> Denmark 2815 2815 | Professor (2011-present) |
| Tobias Moskowitz,<br> Principal | Yale University School of Management<br> Yale University<br> New Haven, CT 06511 | Dean Takahashi Professor of Finance (2016-present) |
|  | Commonfund<br> 15 Old Danbury Road<br> Wilton, CT 06897 | Board Member (2022-present) |
| David Kabiller,<br> Principal | Arqitel Investment Management, LP<br> 9800 Wilshire Blvd., Suite 203<br> Beverly Hills, CA 90212 | Chairman and Founding Partner (2022-present) |

---

<sup>(2)</sup> 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, NVIT iShares Global Equity ETF Fund and NVIT NASDAQ-100 Index 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.<br>

<sup>(3)</sup> 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.<br>

---

| | | |
|:---|:---|:---|
| **Name and Position with DoubleLine** | **Other Company** | **Position with Other Company** |
| Jeffrey E. Gundlach, Chief Executive Officer, Chief Investment Officer | DoubleLine Funds Trust, DoubleLine ETF 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 |

---

------

---

| | | |
|:---|:---|:---|
| **Name and Position with DoubleLine** | **Other Company** | **Position with Other Company** |
| 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<br> DoubleLine ETF Trust | Vice President<br>President |
| Youse Guia, Chief Compliance Officer | DoubleLine Funds Trust, DoubleLine Opportunistic Credit Fund, DoubleLine Income Solutions Fund, DoubleLine Yield Opportunities Fund, DoubleLine ETF Trust | 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 |

---

<sup>(4)</sup> Dreyfus, a division of Mellon Investments Corporation ("MIC") acts as subadviser to the NVIT Government Money Market Fund. MIC also acts as an investment adviser or subadviser to other investment companies. To the knowledge of the Registrant, the directors and officers of MIC 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>

<sup>(5)</sup> FIAM LLC ("FIAM") acts as subadviser to the NVIT Fidelity Institutional AM® Emerging Markets Fund and the NVIT Fidelity Institutional AM® Worldwide Fund. To the knowledge of the Registrant, no director, officer, or partner of FIAM has engaged in any other business, profession, vocation or employment of a substantial nature during the last two fiscal years other than in their capacity as director, officer, employee, partner or trustee of affiliated entities.<br>

<sup>(6)</sup> 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 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>

------

<sup>(7)</sup> Invesco Advisers, Inc. ("Invesco") acts as subadviser to the NVIT Invesco 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.<br>

The following table provides information with respect to the principal executive officer and the directors of Invesco.

Registrant's investment sub-adviser, Invesco is located at 1331 Spring Street NW, Suite 2500, 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** |
| Andrew R. Schlossberg | Director and Sr. Vice President |
| L. Allison Dukes | Director |
| Todd Kuehl | Chief Compliance Officer |
| Greg Ketron | Treasurer |
| Mark Gregson | Chief Accounting Officer and Controller |
| Terry Gibson Vacheron | Chief Financial Officer |
| Jeffrey H. Kupor | Director |
| Crissie M. Wisdom | Anti-Money Laundering Compliance Officer |
| Tony Wong | Director, President, Chief Executive Officer |

---

<sup>(8)</sup> 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 or officer of affiliated entities.<br>

<sup>(9)</sup> 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 U.S. Equity Fund, 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 US Technology Leaders Fund and NVIT J.P. Morgan Inflation Managed 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.<br>

<br> (10) 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.

------

<sup>(11)</sup> Loomis, Sayles & Company, L.P. ("Loomis Sayles") acts as subadviser to the NVIT Loomis Core Bond Fund, NVIT Loomis Short Term Bond Fund and NVIT Loomis Short Term High Yield Fund. The address of Loomis Sayles is One Financial Center, Boston, Massachusetts 02111. Loomis Sayles is an investment adviser registered under the Investment Advisers Act of 1940. The information listed below is for the last two fiscal years.<br>

---

| | | |
|:---|:---|:---|
| **Name and Position with Investment Adviser** | **Name and Principal Business Address of Other Company** | **Connection with Other Company** |
| Kevin P. Charleston<br> Chairman, Chief Executive Officer, President and Director | Loomis Sayles Funds I<br> 888 Boylston Street, Boston, MA 02199 | Trustee, President and Chief Executive Officer |
| 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> 77 Coleman Street, 6th Floor, London, England EC2R 5BJ | Representative of Loomis Sayles as a corporate Director |
| 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 #05-01/03, 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 (dissolved 12/20/22) | Director, Chairman and President (2020 - 2022) |
| Kevin P. Charleston<br> Chairman, Chief Executive Officer, President and Director | Loomis Sayles (Netherlands) B.V.<br> Stadsplateau 7, Utrecht, Netherlands 3521 AZ | Managing Director |
| Kevin P. Charleston<br> Chairman, Chief Executive Officer, President and Director | Loomis Sayles Capital Re, SAS<br> 43 avenue Pierre Mendès - France 75013 Paris | Chairman of the Supervisory Board |
| Kevin P. Charleston<br> Chairman, Chief Executive Officer, President and Director | NIM-os, LLC<br> One Financial Center, Boston, MA 02111 | Manager |
| Matthew J. Eagan<br> Co-Head and Portfolio Manager, Full Discretion, and Director | None. | None. |
| Daniel J. Fuss<br> Vice Chairman and Director | Loomis Sayles Funds I<br> 888 Boylston Street, Boston, MA 02199 | Executive Vice President (2003 - 2021) |
| Daniel J. Fuss<br> Vice Chairman and Director | Loomis Sayles Funds II<br> 888 Boylston Street, Boston, MA 02199 | Executive Vice President (2003 - 2021) |
| John R. Gidman<br> Chief Operating Officer and Director | Loomis Sayles Operating Services, LLC, One Financial Center, Boston, MA 02111 (dissolved 12/20/22) | Director and Chief Executive Officer (2020 - 2022) |
| John R. Gidman<br> Chief Operating Officer and Director | NIM-os Technologies, Inc.<br> One Financial Center, Boston, MA 02111<br>| Director |
| John R. Gidman<br> Chief Operating Officer and Director | NIM-os, LLC<br> One Financial Center, Boston, MA 02111 | Manager |

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| | | |
|:---|:---|:---|
| **Name and Position with Investment Adviser** | **Name and Principal Business Address of Other Company** | **Connection with Other Company** |
| David L. Giunta<br> Director | Natixis Investment Managers, LLC<br> 888 Boylston Street, Boston, MA<br> 02199 | President and Chief Executive Officer, US; Manager |
| David L. Giunta<br> Director | Natixis Advisors, LLC<br> 888 Boylston Street, Boston, MA 02199 | President and Chief Executive Officer; Manager |
| David L. Giunta<br> Director | Natixis Distribution, LLC<br> 888 Boylston Street, Boston, MA 02199 | President and Chief Executive Officer; Manager |
| David L. Giunta<br> Director | AEW Capital Management, Inc.<br> Two Seaport Lane, Boston, MA 02210 | Director |
| David L. Giunta<br> Director | Gateway Investment Advisers, LLC<br> 312 Walnut Street, Cincinnati, OH 45202 | Manager |
| David L. Giunta<br> Director | Harris Associates, Inc.<br> 111 South Wacker Drive, Suite 4600, Chicago IL 60606 | Director |
| David L. Giunta<br> Director | Vaughan Nelson Investment Management, Inc.<br> 600 Travis Street, Suite 3800<br> Houston, TX 77002 | Director |
| 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 |
| David L. Giunta<br> Director | NIM-os, LLC<br> One Financial Center, Boston, MA 02111 | Manager |

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| | | |
|:---|:---|:---|
| **Name and Position with Investment Adviser** | **Name and Principal Business Address of Other Company** | **Connection with Other Company** |
| Aziz V. Hamzaogullari<br> Chief Investment Officer, Growth Equity Strategies, Portfolio Manager and Director | None. | None. |
| Kinji Kato<br> Director | Natixis Investment Managers Japan<br> Ark Hills South Tower 8F<br> 4-5, Roppongi 1-chome, Minato-ku<br> Tokyo 106-0032<br> Japan | Honorary Chairman |
| Maurice Leger<br> Head of Global Distribution and Director | Loomis Sayles Trust Company, LLC<br> One Financial Center, Boston, MA 02111 | Manager |
|  | Loomis Sayles Distributors, L.P.<br> One Financial Center, Boston, MA 02111 | President |
|  | Loomis Sayles Capital Re, SAS<br> 43 avenue Pierre Mendès - France 75013 Paris | Supervisory Board Member |
| Richard G. Raczkowski<br> Co-Head and Portfolio Manager, Relative Return, and Director | None. | None. |
| Rebecca O'Brien Radford<br> General Counsel, Secretary and Director (1/1/23 to present); Deputy General Counsel (2021 to 2023) | Loomis Sayles Distributors, Inc.<br> One Financial Center, Boston, MA 02111 | Director |
| Rebecca O'Brien Radford<br> General Counsel, Secretary and Director (1/1/23 to present); Deputy General Counsel (2021 to 2023) | Loomis Sayles Investments Limited<br> 77 Coleman Street, 6th Floor, London, England EC2R 5BJ | General Counsel and Secretary |
| Rebecca O'Brien Radford<br> General Counsel, Secretary and Director (1/1/23 to present); Deputy General Counsel (2021 to 2023) | Loomis Sayles Trust Company, LLC<br> One Financial Center, Boston, MA 02111 | Manager and Secretary |
| Rebecca O'Brien Radford<br> General Counsel, Secretary and Director (1/1/23 to present); Deputy General Counsel (2021 to 2023) | Loomis Sayles Operating Services, LLC, One Financial Center, Boston, MA 02111 (dissolved 12/20/22) | Director and Secretary (2020 - 2022) |
| Rebecca O'Brien Radford<br> General Counsel, Secretary and Director (1/1/23 to present); Deputy General Counsel (2021 to 2023) | Loomis Sayles Capital Re, SAS<br> 43 avenue Pierre Mendès - France 75013 Paris | Supervisory Board Member |
| Rebecca O'Brien Radford<br> General Counsel, Secretary and Director (1/1/23 to present); Deputy General Counsel (2021 to 2023) | NIM-os Technologies, Inc.<br> One Financial Center, Boston, MA 02111<br>| Director |
| Rebecca O'Brien Radford<br> General Counsel, Secretary and Director (1/1/23 to present); Deputy General Counsel (2021 to 2023) | NIM-os, LLC<br> One Financial Center, Boston, MA 02111 | Manager and General Counsel |

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| | | |
|:---|:---|:---|
| **Name and Position with Investment Adviser** | **Name and Principal Business Address of Other Company** | **Connection with Other Company** |
| Philippe Setbon<br> Director | Natixis Investment Managers<br> 59 avenue Pierre Mendès-France, 75013 Paris, France | Chief Executive Officer (Dec. 2023 – present) |
| Philippe Setbon<br> Director | Natixis<br> 7 Promenade Germaine Sablon, 75013 Paris, France | Member of Senior Management Committee (Dec. 2023 – present) |
| Philippe Setbon<br> Director | Ostrum Asset Management<br> 42 avenue Pierre Mendès-France, 75013 Paris, France | Chief Executive Officer (2019 – Dec. 2023) |
| Philippe Setbon<br> Director | Natixis TradEx Solutions<br> 59 avenue Pierre Mendès-France, 75013 Paris, France | Director (2020 – present) |
| Philippe Setbon<br> Director | Harris Associates L.P.<br> 111 South Wacker Drive, Suite 4600<br> Chicago, Illinois 60606 | Director (Jan. 2024 – present) |
| Philippe Setbon<br> Director | AEW Capital Management, L.P.<br> Two Seaport Lane, Boston<br> Massachusetts 02210 | Director (Jan. 2024 – present) |
| Susan L. Sieker<br> Chief Financial Officer and Director | Loomis Sayles Investments Limited<br> 77 Coleman Street, 6th Floor, London, England EC2R 5BJ | Chief Financial Officer |
| Susan L. Sieker<br> Chief Financial Officer and Director | Loomis Sayles Trust Company, LLC<br> One Financial Center, Boston, MA 02111 | Manager and Chief Financial Officer |
| Susan L. Sieker<br> Chief Financial Officer and Director | Loomis Sayles Capital Re, SAS<br> 43 avenue Pierre Mendès - France 75013 Paris | Supervisory Board Member |
| Susan L. Sieker<br> Chief Financial Officer and Director | Loomis Sayles Investments Asia Pte. Ltd.<br> 10 Collyer Quay #05-01/03, Ocean Financial Centre, Singapore 049315 | Director |
| Susan L. Sieker<br> Chief Financial Officer and Director | NIM-os Technologies, Inc.<br> One Financial Center, Boston, MA 02111 | Director |
| Susan L. Sieker<br> Chief Financial Officer and Director | NIM-os, LLC<br> One Financial Center, Boston, MA 02111 | Manager and Chief Financial Officer |
| Elaine M. Stokes<br> Co-Head and Portfolio Manager, Full Discretion, and Director | None. | None. |
| David L. Waldman<br> Deputy Chief Investment Officer (2013 to 2021), Chief Investment Officer (2021 to present) and Director | Loomis Sayles Capital Re, SAS<br> 43 avenue Pierre Mendès - France 75013 Paris | Supervisory Board Member |

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<sup>(12)</sup> Nationwide Asset Management, LLC ("NWAM") acts as subadviser to the NVIT Government Bond Fund, NVIT Investor Destinations Managed Growth Fund, NVIT Investor Destinations Managed Growth & Income Fund, NVIT Blueprint® Managed Growth Fund, NVIT Blueprint® 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.<br>

<sup>(13)</sup> Newton Investment Management North America, LLC ("NIMNA") acts as a subadviser 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 NIMNA have not been engaged in any other business or profession of substantial nature during the past two fiscal years.<br>

<sup>(14)</sup> NS Partners Ltd ("NS Partners") acts as subadviser to the NVIT NS Partners International Focused Growth 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.<br>

<sup>(15)</sup> Putnam Investment Management, LLC ("Putnam Management"), acts as subadviser to the NVIT Putnam International Value Fund. The directors and officers of Putnam Investment Management, LLC ("Putnam Management") have not been engaged during the past two fiscal years in any business, profession, vocation or employment of a substantial nature other than as directors or officers of Putnam Management or certain of Putnam Management's corporate affiliates, including other subsidiaries of Putnam Management's corporate parent, Franklin Resources, Inc. and investment companies managed by the group. Information as to the business, profession, vocation or employment of a substantial nature of Putnam Management and the directors and officers of Putnam Management within the past two fiscal years is included in the Form ADV filed by Putnam Management (File No. 801-7974), which is incorporated herein by reference.<br>

<sup>(16)</sup> 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.<br>

<sup>(17)</sup> Wellington Management Company LLP ("Wellington Management") acts as subadviser to the 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.<br>

<sup>(18)</sup> Allspring Global Investments, LLC ("Allspring") acts as subadviser to the NVIT Allspring 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.<br>

<sup>(19)</sup> Victory Capital Management Inc. ("Victory Capital") acts as a subadviser to a portion of the NVIT Victory Mid Cap Value Fund and to the NVIT Strategic Income 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.<br>

<sup>(20)</sup> GQG Partners LLC ("GQG"), located at 350 East Las Olas Boulevard, 18th Floor, Fort Lauderdale, Florida 33301, is a Delaware limited liability company founded in 2016 and is an SEC registered investment adviser. GQG is a wholly owned subsidiary of GQG Partners Inc., a Delaware corporation that is listed on the Australian Securities Exchange. The majority owner of GQG Partners Inc. is QVFT, LLC, which is controlled by Rajiv Jain, GQG's Chairman and Chief Investment Officer.<br>GQG provides investment management services for institutions, mutual funds and other investors using emerging markets, global, international and US equity investment strategies.<br>

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#### 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.

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| | | |
|:---|:---|:---|
| **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 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 |

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&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

#### <br>

#### ITEM 34. MANAGEMENT SERVICES
Not applicable.

#### <br>

#### ITEM 35. UNDERTAKINGS
Not applicable.

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<u>SIGNATURES</u>

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 1<sup>st</sup> day of July, 2025.

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

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## Ex-99.(D)(3)(V)

#### EX-28.d.3.v

#### SUBADVISORY AGREEMENT
THIS AGREEMENT is made and entered into effective the 12th day of March, 2025, 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 GQG Partners LLC, 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 more other investment companies and to fiduciary or other managed accounts and that the Adviser and the Trust cannot object to such activities.

[Aug 2021]<br>

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&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 Subadviser is authorized, in its sole discretion and without prior consultation with the Adviser, to buy, sell, lend and otherwise trade in any stocks, bonds and other securities and investment instruments on behalf of the Subadviser Assets, in accordance with each Fund's investment objective and policies. 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. In the event the Adviser or custodian engages in securities lending activities with respect to the Subadviser Assets, the Subadviser will not be a party to or may not necessarily be aware of such lending activities. It is understood that the Subadviser shall not be responsible for settlement delay or failure, corporate action failure or any related cost or loss due to such activities.

&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 to the extent the Adviser provides such documents to the Subadviser, 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 diversification and income requirements of Section 851(b) of Subchapter M of 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

[Aug 2021]<br>

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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.

The Adviser shall perform quarterly and annual tax compliance tests to ensure that the Fund is in compliance with Subchapter M. 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 written 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, provided that such delegation by the Subadviser shall not relieve the Subadviser of any liability under Section 10 of this Agreement as if the Subadviser exercised such discretionary voting authority. The Subadviser, including without limitation its designee, shall have the power to vote, either in person or by proxy, all securities in which the Subadviser Assets may be invested from

[Aug 2021]<br>

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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. 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 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.

&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>Brokerage</u>. The Subadviser is authorized, subject to the supervision of the Adviser and the plenary authority of the Trust's Board of Trustees, to establish and maintain accounts on behalf of the Fund with, and place orders for the investment and reinvestment, including without limitation purchase and sale of the Subadviser Assets with or through, such persons, brokers (including, to the extent permitted by applicable law, any broker affiliated with the Subadviser) or dealers (collectively "Brokers") as Subadviser may elect and negotiate commissions to be paid on such transactions. The Subadviser, however, is not required to obtain the consent of the Adviser or the Trust's Board of Trustees prior to establishing any such brokerage account. The Subadviser shall place all orders for the purchase and sale of portfolio investments for the Fund's account with Brokers selected by the Subadviser. In the selection of such Brokers and the placing of such orders, the Subadviser shall seek to obtain for each Fund the most favorable price and execution available, except to the extent it may be permitted to pay higher brokerage commissions for brokerage and research services, as provided below. In using its reasonable efforts to obtain for the Fund the most favorable price and execution available, the Subadviser, bearing in mind the best interests of the Fund at all times, shall consider all factors it deems relevant, including price, the size of the transaction, the breadth and nature of the market for the security, the difficulty of the execution, the amount of the commission, if any, the timing of the transaction, market prices and trends, the reputation, experience and financial stability of the Broker involved, and the quality of service rendered by the Broker in other transactions. Notwithstanding the foregoing,

[Aug 2021]<br>

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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 a manner the Subadviser considers to be 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

[Aug 2021]<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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, 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 of which it becomes aware and which impact the Fund's portfolio 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 material 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

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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 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Legal Proceedings</u>. The Subadviser shall not act for, represent, or purport to bind the Trust, the Fund, or the Adviser in any legal or administrative proceeding involving the Fund or any such proceedings involving any security or investment currently or formerly held by the Fund, including, without limitation class action lawsuits, regulatory or governmental victim funds, and bankruptcy proceedings ("Legal Matters"). The Subadviser agrees to cooperate with the Adviser to provide reasonable assistance regarding any Legal Matters, including providing factual information in its possession regarding such Legal Matters as the Fund and/or the Adviser may reasonably request. To the extent that the Subadviser is required to take part in any Legal Matter, whether by producing documents, testifying as a witness or otherwise, the Subadviser shall be reimbursed for reasonable legal costs and expenses in connection with such participation.

&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.

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&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 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;

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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) 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

&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

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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

&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

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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 render its services in accordance with its fiduciary duties and 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 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.

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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.

&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 or the Trust 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, (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 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 or (iii) any indirect, special, incidental or consequential damages or other losses in connection with this Agreement. 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.

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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>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.

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.

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&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;

&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.

&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>Securities and Exchange Commission</u>. Information may be disclosed to the Securities and Exchange Commission or other regulators concerning potential violations of law or regulation.

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

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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 relate to the services provided hereunder and 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 or electronic communication 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:

GQG Partners LLC

450 East Las Olas Blvd.

Suite 750

Fort Lauderdale, FL 33301

Attn: General Counsel

Email address: gqgcompliance@gqg.com and gqglegal@gqg.com

&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 1-18-102

Columbus, OH 43215

Attention: Legal Department

Facsimile: (855) 664-5336

Email address: nfglegal@nationwide.com

&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 1-18-102

Columbus, OH 43215

Attention: Legal Department

Facsimile: (855) 664-5336

Email address: nfglegal@nationwide.com

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&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.

&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.

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&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.

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

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| | |
|:---|:---|
| TRUST | TRUST |
| NATIONWIDE VARIABLE INSURANCE TRUST | NATIONWIDE VARIABLE INSURANCE TRUST |
| By: | /s/ Christopher Graham |
| Name: | Christopher Graham |
| Title: | SVP, Chief Investment Officer |
| ADVISER | ADVISER |
| NATIONWIDE FUND ADVISORS | NATIONWIDE FUND ADVISORS |
| By: | /s/ Christopher Graham |
| Name: | Christopher Graham |
| Title: | SVP, Chief Investment Officer |
| SUBADVISER | SUBADVISER |
| GQG PARTNERS LLC | GQG PARTNERS LLC |
| By: | /s/ Tim Carver |
| Name: | Tim Carver |
| Title: | CEO |
| By: | /s/ Frederick H. Sherley |
| Name: | Frederick H. Sherley |
| Title: | General Counsel and Secretary |

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#### EXHIBIT A

#### SUBADVISORY AGREEMENT

#### AMONG

#### NATIONWIDE VARIABLE INSURANCE TRUST,

#### NATIONWIDE FUND ADVISORS

#### AND GQG PARTNERS LLC

Effective March 12, 2025\*

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| |
|:---|
| **Funds of the Trust** |
| NVIT GQG US Quality Equity Fund *(formerly, NVIT Calvert Equity Fund)*<br> 0.28% on Aggregate Subadviser Assets<sup>ƚ</sup> up to $500 million;<br> 0.25% on Aggregate Subadviser Assets<sup>ƚ</sup> of $500 million and more but less than $1 billion; and<br> 0.22% on Aggregate Subadviser Assets<sup>ƚ</sup> of $1 billion and more |

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<sup>ƚ</sup> The term "Aggregate Subadviser Assets" shall mean the aggregate amount resulting from the combination of Subadviser Assets of the NVIT GQG US Quality Equity Fund together with the Subadviser Assets (as defined in a Subadvisory Agreement among Nationwide Mutual Funds, Nationwide Fund Advisors and GQG Partners LLC, dated January 7, 2021, as amended) of the Nationwide GQG US Quality Equity Fund, a series of Nationwide Mutual Funds.

\*As approved at the Board of Trustees Meeting held on March 11-12, 2025.

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

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| | |
|:---|:---|
| TRUST | TRUST |
| NATIONWIDE VARIABLE INSURANCE TRUST | NATIONWIDE VARIABLE INSURANCE TRUST |
| By: | /s/ Christopher Graham |
| Name: | Christopher Graham |
| Title: | SVP, Chief Investment Officer |
| ADVISER | ADVISER |
| NATIONWIDE FUND ADVISORS | NATIONWIDE FUND ADVISORS |
| By: | /s/ Christopher Graham |
| Name: | Christopher Graham |
| Title: | SVP, Chief Investment Officer |
| SUBADVISER | SUBADVISER |
| GQG PARTNERS LLC | GQG PARTNERS LLC |
| By: | /s/ Tim Carver |
| Name: | Tim Carver |
| Title: | CEO |
| By: | /s/ Frederick H. Sherley |
| Name: | Frederick H. Sherley |
| Title: | General Counsel and Secretary |

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[Aug 2021]<br>