NATIONWIDE MUTUAL FUNDS

NATIONWIDE VARIABLE INSURANCE TRUST

CODE OF ETHICS

FOR

PRINCIPAL Executive and FINANCIAL OFFICERS

(A
s Amended and Restated as of May 1, 2007;

As Most-Recently Revised as of June 15, 2011
)

I.

Introduction

Section 406 of the Sarbanes-Oxley Act of 2002. The Board of Trustees of each of Nationwide Mutual Funds (“NMF”) and Nationwide Variable Insurance Trust (“NVIT”) (NMF and NVIT hereinafter referred to collectively as the “Company”) has adopted this code of ethics (this “Code”) to comply with Item 2 of Form N‑CSR,

[1]

which implements Section 406 of the Sarbanes-Oxley Act of 2002 (the “2002 Act”). Section 406 of the 2002 Act requires disclosure by management investment companies that are registered with the Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), concerning a code of ethics for principal executive and financial officers of these investment companies.

Covered Persons Under the Code. This Code of the Company is applicable to the Company’s chief executive officer (the “CEO”) and the Company’s senior financial officers (e.g., the Company’s treasurer and assistant treasurers) (said CEO and senior financial officers hereinafter referred to collectively as the “Covered Officers”). See Exhibit A to this Code.

This Code is intended to promote:

honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

full, fair, accurate, timely, and understandable disclosure in reports and documents that the Company files with, or submits to, the SEC and in other public communications made by the Company;

compliance with applicable governmental laws, rules and regulations;

the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

accountability for adherence to the Code.

Designated Persons Under the Code. As set forth in greater detail below, the Covered Officers shall report to either: (i) one of the officers of the Company set forth in Exhibit B (each hereinafter referred to as a “Nationwide Designated Person”); and/or (ii) a member of the Audit Committee of the Board of Trustees of the Company (each hereinafter referred to as an “Audit Committee Designated Person”) (the “Nationwide Designated Person” and the “Audit Committee Designated Person” hereinafter referred to collectively as the “Designated Persons,” and singly as the “Designated Person,” as appropriate). See Exhibit B to this Code.

Roles and Responsibilities of the Designated Persons and the Independent Trustees. As discussed in greater detail below, given the seniority of the Covered Officers:

the Nationwide Designated Person shall be responsible for conducting investigations of potential violations of the Code by Covered Officers (other than the CEO of the Company) brought to the attention of the Nationwide Designated Person, and:

a.

with respect to such conduct or activity, shall be responsible for making a preliminary determination whether or not such conduct or activity will violate or has violated this Code;

b.

shall be responsible for making a preliminary determination whether or not to grant a waiver
[2]
to the Covered Officer for such conduct or activity or, in the case if past conduct or activity, whether or not to sanction the Covered Officer for such activity;

ii.

the Nationwide Designated Person promptly shall report to the Trustees of the Company who are not “interested persons” of the Company, as that term is defined in Section 2(a)(19) of the 1940 Act (hereinafter, the “Independent Trustees”):

his or her preliminary determination whether or not any such conduct or activity has violated or will violate this Code; and

his or her preliminary determination whether or not any such conduct or activity should be the subject of a waiver or, in the case of past conduct, a sanction;

iii. the Audit Committee Designated Person shall be responsible for conducting investigations of potential violations of the Code by the CEO of the Company brought to the attention of the Audit Committee Designated Person, and:

a.

with respect to such conduct or activity, shall be responsible for making a preliminary determination whether or not such conduct or activity will violate or has violated this Code; and

b. with respect to such conduct or activity, also shall be responsible for making a preliminary determination whether or not to grant a waiver to the CEO for such conduct or activity or, in the case of past conduct or activity, whether or not to sanction the CEO for such conduct or activity;

iv.

the Audit Committee Designated Person promptly shall report to the Independent Trustees:

his or her preliminary determination whether or not any such conduct or activity has violated or will violate this Code; and

his or her preliminary determination whether or not any such conduct or activity should be the subject of a waiver or, in the case of past conduct, a sanction;

v. the Independent Trustees shall be solely responsible for promptly determining whether or not: (a) to accept the preliminary determinations made by the Designated Person with respect to potential violations of the Code; and (b) to grant waivers under this Code -- and these determinations of the Independent Trustees shall be final;

vi. the Independent Trustees further shall be solely responsible for taking all necessary and appropriate disciplinary or preventive action(s) (necessary and appropriate disciplinary or preventive action(s) may include a letter of censure, suspension, dismissal, or, in the event of criminal or other serious violations of law, notification to the SEC and/or appropriate law enforcement authorities) in regard to any existing, actual, or potential violation of this Code by any Covered Officer; and

vii. all determinations made by the Designated Persons and Independent Trustees shall be in writing.

II.

Covered Officers Should Act Honestly and Candidly

Each Covered Officer owes a duty to the Company to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Covered Officer must:

act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Company’s policies;

observe applicable governmental laws, rules and regulations, accounting standards, and Company policies;

adhere to a high standard of business ethics; and

place the interests of the Company before the Covered Officer’s own personal interests.

All activities of Covered Officers should be guided by and adhere to these standards.

III.

Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

General Principle. The 1940 Act is designed, in part, to address inherent conflicts of interest that exist in the management of an investment company’s assets by a third party (i.e., the investment company’s investment adviser). The principles set forth in this section relating to conflicts of interest reflect the fact that investment companies already are subject to prohibitions on certain activities, including self-dealing, and substantial limitations regarding conflicts of interest by the 1940 Act and the SEC rules promulgated thereunder. In light of the existing structural, statutory, and regulatory environment for registered investment companies, a code of ethics broader than necessary to meet the new 2002 Act code of ethics requirement may be unnecessary. This Code, however, is intended to require the Covered Officers to adhere to the general principle that those persons responsible for managing other people’s money should be held to the highest standards of integrity.

Guiding Principles. A “conflict of interest” occurs when an individual’s private interest interferes with the interests of, or his/her service to, the Company and the shareholders of the Company. A conflict of interest can arise when a Covered Officer has interests that may make it difficult to perform that Covered Officer’s Company work objectively. For example, a conflict of interest would arise if a Covered Officer, or a member of the Covered Officer’s family, receives improper personal benefits as a result of the Covered Officer’s position in the Company. In addition, investment companies also should be sensitive to situations that create apparent conflicts of interest. Service to the Company should never be subordinated to personal gain and advantage.

Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Company that already are subject to conflict of interest provisions in the 1940 Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of the status of Covered Officers as “affiliated persons” of the Company, as that term is defined at Section 2(a)(3) of the 1940 Act. The Company’s compliance programs and procedures are designed to prevent, and identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and these conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between, the Company and the investment adviser(s) of which the Covered Officers also are officers or employees. As a result, this Code recognizes that the Covered Officers, in the normal course of their duties (whether formally for the Company or for the adviser, or for both), shall be involved in establishing policies and implementing decisions which will have different effects on the investment adviser and the Company. The participation of the Covered Officers in these activities is inherent in the contractual relationship between the Company and the investment adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if these activities are performed by the Covered Officer in conformity with the provisions of the 1940 Act, the activity will be deemed to have been handled ethically. In addition, it is recognized by the Board of Trustees of the Company that the Covered Officers also may be officers or employees of other investment companies advised by the same adviser and, accordingly, the principles of this paragraph shall further apply to the Covered Officers acting in these capacities as well.

Responsibilities of Covered Officers. In accordance with these principles, each Covered Officer must:

avoid conflicts of interest wherever possible;

handle any actual or apparent conflict of interest ethically;

not use the Covered Officer’s personal influence or personal relationships to influence investment decisions or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

not cause the Company to take action, or fail to take action, for the personal benefit of the Covered Officer rather than for the benefit of said Company;

not use material non-public knowledge of portfolio transactions made or contemplated for the Company to profit or cause others to profit, by the market effect of these transactions;

as described in more detail below, discuss with the appropriate Designated Person any material transaction or relationship that could reasonably be expected to give rise to a conflict of interest; and

report at least annually to the Company on the Company’s “Trustees & Officers Questionnaire” any and all material transactions, affiliations, or relationships that could reasonably be expected to give rise to, or be related to, a conflict of interest.

Conflict of Interest Situations: Certain conflict of interest situations that always should be discussed by a Covered Officer with the appropriate Designated Person include the following:

any outside business activity that detracts from an individual’s ability to devote appropriate time and attention to his or her responsibilities with the Company;

service as a director on the board of any public or private company;

the receipt of any non-nominal or non-de minimis gifts (i.e., gifts in excess of $500.00) from any company with which the Company has current or prospective business dealings;

the receipt of any entertainment from any company with which the Company has current or prospective business dealings, unless said entertainment is business related, reasonable in cost (not greater than $500), appropriate as to time and place, and not so frequent as to raise any question of impropriety;

being in the position of supervising, reviewing, or having any influence on the job evaluation, pay, or benefit of any immediate family member;

any ownership interest in, or any consulting or employment relationship with, any of the Company’s service providers, other than the Company’s investment adviser or administrator or any of the Company’s other affiliates; and

a direct or indirect financial interest in commissions, transaction charges, or spreads paid by the Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.

In addition, any activity or relationship that would present a conflict of interest for a Covered Officer also likely would present a conflict for the Covered Officer if a member of the Covered Officer’s family engages in such an activity or has such a relationship.

IV.

Disclosure

Each Covered Officer must:

familiarize himself or herself with the disclosure requirements applicable to the Company as well as with the business and financial operations of the Company;

not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including, among others, the Company’s auditors, directors, and governmental regulators and self-regulatory organizations;

each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Company and the Company’s adviser or sub-adviser and administrator with the goal of promoting full, fair, accurate, timely, and understandable disclosure in the reports and documents the Company files with, or submits to, the SEC and in other public communications made by the company; and

it is the responsibility of each Covered Person to promote compliance with the standards and restrictions imposed by applicable laws, rules, and regulations.

V.

Compliance

It is the Company’s policy to comply with all applicable governmental laws, rules and regulations, including, among others, those laws, rules, and regulations relating to affiliated transactions, accounting, and auditing matters. It is the personal responsibility of each Covered Officer to adhere to the standards and restrictions imposed by these laws, rules, and regulations.

VI.

Accountability, Reporting, and Enforcement Responsibilities Under the Code

Responsibilities of the Covered Officers: Each Covered Officer must:

upon becoming a Covered Officer, sign and submit to the appropriate Designated Person an acknowledgment stating that the Covered Officer has received, has read, and understands the Code (see Exhibit C to this Code);

annually thereafter, submit a form to the appropriate Designated Person confirming that the Covered Officer has received, has read, and understands the Code and has complied with the requirements of the Code (see Exhibit D to this Code);

not retaliate against any employee, Designated Person, Covered Officer, or their affiliated persons, for reports of potential violations that are made in good faith; and

notify the appropriate Designated Person promptly if the Covered Officer becomes aware of any existing or potential violation of this Code (failure to notify the appropriate Designated Person under these circumstances is itself a violation of this Code).

General Responsibilities of the Designated Persons: Except as otherwise described herein, the Designated Person: (i) shall be responsible for applying this Code to specific situations in which questions are presented to the Designated Person; and (ii) has the authority to interpret this Code in any particular situation. The Designated Person shall take all actions that the Designated Person considers necessary and appropriate to investigate any existing, actual, or potential violations reported to the Designated Person.

Specific Accountability & Reporting Responsibilities: The Designated Person shall report, in writing, quarterly to the Independent Trustees all determinations with respect to potential violations of the Code, if any, made during the previous quarter.

The Independent Trustees shall report, in writing, quarterly to the full Board of Trustees all actions taken under this Code with respect to the previous quarter.

Authorized Consulting Persons: In addition, a Designated Person, as appropriate, is authorized to consult with the following persons (hereinafter referred to as the “Authorized Consulting Persons”), and is encouraged to do so: (i) any other Designated Person; (ii) the chairperson of the Nominating and Fund Governance Committee of the Board of Trustees of the Company; (iii) the Independent Trustees of the Company; (iv) the Board of Trustees of the Company; (v) counsel to the Company; and/or (vi) counsel to the Independent Trustees.

VII.

Other Policies and Procedures

This Code is not adopted under, nor intended to serve as a basis for complying with the requirements of, Rule 17j-1 under the 1940 Act (in regard to the reporting, disclosure, and preclearance of personal securities transactions and personal securities holdings, and to other related matters covered by Rule 17j-1 under the 1940 Act).

The codes of ethics adopted by the Company, the Company’s investment advisers and principal underwriter pursuant to Rule 17j-1 under the 1940 Act set forth more detailed policies and procedures that are separate requirements which apply to the Covered Officers and other persons and are not part of this Code.

VIII. Amendments

This Code may not be amended except in written form, and such amendments must be approved by a majority vote of the Company’s Board of Trustees, including a majority of the Independent Trustees.

IX. Confidentiality

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, these matters shall not be disclosed to anyone other than Designated Persons and Authorized Consulting Persons.

X. Internal Use

This Code is intended solely for the internal use by the Company and does not constitute an admission, by or on behalf of the Company, as to any fact, circumstance, or legal conclusion.

I. Introduction

a. with respect to such conduct or activity, shall be responsible for making a preliminary determination whether or not such conduct or activity will violate or has violated this Code;

b. shall be responsible for making a preliminary determination whether or not to grant a waiver[2] to the Covered Officer for such conduct or activity or, in the case if past conduct or activity, whether or not to sanction the Covered Officer for such activity;

a. with respect to such conduct or activity, shall be responsible for making a preliminary determination whether or not such conduct or activity will violate or has violated this Code; and

II. Covered Officers Should Act Honestly and Candidly

III. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

IV. Disclosure

V. Compliance

VI. Accountability, Reporting, and Enforcement Responsibilities Under the Code

VII. Other Policies and Procedures